HR RAIL
ActiveFor the legal form of HR RAIL, Checked does not compute a bankruptcy probability. The 2025 annual accounts show equity of €28.31M and a net result of €1.57M. Equity is growing by ~6.8% per year across the filed fiscal years. Its solvency ranks better than 18% of 217 sector peers (fiscal year 2025). The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
36
/ 100
Weak▲ +19 vs 2024
The score weighs solvency, liquidity and profitability. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability53▲+33
Solvency30=
Growth66=
Track record100
Credit verdict
Credit up to €1M at 30 days only on tighter terms
Liquidity tight (current ratio 1.17 against 1.16 in 2024; short-term debt: 84.7% and cash: 18.5% of total assets), and 94.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 217 sector peers (2025).
NBB · sector comparisonPosition among 217 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-06-2026, 58 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
58 d early
2024
55 d early
2023
51 d early
2022
49 d early
2021
52 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema, statutory
Turnover
€2.37B▲ 2.7%
2024 · €2.30B
2019: €1.99B
2020: €1.97B
2021: €1.95B
2022: €2.08B
2023: €2.21B
2024: €2.30B
2019 → 2025
EBIT margin
0.0%▲ 0.1pp
2024 · 0.0%
2019: -0.4%
2020: -0.4%
2021: 0.0%
2022: 0.3%
2023: 0.1%
2024: 0.0%
2019 → 2025
Net result
€1.57M▲ 126%
2024 · €694k
2019: €-2.89M
2020: €-2.48M
2021: €4.93M
2022: €9.20M
2023: €2.96M
2024: €694k
2019 → 2025
Working capital
€79.40M▲ 7.6%
2024 · €73.76M
2019: €64.68M
2020: €65.17M
2021: €71.01M
2022: €69.66M
2023: €72.37M
2024: €73.76M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€1.95B-€2.08B▲ 6.5%€2.21B▲ 6.2%€2.30B▲ 4.5%€2.37B▲ 2.7%
Equity€18.28M-€23.12M▲ 26.5%€26.07M▲ 12.8%€26.75M▲ 2.6%€28.31M▲ 5.8%
Operating result€841k-€6.90M▲ 720%€1.94M▼ 71.9%€-1.06M€887k
Net result€4.93M-€9.20M▲ 86.6%€2.96M▼ 67.8%€694k▼ 76.6%€1.57M▲ 126%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €887k after a loss of €1.06M in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €549.43M
Fixed assets
€4.84M▲ 1.3%
Current assets
€544.59M▲ 0.1%
Equity and liabilities €549.43M
Equity
€28.31M▲ 5.8%
Provisions
€25.55M▼ 3.9%
Debt
€495.57M=
The debt ratio falls from 90.3% to 90.2%. Equity is higher.
Key figures and ratios
EBITDA
€1.83M▲
2024 · €29k
Cash flow
€2.51M▲
2024 · €1.78M
Solvency
5.2%▲
2024 · 4.9%
Current ratio
1.17▲
2024 · 1.16
Quick ratio
1.17▲
2024 · 1.16
Debt / equity
17.50▼
2024 · 18.53
ROE
5.5%▲
2024 · 2.6%
ROA
0.3%▲
2024 · 0.1%
Interest coverage
10.93▲
2024 · 0.22
Debt
€495.57M=
2024 · €495.68M
Debt ≤ 1 year
€465.18M▼
2024 · €470.48M
Debt > 1 year
€7.70M▲
2024 · €4.00M
Income taxes
€745k▲
2024 · €566k
Staff costs
€2.33B▲
2024 · €2.27B
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€549.02M€549.43M▲
Fixed assets21/28€4.78M€4.84M▲
Intangible fixed assets21€3.28M€3.20M▼
Tangible fixed assets22/27€1.21M€1.35M▲
Plant, machinery and equipment23€796k€994k▲
Furniture and vehicles24€35k€34k▼
Other tangible fixed assets26€378k€322k▼
Financial fixed assets28€292k€292k=
Affiliated companies280/1€248k€248k=
Participating interests280€248k€248k=
Other financial fixed assets284/8€44k€44k=
Amounts receivable and cash guarantees285/8€44k€44k=
Current assets29/58€544.24M€544.59M▲
Amounts receivable after more than one year29€45.25M€45.19M▼
Other amounts receivable291€45.25M€45.19M▼
Amounts receivable within one year40/41€62.17M€66.92M▲
Trade receivables40€52.34M€56.83M▲
Other amounts receivable41€9.83M€10.09M▲
Current investments50/53€169.62M€106.70M▼
Other investments51/53€169.62M€106.70M▼
Cash at bank and in hand54/58€49.90M€101.78M▲
Deferred charges and accrued income490/1€217.29M€223.99M▲
Equity and liabilities
Total equity and liabilities10/49€549.02M€549.43M▲
Equity10/15€26.75M€28.31M▲
Contributions10/11€20.06M€20.06M=
Capital10€20.06M€20.06M=
Issued capital100€20.06M€20.06M=
Reserves13€333k€411k▲
Non-distributable reserves130/1€333k€411k▲
Legal reserve130€333k€411k▲
Profit (loss) carried forward14€6.32M€7.81M▲
Investment grants15€40k€31k▼
Provisions and deferred taxes16€26.59M€25.55M▼
Provisions for liabilities and charges160/5€26.59M€25.55M▼
Pensions and similar obligations160€19.60M€18.44M▼
Other liabilities and charges164/5€6.99M€7.12M▲
Amounts payable17/49€495.68M€495.57M=
Amounts payable after more than one year17€4.00M€7.70M▲
Other amounts payable178/9€4.00M€7.70M▲
Amounts payable within one year42/48€470.48M€465.18M▼
Trade debts44€14.41M€14.39M▼
Suppliers440/4€14.41M€14.39M▼
Taxes, remuneration and social security45€449.18M€443.73M▼
Taxes450/3€75.68M€75.76M▲
Remuneration and social security454/9€373.50M€367.97M▼
Other amounts payable47/48€6.89M€7.07M▲
Accrued charges and deferred income492/3€21.20M€22.68M▲
Income statement
Code20242025
Operating income70/76A€2.32B€2.38B▲
Turnover70€2.30B€2.37B▲
Own construction capitalised72€282k€607k▲
Other operating income74€11.63M€11.99M▲
Non-recurring operating income76A€0-
Operating charges60/66A€2.32B€2.38B▲
Services and other goods61€39.17M€41.75M▲
Remuneration, social security and pensions62€2.27B€2.33B▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.09M€941k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€511k€-1.04M▼
Other operating charges640/8€4.08M€3.71M▼
Non-recurring operating charges66A€35k€24k▼
Operating profit (loss)9901€-1.06M€887k▲
Financial income75/76B€5.60M€3.64M▼
Recurring financial income75€5.60M€3.64M▼
Income from current assets751€5.57M€3.63M▼
Other financial income752/9€35k€9k▼
Financial charges65/66B€3.28M€2.21M▼
Recurring financial charges65€3.28M€2.21M▼
Debt charges650€131k€167k▲
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€12k€21k▲
Other financial charges652/9€3.14M€2.02M▼
Profit (loss) for the period before taxes9903€1.26M€2.31M▲
Income taxes67/77€566k€745k▲
Taxes670/3€566k€745k▲
Tax adjustments and reversals of tax provisions77€713-
Profit (loss) for the period9904€694k€1.57M▲
Profit (loss) for the period to be appropriated9905€694k€1.57M▲
Appropriation of the result
Profit (loss) to be appropriated9906€6.35M€7.89M▲
Profit (loss) brought forward from the previous period14P€5.66M€6.32M▲
Transfer to equity691/2€35k€78k▲
To the legal reserve6920€35k€78k▲
Social balance
Average headcount (FTE)908727,568.527,811.0▲
The notes to these accounts (81 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
2025
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
2024
10-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
10-06
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
2023
31-12
Financial
Equity above €25MEq €26.07M ▲12.8%
3 profitable years in a row build equity to €26.07M.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
2022
31-12
Financial
Highest result since 2019net €9.20M ▲86.6%
Operating result €6.90M, net result €9.20M, both a record.
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
2021
31-12
Financial
Back to profitnet €4.93M
Net result €4.93M after 2 loss-making years.
2014
22-01
State Gazette act
General meeting · Approval
Director discharge · Share issue
22-01
State Gazette act
General meeting · Approval
Director discharge · Capital increase · Damien HISETTE
22-01
State Gazette act
Demerger · Accounting effect
Net-asset statement · Capital decrease · Damien HISETTE
22-01
State Gazette act
Demerger · Net-asset statement
Share issue · Capital decrease
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
24 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Gillis (bij-Brussel) · 30 establishment units since 2014
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Frankrijkstraat 851060 Sint-Gillis (bij-Brussel)Ground area
52.6 ha
Building footprint
10.2 ha
Volume, LiDAR
1,567,105 m³
28 parcels, Brussels, Flanders, Wallonia · tallest building 72.8 m, ±11 floors. Linked by address, not a title deed.
30 establishment units
HR Rail
since 20142.226.640.542
HR Rail
since 20142.226.640.641
HR Rail
since 20142.226.640.740
HR Rail
since 20142.226.640.839
HR Rail
since 20142.226.640.938
HR Rail
since 20142.226.641.037
Show 24 more locations
HR Rail
since 20142.226.643.314
HR Rail
since 20142.226.643.413
HR Rail
since 20142.226.643.710
HR Rail
since 20142.226.643.908
HR Rail
since 20142.226.644.106
HR Rail
since 20142.226.644.403
HR Rail
since 20142.226.644.797
HR Rail
since 20142.226.644.995
HR Rail
since 20142.226.646.480
HR Rail
since 20142.226.646.678
HR Rail
since 20142.226.646.876
HR Rail
since 20142.226.647.569
HR Rail
since 20142.226.650.737
HR Rail
since 20142.226.651.034
HR Rail
since 20142.226.651.331
GGC BRUGGE
since 20142.226.651.430
HR Rail
since 20142.226.652.024
HR Rail
since 20142.233.200.712
Rue d'Ougrée 60, 4031 Liège
since 20182.278.537.819
Akkerstraat 33, 9090 Merelbeke-Melle
since 20182.279.217.710
Square des Martyrs 1, 6000 Charleroi
since 20202.315.277.954
Koning Albertplein 2, 2800 Mechelen
since 20202.315.265.482
Place de la Gare 1, 6800 Libramont-Chevigny
since 20222.328.544.782
HR Rail
since 20252.375.758.741
28 parcels
Flanders
13
(46.4%)
Wallonia
7
(25%)
Brussels
8
(28.6%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92302G0088/00N000 | Wallonia | 20.1 ha | 1 · 3.5 ha | 17.6 m · 4 fl. |
| 11816C0060/00B000 | Flanders | 12.4 ha | - | - |
| 11808H0963/00Z009 | Flanders | 3.5 ha | 1 · 1.9 ha | 72.8 m · 11 fl. |
| 62814C0364/00T000 | Wallonia | 3.4 ha | 1 · 2,063 m² | 13.5 m |
| 44402B0132/02A000 | Flanders | 2.7 ha | 1 · 192 m² | 0.1 m |
| 44809I0649/00T000 | Flanders | 2.7 ha | 1 · 3,701 m² | - |
| 24482F0261/02D000 | Flanders | 1.3 ha | 1 · 423 m² | 8.3 m · 2 fl. |
| 35382D0291/00F000 | Flanders | 8,225 m² | 1 · 4,211 m² | 10.9 m |
| 21821A0180/45_000 | Brussels | 7,072 m² | 1 · 7,072 m² | 9.4 m · 3 fl. |
| 31512B0005/07_000 | Flanders | 6,781 m² | 1 · 4,714 m² | 28.7 m · 9 fl. |
| 21305C0322/00F003 | Brussels | 6,642 m² | 1 · 6,980 m² | 35.3 m · 5 fl. |
| 92094B0156/00K002 | Wallonia | 5,631 m² | 1 · 1,121 m² | 19.4 m · 5 fl. |
| 21562A0393/00S012 | Brussels | 5,256 m² | 1 · 4,248 m² | 45.8 m · 11 fl. |
| 12403D0073/00A002 | Flanders | 4,502 m² | 1 · 2,081 m² | - |
| 21804D1049/00D002 | Brussels | 4,348 m² | 1 · 4,347 m² | 26.2 m · 7 fl. |
| 21562A0435/09_000 | Brussels | 3,119 m² | 1 · 1,808 m² | 28.2 m · 8 fl. |
| 71326F0154/00D006 | Flanders | 2,816 m² | 1 · 1,725 m² | 14.0 m · 4 fl. |
| 71022H0959/00H000 | Flanders | 2,675 m² | 1 · 281 m² | 18.3 m · 5 fl. |
| 21562A0419/00P000 | Brussels | 2,149 m² | - | - |
| 53403E0685/00N000 | Wallonia | 2,023 m² | 1 · 37 m² | 14.4 m · 3 fl. |
| 21382C0002/00H003indicative | Brussels | 1,934 m² | 1 · 1,820 m² | 20.0 m · 5 fl. |
| 21562A0424/00N002 | Brussels | 811 m² | 1 · 208 m² | 14.3 m · 4 fl. |
| 44363B0534/02_000 | Flanders | 783 m² | 1 · 783 m² | 9.9 m · 2 fl. |
| 34022E0560/00E009 | Flanders | 426 m² | 1 · 103 m² | 11.8 m · 3 fl. |
| 62814C0398/00R000 | Wallonia | 359 m² | 1 · 285 m² | - |
| 53403F0234/00C000indicative | Wallonia | 254 m² | 1 · 166 m² | 10.9 m · 3 fl. |
| 62002B0201/00M002 | Wallonia | 172 m² | 1 · 46 m² | 10.7 m · 3 fl. |
| 12403D0290/00R000indicative | Flanders | 87 m² | 1 · 63 m² | 11.1 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 27
25 of 28 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
3 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 18,000 EUR awarded · 18,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 10,000 EUR | 10,000 EUR |
| 2024 | 1 | 5,000 EUR | 5,000 EUR |
| 2023 | 1 | 2,500 EUR | 2,500 EUR |
| 2022 | 1 | 500 EUR | 500 EUR |
Schemes
Premie kwalificerend werkplekleren
Stagebonus (stopgezet)
Federal government
2023 to 2025 · 3 entries · 4,674,000 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Mobiliteit | 1 | 1,598,000 EUR |
| 2024 | FOD Mobiliteit | 1 | 1,548,000 EUR |
| 2023 | FOD Mobiliteit | 1 | 1,528,000 EUR |
Budget allocations
Bijdrage tot dekking van kosten van NV van publiek recht HR Rail (cf. art. 2.33.2 van de algemene uitgavenbegroting)
Recognitions · licences · registrations
Food safety, FASFC
15 sitesAnderlecht2.226.646.876
Antwerpen2.226.644.403
Antwerpen2.226.644.797
Brussel2.226.640.542
Show 11 more sites
Hasselt2.226.640.938
Kortrijk2.226.643.413
Leuven2.226.644.995
Liège2.278.537.819
Mechelen2.226.641.037
Merelbeke-Melle2.279.217.710
Namur2.226.640.839
Oostende2.226.640.740
Sint-Gillis2.226.640.641
Sint-Gillis2.226.643.908
Vorst2.226.644.106
Dual-learning approval
56 live approvals · 29 endedElektrische installaties duaal (so)
Elektrische installaties duaal (so)
Elektromecanicien (vwo)
Elektromecanicien (vwo)
Elektromecanicien (vwo)
Elektromecanicien (vwo)
Show 50 more
Elektromecanicien duaal (so)
Elektromecanicien duaal (so)
Elektromecanicien duaal (so)
Elektromecanicien duaal (so)
Elektromechanische technieken duaal (so)
Elektromechanische technieken duaal (so)
Elektromechanische technieken duaal (so)
Elektromechanische technieken duaal (so)
Elektrotechnicus (vwo)
Elektrotechnicus (vwo)
Elektrotechnicus (vwo)
Elektrotechnicus (vwo)
Elektrotechnicus duaal (so)
Elektrotechnicus duaal (so)
Elektrotechnicus duaal (so)
Elektrotechnicus duaal (so)
Elektrotechnisch installateur (vwo)
Elektrotechnisch installateur (vwo)
Hoeknaadlasser duaal (so)
Lassen-constructie duaal (so)
Lassen-constructie duaal (so)
Lassen-constructie duaal (so)
Lasser-monteerder (vwo)
Lasser-monteerder (vwo)
Lasser-monteerder duaal (so)
Lasser-monteerder duaal (so)
Logistiek assistent magazijn (vwo)
Logistiek assistent magazijn duaal (so)
Logistiek duaal (so)
Logistiek duaal (so)
Logistiek duaal (so)
Logistiek duaal (so)
Magazijnmedewerker (vwo)
Magazijnmedewerker (vwo)
Magazijnmedewerker (vwo)
Magazijnmedewerker (vwo)
Magazijnmedewerker duaal (so)
Magazijnmedewerker duaal (so)
Magazijnmedewerker duaal (so)
Magazijnmedewerker duaal (so)
Mecanicien tuin-, park- en bosmachines duaal (so)
Mechanische vormgevingstechnieken duaal (so)
Medewerker productielijn kleding, confectie en meubelstoffering duaal (so)
Medewerker productielijn kleding, confectie en meubelstoffering duaal (so)
Omsteller verspaning en monteerder-afregelaar duaal (so)
Omsteller verspaning en monteerder-afregelaar duaal (so)
Omsteller verspaning en monteerder-afregelaar duaal (so)
Onthaal, organisatie en sales duaal (so)
Onthaal, organisatie en sales duaal (so)
Polyvalent administratief medewerker (vwo)
Legal Entity Identifier
9845009E09F3C111B657
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Of 2,362 companies in sector 78100 we hold annual accounts for 1,365. 49 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formNaamloze vennootschap van publiek recht
Founded06-11-2013
Fiscal year end31-12
Activities, NACEBEL
49100Land transport and transport via pipelines
49110Land transport and transport via pipelines
78100Employment placement agencies
Sources
Crossroads Bank for EnterprisesNational Bank · 24 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.