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NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN

Active
Naamloze vennootschap van publiek rechtfounded 1968active for 58 yearsFrankrijkstraat 56, 1060 Sint-Gillis (bij-Brussel), BelgiumKBO/BCE: BE 0203.430.576
Summary

NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN has the legal form “Naamloze vennootschap van publiek recht” in the KBO; Checked does not compute a bankruptcy probability for it. The 2025 annual accounts show equity of €8.05bn and a net result of €10.8m, of which €34.1m non-recurring income. Equity remains stable across the filed financial years (±2.2% per year). Its solvency ranks better than 73% of 1,071 sector peers (NACE 49, financial year 2025). The company has been active since 1968 and the Belgian Official Gazette contains no insolvency or warning signals.

Risk analysisFollow ReportCompare
NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGENActiveChecked score 54/100
Risk analysis ReportCompare

Overview

Activity
Land transport and transport via pipelines
NACE 49110
Largest company by equity in Belgium, Transport and storage sector274 sites
Size
€2.62bnturnover 2025
Equity
€8.05bn
Profit
€10.8m
Net result -80%: mergerStandalone figures, without subsidiaries
Financial health
54 Fair Checked score 2025
Bankruptcy probability: legal form outside the model
Structure
Parent
Belgische Staat · 99.81%
Board
14 members
Holdings
11
Auditor: BDO Réviseurs d'Entreprises2025 accounts 53 days early
SignalsneutralLatest accounts filed on timeShow the evidence

Checked score

Score 2025
54 / 100
Fair▼ -2 on 2024
Without a bankruptcy probability: score from the figures alone
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Average
Solvency 87+2
equity 61.5% of total assets
Liquidity 50=
short-term debt 5.4% · cash 0.2%
Profitability 25-8
return on assets 0.1%
Bankruptcy probability, 12 months

The KBO gives the legal form as “Naamloze vennootschap van publiek recht”. We show no bankruptcy probability for it: the model is built on companies and gives no reliable figure for this form.

Credit of up to €261,500,000 on 30-day terms is acceptable
Liquidity ample (current ratio 4.77, compared with 3.43 in 2024, above the usual 1.5; short-term debt: 5.4% and cash: 0.2% of total assets), and 38.5% of the assets are financed with debt and provisions.
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Signals

1 signal.
neutral
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 08-06-2026, 53 days ahead of the deadline.
NBB · 5 filings
Deviation from the deadline
2025
53 days early
2024
57 days early
2023
55 days early
2022
56 days early
2021
60 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 5 accounts on average 56 days before the deadline; the sector median (NACE 49) for financial year 2024 is on the deadline day, and 49% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 5 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
26-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Resignations & appointmentsGazette deed
  2. Reappointments: Renaud LORAND, KPMG Bedrijfsrevisoren and…Permanent representatives: Tanguy LEGEIN and…
  3. Annual accounts filedfinancial year 2025 · consolidated

Key points

  • Positive: Largest company by equity in Belgium, Transport and storage sectorin the Checked rankings No. 1 View
  • Result fell in 2025merger with Train World ▼ 79.6% View
  • Board changedlatest change 28-05-2026 · 14 in office 2 joined · 2 left View
  • EU supportawarded from 2021 to 2024 €47.4m View
  • 2 restructurings since 2024latest: merger with Train World 2 View
  • Controlled by Belgische Staatknown shareholders 100% 99.81% View
  • Active since 1968founded 01-01-1968 58 years View
  • Positive: Always filed on timeaccounts within the deadline every year 5 years View

By topic

Financials

Financial year
2025
Turnover
€2.62bn
Profit
€10.8m
Solvency
61.5%
Turnover▲ 2.2%
Net result
20182025
Go to Financials

Board & ownership

Board
14 members
Parent
Belgische Staat · 99.81%
Known shareholders
100%
Auditor
BDO Réviseurs d'Entreprises
  • Thibaut GEORGINChair
  • Eric MERCENIERDirector
  • An POOTDirector
  • Dirk STERCKXDirector
  • Laurence GlautierDirector

and 9 other directors

Go to Board & ownership

Network & group

Subsidiaries
2
Direct holdings
11
Connected companies
130
Mergers and asset contributions
23

11 holdings

Go to Network & group

Timeline

Events
165
Since
1984
Next accounts
by 31-07-2027
  1. 08-06-2026Annual accounts filed
  2. 28-05-2026Resignation: Bart VAN CAMP (director)
  3. 03-12-2025Resignation: Deborah GERADON (director)
Go to Timeline

Company details

Sites
274
Legal form
Naamloze vennootschap van publiek recht
Activity
Land transport and transport via pipelinesNACE 49110
Founded
01-01-1968
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
98
Purpose
“1° het vervoer per spoor van reizigers en goederen,met inbegrip van het onthaal van en de…” (deed in Dutch)
Go to Articles of association

Key facts about NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN

What is the company number of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN?
0203.430.576. In Belgium the VAT number is the company number with BE in front: BE 0203.430.576.
Where is NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN based?
The registered office is at Frankrijkstraat 56, 1060 Sint-Gillis (bij-Brussel).Company details
What does NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN do?
According to the KBO register, the main activity is land transport and transport via pipelines (NACE 49110).
What is the legal form of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN?
Naamloze vennootschap van publiek recht.
When was NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN founded?
On 01-01-1968.
Is NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN still active?
Yes, NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN is an active enterprise in the KBO register.
What is the turnover of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN?
€2.62bn in financial year 2025, according to the filed annual accounts.Financials
Is NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN profitable?
In financial year 2025, NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN made a profit of €10.8m.
Where can I find the annual accounts of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN?
NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN filed 78 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN due?
By 31-07-2027, for financial year 2026.Timeline

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