Result
€10.8m ▼ 79.6%
The result fell in 2025: merger with Train World.
NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN
Lifetime
18 annual accounts with figures on one time axis, 43 filings since 1983peak €2.62bn (2025)
€2.62bn▲ 2.2%
lowest -€512.3m (2014)
€10.8m▼ 79.6%
peak €8.05bn (2025)
€8.05bn▲ 4.3%
€3.64bn▼ 9.4%
peak 1,295.6 FTE (2010)
-not published
Board68 names since 2011all names
14 directorsDirk STERCKX and 13 others
Owners3 names in the annual accounts
99.81%Belgische Staat and 2 others
Documentsfilings and deeds
08-06-202653 days before the deadline
2025financial year
Result from €53.1m to €10.8mResignation: Deborah GERADON (director) 03-122 directors appointed, 2 resignations 01-10Merger: Nationale Maatschappij der Belgische Spoorwegen takes… 18-041 establishment registered
Key points
from the 2025 annual accountsRestructuring
2
2 restructurings since 2024. Latest: merger with Train World.
Board
2 joined · 2 left
Board changed. Latest change 28-05-2026 · 13 in office.
Position in the sector
€10.8m
Higher net result than 95% of companies in land transport. Sector median €48,754 · 1,082 companies.
Public support
€47.4m awarded from 2021 to 2024
EU support, mostly Connecting Europe Facility (CEF) - Transport.
Public contracts
398 awards
Public contracts awarded. To 278 suppliers, 2018 to 2026.
Bankruptcy probability: legal form outside the modelStandalone figures, without subsidiaries
Checked score
54
Fair
Without a bankruptcy probability, the score rests on the figures alone.
▼ -2 on 2024
Bankruptcy probability within 12 months
The KBO gives the legal form as “Naamloze vennootschap van publiek recht”. Checked does not compute a bankruptcy probability for it. The model is built on companies and gives no reliable figure for this form.
Financial strengthAverage
Credit verdict
Credit of up to €261,500,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.77 (3.43 in 2024), above the usual 1.5. Short-term debt is 5.4% and cash 0.2% of total assets. 38.5% of the assets are financed with debt and provisions.
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Signals
1 signal, which does not raise the risk
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 filingsDeviation 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
The company filed its last 5 accounts on average 56 days before the deadline. In the sector (NACE 49), the median for financial year 2024 was 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 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 10 others
- Belgische Staat 99.81%annual accounts 2025
- FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ 0.16%equity €11.45bn (2025) · annual accounts 2025
- Publieke aandeelhouders Actionnaires publique 0.03%annual accounts 2025
Shares in 11 companies, including A+ LOGISTICS (EN LIQUIDATION/IN VEREFFENING) and YPTO
Board & ownershipRecent changes
Resignations & appointments
Gazette deed
Environmental permit granted
Een grond gebruiken, aanleggen of inrichten, Nieuwbouw of aanleggen, Slopen van niet vrijstaande gebouwen of constructies and 1 more · Departement Omgeving
1 director reappointed, 2 statutory auditors reappointed
Renaud LORAND (algemeen directeur, tevens belast met strategy & legal, lid van het directiecomité); KPMG Bedrijfsrevisoren (statutory auditor) and BDO Bedrijfsrevisoren (statutory auditor) · Permanent representatives: Tanguy LEGEIN and Michaël DELBEKE · General meeting of 29-05-2026 · Gazette deed
Official details
Source: KBO- Status
- ActiveNormal situation
- Activity
- Land transport and transport via pipelinesNACE 49110and 1 other
- Establishment units
- 2.143.271.4181000 Brussels, since 01-01-1968
- 2.143.272.1111000 Brussels, since 01-01-1968and 272 others
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €13.09bn▲ 1.3%
- Filing
- Filed on 08-06-2026, 53 days before the end of the filing period
Companies linked to NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN
Subsidiaries and holdings
- BENE RAIL INTERNATIONAL50%
- K.EUR Development50%
- HR RAIL49%
- TERMINAL ATHUS25.42%
- Belgian Mobility Company25%
- OPTIMOBIL BELGIUM24.01%
- Eurostar Group18.5%
Insights on NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN
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, with €34.1m of non-recurring income.
Equity has been stable since 2018 (±2.5% per year). Its solvency ranks better than 73% of 1,084 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.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN
- What is the company number of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN?
- The company number of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN is 0203.430.576. The VAT number is the same 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?
- Legal form of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN: Naamloze vennootschap van publiek recht.
- When was NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN founded?
- NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN was 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?
- The turnover of NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN was €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?
- NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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