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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)KBO/BCE: BE 0203.430.576 subsidiary of Belgische Staat#1 company by equity in Belgium, Transport and storage sector
Part of the group Belgische Staat 146 companies in 34 countries
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NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN
Financial year 2025
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Lifetime

18 annual accounts with figures on one time axis, 43 filings since 1983
peak €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 accounts

Result

€10.8m ▼ 79.6%
€53m2024€11m2025

The result fell in 2025: 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
2021202220232024

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 strength
Average

87+2equity 61.5% of total assets
50=short-term debt 5.4% · cash 0.2%
25-8return on assets 0.1%

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 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

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 months
Where today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

TG
Thibaut GEORGIN
Chair
PC
Patrice COUCHARD
General manager
RL
Renaud LORAND
General manager
DS
Dirk STERCKX
Director, since 14-10-2013
FA
Filip Alex R. Boelaert
Director, since 01-01-2017
BR
BDO Réviseurs d'Entreprises
Auditor, Michaël DELBEKE
and 10 others

Shares in 11 companies, including A+ LOGISTICS (EN LIQUIDATION/IN VEREFFENING) and YPTO

Board & ownership

Recent 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
New establishment in Couvin SNCB / NMBS, Rue La Couvinoise 25
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
All 215 events

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
Company details

Annual accounts 2025

€13.09bn▲ 1.3%
Filing
Filed on 08-06-2026, 53 days before the end of the filing period
Financials

Companies linked to NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN

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

Next steps

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