Stadsbader Rail

Active

Public limited companyfounded 1997active for 29 yearsWerkplaatsenstraat(P.E.) 3, 7850 Enghien, BelgiumKBO/BCE: BE 0460.627.462

Summary

Stadsbader Rail has been active since 1997 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.7m and a net result of €1.9m. Equity is growing by about 15% per year across the filed financial years. Its solvency ranks better than 31% of 377 sector peers (NACE 42, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysisFollow Report Compare

Stadsbader RailActiveChecked score 86/100

Risk analysis Report Compare

Activity

Construction of roads and motorways

NACE 42110

Largest company by total assets in Enghien, Construction sector1 site

Size

€22.3mturnover 2025

Staff: 127.2 FTE
Equity: €5.7m
Profit: €1.9m

Financial health

86 Excellent Checked score 2025

Bankruptcy probabilitywithin 12 months: 0.2%

Structure

Parent: DESIRE STADSBADER · 100%

Erwin GelaesManaging director
Lo-ConsultDirector · permanent representative Jan Folens
Gelaes Erwin RomainDirector

Auditor: VRC BEDRIJFSREVISOREN2025 accounts 63 days early

Why 86raises riskLiquidity: current ratio 1.12, cash €442,398, halvedSector: Civil engineering (NACE 42)lowers riskFounded in 1997Profit of €1.9m (financial year 2025)Show the evidence

Checked score

Score 2025

86 / 100

Excellent

Probability in this band: under 0.55%

Financially better than 39% of its sector peers (NACE 42, medium-sized)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Average

Solvency 52-2

equity 26.8% of total assets

Liquidity 16-22

short-term debt 68.5% · cash 2.1%

Profitability 76-2

return on assets 8.8%

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (105 companies, NACE 42, medium-sized)

Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026lowest value 03-2026: 0.1%● unchanged vs 02-2026lowest value 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.2%▲ +0.1 percentage points vs 06-2026highest value 08-2026: 0.2%● unchanged vs 07-2026highest value 09-2026: 0.2%● unchanged vs 08-2026highest value 10-2026: 0.2%● unchanged vs 09-2026highest value

Credit of up to €480,000 on 30-day terms is acceptable

Liquidity tight (current ratio 1.12, compared with 1.06 in 2024, below the usual 1.5; short-term debt: 68.5% and cash: 2.1% of total assets), and 73.2% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 42, medium-sized): better than 37% on solvency, 8% on liquidity, 67% on profitability and 46% on growth.

The bankruptcy probability was computed on 24-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.

lowers riskraises riskneutral

Liquidity: current ratio 1.12, cash €442,398, halved

NBB · annual accounts

Founded in 1997

Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.

KBO

Profit of €1.9m (financial year 2025)

NBB · annual accounts

Sector: Civil engineering (NACE 42)

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-05-2026, 63 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

63 days early

2024

87 days early

2023

92 days early

2022

96 days early

2021

67 days early

2020

54 days early

2019

67 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 75 days before the deadline; the sector median (NACE 42) for financial year 2024 is 2 days before the deadline, and 41% of those companies filed late.

Searched, nothing found (2)

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 May (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

25-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

10-07-2026 Resignations & appointmentsPower of attorney
29-05-2026 Annual accounts filedfinancial year 2025 · full…
13-02-2026 Resignation: MAZARS Réviseurs d'Entreprises - Bedrijfsrevisoren…Appointment: VRC Bedrijfsrevisoren SRL (statutory…

Key points

Positive: Largest company by total assets in Enghien, Construction sectorin the Checked rankings No. 1 View
Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
Controlled by DESIRE STADSBADER 100% View
Board changedlatest change 19-11-2025 · 3 in office 1 joined · 1 left View

By topic

Financials

Financial year: 2025
Turnover: €22.3m
Profit: €1.9m
Solvency: 26.8%

Turnover▲ 3.0%

Net result

20182025

Go to Financials

Board & ownership

Board: 3 members
Parent: DESIRE STADSBADER · 100%
Auditor: VRC BEDRIJFSREVISOREN

Erwin GelaesManaging director
Lo-ConsultDirector
Gelaes Erwin RomainDirector

Go to Board & ownership

Network & group

Connected companies: 13

Go to Network & group

Timeline

Events: 75
Since: 1999
Next accounts: by 31-07-2027

19-11-2025Resignation: DESIRE STADSBADER (director)
05-05-2025Annual accounts filed
24-03-2025Resignations: David CAYET (director) and Ulrich PULS…

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Activity: Construction of roads and motorwaysNACE 42110
Founded: 07-05-1997
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 14

Annual meeting: Last Monday of April at 09:30
Purpose: “A) de réaliser seule ou en association, tous marchés de travaux et de services pour compte…” (deed in French)

Go to Articles of association

Key facts about Stadsbader Rail

What is the company number of Stadsbader Rail?: 0460.627.462. In Belgium the VAT number is the company number with BE in front: BE 0460.627.462.
Where is Stadsbader Rail based?: The registered office is at Werkplaatsenstraat(P.E.) 3, 7850 Enghien.Company details
What does Stadsbader Rail do?: According to the KBO register, the main activity is construction of roads and motorways (NACE 42110).
What is the legal form of Stadsbader Rail?: Public limited company (NV).
When was Stadsbader Rail founded?: On 07-05-1997.
Is Stadsbader Rail still active?: Yes, Stadsbader Rail is an active enterprise in the KBO register.
How many employees does Stadsbader Rail have?: On average 127.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of Stadsbader Rail?: €22.3m in financial year 2025, according to the filed annual accounts.
Is Stadsbader Rail profitable?: In financial year 2025, Stadsbader Rail made a profit of €1.9m.
Where can I find the annual accounts of Stadsbader Rail?: Stadsbader Rail filed 28 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Stadsbader Rail due?: By 31-07-2027, for financial year 2026.Timeline