NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN
NACE 49.110, Land transport and transport via pipelines
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10.8m
2024 · €53.1m-€42.3m
Equity
€8.05bn
2024 · €7.72bn+€334.8m
Cash
€26.9m
2024 · €36.1m-€9.2m
Balance sheet total
€13.09bn
2024 · €12.92bn+€166.7m
Largest movements
Assets
- Receivables after one year -€203.8m
down €203.8m (-15.6%), from €1.31bn to €1.10bn
- Tangible fixed assets +€200.0m
up €200.0m (+2.3%), from €8.80bn to €9.00bn
of which Furniture and vehicles: +€184.8m
Equity and liabilities
- Investment grants +€324.8m
up €324.8m (+4.1%), from €7.88bn to €8.20bn
- Provisions +€210.2m
up €210.2m (+17.8%), from €1.18bn to €1.39bn
of which Deferred taxes: +€220.1m
- Current portion of long-term debt -€176.9m
down €176.9m (-71.9%), from €245.9m to €69.0m
Income statement
- Turnover +€55.2m
up €55.2m (+2.2%), from €2.56bn to €2.62bn
- Services and other goods +€51.3m
up €51.3m (+2.1%), from €2.47bn to €2.52bn
- Depreciation +€32.3m
up €32.3m (+6.4%), from €507.7m to €540.0m
- Financial income +€31.9m
up €31.9m (+5.9%), from €537.4m to €569.4m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€53.1m
Turnover
+€55.2m
Other operating income
-€18.1m
Goods and materials
-€25.7m
Services and other goods
-€51.3m
Depreciation
-€32.3m
Write-downs
-€3.8m
Provisions
+€3.0m
Other operating charges
-€1.8m
Other operating items
-€34.7m
Financial income
+€31.9m
Financial charges
+€19.8m
Taxes
+€797,454
Deferred taxes and other
+€14.6m
Result 2025
€10.8m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€833.6m
Investment
-€920.3m
Financing
+€77.5m
Cash 2024
€36.1m
From operations (derived)
+€833.6m
Net result for the year
+€10.8m
Depreciation
+€540.0m
Receivables after one year
+€203.8m
Stocks and contracts
+€58.8m
Receivables within one year
-€69.6m
Deferred charges and accrued income
+€11.4m
Provisions
+€210.2m
Trade debts
-€77.9m
Tax, wage and social debts
-€39,192
Advances received
-€79.4m
Other debts
+€29.1m
Accrued charges and deferred income
-€3.6m
Investment (derived)
-€920.3m
Investment in fixed assets (net)
-€807.7m
Current investments
-€112.6m
Financing
+€77.5m
Debts after one year
-€71.4m
Current portion of long-term debt
-€176.9m
Short-term financial debts
+€1.8m
Contributions, distributions and other
+€324.0m
Cash 2025
€26.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,923,187,183 | €13,089,860,911 | +€166.7m | +1.3% |
| Fixed assets | 21/28 | €9,475,515,535 | €9,743,198,438 | +€267.7m | +2.8% |
| Intangible fixed assets | 21 | €291,880,305 | €359,535,803 | +€67.7m | +23.2% |
| Tangible fixed assets | 22/27 | €8,803,615,683 | €9,003,643,089 | +€200.0m | +2.3% |
| Land and buildings | 22 | €1,980,623,935 | €2,108,599,958 | +€128.0m | +6.5% |
| Plant, machinery and equipment | 23 | €662,568,008 | €744,198,881 | +€81.6m | +12.3% |
| Furniture and vehicles | 24 | €4,110,692,827 | €4,295,496,245 | +€184.8m | +4.5% |
| Leasing and similar rights | 25 | €6,428,335 | €6,024,559 | -€403,776 | -6.3% |
| Other tangible fixed assets | 26 | €652,929,449 | €665,251,694 | +€12.3m | +1.9% |
| Assets under construction and advance payments | 27 | €1,390,373,129 | €1,184,071,752 | -€206.3m | -14.8% |
| Financial fixed assets | 28 | €380,019,546 | €380,019,546 | = | 0.0% |
| Affiliated companies | 280/1 | €11,935,851 | €11,935,851 | = | 0.0% |
| Participating interests | 280 | €11,935,851 | €11,935,851 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €367,854,086 | €367,854,086 | = | 0.0% |
| Participating interests | 282 | €367,854,086 | €367,854,086 | = | 0.0% |
| Other financial fixed assets | 284/8 | €229,609 | €229,609 | = | 0.0% |
| Shares | 284 | €116,240 | €116,240 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €113,368 | €113,368 | = | 0.0% |
| Current assets | 29/58 | €3,447,671,648 | €3,346,662,473 | -€101.0m | -2.9% |
| Amounts receivable after more than one year | 29 | €1,306,055,827 | €1,102,273,239 | -€203.8m | -15.6% |
| Other amounts receivable | 291 | €1,306,055,827 | €1,102,273,239 | -€203.8m | -15.6% |
| Stocks and contracts in progress | 3 | €443,974,861 | €385,166,393 | -€58.8m | -13.2% |
| Stocks | 30/36 | €286,302,335 | €305,929,244 | +€19.6m | +6.9% |
| Raw materials and consumables | 30/31 | €281,686,150 | €301,264,273 | +€19.6m | +7.0% |
| Work in progress | 32 | €1,802,857 | €1,926,285 | +€123,429 | +6.8% |
| Finished goods | 33 | €75,632 | €89,575 | +€13,943 | +18.4% |
| Goods purchased for resale | 34 | €270,247 | €252,135 | -€18,112 | -6.7% |
| Advance payments | 36 | €2,467,449 | €2,396,975 | -€70,474 | -2.9% |
| Contracts in progress | 37 | €157,672,525 | €79,237,149 | -€78.4m | -49.7% |
| Amounts receivable within one year | 40/41 | €1,208,981,862 | €1,278,572,440 | +€69.6m | +5.8% |
| Trade receivables | 40 | €611,232,442 | €671,686,378 | +€60.5m | +9.9% |
| Other amounts receivable | 41 | €597,749,420 | €606,886,062 | +€9.1m | +1.5% |
| Current investments | 50/53 | €296,605,283 | €409,239,911 | +€112.6m | +38.0% |
| Other investments | 51/53 | €296,605,283 | €409,239,911 | +€112.6m | +38.0% |
| Cash at bank and in hand | 54/58 | €36,097,330 | €26,881,688 | -€9.2m | -25.5% |
| Deferred charges and accrued income | 490/1 | €155,956,486 | €144,528,802 | -€11.4m | -7.3% |
| Total equity and liabilities | 10/49 | €12,923,187,183 | €13,089,860,911 | +€166.7m | +1.3% |
| Equity | 10/15 | €7,719,302,672 | €8,054,100,819 | +€334.8m | +4.3% |
| Contributions | 10/11 | €249,022,346 | €249,022,346 | = | 0.0% |
| Capital | 10 | €249,022,346 | €249,022,346 | = | 0.0% |
| Issued capital | 100 | €249,022,346 | €249,022,346 | = | 0.0% |
| Revaluation surpluses | 12 | €95,925,257 | €95,102,166 | -€823,092 | -0.9% |
| Reserves | 13 | €35,934,274 | €34,633,338 | -€1.3m | -3.6% |
| Tax-exempt reserves | 132 | €35,934,274 | €34,633,338 | -€1.3m | -3.6% |
| Profit (loss) carried forward | 14 | -€537,520,083 | -€525,405,222 | +€12.1m | +2.3% |
| Investment grants | 15 | €7,875,940,878 | €8,200,748,191 | +€324.8m | +4.1% |
| Provisions and deferred taxes | 16 | €1,182,455,691 | €1,392,649,259 | +€210.2m | +17.8% |
| Provisions for liabilities and charges | 160/5 | €506,989,787 | €497,107,181 | -€9.9m | -1.9% |
| Pensions and similar obligations | 160 | €210,897,200 | €202,947,129 | -€8.0m | -3.8% |
| Environmental obligations | 163 | €121,476,733 | €124,491,837 | +€3.0m | +2.5% |
| Other liabilities and charges | 164/5 | €174,615,854 | €169,668,215 | -€4.9m | -2.8% |
| Deferred taxes | 168 | €675,465,905 | €895,542,077 | +€220.1m | +32.6% |
| Amounts payable | 17/49 | €4,021,428,820 | €3,643,110,834 | -€378.3m | -9.4% |
| Amounts payable after more than one year | 17 | €2,624,949,791 | €2,553,577,196 | -€71.4m | -2.7% |
| Financial debts | 170/4 | €2,381,740,008 | €2,305,316,227 | -€76.4m | -3.2% |
| Unsubordinated bonds | 171 | €434,804,203 | €442,439,694 | +€7.6m | +1.8% |
| Leasing and similar obligations | 172 | €153,610,232 | €153,587,864 | -€22,368 | 0.0% |
| Credit institutions | 173 | €1,554,491,207 | €1,517,397,592 | -€37.1m | -2.4% |
| Other loans | 174 | €238,834,366 | €191,891,077 | -€46.9m | -19.7% |
| Other amounts payable | 178/9 | €243,209,783 | €248,260,969 | +€5.1m | +2.1% |
| Amounts payable within one year | 42/48 | €1,005,015,265 | €701,695,755 | -€303.3m | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €245,910,179 | €69,016,842 | -€176.9m | -71.9% |
| Financial debts | 43 | €11,612,962 | €13,393,581 | +€1.8m | +15.3% |
| Credit institutions | 430/8 | €10,112,962 | €13,393,581 | +€3.3m | +32.4% |
| Other loans | 439 | €1,500,000 | - | -€1.5m | |
| Trade debts | 44 | €537,468,303 | €459,571,803 | -€77.9m | -14.5% |
| Suppliers | 440/4 | €537,468,303 | €459,571,803 | -€77.9m | -14.5% |
| Advances received on contracts in progress | 46 | €162,686,266 | €83,291,284 | -€79.4m | -48.8% |
| Taxes, remuneration and social security | 45 | €96,242 | €57,050 | -€39,192 | -40.7% |
| Taxes | 450/3 | €88,646 | €53,228 | -€35,418 | -40.0% |
| Remuneration and social security | 454/9 | €7,596 | €3,822 | -€3,774 | -49.7% |
| Other amounts payable | 47/48 | €47,241,312 | €76,365,196 | +€29.1m | +61.6% |
| Accrued charges and deferred income | 492/3 | €391,463,764 | €387,837,883 | -€3.6m | -0.9% |
| Operating income | 70/76A | €2,790,235,899 | €2,782,605,005 | -€7.6m | -0.3% |
| Turnover | 70 | €2,560,213,824 | €2,615,368,485 | +€55.2m | +2.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €8,385,460 | -€79,262,631 | -€87.6m | |
| Own construction capitalised | 72 | €132,847,601 | €162,370,882 | +€29.5m | +22.2% |
| Other operating income | 74 | €68,081,178 | €50,003,293 | -€18.1m | -26.6% |
| Non-recurring operating income | 76A | €20,707,837 | €34,124,976 | +€13.4m | +64.8% |
| Operating charges | 60/66A | €3,165,372,574 | €3,267,217,400 | +€101.8m | +3.2% |
| Goods for resale, raw materials and consumables | 60 | €125,688,102 | €151,355,659 | +€25.7m | +20.4% |
| Purchases | 600/8 | €194,062,802 | €221,380,038 | +€27.3m | +14.1% |
| Change in stocks: decrease (increase) | 609 | -€68,374,699 | -€70,024,380 | -€1.6m | -2.4% |
| Services and other goods | 61 | €2,467,617,771 | €2,518,909,580 | +€51.3m | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €507,737,888 | €539,989,273 | +€32.3m | +6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,688,487 | €35,456,364 | +€3.8m | +11.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€8,824,636 | -€11,825,691 | -€3.0m | -34.0% |
| Other operating charges | 640/8 | €7,097,510 | €8,946,283 | +€1.8m | +26.0% |
| Non-recurring operating charges | 66A | €34,367,452 | €24,385,932 | -€10.0m | -29.0% |
| Operating profit (loss) | 9901 | -€375,136,675 | -€484,612,394 | -€109.5m | -29.2% |
| Financial income | 75/76B | €537,445,747 | €569,391,532 | +€31.9m | +5.9% |
| Recurring financial income | 75 | €537,445,747 | €569,391,532 | +€31.9m | +5.9% |
| Income from financial fixed assets | 750 | €1,553,608 | €10,999,000 | +€9.4m | +608% |
| Income from current assets | 751 | €61,316,875 | €53,803,613 | -€7.5m | -12.3% |
| Other financial income | 752/9 | €474,575,264 | €504,588,919 | +€30.0m | +6.3% |
| Financial charges | 65/66B | €143,474,868 | €123,646,708 | -€19.8m | -13.8% |
| Recurring financial charges | 65 | €143,474,868 | €123,646,708 | -€19.8m | -13.8% |
| Debt charges | 650 | €110,762,249 | €98,280,355 | -€12.5m | -11.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €25,298 | €3,090,289 | +€3.1m | +12,115% |
| Other financial charges | 652/9 | €32,687,320 | €22,276,064 | -€10.4m | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €18,834,205 | -€38,867,571 | -€57.7m | |
| Transfer from deferred taxes | 780 | €39,260,879 | €50,629,102 | +€11.4m | +29.0% |
| Transfer to deferred taxes | 680 | €3,264,112 | - | -€3.3m | |
| Income taxes | 67/77 | €1,745,060 | €947,606 | -€797,454 | -45.7% |
| Taxes | 670/3 | €1,745,060 | €947,606 | -€797,454 | -45.7% |
| Profit (loss) for the period | 9904 | €53,085,911 | €10,813,925 | -€42.3m | -79.6% |
| Transfer from tax-exempt reserves | 789 | €199,266 | €1,300,935 | +€1.1m | +553% |
| Transfer to tax-exempt reserves | 689 | €35,137,208 | - | -€35.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €18,147,969 | €12,114,861 | -€6.0m | -33.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.