Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 7.8 to 5.9.
Financials
Financial year 2025
Compagnie Internationale des Wagons-Lits et du Tourisme from Brussel, company number BE0403479319, closed financial year 2025 with a result of € 18.7 million after tax. Compared with financial year 2024, the result moved from € 50 million to € 18.7 million. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 19, 2026.
€ 195.6 million
▼ 48% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 18.7 million
▼ 63% vs 2024
Profit after tax over the fiscal year.
€ 2,276
▼ 27% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 201 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
5.9
▼ 0.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 948,606
▲ 8% vs 2024
€ 160,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 348.1 million
▲ 5% vs 2024
Loans from banks and other lenders, long and short.
€ 924,084
▼ 4% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 118 days on average.
€ 260,273
▲ 6% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Profit after taxes | € 11,073,414 | € 4,426,107 | € 49,989,247 | € 18,709,946 | ▼ 63% |
| Equity | € 323,453,256 | € 327,879,363 | € 377,868,610 | € 195,578,556 | ▼ 48% |
| Total debts | € 381,573,848 | € 415,713,428 | € 336,234,369 | € 351,752,503 | ▲ 5% |
| Cash | € 1,550 | € 2,655 | € 3,118 | € 2,276 | ▼ 27% |
| Retained profit | € 153,903,204 | € 158,329,311 | € 208,318,559 | € 26,028,505 | ▼ 88% |
| Dividend | € 0 | € 0 | € 0 | € 201,000,000 | |
| Bank debt | € 377,979,264 | € 412,047,017 | € 332,195,943 | € 348,057,980 | ▲ 5% |
| Balance sheet total | € 705,616,209 | € 744,122,096 | € 714,952,417 | € 547,410,364 | ▼ 23% |
| Employees (FTE) | 7.2 | 7.8 | 6.2 | 5.9 | ▼ 0.3 |
Key figures of Compagnie Internationale des Wagons-Lits et du Tourisme, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Compagnie Internationale des Wagons-Lits et du Tourisme?
What happened at Compagnie Internationale des Wagons-Lits et du Tourisme in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Bart De Deyn stepped down as director. NBB
- Karelle Lamouche stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 18.7 million (▼ 63% vs 2024). Source: NBB ↗
- Pierre Deburaux stepped down as director. NBB
- Karelle Lamouche became a director. NBB
- Yves Fonck stepped down as director. NBB
- Etienne Davignon stepped down as director. NBB
- Bart De Deyn became a director. NBB
In short
From € 11.1 million profit in 2022 to € 18.7 million profit in 2025.
Paid € 1.4 million in corporate taxes since 2022.
Best year ever: 2024, with € 50 million profit.
Paid out € 201 million in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Accor SA S. Etr. (99.9%). It owns 99.9% of Accor Hotels SAE, 30.5% of Macor and 0.1% of Tamaris Turizm SE itself.
Directors
According to the 2025 annual accounts
Etienne Davignon
Chairman of the board
since 2022 · until 2025
since 2025 · until 2028
since 2023 · until 2025
since 2024 · until 2025
Karelle Lamouche
Director
since 2025 · until 2027
Shareholders
Accor SA S. Etr.
99.9%
Participations
Accor Hotels SAE
99.9%
Macor
30.5%
Tamaris Turizm SE
0.1%
Establishments
Establishment units
Physical locations of this company
Kunstlaan 56
1000 Brussel
Temselaan 100 box A
1853 Grimbergen
Active since 1 November 1900
Temselaan 100
1853 Grimbergen
Active since 1 July 2016
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0403.479.319
- VAT number
- BE 0403.479.319
- Registered office
- Kunstlaan 56, 1000 Brussel
- Names & denominations
- Compagnie Internationale des Wagons-Lits et du Tourisme · CIWLT
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 4 December 1876
- Peppol
- Active · Active since 26 Sept 2025
- Activities · NACE
Gites, vakantiewoningen en -appartementen
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Activiteiten van holdings
Holdings