Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 36 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2025.
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Busy address KBO
11 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
CONNECTIONS -EUROTRAIN from Vilvoorde, company number BE0428666853, closed financial year 2025 with a result of € 206,944 after tax. For that financial year CONNECTIONS -EUROTRAIN recorded revenue of € 101.6 million and equity of € 6.3 million. Compared with financial year 2024, the result moved from € 1.2 million to € 206,944. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on May 4, 2026.
€ 6.3 million
▲ 35% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 206,944
▼ 83% vs 2024
Profit after tax over the fiscal year.
€ 2.7 million
▼ 40% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 4.4 million.
People and assets in 2025
123.9
▼ 9.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 7.2 million
▼ 9% vs 2024
€ 58,200 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.
€ 35,386
▼ 25% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 525,000
▼ 60% vs 2024
€ 25,000 is repaid this year. At this pace the long-term loan is gone in ≈ 21 years.
€ 10.3 million
▼ 33% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 40 days on average.
€ 1.2 million
▼ 23% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 87,121,943 | € 99,911,070 | € 105,490,346 | € 101,566,203 | ▼ 4% |
| Profit after taxes | € 1,209,547 | € 1,247,240 | € 1,249,529 | € 206,944 | ▼ 83% |
| Equity | € 2,159,426 | € 3,406,666 | € 4,656,195 | € 6,283,820 | ▲ 35% |
| Total debts | € 25,375,656 | € 30,436,774 | € 29,785,098 | € 20,979,563 | ▼ 30% |
| Cash | € 7,956,771 | € 3,518,303 | € 4,564,753 | € 2,717,948 | ▼ 40% |
| Land & buildings | € 5,535,543 | € 5,333,139 | € 5,130,730 | € 6,349,000 | ▲ 24% |
| Retained profit | € 1,659,426 | € 2,906,666 | € 4,156,195 | € 4,363,139 | ▲ 5% |
| Bank debt | € 3,609,667 | € 2,709,436 | € 1,306,007 | € 525,000 | ▼ 60% |
| Balance sheet total | € 27,553,990 | € 33,843,440 | € 34,441,293 | € 27,263,383 | ▼ 21% |
| Employees (FTE) | 124.3 | 125.1 | 133 | 123.9 | ▼ 9.1 |
Key figures of CONNECTIONS -EUROTRAIN, 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 May 2027.
What happened to CONNECTIONS -EUROTRAIN?
What happened at CONNECTIONS -EUROTRAIN in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Ronny Bayens stepped down as director. NBB
- Thi-Ngog-Lan Huynh stepped down as director. NBB
- Corrected annual accounts filed for financial year 2025. Source: NBB ↗
- Ronny Bayens became a director. NBB
- Thi-Ngog-Lan Huynh became a director. NBB
- New establishment in Elsene. KBO
- New establishment in Beveren-Kruibeke-Zwijndrecht. KBO
- New establishment in Vilvoorde. KBO
In short
From € 1.2 million profit in 2022 to € 206,944 profit in 2025.
Paid € 277,925 in corporate taxes since 2022.
Best year ever: 2024, with € 1.2 million profit.
Pays suppliers within 40 days on average.
Management
It owns 100% of USIT CONNECTIONS NEDERLAND BV itself.
Directors
According to the 2025 annual accounts
Thi-Ngog-Lan Huynh
Director
since 2022 · until 2028
Ronny Bayens
Managing director
Also active at: DOLPHINS & COMPANY, PYRAMIDS & COMPANY, WEEKEND COMPANY.BE
since 2024 · until 2030
Establishments
Establishment units
Physical locations of this company
Luchthavenlaan 10
1800 Vilvoorde
Zuidstraat 19-21
1000 Brussel
Active since 23 April 1986
Potaardestraat 1
1950 Kraainem
Active since 10 April 1999
Wapper 10
2000 Antwerpen
Active since 7 May 1986
Geldmuntstraat 7
8000 Brugge
Active since 7 May 1997
Kortedagsteeg 13
9000 Gent
Active since 7 May 1986
Fruitmarkt 11
3500 Hasselt
Active since 31 May 2001
Bondgenotenlaan 72
3000 Leuven
Active since 28 May 2001
Rue Charles-Magnette 11
4000 Liège
Active since 9 January 1987
Rue de Fer 62
5000 Namur
Active since 20 March 1997
Boulevard des Gérardchamps 18-20
4800 Verviers
Active since 13 June 2003
Delaerestraat 4 box B
8800 Roeselare
Active since 1 April 1986
Rue Haute 13
1300 Wavre
Active since 1 April 1986
IJzerenleen 41
2800 Mechelen
Active since 1 November 2005
Statielei 127
2640 Mortsel
Active since 1 November 2006
Rue Chaussée 37b
4342 Awans
Active since 1 February 2007
Chaussée de Bruxelles 300
1410 Waterloo
Active since 14 February 2008
Bredabaan 324
2930 Brasschaat
Active since 1 November 2007
Pareinpark(BEV) 4B
9120 Beveren-Kruibeke-Zwijndrecht
Active since 20 January 2020
Gulden-Vlieslaan 26-28
1050 Elsene
Active since 1 February 2021
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 11 companies are registered at this address.
All companies at this address →Federatie Palliatieve Zorg Vlaanderen
€ 166,855 revenue · 2025
AVITOUR
€ 854,362 gross margin · 2025
DOLPHINS & COMPANY same network
€ 152,165 gross margin · 2025
C & O TRAVEL
€ 48,451 gross margin · 2025
CHERIMOYA.BE
€ 257,096 gross margin · 2025
+6 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0428.666.853
- VAT number
- BE 0428.666.853
- Registered office
- Luchthavenlaan 10, 1800 Vilvoorde
- Names & denominations
- CONNECTIONS -EUROTRAIN
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 11 March 1986
- Peppol
- Active · Active since 28 Aug 2023
- Activities · NACE
Activiteiten van reisbureaus
Reisbureaus
Detailhandel in boeken
Activiteiten van reisorganisatoren
Detailhandel in dames-, heren-, baby- en kinderboven- en onderkleding en kledingaccessoires (algemeen assortiment)
Detailhandel in lederwaren en reisartikelen
Detailhandel in overige sportartikelen
Detailhandel in sport- en kampeerartikelen in gespecialiseerde winkels