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 %.
Financials
Financial year 2025
HR RAIL from Sint-Gillis (bij-Brussel), company number BE0541691352, closed financial year 2025 with a result of € 1.6 million after tax. For that financial year HR RAIL recorded revenue of € 2.4 billion and equity of € 28.3 million. Compared with financial year 2024, the result moved from € 693,536 to € 1.6 million. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 3, 2026.
€ 28.3 million
▲ 6% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1.6 million
▲ 126% vs 2024
Profit after tax over the fiscal year.
€ 101.8 million
▲ 104% 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 € 8.2 million.
People and assets in 2025
27,811
▲ 242.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.3 billion
▲ 3% vs 2024
€ 83,900 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.
€ 34,042
▼ 3% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 14.4 million
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 126 days on average.
€ 443.7 million
▼ 1% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 2,077,763,226 | € 2,205,907,450 | € 2,304,846,457 | € 2,368,227,721 | ▲ 3% |
| Profit after taxes | € 9,201,712 | € 2,960,494 | € 693,536 | € 1,568,042 | ▲ 126% |
| Equity | € 23,120,618 | € 26,069,315 | € 26,754,065 | € 28,313,321 | ▲ 6% |
| Total debts | € 510,679,979 | € 490,059,314 | € 495,676,157 | € 495,565,830 | |
| Cash | € 97,773,214 | € 76,919,553 | € 49,900,415 | € 101,784,561 | ▲ 104% |
| Retained profit | € 2,998,800 | € 5,959,293 | € 6,652,830 | € 8,220,872 | ▲ 24% |
| Bank debt | € 1 | € 8,980,483 | € 0 | € 0 | |
| Balance sheet total | € 562,870,145 | € 542,207,033 | € 549,019,701 | € 549,430,015 | |
| Employees (FTE) | 27,435.1 | 27,524.5 | 27,568.5 | 27,811 | ▲ 242.5 |
Key figures of HR RAIL, 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 HR RAIL?
What happened at HR RAIL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Sarah Blancke stepped down as director. NBB
- Sophie Dutordoir stepped down as director. NBB
- Bernard Escoyez stepped down as director. NBB
- Benoît Gilson stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1.6 million (▲ 126% vs 2024). Source: NBB ↗
- New establishment in Liège. KBO
- Sarah Blancke became a director. NBB
- Sophie Dutordoir became a director. NBB
In short
From € 9.2 million profit in 2022 to € 1.6 million profit in 2025.
Paid € 3 million in corporate taxes since 2022.
Best year ever: 2022, with € 9.2 million profit.
Pays suppliers within 126 days on average.
Management
The shares are held by - Etat fédéral belge (60%), SNCB (20%) and Infrabel (20%). It owns 100% of Rail Facilities itself.
Directors
According to the 2025 annual accounts
Sarah Blancke
Director
since 2024 · until 2030
since 2020 · until 2026
Sophie Dutordoir
Director
Also active at: NATIONALE MAATSCHAPPIJ DER BELGISCHE SPOORWEGEN, Festival van Vlaanderen Gent en Historische Steden, Arvesta
since 2023 · until 2029
Participations
100%
Establishments
Establishment units
Physical locations of this company
Frankrijkstraat 85
1060 Sint-Gillis (bij-Brussel)
Ganzenweidestraat 301
1130 Brussel
Active since 1 January 2014
Hallepoortlaan 40
1060 Sint-Gillis (bij-Brussel)
Active since 1 January 2014
Sloepenstraat 2
8400 Oostende
Active since 1 January 2014
Rue Fond des Bas Prés z/n
5000 Namur
Active since 1 January 2014
Stationsplein 2
3500 Hasselt
Active since 1 January 2014
Leuvensesteenweg 30
2800 Mechelen
Active since 1 January 2014
Gontrodestraat 222
9050 Gent
Active since 1 January 2014
Marksesteenweg(Kor) 59 box A
8500 Kortrijk
Active since 1 January 2014
Kantersteen 10
1000 Brussel
Active since 1 January 2014
Gerijstraat 20
1190 Vorst
Active since 1 January 2014
Koningin Astridplein 27
2018 Antwerpen
Active since 1 January 2014
Noorderlaan 630
2030 Antwerpen
Active since 1 January 2014
Diestsesteenweg 3
3010 Leuven
Active since 1 January 2014
Frankrijkstraat 56-58
1060 Sint-Gillis (bij-Brussel)
Active since 1 January 2014
Frankrijkstraat 97
1060 Sint-Gillis (bij-Brussel)
Active since 1 January 2014
Tweestationsstraat 80
1070 Anderlecht
Active since 1 January 2014
de Schiervellaan 26
3500 Hasselt
Active since 1 January 2014
Rue Léanne 15
5000 Namur
Active since 1 January 2014
Boulevard Charles Quint 29
7000 Mons
Active since 1 January 2014
Rue du Musée François Duesberg 1
7000 Mons
Active since 1 January 2014
Hendrik Brugmansstraat 7
8000 Brugge
Active since 1 January 2014
Rue du Plan-Incliné 145
4000 Liège
Active since 1 January 2014
Koningin Maria Hendrikaplein 1
9000 Gent
Active since 1 January 2014
Akkerstraat 33
9090 Merelbeke-Melle
Active since 1 October 2018
Rue d'Ougrée 60
4031 Liège
Active since 1 September 2018
Koning Albertplein 2
2800 Mechelen
Active since 1 June 2020
Square des Martyrs 1
6000 Charleroi
Active since 1 January 2020
Place de la Gare 1
6800 Libramont-Chevigny
Active since 1 January 2022
Place des Guillemins 2
4000 Liège
Active since 1 June 2025
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 6 companies are registered at this address.
All companies at this address →Kas der geneeskundige verzorging van HR Rail
Association Internationale du Congrès des Chemins de Fer
Amicale des Ingénieurs et des Fonctionnaires Supérieurs de la Société Naionale des Chemins de Fer Belges
Groupement International d'Etude pour l'Exploitation des Voitures-Lits en Europe
Technical Railway Association eXperience
+1 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
- 0541.691.352
- VAT number
- BE 0541.691.352
- Registered office
- Frankrijkstraat 85, 1060 Sint-Gillis (bij-Brussel)
- Names & denominations
- HR RAIL
- Enterprise type
- Rechtspersoon
- Legal form
- Naamloze vennootschap van publiek recht
- Legal situation
- Normale toestand
- Start date
- 6 November 2013
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Personenvervoer per trein
Arbeidsbemiddeling
Personenvervoer per spoor, m.u.v. personenvervoer per spoor binnen steden of voorsteden