Stadsbader Rail (SA) — Enghien (7850)

Identity

Source · BCE/KBO

Stadsbader Rail is a Public limited company incorporated in 1997. Its main activity is: Construction of roads and motorways. Its registered office is in Enghien. It employs on average 127,2 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0460.627.462
Incorporation: 07/05/1997
Legal form: Public limited company
Registered office: Rue des Ateliers(P.E.) 3
7850 Enghien · WallonieSee on map
Contributed capital: 3 264 750,00 €
Latest accounts: 31/12/2025
Average workforce: 127,2 ETP

Activities (NACE)

42110Construction of roads and motorways· main 42110Construction of roads and motorways 45230Maintenance and repair of motor vehicles

Joint committees (3)

124
200
218

Signals

ProfitableLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	22,3 M €	+3.0%	21,6 M €	+16.5%	18,6 M €	-13.6%	21,5 M €	-33.6%	32,4 M €
EBITDA	2,8 M €	-3.0%	2,9 M €	-9.8%	3,2 M €	+9.1%	3 M €	+150%	-5,9 M €
Operating result	1,8 M €	-7.7%	2 M €	-15.6%	2,3 M €	-12.0%	2,6 M €	+125%	-10,4 M €
Net result	1,9 M €	+9.8%	1,7 M €	-15.0%	2 M €	-21.2%	2,5 M €	+124%	-10,4 M €
Balance sheet
Equity	5,7 M €	+6.9%	5,3 M €	+47.3%	3,6 M €	+1.8%	3,5 M €	+17.3%	3 M €
Total assets	21,1 M €	+16.3%	18,1 M €	+1.7%	17,8 M €	-28.2%	24,8 M €	-47.9%	47,7 M €
Cash	442,4 k €	-87.0%	3,4 M €	+114%	1,6 M €	-76.2%	6,7 M €	+1373%	453,8 k €
Debts	14,5 M €	+19.5%	12,1 M €	-9.9%	13,4 M €	-34.2%	20,4 M €	-31.5%	29,8 M €
Other
Workforce	127,2 ETP	-3.1%	131,3 ETP	-4.4%	137,3 ETP	-5.8%	145,7 ETP	-2.3%	149,2 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 23 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
DESIRE STADSBADER0432.759.065Represented by Dominique Valcke	Chairman of the board of directors20/12/2024 → 29/04/2030
Erwin Gelaes	Managing director20/12/2024 → 29/04/2030Director28/10/2024 → 20/12/2024ended
Lo-Consult0669.520.625Represented by Jan Folens	Director20/12/2024 → 29/04/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Cayet	Director28/10/2024 → 20/12/2024
Ulrich Pulse	Director28/10/2024 → 20/12/2024
Carsten KUHLE	Director30/09/2022 → 2024 accounts

Other companies at this address

Rue des Ateliers(P.E.) 3 7850 Enghien

Company	CBE no.
ass.moment. COLAS RAIL BELGIUM/COLAS RAIL● Active	0687.686.844
Assoc.Moment. COLAS RAIL BELGIUM-DUCHENE● Active	0717.883.142
Colas Rail Belgium - Duchêne● Active	0774.275.180
Mobix-Stadsbader Rail● Active	1038.305.519
SSM DUCHENE - EQOS (INFRABEL)● Active	1008.593.924

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/05/2026	05/05/2025	30/04/2024	26/04/2023	25/05/2022	07/06/2021
General meeting	27/04/2026	28/04/2025	29/04/2024	24/04/2023	25/04/2022	26/04/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	27/04/2026	29/05/2026	French	PDF
Full model	31/12/2024	28/04/2025	05/05/2025	French	PDF
Full model	31/12/2023	29/04/2024	30/04/2024	French	PDF
Full model	31/12/2022	24/04/2023	26/04/2023	French	PDF
Full model	31/12/2021	25/04/2022	25/05/2022	French	PDF
Full model	31/12/2020	26/04/2021	07/06/2021	French	PDF
Full model	31/12/2019	27/04/2020	25/05/2020	French	PDF
Full model	31/12/2018	29/04/2019	30/04/2019	French	PDF
Full model	31/12/2017	30/04/2018	23/05/2018	French	PDF
Full model	31/12/2016	24/04/2017	05/05/2017	French	PDF
Full model	31/12/2015	25/04/2016	18/05/2016	French	PDF
Full model	31/12/2014	27/04/2015	26/05/2015	French	PDF
Full model	31/12/2013	28/04/2014	20/05/2014	French	PDF
Full model	31/12/2012	29/04/2013	27/05/2013	French	PDF
Full model	31/12/2011	30/04/2012	10/05/2012	French	PDF
Full model	31/12/2010	25/04/2011	12/05/2011	French	PDF
Full model	31/12/2009	26/04/2010	07/05/2010	French	PDF
Full model	31/12/2008	27/04/2009	13/05/2009	French	PDF
Full model	31/12/2007	28/04/2008	29/04/2008	French	PDF
Full model	31/12/2006	23/04/2007	14/05/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 23 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
DESIRE STADSBADER0432.759.065Represented by Dominique Valcke	Chairman of the board of directors20/12/2024 → 29/04/2030
Erwin Gelaes	Managing director20/12/2024 → 29/04/2030Director28/10/2024 → 20/12/2024ended
Lo-Consult0669.520.625Represented by Jan Folens	Director20/12/2024 → 29/04/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Cayet	Director28/10/2024 → 20/12/2024
Ulrich Pulse	Director28/10/2024 → 20/12/2024
Carsten KUHLE	Director30/09/2022 → 2024 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Other10/07/2026
Pouvoirs spéciaux
PDF
Mandates13/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates19/11/2025
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates24/03/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates27/12/2024
DENOMINATION - DIVERS
PDF
Mandates22/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates12/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates03/01/2023
DEMISSIONS, NOMINATIONS
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

DESIRE STADSBADER

Lo-Consult

Erwin Gelaes

Ulrich Pulse

David Cayet

Gérard MOHR

Carsten KUHLE

Eric MENDEL

Ulrich PULS

Christophe MANSUY

Olivier WENDLING

Jean-François MILLERON

Show the 14 other mandates

1997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027202820292030

Stadsbader RailEQOS Energie Belgium NV

Rue des Ateliers(P.E.) 3, 7850 Enghien

Chairman of the board of directors

Director

Managing director

Director

Chairman of the board of directors

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue des Ateliers(P.E.) 3, 7850 EnghienCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00133138

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Stadsbader RailCurrent	accounts 2024 → 2025	Accounts 2025 · 2026-00133138
EQOS Energie Belgium NV	accounts 2022 → 2023	Accounts 2023 · 2024-00079839
COLAS RAIL Belgium	accounts 2021	Accounts 2021 · 2022-20035500

Events

2025
Annual accounts 20251,9 M €↑
2024
Annual accounts 20241,7 M €↓
2024
Name changeStadsbader Rail
2023
Annual accounts 20232 M €↓
2022
Annual accounts 20222,5 M €↑
2022
Name changeEQOS Energie Belgium NV
2021
Annual accounts 2021-10,4 M €↓
2020
Annual accounts 2020-8,4 M €↓
2019
Annual accounts 2019837,2 k €↑
2018
Annual accounts 2018437,4 k €↑
2017
Annual accounts 2017300 k €↑
2016
Annual accounts 201663,7 k €↑
2015
Annual accounts 2015102 €↓
2014
Annual accounts 2014708 k €↑
2013
Annual accounts 2013384,7 k €↓
2012
Annual accounts 2012412,8 k €↑
2011
Annual accounts 2011379,7 k €↓
2010
Annual accounts 2010380 k €↓
2009
Annual accounts 2009502,2 k €↓
2008
Annual accounts 2008629,5 k €↓
2007
Annual accounts 2007838 k €↑
2006
Annual accounts 2006174,4 k €
07/05/1997
IncorporationPublic limited company

Stadsbader Rail

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline

Registered offices

Company names

Events