ACTIVE

HR RAIL

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Financial year 2025 · Closed on 31/12/2025

Net result1,6 M €+126,1 %over 1 year

Revenue2,4 Md €+2,7 %over 1 year

Equity28,3 M €+5,8 %over 1 year

Workforce27 811,0 ETP+0,9 %over 1 year

Identity

Source · BCE/KBO

HR RAIL is a Public limited company incorporated in 2013. Its main activity is: Passenger rail transport, interurban. Its registered office is in Saint-Gilles. It employs on average 27 811,0 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0541.691.352
Incorporation: 06/11/2013
Legal form: Public limited company
Registered office: Rue de France 85
1060 Saint-Gilles · BruxellesSee on map
Contributed capital: 20 061 500,00 €
Latest accounts: 31/12/2025
Average workforce: 27 811,0 ETP

Activities (NACE)

49100Passenger rail transport, interurban· main 49110Passenger rail transport, interurban 78100Activities of employment placement agencies 78100Activities of employment placement agencies

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 49 filings

Trend over 12 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	2,4 Md €	+2.7%	2,3 Md €	+4.5%	2,2 Md €	+6.2%	2,1 Md €	+6.5%	2 Md €
EBITDA	789,4 k €	+46.2%	540 k €	+95.0%	277 k €	-88.4%	2,4 M €	+22.7%	2 M €
Operating result	886,9 k €	+184%	-1,1 M €	-155%	1,9 M €	-71.9%	6,9 M €	+720%	841,1 k €
Net result	1,6 M €	+126%	693,5 k €	-76.6%	3 M €	-67.8%	9,2 M €	+86.6%	4,9 M €
Balance sheet
Equity	28,3 M €	+5.8%	26,8 M €	+2.6%	26,1 M €	+12.8%	23,1 M €	+26.5%	18,3 M €
Total assets	549,4 M €	+0.1%	549 M €	+1.3%	542,2 M €	-3.7%	562,9 M €	+20.8%	466,1 M €
Cash	101,8 M €	+104%	49,9 M €	-35.1%	76,9 M €	-21.3%	97,8 M €	-26.0%	132,1 M €
Debts	472,9 M €	-0.3%	474,5 M €	+1.1%	469,4 M €	-4.6%	492,2 M €	+26.4%	389,5 M €
Other
Workforce	27 811,0 ETP	+0.9%	27 568,5 ETP	+0.2%	27 524,5 ETP	+0.3%	27 435,1 ETP	-2.2%	28 063,6 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

4 active · 9 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Sarah Blancke	Director01/10/2024 → 01/10/2030
Sophie Dutordoir	Director07/03/2017 → 07/03/2029
Bernard Escoyez	Chairman of the board of directors13/12/2022 → 13/12/2028
Benoît Gilson	Director01/08/2020 → 01/08/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Paul Hautekiet	Director01/07/2023 → 2024 accounts
Sophie DU BLED	Chairman of the board of directors10/05/2021 → 2022 accounts

Other companies at this address

Rue de France 85 1060 Saint-Gilles

Company	CBE no.
Amicale des Ingénieurs et des Fonctionnaires Supérieurs de la Société Naionale des Chemins de Fer Belges● Active	0407.945.376
Association Internationale du Congrès des Chemins de Fer● Active	0407.588.258
Caisse des soins de santé de HR Rail● Active	0250.871.001
Groupement International d'Etude pour l'Exploitation des Voitures-Lits en Europe● Liquidation	0412.066.589
Technical Railway Association eXperience● Active	0435.283.441
Trainbow Belgium vzw● Active	0695.451.891

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Consolidated accounts
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	03/06/2026	06/06/2025	10/06/2024	12/06/2023	09/06/2022	08/06/2021
General meeting	02/06/2026	03/06/2025	04/06/2024	06/06/2023	07/06/2022	01/06/2021
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, 49 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	02/06/2026	03/06/2026	Dutch	PDF
Full model	31/12/2025	02/06/2026	03/06/2026	French	PDF
Consolidated accounts	31/12/2025	02/06/2026	03/06/2026	French	PDF
Consolidated accounts	31/12/2025	02/06/2026	03/06/2026	Dutch	PDF
Full model	31/12/2024	03/06/2025	06/06/2025	French	PDF
Full model	31/12/2024	03/06/2025	06/06/2025	Dutch	PDF
Consolidated accounts	31/12/2024	03/06/2025	06/06/2025	Dutch	PDF
Consolidated accounts	31/12/2024	03/06/2025	06/06/2025	French	PDF
Full model	31/12/2023	04/06/2024	10/06/2024	French	PDF
Full model	31/12/2023	04/06/2024	10/06/2024	Dutch	PDF
Consolidated accounts	31/12/2023	04/06/2024	10/06/2024	French	PDF
Consolidated accounts	31/12/2023	04/06/2024	10/06/2024	Dutch	PDF
Full model	31/12/2022	06/06/2023	12/06/2023	French	PDF
Full model	31/12/2022	06/06/2023	12/06/2023	Dutch	PDF
Consolidated accounts	31/12/2022	06/06/2023	12/06/2023	Dutch	PDF
Consolidated accounts	31/12/2022	06/06/2023	12/06/2023	French	PDF
Full model	31/12/2021	07/06/2022	09/06/2022	Dutch	PDF
Full model	31/12/2021	07/06/2022	09/06/2022	French	PDF
Consolidated accounts	31/12/2021	07/06/2022	09/06/2022	Dutch	PDF
Consolidated accounts	31/12/2021	07/06/2022	09/06/2022	French	PDF
Full model	31/12/2020	01/06/2021	04/06/2021	Dutch	PDF
Full model	31/12/2020	01/06/2021	04/06/2021	French	PDF
Consolidated accounts	31/12/2020	01/06/2021	08/06/2021	Dutch	PDF
Consolidated accounts	31/12/2020	01/06/2021	08/06/2021	French	PDF

View all 49 filings

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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

4 active · 9 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Sarah Blancke	Director01/10/2024 → 01/10/2030
Sophie Dutordoir	Director07/03/2017 → 07/03/2029
Bernard Escoyez	Chairman of the board of directors13/12/2022 → 13/12/2028
Benoît Gilson	Director01/08/2020 → 01/08/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Paul Hautekiet	Director01/07/2023 → 2024 accounts
Sophie DU BLED	Chairman of the board of directors10/05/2021 → 2022 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates02/10/2026
Nomination de deux commissaires (prolongation du mandat)
PDF
Mandates07/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates18/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates11/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates11/07/2023
DEMISSIONS, NOMINATIONS
PDF
Other25/05/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DOEL
PDF
Other25/05/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates10/03/2023
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

Filings12 filings

Mandates

Sarah Blancke

Sophie Dutordoir

Bernard Escoyez

Benoît Gilson

Paul Hautekiet

Sophie DU BLED

Ann Billiau

Jo Cornu

Jean-Claude FONTINOY

Michel Bovy

Luc Lallemand

Marc Smeets

Show the other mandate

201320142015201620172018201920202021202220232024202520262027202820292030

HR RAIL

Rue de France 85, 1060 Saint-Gilles

Director

Chairman of the board of directors

Director

Chairman of the board of directors

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 de France 85, 1060 Saint-GillesCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00148244

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
HR RAILCurrent	accounts 2017 → 2025	Accounts 2025 · 2026-00148244

Events

2025
Annual accounts 20251,6 M €↑
2024
Annual accounts 2024693,5 k €↓
01/10/2024
nominationSarah Blancke · directrice générale
2023
Annual accounts 20233 M €↓
01/07/2023
reconductionPaul Hautekiet · directeur général
06/06/2023
nominationTanguy Legein · représentant permanent (commissaire)
06/06/2023
nominationMichaël Delbeke · représentant permanent (commissaire)
07/03/2023
nominationSophie DUTORDOIR · administrateur
2022
Annual accounts 20229,2 M €↑
13/12/2022
nominationBernard ESCOYEZ · président du Conseil d'administration
01/10/2022
nominationTanguy Legein · représentant permanent des commissaires KPMG
01/10/2022
nominationMichaël Delbeke · représentant permanent des commissaires BDO
2021
Annual accounts 20214,9 M €↑
2020
Annual accounts 2020-2,5 M €↑
2019
Annual accounts 2019-2,9 M €↓
2018
Annual accounts 2018986,9 k €↑
2017
Annual accounts 2017755,7 k €↑
2016
Annual accounts 2016-4,2 M €↓
2015
Annual accounts 20151,1 M €↑
2014
Annual accounts 2014-4,3 M €
06/11/2013
IncorporationPublic limited company

HR 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