ACTIVE

HR RAIL

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Financial year 2025 · closed on 31/12/2025

Net result

1,6 M €

+126.1% YoY

Revenue

2,4 Md €

+2.7% YoY

Equity

28,3 M €

+5.8% YoY

Workforce

27 811,0 ETP

+0.9% YoY

What does HR RAIL do?

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

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 12 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014
Income statement
Revenue	2,4 Md €	+2.7%	2,3 Md €	+4.5%	2,2 Md €	+6.2%	2,1 Md €	+6.5%	2,0 Md €	-0.8%	2,0 Md €	-1.3%	2,0 Md €	+1.5%	2,0 Md €	+0.4%	2,0 Md €	-1.0%	2,0 Md €	-3.9%	2,1 Md €	-2.3%	2,1 Md €
EBITDA	789,4 k €	+46.2%	540,0 k €	+95.0%	277,0 k €	-88.4%	2,4 M €	+22.7%	2,0 M €	+237%	-1,4 M €	-0.6%	-1,4 M €	-256%	912,9 k €	-54.1%	2,0 M €	+138%	-5,2 M €	-405%	1,7 M €	+140%	-4,3 M €
Operating result	886,9 k €	+184%	-1,1 M €	-155%	1,9 M €	-71.9%	6,9 M €	+720%	841,1 k €	+112%	-7,2 M €	+9.6%	-8,0 M €	-33.4%	-6,0 M €	+4.2%	-6,3 M €	+53.7%	-13,5 M €	-105%	-6,6 M €	+49.4%	-13,0 M €
Net result	1,6 M €	+126%	693,5 k €	-76.6%	3,0 M €	-67.8%	9,2 M €	+86.6%	4,9 M €	+299%	-2,5 M €	+14.2%	-2,9 M €	-393%	986,9 k €	+30.6%	755,7 k €	+118%	-4,2 M €	-501%	1,1 M €	+124%	-4,3 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 €	+1.0%	18,1 M €	-28.6%	25,4 M €	-24.4%	33,6 M €	-16.2%	40,1 M €	-14.4%	46,8 M €	-20.1%	58,6 M €	-10.4%	65,4 M €
Total assets	549,4 M €	+0.1%	549,0 M €	+1.3%	542,2 M €	-3.7%	562,9 M €	+20.8%	466,1 M €	+2.6%	454,2 M €	+1.2%	449,0 M €	+5.8%	424,5 M €	-18.4%	520,4 M €	+2.6%	507,4 M €	+2.8%	493,8 M €	-4.6%	517,5 M €
Cash	101,8 M €	+104%	49,9 M €	-35.1%	76,9 M €	-21.3%	97,8 M €	-26.0%	132,1 M €	+5.7%	124,9 M €	-9.9%	138,6 M €	+10.2%	125,8 M €	-18.5%	154,3 M €	+34.3%	114,9 M €	-38.7%	187,3 M €	+185%	65,7 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 €	+4.3%	373,4 M €	+2.6%	363,8 M €	+9.2%	333,2 M €	-20.8%	420,8 M €	+5.7%	398,0 M €	+4.4%	381,1 M €	-5.6%	403,7 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	-2.8%	28 876,7 ETP	-2.4%	29 578,2 ETP	-1.6%	30 055,6 ETP	-2.3%	30 763,0 ETP	-3.1%	31 745,2 ETP	-4.6%	33 271,5 ETP	-3.0%	34 288,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 17 ended

Active mandates

Sarah Blancke

Director · since 01 octobre 2024 · until 01 octobre 2030

Active

Sophie Dutordoir

Director · since 07 mars 2023 · until 07 mars 2029

Active

Bernard Escoyez

Chairman of the board of directors · since 13 décembre 2022 · until 13 décembre 2028

Active

Benoît Gilson

Director · since 01 août 2020 · until 01 août 2026

Active

Ended mandates

Paul Hautekiet

Director · since 01 juillet 2023 · until 01 octobre 2024

Ended

Paul Hautekiet

Director · since 01 juillet 2023 · until 01 juillet 2029

Ended

Sophie DU BLED

Chairman of the board of directors · since 10 mai 2021 · until 13 décembre 2022

Ended

Sophie DU BLED

Chairman of the board of directors · since 10 mai 2021 · until 10 mai 2027

Ended

At this address

Other companies at this address

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

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	m120-f-p
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

Ratios

Financial ratios

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Filings

Annual accounts filings

49 filings with the NBB

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
m120-f-p	31/12/2025	02/06/2026	03/06/2026	French	PDF
m120-f-p	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
m120-f-p	31/12/2024	03/06/2025	06/06/2025	Dutch	PDF
m120-f-p	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
m120-f-p	31/12/2023	04/06/2024	10/06/2024	French	PDF
m120-f-p	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
m120-f-p	31/12/2022	06/06/2023	12/06/2023	Dutch	PDF
m120-f-p	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
m120-f-p	31/12/2021	07/06/2022	09/06/2022	Dutch	PDF
m120-f-p	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
m120-f-p	31/12/2020	01/06/2021	08/06/2021	Dutch	PDF
m120-f-p	31/12/2020	01/06/2021	08/06/2021	French	PDF

View all 49 filings

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 17 ended

Active mandates

Sarah Blancke

Director · since 01 octobre 2024 · until 01 octobre 2030

Active

Sophie Dutordoir

Director · since 07 mars 2023 · until 07 mars 2029

Active

Bernard Escoyez

Chairman of the board of directors · since 13 décembre 2022 · until 13 décembre 2028

Active

Benoît Gilson

Director · since 01 août 2020 · until 01 août 2026

Active

Ended mandates

Paul Hautekiet

Director · since 01 juillet 2023 · until 01 octobre 2024

Ended

Paul Hautekiet

Director · since 01 juillet 2023 · until 01 juillet 2029

Ended

Sophie DU BLED

Chairman of the board of directors · since 10 mai 2021 · until 13 décembre 2022

Ended

Sophie DU BLED

Chairman of the board of directors · since 10 mai 2021 · until 10 mai 2027

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

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
Mandates10/03/2023
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 20251,6 M €↑
2024
Annual accounts 2024693,5 k €↓
01/10/2024
nominationSarah Blancke — directrice générale
2023
Annual accounts 20233,0 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

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

HR RAIL

Overview

What does HR RAIL do?

Trend over 12 financial years

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