ACTIVE

LINEAS

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Financial year 2025 · Closed on 31/12/2025

Net result-58,9 M €-45,4 %over 1 year
Revenue431,9 M €-9,7 %over 1 year
Equity55 M €-3,8 %over 1 year
Workforce841,2 ETP-5,7 %over 1 year

Identity

Source · BCE/KBO

LINEAS is a Public limited company incorporated in 2008. Its main activity is: Freight rail transport. Its registered office is in Schaerbeek. It employs on average 841,2 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0896.067.192
Incorporation
28/02/2008
Legal form
Public limited company
Registered office
Boulevard du Roi AlbertII 37
1030 Schaerbeek · BruxellesSee on map
Contributed capital
109 642 455,92 €
Latest accounts
31/12/2025
Average workforce
841,2 ETP
Joint committees (2)
  • 14003
  • 226
Signals
Healthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 9 financial years

20252024202020192018
Income statement
Revenue431,9 M €478,5 M €449,8 M €483,3 M €142,7 M €
EBITDA-36,3 M €-13,3 M €-39,2 M €25,5 M €27,4 M €
Operating result-51,3 M €-32,7 M €-78,2 M €-33,8 M €19,9 M €
Net result-58,9 M €-40,5 M €-79,2 M €-41,8 M €14,1 M €
Balance sheet
Equity55 M €57,2 M €44,9 M €124,1 M €165,1 M €
Total assets290,1 M €283,3 M €423,5 M €489,1 M €532,8 M €
Cash93,1 k €65,9 k €11,5 k €139,8 k €3 k €
Debts233,3 M €223,3 M €368,9 M €348,6 M €347,8 M €
Other
Workforce841,2 ETP891,7 ETP1 209,7 ETP1 164,1 ETP3,0 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

11 active · 14 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Participatiemaatschappij Vlaanderen0455.777.660Represented by Jeroen Vergrote
Lid van de toezichtsraad29/04/2026 → 30/05/2032
SPARAXIS0452.116.307Represented by Vincent Vandrepol
Lid van de toezichtsraad29/04/2026 → 30/05/2032
B LOGISTICS HOLDING0635.949.618Represented by Maarten Meijssen
Lid van de toezichtsraad09/12/2019 → 28/05/2028Director28/06/2018 → 2020 accountsended
Gilles Mougenot
Lid van de toezichtsraad28/06/2018 → 28/05/2028Chairman of the board of directors28/06/2018 → 2020 accountsended
Richard Reis
Lid van de toezichtsraad28/06/2018 → 28/05/2028Director28/06/2018 → 2020 accountsended
Féron Dorian
Lid van de toezichtsraad30/06/2023 → 30/05/2028
Karel Kroupa
Lid van de toezichtsraad30/06/2023 → 28/05/2028
GEMA0841.256.551Represented by Michel Allé
Lid van de toezichtsraad02/06/2022 → 02/06/2028
Jessica Peters
Lid van de toezichtsraad02/06/2022 → 02/06/2028
SFPIM International0411.892.088Represented by Martin De Brabant
Lid van de toezichtsraad01/01/2022 → 30/05/2028
Arne Louwagie
Lid van de toezichtsraad19/11/2020 → 19/11/2026Directorlisted until the 2020 accountsended

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Koen Kerckaert
Director28/06/2018 → 2019 accounts
Leap Time0637.793.905Represented by Geert Pauwels
Managing director28/06/2018 → 2020 accounts
Maarten Meijssen
Director28/06/2018 → 2019 accounts

Other companies at this address

Boulevard du Roi AlbertII 37 1030 Schaerbeek
CompanyCBE no.
ATRIAS● Active
0836.258.873
Entreprise publique des Technologies Numériques de l'Information et de la Communication de la Communauté française● Active
0536.164.530
IBCOL Technical Services Belgium● Active
1021.609.146
International Network of Insurance● Active
0848.530.066
LINEAS GROUP● Active
0822.966.806
Luisterpuntbibliotheek● Active
0895.917.239
Modal Shifters● Active
0638.877.236
MSIG EUROPE● Active
0644.921.425
MSIG Specialty Marine● Active
0670.726.393
MWingz● Active
0738.987.372
NMBS LOGISTICS GROEP● Active
0838.084.354
Stichting Modal Shifters● Active
0681.706.003
Zefier● Active
0680.832.904

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/07/202001/07/2019
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202130/06/2020
Length of the financial year12 months12 months12 months12 months18 months12 months
Filing date16/06/202628/07/202527/07/202426/07/202329/06/202213/01/2021
General meeting26/05/202625/07/202528/06/202430/06/202328/06/202218/12/2020
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202526/05/202616/06/2026DutchPDF
Full model31/12/202425/07/202528/07/2025DutchPDF
Full model31/12/202328/06/202427/07/2024DutchPDF
Full model31/12/202230/06/202326/07/2023DutchPDF
Full model31/12/202128/06/202229/06/2022DutchPDF
Full model30/06/202018/12/202013/01/2021DutchPDF
Full model30/06/201919/12/201907/01/2020DutchPDF
Full model30/06/201812/11/201817/12/2018DutchPDF
Full model30/06/201723/11/201720/12/2017DutchPDF
Full model31/12/201529/04/201604/07/2016DutchPDF
Full model31/12/201428/04/201502/06/2015DutchPDF
Full model31/12/201329/04/201417/07/2014DutchPDF
Full model31/12/201230/04/201327/05/2013DutchPDF
Full model31/12/201118/04/201209/05/2012DutchPDF
Full model31/12/201020/04/201126/05/2011DutchPDF
Consolidated accounts31/12/201020/04/201126/05/2011DutchPDF
Full model31/12/200921/04/201017/05/2010DutchPDF
Consolidated accounts31/12/200921/04/201017/05/2010DutchPDF
Full model31/12/200815/04/200913/05/2009DutchPDF
Consolidated accounts31/12/200815/04/200913/05/2009DutchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 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

11 active · 14 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Participatiemaatschappij Vlaanderen0455.777.660Represented by Jeroen Vergrote
Lid van de toezichtsraad29/04/2026 → 30/05/2032
SPARAXIS0452.116.307Represented by Vincent Vandrepol
Lid van de toezichtsraad29/04/2026 → 30/05/2032
B LOGISTICS HOLDING0635.949.618Represented by Maarten Meijssen
Lid van de toezichtsraad09/12/2019 → 28/05/2028Director28/06/2018 → 2020 accountsended
Gilles Mougenot
Lid van de toezichtsraad28/06/2018 → 28/05/2028Chairman of the board of directors28/06/2018 → 2020 accountsended
Richard Reis
Lid van de toezichtsraad28/06/2018 → 28/05/2028Director28/06/2018 → 2020 accountsended
Féron Dorian
Lid van de toezichtsraad30/06/2023 → 30/05/2028
Karel Kroupa
Lid van de toezichtsraad30/06/2023 → 28/05/2028
GEMA0841.256.551Represented by Michel Allé
Lid van de toezichtsraad02/06/2022 → 02/06/2028
Jessica Peters
Lid van de toezichtsraad02/06/2022 → 02/06/2028
SFPIM International0411.892.088Represented by Martin De Brabant
Lid van de toezichtsraad01/01/2022 → 30/05/2028
Arne Louwagie
Lid van de toezichtsraad19/11/2020 → 19/11/2026Directorlisted until the 2020 accountsended

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Koen Kerckaert
Director28/06/2018 → 2019 accounts
Leap Time0637.793.905Represented by Geert Pauwels
Managing director28/06/2018 → 2020 accounts
Maarten Meijssen
Director28/06/2018 → 2019 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates30/09/2026
    Ontslag en Benoeming van een lid van de raad van toezicht - Bijzondere
    PDF
  • Mandates30/09/2026
    Démission - nomination des membres du conseil de surveillance -
    PDF
  • Mandates17/08/2026
    Ontslag - benoeming leden raad van toezicht
    PDF
  • Mandates17/08/2026
    Démission - nomination des membres conseil surveillance
    PDF
  • Mandates06/08/2026
    Nomination d'un membre du conseil de direction - Procuration spéciale
    PDF
  • Mandates06/08/2026
    Benoeming van een lid van de directieraad - Bijzondere volmacht tot
    PDF
  • Mandates16/07/2026
    Ontslag - benoeming leden raad van toezicht
    PDF
  • Mandates16/07/2026
    Démission - nomination des membres conseil surveillance
    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
Filings9 filings
Mandates
SPARAXIS
Participatiemaatschappij Vlaanderen
B LOGISTICS HOLDING
Richard Reis
Gilles Mougenot
Féron Dorian
Karel Kroupa
GEMA
Jessica Peters
SFPIM International
Arne Louwagie
Leap Time
2008200920102011201220132014201520162017201820192020202120222023202420252026202720282029203020312032
LINEAS
Boulevard du Roi AlbertII 37, 1030 Schaerbeek
Lid van de toezichtsraad
Lid van de toezichtsraad
Lid van de toezichtsraadDirector
Lid van de toezichtsraadDirector
Lid van de toezichtsraadChairman of the board of directors
Lid van de toezichtsraad
Lid van de toezichtsraad
Lid van de toezichtsraad
Lid van de toezichtsraad
Lid van de toezichtsraad
Lid van de toezichtsraad
Managing directorChairman of the board of directors
CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE
Registered addressPeriodSource
Boulevard du Roi AlbertII 37, 1030 SchaerbeekCurrent
accounts 2024 → 2025
Accounts 2025 · 2026-00178327

Company names

Source · NBB annual accounts, CBE
NamePeriodSource
LINEASCurrent
accounts 2024 → 2025
Accounts 2025 · 2026-00178327

Events

  1. 05/06/2026
    augmentation_capital
  2. 05/06/2026
    reduction_capital
  3. 2025
    Annual accounts 2025-58,9 M €↓
  4. 28/10/2025
    augmentation_capital
  5. 28/10/2025
    reduction_capital
  6. 01/10/2025
    nominationAdrien Gassée · représentant permanent au sein du conseil de surveillance
  7. 01/10/2025
    nominationAdrien Gassée · vaste vertegenwoordiger in de raad van toezicht
  8. 01/09/2025
    reduction_capital
  9. 17/06/2025
    nominationBilem Romuald · revisor
  10. 02/05/2025
    nominationVAN OCKENBURG CONSULTING · lid van de directieraad
  11. 02/05/2025
    nominationVAN OCKENBURG CONSULTING · membre du conseil de direction
  12. 01/04/2025
    split
  13. 2024
    Annual accounts 2024-40,5 M €↑
  14. 01/11/2024
    nominationEdge4Growth · membre du conseil de direction
  15. 01/11/2024
    nominationEdge4Growth BV · lid van de directieraad
  16. 04/09/2024
    nominationAlban Francois · lid van de directieraad
  17. 04/09/2024
    nominationDannemois SRL · membre du conseil de direction
  18. 12/08/2024
    augmentation_capital
  19. 12/08/2024
    reduction_capital
  20. 28/06/2024
    reconductionGilles Mougenot · membre du conseil de surveillance
  21. 28/06/2024
    reconductionRichard Reis · membre du conseil de surveillance
  22. 28/06/2024
    reconductionForvis Mazars Réviseurs d'Entreprises SRL · commissaire
  23. 28/06/2024
    reconductionGilles Mougenot · lid van de raad van toezicht
  24. 28/06/2024
    reconductionRichard Reis · lid van de raad van toezicht
  25. 28/06/2024
    reconductionB Logistics Holdings NV · lid van de raad van toezicht
  26. 28/06/2024
    reconductionForvis Mazars Bedrijfsrevisoren BV · commissaris
  27. 08/12/2023
    reduction_capital
  28. 01/12/2023
    augmentation_capitalLINEAS GROUP
  29. 30/06/2023
    nominationRomuald Billem · vertegenwoordiger van de commissaris
  30. 30/06/2023
    nominationFERON Dorian François Isabelle Camille · niet-statutair lid van de raad van toezicht
  31. 30/06/2023
    nominationKROUPA Karel · niet-statutair lid van de raad van toezicht
  32. 30/06/2023
    reconductionMartin de Brabant · lid van de raad van toezicht
  33. 07/12/2022
    nominationTHE FUTURE IS BRIGHT BV · lid van de Raad van Toezicht
  34. 23/11/2022
    augmentation_capital
  35. 23/11/2022
    apport
  36. 26/09/2022
    nominationBernard Gustin · Lid directieraad
  37. 26/09/2022
    nominationJan De Raeymaeker · Lid directieraad
  38. 26/09/2022
    nominationKurt Coffyn · Lid directieraad
  39. 26/09/2022
    nominationLars Redeligx · Lid directieraad
  40. 29/06/2022
    reduction_capital
  41. 02/06/2022
    nominationGEMA SRL · lid van de Raad van Toezicht
  42. 02/06/2022
    nominationJessica Peters · lid van de Raad van Toezicht
  43. 2020
    Annual accounts 2020-79,2 M €↓
  44. 2019
    Annual accounts 2019-41,8 M €↓
  45. 2018
    Annual accounts 201814,1 M €↑
  46. 2017
    Annual accounts 20172,4 M €↓
  47. 2015
    Annual accounts 201532,3 M €↑
  48. 2013
    Annual accounts 201311,5 M €↑
  49. 2012
    Annual accounts 2012-16,1 M €
  50. 28/02/2008
    IncorporationPublic limited company