Passenger heavy rail transport
14 Belgian companies whose main activity falls under NACE code 4911 have filed annual accounts. Their median solvency is 49.7% for financial year 2024.
Sector medians
Computed by IdonisDistribution across the sector's companies for financial year 2024: a quarter of companies sit below the 1st quartile, half below the median, three quarters below the 3rd quartile.
| Indicator | 1st quartile | Median | 3rd quartile | Companies |
|---|---|---|---|---|
| Solvency | 26.5% | 49.7% | 65.9% | 11 |
| Current ratio | 0.66 | 1.22 | 1.60 | 12 |
| ROE | 4.7% | 30.2% | 95.6% | 10 |
| Equity | 15,636 € | 389,656 € | €8.51m | 12 |
| Total assets | 102,751 € | 531,910 € | €139.9m | 12 |
| Net result | 1,507 € | 236,464 € | 721,117 € | 12 |
Medians computed by Idonis from annual accounts filed with the National Bank, all sizes combined. The same panel is the sector benchmark on every company page. Method
Largest companies: Passenger heavy rail transport
Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | Société Nationale des Chemins de Fer Belges 1060 Saint-Gilles | €13.1bn | €2.62bn | €8.05bn | — | 2025 |
| 2 | THI Factory 1060 Saint-Gilles | €671.7m | €936.0m | €425.9m | 363.2 | 2025 |
| 3 | HR Rail 1060 Saint-Gilles | €549.4m | €2.37bn | €28.3m | 27,811.0 | 2025 |
| 4 | HSL Belgium 2030 Antwerp | €5.39m | — | €2.28m | 45.0 | 2025 |
| 5 | Zenith Logistics 2060 Antwerp | €3.81m | — | €2.95m | 5.9 | 2025 |
| 6 | Es Vedra Shipping 9160 Lokeren | 838,514 € | — | 700,875 € | — | 2024 |
| 7 | S&S Transport 8531 Harelbeke | 201,940 € | — | 74,618 € | — | 2025 |
| 8 | Train Companion 8340 Damme | 171,094 € | — | 120,059 € | — | 2025 |
| 9 | Amiratrans 1080 Molenbeek-Saint-Jean | 132,987 € | — | −107,159 € | — | 2025 |
| 10 | Rogab 8880 Ledegem | 42,057 € | — | 19,836 € | — | 2024 |
| 11 | By Unit 1030 Schaerbeek | 23,874 € | — | 7,233 € | — | 2025 |
| 12 | Red River 9320 Aalst | 19,486 € | 18,280 € | 758 € | — | 2025 |
| 13 | TL Partners 1601 Sint-Pieters-Leeuw | 727 € | — | 727 € | — | 2023 |
| 14 | Ostende Vienne Orient Experience 9890 Gavere | 567 € | — | −18,366 € | — | 2025 |
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
See all 14 companies, full list →
Where are they based?
Municipalities with the most
- 1060 Saint-Gilles3
- 1030 Schaerbeek1
- 1080 Molenbeek-Saint-Jean1
- 1601 Sint-Pieters-Leeuw (Ruisbroek)1
- 2030 Antwerp1
- 2060 Antwerp1
- 8340 Damme (Hoeke, Lapscheure, Moerkerke, …)1
- 8531 Harelbeke (Bavikhove, Hulste)1
- 8880 Ledegem (Rollegem-Kapelle, Sint-Eloois-Winkel)1
- 9160 Lokeren (Daknam, Eksaarde)1
- 9320 Aalst (Erembodegem, Nieuwerkerken)1
- 9890 Gavere (Baaigem, Dikkelvenne, Vurste)1
Related sectors
← The whole Land transport and transport via pipelines sector (NACE 49)
Frequently asked questions
How many Passenger heavy rail transport companies are there in Belgium?
14 Belgian companies whose main activity falls under NACE code 4911 (Passenger heavy rail transport) have filed annual accounts with the National Bank.
What is the median solvency in Passenger heavy rail transport?
For financial year 2024, median solvency (equity over total assets) is 49.7%. The middle half of companies lies between 26.5% and 65.9% (11 companies).
What is the largest company in Passenger heavy rail transport?
By total assets, it is Société Nationale des Chemins de Fer Belges (€13.1bn, financial year 2025).
Where are Passenger heavy rail transport companies based?
The municipalities with the most: Saint-Gilles (3), Schaerbeek (1), Molenbeek-Saint-Jean (1).
Analyse companies in Passenger heavy rail transport
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Open the full file →Active companies (legal entities) that have filed at least one set of annual accounts, based on the Crossroads Bank for Enterprises and the National Bank of Belgium. The sector is the main activity in the register; the municipality is that of the registered office. Data updated on 12 Nov 2026.