SNCB profits fall again despite rising passenger numbers
Belgium’s national rail operator SNCB/NMBS reported a second consecutive drop in profits in 2025, largely due to widespread strike action, according to its latest annual results.
Operating profit more than halved to 54.2 million euros, down from 131.6 million in 2024. The company said revenues had grown more slowly than expected while costs did not fall as much as planned. A total of 27 strike days also reduced services, leading to an estimated 2 million fewer ticket sales.
Despite this, passenger numbers rose slightly by 1 per cent to 207.8 million. SNCB also reported improvements in punctuality and customer satisfaction.
The company significantly reduced its debt, which fell to 1.53 billion euros from 2.15 billion the previous year. This was partly due to delayed investments in trains, stations and digital projects, although SNCB said its financial position had been improving steadily since 2022.
Ticket sales showed mixed trends. Occasional travel tickets performed strongly, rising sharply compared with 2019, and commuter subscriptions returned to pre-pandemic levels. However, actual journeys using these passes remain lower due to increased home working. Student travel has declined slightly.
SNCB also revised its passenger counting methods, revealing that previous figures had been overstated. For example, 2024 totals were overestimated by around 40 million journeys. The adjustment reflects changes in travel patterns, particularly the rise in remote work.
Overall, the company described its performance as “mixed”, with steady passenger growth but ongoing financial pressure.
© BELGA PHOTO EMILE WINDAL
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