Positive financial results for SNCB/NMBS in 2023: Increased passengers and cost management

The SNCB/NMBS (Belgian National Railway Company) has announced positive financial results for the year 2023, attributed to a growth in passenger numbers compared to 2022 and effective cost management, alongside state compensation that better aligns with inflation due to a new public service contract.

The company continues to invest in enhancing its services, including increasing the number of fully accessible stations, launching new products, improving passenger information, and renewing and modernising its trains.

Increase in Passenger Numbers

In 2023, the number of passengers reached 244.6 million, a 7.6% increase compared to 2022. On weekdays, SNCB/NMBS recorded an average of 96% of the passenger numbers seen in 2019, marking a significant improvement from the 90% recorded at the end of 2022. While commuting and leisure travel have returned to pre-pandemic levels, subscriptions for commuting purposes remain 10% below, largely due to the prevalence of teleworking. To address this, SNCB/NMBS introduced the Flex-Subscription tailored for those commuting only two or three days a week.

Operational Improvement

SNCB/NMBS’s operating profit reached €142.2 million in 2023, compared to €39.6 million in 2022. The gradual return of passengers, although less significant than anticipated, led to a substantial increase in revenue, both domestically and internationally. Measures to control costs, including energy-saving initiatives, mitigated the impact of inflation, particularly in energy costs. Consequently, energy consumption for the entire SNCB decreased by 2% in 2023 compared to 2022.

Investment and Growth

With improved financial results, resources will be allocated to enhance customer services while reducing economic debt. SNCB/NMBS aims to decrease its economic debt to €1.5 billion by 2032, at the end of the current public service contract. The company exceeded expectations set in its approved business plan, with an EBITDA of €142.2 million and an economic debt of €2.228 billion.

In 2023, SNCB/NMBS recruited 1,600 new employees, primarily for operational roles, marking the first time in a decade that hiring surpassed departures. Investments totalling €852.3 million were directed towards improving services, including acquiring new trains, enhancing infrastructure, and advancing digitalization efforts.

The achievements in 2023 represent significant progress towards SNCB’s objectives, demonstrating the company’s commitment to providing efficient and modern railway services in Belgium.