BELGIUM: The federal government has approved a €61m loan to enable part-privatised rail freight operator Lineas to continue to serve customers while engaging with investors to strengthen its capital structure and support future development.
Lineas was formed from national railway SNCB’s freight business, and is now owned 55:45 by French investor Argos Wityu and Belgium’s sovereign wealth fund SFPIM, which will provide the loan approved by the government on July 20.
Lineas said it had experienced a ‘difficult economic climate’ in the early months of 2025, with a decline in steel, chemicals and automotive traffic, and the loan reflects its strategic importance as a key logistics player serving Belgium’s industries and employing more than 1 500 people.
It said its business model had undergone a ‘far-reaching transformation’, and despite ‘challenging market conditions’ it has reduced its EBIT losses reduced from €82m in 2022 to €13·6m in 2024. It is now ‘gaining strong commercial momentum’, with major contract wins in intermodal and chemicals, and its 2025-27 business plan envisages EBIT breakeven by 2026.
Lineas said the Belgian authorities are open to exploring other avenues to support its strategic development.
‘The Belgian state has always considered rail freight to be a pillar of ecological and industrial transition’, said Jean-Luc Crucke, Minister of Mobility, Climate & Environmental Transition. ‘Lineas, Europe’s leading private rail freight operator, is at the heart of this ambition. This public financing is fully aligned with our long-term vision.’
Minister of Finance & Pensions Jan Jambon added that ‘SFPIM‘s investment in Lineas reflects the company’s long-term relevance to Belgium’s economic and environmental goals. As a strategic investor, SFPIM is committed to supporting the development of strong, future-oriented enterprises, and Lineas clearly fits that profile.’
Lineas CEO Erik van Ockenburg said ‘we are pleased to be able to send our customers, partners and employees a message of continuity and, above all, the assurance of our commitment to taking the company where it has to go: in delivering quality, high-value customer service and sustainable profitability, while being an attractive employer.’
