Note: SNM.BE is the stock ticker for Société Nationale des Chemins de Fer Belges (SNCB) (Belgian National Railway Company). Government Policy: Government subsidies, regulations, and investments in railway infrastructure significantly affect SNCB's profitability and stock price.

Economic Growth: A strong Belgian economy boosts passenger and freight traffic, increasing SNCB's revenue and potentially its stock value.

Operating Costs: Fluctuations in fuel prices, labor costs, and maintenance expenses influence SNCB's profitability and investor sentiment.

Competition: Competition from other transportation modes (road, air) impacts SNCB's market share and pricing power, thus affecting its stock.

Interest Rates: Higher interest rates can increase SNCB's borrowing costs, potentially reducing profitability and stock attractiveness.

Infrastructure Investments: Large-scale infrastructure projects, like new rail lines or station upgrades, impact SNCB's future growth prospects.

Labor Relations: Strikes or disputes with labor unions can disrupt operations and negatively impact SNCB's financial performance and stock price.

Energy Prices: Fluctuations in energy markets especially electricity as most train lines are electric powered effect the cost for the company.

Global Events: Unexpected global events such as a pandemic will affect the amount of business travel performed and the amount of people who ride trains which will affect stock price.