The Belgian State Railways, sometimes referred to as the Belgian State Railway (Dutch: Belgische Staatsspoorwegen; French: Chemins de fer de l'État Belge), was the original state-owned railway of Belgium. Established by an organic law of 1 May 1834, it began construction of its first line, between Brussels-Groendreef/Allée verte and Mechelen, on 1 June 1834. This line, which was opened on 5 May 1835, was also the first steam-powered public railway in continental Europe.
On 1 September 1926, the assets and operations of the Belgian State Railways were transferred to its successor, the then newly created National Railway Company of Belgium (Dutch: Nationale Maatschappij der Belgische Spoorwegen; French: Société nationale des chemins de fer belges (NMBS/SNCB)), as part of a scheme formulated to eliminate Belgium's then excessive floating debt. Under the scheme, it was intended that Treasury bonds would not be repaid when they fell due; instead, they would be converted into bonds or shares issued by the NMBS/SNCB, or into fresh Treasury bonds, with the holders having the right to take either.