It’s a stalemate that has frozen the revival. “Those that could act don’t want to — and those that want to don’t have the means,” said railway expert Jon Worth. “Try booking a night train months ahead. You can’t. Demand is through the roof. But customer demand doesn’t drive railway behavior.” What does drive it are balance sheets — and most night services lose money. By definition, sleeper trains can run only once per night per trainset, need extra staff on board, and require rolling stock that is highly specific and very expensive. “A coach costs around €2 million, that’s pretty expensive,” said Thibault Constant, founder of French startup Nox Mobility. “Investors look at the history of night trains and say: ‘No way this can be profitable.’” European Sleeper, a Belgian-Dutch company, currently runs with carriages “basically saved from the scrap heap,” Worth noted. “You can’t scale up night trains without building more night trains,” he added. “But no one is making those orders.” Constant described the same chicken‑and‑egg problem. “There is no proof that …