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Consolidated Gross Debt (Maastricht Debt)
Flanders’ consolidated gross debt (concept ‘contribution to the Maastricht debt’) amounted to 41.601 billion euros at the end of 2024. That means an increase of 6.278 billion euros, or 17.77% in relative term, compared to the end of 2023.
Evolution of Consolidated Gross Debt 2022-2024
The consolidated debt increased less strongly compared to the direct debt, mainly as a result of repayments by for instance the social housing sector and Public-Private Partnerships (PPP) projects.
The direct financing of the Flemish Social Housing Company (VMSW), the Flemish Housing Fund (VWF) and School Invest replaced financing through guaranteed bank loans in 2015. That results in lower consolidated debt for VMSW and VWF. The consolidated debt of those entities will continue to decrease in the future.
What is the Maastricht debt?
The concept ‘contribution to the Maastricht debt’ is used because the different governments sometimes hold each other’s debt instruments or instruments of other government institutions belonging to the same government or public sector.
The contribution to the Maastricht debt corresponds to the consolidated gross debt of an entity minus the financial assets held of:
- The government’s other subsectors (intersectoral consolidation): 755.40 million euros at the end of 2024
- Other entities belonging to the same subsector (intrasectoral consolidation): 4,998 billion euros at the end of 2024
Overview of corrections
The consolidated gross debt (contribution to Maastricht debt) reported by the Institute for National Accounts can be further corrected on certain points. The table below explains these corrections (totalling 771.46 million euros) in detail.
Cash, Debt and Guarantee Management Report
Read every detail in the most recent Cash, Debt and Guarantee Management Report.