Flanders’ guaranteed debt decreased by 518.44 million euros in 2025. At the end of the year, the total guaranteed debt amounted to 9.817 billion euros, including 7.568 billion euros of consolidated guaranteed debt.
Evolution of guaranteed debt
The main drivers of this decrease of 518.44 million euros are the reductions in guaranteed debt from five entities, as well as a decline in guarantees granted for the incoming loans Indemnity Decree:
- Flemish Social Housing Company (VMSW) and Flemish Housing Fund (VWF): -415.79 million euros in total
- Flemish Infrastructure Fund for Person-related Matters (VIPA): -131.24 million euros
- Authorised credit institutions: -70.17 million euros
- Incoming loans Indemnity Decree: -51.05 million euros
- Schools of Tomorrow: -47.36 million euros
What is guaranteed debt?
Guaranteed debt concerns debts of companies or institutions guaranteed by the Flemish government. It is not considered actual government debt. The debt will only constitute a burden for the government if the debtor is unable to meet its debt obligations.
Which entities received historically most guarantees?
- VIPA
- Lantis (Oosterweel project)
- DBFM Schools of Tomorrow
- Flemish Water Supply Company (De Watergroep)
- Social housing sector with VMSW and VWF as main actors
- Large, medium and small enterprises (through two subsidiaries of the Flemish Holding Company (PMV): PMV/z Guarantees and Gigarant NV)
Is guaranteed debt included in the consolidated debt?
At the end of 2025, 7.568 billion euros of Flanders’ guaranteed debt was already included in the consolidated debt. That means that only a limited part of the total guaranteed debt (2.250 billion euros) can be considered guaranteed debt in the narrow sense. The consolidated debt declined further by 642.45 million euros, while the non-consolidated guaranteed debt increased by 124.01 million euros due to some new guarantees by Gigarant NV and PMV/z-Waarborgen.
In millions of euros
How does Flanders manage the risk of guaranteed debt?
In 2025, enforcements accounted for only 0.26% of the total outstanding guarantees. It mainly concerned PMV/z Guarantees, where 24.71 million euros of guarantees had been claimed. For most guaranteed entities the sum of the received recoveries and guarantee fees was also higher than the total enforced amount. Consequently, the overall balance was strongly positive and amounted to 5.11 million euros in 2025. It was also profitable in the three proceeding years.
In millions of euros
The government budget however does contain an annual provision for expected enforcements, based on standardised provision of guarantees.
Relative importance of the various types of guarantees
In 2025, almost all enforcements were related to economic guarantees. Those guarantees accounted for only 18% of the total Flemish guaranteed debt. Most of Flanders’ guaranteed debt (80.4%) is covered by assets. Therefore the risk is rather limited.
Status at 31/12/2025
Cash, Debt and Guarantee Management Report
Read every detail in the most recent Cash, Debt and Guarantee Management Report.