2024 was another very challenging year, with European, national, regional and local elections. The ECB eased its monetary policy by lowering short-term interest rates. Markets reacted nervously to the elections in the USA and crisis situations such as the continuing war in Ukraine.

The report covers the following aspects:

• Net financing requirement (NFR): 6.979 billion euros in 2024.
• Consolidated gross debt: 41.601 billion euros at the end of 2024, an increase of 6.278 billion euros compared to the end of 2023.
• Direct debt: 33.075 billion euros at the end of 2024, an increase of 7.289 billion euros or 28.27% in relative terms compared to the end of 2023.
• Guaranteed debt: 10.336 billion euros at the end of 2024, a significant decrease of 972.16 million euros compared to the end of 2023. 8.210 billion euros of the guaranteed debt is included in the consolidated debt.
• Rating: Fitch confirmed the AA rating of Flanders, the highest of all Belgian regions and communities.