2025 was another very challenging year. In total, more than 10 billion euros were raised on the capital market through the issue of bonds. This required constant monitoring of both the cash position and the financial markets. The capital raised serves to finance the budget deficit, social housing, the Oosterweel project and the equity participation in Brussels Airport Company.

The report covers the following aspects:

• Net financing requirement (NFR): 9.290 billion euros in 2025.
• Consolidated gross debt: 50.172 billion euros at the end of 2025, an increase of 8.383 billion euros compared to the end of 2024.
• Direct debt: 42.397 billion euros at the end of 2025, an increase of 9.321 billion euros or 28.18% in relative terms compared to the end of 2024.
• Guaranteed debt: 9.817 billion euros at the end of 2025, a significant decrease of 518.44 million euros compared to the end of 2024. 7.568 billion euros of the guaranteed debt is included in the consolidated debt.
• Rating: In June 2025, Fitch downgraded Flanders’ rating to AA-, following the downgrade of Belgium’s rating. Flanders continues to hold the highest rating among all Belgian regions and communities.