Consolidated debt


The consolidated debt is the sum of the debt of all entities belonging to the consolidation circle of the Flemish Community.

In 2018 the consolidated debt increased with 912 million euro due to the impact of the final autonomy factor settlement (the Flemish Community received in the previous years too much from the federal government (in total 1 billion euro) and has to repay it back spread over a period of 16 years). Without this autonomy factor the consolidated debt slightly decreased. This is mainly due to a new decree on the optimization of the management of the financial assets of the entities of the Flemish Community. This decree entered into force in October 2018 and obliges certain institutions within the consolidation perimeter to invest their excess long-term liquidities in the Flemish Community. These institutions can also choose to invest their short term liquidities in the Flemish Community when they are unable to find better alternatives that more or less have the same rating as Flanders. At the end of 2018 Flanders got 1,1 billion euro through this new decree. Because of this Flanders had to attract less external financing so the increase of the direct debt is lower than expected and is even lower than the decrease of the debt of the several institutions and that’s why the consolidated debt decreased.

The consolidated debt amounted to 24,176.22 million euros at the end of 2019 or a quasi status quo compared to 2018. The large increase in direct debt is fully compensated by the decrease in the debts of entities belonging to the scope of the consolidation scope S.1312 (including a decrease in the guaranteed debts of the social housing companies), the PPP debts and reclassified alternatively funded investment schemes.

In 2020 the consolidated debt increased with 6.11 billion euro to reach 30,225.17 million euro at the end of 2020. The direct debt is increasing while most other debts from consolidated entities are further decreasing. The COVID pandemic is the main reason for this increase.

Evolution of Consolidated debt (in million euro)
In mio EUR 2017 2018 2019 2020
Direct debt 5,313.89 5,998.39 6,802.26 13,935.02
VMSW (social housing) 6,112.95 5,955.01 5,728.37 5,502.92
VWF (social housing) 2,705.57 2,555.08 2,399.80 2,239.73
EKM’s (social housing) 595.41 568.54 600.90 673.89
VIPA 1,670.24 1,576.45 1,478.69 1,376.79
DBFM “Schools of Tomorrow” 181.96 136.51 129.18 151.88
PPP debt 740.22 633.56 619.74 605.57
Hospital Infrastructure 4,647.26 4,350.92 4,099.46 3,657.97
Settlement autonomy factor   967.59 915.96 867.58
Rest 1,306.87 1,444.50 1,345.54 1,213.82
TOTAL 23,274.37 24,186.55 24,119.91 30,225.17


For more information about the debt situation of the Flemish Community and the evolution of the consolidated debt in the past years please consult the following reports.

docx bestandEvolution of the consolidated debt.docx (39 kB)

pdf bestandDebt & Cash Report 2020.pdf (1.43 MB)