Flanders’ consolidated gross debt (concept ‘contribution to the Maastricht debt’) amounted to 35.309 billion euros at the end of 2023. That means an increase of 2.991 billion euros compared to the end of 2022.
Evolution of consolidated gross debt (2021-2023; in millions of euros)
| 2021 | 2022 | 2023 | |
| Consolidated gross debt (contribution to the Maastricht debt) | 28,874 | 32,318 | 35,309 |
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Flanders’ direct debt amounted to 25.786 billion euros at the end of 2023. That means an increase of 3.930 billion euros compared to the end of 2022.
Evolution of outstanding direct debt at year-end (2021-2023; in millions of euros)
| 2021 | 2022 | 2023 | |
| Total direct debt | 17,816 | 21,856 | 25,786 |
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Flanders’ guaranteed debt decreased in 2023. At the end of the year, total guaranteed debt amounted to 11.308 billion euros, including 8.855 billion euros of consolidated guaranteed debt.
Evolution of guaranteed debt (2021-2023; in millions of euros)
| 2021 | 2022 | 2023 | |
| Total guaranteed debt | 12,319 | 11,547 | 11,308 |
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Flanders’ direct debt is mainly financed through its EMTN programme. In addition, its BCP programme and EU SURE loans are important debt categories.
Outstanding amount (as of 23/07/2024; in millions of euros)
| EMTN | BCP | EU SURE | EIB | Schuldschein |
| 24,757 | 1,500 | 1,195 | 500 | 38 |
Current maturities (as of 23/07/2024)
| Type | Benchmark? | Nominal amount (€) | Coupon (%) | Maturity date | Documents |
| BCP | 1,500,000,000 | 3.898 | 21/10/2024 | ||
| EMTN | 626,500,000 | 1.341 | 12/06/2025 | ||
| EMTN | 30,000,000 | 3M Euribor -0.1% (FRN) | 19/06/2026 | ||
| EMTN | Benchmark | 750,000,000 | 0.375 | 13/10/2026 | Pricing supplement |
| EMTN | Benchmark | 1,200,000,000 | 0.010 | 23/06/2027 | Pricing supplement |
| EMTN | 120,000,000 | 3M Euribor (FRN) | 29/11/2027 | ||
| EU SURE | 656,651,000 | 0.000 | 4/07/2029 | ||
| EMTN (sustainability) | Benchmark | 1,320,000,000 | 0.375 | 15/04/2030 | Pricing supplement |
| EMTN | 56,500,000 | 1.707 | 20/11/2030 | ||
| EMTN | Benchmark | 1,500,000,000 | 0.300 | 20/10/2031 | Pricing supplement |
| EMTN | 140,000,000 | 1.007 | 10/11/2031 | ||
| Schuldschein | 17,500,000 | 1.007 | 10/11/2031 | ||
| EMTN | Benchmark | 1,250,000,000 | 3.625 | 22/06/2032 | Pricing supplement |
| EMTN | Benchmark | 1,250,000,000 | 3.000 | 12/10/2032 | Pricing supplement |
| EMTN | Benchmark | 1,530,500,000 | 3.250 | 5/04/2033 | Pricing supplement |
| EMTN (sustainability) | Benchmark | 500,000,000 | 1.375 | 21/11/2033 | Pricing supplement |
| EMTN | Benchmark | 1,250,000,000 | 3.125 | 22/06/2034 | Pricing supplement |
| EMTN | 180,000,000 | 1.887 | 12/06/2035 | ||
| EMTN | Benchmark | 1,065,000,000 | 0.125 | 15/10/2035 | Pricing supplement |
| EMTN | Benchmark | 800,000,000 | 1.000 | 13/10/2036 | Pricing supplement |
| EMTN | 60,000,000 | 3.250 | 30/11/2037 | ||
| EMTN | 20,000,000 | 1.656 | 23/02/2038 | ||
| EMTN | 30,000,000 | 1.603 | 1/03/2038 | ||
| EMTN | 125,000,000 | 3.637 | 21/06/2038 | ||
| EMTN | Benchmark | 750,000,000 | 1.500 | 12/07/2038 | Pricing supplement |
| EMTN | 10,000,000 | 1.392 | 12/11/2041 | ||
| EMTN | Benchmark | 1,000,000,000 | 1.875 | 2/06/2042 | Pricing supplement |
| EMTN (sustainability) | Benchmark | 1,500,000,000 | 4.000 | 26/09/2042 | Pricing supplement |
| EMTN (sustainability) | Benchmark | 1,250,000,000 | 3.250 | 12/01/2043 | Pricing supplement |
| EMTN | 25,000,000 | 0.400 | 20/11/2043 | ||
| EMTN (sustainability) | Benchmark | 1,000,000,000 | 1.500 | 11/04/2044 | Pricing supplement |
| EMTN | 25,000,000 | 0.875 | 5/06/2045 | ||
| EMTN (sustainability) | Benchmark | 1,250,000,000 | 3.500 | 22/06/2045 | Pricing supplement |
| EMTN | 35,000,000 | 2.317 | 3/07/2045 | ||
| EMTN (sustainability) | Benchmark | 1,250,000,000 | 0.875 | 21/03/2046 | Pricing supplement |
| Schuldschein | 20,000,000 | 1.564 | 12/11/2046 | ||
| EMTN | 115,000,000 | 1.564 | 12/11/2046 | ||
| EU SURE | 538,729,000 | 0.750 | 4/01/2047 | ||
| EMTN | 30,000,000 | 3.155 | 29/11/2047 | ||
| EMTN | 60,000,000 | 1.863 | 28/02/2048 | ||
| EMTN | 25,000,000 | 0.940 | 12/05/2050 | ||
| EMTN | 110,000,000 | 1.053 | 3/06/2050 | ||
| EMTN | Benchmark | 2,000,000,000 | 1.000 | 23/01/2051 | Pricing supplement |
| EMTN | 100,000,000 | 1.095 | 3/06/2055 | ||
| EMTN | 30,000,000 | 0.600 | 19/11/2055 | ||
| EMTN | 80,000,000 | 1.874 | 28/03/2058 | ||
| EMTN | 308,000,000 | 0.634 | 19/11/2060 | ||
| EIB loan (Lantis) | 150,000,000 | 1.398 | 7/04/2062 | ||
| EIB loan (Lantis) | 100,000,000 | 2.664 | 12/12/2062 | ||
| EIB loan (Lantis) | 250,000,000 | 3.257 | 09/07/2064 | ||
| Total | 27,989,380,000 |
Want to know more about Flanders’ current maturities? Read every detail in the most recent Cash Debt and Guarantee Management Report 2023.