Consolidated Debt

Flanders’ consolidated debt amounted to 36.465 billion euros at the end of 2022. That means an increase of 3.021 billion euros, or 9.03% in relative terms, compared to the end of 2021.

The consolidated debt increased less strongly compared to the direct debt, mainly as a result of repayments by for instance the social housing sector and PPP projects.

The direct financing of the Flemish Social Housing Company (VMSW), the Flemish Housing Fund (VWF) and School Invest replaced financing through guaranteed bank loans in 2015. That results in lower consolidated debt for VMSW and VWF. The consolidated debt of those entities will continue to decrease in the future.

Evolution of consolidated gross debt (2020-2022; in millions of euros)
2020 2021 2022
Direct debt of the Flemish ministries 13,935.02 17,815.70 21,849.72
Financial debts of institutions to be consolidated (S.1312 Flemish government) 11,059.75 10,625.38 10,087.82
Consolidated PPP debt 757.45 796.11 721.37
Hospital infrastructure 3,657.97 3,341.39 3,027.08
Green electricity certificates 108.39 202.53 202.53
Accruals and deferrals relating to SFA 867.58 813.70 752.84
Corrections debt securities S.1312 Flemish Community -111.26 -150.24 -175.93
TOTAL 30,274.89 33,444.58 36,465.43
What is consolidated debt?

Consolidated debt is the sum of the debts of all consolidated entities belonging to the Flemish government, with mutual debts being discharged. It consists of a number of different components, including: direct debt, guaranteed debt and PPP debt.

It also includes all financial debts on the balance sheet of the Flemish government and its entities. In exceptional cases, the other debts of all entities that belong to the ‘Government of Flanders’ consolidation perimeter (ESA classification) are also added to the consolidated debt.

What is the Maastricht debt?

The Maastricht debt is the consolidated gross debt of an entity minus the financial assets held of the other entities belonging to the same subsector (intrasectoral consolidation) and of the government’s other subsectors (intersectoral consolidation).


Flemish consolidated debt – Institute of National Accounts (INA) notification April 2023 (as of 31/12/2022; in millions of euros)

Flemish Community – Consolidated gross debt 33,977.00 S.1312 Maastricht debt
Debts held by Flemish Community issued by own S.1312 entities 1,250.73 S.1312 Maastricht debt
Debts held by Flemish Community issued by other S.1312 entities 1.00
Flemish Community – Consolidated gross debt S.1312 32,725.27  
Debts held by Flemish Community issued by other S.13 sectors 553.79 S.1312 Maastricht debt
Flemish Community – Contributions to the consolidated gross debt 32,171.48  


A distinction is made between the consolidated gross debt and the contribution to the Maastricht debt. The latter is lower because of inter- and intrasectoral debt corrections.

The concept ‘contribution to the Maastricht debt’ is used because the different governments sometimes hold each other’s debt instruments or instruments of other government institutions belonging to the same government or public sector.

Want to know more about Flanders’ consolidated debt? Read every detail in the most recent Cash, Debt and Guarantee Management Report.