Institutional context
Belgium is a federal state composed of communities and regions (Article 1 of the Constitution).
Wallonia is one of Belgium’s three Regions, alongside the Flemish Region and the Brussels-Capital Region.
The Region’s revenue budget is made up of three broad categories:
1
Federal allocations linked to transferred powers and the share relating to regional tax administration services. This portion of revenue is guaranteed, and its evolution is determined by the Special Law on the Financing of the Communities and Regions (SFL).
If the monthly payments provided for under the SFL are delayed or insufficient, and after notifying the Federal Minister of Finance of the situation, the Region concerned is entitled to raise a loan from a credit institution designated in advance with the agreement of the Federal Minister of Finance. This loan automatically benefits from the guarantee of the Federal State.
2
Additional federal allocations that transit via Wallonia-Brussels Federation.
3
The Region’s own revenue, through regional taxes and levies, earmarked revenue, and miscellaneous revenue.
Regional debt position
Wallonia’s direct debt, excluding SPABS, stood at EUR 29,027.02 million on 31 December 2025, an increase of EUR 2,820.69 million compared with 2024.
| EUR Millions, period-end |
2021 |
2022 |
2023 |
2024 |
2025 |
|---|---|---|---|---|---|
| Bank loans |
1.326,74 |
1.269,11 |
1.193,59 |
1.053,33 |
1.048,57 |
| Schuldschein |
2.522,50 |
2.502,50 |
2.502,50 |
2.602,50 |
2.610,50 |
| Bond issues |
14.394,50 |
17.132,00 |
19.027,00 |
21.744,00 |
24.204,00 |
|
382,00 |
180,00 |
140,00 |
115,00 |
115,00 |
|
355,00 |
325,00 |
90,00 |
60,00 |
50,00 |
|
6.757,50 |
7.727,00 |
7.697,00 |
7.919,00 |
8.354,00 |
|
6.900,00 |
8.900,00 |
11.100,00 |
13.650,00 |
15.850,00 |
| EU loans (SURE & BEI) |
598,80 |
598,82 |
873,82 |
866,50 |
1.058,95 |
| EU loans (SURE & BEI) |
- |
-60,00 |
-60,00 |
-60,00 |
-60,00 |
|
Source: WFE, own calculations |
|||||
As at 31 December 2025, the main direct debt ratios were as follows:
| Implicit average rate (annual base) |
1,879% |
|---|---|
| Weighted average rate |
2,22% |
| Weighted original maturity (years) |
TBD |
| Weighted residual maturity (years) |
TBD |
| Fixed rate debt ratio |
92,65% |
| Duration (years) |
TBD |
|
Source: WFE, own calculations |
Instruments
This section provides information on the legal and financial instruments used by the Walloon Region to raise borrowed funds to cover its financing needs.
EMTN – Pricing Supplement émission EUR 500 M échéance 2026
EMTN – Pricing Supplement émission EUR 500 M échéance 2034
EMTN – Pricing Supplement émission EUR 200 M échéance 2034 (tap)
EMTN – Pricing Supplement émission EUR 500 M échéance 2030
EMTN – Pricing Supplement émission EUR 1000 M échéance 2040
EMTN – Pricing Supplement émission EUR 1000 M échéance 2051
EMTN – Pricing Supplement émission EUR 500 M échéance 2071
EMTN – Pricing Supplement émission EUR 1000 M échéancel 2032
EMTN – Pricing Supplement émission EUR 1200 M échéance 2036
EMTN – Pricing Supplement émission EUR 1000 M échéance 2038
EMTN – Pricing Supplement émission EUR 500 M échéance 2043
EMTN – Pricing Supplement émission EUR 1000 M échéance 2033
EMTN – Pricing Supplement émission EUR 700 M échéance 2039
EMTN – Pricing Supplement émission EUR 700 M échéance 2030
EMTN – Pricing Supplement émission EUR 800 M échéance 2043 (tap)
EMTN – Pricing Supplement émission EUR 300 M échéance 2030 (tap)
EMTN – Pricing Supplement émission EUR 500 M échéance 2054 (tap)
EMTN – Pricing Supplement émission EUR 1000 M échéance 2035
EMTN – Pricing Supplement émission EUR 700 M échéance 2043 (tap)
EMTN – Pricing Supplement émission EUR 1000 M échéance 2032
EMTN – Pricing Supplement émission EUR 1000 M échéance 2034
EMTN – Pricing Supplement émission EUR 1000 M échéance 2045
EMTN – Pricing Supplement émission EUR 750 M échéance 2033 (tap)
Green, social, and sustainability bonds
Financial rating and credit
On 24 April 2026, Moody’s revised the Region’s rating to Baa1 with a stable outlook.
Contact us
Etienne DEVEUX
Deputy General Coordinator
etienne.deveux@wfe.wallonie.be
+32473542786
Melvin BONAVENTURE
Front Office
melvin.bonaventure@wfe.wallonie.be
+32498256506
Dominique VANDERHULST
Middle Office
dominique.vanderhulst@wfe.wallonie.be
+32478758443