The public debt of Wallonia
Wallonia’s public debt is the total amount of the loans borrowings raised to cover any annual gap between the entity’s revenues and expenditures.
When a deficit arises, borrowing is required becomes necessary to secure the financial resources needed to implement regional policy.
Wallonie Finances Expertises oversees the overall financing of Wallonia’s public debt, in line with the directives of the Walloon Minister responsible for Budget and Finance and in compliance with the recommendations of the Regional Treasury Council (CORET).
WFE is also responsible for managing Wallonia’s short-term and long-term investments.
Consolidated gross debt
Wallonia’s consolidated gross debt (or contribution to Maastricht debt) stood at EUR 38,407.3 million on 31 December 2024, an increase of EUR 2,205.6 million compared with 2023.
| EUR Millions, period-end |
2020 |
2021 |
2022 |
2023 |
2024 |
|---|---|---|---|---|---|
| Consolidated gross debt |
27,831.5 |
31,488.6 |
34,470.7 |
36,469.4 |
38,691.7 |
| Region’s assets S1312 |
18.0 |
15.0 |
33.0 |
45.7 |
47.2 |
| Region’s asset S13 |
58.3 |
44.8 |
226.1 |
222.1 |
237.2 |
| Region’s contribution to Maastricht debt |
27,755.2 |
31,428.7 |
34,211.6 |
36,201.7 |
38,407.3 |
|
Source : WFE |
|||||
Wallonia’s contribution to Maastricht debt takes into account Walloon public debt securities held by other institutional entities within Belgium’s general government sector (S.13) within the meaning of ESA.
The two components of consolidated gross debt are:
Direct debt
- Short- and long-term direct debt, meaning the borrowings raised directly by Wallonia to cover its annual financing needs.
Direct debt also includes the internalised debts of the Walloon SPABS.
Indirect debt
- Borrowings raised directly by public administration units within Wallonia’s S.1312 consolidation perimeter to finance their activities. These borrowings generally benefit from a Wallonia guarantee
- Loans raised by public administration units in connection with missions delegated to them by the Walloon Government
- Financial leases
- Alternative financing arrangements managed by the Regional Centre for Aid to Municipalities and by SOWAFINAL
Long-term direct debt
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 issue |
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 |
| Loan to SPABS |
- |
-60,00 |
-60,00 |
-60,00 |
-60,00 |
|
Source : WFE |
|||||
As of 31 December 2025, the main direct debt ratios were as follows:
| Implicit average rate (annual basis) |
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 |
Short-term direct debt
The Region’s debt with a maturity of less than one year, composed exclusively of commercial paper, amounted to EUR 782 million on 31 December 2025, down by EUR 11.5 million compared with 2024.
The Region’s commercial paper is issued under the ECP Programme put in place in 2025.
Indirect debt
Wallonia’s indirect debt stood at EUR 10,880.9 million on 31 December 2024, a decrease of EUR 314.6 million compared with 2023.
| EUR Millions, period-end |
2021 |
2022 |
2023 |
2024 |
|---|---|---|---|---|
| Financial Lease |
36,27 |
22,90 |
11,45 |
4,62 |
| Delegated mission and alternative financing |
2.459,30 |
2.393,99 |
2.285,35 |
2.119,58 |
| FADELS |
310,21 |
230,21 |
150,21 |
- |
| Consolidated companies S.1312 |
7.705,16 |
7.718,16 |
7.761,20 |
7.898,98 |
| Floods |
415,00 |
1.015,98 |
987,35 |
857,73 |
|
Source : WFE |
||||
Guaranteed debt
Wallonia may grant its guarantee to loans raised by third parties.
The main beneficiaries of the regional guarantee are public administrative units within the consolidation perimeter and are recorded under indirect debt.
| EUR, period-end |
2021 |
2022 |
2023 |
2024 |
|---|---|---|---|---|
| CRAC |
2.332.856,73 |
2.190.713,06 |
2.066.802,51 |
2.212.035,30 |
| Grand Hôpital de Charleroi |
- |
125.000,00 |
125.000,00 |
200.000,00 |
| Groupe Santé CHC ASBL |
120.303,41 |
115.530,25 |
110.679,29 |
105.749,25 |
| FLFNW |
1.144.072,91 |
1.303.876,22 |
1.396.727,47 |
1.445.708,52 |
| Hôpital psychiatrique Les Marronniers |
3.506,00 |
2.745,88 |
2.500,00 |
2.231,81 |
| Le Circuit de Spa Francorchamps |
15.400,00 |
13.441,60 |
12.354,89 |
11.217,75 |
| SOFICO |
612.070,78 |
587.195,64 |
560.107,67 |
533.842,75 |
| SOWAER |
187.241,45 |
165.739,31 |
129.505,33 |
105.170,04 |
| OTW |
299.987,98 |
323.022,26 |
291.688,27 |
296.056,78 |
| SWCS |
2.630.311,99 |
2.680.071,41 |
2.797.384,22 |
2.938.154,16 |
| SWDE |
11,05 |
5,53 |
0 |
0 |
| SWL |
1.216.735,39 |
1.133.090,35 |
1.047.186,89 |
970.454,26 |
| Wallonie Entreprendre MD |
n.d. |
n.d. |
n.d. |
1.550,00 |
|
Source : WFE |
||||
Financing needs
The financing need arising from the initial 2025 budget was estimated at EUR 3.566 billion. The following borrowings were used to cover this need:
|
EUR (Nominal) |
Settlement date |
Maturity date |
Term (years) |
All-in net rate, fixed-rate equiv. (%) |
|---|---|---|---|---|
|
50.000.000,00 |
06-01-25 |
06-01-27 |
2,00 |
2,49 |
|
50.000.000,00 |
17-01-25 |
11-01-27 |
1,98 |
2,695 |
|
10.000.000,00 |
22-01-25 |
22-01-55 |
30,00 |
4,116 |
|
1.000.000.000,00 |
23-01-25 |
22-06-35 |
10,41 |
3,609 |
|
500.000.000,00 |
23-01-25 |
22-06-54 |
29,41 |
4,149 |
|
10.000.000,00 |
10-02-25 |
10-02-55 |
30,00 |
4,017 |
|
10.000.000,00 |
10-02-25 |
10-02-55 |
30,00 |
4,022 |
|
30.000.000,00 |
21-02-25 |
21-02-28 |
3,00 |
2,619 |
|
30.000.000,00 |
05-03-25 |
05-03-27 |
2,00 |
2,536 |
|
10.000.000,00 |
10-03-25 |
10-03-28 |
3,00 |
2,607 |
|
65.000.000,00 |
17-03-25 |
17-03-27 |
2,00 |
2,516 |
|
47.000.000,00 |
20-03-25 |
20-08-40 |
15,42 |
4,072 |
|
45.000.000,00 |
11-04-25 |
11-09-42 |
17,42 |
4,065 |
|
20.000.000,00 |
16-04-25 |
16-04-31 |
6,00 |
2,997 |
|
1.000.000.000,00 |
14-05-25 |
22-06-32 |
7,11 |
3,159 |
|
700.000.000,00 |
14-05-25 |
15-03-43 |
17,83 |
4,037 |
|
25.000.000,00 |
22-09-25 |
22-09-27 |
2,00 |
2,328 |
|
100.000.000,00 |
30-09-25 |
30-01-31 |
5,33 |
2,974 |
|
20.000.000,00 |
30-09-25 |
27-08-27 |
1,91 |
2,396 |
|
Source : WFE |
||||
The financing need arising from the initial 2026 budget is estimated at EUR 3.3 billion.
As at 31/03/2026, the following borrowings had been raised to cover this need:
|
EUR (Nominal) |
Settlement date |
Maturity date |
Term (years) |
All-in net rate, fixed-rate equiv. (%) |
|---|---|---|---|---|
|
1.000.000.000,00 |
06-01-25 |
16-01-26 |
9 |
3,50 |
|
1.000.000.000,00 |
17-01-25 |
16-01-26 |
19 |
4,38 |
|
200.000.000,00 |
22-01-25 |
30-01-26 |
25 |
3,79 |
|
50.000.000,00 |
23-01-25 |
06-02-26 |
5 |
3,02 |
|
25.000.000,00 |
23-01-25 |
02-02-26 |
12 |
3,77 |
|
40.000.000,00 |
10-02-25 |
20-02-26 |
5 |
2,97 |
|
30.000.000,00 |
10-02-25 |
25-02-26 |
10 |
3,58 |
|
20.000.000,00 |
21-02-25 |
20-03-26 |
30 |
4,62 |
|
25.000.000,00 |
05-03-25 |
23-03-26 |
13 |
4,00 |
|
25.000.000,00 |
02-04-26 |
02-04-36 |
10 |
3,92 |
|
Source : WFE |
||||
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)
Ratings
Wallonia has a financial rating issued by Moody’s.
On 24 April 2026, Moody’s revised the Region’s rating to Baa1 with a stable outlook.
Wallonia also has a non-financial ESG rating issued by Vigeo.
Thematic issuances
Since 2019, the Region has had a Sustainability Bond Framework to help support the transition to a low-carbon, environmentally responsible, and socially sustainable economy.
Thanks to this framework, the Region is now one of Belgium’s leading issuers of green, social, and sustainability bonds, with just over EUR 9 billion raised.
The funds raised (use of proceeds) through this type of thematic bond are used to finance the following types of expenditure:
Eligible green categories
- Renewable energy
- Energy efficiency and low-carbon buildings
- Sustainable mobility
- Sustainable food
- Circular economy
- Protection of resources, land and biodiversity
Eligible social categories
- Education and employment promotion
- Socio-economic integration and empowerment
- Access to housing
- Access to basic infrastructure and essential services
About Wallonia
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.
Competencies
Wallonia’s competencies are defined by the Belgian Constitution and by the Special Law of 8 August 1980 on institutional reforms, as amended notably in 1988 and 1993. The matters falling within its remit are:
- Local government, social action, and health
- Business, employment, and research
- Mobility and waterways
- Roads and buildings
- Territorial planning, housing, heritage, and energy
- Agriculture, natural resources, and the environment
- Taxation
Sources of funding
Wallonia’s sources of funding are set out in the Loi spéciale relative au financement des Communautés et des Régions (Special Law on the Financing of the Communities and Regions) of 16 January 1989.
Wallonia’s budget is financed by:
- non-tax revenue;
- tax revenue referred to in that law;
- revenue from the exercise of fiscal autonomy in personal income tax referred to in Title III/1;
- assigned shares of tax and levy proceeds;
- federal grants;
- a national solidarity mechanism;
- for the period from 2015 to 2033, a transition mechanism;
- borrowings.
Revenue recorded by the Region in 2024:
| EUR, accrual basis |
2024 outrun |
|---|---|
| Assigned share of PIT / PIT surcharges |
3.518.194.536 |
| Regional taxes |
3.165.958.058 |
|
2.286.075.761 |
|
879.882.297 |
| Transferred-powers grant |
3.237.021.903 |
| Sainte-Émilie grant |
4.544.371.819 |
| Federal grant (traffic tax; registration tax; property withholding tax; gaming and betting tax) |
17.731.753 |
| French Community grant |
431.622.000 |
| Miscellaneous revenue |
1.279.524.147 |
| Earmarked revenue |
314.250.747 |
| REVENUE (excluding borrowing proceeds) |
16.508.674.963 |
| Borrowing proceeds |
3.147.000.000 |
| TOTAL REVENUE |
19.655.674.963 |
|
Source : WFE |
Excluding borrowing proceeds, revenue can be grouped into three major categories representing EUR 16,508.674 million:
- EUR 6,772.948 million, or 34%, from the federal level through the “Transferred competenties” grants and the share relating to regional tax administration services. This portion of revenue is guaranteed, and its evolution is set out in the Special Law on the Financing of the Communities and Regions.
- EUR 4,975.993 million, or 25%, also from the federal level but channelled through the Wallonia-Brussels Federation under the intra-francophone Sainte-Emilie and Saint-Quentin agreements. These agreements concern the transfer of competencies to the Region following the 6th State reform.
- EUR 4,759.732 million, or 24%, from the Region’s own revenue through regional taxes and levies, earmarked revenue, and miscellaneous revenue.
The Region also borrows, amounting to EUR 3,147.00 million in 2024 (16% of total revenue). This borrowed amount includes the refinancing of 2024 amortisations, which came to EUR 621.02 million.
Part of the Region’s revenue therefore comes from federal transfers. If the monthly payments provided for under the Special Law on the Financing of the Communities and Regions 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. The financial arrangements of this loan are governed by a general agreement concluded in advance between the Federal Minister of Finance, each executive authority, and the credit institution concerned. The financial servicing of this loan is borne directly by the Federal State.
Following successive State reforms, intra-francophone agreements organised the transfer to Wallonia of the exercise of powers normally devolved to the Wallonia-Brussels Federation (the French Community of Belgium). The Saint-Quentin and Sainte-Emilie agreements organise the corresponding financial transfers between Wallonia and the Federation.
Area, population and economy
| Indicators |
Value (recent order of magnitude) |
|---|---|
| Area |
16 901 km² |
| Population |
3.66 million inhabitants d’habitants (2024 estimate) |
| GDP |
EUR 136 billion (2023) |
| GDP per capita |
EUR 32,700 (2023) |
| Number of provinces |
5 |
| Number of municipalities |
261 |
| Total road length |
81 000 km |
| of which regional roads |
6,944 km (of which 874–886 km motorway) |
| Navigable waterways |
451 km |
| Autonomous port |
4 (Liège, Namur, Charleroi, Centre et Ouest) |
| Main regional airport |
2 (Brussels South Charleroi Airport and Liège Airport) |
Many indicators are available on the website of the public scientific institute IWEPS.
Contact
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