Brussels, Belgium, 19 September, (Brussels Morning Newspaper) – Brussels debt could rise to 328% of the region’s adjusted available revenue by 2031, according to a new assessment by Belgium’s Federal Planning Bureau, which has classified the Brussels-Capital Region as facing a high medium-term debt sustainability risk.
The projection means regional debt would exceed three times the revenue measure used by federal planners to compare Belgium’s federated entities. Brussels stood at about 250% of adjusted available revenue in 2025, according to the analysis.
Brussels debt projected to rise to 328%
The Federal Planning Bureau published its Debt Sustainability Analysis for Belgium’s federated entities on 15 September 2026. The assessment adapts the European Commission’s debt sustainability methodology to Belgium’s institutional structure.
Under its baseline scenario, Brussels’ ratio increases from 250% in 2025 to 328% in 2031. Wallonia is projected to reach 327%, while the French Community also faces a high sustainability risk.
The authors summarised the Brussels assessment by stating:
“The baseline scenario indicates a high risk of debt sustainability.”
The statement is an English translation of the analysis as reported in Belgian coverage.
Brussels budget remains in deficit
The latest fiscal figures underline the scale of the challenge. Brussels’ 2026 budget contains €6.622 billion in revenue and €7.613 billion in expenditure, producing a planned deficit of €957 million. Gross consolidated regional debt stands at approximately €15.65 billion, while annual interest charges amount to around €399 million.
The regional government is targeting budget balance by 2029. However, the Federal Planning Bureau’s July regional outlook projected the Brussels Region, including the Common Community Commission, would still record a deficit of about €800 million in 2029 and €900 million in 2031 under unchanged policy.
Belgium faces wider public debt pressure
The Brussels warning forms part of a broader deterioration in Belgium’s public finances. Federal projections published in June put the national public deficit at 5.1% of GDP in 2026, rising to 6.4% by 2031.
Earlier projections estimated Belgian public debt at 107% of GDP in 2025, rising to 117% in 2029 and 122% in 2031.
Federal Planning Commissioner Baudouin Regout has warned about that national trajectory, saying:
“Our latest projections show that the public deficit and public debt remain a major concern.”
Rising debt could limit Brussels’ budget flexibility
High debt levels can increase interest expenditure and reduce the money available for other regional priorities. Brussels already faces substantial spending responsibilities covering areas including public transport, housing, employment and economic development.
The Federal Planning Bureau also reported that Belgium’s federated entities accounted for 18.4% of the country’s public debt in 2025, compared with 8.4% in 2008, highlighting the growing importance of regional finances to Belgium’s overall fiscal position.
Brussels faces key budget decisions through 2031
The 328% figure is a projection, not a predetermined outcome. Future debt will depend on economic growth, government revenue, expenditure, interest rates and additional fiscal measures.
Brussels’ progress towards its stated 2029 budget-balance objective will therefore be a key measure of whether the region can alter the debt trajectory identified by federal planners.
