The European Commission has approved a €61 million rescue loan from Belgium to Lineas Group SA/NV, the largest privately-owned rail freight operator in Europe. The company operates in several countries including Belgium, France, Germany, Italy, and the Netherlands. The loan aims to address Lineas Group’s short-term liquidity needs for six months after the company faced financial difficulties due to reduced industrial demand in sectors such as steel, automotive, and chemicals.
According to the Commission’s assessment under EU State aid rules—specifically Article 107(3)(c) of the Treaty on the Functioning of the EU (TFEU) and guidelines for rescue and restructuring aid—the terms of the loan were found to comply with established conditions. The temporary nature of the measure was noted, as well as its alignment with efforts to support lower-emission transport alternatives. Belgium has committed to presenting a restructuring plan if Lineas Group does not repay the loan.
On this basis, the Commission determined that “the Belgian measure is in line with EU State aid rules.”
In parallel, following a complaint from a stakeholder regarding two previous capital injections into Lineas Group in 2023 and 2024 by Belgium’s sovereign wealth fund (FPIM/SPFI) and private investor Argos Wityu, the Commission conducted an examination. It concluded that “neither injection qualified as State aid.”
Under Article 107(1) TFEU, a measure is considered State aid if it meets four criteria: it must be granted through state resources; provide selective economic advantage; distort or threaten competition; and affect trade between Member States.
Non-confidential versions of these decisions will be published under case numbers SA.120185 and SA.101469 on the European Commission’s competition website after confidentiality issues are resolved.