Outstanding corporate lending reaches a new record at the end of 2025
3 March 2026 - 4 min Reading time
The outstanding volume of corporate lending reached a record high of €202 billion at the end of December 2025. This represents an increase of 3.0% compared with a year earlier.
In the fourth quarter of 2025, more loans were applied for than in the same quarter of the previous year. The number of loan applications rose by 2.7%, while the total amount applied for increased by 6.4%.
The higher demand for credit was reflected in a higher number of newly granted loans. In the fourth quarter of 2025, 3.3% more corporate loans were granted than in the same period in 2024. However, the total amount of loans granted fell by 10.1%. This can be explained by the fact that, in the fourth quarter of 2024, one bank granted a number of very large loans.
The rejection rate remained stable in 2025 compared with 2024.
Outstanding amount of corporate loans at a record high
At the end of December 2025, €202 billion in corporate loans were outstanding, including commitment loans (such as guarantee loans or documentary credits), which is 3.0% more than a year earlier.
Credit demand increases in both number and amount
In the fourth quarter of 2025, businesses applied for 2.7% more loans than in the same period the previous year, and for higher amounts. The total amount applied for rose by 6.4%. Despite numerous uncertainties, companies continue to invest, which is having a positive impact on credit demand.
The increase in demand also led to a higher number of new loans. The number of loans granted in the fourth quarter of 2025 was 3.3% higher than in the same quarter of the previous year. The amounts granted, however, were 10.1% lower than in the same quarter of the previous year. This is due to the fact that one bank granted several very large loans in the fourth quarter of 2024.
Banks’ credit policy remains largely unchanged
The rejection rate in 2025 remained at the same level as in 2024.
ased on the results of the quarterly survey conducted by the National Bank of Belgium (NBB) on companies’ perceptions of credit constraints, banks appear to have very slightly eased their credit conditions. The share of companies that considered credit conditions to be unfavourable fell to 13.4% in January 2026, compared with 13.6% in October 2025. Perceptions of credit constraints are closely linked to the level of interest rates charged, which declined slightly in November and December 2025.
The chart below shows the evolution of credit perception. A decline indicates a perceived easing of credit conditions, while an increase indicates that companies consider it less advantageous to obtain credit.
Interest rates remain fairly stable
The weighted average interest rate on new corporate loans peaked at 4.66% in November 2023. By July 2025, this average rate had already fallen by more than one percentage point to 3.49%. Since then, the rate has remained fairly stable and stood at 3.51% at the end of December 2025.
