THE European Commission (EC) has approved the €61m rescue loan provided last year to freight operator Lineas by Belgium’s sovereign wealth fund SFPIM, concluding that this financial support is in line with European Union (EU) state aid rules.
The largest privately-owned freight operator in Europe, Brussels-based Lineas found itself in financial difficulty due to what the EC says was an expected decline in demand for rail freight services, particularly in the steel, automotive and chemical sectors. The rescue loan is intended to address the company’s short-term liquidity needs for six months, and was notified to the EC by the Belgian government in August 2025.
The EC assessed the measure under Article 107(3)(c) of the Treaty on the Functioning of the EU (TFEU), which enables member states to support economic activities under certain conditions, and the Guidelines on Rescue and Restructuring Aid. It found that the terms and conditions of the loan agreement, as well as its temporary nature, were in line with the guidelines.
The commission also took into account the importance of rail freight as an “indispensable” means of transport that provides a lower-emissions alternative to road. The Belgian government has made a commitment to present a restructuring plan if the rescue loan is not reimbursed.
Following a complaint by a stakeholder, the EC also conducted a preliminary examination to assess whether two separate capital injections provided to Lineas in 2023 and 2024 constitute state aid. SFPIM undertook these measures together with the other shareholder in Lineas, private investor Argos Wityu. The EC concluded that neither injection qualified as state aid.
