The European Commission has approved, under EU State aid rules, a Belgian €61 million rescue loan to rail freight operator Lineas Group SA/NV. In parallel, following a complaint the Commission received from a stakeholder, it has concluded that two past measures relating to Lineas Group do not constitute State aid.
The rescue aid
Lineas Group is the largest privately-owned European rail freight company that operates in various Member States, including Belgium, France, Germany, Italy, and the Netherlands. Due to unexpected slowdowns of industrial demand for rail freight services, particularly in the European steel, cars, and chemical sectors, Lineas Group found itself in financial difficulty. In this context, Belgium in August 2025 notified a rescue loan intended to address Lineas Group's short-term liquidity needs for six months.
The Commission's assessment
The Commission found that the rescue loan granted to Lineas Group involves State aid and assessed the measure under EU State aid rules, in particular Article 107(3)(c) of the Treaty on the Functioning of the EU ('TFEU'), which enables Member States to support the development of certain economic activities subject to certain conditions, and the Guidelines on Rescue and Restructuring Aid . The Commission 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 transport as an indispensable means of transport that is a lower-emissions alternative to road freight transport. Belgium has committed to presenting a restructuring plan if the rescue loan is not reimbursed.
On this basis, the Commission concluded that the Belgian measure is in line with EU State aid rules.
Past measures relating to Lineas Group
Following a complaint by a stakeholder, the Commission also conducted a preliminary examination to assess whether two separate capital injections, in 2023 and in 2024, constitute State aid. The Belgian sovereign wealth fund (FPIM/SPFI) performed these two measures together with the other shareholder of Lineas Group, private investor Argos Wityu. The Commission concluded that neither injection qualified as State aid.
Background
According to Article 107(1) TFEU, a measure constitutes State aid if the following four cumulative conditions are met: (i) the measure has to be granted by Member States through State resources; (ii) the measure has to confer a selective economic advantage to certain companies; (iii) the advantage has to distort or threaten to distort competition; and (iv) the measure has to affect trade between EU Member States.
EU State aid rules, more specifically the Guidelines on rescue and restructuring aid , enable Member States to support undertakings in difficulty, under certain conditions. In particular, aid may be granted for a period of up to six months ('rescue aid'). Beyond this period, the aid must either be reimbursed or Member States must submit a restructuring plan to the Commission.
