Private household debt is pretty irrelevant.
That's a bit bold statement, considering just the percentages, but the debt is chiefly in the form of mortgages, and therefore backed by houses. The upshot is that home-owners with a mortgage are paying about 2% interest (I just got a proposal from the bank for 1.35%), instead of paying rent. Mortgage debt is just the smart choice.
Loan-to-value figures of Dutch mortgages are approximately 60%; in other word the mortgages are backed by about houses worth 400% GDP. While some individuals may suffer from TLV rations in excess of 100%, on the whole there is sufficient value backing mortgages. This is visible in default losses significantly under 0.1% by banks, even during the crisis.
State debt on the other hand isn't really backed by profitable assets. There's a few billion in bank shares after the bail-outs, a railroad that's making a small profit (but that's just not using all subsidies), and an airport. The only assets that historically was profitable was natural gas, and that's being shut down over earthquake fears.
One thing to remember is that the Netherlands has significant private pension reserves; even the government has 382 billion euro in pension reserves. In total, the reserves are close to 1.3 trillion euro. This represents 103% of pension promises at Net Present Value.