The 23-year-old was seen to fall off his bike at around 148 kilometres from the finish and received medical assistance for cardiac arrest almost instanteously.
Once stablised, he was transferred via helicopter to Lille hospital but died around 10.40pm Sunday evening local time.
"It is with unimaginable sadness that we have to communicate the passing of our rider and friend Michael Goolaerts," the team statement said.
"He passed away... in the presence of his family members and loved ones, who we keep in our thoughts."
"He died of cardiac arrest, all medical assistance was to no avail."
"For now there will be no further communication as we want to give his close ones time to deal with his terrible loss. We thank you in advance for respecting the privacy of his relatives."