Financing of entreprises - 2025-11
Published on the 12th of January 2026
The growth in corporate financing was driven by debt securities issuance
- In November 2025, year-on-year growth in financing granted to non-financial corporations (NFCs) reached 3.2% (after 2.8% in October), driven by the increase in outstanding debt securities (4.2%, after 3.0% in October). At the same time, bank lending growth remained stable at 2.7%, still driven by the investment component (4.0%, after 4.1% in October), while outstanding cash loans continued to contract (-2.6%, after -3.0% in October).
- The average cost of new financing to NFCs increased slightly in November (3.42%, after 3.37% in October) due to the rise in the average interest rate on debt securities (3.36%, after 3.23% in October), while the average bank lending rate remained stable at 3.46% (after 3.45% in October).
1 - Overview of NFCs : Outstanding amounts and flows in €Bn, annual growth rate and cost in %
(non-seasonally adjusted) ![]()
| Nov-25 (p) | Annual growth rate | Cost (annual Interest rate) | |||||||||
| Outstanding
amounts |
Transactions
(cumulative over 12 month) |
New business
(cumulative over 12 month) |
Nov-24 | sep-25 | Oct-25 (r) | Nov-25 (p) | Nov-24 | sep-25 | Oct-25 (r) | Nov-25 (p) | |
| NFC's global financing | 2,148.1 | 67.0 | 721.3 | 1.6 | 2.9 | 2.8 | 3.2 | 3.87 | 3.43 | 3.37 | 3.42 |
| Loans | 1,402.5 | 37.1 | 346.2 | 1.7 | 2.7 | 2.7 | 2.7 | 4.18 | 3.46 | 3.45 | 3.46 |
| Investment | 1,023.4 | 3.0 | 4.1 | 4.1 | 4.0 | ||||||
| equipment | 638.9 | 3.2 | 4.1 | 3.9 | 3.6 | ||||||
| real-estate | 384.5 | 2.8 | 4.1 | 4.5 | 4.7 | ||||||
| Cash | 299.1 | -3.6 | -2.7 | -3.0 | -2.6 | ||||||
| Other lending | 80.0 | 6.7 | 6.1 | 7.6 | 7.4 | ||||||
| Loans up to €1 million | 121.9 | 4.28 | 3.67 | 3.68 | 3.67 | ||||||
| Loans over €1 million | 224.3 | 4.11 | 3.36 | 3.30 | 3.33 | ||||||
| Securities other than shares | 745.7 | 29.9 | 375.1 | 1.4 | 3.4 | 3.0 | 4.2 | 3.30 | 3.37 | 3.23 | 3.36 |
(r): revised data ; (p): provisional data
Monthly changes in outstanding loans by purpose (seasonally adjusted data in €Bn)![]()
Cost (all maturities combined) by financing sources (in %) ![]()
2- Bank loans by size of NFC ![]()
- At the end of November 2025, the 12-month growth in outstanding loans varied depending on company size. For small and medium-sized enterprises (SMEs) and companies of unspecified size, it remained stable at 1.0%. For mid-sized companies, it increased slightly but remained low at 0.4%. For large firms, it declined but remained dynamic at 4.5%.
- The cost of new financing was generally stable. On average, it decreased slightly to 3.63% for mid-sized companies, increased slightly to 3.17% for large firms, and to 3.45% for SMEs and companies of unspecified size.
| Outstanding
amounts (in €Bn) |
Outstanding year-on-year growth in % | Cost in %
(annual interest rate) |
|||||||
| Nov-25 (p) | Nov-24 | sep-25 | Oct-25 (r) | Nov-25 (p) | Nov-24 | sep-25 | Oct-25 (r) | Nov-25 (p) | |
| - SME and unspecified size | 539.5 | 0.9 | 1.3 | 1.0 | 1.0 | 4.15 | 3.43 | 3.43 | 3.45 |
| - ISE | 389.1 | 2.1 | 0.5 | 0.1 | 0.4 | 4.31 | 3.65 | 3.65 | 3.63 |
| - Large firms | 223.1 | 0.7 | 5.5 | 5.9 | 4.5 | 3.99 | 3.21 | 3.14 | 3.17 |
(r): revised data ; (p): provisional data
Interest rates (all maturities combined) by enterprise size (in %)![]()
Outstanding amounts of loans to resident enterprises by size (in €Bn) ![]()
3 - Bank loans by sector (outstanding amounts in €bn, annual growth rate in %) ![]()
- The growth in outstanding loans also varied across business sectors. It remained positive for the advisory and business support activities (+7.6%), information and communication (+5.6%), real estate activities (+4.1%), transportation and storage (+3.5%), and agriculture (+1.9%).
- However, outstanding loans continued to decline in the education, human health, social work and services to households (-4.0%), trade (-3.2%), construction (-2.1%), and accommodation and food services (-0.3%). Growth in outstanding loans became negative in the manufacturing sector (-2.2%).
Outstanding amounts by sector (€bn)
November 2025
November 2025
Drawn credits year-on-year growth (in %)
Drawn and undrawn credits year-on-year growth (in %)
Download the PDF version of the document
EN_Stat_Info_financing_of_firms_202511.pdf
Updated on the 12th of January 2026