Financial accounts of the non-financial sectors - 2025-Q1
Published on the 17th of July 2025
In Q1 2025, the financing flows of NFCs slowed and their financial investments were stable
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2023 | 2024 | 2025 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
| Financing | 88.9 | 101.9 | 82.8 | 46.9 | 6.0 | 24.4 | 5.6 |
| - MFI loans (a) | 36.9 | 25.0 | 28.3 | 10.3 | 11.4 | 9.1 | -2.5 |
| - Debt securities | 10.2 | 2.9 | 9.3 | 16.6 | -4.5 | -1.1 | -1.7 |
| - Shares and net equities (b) | 41.7 | 74.0 | 45.2 | 20.0 | -0.9 | 16.4 | 9.8 |
| Financial investment (c) | 62.5 | 10.2 | -8.4 | 0.7 | -12.4 | 5.3 | -2.0 |
| - Currency and deposits | -26.4 | -16.7 | -15.8 | -2.2 | -11.6 | 5.9 | -7.9 |
| - Securities | 61.4 | 24.2 | 14.6 | 5.9 | -4.9 | 0.5 | 13.1 |
| debt securities | 23.3 | 3.8 | 8.3 | 2.3 | -1.1 | -2.0 | 9.1 |
| money market fund shares | 35.0 | 11.3 | -2.8 | 1.5 | -6.3 | 1.8 | 0.2 |
| non-MMF invesment fund shares | 3.1 | 9.1 | 9.1 | 2.1 | 2.5 | 0.7 | 3.8 |
| - Other net financial assets (d) | 27.6 | 2.7 | -7.2 | -3.0 | 4.1 | -1.1 | -7.2 |
(a) including securitization transactions
(b) including share capital and cross-border reinvested earnings of groups (direct investments)
(c) are excluded here several residual items
(d) mainly cross-border intercompany lending/borrowing (direct investments)
(b) including share capital and cross-border reinvested earnings of groups (direct investments)
(c) are excluded here several residual items
(d) mainly cross-border intercompany lending/borrowing (direct investments)
Financing flows from non-financial corporations (NFCs) fell in Q1 2025, due both to bank borrowings, which turned slightly negative, and to shares and net equities. At the same time, their financial investments were stable in Q1 2025, close to zero: net acquisitions of debt securities and mutual fund shares almost entirely offset the decline in deposits and other net loans.
Non-financial corporations: Flows of financial investment and financing (SA) ![]()
EUR billions
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2023 | 2024 | 2025 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
| Financing | 106.6 | 181.0 | 169.4 | 63.4 | 50.7 | 28.9 | 26.3 |
| - Deposits | -11.1 | -5.6 | -3.0 | -2.2 | 0.0 | -2.0 | 1.2 |
| - MFI loans (a) | -2.5 | 9.3 | 6.9 | 1.3 | 1.6 | 5.9 | -1.9 |
| - Debt securities | 120.2 | 177.4 | 165.4 | 64.3 | 49.1 | 25.0 | 27.0 |
| Financial investment (b) | -41.7 | 15.3 | 3.2 | 16.1 | 7.8 | -24.1 | 3.4 |
| - Currency and deposits | -57.1 | 11.2 | -3.1 | 17.0 | 6.8 | -6.8 | -20.1 |
| - Securities | 15.4 | 4.0 | 6.3 | -0.9 | 1.0 | -17.3 | 23.5 |
| debt securities | 1.1 | -2.1 | 0.0 | -2.1 | -0.1 | -19.8 | 21.9 |
| net equities | 9.2 | 3.7 | 4.1 | 1.6 | 0.6 | 1.2 | 0.8 |
| invesment fund shares | 5.1 | 2.5 | 2.2 | -0.4 | 0.5 | 1.3 | 0.8 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows slowed slightly in Q1 2025, due to MFI loans. General government financial investments returned to a slight positive position in Q1 2025.
General government: Flows of financial investment and financing (SA)![]()
EUR billions
HOUSEHOLDS*![]()
* Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2023 | 2024 | 2025 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
| - Financing (a) | 20.4 | 3.2 | 7.8 | -3.9 | 1.6 | 3.9 | 6.3 |
| Financial investment (b) | 112.3 | 112.8 | 128.5 | 36.2 | 19.7 | 39.2 | 33.4 |
| - Currency and deposits | 53.6 | 29.0 | 29.0 | 9.8 | 1.0 | 13.3 | 5.0 |
| of which transferable deposits | -59.3 | -16.7 | -1.8 | -0.9 | -3.1 | -3.7 | 5.8 |
| passbook savings | 45.1 | 36.6 | 36.8 | 4.7 | 5.1 | 23.0 | 4.0 |
| home saving plans | -28.5 | -29.7 | -26.1 | -7.4 | -6.7 | -6.8 | -5.3 |
| time deposits | 84.4 | 26.5 | 8.4 | 9.5 | 2.0 | -0.7 | -2.4 |
| - Securities | 27.7 | 22.0 | 32.8 | 9.9 | 7.3 | 5.8 | 9.7 |
| debt securities | 7.7 | 2.0 | 0.2 | 0.1 | -0.4 | 0.6 | -0.2 |
| listed shares | -12.7 | -1.6 | 4.1 | 3.9 | 1.5 | -0.7 | -0.6 |
| unlisted shares and other equities | 23.2 | 5.0 | 5.8 | 1.3 | 0.8 | 2.0 | 1.7 |
| money market fund shares | 9.0 | 6.6 | 4.9 | 1.4 | 2.2 | 0.8 | 0.6 |
| non-MMF invesment fund shares | 0.4 | 9.9 | 17.7 | 3.2 | 3.2 | 3.1 | 8.2 |
| - Life insurance and pension plans | 31.1 | 61.7 | 66.7 | 16.5 | 11.4 | 20.1 | 18.7 |
| of which non-unit linked contracts | -4.5 | 32.7 | 34.0 | 7.5 | 7.3 | 12.3 | 6.9 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In Q1 2025, households' MFI loans flows continued to rise. Household investment flows were stable and remained high year-on-year. Households favored investments in life insurance and non-money-market mutual funds.
Households: Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
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Updated on the 17th of July 2025