Financial accounts of the non-financial sectors - 2025-Q2
Published on the 17th of October 2025
statistics
In Q2 2025, the financing flows of NFCs and general government are particularly high, while households' investment flows remain very significant
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE
SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2023 | 2024 | 2025 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
| Financing | 53.0 | 105.2 | 56.1 | 8.0 | 25.4 | -30.3 | 53.0 |
| - MFI loans (a) | 37.4 | 24.7 | 30.6 | 8.5 | 3.7 | 3.6 | 14.8 |
| - Debt securities | 10.2 | 2.8 | 5.2 | -4.5 | -1.2 | -1.7 | 12.6 |
| - Shares and net equities (b) | 5.4 | 77.8 | 20.4 | 4.0 | 22.9 | -32.2 | 25.6 |
| Financial investment (c) | 38.9 | 31.9 | -14.6 | -1.2 | 17.1 | -44.6 | 14.1 |
| - Currency and deposits | -24.8 | -20.2 | -15.8 | -12.1 | 5.6 | -7.6 | -1.7 |
| - Securities | 61.9 | 47.4 | 45.3 | 7.4 | 7.9 | 14.0 | 16.1 |
| debt securities | 23.9 | 14.5 | 15.8 | 2.5 | 2.0 | 9.1 | 2.3 |
| money market fund shares | 35.1 | 14.8 | 8.9 | -5.5 | 2.8 | 0.7 | 10.8 |
| non-MMF invesment fund shares | 3.0 | 18.0 | 20.6 | 10.4 | 3.1 | 4.2 | 3.0 |
| - Other net financial assets (d) | 1.9 | 4.7 | -44.1 | 3.5 | 3.6 | -51.0 | -0.3 |
(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)
Note: Q1 2025 figures have been significantly revised downward to reflect the sale of a French direct investment abroad and a corresponding reduction in associated financing (-35.9 billions € for financing flows, -42.6 billions € for financial investments for Q1 2025 seasonally adjusted flows).
(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)
Note: Q1 2025 figures have been significantly revised downward to reflect the sale of a French direct investment abroad and a corresponding reduction in associated financing (-35.9 billions € for financing flows, -42.6 billions € for financial investments for Q1 2025 seasonally adjusted flows).
Financing flows for non-financial corporations (NFCs) were clearly positive in Q2 2025, regardless of the instrument: bank loans, debt securities, or shares and net equities. At the same time, their financial investments increased, but to a much lesser extent: net acquisitions of debt securities and investment fund shares, in particular money market ones, offset the slight 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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
| Financing | 106.6 | 183.7 | 163.7 | 50.9 | 31.7 | 25.9 | 55.2 |
| - Deposits | -11.1 | -5.6 | -8.3 | 0.0 | -2.0 | 1.2 | -7.5 |
| - MFI loans (a) | -2.5 | 9.3 | 9.7 | 1.6 | 5.9 | -1.9 | 4.1 |
| - Debt securities | 120.2 | 180.1 | 162.3 | 49.3 | 27.8 | 26.6 | 58.6 |
| Financial investment (b) | -41.7 | 18.3 | -1.3 | 7.8 | -21.1 | 3.5 | 8.6 |
| - Currency and deposits | -57.1 | 11.2 | -8.7 | 6.8 | -6.9 | -20.0 | 11.4 |
| - Securities | 15.4 | 7.1 | 7.4 | 1.0 | -14.2 | 23.5 | -2.8 |
| debt securities | 1.1 | -2.8 | -1.3 | -0.1 | -20.4 | 21.9 | -2.8 |
| net equities | 9.2 | 5.7 | 6.9 | 0.6 | 3.2 | 0.8 | 2.4 |
| invesment fund shares | 5.1 | 4.1 | 1.8 | 0.5 | 3.0 | 0.8 | -2.4 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows increased in Q2 2025, with the sharp rise in debt securities and MFI loans offsetting the decline in deposits. In particular, the government increased the completion rate of its issuance program compared with previous years. General government financial investments also increased, but to a much lesser extent, as the rise in deposits offset the slight contraction in net securities acquisitions.
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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
| - Financing (a) | 20.0 | 2.9 | 13.4 | 1.4 | 3.9 | 6.3 | 1.9 |
| Financial investment (b) | 127.2 | 129.7 | 132.8 | 25.3 | 41.7 | 32.5 | 33.0 |
| - Currency and deposits | 53.0 | 29.3 | 20.6 | 1.2 | 13.4 | 5.1 | 0.9 |
| of which transferable deposits | -59.9 | -16.5 | 0.7 | -2.8 | -3.5 | 5.9 | 1.1 |
| passbook savings | 45.1 | 36.6 | 37.7 | 5.1 | 23.0 | 4.0 | 5.7 |
| home saving plans | -28.5 | -29.7 | -23.7 | -6.7 | -6.8 | -5.3 | -4.9 |
| time deposits | 84.4 | 26.5 | -4.1 | 2.0 | -0.7 | -2.4 | -3.0 |
| - Securities | 47.6 | 46.6 | 45.1 | 12.7 | 12.4 | 8.8 | 11.0 |
| debt securities | 10.6 | 4.5 | 1.0 | -0.4 | 1.0 | -0.2 | 0.5 |
| listed shares | -9.9 | 2.6 | 4.1 | 3.1 | 0.3 | -0.6 | 1.3 |
| unlisted shares and other equities | 34.8 | 7.6 | 9.0 | 1.5 | 3.8 | 1.4 | 2.2 |
| money market fund shares | 9.9 | 8.1 | 5.8 | 2.2 | 1.3 | 0.7 | 1.6 |
| non-MMF invesment fund shares | 2.1 | 23.7 | 25.2 | 6.3 | 6.0 | 7.5 | 5.4 |
| - Life insurance and pension plans | 26.7 | 53.8 | 67.0 | 11.4 | 15.9 | 18.6 | 21.1 |
| of which non-unit linked contracts | -4.3 | 28.2 | 37.2 | 7.4 | 9.6 | 8.1 | 12.1 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In Q2 2025, households' MFI loans flows returned to a very low level. Households' investment flows were stable and remained high in cumulative annual terms. They directed almost all their investments towards life insurance and securities, primarily non-MMF investment fund shares.
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 October 2025