Financial accounts of the non-financial sectors - 2025-Q3
Published on the 16th of January 2026
In Q3 2025, the financing flows of NFCs remain very high, as do their financial investments
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE
SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2023 | 2024 | 2025 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 |
| Financing | 53.0 | 105.2 | 109.7 | 25.4 | -30.3 | 53.0 | 61.6 |
| - MFI loans (a) | 37.4 | 24.7 | 39.9 | 3.7 | 3.6 | 14.8 | 17.8 |
| - Debt securities | 10.2 | 2.8 | 25.7 | -1.2 | -1.7 | 12.6 | 16.0 |
| - Shares and net equities (b) | 5.4 | 77.8 | 44.2 | 22.9 | -32.2 | 25.6 | 27.8 |
| Financial investment (c) | 38.9 | 31.9 | 43.2 | 17.1 | -44.6 | 14.1 | 56.6 |
| - Currency and deposits | -24.8 | -20.2 | 7.1 | 5.6 | -7.6 | -1.7 | 10.7 |
| - Securities | 61.9 | 47.4 | 51.4 | 7.9 | 14.0 | 16.1 | 13.5 |
| debt securities | 23.9 | 14.5 | 21.4 | 2.0 | 9.1 | 2.3 | 8.1 |
| money market fund shares | 35.1 | 14.8 | 16.8 | 2.8 | 0.7 | 10.8 | 2.5 |
| non-MMF invesment fund shares | 3.0 | 18.0 | 13.1 | 3.1 | 4.2 | 3.0 | 2.9 |
| - Other net financial assets (d) | 1.9 | 4.7 | -15.3 | 3.6 | -51.0 | -0.3 | 32.4 |
(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 for non-financial corporations (NFCs) increased in Q3 2025, regardless of the instrument used: bank loans, debt securities, or shares and net equities investments. Their financial investments grew even more strongly: the sharp rebound in other net loans, mainly linked with cross-border intra-group financing, was appended by the more moderate rebound in deposits.
Over four rolling quarters, investments were mainly directed towards debt securities and mutual fund units.
Over four rolling quarters, investments were mainly directed towards debt securities and mutual fund units.
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 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 |
| Financing | 106.6 | 183.7 | 165.7 | 31.7 | 25.9 | 55.2 | 53.0 |
| - Deposits | -11.1 | -5.6 | -2.3 | -2.0 | 1.2 | -7.5 | 6.1 |
| - MFI loans (a) | -2.5 | 9.3 | 13.0 | 5.9 | -1.9 | 4.1 | 4.9 |
| - Debt securities | 120.2 | 180.1 | 155.0 | 27.8 | 26.6 | 58.6 | 42.0 |
| Financial investment (b) | -41.7 | 18.3 | 3.9 | -21.1 | 3.5 | 8.6 | 12.9 |
| - Currency and deposits | -57.1 | 11.2 | -4.1 | -6.9 | -20.0 | 11.4 | 11.3 |
| - Securities | 15.4 | 7.1 | 8.1 | -14.2 | 23.5 | -2.8 | 1.6 |
| debt securities | 1.1 | -2.8 | -1.5 | -20.4 | 21.9 | -2.8 | -0.2 |
| net equities | 9.2 | 5.7 | 7.0 | 3.2 | 0.8 | 2.4 | 0.7 |
| invesment fund shares | 5.1 | 4.1 | 2.5 | 3.0 | 0.8 | -2.4 | 1.1 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows remained virtually stable in Q3 2025, the slowdown in debt securities was offset by the rebound in deposits and the slight increase in bank loans. General government financial investments rose slightly due to positive 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 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 |
| - Financing (a) | 20.0 | 2.9 | 17.2 | 3.9 | 6.3 | 1.9 | 5.1 |
| Financial investment (b) | 127.2 | 129.7 | 134.3 | 41.7 | 32.5 | 33.1 | 26.8 |
| - Currency and deposits | 53.0 | 29.3 | 19.3 | 13.4 | 5.1 | 0.9 | -0.2 |
| of which transferable deposits | -59.9 | -16.5 | 3.4 | -3.5 | 5.9 | 1.1 | -0.1 |
| passbook savings | 45.1 | 36.6 | 37.0 | 23.0 | 4.0 | 5.7 | 4.4 |
| home saving plans | -28.5 | -29.7 | -22.3 | -6.8 | -5.3 | -4.9 | -5.3 |
| time deposits | 84.4 | 26.5 | -7.7 | -0.7 | -2.4 | -3.0 | -1.6 |
| - Securities | 47.6 | 46.6 | 38.6 | 12.4 | 8.8 | 11.0 | 6.2 |
| debt securities | 10.6 | 4.5 | 1.6 | 1.0 | -0.2 | 0.5 | 0.2 |
| listed shares | -9.9 | 2.6 | 2.7 | 0.3 | -0.6 | 1.3 | 1.8 |
| unlisted shares and other equities | 34.8 | 7.6 | 8.1 | 3.8 | 1.4 | 2.2 | 0.6 |
| money market fund shares | 9.9 | 8.1 | 3.8 | 1.3 | 0.7 | 1.6 | 0.1 |
| non-MMF invesment fund shares | 2.1 | 23.7 | 22.4 | 6.0 | 7.5 | 5.4 | 3.5 |
| - Life insurance and pension plans | 26.7 | 53.8 | 76.5 | 15.9 | 18.6 | 21.2 | 20.8 |
| of which non-unit linked contracts | -4.3 | 28.2 | 44.6 | 9.6 | 8.1 | 12.1 | 14.7 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In Q3 2025, households' MFI loans flows began to rise again. Households' investment flows slowed slightly but remained high in cumulative annual terms. Households continued to favor life insurance, with investments in securities declining slightly this quarter.
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 16th of January 2026