Financial accounts of the non-financial sectors - 2025-Q4
Published on 17th of April 2026
In 2025, the financing flows of NFCs continued to rise, while their investment flows declined
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2023 | 2024 | 2025 | Q12025 | Q22025 | Q32025 | Q42025 |
| Financing | 59.0 | 108.2 | 134.4 | -29.0 | 47.6 | 64.7 | 51.2 |
| - MFI loans (a) | 37.4 | 24.7 | 42.3 | 3.3 | 8.3 | 22.1 | 8.6 |
| - Debt securities | 13.3 | 5.9 | 29.7 | -1.0 | 11.1 | 16.2 | 3.4 |
| - Shares and net equities (b) | 8.3 | 77.7 | 62.5 | -31.3 | 28.2 | 26.4 | 39.2 |
| Financial investment (c) | 39.4 | 30.8 | 26.3 | -36.8 | 12.7 | 55.7 | -5.3 |
| - Currency and deposits | -24.7 | -20.3 | 22.5 | -2.4 | -0.4 | 10.5 | 14.8 |
| - Securities | 62.1 | 46.7 | 22.1 | 14.0 | 9.7 | 13.0 | -14.7 |
| debt securities | 23.9 | 14.5 | 15.4 | 8.0 | 2.8 | 8.0 | -3.5 |
| money market fund shares | 35.1 | 14.3 | -3.1 | 1.9 | 3.9 | 2.3 | -11.1 |
| non-MMF invesment fund shares | 3.1 | 17.9 | 9.8 | 4.1 | 3.0 | 2.7 | -0.1 |
| - Other net financial assets (d) | 2.1 | 4.4 | -18.2 | -48.4 | 3.4 | 32.2 | -5.4 |
(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) declined in Q4 2025 but remained at a very high level on a year-to-date basis. In 2025, the increase in bank loans and debt securities exceeded the decline in net issuance of shares and other equity.
Their financial investments declined sharply in Q4 2025, as the increase in deposits was not sufficient to offset withdrawals from investments in securities or other net loans. Over the year, the rebound in cash and deposit investments did not fully offset the slowdown in securities investments and the decline in other net loans.
Their financial investments declined sharply in Q4 2025, as the increase in deposits was not sufficient to offset withdrawals from investments in securities or other net loans. Over the year, the rebound in cash and deposit investments did not fully offset the slowdown in securities investments and the decline in other net loans.
Non-financial corporations: Flows of financial investment and financing (SA) ![]()
EUR billions
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2023 | 2024 | 2025 | Q12025 | Q22025 | Q32025 | Q42025 |
| Financing | 107.4 | 184.1 | 121.4 | 24.8 | 48.2 | 42.5 | 5.9 |
| - Deposits | -11.1 | -5.6 | -9.9 | -0.7 | -3.4 | 2.4 | -8.2 |
| - MFI loans (a) | -1.7 | 9.9 | 8.5 | -1.5 | 3.5 | 4.2 | 2.3 |
| - Debt securities | 120.2 | 179.9 | 122.8 | 27.0 | 48.1 | 35.9 | 11.8 |
| Financial investment (b) | -41.6 | 16.1 | -24.2 | 0.4 | 6.1 | 14.9 | -45.4 |
| - Currency and deposits | -57.1 | 8.7 | -31.2 | -22.4 | 8.3 | 13.1 | -30.1 |
| - Securities | 15.5 | 7.3 | 7.0 | 22.8 | -2.2 | 1.8 | -15.3 |
| debt securities | 1.2 | -2.7 | -0.9 | 21.2 | -2.2 | 0.0 | -19.9 |
| net equities | 9.3 | 5.5 | 4.1 | 0.8 | 2.4 | 0.7 | 0.3 |
| invesment fund shares | 5.0 | 4.6 | 3.8 | 0.8 | -2.4 | 1.1 | 4.3 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows declined significantly in Q4 2025 due to a slowdown in debt securities. General government financial investments fell sharply in Q4 2025 because of a decline in deposits and net sales of securities. Overall, financial investment declined in 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 | QUARTERS (SA) | |||||
| (EUR billions) | 2023 | 2024 | 2025 | Q12025 | Q22025 | Q32025 | Q42025 |
| - Financing (a) | 20.0 | 2.9 | 16.6 | 4.8 | 3.3 | 5.0 | 3.5 |
| Financial investment (b) | 125.0 | 129.3 | 128.4 | 30.3 | 37.3 | 34.2 | 26.2 |
| - Currency and deposits | 53.0 | 29.3 | 19.9 | 3.7 | 6.3 | 6.3 | 3.6 |
| of which transferable deposits | -59.9 | -16.5 | 8.9 | 2.3 | 2.2 | 1.5 | 2.9 |
| passbook savings | 45.1 | 36.6 | 27.4 | 3.9 | 7.6 | 6.0 | 9.9 |
| home saving plans | -28.5 | -29.7 | -21.5 | -5.8 | -5.2 | -5.2 | -5.3 |
| time deposits | 84.4 | 26.5 | -6.3 | -2.4 | -3.0 | -1.6 | 0.7 |
| - Securities | 45.3 | 46.2 | 27.7 | 8.0 | 10.1 | 7.1 | 2.2 |
| debt securities | 10.6 | 4.5 | 0.6 | -0.2 | 0.5 | 0.2 | 0.0 |
| listed shares | -9.9 | 2.6 | -0.5 | -0.6 | 1.3 | 1.8 | -3.0 |
| unlisted shares and other equities | 34.7 | 8.0 | 3.5 | 1.6 | 2.0 | 0.6 | -0.7 |
| money market fund shares | 9.9 | 8.1 | 2.2 | 0.7 | 1.2 | 0.2 | 0.0 |
| non-MMF invesment fund shares | 0.0 | 22.9 | 21.9 | 6.5 | 5.1 | 4.3 | 5.9 |
| - Life insurance and pension plans | 26.7 | 53.8 | 80.7 | 18.6 | 20.9 | 20.8 | 20.4 |
| of which non-unit linked contracts | -4.3 | 28.2 | 47.0 | 8.1 | 11.9 | 14.7 | 12.2 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In Q4 2025, households' MFI loans flows remained positive. Households' investment flows slowed but remained high on a year-to-date basis. Households continued to favor life insurance, with investment flows in 2025 significantly higher than in previous years.
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 April 2026