v3.25.4
Note 51 (Tables)
12 Months Ended
Dec. 31, 2025
Statement of cash flows [abstract]  
Liabilities from financing activities [Table Text Block]
The variation between 2025, 2024 and 2023 of the financial liabilities from financing activities is the following:
LIABILITIES FROM FINANCING ACTIVITIES (MILLIONS OF EUROS)
Liabilities at amortized cost: Debt certificates
Of which: Issuances of subordinated liabilities (1)
2025
2024
2023
2025
2024
2023
Balance at the beginning
69,867
68,707
55,429
19,556
15,832
12,485
Cash flows
15,120
627
13,283
2,738
3,303
3,388
Non-cash changes
(3,145)
532
(5)
(1,345)
421
(40)
Acquisition
—
—
—
—
—
—
Disposal
—
—
—
—
—
—
Disposals by companies held for sale
—
—
—
—
—
—
Fair value changes
—
—
—
—
—
—
Foreign exchange movement and others
(3,145)
532
(5)
(1,345)
421
(40)
Balance at the end
81,842
69,867
68,707
20,949
19,556
15,832
(1) There were €104 million, €56 million and €35 million of subordinated deposits as of December 31, 2025, 2024 and 2023, respectively (see Note 22.4). In addition, there were coupon payments on subordinated liabilities for €397 million, €388 million and €345 million in 2025, 2024 and 2023, respectively. Appendix VI details the outstanding subordinated debt issued by their nominal value.