v3.25.4
Consolidated statement of cash flows - EUR (€)
€ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Result before tax € 11,791 € 7,772 € 6,037
Adjusted for:      
– Depreciation and amortisation 665 673 674
– Addition to loan loss provisions 1,304 1,194 520
– Revaluations 1,070 1,012 1,806
– Exchange rate differences and other (703) 869 260
Taxation paid (2,366) (2,754) (2,700)
Changes in:      
–  Loans and advances to banks, not available on demand 3,546 (7,736) 12,693
–  Deposits from banks, not payable on demand 1,093 (7,818) (31,804)
–  Trading assets 17,211 (12,663) (3,359)
–  Trading liabilities (11,829) (1,964) (1,869)
–  Loans and advances to customers (58,368) (34,401) (5,816)
–  Customer deposits 36,212 41,090 8,513
–  Non–trading derivatives 1,486 (54) 2,409
–  Assets designated at fair value through profit or loss 1,221 40 260
–  Assets mandatorily at fair value through profit or loss (18,984) 274 (7,402)
–  Other assets (914) 263 1,727
–  Other financial liabilities at fair value through profit or loss 10,043 (7,800) 4,391
–  Provisions and other liabilities 1,143 (542) 2,320
Net cash flow from/(used in) operating activities (6,380) (22,544) (11,340)
Investments and advances:      
- Associates and joint ventures (1) (26) (55)
- Financial assets at fair value through other comprehensive income (43,294) (21,091) (19,995)
– Securities at amortised cost [1] (152,945) (110,052) (49,614)
– Property and equipment (351) (332) (246)
– Other investments (421) (383) (310)
Disposals and redemptions:      
– Associates and joint ventures 225 107 164
- Financial assets at fair value through other comprehensive income 33,095 16,949 11,913
– Securities at amortised cost [1] 147,953 108,732 49,525
– Property and equipment 39 50 57
– Other investments 4 13 15
Net cash flow from/(used in) investing activities (15,697) (6,033) (8,545)
Cash flows from financing activities      
Proceeds from debt securities [1] 150,409 124,701 116,436
Repayments of debt securities [1] (135,220) (113,014) (90,574)
Proceeds from issuance of subordinated loans 3,734 4,603 2,225
Repayments of subordinated loans (2,808) (2,931) (2,894)
Repayments of principal portion of lease liabilities (282) (290) (291)
Purchases of treasury shares (3,705) (3,817) (3,531)
Dividends and other cash distributions paid (3,884) (3,879) (2,967)
Net cash flow from/(used in) financing activities 8,245 5,374 18,404
Net cash flow (13,832) (23,203) (1,481)
Cash and cash equivalents at beginning of year 69,069 93,012 95,391
Effect of exchange rate changes on cash and cash equivalents (1,089) (740) (898)
Cash and cash equivalents at end of year 54,148 69,069 93,012
Cash and cash equivalents      
Treasury bills and other eligible bills included in securities at AC 0 37 0
Deposits from banks (7,065) (6,303) (5,132)
Loans and advances to banks 8,324 4,982 7,931
Cash and balances with central banks 52,889 70,353 90,214
Cash and cash equivalents at end of year € 54,148 € 69,069 € 93,012
[1] Cash flows are reported on a gross basis and include investments and borrowings of short term securities