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Annual Accounts

The Annual Accounts of the European Central Bank reflect our financial position and the results of our operations at the end of the year.

They comprise a management report, financial statements (i.e. balance sheet, profit and loss account, a summary of significant accounting policies and other explanatory notes), an independent auditor’s report and a note on profit distribution/allocation of losses.

The financial statements are prepared in line with the accounting policies laid down in the relevant legislation and are specific to the European System of Central Banks and the ECB.

Read more about the production of the ECB’s financial statements

Published each February, the Annual Accounts are an integral part of our Annual Report

Annual Accounts 2025 Press release Frequently asked questions on the ECB’s Annual Accounts Explainer: Profits and losses of the ECB and the euro area national central banks: where do they come from?
2025

in figures

€603.3billion

Balance sheet

Our balance sheet contracted by €37.3 billion in 2025. This is mainly because of a decline in monetary policy securities – the Eurosystem no longer reinvested principal payments from maturing securities under its asset purchase programmes.

More on the balance sheet
€1,254million

Loss for the year

Our loss was significantly lower in 2025 than in 2024, mainly owing to a decrease in the interest expense resulting from the net TARGET liability.

Like losses from the previous two years, it will remain on our balance sheet to be offset against future profits.

More on the profit and loss account

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