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Assets and Liabilities

Open in Excel:
Cash and Bank DepositsDebtorsLoansTangible Fixed AssetsOtherTangible Fixed Assets and OtherTotal Assets
20090.5212604061.8102538134.36001343931.4747885365.04244697743.209
20100.2903008571.4037769056.7329905235.6209660344.03485414548.083
20110.445961463.2422195667.07315570938.7262282016.39377414655.881
20121.4450733843.2087741328.8160616743.9798205578.3618046789909965.811534421991
20131.898954053.8466130718.76537267547.0726715726.4639575768.047568938
20143.19271118417.013393288.55994082777.47989548110.861905446117.107846218
20154.69137437618.9431322185.56328656899.36956554128.567358702
20164.5828584217.1522337914.387269513108.843477518134.965839242
20174.8621307477.3028766389.605538846116.918138.68878052
20184.224769916.79132234310.067771446118.967140.051189529

Please note: Tangible Fixed Assets have been suppressed from 2015 to 2018 due to confidentiality.

The balance sheet grew by almost 225% between the end of 2009 and the end of 2018. This reflects an annual growth rate of 14%. The largest increase came in 2014, due to new entrants when assets increased by 72%. The industry experienced its lowest growth in 2018, with growth of just 1%. The combined total of tangible fixed assets and other assets grew by 226% over the period, in line with the overall balance sheet, growing by 65% in 2014. In comparison, debtors grew by 342% in 2014, rising from €3.8bn to €17.0bn, the largest recorded rise of any asset class.

Table 3.1 Assets€ billion
 Cash and Bank DepositsDebtorsLoansTangible Fixed AssetsOtherTotal Assets
20090.51.84.431.55.043.2
20100.31.46.735.64.048.1
20110.43.27.138.76.455.9
20121.43.28.844.08.465.8
20131.93.88.847.16.568.0
20143.217.08.677.510.9117.1
20154.718.95.6**128.6
20164.67.214.4**135.0
20174.97.39.6**138.7
20184.26.810.1**140.1
*Suppressed for confidentiality reasons.
Bonds and NotesCreditorsEquity InvestmentsLoansOther
20095.108366796017463.5250022014171334.70675028501741.511311977832515.1485687397159
20108.497445637778132.6888872098317135.328404094209241.368285897938912.116977160242
20116.42307855987112.5907672467739730.533309935188942.548074032076617.9047702260894
20125.3296436199572.6713954085316827.779383742130347.372189216744216.8473880126369
20135.127492750206022.748858471410127.573233207911550.651934842668513.8984807278039
20143.04172681874194.0686911829478723.553058724456261.35348410172297.98303917213116
20153.084492146656459.0025059312989925.814265346689453.67277288727518.42596368808005
20164.492216929261375.5761061607902423.203407000321360.00642534209186.72184456753528
20171.337521017687523.9949805202845524.29307065234563.59225814666946.78216966301351
20181.430750391944113.6505985922359521.857191093275764.18750313601488.87395678652947

In 2009, the industry was financed primarily through loans (41.5%) and equity (34.7%). The new entrants to the market in 2014 raised the proportion of loan-financing from 50.7% to 61.4%. It fell by almost 8% to 53.7% the following year but rebounded to 60% in 2016 and continued to grow.

Equity funding has fallen to less than 22% in 2018 while loans have increased to over 64%. Bonds, notes and other funding have fallen from a combined 20% to 10% during the period. Equity funding fell to its lowest level, 21.9%, in 2018.


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