When the State Budget Act (5.12.2024/757) was amended, a new section 17b was added to the State Budget Act, containing provisions on the consolidated financial statements of central government finances presented in connection with the final central government accounts. They are created by combining the accounting data of on-budget entities, off-budget state funds and unincorporated state enterprises.

The consolidated financial statements include the statement on returns and expenses describing income and expenses, the balance sheet showing the financial standing at the end of the financial year and the cash flow statement as well as the appendices specifying them. The consolidated financial statements are presented in connection with the final central government accounts and provide additional information on the big picture of central government finances.

Results of funds and unincorporated state enterprises improved central government deficit

The deficit of the statement on returns and expenses in the consolidated financial statements of central government finances, EUR 10.0 billion, was EUR 1.9 billion lower than the central government deficit. This was due to the positive results of off-budget finances and unincorporated state enterprises, which improved the deficit of the consolidated financial statements compared to the final central government accounts. Internal items amounting to EUR 2.1 billion were eliminated.

The majority of the EUR 5.9 billion operating income consisted of the operating income of off-budget finances, the most significant of which were profit from the sales of other shares and holdings of the State Pension Fund, EUR 2.2 billion.

The largest items in operating expenses were personnel costs, outsourced services and other expenses, of which material purchases constituted the largest item. The largest cost item in both consolidated financial statements of central government finances and the final central government accounts was expenses from payment transfers, EUR 67.7 billion. The largest individual item were the expenses from payment transfers to wellbeing services counties, EUR 26.8 billion. The largest revenue item was income from taxes and mandatory charges, EUR 64.6 billion.

The balance sheet of consolidated financial statements of central government finances provides a more comprehensive picture of assets

The balance sheet highlights the following central government asset items: material assets, EUR 30.8 billion, securities in fixes assets, EUR 15.5 billion, and other long-term euro-denominated investments, EUR 14.1 billion. The State owns these either directly or through funds and unincorporated state enterprises.

The state balance sheet of the consolidated financial statements of central government finances totalled EUR 104.4 billion. This was EUR 27.9 billion higher than the total of the state balance sheet. Internal items amounting to EUR 14.2 billion were eliminated from the balance sheet of consolidated financial statements of central government finances.

The equity of the balance sheet of consolidated financial statements of central government finances consists of the equity of the State, funds and unincorporated state enterprises. The negative equity was EUR 86.6 billion in 2025. It was EUR 32.1 billion less negative than the state equity. This is due to the positive equity of both funds and unincorporated state enterprises. The amount of loan capital totalled EUR 191 billion.

More information on investments, liabilities and more in the new appendices

The investment appendix to the consolidated financial statements shows the increases and reductions to investments by asset group. The net change in investments in 2025 totalled EUR 4.4 billion. The presentation of off-balance-sheet liabilities has been reformed by, for example, classifying other multiannual liabilities by liability type. All off-balance-sheet liabilities totalled EUR 259.6 billion.

The State Treasury’s proposal for the 2025 Final central government accounts > (in Finnish)

Consolidated financial statements, income and expenses, and the balance sheet >

See also the visualisations created based on the consolidated financial statements >

Further information:
Accounting Manager Jaana Tiimonen, State Treasury, tel. +358 295 502 261, keskuskirjanpito(at)valtiokonttori.fi