The central government’s financial situation remained difficult, and indebtedness continued in 2025. The year’s expenditures exceeded revenues by EUR 11.9 billion. The State Treasury has submitted its proposal for the 2025 State balance sheet to the Ministry of Finance. The final accounts cover on-budget entities.
The proposed final accounts include:
- the budget realisation statement
- the state income and expense account
- the balance sheet
- the cash flow statement
- the appendices to the statements.
The final central government accounts are attached to the government’s annual report, which is submitted to Parliament in May.
According to the state budget realisation statement, the surplus for the financial year 2025 was EUR 3.7 billion Budget income totalled EUR 93.0 billion and budget expenditure EUR 89.3 billion. Loans taken out using the budget realisation statement were treated as income.
In 2025, net borrowing was EUR 16.4 billion, whereas it was EUR 12.1 billion the year before. while the cumulative deficit at the end of the financial year amounted to EUR 2.2 billion.
Deficit decreased by EUR 0.8 billion
According to the central government’s income and expense account, the deficit for last year was EUR 11.9 billion, while the deficit for 2024 was EUR 12.7 billion. Income increased by 3% and expenses by 1% from 2024. The increase in income was mainly due to an increase in tax revenue.
The share of payment transfer expenses in expenses was 79%, totalling EUR 67.5 billion. This is approximately EUR 1.9 billion more than in 2024. Payment transfers include revenues and expenses, which do not involve a direct consideration.
The costs of payment transfers to wellbeing services counties amounted to approximately EUR 26.8 billion. In 2024, the corresponding costs totalled EUR 25.0 billion. In addition to wellbeing services counties, EUR 6.8 billion in payment transfer expenses were paid to e.g. other local administration, compared to EUR 6.4 billion in the previous year. In 2025, current transfers to social security funds amounted to EUR 14.8 billion. This included a decrease of EUR 0.6 billion from the previous year.
Financial costs decreased by EUR 0.1 billion. Operating expenses increased by approximately EUR 1.0 billion. This was mainly due to increased material purchases.
The state balance sheet increased by 6.5%
The state balance sheet totalled EUR 76.5 billion, which is approximately 6.5% larger than in 2024. The biggest changes in the balance sheet were the changes in central government debt, stocks and current assets as well as changes in the amount of equity capital.
Central government debt according to the balance sheet increased by EUR 17.1 billion to EUR 185.0 billion. Central government debt according to the balance sheet refers to long-term borrowed capital, short-term borrowed capital instalments to be paid in the following financial year, and short-term euro-denominated debts.
The negative equity of on-budget entities was EUR 118.7 billion, representing an increase of EUR 11.9 billion when compared to the previous year. This increase was caused by the deficit.
Aiming for a more comprehensive overall picture of central government finances
Starting in 2025, the final central government accounts will incorporate the consolidated calculations on central government finances, which also include central government off-budget funds and unincorporated state enterprises. The Government’s annual report will feature the central government’s consolidated financial statements, which also contain information on state-owned enterprises. The first consolidated calculations of central government finances were prepared for 2025. The aim of this change is to expand the scope of the financial statements and provide a better overall picture of central government finances in the future.
The State Treasury’s proposal for the 2025 Final central government accounts > (in Finnish)
Budget realisation, income and expenses and balance sheet >
Also see the visualisations produced for figures in the final central government accounts >
Further information:
Accounting Manager Jaana Tiimonen, State Treasury, tel. +358 295 502 261, keskuskirjanpito(at)valtiokonttori.fi
