Financial accounts statistics – commentary

for 4Q 2025

The overall situation

The total value of the financial assets in the Czech economy rose by 1.7% in 2025 Q4, representing a slight slowdown in growth compared with the previous quarter. The year-on-year increase (7.4%) also declined. The financial assets were positively affected by transactions, which totalled CZK 471.6 billion. The value of financial assets increased by a further CZK 346.9 billion due to revaluation. Other changes contributed a further increase in the value of financial assets of CZK 188.5 billion. All economic sectors contributed to various degrees to the increase in financial assets. In volume terms, the largest increases were recorded by the rest of the world and households. These were followed by financial corporations and, some way behind, by non-financial corporations. General government recorded weak growth in financial assets for the second consecutive quarter. On the liabilities side, financial corporations dominated, followed by non-financial corporations, the rest of the world and general government. The increase in household liabilities was virtually unchanged from the previous quarter and, compared with the other sectors, was of only marginal significance.

Changes in the shares of individual financial instruments in total financial assets and liabilities were slightly larger compared with the previous quarter. Deposits recorded the largest change, with their share declining by 0.8 pp quarter on quarter. At the same time, a change occurred in their structure: while the share of transferable deposits remained unchanged, the share of other deposits fell by 0.9 pp. These changes are typical of the final quarter of the year and, in terms of their magnitude, are broadly in line with the long-term quarter-on-quarter changes observed in this period. By contrast, the shares of shares and other equity and of debt securities increased (by 0.5 pp and 0.4 pp respectively). The sectoral structure of financial assets and liabilities remains stable in the long term. Changes in the shares of individual sectors fluctuated around ±0.2 pp. On the financial assets side, the share of the rest of the world increased slightly at the expense of financial corporations. As regards liabilities, an increase in the share of general government led to a slight decline in the shares of non-financial corporations and financial corporations.

Chart 1 – Breakdown of financial instruments in the economy
(in %)

Chart 2 – Breakdown of financial assets and liabilities by sector
(in CZK billions)

Households again strengthened their net creditor position. However, the increase in net financial assets was considerably higher than in the previous quarter. After a slight weakening observed in 2025 Q3, the net creditor position of the rest of the world also improved. The net financial position of the other economic sectors deteriorated. A marked increase in negative net financial assets was recorded in particular by general government. The net financial position of non-financial corporations weakened again. The negative net financial assets of financial corporations also increased following a slight improvement in the previous quarter.

Non-financial corporations

Financial assets and liabilities recorded quarter-on-quarter increases in value of 1.1% and 1.2% respectively. The sector’s net financial position worsened slightly again. The increase in negative net financial assets (1.4%) was driven by a negative balance of revaluation and financial transactions, which offset a positive balance of other changes. 

The financial assets side was affected mainly by an increase in transferable deposits with commercial banks. Non-transaction changes in the form of other changes led to an increase in the value of unlisted shares. By contrast, the value of loans declined, owing to a substantial transaction decrease in loans provided within the sector. After a relatively significant increase in the previous quarter, the value of trade credits provided abroad declined. For the third consecutive quarter, the value of other deposits accumulated with commercial banks decreased. Movements in the values of the other financial instruments were substantially smaller. The liabilities side was driven mainly by an increase in the value of unlisted shares owing to positive revaluation. The increase in other equity was due in almost equal measure to positive revaluation and transaction growth. Long-term loans were driven by an increase in loans drawn from commercial banks. Growth in liabilities was dampened by a decline in short-term loans, reflecting to a virtually equal extent a decrease in intersectoral loans and in loans provided by commercial banks.  

Turning to the balance sheet structure, on the financial assets side, an increase in the shares of transferable deposits and unlisted shares (0.8 pp and 0.7 pp respectively) was observed at the expense of trade credits and loans. On the liabilities side, growth in unlisted shares led to a decline in the share of short-term loans.

Chart 3 – Breakdown of financial assets and liabilities of non-financial corporations
(in CZK billions)

Financial corporations

The sector’s net financial position deteriorated, due to stronger growth in liabilities than financial assets (1.5% and 1.3% respectively). Negative net financial assets increased by 4.5% quarter on quarter owing to a large negative balance of other changes, which was only partly offset by a positive balance of financial transactions.

Growth in financial assets was driven by an increase in the value of shares and other equity, almost equally due to transactions and non-transaction changes. A marked transaction increase was recorded by long-term loans and by debt securities, both short-term and long-term. By contrast, the value of transferable and other deposits declined noticeably. The liabilities side was affected by an increase in the value of shares and other equity, driven by non-transaction effects, in particular other changes and, to a lesser extent, positive revaluation. The value of debt securities increased due solely to transactions. A renewed increase in the value of investment fund shares and units was also observed. The growth in liabilities was partly offset by a decline in the value of deposits and other liabilities. 

As regards sub-sectors, the net financial position of the central bank sub-sector improved quarter on quarter owing to financial assets growing faster than liabilities. An increase in financial assets accompanied by a drop in liabilities led to a reduction in negative net financial assets recorded by financial auxiliaries. Higher growth in liabilities than in financial assets led to a deterioration in the net financial position of the remaining sub-sectors, with the exception of other financial intermediaries. In this case, the increase in negative net financial assets was driven by a decline in the value of financial assets accompanied by growth in liabilities.

Chart 4 – Shares of sub-sectors in financial assets and liabilities of the financial sector
(in %)

Chart 5 – Breakdown of financial assets in selected sub-sectors of the financial corporations sector
(in %)

General government

Substantially higher quarter-on-quarter growth in the value of liabilities than of financial assets (3.8% and 1.0% respectively) led to a deterioration in general government’s net financial position. The value of negative net financial assets increased quarter on quarter by 12.4%, due mainly to a negative balance of transactions and, to a lesser extent, revaluation. All three sub-sectors recorded a weakening of their net financial position to varying degrees.

Financial assets were affected by an increase in other accounts receivable and long-term loans. Within long-term loans, the increase was driven mainly by a rise in loans drawn by non-residents. Loans provided within the sector and to non-financial corporations also increased. The growth in financial assets was dampened by a decline in the total value of deposits, which was accompanied by significant changes in their structure. This involved a shift of part of other deposits held with commercial banks into transferable deposits held with the central bank. Trade credits and advances recorded a transaction decline in value. The liabilities side was affected mainly by a marked increase in the value of debt securities, in particular long-term debt securities. As regards holdings of government bonds, the largest transaction increases were recorded by financial corporations and the rest of the world, followed some way behind by non-financial corporations. Transactions also contributed to an increase in other liabilities and long-term loans. In the case of long-term loans, these were loans drawn from abroad and intersectoral loans. Growth in liabilities was offset by a decline in trade credits and advances and, to a lesser extent, in transferable deposits.

Chart 6 – Breakdown of financial assets and liabilities of general government
(in CZK billions)

Households

A quarter-on-quarter acceleration in the growth rate of financial assets, accompanied by a stagnation in the growth rate of liabilities (2.3% and 2.1% respectively), led to an improvement in the sector’s net financial position. The value of net financial assets increased by 2.3% owing to both a positive balance of financial transactions and revaluation.

Within financial assets, the value of shares and investment fund shares and units held by households increased. In the case of both domestic and foreign funds, this reflected primarily transaction growth, accompanied by positive revaluation. The value of unlisted shares increased, due mainly to revaluation. Growth in deposits accelerated markedly, with transferable deposits again dominating, a trend observed for the sixth consecutive quarter. The increase in the value of long-term debt securities was driven by investments in domestic corporate issues and bonds issued by financial corporations. By contrast, the increase in reserves within pension schemes reflected almost exclusively positive revaluation. The liabilities side was affected by an increase in loans (2.2%), the growth of which has long been determined by loans provided by deposit-taking corporations except the central bank. Turning to the time structure, long-term loans increased again and their share in total loans is currently 97.7%.

Chart 7 – Breakdown of financial assets and liabilities of households
(in CZK billions)

Rest of the world

Higher quarter-on-quarter growth in financial assets than in liabilities (of 2.8% and 2.1% respectively) led to a rise in net financial assets. Their quarter-on-quarter increase of 16.2% was due to positive revaluation and, to a lesser extent, transactions.

On the financial assets side, the value of shares and other equity increased, owing both to positive revaluation and to an increase in new transactions. The significant transaction growth in debt securities reflected mainly an increase in domestic bank bonds and, to a lesser extent, general government bonds held by non-residents. The value of transferable deposits and of investment fund shares and units also rose. The rise in financial assets was offset by a drop in other deposits and other accounts receivable. Liabilities were influenced by a marked transaction increase in shares and other equity and in short-term debt securities, driven by an increase in foreign bonds held by the central bank. The value of loans and of investment fund shares and units also rose. By contrast, a decline in total deposits significantly offset growth in liabilities. The value of both transferable and other deposits held abroad by commercial banks and the central bank decreased.

Turning to the structure of the financial balance sheet, the share of debt securities increased on the financial assets side (by 1.0 pp), mainly at the expense of other deposits. On the liabilities side, an increase in the shares of short-term debt securities and of shares and other equity (0.8 pp and 0.7 pp respectively) was accompanied by a decline in deposits.

Chart 8 – Breakdown of financial assets and liabilities of the rest of the World
(in CZK billions)