| € millions | 31.12.2024 | Acquisitions/ Subscriptions | Disposals/ Reductions | Other movements | 31.12.2025 |
|---|---|---|---|---|---|
| Equity investments(1) | Equity investments (1)31.12.2024 21,109.8 |
Equity investments (1)Acquisitions/ Subscriptions 1,070.9 |
Equity investments (1)Disposals/ Reductions (153.4) |
Equity investments (1)Other movements 3.2 |
Equity investments (1)31.12.2025 22,030.5 |
| Loans and advances(2) | Loans and advances (2)31.12.2024 5,020.4 |
Loans and advances (2)Acquisitions/ Subscriptions 7,458.3 |
Loans and advances (2)Disposals/ Reductions (4,340.9) |
Loans and advances (2)Other movements (3.2) |
Loans and advances (2)31.12.2025 8,134.6 |
| L’Oréal shares(3) | L’Oréal shares (3)31.12.2024 — |
L’Oréal shares (3)Acquisitions/ Subscriptions 500.0 |
L’Oréal shares (3)Disposals/ Reductions — |
L’Oréal shares (3)Other movements (500.0) |
L’Oréal shares (3)31.12.2025 — |
| Other | Other 31.12.2024 6.4 |
Other Acquisitions/ Subscriptions 1.4 |
Other Disposals/ Reductions (1.3) |
Other Other movements — |
Other 31.12.2025 6.5 |
| Gross value | Gross value 31.12.2024 26,136.5 |
Gross value Acquisitions/ Subscriptions 9,030.6 |
Gross value Disposals/ Reductions (4,495.6) |
Gross value Other movements (500.0) |
Gross value 31.12.2025 30,171.5 |
| Equity investments(4) | Equity investments (4)31.12.2024 2,726.8 |
Equity investments (4)Acquisitions/ Subscriptions 552.2 |
Equity investments (4)Disposals/ Reductions (12.7) |
Equity investments (4)Other movements — |
Equity investments (4)31.12.2025 3,266.3 |
| Loans and advances | Loans and advances 31.12.2024 — |
Loans and advances Acquisitions/ Subscriptions — |
Loans and advances Disposals/ Reductions — |
Loans and advances Other movements — |
Loans and advances 31.12.2025 — |
| Other | Other 31.12.2024 0.2 |
Other Acquisitions/ Subscriptions — |
Other Disposals/ Reductions — |
Other Other movements — |
Other 31.12.2025 0.2 |
| Impairment | Impairment 31.12.2024 2,727.0 |
Impairment Acquisitions/ Subscriptions 552.2 |
Impairment Disposals/ Reductions (12.7) |
Impairment Other movements — |
Impairment 31.12.2025 3,266.5 |
| NET VALUE | NET VALUE 31.12.2024 23,409.5 |
NET VALUE Acquisitions/ Subscriptions 8,478.4 |
NET VALUE Disposals/ Reductions (4,482.9) |
NET VALUE Other movements (500.0) |
NET VALUE 31.12.2025 26,905.0 |
The table of subsidiaries and holdings is included in note 31 to the parent company financial statements.
The balance of cash instruments was €45.6 million at 31 December 2025, compared with €45.5 million at 31 December 2024.
| € millions | 1 year or less | More than 1 year | Gross | Impairment | Net |
|---|---|---|---|---|---|
| Loans and other receivables with equity investments(1) | Loans and other receivables with equity investments(1) 1 year or less 131.9 |
Loans and other receivables with equity investments(1) More than 1 year 8,002.6 |
Loans and other receivables with equity investments(1) Gross 8,134.5 |
Loans and other receivables with equity investments(1) Impairment — |
Loans and other receivables with equity investments(1) Net 8,134.5 |
| Other financial assets | Other financial assets 1 year or less 6.2 |
Other financial assets More than 1 year — |
Other financial assets Gross 6.2 |
Other financial assets Impairment — |
Other financial assets Net 6.2 |
| Trade accounts receivable | Trade accounts receivable 1 year or less 539.3 |
Trade accounts receivable More than 1 year — |
Trade accounts receivable Gross 539.3 |
Trade accounts receivable Impairment — |
Trade accounts receivable Net 539.3 |
| Tax and employee-related receivables(2) | Tax and employee-related receivables (2)1 year or less 178.6 |
Tax and employee-related receivables (2)More than 1 year — |
Tax and employee-related receivables (2)Gross 178.6 |
Tax and employee-related receivables (2)Impairment — |
Tax and employee-related receivables (2)Net 178.6 |
| Other receivables | Other receivables 1 year or less 48.6 |
Other receivables More than 1 year — |
Other receivables Gross 48.6 |
Other receivables Impairment — |
Other receivables Net 48.6 |
| Other receivables | Other receivables 1 year or less 227.2 |
Other receivables More than 1 year — |
Other receivables Gross 227.2 |
Other receivables Impairment — |
Other receivables Net 227.2 |
| Prepaid expenses | Prepaid expenses 1 year or less 49.9 |
Prepaid expenses More than 1 year — |
Prepaid expenses Gross 49.9 |
Prepaid expenses Impairment — |
Prepaid expenses Net 49.9 |
| TOTAL | TOTAL 1 year or less 954.5 |
TOTAL More than 1 year 8,002.6 |
TOTAL Gross 8,957.1 |
TOTAL Impairment — |
TOTAL Net 8,957.1 |
Accrued receivables included in receivables and current assets break down as follows:
| € millions | 31.12.2025 | 31.12.2024 |
|---|---|---|
| Trade accounts receivable | Trade accounts receivable 31.12.2025 11.1 |
Trade accounts receivable 31.12.2024 0.9 |
| Other receivables | Other receivables 31.12.2025 0.8 |
Other receivables 31.12.2024 3.3 |
| TOTAL | TOTAL 31.12.2025 11.9 |
TOTAL 31.12.2024 4.2 |
