Cash flow statement as at 31 December 2025
| 2025 mEUR |
2024 mEUR |
|
| Net income/loss for the period | 39.0 | 38.0 |
| Depreciation, amortisation and impairments, and reversal of impairments of loans and advances and fixed assets | 16.5 |
14.2 |
| Increase (+)/decrease (-) in provisions | 18.6 | - 16.3 |
| Other non-cash expenses/income | 47.6 | 123.8 |
| Other adjustments (net) | 53.3 | 21.9 |
| Increase (-)/decrease (+) in loans and advances to banks | 7,763.1 | 1,579.1 |
| Increase (-)/decrease (+) in loans and advances to customers | - 97.6 | 499.2 |
| Increase (-)/decrease (+) in securities (not held as fixed assets) | 50.4 | - 50.0 |
| Increase (-)/decrease (+) in other assets from operating activities | - 1,006.5 |
1,611.2 |
| Increase (+)/decrease (-) in liabilities to banks | - 714.0 |
- 236.8 |
| Increase (+)/decrease (-) in liabilities to customers | 7.0 | - 344.1 |
| Increase (+)/decrease (-) in securitised liabilities | - 3,228.9 | - 2,004.2 |
| Increase (+)/decrease (-) in other liabilities from operating activities | - 639.9 |
- 254.3 |
| Interest expenses / interest income | - 218.2 | - 276.9 |
| Income tax expenses / income | 1.6 | 1.7 |
| Interest and dividends received | 2,919.8 | 3,863.2 |
| Interest paid | - 2,754.9 | - 3,608.2 |
| Income taxes paid | - 1.6 | - 1.7 |
| Cash flow from operating activities | 2,255.3 | 959.8 |
| Proceeds from disposals of financial investments | 2,114.8 | 2,213.1 |
| Payments for investments in financial investments | - 4,329.4 | - 3,048.7 |
| Proceeds from disposals of property and equipment | 0.0 | 2.4 |
| Payments for investments in property and equipment | - 13.6 | - 16.0 |
| Proceeds from disposals of intangible assets | 0.0 | 0.0 |
| Payments for investments in intangible assets | - 19.7 | - 17.6 |
| Cash flow from investing activities | - 2,247.9 | - 866.8 |
| Appropriation of distributable profit pursuant to Section 9 of Rentenbank’s Governing Law | - 19.0 | - 18.5 |
| Net change in funds from other capital | 0,0 | - 40.0 |
| Cash flow from financing activities | - 19.0 | - 58.5 |
| Net change in cash and cash equivalents | - 11.6 | 34.5 |
| Cash and cash equivalents at beginning of period | 56.1 | 21.6 |
| Cash and cash equivalents at end of period | 44.5 | 56.1 |
The Statement of Cash Flows shows the changes in cash and cash equivalents for the 2025 and 2024 fiscal years from operating, investing and financing activities. Cash and cash equivalents correspond to the “cash reserve” item reported in the balance sheet.
Cash flows are allocated to operating activities based on the definition of the operating result. Cash flows from investing and financing activities are derived directly from the accounting system. Cash flow from investing activities results from payments for and proceeds from property and equipment, intangible assets and securities classified as fixed assets. Cash flow from financing activities includes payments for regulatory supplementary capital and the distribution of distributable profit.
The Statement of Cash Flows was prepared on the basis of the regulations set out in German Accounting Standard number 21.
The informative value of the Statement of Cash Flows as an indicator of the liquidity position is limited. For further details on liquidity management, please refer to the information in the Management Report.