COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE COURT OF AUDITORS CONSOLIDATED ANNUAL ACCOUNTS OF THE EUROPEAN UNION FOR THE FINANCIAL YEAR 2024
Date: 2025-06-25
Institutions: Directorate-General for Budget, European Commission
Subjects: European Union, balance sheet, closing of accounts, consolidated account, financial situation, general budget (EU), implementation of the budget

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 25.6.2025  COM(2025) 359 final  COMMUNICATION FROM THE COMMISSION  TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE COURT OF AUDITORS CONSOLIDATED ANNUAL ACCOUNTS OF THE EUROPEAN UNION  FOR THE FINANCIAL YEAR 2024  
 
 
CONTENTS 

FINANCIAL HIGHLIGHTS OF THE YEAR ....................................................... 2 

NOTE ACCOMPANYING THE CONSOLIDATED ACCOUNTS .............................. 34 

CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES ........... 35 

BALANCE SHEET ................................................................................ 37 

STATEMENT OF FINANCIAL PERFORMANCE ............................................. 38 

CASHFLOW STATEMENT ...................................................................... 39 

STATEMENT OF CHANGES IN NET ASSETS ............................................. 40 

NOTES TO THE FINANCIAL STATEMENTS ............................................... 41 

BUDGETARY IMPLEMENTATION REPORTS AND EXPLANATORY NOTES ...........137 

GLOSSARY ..........................................................................................205 

LIST OF ABBREVIATIONS ......................................................................209 

 
 
 
 
 
Annual accounts of the European Union 2024 

FINANCIAL HIGHLIGHTS OF THE YEAR 

The  objective  of  this  section  on  financial  highlights,  which  has  been  prepared  on  the  basis  of  the 
principles  outlined  in  the  IPSASB  Recommended  Practice  Guideline  (RPG)  2  ‘Financial  Statement 
Discussion  and  Analysis’  is  to  assist  readers  in  understanding  how  the  operational,  financial  and 
investment  activities  of  the  EU  are  reflected  in  the  different  elements  of  the  consolidated  financial 
statements of the EU. The information presented in this section has not been audited. 

Please  note  that  due  to  the  rounding  of  figures  into  millions  of  euro,  some  financial  data  in  the  tables 
below may appear not to add up. 

2 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

CONTENTS 

1.  KEY FIGURES AND HIGHLIGHTS OF THE YEAR ............................................... 4 

2.  THE 2021-2027 MULTIANNUAL FINANCIAL FRAMEWORK, NextGenerationEU 

AND SUPPORT TO UKRAINE ........................................................................ 6 

3.  NGEU IMPLEMENTATION ............................................................................ 9 

3.1.  Overview ........................................................................................... 9 

3.2.  Disbursements of non-repayable support under the RRF 

(including REPowerEU) ......................................................................... 9 

3.3.  Disbursements of loans under the RRF (including REPowerEU) .................. 10 

3.4.  NGEU contributions to other programmes under the EU budget................. 10 

4.  BUDGETARY CONTINGENT LIABILITIES ...................................................... 11 

4.1.  Borrowing and lending activities .......................................................... 11 

4.2.  Budgetary guarantees ........................................................................ 18 

4.3.  Common Provisioning Fund ................................................................. 19 

5.  FINANCIAL STATEMENTS ANALYSIS ........................................................... 20 

5.1.  Revenue .......................................................................................... 20 

5.2.  Expenses ......................................................................................... 21 

5.3.  Assets ............................................................................................. 21 

5.4.  Liabilities ......................................................................................... 24 

5.5.  Net assets ........................................................................................ 25 

6.  SUMMARY OF BUDGET IMPLEMENTATION ................................................... 26 

6.1.  Revenue .......................................................................................... 26 

6.2.  Expenditure ...................................................................................... 27 

7.  EU POLITICAL AND FINANCIAL FRAMEWORK, GOVERNANCE AND 

ACCOUNTABILITY .................................................................................... 30 

7.1.  Political and financial framework .......................................................... 30 

7.2.  Governance and accountability ............................................................ 31 

3 

 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

1.  KEY FIGURES AND HIGHLIGHTS OF THE YEAR 

Consolidated financial statements 

The consolidated ﬁnancial statements of the EU comprise more than 50 entities (including the European 
Parliament, the Council, the Commission and EU agencies). They are prepared on the basis of accrual-
based accounting  rules adopted  by  the  Accounting Officer  of the  Commission, these  rules being  based 
on International Public Sector Accounting Standards (IPSAS).  

As  shown  in  the  summarised  balance  sheet  below  and  further  detailed  in  the  Financial  Statements 
Analysis (Section 5), the most notable features of the  2024 EU consolidated financial statements were 
an increase in borrowing related to the implementation of NextGenerationEU and the additional financial 
support provided to Ukraine: 

2024 

2023 

Change 

EUR billion 

ASSETS 

Financial assets 

Pre-financing 

Receivables 

Cash and cash equivalents 

Property, plant and equipment, and other assets 

328.3 

285.4 

78.9 

31.7 

63.2 

16.3 

91.7 

35.2 

39.6 

15.8 

Total 

518.5 

467.7 

43.0 

-12.8 

-3.5 

23.6 

0.5 

50.8 

2.3 

143.5 

4.9 

-9.7 

6.5 

93.1 

601.9 

55.4 

67.1 

9.8 

90.8 

458.4 

50.5 

76.8 

3.3 

827.3 

679.8 

147.5 

1.0 

(309.8) 

(308.8) 

1.1 

(213.2) 

(212.2) 

-0.1 

-96.6 

-96.7 

 see Financial Statement Analysis, Section 5 

4 

LIABILITIES 

Post-employment benefits 

Financial liabilities 

Payables 

Accruals 

Other liabilities 

Total 

NET ASSETS 

Reserves 

Amounts to be called from Member States 

Total 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Key developments in 2024 

 Continuing the successful track record of issuing EU-Bonds, EU-Bills and NGEU Green Bonds 

Delivering on the NGEU objectives 

Providing financial assistance to Ukraine 

 see Section 4   

 see Section 3      

 see Section 4  

5 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2. 

THE 2021-2027 MULTIANNUAL FINANCIAL 
FRAMEWORK, NextGenerationEU AND SUPPORT 
TO UKRAINE 

The  EU’s  long-term  budget  for  2021-2027,  together  with  the  NextGenerationEU  (NGEU)  recovery 
instrument, amounts to EUR 2.028 trillion in current prices (EUR 1.8 trillion in 2018 prices). 

The  package  consists  of  the  long-term  budget,  the  2021-2027  multiannual  financial  framework  (MFF), 
made  up  of  EUR  1.221  trillion  in  current  prices  (EUR  1.081  trillion  in  2018  prices),  combined  with  the 
temporary  NGEU  recovery  instrument,  of  an  initial  amount  of  up  to  EUR  806.9  billion  in  current  prices 
(EUR  750  billion  in  2018  prices).  This  initial  amount  has  been  adjusted  to  EUR  712  billion,  as  the  total 
available loan support was not fully requested by the Member States. 

Revision of the EU budget 2021-2027  

Since  the  adoption  in  2020  of  the  long-term  EU  budget  for  2021-2027,  the  EU  has  faced  a  series  of 
unprecedented  and  unforeseen  crises,  including  Russia’s  war  of  aggression  against  Ukraine  and  its 
consequences,  the  acceleration  of  inflation  and  interest  rates,  as  well  as  migration  and  external 
challenges  such  as  the  Middle  East  conflict.  Tackling  these  multiple  challenges  has  stretched  the 
resources  of  the  EU  budget  to  the  limit,  hampering  its  ability  to  address  even  the  most  pressing 
challenges.  To  ensure  that  the  EU  budget  can  continue  to  deliver  on  its  key  objectives,  the  European 
Commission proposed in June 2023 to strengthen the EU's long-term budget.  

On 1 February 2024, EU leaders endorsed all of the priorities set out in the Commission’s proposal and 
agreed  on  the  first-ever  revision  of  the  EU's  long-term  budget  –  which  was  also  approved  by  the 
European Parliament on 27 February 2024. Key elements include: 

—  critical support for Ukraine: a new Ukraine Facility, based on grants, loans and guarantees, with a 
total  capacity  of  EUR  50  billion  over  the  period  2024-2027,  will  address  Ukraine's  immediate 
needs, reconstruction and modernisation on its path towards the EU;  

—  strengthening  sovereignty  and  competitiveness:  the  Strategic  Technologies  for  Europe  Platform 
(STEP)  will  boost  the  EU's  long-term  competitiveness  in  critical  technologies,  digital  and  deep 
tech,  clean  tech  and  biotech,  with  new  flexibilities  and  incentives  for  cohesion  funding  and  the 
Recovery and Resilience Facility, and a EUR 1.5 billion top-up to the European Defence Fund;  

—  further  action  on  migration  and  external  challenges:  an  increase  of  EUR  9.6  billion  will  support 
the  internal  and  external  dimensions  of  migration  and  help  partners  in  the  Western  Balkans, 
southern neighbourhood and beyond;  

—  a  stronger  response  to  unforeseen  crises:  to  enable  the  EU  budget  to  continue  to  respond  to 
unforeseen circumstances – such as the energy crisis,  food crises and the aftermath of Russia’s 
war amid rising inflation and interest costs – the Flexibility Instrument will be reinforced with an 
additional EUR 2 billion, while the ceiling of the Emergency Aid Reserve will be increased by EUR 
1.5  billion  and  split  into  two  separate  instruments:  the  European  Solidarity  Reserve  and  the 
Emergency Aid Reserve;  

—  more  crisis  resilience:  a  three-step  emergency  mechanism  and  a  new  instrument  will  provide 

clarity on the budgetary mechanisms for financing the costs associated with NextGenerationEU;  

—  the revision will be financed through a combination of new resources and redeployment within the 
EU  budget.  This  will  allow  the  EU  to  continue  to  address  the  most  pressing  priorities  while 
minimising the impact on national budgets, for the benefit of people in the EU and beyond. 

The  revision  entered  into  force  on  1  March  2024  and  applies  retroactively  to  the  EU  budget  as  of  1 
January 2024. The impact of the revision on the 2024 budget was included through amending budget  No 
1/2024, while the longer-term impact is reflected in the 2025 budget and the financial programming for 
2026 and 2027. 

6 

 
 
 
NextGenerationEU 

Annual accounts of the European Union 2024 

With an initial budget of up to EUR 806.9 billion, NGEU is designed to help repair the immediate economic 
and  social  damage  brought  about  by  the  COVID-19  pandemic,  and  help  build  a  post-COVID-19  Europe 
that  is  greener,  more  digital,  more  resilient  and  more  able  to  face  current  and  forthcoming  challenges. 
The majority of the funds are channelled through the Recovery and Resilience Facility (RRF). Part of the 
funds, up to EUR 338.0 billion, are  provided in  the  form of  non-repayable support,  or grants.  The  other 
part, up to EUR 385.8 billion, is used to provide loans from the EU to individual Member States. 

The deadline for Member States to request loans expired in August 2023, meaning that EUR 94.9 billion 
in  loans  can  no  longer  be  disbursed.  As  a  result,  the  total  amount  for  loans  now  stands  at 
EUR 290.9 billion,  and  the  adjusted  total  envelope  for  non-repayable  support  and  loans  stands  at 
EUR 712 billion. These loans will only start to be repaid by the Member States that received them after 
the end of the current MFF period, and repayments will continue over an extended period of time (from 
2032 to 2054, see Section 3.3). NGEU will also reinforce the following EU programmes and policies:  

—  the  Cohesion  policy  under  the  recovery  assistance  for  cohesion  and  the  territories  of  Europe 
(REACT-EU),  to  help  address  the  economic  consequences  of  COVID-19  in  the  first  years  of  the 
recovery; 

—  the Just Transition Fund, to guarantee that the transition to climate neutrality works for all; 

—  the European Agricultural Fund for Rural Development, to further support farmers; 

—  InvestEU, to support the investment efforts of our businesses; 

—  Horizon Europe, to make sure the EU has the capacity to fund more excellence in research; 

—  RescEU, to safeguard the capacity of the EU Civil Protection Mechanism to respond to large-scale 

emergencies. 

In addition, RRF grants are now supplemented by the inclusion of REPowerEU measures, also financed by 
Emissions  Trading  Scheme  (ETS)  revenues  and  Brexit  Adjustment  Reserve  (BAR)  allocations,  together 
with  NGEU  allocations.  Similarly,  the  RRF  loans  are  contributing  to  REPowerEU  purposes.  Please  see 
Section 3 for further detailed information  on the NGEU  implementation and  Section 4  on  the borrowing 
via the unified funding approach. 

Support to Ukraine 

Since the beginning of Russia’s war of aggression against Ukraine, the EU budget has massively stepped 
up  to  support  the  EU’s  crisis  response  in  Ukraine  on  all  fronts.  More  concretely,  as  part  of  a  ‘Team 
Europe’ approach, the EU, its Member States and European financial institutions, had by the end of 2024 
mobilised over EUR 130 billion in overall support for Ukraine and its people, in a clear expression of the 
EU’s continued solidarity. This includes: 

—  EUR 64.4 billion in financial assistance, budget support and humanitarian assistance, enabled by 
the  EU  budget  and  coming  directly  from  EU  Member  States  in  the  form  of  grants,  loans  and 
guarantees  (of  which,  EUR 19.6 billion  was  mobilised  throughout  2024  under  all  three  pillars  of 
the Ukraine Facility in the form of loans, non-repayable support and budgetary guarantees); 

—  EUR 47.3 billion  in  military  assistance  provided  directly  by  EU  Member  States,  including 

EUR 6.1 billion through the European Peace Facility (off-budget instrument); 

—  EUR 1.5 billion made available from the proceeds stemming from frozen and immobilised Russian 

sovereign assets (windfall profits); and 

—  EUR 17 billion made available by the EU and its Member States to support people fleeing Ukraine. 

7 

 
 
 
Political priorities for the 2024-2029 Commission 

Annual accounts of the European Union 2024 

The  political  priorities  of  the  European  Commission  are  set  out  in  the  political  guidelines  set  by  its 
President. Under President von der Leyen, the Commission, which took office on 1 December 2024,  will 
focus on the following seven key priorities: 

A new plan for Europe’s sustainable prosperity and competitiveness 

Europe  as  a  continent  of  economic  growth,  enterprise  and  innovation  by  ensuring 
competitiveness, prosperity and fairness. 

A new era for European defence and security 

Meeting  Europe’s  security  and  defence  challenges,  and  enhancing  preparedness  and 
crisis management. 

Supporting people, strengthening our societies and our social model   

Promoting  social  fairness,  increasing  solidarity  in  our  society,  and  ensuring  equal 
opportunities for all. 

Sustaining our quality of life: Food security, water and nature 

Building  a  competitive  and  resilient  agriculture  and  food  system,  safeguarding 
biodiversity, and preparing for a changing climate. 

Protecting our democracy, upholding our values 

Putting citizens at the heart of our democracy to empower all to help shape the future 
of our European Union. 

A global Europe: Leveraging our power and partnerships 

Focusing on our wider neighbourhood to tackle global challenges and promote peace, 
partnerships, and economic stability. 

Delivering together and preparing our European Union for the future 

A  modern  and  reinforced  EU  budget,  and  ambitious  reform  agenda  to  deliver  on  our 
goals. 

8 

 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

3.  NGEU IMPLEMENTATION 

3.1.  Overview 

At the end of 2024, the Commission had disbursed a total of EUR 373.0 billion in financial support. The 
majority  of  this  amount,  EUR  306.1  billion,  was  disbursed  under  the  RRF  (including  support  for 
REPowerEU  reforms  and  investments),  with  EUR  197.5  billion  disbursed  as  non-repayable  support  and 
EUR 108.7 billion disbursed as financial loan support. A further EUR  66.9 billion (net of recoveries) was 
disbursed as MFF payments under existing programmes. 

3.2.  Disbursements of non-repayable support under the 

RRF (including REPowerEU) 

The total non-repayable support approved and legally committed under the 27 Member States’ recovery 
and  resilience  plans  amounts  to  EUR  359.5  billion.  On  31 December 2024  the  budgetary  commitments 
amounted to EUR 358.9 billion. At the end of 2024, the Commission had disbursed a total of EUR  197.5 
billion of non-repayable support to 26 Member States:  

Member 
State 

Austria 

Belgium 

Bulgaria 

Croatia 

Cyprus 

Czechia 

Denmark 

Estonia 

Finland 

France 

Germany 

Greece 

Hungary 

Ireland 

Italy 

Latvia 

Lithuania 

Luxembourg 

Malta 

Netherlands 

Poland 

Portugal 

Romania 

Slovakia 

Slovenia 

Spain 

Sweden 

Total 
value of 
grants 

4.0 

5.0 

5.7 

5.8 

1.0 

8.4 

1.6 

1.0 

1.9 

40.3 

30.3 

18.2 

6.5 

1.2 

71.8 

2.0 

2.3 

0.2 

0.3 

5.4 

25.3 

16.3 

13.6 

6.4 

1.6 

79.9 

3.4 

Budgetary 
commitments 
31.12.2024* 
4.0 

4.9 

5.7 

5.8 

1.0 

8.4 

1.6 

1.0 

1.9 

40.3 

30.3 

18.2 

6.5 

1.1 

71.8 

2.0 

2.3 

0.1 

0.3 

5.3 

25.3 

16.3 

13.6 

6.4 

1.6 

79.9 

3.4 

EUR billion 

Total  
disbursed  
31.12.2024 

1.2 

1.5 

1.4 

3.7 

0.4 

4.2 

1.0 

0.5 

0.5 

30.9 

19.8 

8.6 

0.1 

0.3 

46.4 

0.8 

1.1 

0.0 

0.2 

1.3 

7.3 

8.5 

5.8 

3.5 

0.7 

48.0 

– 

Total 
197.5 
*  Budgetary  commitments  take  into  account  all  decommitments  including  those  related  to  commitments  made 

358.9 

359.5 

before 2024. Of the total budgetary commitments, EUR 2.5 billion was committed in 2024. 

During  2024,  the  Commission  disbursed  non-repayable  support  totalling  EUR  55.9  billion.  The  main 
disbursements  were  to  Germany  (EUR  13.5  billion),  Spain  (EUR  10.9  billion),  France  (EUR  7.5  billion), 
Poland (EUR 6.8 billion) and Italy (EUR 5.5 billion). 

9 

 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

3.3.  Disbursements of loans under the RRF 

(including REPowerEU) 

The  total  financial  loan  support  approved  under  the  plans  amounts  to  EUR  290.9  billion.  The  whole 
amount  is  covered  by  signed  loan  agreements.  At  the  end  of  2024,  the  Commission  had  disbursed 
EUR 108.7 billion in financial loan support to 13 Member States: 

Member State 

Total 
granted 

Total  
signed at 
31.12.2024 

Total 
disbursed 
at 31.12.2024 

Total 
repaid 
at 31.12.2024 

EUR billion 
Total 
outstanding 
at 31.12.2024 

Belgium 

Croatia 

Cyprus 

Czechia 

Greece 

Hungary 

Italy 

Lithuania 

Poland 

Portugal 

Romania 

Slovenia 

Spain 

Total 

0.2 

4.3 

0.2 

0.8 

17.7 

3.9 

122.6 

1.6 

34.5 

5.9 

14.9 

1.1 

83.2 

0.2 

4.3 

0.2 

0.8 

17.7 

3.9 

122.6 

1.6 

34.5 

5.9 

14.9 

1.1 

83.2 

0.0 

0.8 

0.0 

0.2 

9.6 

0.8 

75.7 

0.8 

13.5 

2.9 

3.7 

0.4 

0.3 

290.9 

290.9 

108.7 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.0 

0.8 

0.0 

0.2 

9.6 

0.8 

75.7 

0.8 

13.5 

2.9 

3.7 

0.4 

0.3 

108.7 

During 2024, the Commission provided new financial loan support for an amount of EUR 29.4 billion. The 
main  disbursements  were  to  Italy  (EUR 14.7 billion),  Poland  (EUR 9.0 billion),  Greece  (EUR 2.3 billion) 
and Portugal (EUR 1.2 billion). According to the loan agreements, the Member States will repay 5% of the 
disbursed amounts every year, starting 10 years after the disbursement date. This results in a repayment 
period from 2032 to 2054 for the loans disbursed up until 31 December 2024. 

3.4.  NGEU contributions to other programmes 

under the EU budget 

At  the  end  of  2024,  the  total  amount  of  net  payments  disbursed  to  other  programmes  under  the  MFF 
stood at EUR 66.9 billion. This contribution, which is net of recoveries, mainly related to REACT-EU which 
finances the European Regional Development Fund (ERDF) and the European Social Fund (ESF, including 
FEAD): 

MFF-Programme 

REACT-EU 

- of which ERDF 

- of which ESF (incl. FEAD) 

Just Transition Fund 

Rural Development (EAFRD) 

InvestEU 

Horizon Europe 

RescEU 

Total 

Total 
allocation 
50.6 

Total  
net commitments  
31.12.2024 
50.6 

30.0 

20.6 

10.9 

8.1 

6.1 

5.4 

2.0 

83.1 

30.0 

20.6 

10.8 

8.1 

6.1 

5.4 

2.0 

82.9 

EUR billion 
Total 
net payments 
31.12.2024 
46.3 

28.1 

18.2 

6.3 

4.8 

3.8 

4.5 

1.3 

66.9 

During  2024,  the  Commission  disbursed  EUR 24.6 billion  in  payments  to  other  MFF  programmes. 
Included in this amount were payments relating to REACT-EU (EUR 14.9 billion, of which EUR 7.1 billion 
under  the  ERDF  and  EUR 7.8  billion  under  the  ESF,  including  FEAD),  the  Just  Transition  Fund  (EUR  6.0 
billion),  Rural  Development  (EUR  1.5  billion),  InvestEU  (EUR  1.2  billion),  Horizon  Europe  (EUR  0.6 
billion), RescEU (EUR 0.3 billion). 

10 

 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

4.  BUDGETARY CONTINGENT LIABILITIES 

In  the  recent  years,  the  EU  has  increasingly  used  financial  instruments  (such  as  loans,  guarantees  and 
equity  investments),  as  a  means  to  implement  its  policies  and  pursue  EU  objectives.  For  example,  the 
loans by the EU to its Member States or partner countries aim at restoring financial stability or promoting 
economic recovery from crisis situations. The main objective of the EU guarantee programmes is boosting 
investments and enhancing access to finance to address market failures in the key policy areas. 

When the EU provides support in the form of loans or guarantees, it expects a high value added from its 
financial  contribution.  This  is  because,  in  contrast  to  traditional  non-repayable  methods  of  budget 
implementation  such  as  giving  grants  or  subsidies,  for  each  euro  spent  from  the  EU  budget  the  final 
beneficiary  receives  more  than  the  nominal  amount  of  the  EU  financial  support  due  to  the  so-called 
leverage effect.  

While the EU expects that expenses incurred will be lower than the amount of funding provided, the EU 
budget may still incur losses, when some events – that are not fully in the control of the EU – occur. This 
is the case for the programmes where the EU undertakes borrowings to finance loans to Member States 
and  third  countries  (see  section  4.1  below)  and  when  it  issues  guarantees  to  financial  institutions  (see 
section 4.2 below). As losses due to non-repayment by final beneficiaries are not likely to materialise in 
full,  the  EU  does  not  hold  assets  for  the  entirely  of  those  potential  liabilities1,  but  only  up  to  the  level 
necessary  to  cover  expected  losses  and  a sufficient  safety  buffer  for  unexpected  losses.  Nevertheless, 
would  the  losses  occur  above  the  assets  provisioned,  they  would  be  covered  by  the  Member  States 
through future EU budgets. In this sense they create ‘budgetary contingent liabilities’ for the EU budget.  

The  EU  regularly  monitors  the  sustainability  of  its  contingent  liabilities  and  the  adequacy  of  the  assets 
provisioned held in the Common Provisioning Fund (CPF)2 (see section 4.3 below). 

At  the  end  of  2024,  the  EU  budgetary  contingent  liabilities  totalled  EUR  408.9  billion,  of  which 
EUR 298.9 billion  related  to  the  outstanding  loans  to  sovereigns  (EUR  296.4  billion  nominal  and 
EUR 2.5 billion  accrued  interest)  and  EUR 109.9  billion  to  the  maximum  amounts  (ceilings)  of  the 
guarantees issued. The assets provisioned amounted to EUR 23.4 billion. 

The EU also incurs other liabilities, which are not contingent in nature, but which – due to their long-term 
nature – will only be financed by the Member States through future budgets. This mainly relates to the 
pension  liability  (EUR 93.1 billion  as  at  31  December  2024)  and  to  the  unified  funding  approach 
borrowings that financed RRF/REPowerEU grants and some other MFF programmes (EUR 264.4 billion as 
at 31 December 2024, see sections 3.2 and 3.4). 

4.1.  Borrowing and lending activities 

4.1.1.  Borrowing 

The Union borrows by issuing securities on the international capital markets. The EU budget, ultimately, 
guarantees all the Union borrowings. Until 2020, borrowings were used only to finance lending activities, 
see section  4.1.2.  Following the introduction of  the NGEU  instrument,  borrowings are  now also used to 
finance non-repayable support, see section 3.2. 

1  Except  for  some  guarantees  provided  under  the  financial  instruments  programmes  of  previous  MFFs,  which  were 

fully financed or provisioned from EU budget. 

2  See  ‘Report from  the Commission  to  the  European  Parliament  and  the  Council  on financial  instruments,  budgetary 

guarantees, financial assistance and contingent liabilities’ issued annually by the Commission. 

11 

 
 
 
 
The funding approach 

Annual accounts of the European Union 2024 

Back-to-back 

Unified funding  

Until  2020,  the  Commission  was  following  a  ‘back  to  back’  approach,  issuing  a  dedicated  bond  to  fund 
a specific loan agreement. It was transferring the money directly to the beneficiary country on the same 
terms and conditions (interest rate, maturity). The timing, volume and maturity of bond issuances  were 
determined by the needs of the beneficiary. 

For  the  NGEU  instrument,  the  Commission  uses  a  diversified,  pooled  funding  approach  where  the 
borrowings  are  not  directly  funding  specific  disbursements.  Instead,  the  debt  is  issued  according  to 
semi-annual funding plans, with long term bonds and short term bills. The Commission uses auctions and 
syndications  to  issue  these  securities.  It  then  passes  on  the  costs,  in  line  with  the  cost  allocation 
methodology agreed with Member States3, to the beneficiaries for the loans and to the EU budget for the 
non-repayable support. This pooled funding approach offers a more flexible and coherent borrowing and 
lending activity. It also offers better funding costs and allows the design of a better risk and compliance 
framework. This funding flexibility also requires a liquidity buffer for an efficient liquidity management. 

Following  the  Regulation  (EU,  Euratom)  2022/2434  of  the  European  Parliament  and  of  the  Council4  in 
December 2022, the Commission can use this approach for all future borrowings. In this way, the Macro 
Financial  Assistance  (MFA)+  for  Ukraine,  the  Ukraine  Facility  and  other  future  lending  programmes  can 
benefit from this flexible and cost-efficient debt management, creating a unified funding approach for all 
EU borrowings.  

During 2024, the outstanding borrowings of the EU increased by EUR 142.8 billion, bringing the nominal 
outstanding amount to EUR 601.3 billion at 31 December 2024. This amount includes EUR 68.2 billion of 
NGEU  Green  Bonds.  These  issuances  are  underpinned  by  the  NGEU  Green  Bond  Framework,  which  is 
aligned  with  the  Green  Bond  Principles  of  the  International  Capital  Market  Association  (ICMA) 5.  Funds 
raised  through  NGEU  Green  Bonds,  finance  climate-relevant  measures  from  the  national  Recovery  and 
Resilience plans (RRPs) under the Recovery and Resilience Facility (RRF). 

3  Commission Implementing Decision (EU) 2022/9701. 
4  Regulation (EU, Euratom) 2022/2434 of the European Parliament and of the Council of 6 December 2022 amending 
Regulation  (EU,  Euratom)  2018/1046  as  regards  the  establishment  of  a  diversified  funding  strategy  as  a  general 
borrowing method (OJ L 319, 13.12.2022, p. 1). 

5  European Commission, Directorate-General  for Budget, Green bonds  –  Impact  and  allocation  report  –  NGEU  report 

2023, Publications Office of the European Union, 2023, https://data.europa.eu/doi/10.2761/302803. 

12 

 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

The table below shows the repayment schedule for the outstanding EU borrowings at 31 December 2024: 

UNIFIED 
FUNDING 

BACK-TO-BACK BORROWINGS 

SURE 

EFSM 

MFA 

BOP  EURATOM   

EUR billion 

TOTAL 

2025 

2026 

2027 

2028 

2029 

2030 

2031 

2032 

2033 

2034 

2035 

2036 

2037 

2038 

2039 

2040 

2041 

2042 

2043 

2044 

2045 

2046 

2044 

2048 

2049 

2050 

2051 

2052 

2053 

2054 

41.1 

33.0 

32.6 

30.6 

27.6 

15.4 

29.0 

18.4 

11.8 

33.1 

- 

- 

18.4 

14.3 

12.0 

- 

16.0 

12.0 

12.0 

12.0 

- 

- 

- 

14.0 

- 

12.0 

14.0 

10.9 

15.3 

10.0 

8.0 

8.0 

- 

10.0 

8.1 

10.0 

- 

- 

- 

- 

8.5 

9.0 

8.7 

- 

- 

7.0 

- 

- 

- 

- 

- 

5.0 

6.0 

- 

- 

10.0 

- 

- 

- 

- 

2.4 

6.2 

3.0 

4.1 

1.4 

- 

7.3 

3.0 

2.1 

0.0 

2.0 

5.8 

- 

1.8 

- 

- 

- 

3.0 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

0.0 

0.1 

0.2 

0.2 

0.9 

0.1 

1.2 

0.7 

0.5 

0.7 

2.0 

1.3 

0.9 

0.3 

0.1 

0.5 

- 

2.0 

- 

- 

- 

- 

- 

- 

- 

- 

- 

0.5 

2.5 

- 

0.2 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

0.1 

- 

0.1 

0.1 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

51.8 

47.4 

35.9 

44.9 

38.1 

25.5 

37.5 

22.1 

14.4 

33.8 

12.5 

16.1 

28.1 

16.5 

12.1 

7.5 

16.0 

17.0 

12.0 

12.0 

0.0 

5.0 

6.0 

14.0 

0.0 

22.0 

14.0 

11.4 

17.8 

10.0 

Total 

445.7 

98.4 

42.0 

14.7 

0.2 

0.3 

601.3 

The ‘unified funding’ finances the NGEU loans and non-repayable support as well as the Ukraine Facility 
and MFA loans signed as of 2023. 

13 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.1.2. 

Lending 

Annual accounts of the European Union 2024 

The Commission provides bilateral loans in accordance with decisions of the European Parliament and of 
the  Council.  In  2024,  the  Commission,  acting  on  behalf  of  the  EU,  operates  seven  main  programmes 
under which it may grant loans: 

—  SURE assistance (Support to mitigate Unemployment Risks in an Emergency); 

—  European Financial Stabilisation Mechanism (EFSM) assistance; 

—  Macro-Financial Assistance (MFA); 

—  Balance of Payments (BOP) assistance; 

—  Euratom; 

—  Ukraine Facility and 

—  NGEU (RRF and REPowerEU) see section 3.3.  

14 

 
 
 
At 31 December 2024, the nominal amount of the loans, were: 

Annual accounts of the European Union 2024 

Total 
signed 

Total undrawn at 
year-end 

Total disbursed 
at year-end 

EUR billion 
Outstanding at 
year-end 

SURE 
Belgium 
Bulgaria 
Croatia 
Cyprus 
Czechia 
Estonia 
Greece 
Hungary 
Ireland 
Italy 
Latvia 
Lithuania 
Malta 
Poland 
Portugal 
Romania 
Slovakia 
Slovenia 
Spain 

EFSM 
Ireland 
Portugal 

MFA 
Albania 
Armenia 
Bosnia Herzeg. 
Georgia 
Jordan 
Kosovo 
Kyrgyz Rep. 
Moldova 
Montenegro 
North Macedonia 
Serbia 
Tunisia 
Ukraine MFA 
Ukraine MFA+ 
Ukraine MFA ULCM 
Egypt 

BOP 
Latvia 

8.2 
1.0 
1.6 
0.6 
4.5 
0.2 
6.2 
0.7 
2.5 
27.4 
0.5 
1.1 
0.4 
11.2 
6.2 
3.0 
0.6 
1.1 
21.3 
98.4 

22.5 
24.3  
46.8 

0.2 
0.1 
0.3 
0.1 
1.1 
0.1 
0.0 
0.4 
0.1 
0.3 

0.2 
1.4 
12.2 
18.0 
18.1 
1.0 

53.6 

2.9 
2.9 

EURATOM 
Energoatom, K2R4 Ukraine 

Ukraine Facility 
NGEU loans 
Total 

0.4 
0.4 
33.0 
290.9 
526.0 

15 

- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 

- 
- 
- 

- 
- 
- 
- 
- 
- 
- 
0.0 

- 
0.1 

- 
- 
- 
- 
18.1 
- 

18.2 

- 
- 

- 
- 
19.9 
182.2 
220.3 

8.2 
1.0 
1.6 
0.6 
4.5 
0.2 
6.2 
0.7 
2.5 
27.4 
0.5 
1.1 
0.4 
11.2 
6.2 
3.0 
0.6 
1.1 
21.3 
98.4 

22.5 
24.3 
46.8 

0.2 
0.1 
0.3 
0.2 
1.1 
0.1 
0.0 
0.4 
0.1 
0.2 

0.2 
1.4 
12.2 
18.0 
- 

1.0 
34.9 

2.9 
2.9 

8.2 
1.0 
1.6 
0.6 
4.5 
0.2 
6.2 
0.7 
2.5 
27.4 
0.5 
1.1 
0.4 
11.2 
6.2 
3.0 
0.6 
1.1 
21.3 
98.4 

19.7 
22.3 
42.0 

0.2 
0.1 
0.1 
0.1 
1.1 
0.1 
0.0 
0.4 
0.1 
0.2 

0.0 
1.4 
11.0 
18.0 
- 
1.0 

33.7 

0.2 
0.2 

0.4 
0.4 
13.1 
108.7 
305.2 

0.3 
0.3 
13.1 
108.7 
296.4 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SURE 

Annual accounts of the European Union 2024 

SURE was established in 2020 to provide financial assistance to Member States  who were experiencing, 
or  were  seriously  threatened  with,  a  severe  economic  disturbance  caused  by  the  COVID-19  pandemic. 
The instrument complements the national measures taken by affected Member States.  

The availability of the instrument ended at 31 December 2022 and there are no pending disbursements. 
The maturity of loans varies between 5 and 30 years. 

EFSM 

EFSM  was  created  to  provide  financial  assistance  to  all  Member  States  experiencing  or  seriously 
threatened  by  a  severe  economic  financial  disturbance  caused  by  exceptional  occurrences  beyond  their 
control. This programme has expired and no additional loans can be drawn, except for specific tasks such 
as the lengthening of maturities of existing loans. Portugal requested the maturity extention of EUR 1.8 
billion due in 2024. The new loan was financed by a long-term bond maturing in 2028.  

MFA 

The MFA programme is a form of financial assistance extended by the EU to partner countries outside the 
EU experiencing a balance of payments crisis. It takes the form of medium/long-term loans or grants, or 
a combination of these, and is only available to countries benefiting from an International Monetary Fund 
(IMF) programme. 

Ukraine 

In  2022  the  European  Parliament  and  the  Council  agreed  three  packages  of  financial  assistance  for 
Ukraine6,  totalling  EUR  7.2  billion,  to  strengthen the  immediate  resilience  of  the  country  subsequent  to 
Russia’s  unprovoked  and  unjustified  war  of  aggression.  All  the  loans  had  been  disbursed  to  Ukraine  by 
the end of 2022. The maturity of these loans to Ukraine varies between 10 to 30 years.  

To  continue  the  EU  support  for  Ukraine,  a  new  package  of  financial  assistance  of  EUR  18  billion  was 
adopted by the European Parliament and the Council on 14 December 2022 (Regulation (EU) 2022/2463 
of  the  European  Parliament  and  Council7).  The  Commission  and  Ukraine  signed  a  Memorandum  of 
Understanding and a Loan Facility Agreement in early 2023 and the EUR 18 billion was disbursed in 2023. 
The MFA+ loans are funded through the unified funding approach, whereas all previous MFA loans were 
funded under the back-to-back funding approach.  

In October 2024, the EU  adopted a new MFA for  Ukraine and the Ukraine Loan Cooperation Mechanism 
(ULCM)8.  Under  the  ULCM,  extraordinary  revenues  from  immobilised  Russian  sovereign  assets  will  be 
used  to  grant  non-repayable  support  to  Ukraine  to  assist  the  country  in  repaying  new  bilateral  loans 
provided  by  the  G7  partners  and  the  EU  under  this  initiative.  Consequently,  the  EU  signed  a  new  MFA 
loan  agreement  with  Ukraine  in  December  2024  for  an  amount  of  EUR  18.1  billion  to  be  disbursed  in 
2025. Until May 2025, the Commission had disbursed EUR 6 billion.  

During 2024 Ukraine has timely repaid EUR 600 million of previous MFA loans granted by EU.  At the end 
of 2024, the total MFA loans outstanding to Ukraine amounted to EUR 29.0 billion (nominal amount). 

Ukraine Facility 

On  29  February  2024,  the  European  Parliament  and  the  Council  adopted  Regulation  (EU)  2024/792 
establishing  the  Ukraine  Facility9.  This  new  instrument  covers  the  years  2024  to  2027  and  offers  up  to 
EUR  50  billion  in  financial  support  to  Ukraine,  including  up  to  EUR  33  billion  of  sovereign  loans.  By 

6   Decision  (EU)  2022/313  of  the  European  Parliament  and  the  Council  for  EUR  1.2  billion  providing  emergency 
assistance  to  Ukraine,  Decision  (EU)  2022/1201  of  the  European  Parliament  and  the  Council  for  EUR  1.0  billion 
providing  exceptional  assistance  to  Ukraine,  Decision  (EU)  2022/1628  of  the  European  Parliament  and  the  Council 
for EUR 5.0 billion providing exceptional assistance to Ukraine. 

7  Regulation  (EU)  2022/2463  of  the  European  Parliament  and  of  the  Council  of  14  December  2022  establishing  an 
instrument for providing support to Ukraine for 2023 (macro-financial assistance +) (OJ L 322, 16.12.2022, p. 1). 
8  Regulation  (EU)  2024/2773  of  the  European  Parliament  and  of  the  Council  of  24  October  2024  establishing  the 
Ukraine  Loan  Cooperation  Mechanism  and  providing  exceptional  macro-financial  assistance  to  Ukraine  (OJ  L, 
28.10.20240). 

9  Regulation  (EU)  2024/792  of  the  European  Parliament  and  of  the  Council  of  29  February  2024  establishing  the 

Ukraine Facility, OJ L, 2024/792, 29.2.2024. 

16 

 
 
Annual accounts of the European Union 2024 

31 December  2024,  EUR  13.1  billion  of  loans  have  been  disbursed  to  Ukraine.  The  Ukraine  Facility 
sovereign loans are funded through borrowings following the unified funding approach. 

BOP 

The  BOP  is  an  assistance  programme  designed  for  Member  States  outside  the  euro  area  that  are 
experiencing or are threatened by difficulties regarding their balance of payments. BOP assistance takes 
the  form  of  medium-term  loans  that  are  conditional  on  the  implementation  of  policies  designed  to 
address  underlying  economic  problems.  Typically,  BOP  assistance  from  the  EU  is  offered  in  cooperation 
with  the  IMF  and  other  international  institutions  or  countries.  No  new  operations  or  loan  repayments 
occurred in 2024. The programme is expected to end in 2025 when the outstanding loan and the related 
borrowing are maturing. 

Euratom 

The European Atomic Energy Community lends money to both Member States and non-Member States, 
and to entities of both, to finance projects relating to energy installations.  

Liquidity buffer  

Under  the  unified  funding  strategy,  a  certain  amount  of  proceeds  from  borrowings  are  kept  in  a  bank 
account with the European Central Bank. This liquidity buffer ensures that sufficient funds are available to 
meet all upcoming disbursments needs while avoiding excess  balances. In managing this liquidity buffer 
the  Commission  takes  into  account  expected  disbursment  needs  and  the  opportunity  costs  of  cash 
balances. At year-end 2024 the funds held in the bank account amounted to EUR 33.9 billion. 

4.1.3.  System of protection 

Borrowings of the EU constitute direct and unconditional obligations of the EU and are guaranteed by the 
EU Member States. The borrowings undertaken to finance loans are intended to be repaid through timely 
collection  of  the  principal  and  interest  due  on  those  loans.  Nevertheless,  should  a  beneficiary  country 
default on or delay their repayments, there are number of safeguards to ensure service of the EU debt, 
which  are  summarised  in  the  table  below.  In  the  short  term,  the  borrowings  will  be  repaid  from  the 
available  treasury  balance  of  the  Commission.  Next,  borrowings  related  to  the  loans  to  third  countries 
(except for MFA+ and Ukraine Facility loans) will be repaid from the assets held in the CPF, while in case 
of  the  MFA+,  Ukraine  Facility  loans  and  loans  to  Member  States,  the  Commission  may  call  additional 
resources from the Member States up to the available own resources margin (‘budgetary headroom’). For 
some  programmes,  there  are  also  guarantees  provided  by  the  Member  States.  As  a  consequence, 
investors are only exposed to the credit risk of the EU, not to that of the beneficiary of the loans. 

EU programme funded 
by borrowing 

NGEU (RRF and REPowerEU) 

SURE 

EFSM 

BOP 

MFA (standard) 
Exceptional MFA to Ukraine 

MFA+ to Ukraine 

Ukraine Facility 

Euratom loans to third countries 
(state-owned entities) 
Euratom loans to Member States 

System of protection 

Budgetary headroom under the temporary own resources ceiling 
of the EU budget – an extra 0.6% of EU GNI above the own 
resources ceiling of the EU budget of 1.4% of EU GNI 
Guarantee provided by all EU Member States (25%) + budgetary 
headroom under the own resources ceiling of the EU budget of 
1.4% of EU GNI 
Budgetary headroom under the own resources ceiling of the EU 
budget of 1.4% of EU GNI 
Budgetary headroom under the own resources ceiling of the EU 
budget of 1.4% of EU GNI 
Common Provisioning Fund (9% of the loan to the third country) 
Common Provisioning Fund (9%) + guarantees by all EU Member 
States (61%) 
Budgetary headroom under the own resources ceiling of the EU 
budget of 1.4% of EU GNI 
Budgetary headroom under the own resources ceiling of the EU 
budget of 1.4% of EU GNI 
Common Provisioning Fund (9% of the loan) and counter-
guarantees by third countries 
Budgetary headroom under the own resources ceiling of the EU 
budget of 1.4% of EU GNI 

17 

 
Annual accounts of the European Union 2024 

4.2.  Budgetary guarantees 

Under  this  type  of  budget  implementation,  the  EU  provides  guarantees  to  financial  institutions 
(implementing  partners)  for  their  financing  (lending)  and  investment  (equity)  operations  to  pursue  its 
policy objectives. 

The EU has issued guarantees under the following programmes: 

—  External lending mandate (ELM) guarantees granted to the European Investment Bank (EIB) for 

their lending operations outside EU, mainly to sovereign and sub sovereign beneficiaries; 

—  European  Fund  for  Strategic  Investment  (EFSI)  guarantee  granted  to  the  EIB  Group  for  their 

operations supporting additional investment in the EU and access to finance for SMEs; 

—  InvestEU  guarantee  provided  to  the  EIB  Group,  the  European  Bank  for  Reconstruction  and 
Development and several financial partners in the EU Member States, in order to mobilise private 
investments for the green and digital transition, innovation and social investments and skills. The 
InvestEU  guarantee  may  be  increased  by  EFTA  and  Member  States  contributions  and  counter 
guarantees;  

—  External Action Guarantee under NDICI Regulation providing guarantees both to the EIB, for their 
financing and investments outside Europe, both to the public and private sector beneficiaries, as 
well as to several other counterparts, with the objective of promoting sustainable investments in 
the EU’s partner countries; 

—  European Fund for Sustainability Development (EFSD) guarantee issued to several counterparties 
with the aim to support investments in Africa and in the European Neighbourhood countries; 

—  Ukraine Guarantee issued under the Ukraine Facility regulation to several counterparties to boost 

investments for the recovery and reconstruction of Ukraine. 

As  at  31  December  2024,  the  nominal  outstanding  amount  of  those  guarantees  at  the  maximum  level 
granted to those financial institutions amounted to EUR 109.9 billion, of which EUR 72.6 billion relates to 
financing  or  investment  operations  signed  by  the  implementing  partners  (InvestEU,  NDICI  and  Ukraine 
guarantees are still in the investment period, during which the partners can include new operations under 
the guarantee). 

The  Member  States  and  EEA  countries  may  also  contribute  to  the  InvestEU  programme. 
Until 31 December 2024, the EU signed contribution agreements with those countries for EUR 2.8 billion, 
out of which EUR 2.2 billion relates to cash contributions and EUR 0.6 billion to counter-guarantees. 

18 

 
 
 
 
Annual accounts of the European Union 2024 

4.3.  Common Provisioning Fund 

In order to satisfy any guarantee calls to cover losses incurred by the implementing partners in a timely 
manner, the EU provisions amounts from the budget. As of 2021, all assets provisioned  are held in the 
CPF, which functions as a single portfolio, with assets mainly invested in the debt securities. Currently, it 
combines  provisioning  for  all  the  EU  budgetary  guarantees  and  some  financial  assistance  programmes. 
The resources of the CPF are allocated into compartments for the purpose of tracing the amounts relating 
to the contributing budgetary guarantees and financial assistance programmes. 

At  31  December  2024,  the  Commission  holds  EUR  23.2  billion  net  assets  in  the  CPF  for  the  following 
compartments: 

—  Guarantee  Fund  for  external  actions  –  EUR  3.2  billion  (covering  ELM  guarantees  as  well  as  pre-

2021 MFA and Euratom loans to third countries) 

—  EFSI – EUR 8.9 billion 

—  EFSD – EUR 0.8 billion 

—  InvestEU  compartments  –  EUR  6.8  billion  (including  Member  State  and  EEA  countries  cash 

contributions) 

—  NDICI EFSD+ – EUR 2.9 billion 

—  Ukraine Guarantee – EUR 0.2 billion 

—  MFA loans post-2020 – EUR 0.1 billion 

—  MFA Ukraine loans – EUR 0.3 billion 

19 

 
 
 
Annual accounts of the European Union 2024 

5. 

FINANCIAL STATEMENTS ANALYSIS 

5.1.  Revenue 

The  consolidated  revenue  of  the  EU  incorporates  amounts  related  to  exchange  transactions  and  non-
exchange  transactions,  the  latter  being  the  most  significant.  The  five-year  trend  of  the  main  non-
exchange  revenue  categories  (comprising  GNI  resources,  Traditional  own  resources,  VAT  resources, 
Plastics own resources, Fines and Recovery of expenses) is as follows: 

Five-year trend of revenue from main non-exchange transactions* 

*2020 to 2024 figures: excluding revenue relating to the UK’s withdrawal from the EU 

As  budget  revenue  should  equal  (or  exceed)  budget  expenditure,  the  main  driver  in  the  revenue  trend 
shown above is the payments made each year. 

Main developments in 2024 

In 2024, total  revenue, comprising all  revenue categories, amounted  to EUR  175.7  billion,  compared  to 
EUR 171.9 billion in the previous year. The main developments explaining the increase of EUR 3.8 billion 
or 2.2% were:  

—  Fines  related  revenue  increased  by  EUR  2.3  billion  mainly  due  to  fines  issued  to  companies  for 

breaches of EU competition rules;   

—  Financial revenue increased by EUR 2.0 billion mainly due to increased interest earned; 

—  VAT contributions have increased from EUR 22.5 billion in 2023 to EUR 24.5 billion in 2024;  

—  Plastics own resources increased from EUR 7.2 billion in 2023 to EUR 8.2 billion in 2024; 

—  Traditional  own  resources  increased  from  EUR  19.8  billion  in  2023  to  EUR  20.6  billion  in  2024; 

and 

—  Revenue from GNI (gross national income), the primary element of the EU’s  operating revenue, 
decreased from EUR 101.3 billion in 2023 to EUR 95.0 billion in 2024. The decrease of EUR 6.3 
billion or 6.2%, partially offsetting the other movements in revenue described above, is explained 
to a great extent by a reduction of the payment appropriations needs. 

20 

 
 
Annual accounts of the European Union 2024 

5.2.  Expenses 

The main component of expenses recognised in the consolidated financial statements are expenses under 
the shared management mode, which  includes the following funds: (i) European  Agricultural Guarantee 
Fund  (EAGF),  (ii)  European  Agricultural  Fund  for  Rural  Development  (EAFRD)  and  other  rural 
development instruments, (iii) European Regional Development Fund (ERDF) & Cohesion Fund (CF), and 
(iv) European Social Fund (ESF). These funds made up EUR 101.9 billion or 37.3% of the total expenses 
of EUR 272.9 billion incurred in 2024 (2023: EUR 125.4 billion, 51.5% of the total expenses). The split of 
expenses under the shared management mode and their relative weights are presented below: 

Main expenses under the shared management mode for the financial year 2024 

The  decrease  of  expenses  under  the  shared  management  mode  is  mainly  due  to  decreased  expenses 
relating to the ERDF and Cohesion Fund (by EUR 23.6 billion) as the implementation of the programmes 
of the former MFF is now in its final stage. 

Expenses  under  the  direct  management  mode,  which  represents  budget  implementation  by  the 
Commission,  executive  agencies  and  trust  funds,  increased  from  EUR 61.9 billion  in  2023  to 
EUR 99.0 billion  in  2024.  The  increase  of  EUR 37.1 billion  is  mainly  due  to  the  non-repayable  support 
granted under the NGEU’s RRF, which amounted to EUR 65.8 billion (2023: EUR 36.0 billion) as Member 
States use the funds provided and milestones are achieved. 

Expenses under the indirect management mode represent the budget implementation by EU agencies, EU 
bodies,  third  countries,  international  organisations  and  other  entities.  In  2024,  the  expenses  under  the 
indirect management mode amounted to EUR 16.6 billion (2023: EUR 15.2 billion). The increase is mainly 
due to the increased expenses in external actions. 

5.3.  Assets 

As  at  31  December  2024  total  assets  amounted  to  EUR  518.5  billion  (2023:  EUR  467.7  billion)  –  the 
increase  is  mainly  due  to  further  lending  under  the  NGEU  instrument  and  new  loans  issued  to  Ukraine 
under  the  Ukraine  Facility.  The  most  significant  assets  on  the  EU  balance  sheet  were  financial  assets 
other  than  cash  and  cash  equivalents  (EUR  328.3  billion),  pre-financing  (EUR  78.9  billion),  receivables 
and  recoverables  (EUR  31.7  billon)  and  cash  and  cash  equivalents  (EUR  63.2  billion).  Other  assets, 
amounting to EUR 16.3 billion, mainly included property, plant and equipment and intangible assets. 

21 

 
 
 
Composition of assets at 31 December 2024 

Annual accounts of the European Union 2024 

The increase in total assets of EUR 50.7 billion or 10.8% from the previous year was mainly due to the 
following effects: 

—  Loans  outstanding  increased  from  EUR 246.9 billion  in  2023  to  EUR 283.6 billion  in  2024.  The 
increase  of  EUR 36.7 billion  or  14.9%  mainly  reflects  the  issuance  of  further  loans  to  Member 
States under the RRF and REPowerEU (EUR 29.4 billion) and new loans under the Ukraine Facility 
and  MFA  programmes  (EUR 13.1 billion  and  EUR 1.1 billion  respectivelly),  offset  by  EFSM  and 
MFA repayments of EUR 1.4 billion and impairments on the new Ukraine loans (EUR 5.7 billion); 

—  Total  pre-financing  decreased  from  EUR 91.7 billion  in  2023  to  EUR 78.9 billion  in  2024.  This  is 
linked mainly to the significant decrease of EUR 18 billion in ERDF, CF & ESF pre-financing of the 
previous programming period as the period is reaching its closure stage and higher amounts are 
cleared.  There  was  additionally  a  considerable  decrease  of  EUR 3.8 billion  in  the  non-repayable 
financial support granted under the RRF due to clearings that took place during the year following 
Member States reaching milestones and targets;  

—  Cash  and  cash  equivalents  increased  from  EUR 39.6 billion  in  2023  to  EUR 63.2 billion  in  2024. 
The increase of EUR 23.6 billion or 59.6% is mainly due to the higher liquidity buffer relating to 
the  unified  funding  (EUR 12.5 billion  held  in  the  European  Central  Bank  account  in  2023  versus 
EUR 33.9 billion at the end of 2024), which resulted from high level of disbursements planned for 
the beginning of 2025; and 

—  Receivables  and  recoverables  decreased  from  EUR 35.2 billion  to  EUR 31.7 billion.  The  decrease 
of EUR 3.5 billion or 9.9% is mainly due to the decrease in the net amount owed by the UK under 
the Withdrawal Agreement – see below.  

UK withdrawal from the EU 

On 31 January 2020, the United Kingdom withdrew from the European Union. The terms of its departure 
are set out in an Agreement on the withdrawal of the UK from the EU and the European Atomic Energy 
Community,  also  known  as  the  ‘Withdrawal  Agreement’  or  ‘WA’.  As  part  of  this  deal,  the  UK  agreed  to 
honour all financial obligations undertaken while it was a member of the EU. The Agreement entered into 
force on 31 January 2020. Under the Withdrawal Agreement, the UK will continue to contribute to the EU 
budget and to benefit from pre-2021 EU programmes and expenditure as if it was a Member State. The 
UK will also receive back certain specified sums it paid into the EU budget or monies received by the EU 
budget linked to its period  of  membership.  The EU reports twice  a  year to the UK  on the amounts due 
and the UK pays these on a monthly basis. The reporting is updated each year based on actual figures. 

22 

 
 
Annual accounts of the European Union 2024 

The obligations under the Withdrawal Agreement create liabilities and receivables for the EU which have 
to be calculated and reflected in the EU’s annual accounts. They cover in particular the following areas: 

—  own resources (Article 136) 

—  outstanding commitments (Article 140) 

—  competition fines (Article 141) 

—  Union Liabilities (Article 142) 

—  contingent financial liabilities and financial instruments (Articles 143 & 144) 

—  net assets of the European Coal & Steel Community (Article 145) 

—  EU investment in the European Investment Fund, EIF (Article 146) 

—  contingent liabilities concerning legal cases (Article 147). 

Due from the UK 
Due to the UK 
Total 
Non-current 
Current 

Pre-financing 

4 432 
- 

Article 140  Article 142 
10 136 
– 
10 136 
9 802 
 334 

4 432 
2 469 
1 963 

Other  31.12.2024  31.12.2023 
18 867 
14 683 
(3 394) 
(1 922) 
15 473 
12 762 
13 088 
11 231 
2 385 
1 530 

 116 
(1 922) 
(1 806) 
(1 040) 
 (766) 

In 2024, pre-financing, excluding other advances to Member States and contributions to the trust funds 
Bêkou and Africa, amounted to EUR  75.1 billion (2023: EUR 89.4 billion), almost all of which related to 
Commission  activities.  The  decrease  of  EUR  14.3  billion  or  16.0%  is  mainly  related  to  the  decrease  of 
pre-financing related to shared management from EUR 36.6 billion in 2023 to EUR 25.0 billion in 2024, as 
programmes of the previous MFF advance further in their closure stage: 

Commission pre-financing by management mode  

23 

 
 
 
Annual accounts of the European Union 2024 

The  level  of  pre-financing  granted  under  MFF  programmes  is  significantly  influenced  by  the  respective 
MFF  cycle  –  for  example  at  the  beginning  of  an  MFF  period  large  advances  are  expected  to  be  paid  to 
Member  States  under  cohesion  policy  and  these  amounts  remain  available  to  Member  States  until  the 
closure of the programmes. An annual pre-financing is also paid out, which must be used within the year 
or be recovered the following year as part of the annual closure of the  accounts cycle. The Commission 
makes every effort to ensure that pre-financing is maintained at an appropriate level. A balance has to be 
struck between ensuring sufficient funding for projects and the timely recognition of expenditure. 

5.4.  Liabilities 

As  at  31  December  2024  the  total  liabilities  were  EUR  827.3  billion  (2023:  EUR  679.8  billion)  –  the 
increase is driven mainly by the borrowings taken  out  in 2024 under the unified funding approach. The 
most significant liabilities were borrowings for NGEU and financial assistance (EUR 594.0 billion), pension 
obligations  and  other  post-employment  benefits  liabilities  (EUR  93.1  billion),  accrued  charges  and 
deferred income (EUR 67.1 billion) and payables to third parties (EUR 55.4 billion).  

Composition of liabilities at 31 December 2024 

The  increase  of  EUR  147.5  billion  or  21.7%  over  the  previous  year  was  mainly  due  to  the  following 
effects: 

—  Borrowings increased from EUR 450.6 billion in 2023 to EUR 594.0 billion in 2024. The increase of 
EUR 143.4 billion  or  31.8%  mainly  relates  to  the  new  issuances  under  the  unified  funding 
approach  (for  NGEU  and  the  Ukraine  Facility),  net  of  repayments  and  changes  in  carrying 
amount, of EUR 144.9 billion, less EFSM and MFA repayments of EUR 1.4 billion; 

—  Accrued charges and deferred income decreased from EUR 76.8 billion in 2023 to EUR 67.1 billion 

in 2024. The decrease of EUR 9.7 billion or 12.6% mainly relates to the ERDF & CF; and 

—  Payables  increased  from  EUR 50.5 billion  in  2023  to  EUR 55.4 billion  in  2024.  The  increase  of 

EUR 4.9 billion or 9.7% is primarily related to RRF (increase of EUR 4.9 billion); 

24 

 
 
 
Total cost claims and invoices received and recognised in the Balance Sheet under the heading ‘Payables’  

Annual accounts of the European Union 2024 

5.5.  Net assets 

The  excess  of  liabilities  over  assets  at  31 December 2024  stood  at  EUR 308.8 billion  (2023: 
EUR 212.2 billion). It should be noted that this excess of liabilities over assets does not mean that the EU 
institutions and bodies are in financial difficulties, rather it means that certain liabilities will be funded by 
future annual budgets. Many expenses are recognised under accrual accounting rules in the current year 
although  they  may  be  actually  paid  in  following  years  and  funded  using  future  budgets;  the  revenues 
related  to these  future fundings  will only be accounted  for in future  periods. Apart  from  the borrowings 
under  the  unified  funding  approach,  which  are  to  be  repaid  up  to  2054,  and  the  employee  benefits 
liability, which is to be paid over several decades, the most significant amounts are for activities relating 
to the EAGF, the bulk of which is usually paid in the first quarter of the following year. 

25 

 
 
Annual accounts of the European Union 2024 

6. 

SUMMARY OF BUDGET IMPLEMENTATION  

6.1.  Revenue 

In  the  initial  adopted  EU  budget,  signed  by  the  President  of  the  European  Parliament  on 
22 November 2023,  total  payment  appropriations  amounted  to  EUR 142 630 million  and  the  amount  to 
be  financed  by  own  resources  totalled  EUR 136 499 million.  The  revenue  and  expenditure  estimates  in 
the  initial  budget  are  typically  adjusted  during  the  budgetary  year  by  way  of  amending  budgets. 
Adjustments  in  the  GNI-based  own  resources  ensure  that  budgeted  revenue  matches  exactly  budgeted 
expenditure. In accordance with the principle of equilibrium, budget revenue and expenditure (payment 
appropriations) must be in balance. 

During 2024, five amending budgets were adopted. Taking them into account, the final adopted revenue 
for  2024  amounted  to  EUR 149 744 million  and  the  total  financed  by  own  resources  amounted  to 
EUR 141 170 million. The main factor for that increase of Member States' contributions in 2024 was the 
increase of payment appropriations. 

Title 1 : Own resources 

The collection of traditional own resources was very close to the forecasted amounts in the budget.  

Member  States'  final  VAT,  GNI  and  Plastics  payments  corresponded  closely  to  the  final  budgetary 
estimate. The differences between the forecasted amounts and the amounts actually paid are due to the 
differences  between  the  euro  rates  used  for  drawing  up  the  budget  and  the  rates  in  force  at  the  time 
when the Member States outside the euro area actually made their payments. 

Title 2 : Surpluses, balances and adjustments 

The surplus of the previous financial year amounted to EUR 633 million. This amount was inscribed in the 
budget 2024 through an amending budget and the own resources contributions from the Member States 
was reduced accordingly.  

For  the  VAT  and  GNI  balances,  the  rules  are  set  out  in  Article  10b  of  the  Making  Available  Regulation 
(Council  Regulation  (EU,  Euratom)  No  609/2014).  In  the  case  of  the  Plastics  balances  the  rules  are 
stipulated  in  Article 9  of  the  Plastics  Making  Available  Regulation  (Council  Regulation  (EU,  Euratom)  No 
2021/770). 

According to these  rules the total sum of  the  balances  are  calculated in order for the impact on the EU 
budget  to  be  zero  (‘netting  system’)  and  the  procedure  does  not  entail  a  budgetary  amendment.  The 
Commission  therefore  directly  requests  the  Member  States  to  pay  the  net  amounts  in  accordance  with 
the rules of the Making Available Regulation. 

Title 3 : Administrative revenue 

This title comprises mainly revenue from taxes and levies on the remuneration of staff. 

Title 4 : Financial revenue, default interest and fines 

The main part corresponds to the fines in connection with the implementation of the rules on competition. 

Title 5 : Budgetary guarantees, borrowing and lending operations 

This  title  has  increased  significantly  with  the  advent  of  the  NGEU.  NGEU  funds  within  this  title  are 
assigned  revenue.  Title  5  covers  revenue  related  to  guarantees  and  interest  and  repayments  of  loans 
granted. It also channels funds (for the NGEU non-repayable support under the Recovery and Resilience 
Facility  and  for  reinforcement  of  MFF  programmes)  from  assigned  revenue  that  Member  States  receive 
under the European Union Recovery Instrument (EURI). 

Title 6 : Revenue, contributions and refunds related to Union policies  

This title  concerns mainly  revenue from  financial corrections  related to  structural  and  agricultural funds 
(ESIF,  EAGF  and  EAFRD).  It  also includes  the  participation  of  third  countries  in  research  programs,  the 

26 

 
Annual accounts of the European Union 2024 

clearance of accounts in agricultural funds and other contributions and refunds to EU programs/activities. 
A  substantial  part  of  this  total  is  made  up  of  assigned  revenue,  which  gives  rise  to  the  entering  of 
additional appropriations on the expenditure side.  

Total 2024 budget revenue amounted to EUR 250 609 million: 

6.2.  Expenditure 

6.2.1.  Budget implementation 

In 2024, the fourth year of the MFF 2021-2027, the final adopted budget amounted to EUR 195.3 billion 
of  commitment  appropriations  and  EUR 149.7 billion  of  payment  appropriations.  In  addition, 
EUR 31.1 billion  of  commitment  appropriations  were  available  as  assigned  revenue,  out  of  which 
EUR 0.7 billion related to the NGEU10, and EUR 1.3 billion of commitment appropriations were carried over 
from 2023. The payment appropriations related to 2024 assigned revenue amounted to EUR 122.9 billion, 
out  of  which  EUR 79.0 billion  related  to  the  NGEU  and  EUR 3.2  billion  of  payment  appropriations  were 
carried over from 2023. 

Active monitoring of budget implementation and good cooperation between the European Parliament, the 
Council and the Commission brought about full implementation of the budget. 

The implementation of the total commitment appropriations in 2024 amounted to EUR 213.7 billion: 

—  EUR 193.1 billion from the final adopted budget; 

—  EUR 0.9 billion from appropriations carried-over or made available again from 2023; 

—  EUR 19.7 billion from appropriations stemming from assigned revenue; 

–  of which EUR 0.5 billion from NGEU. 

10 For a comprehensive overview of the NextGenerationEU (NGEU), please see also sections 2.2 and 2.3 above. 

27 

 
 
 
 
Annual accounts of the European Union 2024 

The implementation of the total payment appropriations in 2024 amounted to EUR 247.0 billion: 

—  EUR 146.1 billion from the final adopted budget; 

—  EUR 2.7 billion from appropriations carried-over or made available again from 2023; 

—  EUR 98.2 billion from appropriations stemming from assigned revenue; 

–  of which EUR 73.1 billion from NGEU. 

In cases allowed by the Financial Regulation and/or legal bases, the appropriations of the voted budget 
that  were  not  implemented  in  2024  were  carried  over  to  2025:  EUR 1.4 billion  of  commitment 
appropriations and EUR 3.8 billion of payment appropriations. 

Likewise,  EUR 11.1 billion  of  commitment  appropriations  of  assigned  revenue  and  EUR 24.7 billion  of 
payment appropriations of assigned revenue were carried over to 2025 in accordance with the Financial 
Regulation. 

Total  2024  commitment  appropriations  implementation  per  MFF  2021-2027  heading  were  as  shown 
below: 

The  2024  implementation  for  all  types  of  appropriations  (budget,  carry-overs  from  previous  year  and 
assigned revenue) was 94% for commitments and 90% for payments. Implementation rates including the 
appropriations  carried  over  to  2025  (in  accordance  with  the  Financial  Regulation  and/or  legal  bases) 
reached  99.6%  for  commitment  appropriations  and  100%  for  payment  appropriations  of  the  voted 
budget for 2023. 

The  NGEU  appropriations  were  inscribed  in  full  in  2021,  i.e.  EUR  421.1  billion  in  commitment 
appropriations. 2023 was the last year for which the related legal commitments could be entered into.  

In  2024,  the  NGEU  payment  appropriations  amounted  to  EUR  76.6  billion  and  the  implementation 
reached 95.4%. The remaining amount of EUR 3.5 billion of payment appropriations was carried over to 
2025. 

28 

 
 
 
6.2.2.  Commitment appropriations definitively cancelled 

Annual accounts of the European Union 2024 

Under  the  Conditionality  Regulation  decommitments  for  a  total  of  EUR  1 044  million  (of  which  EUR  30 
million under NGEU) were posted in the course of 2022 on commitments related to Hungary. By the end 
of  2024  the  related  commitment  appropriations  could  not  be  reconstituted  and  were  definitively 
cancelled. 

6.2.3.  Outstanding commitments 

Outstanding  commitments  (commonly  referred  to  as  RAL  –  reste  à  liquider),  which  correspond  to 
amounts committed but not yet paid for, stood at EUR 507.4 billion at the end of 2024. The outstanding 
commitments decreased as compared to 2023 (by EUR 35.6 billion).  

The  main  driver  of  the  2024  decrease  of  the  RAL  was  the  NGEU  (non-repayable  part)  implementation, 
contributing  EUR 166.3 billion  (33%)  to  the  total  RAL  at  the  end  of  2024.  Because  the  NGEU 
appropriations  are  to  be  committed  until  31  December  2023  and  paid  by  31  December  2026,  in 
accordance with the Articles 3 (4) and 3 (9) of the EURI Regulation, the trend of nominally growing RAL 
linked to NGEU has reversed in 2024. 

6.2.4.  Budget result 

The budget result (surplus) increased from EUR 0.6 billion in 2023 to EUR 1.3 billion in 2024. The 2024 
budget result is mainly impacted by the overimplementation  of budgetary revenue on title 4 – Financial 
revenue, default interest and fines.  

29 

 
 
Annual accounts of the European Union 2024 

7. 

EU POLITICAL AND FINANCIAL FRAMEWORK, 
GOVERNANCE AND ACCOUNTABILITY 

The European Union (EU) is a Union on which the Member States confer competences to attain objectives 
they  have  in  common.  The  Union  is  founded  on  the  values  of  respect  for  human  dignity,  freedom, 
democracy,  equality,  the  rule  of  law  and  respect  for  human  rights,  including  the  rights  of  persons 
belonging to minorities. These values are common to the Member States in a society in which pluralism, 
non-discrimination, tolerance, justice, solidarity and equality between women and men prevail. 

7.1.  Political and financial framework 

EU Treaties 

The  overarching  objectives  and  principles  that  guide  the  Union  and  the 
European  institutions  are  defined  in  the  Treaties.  The  Union  and  the  EU 
institutions  may  only  act  within  the  limits  of  the  competences  conferred  by 
the Treaties so as to attain the objectives set out therein and must do this in 
accordance with the principles11 of subsidiarity and proportionality. In order  

to  attain  its  objectives  and  carry  out  its  policies,  the  Union  provides  itself  with  the  necessary  financial 
means.  The  Commission  is  responsible  for  promoting  the  general  interest  of  the  Union  which  includes 
executing  the  budget  and  managing  programmes  in  cooperation  with  the  Member  States  and  in 
accordance with the principle of sound financial management. 

The EU pursues the objectives established by the Treaty with various instruments, one of which is the EU 
budget. Others are, for example, a common legislative framework or joint policy strategies. 

Multiannual financial 
framework and 
spending programmes 

The policies supported by the EU budget are implemented in accordance with 
the  multiannual  financial  framework  (MFF)  and  corresponding  sectoral 
legislation  defining  spending  programmes  and  instruments.  These  translate 
the EU’s political priorities into financial terms over a period long enough to 
be effective and to provide a coherent long-term perspective for beneficiaries 
of  EU  funds  and  co-financing  national  authorities.  Maximum  annual  amounts  (ceilings)  are  set  for  EU 
expenditure as a whole and for the main categories of expenditure (headings). The sum of the ceilings of 
all headings gives the total ceiling for commitment appropriations. The MFF is adopted by the Council by 
unanimity  of  all  Member  States,  with  the  consent  of  the  European  Parliament.  The  current  2021-2027 
multiannual  financial  framework  was  adopted  on  17  December  202012.  The  2021-2027  multiannual 
financial  framework  is  complemented  by  the  temporary  recovery  instrument  NextGenerationEU  (see 
section 2). 

Annual budget 

The annual budget is prepared by the Commission. The European Parliament 
and  the  Council  agree  (usually  by  mid  December)  on  the  budget  for  the 
following year, based on the procedure of Article 314 TFEU. According to the 
principle  of  budgetary  equilibrium,  total  revenue  must  equal  total 
expenditure (payment appropriations) for a given financial year. 

The main sources of funding of the EU budget are own resources revenues which are complemented by 
other  revenues.  There  are  four  types  of  own  resources:  Traditional  own  resources  (mainly  custom 
duties),  the  own  resource  based  on  value  added  tax  (VAT),  the  own  resource  based  on  non-recycled 
plastic  packaging  waste  (introduced  in  2021)  and  the  own  resource  based  on  gross  national  income 
(GNI).  Other  revenues  arising  from  the  activities  of  the  EU  (e.g.  competition  fines)  normally  represent 
less than 10% of total revenue. 

11 Under the principle of subsidiarity, the Union shall act only if and in so far as the objectives of the proposed action 
cannot  be  sufficiently  achieved  by  the  Member  States  but  can  rather,  by  reason  of  the  scale  or  effects,  be  better 
achieved at Union level. Under the principle of proportionality, the content and form of Union action shall not exceed 
what is necessary to achieve the objectives of the Treaties (see Article 5 TEU). 

12 On 1st of February 2024, the European Council agreed on a mid-term revision of 2021-2027 MFF ceilings, following 

the Commission’s proposals COM(2023) 336. 

30 

 
 
 
 
 
Annual accounts of the European Union 2024 

The EU budget is implemented in three management modes which determine 
how the money is paid out and managed: 

Management modes 

—  Shared management: the vast proportion of the budget (around 3/4 of the budget) is managed 
under  a  system  of  shared  management  by  the  Commission  in  cooperation  with  the  Member 
States, notably in the areas of structural funds and agriculture. 

—  Direct  management:  the  Commission  also  manages  programmes  itself  and  can  delegate  the 

implementation of specific programmes to executive agencies. 

—  Indirect  management:  Expenditure  decisions  can  also  be  indirectly  managed  via  other  bodies 
within  or  outside  the  EU.  The  Financial  Regulation  and/or  contribution  agreements  define  the 
necessary  control  and  reporting  mechanisms  by  these  entities  and  the  supervision  by  the 
Commission where budget implementation tasks are entrusted to national agencies, the European 
Investment Bank Group, third countries, international organisations (e.g. the World Bank or the 
United Nations) and other entities (e.g. EU decentralised agencies, Joint Undertakings). 

Financial instruments 
and budgetary 
guarantees 

The  traditional  method  of  budget  implementation  of  giving  grants  and 
subsidies  is  complemented  by  issuing  financial  instruments  in  the  form  of 
guarantees  as  well  as  equity  and  loans.  Furthermore,  the  EU  engages  in 
borrowing and lending activities for specific financial assistance programmes 
in order to support Member States and third countries in the form of bilateral 
loans  financed  from  debt  issued  on  the  capital  markets  with  the  guarantee  of  the  EU  Budget.  In 
December 2022, Parliament and the Council established the unified funding approach to EU borrowing, 
under  which  the  Union  will  be  issuing  single  branded  ‘EU-Bonds’,  rather  than  separately  denominated 
bonds for individual programmes. 

Financial Regulation 

The  Financial Regulation  (FR)13  applicable to the general budget is a central 
act in the regulatory architecture of the EU´s finances. It defines in detail the 
financial rules applicable to the execution of the EU budget and the roles of 
the different actors involved in ensuring that the money is used soundly and 
achieves the objectives set. It also includes the specific provisions applicable 

to financial instruments, budgetary guarantees and financial assistance. 

7.2.  Governance and accountability 

7.2.1. 

Institutional structure 

The  EU  has  an  institutional  framework  through  which  it  aims  to  promote  its  values,  advance  its 
objectives,  serve  its  interests,  those  of  its  citizens  and  those  of  the  Member  States,  and  ensure  the 
consistency, effectiveness and continuity of its policies and actions. The organisational structure consists 
of  institutions,  agencies  and  other  EU  autonomous  bodies.  The  Financial  Regulation,  together  with  the 
applicable accounting rules, defines which of these entities are included in the EU consolidated accounts 
(please see note 9 of the EU consolidated annual accounts for the list of entities included in the scope of 
consolidation). 

The  European  Parliament,  jointly  with  the  Council,  exercises  legislative  and  budgetary  functions.  The 
Commission  is  politically  accountable  to  the  European  Parliament.  The  Council  also  carries  out  policy-
making and coordinating functions within the general political direction and priorities of the Union set by 
the European Council. 

The European Commission is the executive arm of  the European Union. It promotes the Union’s general 
interest  and  takes  appropriate  initiatives  to  that  end.  It  ensures  the  application  of  the  Treaties  and 
oversees the application of Union law by Member States under the control of the Court of Justice of the 
European  Union.  It  exercises  coordinating,  executive  and  management  functions,  executes  the  budget 
and manages programmes. 

13 Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the 

financial rules applicable to the general budget of the Union (recast), OJ L, 2024/2509, 26.9.2024. 

31 

 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

The Commission implements the budget, in large part in cooperation with the Member States.14 Together, 
they  ensure  that  the  appropriations  are  used  in  accordance  with  the  principles  of  sound  financial 
management.  Regulations  lay  down  the  control  and  audit  obligations  of  the  Member  States  when  they 
share  the  implementation  of  the  budget  and  the  resulting  responsibilities.  They  also  lay  down  the 
responsibilities and detailed rules for each of the EU’s institutions as concerns their own expenditure. 

7.2.2. 

The Commission’s governance structure 

The Commission’s governance  arrangements and  how  these ensure that the Commission functions as a 
modern,  accountable  and  performance-oriented  institution  are  described  in  the  Communication15  on 
Governance in the European Commission. 

The Commission performs its functions under the leadership of the College of Commissioners, which sets 
priorities  and  takes  overall  political  responsibility  for  the  work  of  the  Commission.  As  a  College,  the 
Commission  works  under  the  political  guidance  of  its  President,  who  presents,  as  part  of  his  or  her 
nomination to the European Parliament the objectives he or she intends to pursue in the form of political 
guidelines.  The  President  decides  on  the  internal  organisation  of  the  Commission,  ensuring  that  it  acts 
consistently, efficiently and as a collegiate body. 

The  College  delegates  the  operational  implementation  of  the  budget  and  financial  management  to  the 
Directors-General  and  Heads  of  Service  who  lead  the  administrative  structure  of  the  Commission.  This 
decentralised  approach  creates  an  administrative  culture  that  encourages  civil  servants  to  take 
responsibility  for  activities  over  which  they  have  control  and  requires  them  to  provide  assurance  as 
concerns the activities for which they are accountable.  

Under  the  authority  of  the  President  and  in  close  cooperation  with  the  Member  of  the  Commission  in 
charge of budget, human resources and administration, and with the involvement of the Presidential and 
central services, the Corporate Management Board provides coordination, oversight, advice and strategic 
orientations. 

The  internal  arrangements  define  a  coherent  set  of  robust  controls  and  management  tools  which  allow 
the College of Commissioners to assume political responsibility for the work of the Commission.16 

7.2.3. 

The Commission’s financial management 

In the Commission, the roles and responsibilities in financial management are clearly defined (e.g. in the 
Financial  Regulation  and  the  Internal  Rules17)  and  applied  accordingly.  As  authorising  officers  by 
delegation,  the  Commission’s  Directors-General  and  Heads  of  Service  are  responsible  for  the  sound 
financial  management  of  EU  resources,  compliance  with  the  provisions  of  the  Financial  Regulation,  risk 
management and establishing an appropriate internal control framework.  

The  responsibility  of  the  Authorising  Officers  covers  the  entire  management  process,  from  determining 
what needs to be done to achieve the policy objectives set by the institution to managing the activities 
from  both  an  operational  and  a  sound  financial  management  standpoint.  Tasks  can  further  be  sub-
delegated  to  Directors,  Heads  of  Unit  and  others,  who  thereby  become  Authorising  Officers  by  Sub-
Delegation.  Each  authorising  officer  by  delegation  may  rely  on  one  or  two  directors  in  charge  of  risk 
management and internal control to oversee and monitor the implementation of internal control systems.  

The  Commission’s  central  services  provide  guidance  and  advice  and  promote  best  practices,  including 
through the work of the Corporate Management Board.  

The  Financial  Regulation  requires  each  authorising  officer  to  prepare  an  annual  activity  report  (AAR) 
detailing  achievements,  internal  control  and  financial  management  activities  during  the  year.  The  AAR 
includes  a  declaration  that  resources  have  been  used  based  on  the  principles  of  sound  financial 
management  and  that  control  procedures  are  in  place  which  provide  the  necessary  guarantees 

14 See Article 317 TFEU. 
15 C(2020) 4240 of 24.6.2020. 
16 As  a  result,  the  term  'European  Commission'  is  used  to  denote  both  the  institution  –  the  College  –  formed  by  the 
Members  of  the  Commission,  and  its  administration  managed  by  the  Directors-General  of  its  departments  (and 
heads of other administrative structures such as services, offices and executive agencies). 

17 Since  mid-2019  (further  to  the  revised  Article  12  of  the  Internal  Rules)  the  management  of  the  European 
Development Fund (EDF) is co-delegated among five departments (INTPA (DEVCO), ECHO, EAC, EACEA and JRC). 

32 

 
 
Annual accounts of the European Union 2024 

concerning  the  legality  and  regularity  of  the  underlying  transactions.  The  Annual  Management  and 
Performance  Report  for  the  EU  budget18  is  the  main  instrument  through  which  the  College  of 
Commissioners  assumes  political  responsibility  for  the  financial  management  of  the  EU 
budget. 

The  Accounting  Officer  of  the  Commission  is  centrally  responsible  for  treasury  management,  recovery 
procedures,  laying  down  accounting  rules  based  on  International  Public  Sector  Accounting  Standards 
(IPSAS), validating accounting systems and the preparation of the Commission's and consolidated annual 
accounts of the EU. Furthermore, the Accounting Officer is required to sign the annual accounts declaring 
that they  present  fairly,  in  all  material  aspects,  the  financial  position,  the  results of  the operations  and 
the  cash  flows  of  the  Union.  The  annual  accounts  are  adopted  by  the  College  of  Commissioners.  The 
Accounting  Officer  is  an  independent  function  and  bears  a  major  responsibility  as  regards  financial 
reporting in the Commission.  

The  Internal Auditor  of the Commission is likewise a centralised and independent function and provides 
independent  advice,  opinions  and  recommendations  on  the  quality  and  functioning  of  internal  control 
systems inside the Commission, EU agencies and other EU autonomous bodies.  

The Audit Progress Committee ensures the independence of the Internal Auditor and monitors the quality 
of internal audit work and the follow-up given by the Commission services to internal and external audit 
recommendations,  as  well  as  to  the  European  Court  of  Auditors’  discharge  related  findings  and 
recommendations  on  the  reliability  of  the  annual  consolidated  EU  accounts.  The  advisory  role  of  the 
committee  contributes  to  the  overall  further  improvement  of  the  Commission’s  effectiveness  and 
efficiency  in  achieving  its  goals  and  facilitates  the  College’s  oversight  of  the  Commission’s  governance, 
risk management, and internal control practices. 

7.2.4.  External audit and discharge procedure 

In  line  with  the  principles  of  sound  financial  management,  funds  must  be  managed  in  an  effective, 
efficient and economic manner. An accountability framework based on comprehensive reporting, external 
audit  and  political  control  exists  to  provide  reasonable  assurance  that  EU  funds  are  spent  in  a  proper 
manner. 

The  European  Parliament  decides,  after  a  recommendation  by  the  Council,  on  whether  or  not  to 
provide its final approval, known as ‘granting discharge’, on the way the Commission implemented the EU 
budget in a given year. The annual discharge  procedure ensures that the Commission is held politically 
accountable for the implementation of the EU budget. 

Every  year  the  European  Court  of  Auditors  examines  the  reliability  of  the  accounts,  whether  all 
revenue has been received and all expenditure incurred in a lawful and regular manner and whether the 
financial  management  and  the  qualitative  aspects  of  budgeting,  including  the  performance  dimension, 
have been sound. As from 2021, given the considerable importance of NextGenerationEU, the European 
Court of Auditor’s opinion on the legality and regularity of expenditure under the traditional EU budget is 
complemented  by  a  separate  opinion  on  the  legality  and  regularity  of  expenditure  under  the  Recovery 
and  Resilience  Facility.  The  publication  of  the  annual  report  of  the  European  Court  of  Auditors  is  the 
starting point for the discharge procedure. The auditors also prepare special reports on specific spending 
or policy areas, or on budgetary or management issues.  

The decision on the  discharge  is also based on  the Commission’s integrated financial and accountability 
reporting,  on  hearings  of  Commissioners  in  the  European  Parliament  and  on  the  replies  provided  to 
written questions addressed to the Commission. 

18 https://ec.europa.eu/info/publications/integrated-financial-and-accountability-reporting_en. 

33 

 
 
Annual accounts of the European Union 2024 

NOTE ACCOMPANYING THE 
CONSOLIDATED ACCOUNTS 

The consolidated annual accounts of  the  European  Union for the year 2024  have  been prepared on the 
basis  of  the  information  presented  by  the  institutions  and  bodies  under  Article  252 (2)  of  the  Financial 
Regulation  applicable  to  the  general  budget  of  the  European  Union.  I  hereby  declare  that  they  were 
prepared  in  accordance  with  Title  XIII  of  this  Financial  Regulation  and  with  the  accounting  principles, 
rules and methods set out in the notes to the financial statements. 

I have obtained from the accounting officers of these institutions and bodies, who certified its reliability, 
all the information  necessary for  the  production  of  the accounts that show the European Union's assets 
and liabilities and budgetary implementation. 

I hereby certify that based on this information, and on such checks as I deemed necessary to sign off the 
accounts of the European Commission, I have a reasonable assurance that the accounts present fairly, in 
all  material  aspects,  the  financial  position,  the  results  of  the  operations  and  the  cashflows  of  the 
European Union. 

Beatriz SANZ REDRADO 

Accounting Officer of the Commission 

13 June 2025

34 

 
 
 
 
 
Annual accounts of the European Union 2024 

EUROPEAN UNION 
FINANCIAL YEAR 2024 

CONSOLIDATED FINANCIAL STATEMENTS 
AND EXPLANATORY NOTES19 

19 It should be noted that due to the rounding of figures into millions of euros, some financial data in the tables below 

may appear not to add-up. 

35 

 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

CONTENTS 

BALANCE SHEET ........................................................................................... 37 

STATEMENT OF FINANCIAL PERFORMANCE ....................................................... 38 

CASHFLOW STATEMENT ................................................................................. 39 

STATEMENT OF CHANGES IN NET ASSETS ........................................................ 40 

NOTES TO THE FINANCIAL STATEMENTS .......................................................... 41 

1.  SIGNIFICANT ACCOUNTING POLICIES ..................................................... 42 

2.  NOTES TO THE BALANCE SHEET ............................................................. 59 

3.  NOTES TO THE STATEMENT OF FINANCIAL PERFORMANCE ......................... 95 

4.  CONTINGENT LIABILITIES AND ASSETS ................................................. 104 

5.  BUDGETARY AND LEGAL COMMITMENTS ................................................ 110 

6.  FINANCIAL RISK MANAGEMENT ............................................................ 115 

7.  RELATED PARTY DISCLOSURES ............................................................ 132 

8.  EVENTS AFTER THE BALANCE SHEET DATE ............................................ 134 

9.  SCOPE OF CONSOLIDATION ................................................................. 135 

36 

 
 
 
Annual accounts of the European Union 2024 

BALANCE SHEET 

NON-CURRENT ASSETS 
Intangible assets 
Property, plant and equipment 
Investments accounted for using the equity method 
Financial assets 
Pre-financing 
Exchange receivables and non-exchange recoverables 

CURRENT ASSETS 
Financial assets 
Pre-financing 
Exchange receivables and non-exchange recoverables 
Inventories 
Cash and cash equivalents  

TOTAL ASSETS 

NON-CURRENT LIABILITIES 
Pension and other employee benefits 
Provisions 
Financial liabilities 

CURRENT LIABILITIES 
Provisions 
Financial liabilities 
Payables 
Accrued charges and deferred income 

TOTAL LIABILITIES 

NET ASSETS 

Note 

 EUR million 
31.12.2024  31.12.2023 

2.1 
2.2 
2.3 
2.4 
2.5 
2.6 

2.4 
2.5 
2.6 
2.7 
2.8 

2.9 
2.10 
2.11 

2.10 
2.11 
2.12 
2.13 

1 095 
13 713 
1 446 
308 961 
40 861 
13 272 
379 347 

19 377 
38 058 
18 465 
 85 
63 163 
139 148 
518 495 

 976 
13 399 
1 365 
274 283 
41 417 
16 083 
347 524 

11 088 
50 257 
19 116 
 78 
39 616 
120 156 
467 679 

(93 096) 
(2 280) 
(539 575) 
(634 951) 

(90 808) 
(2 102) 
(430 771) 
(523 682) 

(7 536) 
(62 328) 
(55 414) 
(67 091) 
(192 368) 
(827 319) 

(1 233) 
(27 613) 
(50 516) 
(76 805) 
(156 166) 
(679 848) 

(308 824) 

(212 169) 

Reserves 
Amounts to be called from Member States* 
NET ASSETS 

2.14 
2.15 

 986 
(309 810) 
(308 824) 

1 052 
(213 221) 
(212 169) 

*  The European Parliament adopted a budget on 27 November 2024 which provides for the payment of the  EU's short-term liabilities 
from own resources to be collected by, or called up from, the Member States in the following year. Additionally, under Article 83 of 
the Staff Regulations (Regulation (EEC, Euratom, ECSC) No 259/68 (OJ L 56, 4.3.1968, p.1) of 29 February 1968 as amended), the 
Member States shall jointly guarantee the liability for pensions. 

37 

 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

STATEMENT OF FINANCIAL PERFORMANCE 

Note 

2024 

2023      

EUR million 

REVENUE 
Revenue from non-exchange transactions 
GNI resources 
Traditional own resources 
VAT resources 
Plastics own resources 
Fines 
Recovery of expenses 
UK Withdrawal Agreement 
Other 

Revenue from exchange transactions 
Financial revenue 
Other 

Total Revenue 
EXPENSES 
Implemented by Member States 
     European Agricultural Guarantee Fund 
     European Agricultural Fund for Rural Development and 
     other rural development instruments 
     European Regional Development Fund and Cohesion Fund 
     European Social Fund 
     Other 
Implemented by the Commission, executive agencies and 
trust funds 
Implemented by other EU agencies and bodies 
Implemented by third countries and international 
organisations 
Implemented by other entities 
Staff and pension costs 
Finance costs 
UK Withdrawal Agreement 
Other expenses 
Total Expenses 
ECONOMIC RESULT OF THE YEAR 

3.1 
3.2 
3.3 
3.4 
3.5 
3.6 
3.7 
3.8 

3.9 
3.10 

3.11 

3.12 

3.13 

3.13 

3.13 
3.14 
3.15 
3.7 
3.16 

95 037 
20 587 
24 547 
8 227 
4 039 
 957 
– 
10 673 
164 068 

9 005 
2 592 
11 597 
175 665 

101 287 
19 840 
22 526 
7 225 
1 748 
 803 
 681 
8 800 
162 909 

6 983 
1 963 
8 946 
171 855 

(40 267) 

(40 716) 

(14 779) 

(14 605) 

(28 833) 

(18 037) 
(3 854) 

(52 429) 

(17 665) 
(4 251) 

(98 971) 

(61 888) 

(4 388) 

(4 226) 

(6 639) 
(5 599) 
(14 966) 
(27 226) 
 (315) 
(8 999) 
(272 873) 
(97 208) 

(6 090) 
(4 902) 
(14 023) 
(14 355) 
– 
(8 142) 
(243 292) 
(71 437) 

38 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

CASHFLOW STATEMENT 

Economic result of the year 
Operating activities 
Amortisation 
Depreciation 
(Reversal of) impairment losses on investments 
(Increase)/decrease in loans 
(Increase)/decrease in pre-financing 
(Increase)/decrease in exchange receivables and non-exchange 
recoverables 
(Increase)/decrease in inventories 
Increase/(decrease) in pension and other employee benefits 
Increase/(decrease) in provisions 

Increase/(decrease) in financial liabilities (other than under the unified 
funding approach) 

Increase/(decrease) in payables 
Increase/(decrease) in accrued charges and deferred income 
Prior year budgetary surplus taken as non-cash revenue 
Remeasurements in employee benefits liabilities (non-cash movement 
not included in statement of financial performance) 
Other non-cash movements 
Investing activities 
(Increase)/decrease in intangible assets and property, plant and 
equipment  
(Increase)/decrease in investments accounted for using the equity 
method 
(Increase)/decrease in non-derivative financial assets at fair value 
through surplus or deficit 
(Increase)/decrease in derivative financial assets at fair value through 
surplus or deficit 
Financing activities 
Increase/(decrease) in borrowings under the unified funding approach 
NET CASHFLOW 

Net increase/(decrease) in cash and cash equivalents 
Cash and cash equivalents at the beginning of the year 
Cash and cash equivalents at year-end 

2024 
(97 208) 

 191 
1 194 
– 
(36 703) 
12 756 

3 463 

 (7) 
2 288 
6 481 

EUR million 
2023 
(71 437) 

 181 
1 203 
– 
(42 522) 
8 821 

13 000 

 3 
10 192 
 564 

(1 382) 

(3 516) 

4 898 
(9 714) 
 (633) 

1 159 

 27 

(4 825) 
(9 359) 
(2 519) 

(6 877) 

 (11) 

(1 817) 

(1 938) 

 (80) 

 (52) 

(6 246) 

(7 329) 

 (19) 

 (107) 

144 900 
23 547 

109 600 
(6 928) 

23 547 
39 616 
63 163 

(6 928) 
46 544 
39 616 

39 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF CHANGES IN NET ASSETS 

Annual accounts of the European Union 2024 

BALANCE AS AT 31.12.2022 
Remeasurements in employee benefits liabilities 
Other 
2022 budget result credited to Member States 
Economic result of the year 
BALANCE AS AT 31.12.2023 
Remeasurements in employee benefits liabilities 
Other 
2023 budget result credited to Member States 
Economic result of the year 
BALANCE AS AT 31.12.2024 

Amounts to be called from Member States  
Accumulated surplus/(deficit) 
(132 637) 
(6 877) 
 249 
(2 519) 
(71 437) 
(213 221) 
1 159 
 94 
 (633) 
(97 208) 
(309 810) 

Other reserves 

Net assets  

EUR million 

1 312 
– 
 (260) 
– 
– 
1 052 
– 
 (66) 
– 
– 
 986 

(131 325) 
(6 877) 
 (11) 
(2 519) 
(71 437) 
(212 169) 
1 159 
 27 
 (633) 
(97 208) 
(308 824) 

40 

 
 
 
 
 
 
 
  
  
Annual accounts of the European Union 2024 

NOTES TO THE FINANCIAL STATEMENTS 

Note  that  in  the  following  tables  amounts  concerning  the  UK  for  MFFs  up  to  the  end  of  2020  are  still 
shown  under  the  heading  'Member  States'.  This  is  because  although  the  UK  withdrew  from  the  EU  on 
1 February 2020,  in  accordance  with  the  Withdrawal  Agreement,  it  continued  to  have  a  financial 
relationship with the EU equivalent to that of a Member State for these periods. 

41 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

1. 

SIGNIFICANT ACCOUNTING POLICIES 

1.1.  LEGAL BASIS AND ACCOUNTING RULES 

The accounts of the EU are kept in accordance with Regulation (EU, Euratom) 2024/2509 of the European 
Parliament  and  of  the  Council  of  23  September  2024  on  the  financial  rules  applicable  to  the  general 
budget of the Union (recast), OJ L, 2024/2509, 26.9.2024, referred to below as the ‘Financial Regulation’ 
(FR). 

In accordance with Article 80 of the Financial Regulation, the EU prepares its financial statements on the 
basis  of  accrual-based  accounting  rules  that  are  based  on  International  Public  Sector  Accounting 
Standards (IPSAS). These accounting rules, adopted by the Accounting Officer of the Commission, have 
to  be  applied  by  all  the  institutions  and  EU  bodies  falling  within  the  scope  of  consolidation  in  order  to 
ensure the internal consistency of the EU consolidated accounts. 

Application of new and amended European Union Accounting Rules (EAR) 

Revised EAR effective for annual periods beginning on or after 1 January 2024 

There are no new EAR which became effective for annual periods beginning on or after 1 January 2024. 

New EAR adopted but not yet effective at 31 December 2024 

There are no new EAR adopted but not yet effective at 31 December 2024. 

1.2.  ACCOUNTING PRINCIPLES 

The objective of financial statements is to provide information about the financial position, performance 
and cashflows of an entity that is useful to a wide range of users. For the EU as a public sector entity, the 
objectives  are  more  specifically  to  provide  information  useful  for  decision-making,  and  to  demonstrate 
the accountability of the entity for  the  resources  entrusted to it. It is with these  goals in  mind  that  the 
present document has been drawn up. 

The  overall  considerations  (or  accounting  principles)  to  be  followed  when  preparing  the  financial 
statements  are  laid  down  in  EU  accounting  rule  1  ‘Financial  Statements’  and  are  the  same  as  those 
described  in  IPSAS  1:  fair  presentation,  accrual  basis,  going  concern,  consistency  of  presentation, 
materiality, aggregation, offsetting and comparative information. 

The  qualitative  characteristics  of  financial  reporting  are  relevance,  faithful  representation  (reliability), 
understandability, timeliness, comparability and verifiability. 

1.3.  CONSOLIDATION 

Scope of consolidation 

The  consolidated  financial  statements  of  the  EU  comprise  all  significant  controlled  entities,  joint 
arrangements and associates. The complete list of entities falling under the scope of consolidation, which 
now  comprises  54  controlled  entities  and  1  associate  (unchanged  compared  to  2023),  can  be  found  in 
note  9.  Among  the  controlled  entities  are  the  EU  institutions  (including  the  Commission,  but  not  the 
European Central Bank) and the EU agencies (except those acting in the area of the common and foreign 
security policy). The European Coal and Steel Community in Liquidation (ECSC i.L.) is also considered as 
a controlled entity. The EU’s only associate is the European Investment Fund (EIF). 

Entities  falling  under  the  scope  of  consolidation  but  immaterial  to  the  EU  consolidated  financial 
statements as a whole need not be consolidated or accounted for using the equity method where to do so 
would result in excessive time or cost to the EU. These entities are referred to as ‘Minor entities’ and are 
separately listed in note 9. In 2024, 11 entities have been classified as minor entities (2023: 10 entities). 

42 

 
 
Controlled entities 

Annual accounts of the European Union 2024 

In  order  to  determine  the  scope  of  consolidation,  the  control  concept  is  applied.  Controlled  entities  are 
entities for which the EU is exposed, or has right, to variable benefits from its involvement and has the 
ability  to  affect  the  nature  and  amount  of  those  benefits  through  its  power  over  the  other  entity.  This 
power  must  be  presently  exercisable  and  must  relate  to the  relevant  activities  of  the  entity.  Controlled 
entities are fully consolidated. The consolidation begins at the first date on which control exists, and ends 
when such control no longer exists. 

The most common indicators of control within the EU are: creation of the entity through founding treaties 
or secondary legislation, financing of the entity from the EU budget, the existence of voting rights in the 
governing bodies, audit by the European Court of Auditors and discharge by the European Parliament. An 
individual assessment for each entity is made in order to decide whether one or all of the criteria listed 
above are sufficient to result in control. 

All  material  inter-entity  transactions  and  balances  between  EU  controlled  entities  are  eliminated,  while 
unrealised gains and losses on such transactions are not material and so have not been eliminated. 

Joint arrangements 

A joint arrangement is an agreement  of  which the EU  and  one  or  more parties have  joint control. Joint 
control is the agreed sharing of control of an arrangement by way of a binding arrangement, which exists 
only  when  decisions  about  the  relevant  activities  require  the  unanimous  consent  of  parties  sharing 
control.  Joint  agreements  can  be  either  joint  ventures  or  joint  operations.  A  joint  venture  is  a  joint 
arrangement that is structured through a separate vehicle and whereby the parties that have joint control 
of the arrangement have rights to the net assets of the arrangement. Participations in joint ventures are 
accounted  for  using  the  equity  method  (see  note  1.5.4).  A  joint  operation  is  a  joint  arrangement 
whereby the parties that have joint control of the arrangements have rights to the assets, and obligations 
for  the  liabilities,  related  to  the  arrangement.  Participations  in  joint  operations  are  accounted  for  by 
recognising in the EU’s financial statements its assets and liabilities, revenues and expenses, as well as 
its share of assets, liabilities, revenues and expenses jointly held or incurred. 

Associates 

Associates are entities over which the EU has, directly or indirectly, significant influence but not exclusive 
or joint control. It is presumed that significant influence exists if the EU holds directly or indirectly 20% 
or more of the voting rights. Participations in associates are accounted for using the equity method (see 
note 1.5.4). 

Non-consolidated entities whose funds are managed by the Commission 

The funds of the Joint Sickness Insurance  Scheme  for  staff of the EU, the European Development  Fund 
and  the  Participants  Guarantee  Fund  are  managed  by  the  Commission  on  behalf  of  these  entities. 
However,  since  these  entities  are  not  controlled  by  the  EU,  they  are  not  consolidated  in  its  financial 
statements. 

1.4.  BASIS OF PREPARATION 

Financial  statements  are  presented  annually  in  accordance  with  Article  249  of  the  Financial  Regulation. 
The accounting year begins on 1 January and ends on 31 December. 

1.4.1.  Currency and basis for conversion 

Functional and reporting currency 

The  financial  statements  are  presented  in  millions  of  euro,  unless  stated  otherwise,  the  euro  being  the 
EU’s functional currency. 

Transactions and balances 

Foreign currency transactions are translated into euro using the exchange rates prevailing on the dates of 
the  transactions.  Foreign  exchange  gains  and  losses  resulting  from  the  settlement  of  foreign  currency 

43 

 
Annual accounts of the European Union 2024 

transactions  and  from  the  re-translation  at  year-end  exchange  rates  of  monetary  assets  and  liabilities 
denominated in foreign currencies are recognised in the statement of financial performance. 

Different conversion methods apply to property, plant and equipment and intangible assets, which retain 
their value in euro at the rate that applied on the date that they were purchased. 

Year-end balances of monetary assets and liabilities denominated in foreign currencies are converted into 
euro on the basis of the European Central Bank (ECB) exchange rates applying on 31 December: 

Euro exchange rates 

Currency 
BGN 
CZK 
DKK 
GBP 
HUF 
PLN 

31.12.2024 
1.9558 
25.1850 
7.4578 
0.8292 
411.3500 
4.275 

31.12.2023  Currency 
1.9558  RON 
24.7240  SEK 
7.4529  CHF 
0.8691  JPY 
382.8  USD 

4.3395   

1.4.2.  Use of estimates 

31.12.2024 
4.9743 
11.459 
0.9412 
163.06 
1.0389 

31.12.2023 
4.9756 
11.096 
0.9260 
156.3300 
1.105 

In  accordance  with  IPSAS  and  generally  accepted  accounting  principles,  the  financial  statements 
necessarily  include  amounts  based  on  estimates  and  assumptions  by  management  based  on  the  most 
reliable information available. Significant estimates include, but are not limited to: amounts for employee 
benefit liabilities, financial risk of accounts receivable and the amounts disclosed in the notes concerning 
financial  instruments,  impairment  allowance  for  financial  assets  at  amortised  cost  and  for  financial 
guarantee  contract  liabilities,  accrued  revenue  and  charges,  provisions,  degree  of  impairment  of 
intangible  assets  and  property,  plant  and  equipment,  net  realisable  value  of  inventories,  contingent 
assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected 
in  the  period  in  which  they  become  known,  if  the  change  affects  that  period  only,  or  that  period  and 
future periods, if the change affects both. 

1.5.  BALANCE SHEET 

1.5.1. 

Intangible assets 

An  intangible  asset  is  an  identifiable  non-monetary  asset  without  physical  substance.  An  asset  is 
identifiable if it is either separable (i.e. it is capable of being separated or divided from the entity, e.g. by 
being  sold,  transferred,  licensed,  rented,  or  exchanged,  either  individually  or  together  with  a  related 
contract, identifiable asset or liability, regardless of whether the entity intends to do so), or arises from 
binding arrangements (including rights from contracts or other legal rights), regardless of whether those 
rights are transferable or separable from the entity or from other rights and obligations. 

Acquired  intangible  assets  are  stated  at  historical  cost  less  accumulated  amortisation  and  impairment 
losses.  Internally  developed  intangible  assets  are  capitalised  when  the  relevant  criteria  of  the  EU 
accounting  rules  are  met  and  the  expenses  relate  solely  to  the  development  phase  of  the  asset.  The 
capitalisable  costs  include  all  directly  attributable  costs  necessary  to  create,  produce,  and  prepare  the 
asset to be capable of operating in the manner intended by management. Costs associated with research 
activities,  non-capitalisable  development  costs  and  maintenance  costs  are  recognised  as  expenses  as 
incurred. 

Intangible  assets  are  amortised  on  a  straight-line  basis  over  their  estimated  useful  lives  (3-11  years). 
The estimated useful lives of intangible assets depend on their specific economic lifetime or legal lifetime 
determined by an agreement. 

44 

 
 
 
 
 
1.5.2. 

Property, plant and equipment 

Annual accounts of the European Union 2024 

All  property,  plant  and  equipment  are  stated  at  historical  cost  less  accumulated  depreciation  and 
impairment losses. Cost includes expenditure that is directly attributable to the acquisition, construction 
or transfer of the asset. 

Subsequent  costs  are  included  in  the  asset’s  carrying  amount  or  recognised  as  a  separate  asset,  as 
appropriate,  only  when  it  is  probable  that  future  economic  benefits  or  service  potential  associated  with 
the  item  will  flow  to  the  EU  and  its  cost  can  be  measured  reliably.  Repairs  and  maintenance  costs  are 
charged to the statement of financial performance during the financial period in which they are incurred. 

Land is not depreciated as it is deemed to have an indefinite useful life. Assets under construction are not 
depreciated, as these assets are not yet available for use. Depreciation on other assets is calculated using 
the straight-line method to allocate their cost less their residual values over their estimated useful lives, 
as follows: 

Type of asset 
Buildings 
Space assets 
Plant and equipment 
Furniture and vehicles 
Computer hardware 
Other 

Straight line depreciation rate 
4% to 10% 
8% to 25% 
10% to 25% 
10% to 25% 
25% to 33% 
10% to 33% 

Gains  or  losses  on  disposals  are  determined  by  comparing  proceeds  less  selling  expenses  with  the 
carrying amount of the disposed asset and are included in the statement of financial performance. 

Leases 

A lease is an agreement whereby the lessor conveys to the lessee, in return for a payment or series of 
payments, the right to use an asset for an agreed period of time. Leases are classified as either finance 
leases or operating leases. 

Finance  leases  are  leases  where  substantially  all  the  risks  and  rewards  incidental  to  ownership  are 
transferred  to  the  lessee.  When  entering  a  finance  lease  as  a  lessee,  the  assets  acquired  under  the 
finance  lease  are  recognised  as  assets  and  the  associated  lease  obligations  as  liabilities  as  from  the 
commencement of the lease term. The assets and liabilities are recognised at amounts equal to the fair 
value  of  the  leased  property  or,  if  lower,  the  present  value  of  the  minimum  lease  payments,  each 
determined at the inception of the lease. Over the period of the lease term, the assets held under finance 
leases are depreciated over the shorter of the asset’s useful life and the lease term. The minimum lease 
payments  are  apportioned  between  the  finance  charge  (the  interest  element)  and  the  reduction  of  the 
outstanding liability (the capital element). The finance charge is allocated to each period during the lease 
term so as to produce a constant periodic rate of interest on the remaining balance of the liability, which 
is  presented  as  current/non-current,  as  applicable.  Contingent  rents  are  charged  as  expenses  in  the 
period in which they are incurred. 

An operating lease is a lease other than a finance lease, i.e. a lease where the lessor retains substantially 
all  the  risks  and  rewards  incidental  to  ownership  of  an  asset.  When  entering  an  operating  lease  as  a 
lessee,  the  operating  lease  payments  are  recognised  as  an  expense  in  the  statement  of  financial 
performance on a straight-line basis over the lease term with neither a leased asset nor a leasing liability 
presented in the balance sheet. 

1.5.3. 

Impairment of non-financial assets 

An impairment is a loss in the future economic benefits or service potential of an asset, over and above 
the systematic recognition of the loss of the asset's future economic benefits or service potential through 
amortisation or depreciation (as applicable). Assets that have an indefinite useful life are not subject to 
amortisation/depreciation  and  are  tested  annually  for  impairment.  Assets  that  are  subject  to 
amortisation/depreciation are tested for impairment whenever there is an indication at the reporting date 
that  an  asset  may  be  impaired.  An  impairment  loss  is  recognised  for  the  amount  by  which  the  asset’s 
carrying  amount  exceeds  its  recoverable  (service)  amount.  The  recoverable  (service)  amount  is  the 
higher of an asset’s fair value less costs to sell and its value in use. 

45 

 
Annual accounts of the European Union 2024 

Intangible assets and  property, plant  and  equipment  residual values and useful lives are  reviewed, and 
adjusted  if  appropriate,  at  least  once  per  year.  If  the  reasons  for  impairments  recognised  in  previous 
years no longer apply, the impairment losses are reversed accordingly.  

1.5.4. 

Investments accounted for using the equity method 

Participations in associates and joint ventures 

Investments  accounted  for  using  the  equity  method  are  initially  recognised  at  cost,  with  the  initial 
carrying amount subsequently being increased or decreased to recognise  further contributions, the EU’s 
share  of the surplus or deficit  of  the  investee, any impairments and dividends.  The initial  cost together 
with all movements give the carrying amount of the investment in the financial statements at the balance 
sheet date. The EU’s share of the investee’s surplus or deficit is recognised in the statement of financial 
performance,  and  its  share  of  investee’s  movements  in  equity  is  recognised  in  the  reserves  within  net 
assets. Distributions received from the investment reduce the carrying amount of the asset. 

If the EU's share of deficits of an investment accounted for using the equity method equals or exceeds its 
interest  in  the  investment,  the  EU  discontinues  recognising  its  share  of  further  losses  (‘unrecognised 
losses’).  After  the  EU’s  interest  is  reduced  to  zero,  additional  losses  are  provided  for  and  a  liability  is 
recognised  only  to  the  extent  that  the  EU  has  incurred  a  legal  or  constructive  obligation  or  made 
payments on behalf of the entity. 

If there are indications of  impairment, a write-down to the lower recoverable amount is necessary. The 
recoverable amount is determined as described under note 1.5.3. If the reason for impairment ceases to 
apply  at  a  later  date,  the  impairment  loss  is  reversed  to  the  carrying  amount  that  would  have  been 
determined had no impairment loss been recognised. 

In  cases  where  the  EU  holds  20%  or  more  of  an  investment  capital  fund,  it  does  not  seek  to  exert 
significant  influence.  Such  funds  are  therefore  treated  as  financial  instruments  and  categorised  as 
financial assets at fair value through surplus or deficit (‘FVSD’). 

Associates and joint ventures classified as minor entities (see note 1.3) are not accounted for under the 
equity method. EU contributions to those entities are accounted for as an expense of the period. 

1.5.5. 

Financial assets 

Classification at initial recognition 

The classification depends on two criteria: 

—  The  financial  assets  management  model.  This  requires  an  assessment  of  how  the  EU  manages 
the financial assets to generate cash flows and to achieve its objectives and how it evaluates the 
performance of financial assets. 

—  The  asset  contractual  cash-flow  characteristics.  This  requires  an  assessment  of  whether  the 
contractual cash flows are solely payments of principal and interest on the principal outstanding. 
The interest is the consideration for the time value of money, credit risk and other basic lending 
risks and costs. 

Following an assessment based on these criteria, the financial assets can be classified in three categories: 
Financial assets at amortised cost (AC), financial assets at fair value through net assets/equity (FVNA) or 
financial assets at fair value through surplus or deficit (FVSD). 

Financial  assets  with  contractual  cash  flows  that  represent  solely  principal  and  interest  are  classified 
depending on the entity’s management model. If the management model is to hold the financial assets in 
order to collect contractual cash flows, the financial assets are classified at AC. If the management model 
is to hold the financial  assets both to collect contractual cash flows and to sell the financial assets, the 
classification is FVNA. If the management model is different to these two models (e.g. the financial assets 
are  held  for  trading  or  held  in  a  portfolio  managed  and  evaluated  on  a  fair  value  basis),  the  financial 
assets are classified as FVSD. 

46 

 
Annual accounts of the European Union 2024 

Financial  assets  with  contractual  cash  flows  that  do  not  represent  only  principal  and  interest,  but 
introduce exposure to risks and volatility other than those present in a basic lending arrangement (e.g. 
changes in equity prices), are classified as FVSD regardless of the management model. 

At initial recognition, the EU classifies the financial assets as follows: 

(a)  Financial assets at amortised cost 

The EU classifies in this category: 

—  cash and cash equivalents; 

— 

loans (including term deposits with original maturity of more than three months); 

—  exchange  receivables,  except  for  the  financial  guarantee  contract  receivable  leg  classified  as 

financial asset at fair value through surplus or deficit. 

These non-derivative financial assets meet two conditions: The EU’s management model is to hold them 
in order to collect the contractual cash flows. Furthermore, on specified days, there are contractual cash 
flows that represent only principal and interest on the outstanding principal. 

Financial assets at amortised cost are included in current assets, except for those with maturity of more 
than 12 months from the reporting date. 

(b)  Financial assets at fair value through net assets/equity 

These  non-derivatives  financial  assets  have  contractual  cash  flows  that  represent  only  principal  and 
interest on the outstanding principal. In addition, the management model is to hold the financial assets 
both to collect contractual cash flows and to sell the financial assets. 

Assets  in  this  category  are  classified  as  current  assets,  if  they  are  expected  to  be  realised  within  12 
months from the reporting date. 

The EU does not hold such assets at the end of this reporting period. 

(c)  Financial assets at fair value through surplus or deficit 

The  EU  classifies  the  following  financial  assets  as  FVSD  because  the  contractual  cash  flows  do  not 
represent only principal and interest on the principal: 

—  derivatives; 

—  equity investments and investments in money market funds or in pooled portfolio funds; 

—  other equity-type investments (e.g. risk capital operations). 

In addition, the EU classifies the debt securities it holds as FVSD because the portfolios of debt securities 
are managed and evaluated on a portfolio fair value basis (e.g. Common Provisioning Fund  under Article 
215 of the Financial Regulation). 

Assets  in  this  category  are  classified  as  current  assets,  if  they  are  expected  to  be  realised  within  12 
months from the reporting date. 

Initial recognition and measurement 

Purchases of financial assets at fair value through net assets/equity and at fair value through surplus or 
deficit are recognised on their trade date, i.e. the date on which the EU commits to purchase the asset. 
Cash equivalents and loans are recognised when cash is deposited in a financial institution or advanced to 
borrowers. 

Financial  assets  are  initially  measured  at  fair  value.  For  all  financial  assets  not  carried  at  fair  value 
through  surplus  or  deficit,  the  transactions  costs  are  added  to  the  fair  value  at  initial  recognition.  For 
financial assets carried at fair value through surplus or deficit the transaction costs are expensed in the 
statement of financial performance. 

47 

 
Annual accounts of the European Union 2024 

The  fair  value  of  a  financial  asset  on  initial  recognition  is  normally  the  transaction  price  unless  the 
transaction is not at arm’s length i.e. at no or at nominal consideration for public policy purposes. If that 
is the case, the difference between the fair value of the financial instrument and the transaction price is a 
non-exchange component which is recognised as an expense in the statement of financial performance. 
In this case, the fair value of a financial asset is derived from current market transactions for a directly 
equivalent  instrument.  If  there  is  no  active  market  for  the  instrument,  the  fair  value  is  derived  from  a 
valuation technique that uses available data from observable markets. 

When a long-term loan that carries no interest or an interest below market conditions is granted, its fair 
value  can  be  estimated  as  the  present  value  of  all  future  cash  receipts  discounted  using  the  prevailing 
market rate of interest for a similar instrument with a similar credit rating. 

Loans  granted  under  the  Recovery  and  Resilience  Facility  and  loans  for  financial  assistance  are  initially 
measured at their nominal amount, with the transaction price considered the fair value of the loan. This is 
because: 

—  The  ‘market  environment’  for  EU  lending  is  very  specific  and  different  from  the  capital  market 
used to issue commercial or government debt. As lenders in these markets have the opportunity 
to  choose  alternative  investments,  the  opportunity  of  doing  so  is  factored  into  market  prices. 
However,  this  opportunity  for  alternative  investments  does  not  exist  for  the  EU,  which  is  not 
allowed to invest money in the capital markets; it only borrows funds for the purpose of lending. 
This  means  that there  is no  alternative  lending or  investment option  available  to the  EU  for  the 
sums  borrowed.  Thus,  there  is  no  opportunity  cost  and  therefore  no  basis  of  comparison  with 
market rates. In fact, the EU lending operation itself represents the market. Essentially, since the 
opportunity cost ‘option’ is not applicable, the market price does not fairly reflect the substance of 
the  EU  lending  transactions.  Therefore,  it  is  not  appropriate  to  determine  the  fair  value  of  EU 
lending with reference to commercial or government bonds. 

—  Furthermore,  as  there  is  no  active  market  or  similar  transactions  to  compare  with,  the  interest 
rate  to  be  used  by  the  EU  for  fair  valuing  its  lending  operations  should  be  the  interest  rate 
charged. 

Subsequent measurement 

Financial  assets  at  amortised  cost  are  subsequently  measured  at  amortised  cost  using  the  effective 
interest method. 

Financial  assets  at  fair  value  through  net  assets/equity  are  subsequently  measured  at  fair  value.  Gains 
and  losses  from  changes  in  the  fair  value  are  recognised  in  the  fair  value  reserve,  except  for  foreign 
exchange translation differences on monetary assets, which are recognised in the statement of financial 
performance. 

Financial  assets  at  fair  value  through  surplus  or  deficit  are  subsequently  measured  at  fair  value.  Gains 
and  losses  from  changes  in  the  fair  value  (including  those  stemming  from  foreign  currency  translation 
and  any  interest  earned)  are  included  in  the  statement  of  financial  performance  in  the  period  in  which 
they arise. 

Fair value at subsequent measurement 

The fair values of quoted investments in active markets are based on current bid prices. If the market for 
a  financial  asset  is  not  active  (and  for  unlisted  securities  and  over-the–counter  derivatives),  the  EU 
establishes  a  fair  value  by  using  valuation  techniques.  These  include  the  use  of  recent  arm’s  length 
transactions,  reference  to  other  instruments  that  are  substantially  the  same,  discounted  cashflow 
analysis, option pricing models and other valuation techniques commonly used by market participants. 

Investments in  venture capital funds which  do  not  have a quoted market price  in an active market are 
valued at the attributable net asset value, which is considered as an equivalent of their fair value. 

Impairment of financial assets 

The  EU  recognises  and  measures  an  impairment  loss  for  expected  credit  losses  on  financial  assets  that 
are measured at amortised cost and at fair value through net assets/equity. 

For  assets  at  amortised  cost,  the  asset’s  carrying  amount  is  reduced  by  the  amount  of  the  impairment 
loss which is recognised in the statement  of  financial  performance. For assets at fair  value through net 
assets/equity,  the  loss  allowance  is  recognised  in  net  assets/equity  and  does  not  reduce  the  carrying 

48 

 
Annual accounts of the European Union 2024 

amount  of  the  financial  asset  in  the  balance  sheet.  If,  in  a  subsequent  period,  the  amount  of  the 
impairment loss decreases, the previously recognised impairment loss is reversed through the statement 
of financial performance. 

The expected credit loss (ECL) is the present value of the difference between the contractual cash flows 
and  the  cash  flows  that  the  EU  expects  to  receive.  The  ECL  incorporates  reasonable  and  supportable 
information that is available without undue cost or effort at the reporting date. 

Staging policies 

The ECL is measured with a three stage model that takes into account probability weighted default events 
during  the  lifetime  of  the  financial  asset  and  the  evolution  of  credit  risk  since  the  origination  of  the 
financial asset. For loans, origination is the date of the irrevocable loan commitment. 

The allocation to stages mainly depends on the counterparty’s credit rating. The staging model relies on a 
relative assessment of credit risk, that is, the EU may have different loans with the same counterparty in 
different  stages,  depending  on  the  counterparty’s  credit  risk  at  origination.  The  EU,  having  a  unique 
institutional status,  lends money  to its Member States or to sovereigns in difficulty. As a result, the EU 
also  applies  a  qualitative  assessment  of  the  credit  risk  based  on  monitoring  the  economic  situation  of 
borrowers in difficulty.  

Stage 1 – No significant increase in credit risk  

Loans  to  counterparties  with  credit  ratings  in  the  investment  grade  (i.e.  between  AAA  (Aaa)  and  BBB- 
(Baa3)  on  the  S&P/Fitch  (Moody’s)  rating  scale  or  an  equivalent  external  or  internal  rating)  at  the 
reporting date, are considered low credit risk loans, and thus held in Stage 1, except if they are overdue 
for more than 30 days (see Stage 2). In addition, any loans for which a significant increase in credit risk 
did  not  occur,  as  defined  below,  are  classified  to  Stage  1.  For  the  loans  in  Stage  1,  the  impairment 
allowance is measured at the level of the 12 month expected credit losses. 

Stage 2 – Significant increase in credit risk (SICR) 

In  order to  determine  whether  there has  been  a  significant increase  in  the  credit  risk  since  origination, 
and thus whether a move to Stage 2 applies, the EU applies a combination of quantitative and qualitative 
assessments: 

—  all loans for which contractual payments are overdue by between 31 and 90 days, are moved to 

Stage 2; 

— 

— 

— 

— 

for counterparties with credit ratings between AAA (Aaa) and BB- (Ba3) at the initial recognition 
date:  Unless  the  low  risk  case  (above  in  Stage  1)  applies,  the  deterioration  is  considered 
significant  if  the  difference  between  the  rating  at  origination  and  that  at  the  reporting  date  is 
equal or superior to 3 notches; 

for  counterparties  with  credit  ratings  of  B+  (B1)  or  B  (B2)  at  initial  recognition  date:  The 
deterioration  is  considered  significant if  the  difference  between the initial  rating  and  the  current 
rating is equal or superior to 2 notches; 

for  counterparties  with  credit  ratings  of  B-  (B3)  or  lower  (in  CCC/Caa  –  C  range)  at  the  initial 
recognition  date:  The  deterioration  is  considered  significant  if  the  difference  between  the  initial 
rating and the current rating at the reporting date is equal or superior to 1 notch; and 

loans originated before the  transition to the  revised  EAR  11  (i.e.  1  January  2021),  for  which  no 
information on the credit risk at initial recognition is available without undue cost and effort are 
classified to Stage 2. 

For loans in Stage 2, the impairment allowance is measured at the level of lifetime expected credit losses. 

Stage 3 – Credit impaired loans  

Loans are classified in Stage 3 when they are 90 days past due or when one or more events occur after 
the loan origination  that have a detrimental  impact  on the  estimated  future cash  flows of that financial 
asset. For example, a loan is classified to Stage 3, if:  

— 

it is becoming probable that a borrower will enter bankruptcy or other financial reorganisation; 

—  the borrower has a credit rating of D published by an external rating agency; and 

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Annual accounts of the European Union 2024 

—  the borrower is in default under any financial obligation towards the EU, or in the case of loans 
for  financial  assistance,  if  the  borrower  is  in  default  to  any  other  international  organisation 
financing the programme. 

For loans in Stage 3, the impairment allowance is measured at the level of lifetime expected credit losses.  

Purchased or originated as credit impaired (POCI) 

The  EU  also  holds  POCI  loans.  These  are  defaulted  loans  where  the  EU  paid  a  guarantee  call  to  the 
implementing  partner.  For  these  loans,  all  rights  have  been  subrogated  to  the  EU.  The  EU  recognises 
them  on  its  balance  sheet  at  fair  value  at  initial  recognition.  The  EU  classifies  them  as  POCI  loans  and 
calculates an impairment allowance based on  the lifetime ECL. Under  the relevant  agreements between 
the EU and the implementing partners, recovery proceedings are carried out on behalf of the EU with the 
aim of recovering any sums due. 

(a)  Loans to sovereigns 

The EU bases its assessment of loans’ impairment, in the context of the nature of the EU’s financing and 
its unique institutional status. 

For  the  impairment  of  loans  to  non-Member  States,  the  EU  calculates  the  expected  credit  losses  using 
external credit quality data, however taking into account its preferred creditor status, which reduces the 
credit  risk.  For  the  calculation  of  the  present  value,  the  discount  rate  is  the  loan’s  original  effective 
interest rate. If a loan has a variable interest rate, the discount rate is the current effective interest rate 
determined under the contract. 

For loans to Member States, the EU has never incurred any impairment losses, nor faced any defaults on 
payments.  For  these  loans,  in  addition  to  the  preferred  creditor  status,  the  EU  takes  into  account  the 
relationships with its Member States. These two elements, in principle, guarantee the full recovery of the 
loans to Member States, on maturity. Therefore, the EU considers the expected credit losses from loans 
to  Member  States  to  be  negligible,  and  a  statistical  approach  to  calculate  expected  credit  losses  as 
inappropriate for these loans. Thus no expected credit losses are recognised in the statement of financial 
performance for the loans to Member States. 

(b)  Receivables 

The  EU  measures  the  impairment  loss  at  the  amount  of  lifetime  ECL,  using  practical  expedients  (e.g. 
provision matrix). 

(c)  Cash and cash equivalents 

The  EU  holds  cash  and  cash  equivalents  in  current  bank  accounts  and  term  deposits  of  up  to  three 
months. The cash is mainly held in banks with very high credit ratings (see note  6.6), thus having very 
low default probabilities. Given the short duration and low default probabilities, the expected credit losses 
from  cash  and  cash  equivalents  are  negligible.  As  a  result,  no  impairment  allowance  is  recognised  for 
cash equivalents. 

Derecognition 

Financial instruments are derecognised when the rights to receive cashflows from the investments have 
expired or the EU has transferred substantially all risks and rewards of ownership to another party. Sales 
of financial assets at fair value through net assets/equity and through surplus or deficit are recognised on 
their trade date. 

1.5.6. 

Inventories 

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, 
first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct 
labour,  other  directly  attributable  costs  and  related  production  overheads  (based  on  normal  operating 
capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the 
costs of completion and selling expenses. When inventories are held for distribution at no charge or for a 
nominal  charge,  they  are  measured  at  the  lower  of  cost  and  current  replacement  cost.  Current 
replacement cost is the cost the EU would incur to acquire the asset on the reporting date. 

50 

 
1.5.7. 

Pre-financing amounts 

Annual accounts of the European Union 2024 

Pre-financing is a payment intended to provide the beneficiary with a cash advance, i.e. a float. It may be 
split into a number of payments in accordance with the principle of sound financial management  over a 
period  laid  down  in  the  particular  contract,  decision,  agreement  or  basic  act.  The  float  or  advance  is 
either used for the purpose for which it was provided during the period laid down in the agreement or it is 
repaid. If the beneficiary does not incur eligible expenditure, they have the obligation to return the pre-
financing to the EU. As the EU  retains control over  the pre-financing and is entitled  to  a refund  for  the 
ineligible part, the amount is presented as an asset. 

Pre-financing is initially  recognised on  the  balance  sheet when cash  is transferred to  the  recipient. It is 
measured at the amount of the consideration given. In subsequent periods, pre-financing is measured at 
the  amount  initially  recognised  on  the  balance  sheet  less  the  eligible  expenses  (including  estimated 
amounts where necessary) incurred during the period. 

Interest  on  pre-financing  is  recognised  as  it  is  earned  in  accordance  with  the  relevant  agreement.  An 
estimate of the accrued interest revenue, based on the most reliable information, is made at the end of 
the year and included in the balance sheet. 

Other  advances  to  Member  States,  which  originate  from  reimbursement  by  the  EU  of  amounts  paid  as 
advances  by  the  Member  States  to  their  beneficiaries  (including  ‘financial  instruments  under  shared 
management’),  are  recognised  as  assets  and  presented  under  the  heading  ‘Pre-financing’.  Other 
advances to Member States are subsequently measured at the amount initially recognised on the balance 
sheet less a best estimate of the eligible expenses incurred by final beneficiaries, calculated on the basis 
of reasonable and supportable assumptions. 

The  contributions  to  EU  trust  funds  (as  established  under  Article  238  of  the  Financial  Regulation)  not 
consolidated  in  the  European  Commission,  or  to  other  unconsolidated  entities,  are  classified  as  pre-
financing  since  their  purpose  is  to  give  a  float  to  the  trust  fund  to  allow  it  to  finance  specific  actions 
determined by the trust fund’s objectives. The EU contributions to trust funds are measured at the initial 
amount  of  the  EU  contribution  less  eligible  expenses,  including  estimated  amounts  where  necessary, 
incurred by the trust fund during the reporting period and allocated to the EU contribution in accordance 
with the underlying agreement. 

1.5.8.  Exchange receivables and non-exchange recoverables 

The EU accounting rules require a separate presentation of exchange and non-exchange transactions. To 
distinguish  between  the  two  categories,  the  term  ‘receivables’  is  reserved  for  exchange  transactions, 
whereas  for  ‘non-exchange  transactions’,  i.e.  when  the  EU  receives  value  from  another  entity  without 
directly giving approximately equal value in exchange, the term ‘recoverables’ is used (e.g. recoverables 
from Member States related to own resources). 

Receivables  from  exchange  transactions  are  financial  assets  measured  at  amortised  cost,  except  for 
certain amounts of the financial guarantee contract receivable leg which are classified as financial assets 
at fair value through surplus or deficit (see note 1.5.5). 

Recoverables from non-exchange transactions are carried at fair value as at the date of acquisition less 
write-down for impairment. A write-down for impairment of recoverables from non-exchange transactions 
is  established  when  there  is  objective  evidence  that  the  EU  will  not  be  able  to  collect  all  amounts  due 
according to the original terms of recoverables from non-exchange transactions. The amount of the write-
down is the difference between the asset’s carrying amount and the recoverable amount.  The amount of 
the write-down is recognised in the statement of financial performance. A general write-down, based on 
past  experience,  is  also  made  for  outstanding  recovery  orders  not  already  subject  to  a  specific  write-
down. See note 1.5.14 on the treatment of accrued revenue at the end of the year. Amounts displayed 
and disclosed as recoverables from non-exchange transactions are not financial instruments, as they do 
not arise from a contract that would give rise to a financial liability or equity instrument. However, in the 
notes  to  the  financial  statements  recoverables  from  non-exchange  transactions  are  disclosed  together 
with receivables from exchange transactions where appropriate. 

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1.5.9.  Cash and cash equivalents 

Annual accounts of the European Union 2024 

Cash and cash equivalents are financial assets at amortised cost and include cash at hand, deposits held 
at  call  or  at  short  notice  with  banks  and  other  short-term  highly  liquid  investments  with  original 
maturities of three months or less. 

1.5.10.  Employee benefits 

The  EU  provides  a  set  of  benefits  (emoluments  and  social  security)  to  employees.  For  accounting 
purposes these have to be classified into short-term and post-employment benefits. 

Short-term employee benefits 

Short-term employee benefits are those benefits due to be settled before twelve months after the end of 
the  reporting  period  in  which  employees  rendered  the  service,  such  as  salaries,  annual  leave  and  paid 
sick leave, and other short-term allowances. Short-term employee benefits are recognised as an expense 
when the related service is provided. A liability is recognised for the amount expected to be paid if the EU 
has a present legal or constructive obligation to pay as a result of past service provided by the employee 
and the obligation can be estimated reliably. 

Post-employment benefits 

The EU grants a set of post-employment benefits to employees, which include retirement, invalidity and 
survival  pensions  provided  under  the  Pension  Scheme  of  the  European  Officials,  as  well  as  health 
insurance coverage provided under the Joint Sickness Insurance Scheme  (see note 2.9). These benefits 
are provided under a single plan – although split in two schemes – and they must be treated similarly so 
as to give a fair presentation of the situation and reflect the economic reality: 

—  Pension Scheme of European Officials (PSEO): The benefits granted under this notionally funded20 
scheme  relate  to  seniority,  invalidity  and  survival,  as  well  as,  family  allowances,  death  before 
retirement to those employees that work or worked in the EU Institutions, Agencies and other EU 
bodies  or  are  survivors  of  deceased  officials  or  pensioners.  Staff  contribute  one  third  of  the 
expected cost of these benefits from their salaries. 

—  Joint  Sickness  Insurance  Scheme  (JSIS):  Under  this  scheme,  the  EU  provides  health  insurance 
coverage  for  staff  of  the  European  Commission,  EU  institutions,  agencies  and  other  bodies 
through  the  reimbursement  of  medical  expenses.  The  benefits  granted  to  the  ‘inactives’  of  this 
scheme (i.e. pensioners, orphans, etc.) are classified as post-employment benefits. 

The EU also provides post-employment benefits to members and former members of the EU institutions 
via separate pension schemes. These  are  shown  under  the heading  ‘Other retirement  benefit  schemes’. 
Under these schemes the EU provides pension benefits to members of the Commission,  European Court 
of  Justice,  Court  of  Auditors,  Council,  European  Parliament,  European  Ombudsman,  and  the  European 
Data  Protection  Supervisor.  The  EU  provides  health  coverage  to  the  members  of  the  EU  institutions 
through the JSIS. 

The above post-employment benefits qualify as defined benefit obligations of the EU and are calculated at 
each  reporting  date  by  estimating  the  amount  of  future  benefit  that  employees  have  earned  in  the 
current and prior periods, discounting that amount and deducting the fair value of any plan assets. The 
calculation  of  defined  benefit  obligation  is  carried  out  annually  using  the  projected  unit  credit  method. 
The  present  value  of  the  defined  benefit  obligation  is  determined  by  discounting  the  estimated  future 
cash  outflows  using  interest  rates  of  government  bonds  that  are  denominated  in  the  currency  in  which 
the  benefits  will  be  paid,  and  that  have  terms  to  maturity  approximating  to  the  terms  of  the  related 
pension liability. 

20 The PSEO is a notional (virtual) fund with defined benefits in which staff’s contributions serve to finance their future 
pensions. Although there is no actual investment fund, the amount that would have been collected by such a fund is 
considered to have been invested in the Member States’ long-term bonds and is reflected in the pension liability that 
is  registered  in  the  annual  accounts  of  the  European  Union.  Member  States  jointly  guarantee  the  payment  of  the 
benefits  pursuant  to  Article  83  of  the  Staff  Regulations  and  Article  4 (3)  of  the  Treaty  on  European  Union  (see 
COM(2018)829 for a detailed description of the scheme). 

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Annual accounts of the European Union 2024 

The post-employment benefits provided to EU staff are incorporated in a single plan comprising a pension 
scheme  (PSEO)  and  a  sickness  insurance  scheme  (JSIS),  with  the  right  to  coverage  under  the  JSIS 
scheme  being  dependent  on  having  acquired  the  right  to  coverage  under  the  PSEO  scheme.  Under  the 
terms of this single plan, as set out in the Staff Regulation, certain entitlements, such as the right to a 
deferred and reduced pension under the PSEO scheme, are acquired after 10 years of service. However, 
the  entitlements  acquired  under  the  single  plan  by  the  employee’s  subsequent  service  are  materially 
higher than those initial entitlements as reflected by subsequent annually accrued pension rights. 

Therefore, in order to depict the economic substance of the underlying transaction required by the faithful 
representation  qualitative  characteristic  of  financial  reporting  as  outlined  in  both  EAR  1  and  the  IPSAS 
Conceptual Framework, the service cost incurred is accrued on a straight-line basis over staff’s estimated 
active service period, i.e. the period from the date when service  by the employee first leads to benefits 
under the plan (whether or not the benefits are conditional on further service) until the date when further 
service  by  the  employee will  lead  to  no  material  amount  of  further  benefits under  the  plan,  other than 
from further salary increases. This approach is applied consistently to the benefits provided for under the 
single plan. 

Remeasurements in the net defined benefit liabilities comprise actuarial gains and losses and the return 
on plan assets, and are recognised immediately in net assets. 

The EU  recognises the net interest  expense  (income) and other expenses  related to the defined benefit 
plans in the statement of financial performance within the heading ‘Staff and pension costs’. 

When  benefits  provided  are  changed  or  curtailed,  the  resulting  change  in  benefits  that  relates  to  past 
service  or  the  gain  or  loss  on  curtailment  is  recognised  immediately  in  the  statement  of  financial 
performance.  Gains  and  losses  on  settlement  are  recognised  when  the  settlement  occurs.  Past  service 
cost  is  recognised  immediately  in  the  statement  of  financial  performance,  unless  the  changes  are 
conditional on the employees remaining in service for a specified period of time. 

1.5.11.  Provisions 

Provisions are recognised when the EU has a present legal or constructive obligation towards third parties 
as a result of past events, it is more likely than not that an outflow of resources will be required to settle 
the  obligation,  and  the  amount  can  be  reliably  estimated.  Provisions  are  not  recognised  for  future 
operating  losses.  The  amount  of  the  provision  is  the  best  estimate  of  the  expenses  expected  to  be 
required  to  settle  the  present  obligation  at  the  reporting  date.  Where  the  provision  involves  a  large 
number  of  items,  the  obligation  is  estimated  by  weighting  all  possible  outcomes  by  their  associated 
probabilities (‘expected value’ method). 

Provisions for onerous contracts are measured at the present value of the lower of the expected cost of 
terminating the contract and the expected net cost of continuing with the contract. 

1.5.12.  Financial liabilities 

Financial  liabilities  are  classified  as  financial  liabilities  at  fair  value  through  surplus  or  deficit,  financial 
liabilities carried at amortised cost, or as financial guarantee contract liabilities. 

Borrowings  

Borrowings are composed of borrowings from credit institutions and debts evidenced by certificates (EU 
Bonds,  EU  deposits  and  EU  Bills).  They  are  recognised  initially  at  fair  value,  being  their  issue  proceeds 
(fair  value  of  consideration  received)  net  of  transaction  costs  incurred,  then  subsequently  carried  at 
amortised cost using the effective interest method; any difference between proceeds, net of transaction 
costs, and the redemption value is recognised in the statement of financial performance over the period 
of the borrowings using the effective interest method. The transaction costs incurred by the EU and then 
recharged  to the  beneficiary  of  the  loan  are  immaterial  and  are  directly  recognised in the  statement  of 
financial performance. 

Borrowings  are  classified  as  non-current  liabilities,  except  for  maturities  less  than  12  months  after  the 
balance sheet date. 

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Financial liabilities at fair value through surplus or deficit  

Annual accounts of the European Union 2024 

These include derivatives where the fair value is negative. They follow the same accounting treatment as 
financial assets at fair value through surplus or deficit, see note 1.5.5. 

Financial guarantee contract liabilities 

The  EU  recognises  a  financial  guarantee  contract  (FGC)  liability  when  it  enters  into  a  contract  that 
requires  the  EU  to  make  specified  payments  to  reimburse  the  guarantee  holder  for  a  loss  it  incurs 
because a specified debtor fails to make payment when due in accordance with the original or modified 
terms of a debt instrument. Where the guarantee contract requires the EU to make payments in response 
to  price  changes  to  financial  instruments  or  changes  to  other  underlyings,  the  guarantee  contract  is  a 
derivative i.e. a financial liability at fair value through surplus or deficit. All other guarantee contracts are 
accounted for as financial provisions. 

FGC  liabilities  are  initially  recognised  at  fair  value.  This  equals  the  net  present  value  of  the  premium 
receivable, if it is at market terms. When no guarantee premium is charged or where the consideration is 
not  fair  value,  the  fair  value  is  determined  based  on  the  quoted  prices  in  an  active  market  for  FGCs 
directly equivalent to that entered into the financial guarantee liability, if available, or using a valuation 
technique. If no reliable measure of fair value can be determined either by direct observation of an active 
market  or  through  another  valuation  technique,  the  financial  guarantee  contract  liability  is  initially 
measured at the amount of the lifetime expected credit losses. 

The  subsequent  measurement  depends  on  the  evolution  of  the  credit  risk  exposure  from  the  financial 
guarantee, which is monitored by allocating the FGC to stages. The key risk indicator for the allocation of 
FGC to stages is the credit rating of the guaranteed debt. The staging model compares the credit rating 
at origination to the credit rating at the reporting date. 

If there is no significant increase in credit risk (‘stage 1’), financial guarantee liabilities are measured at 
the  higher  of  the  12  months  expected  credit  losses  and  the  amount  initially  recognised  less,  when 
appropriate, cumulative amortisation. If there is a significant increase in credit risk (‘stage 2’), financial 
guarantee  liabilities  are  measured  at  the  higher  of  the  lifetime  expected  credit  losses  and  the  amount 
initially recognised less, when appropriate, cumulative amortisation. 

The  staging  criteria  for  guaranteed  debt  in  financial  guarantee  contracts  covering  a  single  debt 
instrument are the same as those for financial assets at amortised cost (see note 1.5.5).  

The staging criteria for the guaranteed debt in portfolio guarantees follow the same staging criteria as for 
financial assets at amortised cost with the following exceptions: 

—  the  weighted  average  credit  rating  of  the  guaranteed  portfolio,  or  rating  of  the  guarantee,  is 
considered for the staging criteria, and not the rating of individual debt instruments separately. 

— 

— 

for guarantees with a credit rating between AAA (Aa1) and BB- (Ba3) at initial recognition date: 
the  deterioration is  considered  significant if  the difference  between  the  rating  at  origination  and 
that at the reporting date is equal or superior to 2 notches. 

for  guarantees  with  a  credit  rating  between  B+  (B1)  or  lower  at  initial  recognition  date:  the 
deterioration is considered significant if the difference between the rating at origination and that 
at the reporting date is equal or superior to 1 notch. 

Alternatively,  if  the  credit  ratings  are  not  available  but  there  is  an  estimation  of  the  expected  annual 
claims at initial recognition, the actual level of claims compared to the initial estimate is also considered a 
reasonable risk indicator for the assessment of significant increase in credit risk (SICR). 

In  addition  to  the  above  criteria,  the  EU  may  apply  a  qualitative  assessment  of  the  SICR,  based  on 
additional, reasonable and justified, information available. 

FGC  originated  before  the  transition  to  the  revised  EAR  11  (i.e.  before  1  January  2021)  for  which  no 
information on the credit risk at initial recognition is available without undue cost and effort are classified 
to Stage 2. 

Classification to Stage 3 and POCI does not apply to FGC. 

Financial  guarantee  contracts  are  classified  as  current  liabilities,  except  if  the  EU  has  an  unconditional 
right to defer the settlement of the liability for at least 12 months after the reporting date. 

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Contributions with conditions 

Annual accounts of the European Union 2024 

EU  trust  funds  that  are  considered  as  part  of  the  Commission’s  operational  activities  (i.e.  trust  funds 
Madad and Colombia) are accounted for in the Commission accounts and further consolidated in the EU 
annual  accounts.  Therefore,  contributions  from  other  donors  to  the  EU  trust  funds  fulfil  the  criteria  of 
revenues from non-exchange transactions under conditions and they are presented as financial liabilities 
until the conditions attached  to  the contributions transferred are  met, i.e. eligible costs are  incurred by 
the trust fund.  The trust fund  is required to  finance specific projects and return remaining funds at the 
time  of  winding-up.  At  the  balance  sheet  date,  the  outstanding  contribution  liabilities  are  measured  at 
contributions  received  less  the  expenses  incurred  by  the  trust  fund,  including estimated  amounts  when 
necessary. For reporting purposes, the net expenses are allocated to the contributions of other donors in 
proportion to net contributions paid as at 31 December. This allocation of contributions is only indicative. 
When the trust fund is wound up, the actual distribution of the remaining resources will be decided by the 
trust fund board. 

The  same  measurement  principles  apply  to  the  external  contributions  to  the  EU  programmes,  if  such 
contributions  are  received  with  the  condition  to  use  the  resources  as  stipulated  in  the  contribution 
agreements or otherwise to return them to the contributor. 

1.5.13.  Payables 

A  significant  amount  of  the  payables  of  the  EU  are  unpaid  cost  claims  from  beneficiaries  of  grants  or 
other EU funding (non-exchange transactions). They are recorded as payables for the requested amount 
when the cost claim is received. Upon verification and acceptance of the eligible costs, the payables are 
valued at the eligible amount. 

Payables  arising  from  the  purchase  of  goods  and  services  are  recognised  at  invoice  reception  for  the 
original amount and the corresponding eligible expenses are entered in the accounts when the supplies or 
services are delivered and accepted by the EU. 

1.5.14.  Accrued and deferred revenue and charges 

Transactions and events are recognised in the financial statements in the period to which they  relate. At 
year-end,  if  an  invoice  is  not  yet  issued  but  the  service  has  been  rendered,  the  supplies  have  been 
delivered by the EU or a contractual agreement exists (e.g. by reference to a treaty), an accrued revenue 
will  be  recognised  in  the  financial  statements.  In  addition,  at  year-end,  if  an  invoice  is  issued  but  the 
services have not yet been rendered or the goods supplied have not yet been delivered, the revenue will 
be deferred and recognised in the subsequent accounting period. 

Expenses are also accounted for in the period to which they relate. At the end of the accounting period, 
accrued expenses are recognised based on an estimated amount of the transfer obligation of the period. 
Accrued  expenses  are  calculated  in  accordance  with  detailed  operational  and practical  guidelines  issued 
by the Commission which aim to ensure that the financial statements provide a faithful representation of 
the economic and other phenomena they purport to represent. By analogy, if a payment has been made 
in  advance  for  services  or  goods  that  have  not  yet  been  received,  the  expense  will  be  deferred  and 
recognised in the subsequent accounting period. 

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Annual accounts of the European Union 2024 

1.6.  STATEMENT OF FINANCIAL PERFORMANCE 

1.6.1.  Revenue 

REVENUE FROM NON-EXCHANGE TRANSACTIONS 

The vast majority of the EU’s revenue relates to non-exchange transactions as follows: 

GNI-based resources, VAT and Plastics own resources 

Revenue is recognised for the period for which the Commission sends out a call for funds to the Member 
States  claiming  their  contribution.  The  revenue  is  measured  at  its  ‘called  amount’.  As  VAT,  GNI  and 
Plastics own resources are based on estimates of the data for the budgetary year concerned, they may be 
revised since changes occur until the final data are issued by the Member States. The effect of a change 
in  estimate  is  included  when  determining  the  net  surplus  or  deficit  for  the  period  in  which  the  change 
occurred. 

Traditional own resources 

Recoverables  from  non-exchange  transactions  and  related  revenues  are  recognised  when  the  relevant 
monthly  ‘A’  statements  (including  duties  collected  and  amounts  due  that  are  guaranteed  and  not 
contested) are received from the Member States. At the reporting date, revenue collected by the Member 
States for the period but not yet paid to the Commission is estimated and recognised as accrued revenue. 
The  quarterly  ‘B’  statements  (including  duties  neither  collected  nor  guaranteed,  as  well  as  guaranteed 
amounts  that  have  been  contested  by  the  debtor)  received  from  the  Member  States  are  recognised  as 
revenue less the collection costs to which they are  entitled. In addition, a value reduction is recognised 
for the amount of the estimated recovery gap. 

Fines 

Revenue  from  fines  is  recognised  when  the  EU’s  decision  imposing  a  fine  has  been  adopted  and  it  is 
officially notified to the addressee. After the decision to impose a fine, the fined entities have two months 
from the date of notification: 

—  either to accept the decision, in which case they must pay the fine within the time limit laid down 

and the amount is definitively collected by the EU; or 

—  not to accept the decision, in which case they challenge it in accordance with EU law. 

Even if appealed, the fine must be paid within the three month time limit, as the appeal does not have 
suspensory  effect  (Article  278  TFEU).  The  cash  received  is  used  to  clear  the  recoverable.  However, 
subject  to the  agreement  of  the  Commission’s  Accounting  Officer,  the undertaking  may  present  a  bank 
guarantee for the amount instead. In that case the fine remains as a recoverable. If  neither cash nor a 
guarantee is  received  and  there  are  doubts  about  the  undertaking’s  solvency,  a  value  reduction  on  the 
entitlement is recognised. 

If the undertaking appeals against the decision, and has already provisionally paid the fine, the amount is 
disclosed as a contingent liability, or, if it appears probable that the General Court may not rule in favour 
of  the  EU,  a  provision  is  recognised  to  cover  this  risk.  If  a  guarantee  is  given  instead,  the  outstanding 
recoverable is written down. 

The  accumulated  interest  received  by  the  Commission  on  the  bank  accounts  where  received  payments 
are deposited is recognised as revenue, and any contingent liability is increased accordingly. 

Since 2010, all provisionally cashed fines are managed by the Commission in a specifically created fund 
(BUFI) and invested in financial instruments. 

REVENUE FROM EXCHANGE TRANSACTIONS 

Revenue  from  the  sale  of  goods  and  services  is  recognised  when  the  significant  risk  and  rewards  of 
ownership of the goods are transferred to the purchaser. Revenue associated with a transaction involving 

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Annual accounts of the European Union 2024 

the provision of services is recognised by reference to the stage of completion of the transaction at the 
reporting date. 

Interest revenue and expense 

Interest  revenue  and  expense  are  recognised  in  the  statement  of  financial  performance  using  the 
effective  interest  method.  This  is  a  method  of  calculating  the  amortised  cost  of  a  financial  asset  or  a 
financial liability and of allocating the interest revenue or interest expense over the relevant period. When 
calculating the effective interest rate, the EU estimates cashflows considering all contractual terms of the 
financial  instrument  (for  example  prepayment  options)  but  does  not  consider  future  credit  losses.  The 
calculation includes all fees and interest rate points paid or received between parties to the contract that 
are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. 

Once a financial asset or a group of similar financial assets is considered credit impaired (‘stage 3’), the 
interest revenue is recognised using the rate of interest to discount the future cashflows for the purpose 
of measuring the impairment loss. 

Revenue from dividends 

Revenue  from  dividends  and  similar  distributions  is  recognised  when  the  right  to  receive  payment  is 
established. 

Revenue and expense from financial assets through surplus or deficit 

This refers to the fair value gains (revenue) and fair value losses (expense) from these financial assets, 
including  those  stemming  from  foreign  exchange  translation.  For  interest-bearing  financial  assets,  this 
also includes interest. See also note 3.9. 

Revenue from financial guarantee contracts 

The revenue from financial guarantee contracts (guarantee premium) is recognised over the time the EU 
stands ready to compensate the holder of the financial guarantee contract for the credit loss it may incur. 
The  amortisation  schedule  applied  takes  into  account  the  passage  of  time  and  the  volume  of  the 
guaranteed  exposure.  Revenue  from  financial  guarantee  contracts  include  also  amortisation  of  financial 
guarantee contracts liability in cases when the guarantee was provided at no or nominal consideration. 

1.6.2.  Expenses 

Expenses from non-exchange transactions account for the majority of the EU’s expenses. They relate to 
transfers to beneficiaries and can be of three types: (i) entitlements, (ii) transfers under agreement and 
discretionary grants, as well as (iii) contributions and donations. 

Transfers  are  recognised  as  expenses  in  the  period  during  which  the  events  giving  rise  to  the  transfer 
occurred, as long as the nature of the transfer is allowed by the relevant regulation (Financial Regulation, 
Staff  Regulations,  or  other  regulation)  or  an  agreement  has  been  signed  authorising  the  transfer,  any 
eligibility  criteria  have  been  met  by  the  beneficiary,  and  a  reasonable  estimate  of  the  amount  can  be 
made. 

When a request for payment or cost claim is received and meets the recognition criteria, it is recognised 
as  an  expense  for  the  eligible  amount.  At  year-end,  incurred  eligible  expenses  due  to  the  beneficiaries 
but not yet reported are estimated and recorded as accrued expenses. 

Expenses  from  exchange  transactions  arising  from  the  purchase  of  goods  and  services  are  recognised 
when  the  supplies  are  delivered  and  accepted  by  the  EU.  They  are  valued  at  their  original  invoice 
amount.  Furthermore,  at  the  balance  sheet  date,  expenses  related  to  the  service  delivered  during  the 
period for which an invoice has not yet  been received  or accepted  are  estimated and recognised in the 
statement of financial performance. 

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1.7.  CONTINGENT ASSETS AND LIABILITIES 

1.7.1.  Contingent assets 

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed 
only by  the occurrence or non-occurrence of  one or  more  uncertain future events not wholly within the 
control of the EU. A contingent asset is disclosed when an inflow of economic benefits or service potential 
is probable. 

1.7.2.  Contingent liabilities 

A  contingent  liability  is  a  possible  obligation  that  arises  from  past  events  and  whose  existence  will  be 
confirmed only by the occurrence or non-occurrence  of one  or more uncertain future events not wholly 
within the control of the  EU,  or a present obligation that  arises  from past events but is not recognised, 
either  because  it  is  not  probable  that  an  outflow  of  resources  embodying  economic  benefits  or  service 
potential  will  be  required  to  settle  the  obligation,  or  in  the  rare  circumstance  where  the  amount  of  the 
obligation  cannot  be  measured  with  sufficient  reliability.  A  contingent  liability  is  disclosed  unless  the 
possibility of an outflow of resources embodying economic benefits or service potential is remote. 

1.8.  CASHFLOW STATEMENT 

Cashflow information is used to provide a basis for assessing the ability of the EU to generate cash and 
cash equivalents, and its needs to utilise those cashflows. 

The cashflow statement is prepared using the indirect method. This means that the economic result for 
the  financial  year  is  adjusted  for  the  effects  of  transactions  of  a  non-cash  nature,  any  deferrals  or 
accruals  of  past  or  future  operating  cash  receipts  or  payments,  and  items  of  revenue  or  expense 
associated with investing cashflows. 

Cashflows  arising  from  transactions  in  a  foreign  currency  are  recorded  in  the  EU’s  reporting  currency 
(euro), by applying to the foreign currency amount the exchange rate between the euro and the foreign 
currency at the date of the cashflow. 

The  cashflow  statement  reports  cashflows  during  the  period  classified  by  operating,  investing  and 
financing activities. 

Operating activities are the activities of the EU other than investing or financing activities. As such, they 
account for the majority of the activities carried out by the EU. 

Investing  activities  are  the  acquisition  and  disposal  of  intangible  assets  and  property,  plant  and 
equipment  and  of  other  investments  which  are  not  included  in  cash  equivalents.  Investing  activities  do 
not  include  loans  granted  to  beneficiaries  as  they  are  part  of  the  general  objectives  and  thus  daily 
operations of the EU. The objective is to show the real investments made by the EU. 

Financing activities are  activities that  result in changes in the size and composition of borrowings other 
than those granted to beneficiaries on a back-to-back basis or for the acquisition of properaty, plant and 
equipment (which are included under operating activities). 

58 

 
Annual accounts of the European Union 2024 

2.  NOTES TO THE BALANCE SHEET 

ASSETS 

2.1.  INTANGIBLE ASSETS 

Gross carrying amount at 31.12.2023 
Additions 
Disposals 
Transfer between asset categories 
Other changes 
Gross carrying amount at 31.12.2024 
Accumulated amortisation at 31.12.2023 
Amortisation charge for the year 
Amortisation written back 
Disposals 
Transfer between asset categories 
Other changes 
Accumulated amortisation at 31.12.2024 

Net carrying amount at 31.12.2024 
Net carrying amount at 31.12.2023 

EUR million 

2 085 
 331 
 (152) 
 0 
 (7) 
2 257 
(1 109) 
 (191) 
- 
 137 
0 
0 
(1 162) 

1 095 
 976 

The above amounts relate primarily to computer software.  

2.2.  PROPERTY, PLANT AND EQUIPMENT 

The space assets category covers operational fixed assets related to the two EU space programmes: the 
Global Navigation Satellite Systems (GNSS), i.e. Galileo and European Geostationary Navigation Overlay 
System  (EGNOS),  and  the  Copernicus  European  Earth  observation  programme.  Assets  of  the  space 
systems  which  are  not  yet  operational  are  included  under  the  heading  ‘Assets  under  construction’.  The 
assets  related  to  the  EU  space  programmes  are  being  built  with  the  assistance  of  the  European  Space 
Agency (ESA). 

For  Galileo,  the  constellation  currently  includes  30  satellites.  The  Galileo  operational  fixed  assets, 
covering both satellites and ground installations, amounted to EUR 2 987 million at 31 December 2024, 
net  of  accumulated  depreciation  (2023:  EUR 2  486  million).  The  remaining  assets  under  construction 
total EUR 2 145 million (2023: EUR 2 479 million).  

Regarding Copernicus, 8 satellites are operational with 17 satellites and instruments under construction. 
The total value of Copernicus operational fixed assets is EUR 492 million (2023: EUR 438 million), net of 
accumulated  depreciation.  A  further  EUR 3  520 million  related  to  Copernicus  satellites  is  recognised  as 
assets under construction (2023: EUR 3 078 million).  

Fixed assets related to the EGNOS ground infrastructure of EUR 160 million (2023: EUR 187 million) are 
also included under the heading ‘Space assets’. In addition, EGNOS assets under construction amount to 
EUR 345 million (2023: EUR 289 million). 

On  29  April  2024,  the  European  Commission  sold  23  of  its  buildings  in  Brussels  to  SFPIM  (‘Société 
Fédérale  de  Participations  et  d’Investissement’  –  the  national  Belgian  Sovereign  Fund)  for  an  overall 
selling  price  of  EUR  900  million.  The  net  book  value  of  the  buildings  concerned  was  EUR  432  million, 
resulting in a gain of EUR 468 million which was fully recognised at the time of the sale. The proceeds of 
the  sale  will  be  reinvested  in  the  financing  of  new  buildings,  the  repayment  of  remaining  financial 
liabilities and the renovation of existing buildings. Although the sale has been signed for all 23 buildings, 
the exit will be gradual, with the last buildings being vacated in September 2029. 

59 

 
 
 
 
 
 
Property, plant and equipment 

Annual accounts of the European Union 2024 

Gross carrying amount at 31.12.2023 

Additions 

Disposals 

Transfer between asset categories 

Other changes 

Gross carrying amount at 31.12.2024 

Accumulated depreciation at 31.12.2023 

Depreciation charge for the year 

Depreciation written back 

Disposals 

Transfer between asset categories 

Other changes 

Land and 
Buildings 
7 034 

 57 

(1 056) 

 494 

 (3) 

6 528 

(4 417) 

 (141) 

– 

 611 

 (159) 

 0 

Space 
assets 
7 702 

 4 

 (0) 

1 351 

– 

9 056 

(4 591) 

 (826) 

– 

 0 

– 

– 

Plant and 
Equipment 
 575 

Furniture and 
Vehicles 
 283 

Computer 
Hardware 
 863 

 25 

 (117) 

 0 

 0 

 483 

 (507) 

 (27) 

– 

 111 

– 

 (0) 

 31 

 (59) 

– 

 0 

 255 

 (214) 

 (16) 

 1 

 52 

 (0) 

 (0) 

 83 

 (234) 

 2 

 1 

 714 

 (681) 

 (89) 

 (0) 

 197 

 (2) 

 (0) 

Other 

 370 

 22 

 (87) 

 3 

 (1) 

 308 

 (288) 

 (18) 

– 

 82 

– 

 (0) 

Finance 
leases 
2 378 

 Assets under 
construction 
6 308 

EUR million 

Total 

25 513 

2 014 

(1 581) 

 (0) 

 (1) 

1 786 

 (0) 

(1 569) 

 3 

6 528 

25 945 

(12 114) 

(1 195) 

 1 

1 076 

 0 

 (0) 

 6 

 (28) 

 (281) 

– 

2 075 

(1 416) 

 (77) 

– 

 23 

 161 

– 

Accumulated depreciation at 31.12.2024 

(4 106) 

(5 417) 

 (423) 

 (177) 

 (575) 

 (225) 

(1 309) 

(12 232) 

NET CARRYING AMOUNT AT 31.12.2024 

NET CARRYING AMOUNT AT 31.12.2023 

2 422 

2 617 

3 639 

3 111 

 59 

 68 

 77 

 69 

 139 

 181 

 83 

 82 

 766 

 962 

6 528 

6 308 

13 713 

13 399 

60 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2.3.  INVESTMENTS ACCOUNTED FOR USING THE EQUITY 

METHOD 

The  participation of  the  EU,  represented by  the  Commission,  in the  European  Investment  Fund  (EIF)  is 
treated  as  an  associate  using  the  equity  method  of  accounting.  The  EIF  is  the  EU's  financial  institution 
specialising in providing risk capital and guarantees to Small and Medium-sized Entities (SMEs). The EIF 
operates as a private-public partnership, whose members are the European Investment Bank (EIB), the 
EU and a group of financial institutions.  

At 31 December 2024, the EU holds 29.7% of ownership interests in the EIF (2023: 29.7%) and 29.7% 
of the voting rights (2023: 29.7%). In accordance with its statutes, the EIF is required to allocate at least 
20%  of  its  annual  net  result  to  a  statutory  reserve,  until  the  aggregate  reserve  amounts  to  10%  of 
subscribed capital. This reserve is not available for distribution. 

The table below shows the current year’s movement of the EU’s participation in the EIF. 

Participation at 31.12.2023 
Contributions 
Dividends received 
Share of net result 
Share in the net assets 
Participation at 31.12.2024 

EIF summarised financial information: 

Assets 
Liabilities 
Surplus/(deficit) 

EUR million 
European Investment Fund 
1 365 
– 
 (7) 
 83 
 4 
1 446 

31.12.2024 
Total EIF 
7 789 
(2 923) 
 280 

EUR million 
31.12.2023 
Total EIF 
6 554 
(1 959) 
 234 

The reconciliation of  the above summarised financial information to the carrying amount of the interest 
held in the EIF is as follows: 

Net assets of the associate 
EC ownership interests in EIF 
Carrying amount 

31.12.2024 
4 866 
29.7% 

1 446 

EUR million 
31.12.2023 
4 595 
29.7% 

1 365 

The  EU, represented by the Commission,  has paid in 20%  of  its  subscribed shares  in the  EIF capital at 
31 December 2024, the uncalled amount is as follows: 

Total share capital 
Paid-in 
Uncalled 

Total EIF capital 
7 370 
(1 474) 
5 896 

EUR million 
EU subscription 
2 190 
 (438) 
1 752 

61 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2.4.  FINANCIAL ASSETS 

Note 

31.12.2024 

EUR million 
31.12.2023 

Non-current 
Financial assets at amortised cost 
Financial assets at fair value through surplus or deficit 

Current 
Financial assets at amortised cost 
Financial assets at fair value through surplus or deficit 

2.4.1 
2.4.2 

2.4.1 
2.4.2 

Total 

2.4.1. 

Financial assets at amortised cost 

269 903 
39 058 
308 961 

13 677 
5 700 
19 377 
328 338 

242 265 
32 018 
274 283 

4 612 
6 476 
11 088 
285 370 

Loans for NGEU and financial assistance  
Other loans 
Total 
Non-current 
Current 

2.4.1.1.  Loans for NGEU and financial assistance 

Note 
2.4.1.1 
2.4.1.2 

31.12.2024 
283 114 
 466 
283 580 
269 903 
13 677 

EUR million 
31.12.2023 
246 622 
 255 
246 877 
242 265 
4 612 

Loans to Member States 
Loans to third countries 
Total at 31.12.2024 
Non-current 
Current 

Loans to Member States 

Total at 31.12.2023 
New loans (nominal) 
Repayments 
Changes in carrying 
amount 
Changes in impairment 
Total at 31.12.2024 
Non-current 
Current 

31.12.2024 
251 457 
31 656 
283 114 
269 782 
13 332 

NGEU 
79 589 
29 446 
– 

SURE 
98 984 
– 
– 

EFSM 
43 095 
1 800 
(2 600) 

BOP  EURATOM 
 13 
 201 
– 
– 
 (13) 
– 

EUR million 
31.12.2023 
221 883 
24 739 
246 622 
242 144 
4 477 

EUR million 
Total 
221 883 
31 246 
(2 613) 

1 085 

 (145) 

 2 

 0 

 (0) 

 942 

– 
110 120 
108 686 
1 434 

– 
98 839 
90 539 
8 300 

– 
42 297 
39 517 
2 780 

– 
 201 
– 
 201 

– 
– 
– 
– 

– 
251 457 
238 742 
12 715 

The  nominal  value  of  loans  to  Member  States  at  31  December  2024  is  EUR  249.2  billion  (2023: 
EUR 220.6 billion), out of which EUR 108.7 billion refer to the NGEU loans for RRF and REPowerEU.  

In  this  table,  and  in  the  table  for  loans  to  third  countries  further  below,  the  line  ‘Changes  in  carrying 
amount’  corresponds  to  the  change  in  accrued  interest  and  the  change  in  premiums/discounts  (new 
premiums/discounts and amortisation). 

The programmes SURE, EFSM, Euratom and BOP have been implemented on a ‘back-to-back’ basis. This 
means that the loans were financed by equivalent borrowings, with the same terms and conditions. The 

62 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

maturities  are  the  same,  the  issue  premiums/discounts  and  the  costs  are  recharged  to  the  loan 
beneficiary. At maturity, the loan beneficiary reimburses the Commission and the Commission repays the 
borrowing. For the NGEU loans there is no back-to-back relationship between the terms of the loans and 
the borrowings. These loans are funded from the unified funding approach, explained in note 2.11.1.1. 

NGEU (RRF/REPowerEU) 

The RRF is a temporary instrument, established in 2021, to help the Member States’ economies recover 
from  the  coronavirus  pandemic  and  become  resilient  to  green  and  digital  transitions.  Under  the  EU 
Recovery  Instrument  (NGEU),  the  Commission  borrows  funds,  which  the  RRF  uses  to  finance  Member 
States’  reforms  and  investments.  These  have  to  be  in  line  with  EU  priorities  and  have  to  address  the 
challenges  identified  in  country-specific  recommendations  under  the  European  Semester  framework  of 
economic and social policy coordination. The financing can be either a loan (repayable support) or a grant 
(non-repayable  support,  see  note  2.5).  The  Member  States  can  receive  financing  up  to  a  previously 
agreed allocation  for loans  and grants. To  benefit  from  the support, the Member States have to submit 
their national recovery and resilience plans to the European Commission. Each plan sets out the reforms 
and  investments  to  be  implemented  by  the  end  of  2026,  defining  clear  milestones  and  targets  to  be 
analysed  by  the  European  Commission  and  approved  by  the  European  Council.  The  RRF  loans  can  be 
disbursed until 31 December 2026, but only after the achievement of the agreed milestones and targets.  

In  2023,  the  RRF  Regulation  was  amended  and  enabled  the  Member  States  to  add a  REPowerEU 
chapter to their national recovery and resilience plans. The Member States can finance investments and 
reforms in order to achieve the REPowerEU  objectives.  The financing can also be with loans, using RRF 
loan resources not yet requested by the Member States.  

At 31 December 2024, the signed loan agreements were EUR 290.9 billion out of which EUR 108.7 billion 
were already disbursed.  

Support to mitigate Unemployment Risks in an Emergency (SURE) 

SURE  provided  financial  assistance  aiming  to  maintain  people  in  work  and  support jobs  affected  by  the 
coronavirus  pandemic.  The  availability  of  the  instrument  ended  on  31  December  2022.  The  loans 
disbursed were EUR 98.4 billion (nominal value) and there are no pending disbursements.  

European Financial Stabilisation Mechanism (EFSM) 

The  EFSM  enabled  the  granting  of  financial  assistance  to  a  Member  State  in  financial  difficulties.  The 
programme has expired  except  for specific  transactions such as  the maturity extension of  the loans.  In 
2024,  Ireland  repaid  EUR  0.8  billion  of  EFSM  loan  principal  due,  while  Portugal  requested  a  maturity 
extension of EUR 1.8 billion. The new loan was financed by a long term bond maturing in 2028. 

Balance of Payments (BOP) 

This  is  a  policy-based  financial  instrument  that  provides  medium-term  financial  assistance  to  Member 
States that have not adopted the euro.  

European Atomic Energy Community loans (Euratom) 

The European Atomic Energy Community lends money to both Member States and non-EU countries, and 
to entities of both, to finance projects relating to energy installations. There are no outstanding amounts 
relating to Member States or one of their entities.  

Loans to third countries 

Total at 31.12.2023 
New loans (nominal) 
Repayments 
Changes in carrying amount 
Changes in impairment 
Total at 31.12.2024 
Non-current 
Current 

Ukraine 
Facility 
– 
13 112 
– 
 205 
(5 694) 
7 623 
7 418 
 205 

EUR million 

EURATOM 

Total 

 210 
– 
– 
 (0) 
 (8) 
 203 
 202 
 1 

24 739 
14 257 
 (600) 
 187 
(6 926) 
31 656 
31 040 
 617 

MFA 

24 528 
1 145 
 (600) 
 (19) 
(1 224) 
23 831 
23 420 
 411 

63 

 
 
 
 
 
 
Annual accounts of the European Union 2024 

The  nominal  value  of  loans  to  third  countries  at  31  December  2024,  was  EUR  47.2  billion  (2023: 
EUR 33.5 billion).  

In this table, the line ‘Changes in impairment’ corresponds to the remeasurement of the expected credit 
losses  as  at  31  December  2024.  The  line  ‘Changes  in  carrying  amount’  corresponds  to  the  change  in 
accrued interests and the change in premiums/discounts (new premiums/discounts and amortisation). 

The Euratom operates on a ‘back to back’ basis.  

Until  the  end of  2022,  the  MFA  loans  were  funded  under  the  back  to  back  approach,  whereas  with  the 
implementation of the MFA+ programme in 2023, new loans under the MFA will mainly be implemented 
using  the  unified  funding  approach  explained  in  note  2.11.1.1.  Any  new  programmes  such  as  the 
Ukraine Facility will be also funded with the unified funding approach. 

Macro-Financial Assistance 

The MFA refers to  loans for financial  assistance to partner countries experiencing a balance of payment 
crisis.  

The total nominal exposure of  MFA loans outstanding at year end amounted  to  EUR  33.7  billion, out  of 
which EUR 29.0 billion was to Ukraine.  

As  at  31  December  2024,  the  impairment  allowance  for  MFA  loans  was  EUR  10.2  billion  (2023: 
EUR 9.0 billion),  out  of  which  EUR  10.1  billion  refer  to  the  loans  to  Ukraine.  While  all  amounts  due  in 
2024 from Ukraine were paid on time and at the moment of preparation of the annual accounts there is 
no  overdue  payments,  in  accordance  with  the  accounting  rules,  the  impairment  reflects  the  life-time 
expected credit losses estimated with a particular prudence due to significant uncertainties involved. 

In  October  2024,  Regulation  (EU)  2024/277321  was  adopted  establishing  the  Ukraine  Loan  Cooperation 
Mechanism  (ULCM)  and  authorising  a  new  MFA  for  Ukraine.  Under  the  ULCM,  extraordinary  revenues 
originating  from  immobilised  Russian  sovereign  assets  will  be  used  to  grant  non-repayable  support  to 
Ukraine  with  the  objective  to  assist  the  country  in  repaying  new  bilateral  loans  provided  by  the  G7 
partners  and  the  EU  under  this  initiative.  The  EU  signed  the  MFA  loan  agreement  with  Ukraine  in 
December  2024  for  an  amount  of  EUR  18.1  billion  to  be  disbursed  in  2025.  As  all  policy  conditions  for 
disbursement were met by Ukraine by year-end, the MFA loan under ULCM was considered as irrevocably 
committed  leading  to  recognition  of  a  provision  for  expected  credit  losses  of  EUR  7.1  billion  as  at 
31 December 2024 (see also note 2.10). 

In  addition,  there  were  EUR  95  million  undrawn  amounts  conditionally  commited  from  other  MFA  loan 
agreements at year-end (2023: EUR 95 million).  

In 2024, the EU granted EUR 763 million of interest rate subsidies to Ukraine for the interest accrued on 
the exceptional MFA and MFA+ loans. This constitutes a modification of the loan’s terms (see also notes 
3.15 and 6.6), and is included under the ‘Changes in carrying amount’ in the table above.  

Ukraine Facility loans  

The Ukraine Facility Regulation22 is a new instrument adopted in 2024 that offers up to EUR 50 billion in 
financial support to Ukraine, including up to EUR 33 billion of sovereign loans, to be disbursed by the end 
of 2027. EUR 13.1 billion of loans were disbursed to Ukraine in 2024. 

The  impairment  allowance  is  calculated  like  for  the  MFA  loans  to  Ukraine  and  total  EUR  5.7  billion  at 
31 December  2024.  There  are  EUR  19.9  billion  conditional  undrawn  amounts  from  signed  loan 
agreements at year end. 

European Atomic Energy Community loans (Euratom) 

The European Atomic Energy Community lends money to both Member States and non-Member  States, 
and to entities of both, to finance projects relating to energy installations. The total outstanding amount 
relates  to  loans  to  Energoatom,  guaranteed  by  the  Ukrainian  state.  For  these  loans  an  impairment 
allowance  of  EUR  98  million  has  been  recognised.  There  are  no  undrawn  amounts  from  signed  loan 
agreements.  

21 Regulation  (EU)  2024/2773  of  the  European  Parliament  and  of  the  Council  of  24  October  2024  establishing  the 
Ukraine  Loan  Cooperation  Mechanism  and  providing  exceptional  macro-financial  assistance  to  Ukraine  (OJ  L, 
28.10.2024). 

22 Regulation  (EU)  2024/792  of  the  European  Parliament  and  of  the  Council  of  29  February  2024  establishing  the 

Ukraine Facility (OJ L, 29.2.2024), hereafter referred to ‘Ukraine Facility Regulation’. 

64 

 
 
 
EU budget guarantee for loans to Member States and third countries. 

Annual accounts of the European Union 2024 

The  EU  budget  guarantees  the  borrowings  issued  by  the  EU  which  finance  the  loans  to  Member  States 
and  third  countries.  If  there  would  be  unpaid  loan  amounts  in  the  future,  the  EU  budget  may  have  to 
repay the related borrowing amounts.  

—  Borrowings  for  NGEU,  EFSM,  BOP,  MFA+  and  Ukraine  Facility  are  guaranteed  solely  by  the  EU 

budget; 

—  Borrowings  for  SURE  are  guaranteed  by  the  EU  budget  and  underpinned  by  Member  States 

guarantees of EUR 25 billion; 

—  Borrowings for MFA loans to third countries are firstly covered by the CPF (see note 2.4.2.1) and 
then  by  the  EU  budget,  with  exception  of  the  MFA  exceptional  financial  assistance  loans  to 
Ukraine  of  EUR  6  billion  that  are  61%  covered  by  guarantees  provided  by  the  Member  States 
after the first 9% of losses to be covered by CPF; and 

—  Borrowings for Euratom are firstly covered by the by 3rd party guarantees, then by CPF (see note 

2.4.2.1), and then by the EU budget. 

For more details, see note 6.7. 

UK obligations arising from its departure from the EU 

In accordance with Article 143 of the Withdrawal Agreement, the UK is liable to the Union for its share of 
contingent financial liabilities related to the loans for financial assistance (EFSM, MFA, BOP and Euratom) 
approved/decided by the withdrawal date, 31 January 2020. Article 143 requires that in case of a default 
under a loan for financial assistance that has been approved before the withdrawal date, the UK would be 
liable  to  the  Union  for  its  share  of  payments  made  by  the  Union  under  the  defaulted  operation,  unless 
this  could  be  covered  by  the  UK  share  of  provisioning  held  in  the  Guarantee  Fund  for  external  actions 
compartment of the CPF where this is relevant (i.e. MFA and Euratom loans in third countries) – see note 
4.1.1. 

The EU’s outstanding contingent liability relating to the above loans for financial assistance amounted to 
EUR 53.9 billion as at the withdrawal date. Following repayments since that date, the value of these loans 
covered by the EU guarantee at 31 December 2024 is EUR 47.4 billion – the UK’s share of this is EUR 5.9 
billion. 

2.4.1.2.  Other loans 

These include 3 types of loans:  

a)  Loans  granted  from  EU  budget  programmes  (e.g.  the  Agriculture  and  Electrification  Financing 
initiatives  and  the  EU  Employment  and  Social  Innovation  programme).  These  loans  total 
EUR 75 million as at 31 December 2024 (2023: EUR 77 million). 

b)  Subrogated  loans:  These  are  loans  disbursed  by  the  EIB  and  guaranteed  by  the  EFSI  and  ELM 
programmes. The loans defaulted, the Commission paid the guarantee calls and therefore holds 
the  recovery  rights.  As  a  result  the  loans  are  now  recognised  on  the  EU  balance  sheet. 
At 31 December 2024, the Commission holds the recovery rights for EUR 1.0 billion of such loans, 
including  accrued  interests  (2023:  EUR  0.1  billion).  However,  after  taking  into  account  the 
expected  credit  losses,  the  amount  recognised  on  the  balance  sheet  is  EUR  51  million  (2023: 
EUR 56 million).  

c)  Term deposits of EUR 340 million (2023: EUR 122 million) with maturity of over 3 months that do 

not meet the definition of cash equivalents.  

65 

 
 
 
2.4.2. 

Financial assets at fair value through surplus or deficit (FVSD) 

Annual accounts of the European Union 2024 

Financial assets at FVSD non-derivatives 
Financial assets at FVSD derivatives  
Total 
Non-current 
Current 

2.4.2.1.  Financial assets at FVSD non-derivatives  

Financial assets at FVSD non-derivatives by type 

Debt securities 
MMFs, ETFs and investments in pooled portfolios 
Other equity investments 
Loans 
Total 
Non-current 
Current 

Note 
2.4.2.1 
2.4.2.2 

31.12.2024 
43 648 
1 110 
44 758 
39 058 
5 700 

EUR million 
31.12.2023 
37 402 
1 091 
38 493 
32 018 
6 476 

31.12.2024 
34 465 
5 975 
3 201 
 8 
43 648 
37 948 
5 700 

EUR million 
31.12.2023 
29 703 
4 806 
2 893 
– 
37 402 
30 967 
6 435 

Debt  securities  are  mainly  sovereign  and  corporate  bonds.  They  are  held  in  the  funds  (portfolios) 
managed by the Commission (mainly CPF and the Budget Fines Fund (BUFI)) or by the EIB on behalf of 
the EU (mainly Horizon 2020 (H2020) and the Innovation Fund). The portfolios’ performance is evaluated 
on a fair value basis (market value). As at 31 December 2024, the market value of securities lent within 
the securities lending programmes amounts to EUR 5.8 billion (EUR 3.2 billion in 2023). Those securities 
lent are not derecognised from the EU’s balance sheet as the risks and rewards are still held by the EU. 

Money  market  funds  (MMFs)  are  mutual  funds  that  invest  in  short-term  debt  securities  (e.g.  the  EIB 
unitary  fund).  The  exchange-traded  funds  (ETFs)  are  investment  funds that  are  traded  on stock 
exchanges.  They  track  indices  and  hold  assets  such  as stocks, bonds, currencies  and futures  contracts. 
The  investments  in  pooled  portfolios  are  the  EU  funds  of  Connecting  Europe  Faclity  (CEF)  and  H2020 
programmes pooled together with Member States’ funds from the NER 300 programme. They are used to 
provide guarantees to the EIB’s financing and investment operations.  

The ‘Other equity investments’ mainly refer to investing EU budget money – via implementing partners – 
in  venture  capital  or  other  types  of  investment  funds  for  pursuing  EU  policy  objectives:  for  example, 
enhancing  access  to  finance  for  start  up  SMEs,  research  and  innovation  as  well  as  infrastructure  both 
inside and outside the EU.  

Financial assets at FVSD non-derivatives by programme 

Common Provisioning Fund 
Innovation Fund 
BUFI investments 
ECSC i.L. 
EBRD 
EEAS local staff pension plan 
Horizon 2020 and Horizon Europe 
Connecting Europe Facility 
EU SME Equity Facilities 
European Fund for South East Europe 
Green for Growth Fund 
Energy Efficiency Finance Facility 
Other 
Total 
Non-current 
Current 

66 

31.12.2024 
23 174 
10 616 
2 141 
1 206 
 188 
 128 
3 968 
 716 
 453 
 243 
 128 
 103 
 586 
43 648 
37 948 
5 700 

EUR million 
31.12.2023 
18 698 
8 754 
2 268 
1 219 
 188 
 97 
3 872 
 731 
 485 
 233 
 116 
 110 
 630 
37 402 
30 967 
6 435 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Provisioning Fund (CPF) 

Annual accounts of the European Union 2024 

The EU gives guarantees to financial partners for losses on equity investments and loans (see note 4.1 
for EU budgetary guarantees). In accordance to the legal acts, the EU budget gradually sets money aside 
in order to pay to the partners any losses covered by these guarantees. The EU budget also sets money 
aside to repay the borrowings in case of defaults on MFA and Euratom loans to non-Member States. 

In  compliance  with  the  Financial  Regulation,  the  Commission  has  set  up  the  CPF  to  manage,  in  one 
common  portfolio,  the  money  it  sets  aside  (‘provisioning’).  The  monies  are  invested  in  debt  securities, 
money  market  funds  and  ETFs.  In  addition  to  the  EU  budget  provisioning,  the  CPF  receives  recoveries 
from  defaulted operations,  the  returns on its investments and the EU’s remuneration from  the financial 
partners. The CPF may also  receive  voluntary contributions from  Member States and  other  contributors 
that are – in this way – increasing the available EU budget guarantees. 

The  CPF  allocates  the  incoming  contributions  into  compartments  depending  on  the  contributing 
programme.  The  legal  acts  of  the  programmes  set  out  the  necessary  provisioning  for  the  guarantees 
provided. The EU budget pools these individually provisioned funds in the CPF so as to optimise the asset 
management. 

As at 31 December 2024 the assets of the CPF increased as the InvestEU, NDICI and Ukraine guarantees 
are building up the necessary provisions but also due to portfolio gains of EUR 0.9 billion. The total assets 
were EUR 23.2 billion, out of which EUR 19.8 billion were invested in debt securities, and EUR 3.3 billion 
in ETFs. 

Innovation Fund (IF) 

The Innovation Fund establishes a system for the trading of greenhouse gas emission allowances within 
the  Union.  The  purpose  is  to  use  the  revenue  to  support  innovation  in  low-carbon  technologies  and 
processes  in  certain  economic  sectors.  The  Innovation  Fund  receives  the  revenue  from  the  progressive 
monetisation  of  530  million  of  allowances  and  also  any  unspent  funds  from  the  300  million  allowances 
available for NER300 programme  (see note  3.8).  The EIB manages the  monies, until they are  used for 
the  intended  purpose,  and  invests  them  in  debt  securities.  The  increase  in  2024  is  mainly  due  to 
incoming auctioning revenues.  

BUFI investments 

The Commission has established the Budget Fines fund (‘BUFI’) for managing the money it provisionally 
receives for fines  issued to companies which are  under appeal. Until  the  final  court decision  on a given 
fine, the Commission invests the money in debt instruments.  

ECSC i.L. 

The  ECSC  Treaty  expired  on  23  July  2002  and  all  the  ECSC  assets  were  transferred  to  the  European 
Union. They were earmarked for research in the sectors associated with the coal and steel industries, for 
example breakthrough technologies that lead to near-zero-carbon steelmaking. The Commission invests 
the monies in debt securities, until they are granted for research purposes.   

European Bank for Reconstruction and Development 

The  EU  holds  a  financial  investment  in  the  capital  of  the  European  Bank  for  Reconstruction  and 
Development  (EBRD),  in  which  the  number  of  shares  held  at  31  December  2024  were  90 044  (2023: 
90 044  shares),  representing  2.9%  of  the  total  subscribed  share  capital.  The  EU  subscribed  for  a  total 
amount of EUR 900 million of share capital, out of which EUR 713 million is currently uncalled.  

Horizon 2020 and Horizon Europe 

Under  the  EU  Regulation  establishing  Horizon  2020  –  the  Framework  Programme  for  Research  and 
Innovation (2014-2020) – new financial instruments have been established in order to enhance access to 
finance to entities engaged in research and innovation (R&I). These instruments are:  

—  The  InnovFin  Loan  and  Guarantee  Service  for  R&I  under  which  the  Commission  shares  the 

financial risk related to a portfolio of new financing operations entered into by the EIB; 

—  The  InnovFin  SME  Guarantee  and  the  SME  Initiative  Uncapped  Guarantee  Instrument  (SIUGI) – 
guarantees  facilities  managed  by  the  EIF,  providing  guarantees  and  counter-guarantees  to 

67 

 
Annual accounts of the European Union 2024 

financial  intermediaries  for  new  portfolios  of  loans  (under  SIUGI  the  Commission  shares  the 
financial risk related to the guarantee given with Member States, EIF and EIB);  

—  The InnovFin Equity Facility for R&I providing for investments in venture capital funds which are 

managed by the EIF; and 

—  The EIC Fund (European Innovation Council Fund) which provides equity financing to accelerate 
innovation and market deployment actions. The EIC fund is funded from the Horizon Europe and 
H2020 programmes.  

Connecting Europe Facility 

Pursuant  to  Regulation  (EU)  No  1316/2013  of  the  European  Parliament  and  of  the  Council23,  the 
Connecting  Europe  Facility  (CEF)  debt  instrument  has  been  established  with  the  objective  to  facilitate 
infrastructure projects’ access to financing in the sectors of transport, telecommunications and energy. It 
is managed by  the EIB under  an  agreement with  the EU. It offers risk sharing for debt financing in the 
form  of  senior  and  subordinated  debt  or  guarantee  as  well  as  support  for  project  bonds  guaranteed  by 
the EU.  

EU SME Equity Facilities 

These  are  equity  instruments  financed  by  the  COSME,  CIP  and  MAP  programmes  and  the  Growth  and 
Employment Initiative, under the trusteeship of the EIF, supporting the creation and financing of EU SMEs 
in their early (start-up) and growth stages by investing in suitable specialised venture capital funds. 

Fair value hierarchy of non-derivative financial assets at FVSD  

Type of financial asset 
Level 1: Quoted prices in active markets 
Level 2: Observable inputs other than quoted prices 
Level 3: Valuation techniques with inputs not based on 
observable market data 
Total 

31.12.2024 
37 559 
3 098 

2 991 

43 648 

EUR million 
31.12.2023 
31 477 
3 230 

2 695 

37 402 

During the period, there were no transfers between level 1 and level 2 of the fair value hierarchy. 

Reconciliation of non-derivative financial assets measured using valuation techniques with inputs not 
based on observable market data (level 3) 

Fair value movements 
Opening balance at 1.1.2024 
Investments during the period 
Capital repayments 
Revenues settled  
Gains or losses for the period in surplus or deficit 
Transfers into level 3  
Transfers out of level 3  
Other 
Closing balance at 31.12.2024 

EUR million 

2 695 
 508 
 (85) 
 (38) 
 (89) 
– 
– 
 0 
2 991 

23 Regulation (EU) No 1316/2013 of the European Parliament and of the Council of 11 December 2013 establishing the 
Connecting  Europe  Facility,  amending  Regulation  (EU)  No  913/2010  and  repealing  Regulations  (EC)  No  680/2007 
and (EC) No 67/2010 Text with EEA relevance (OJ L 348, 20.12.2013, p. 129). 

68 

 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2.4.2.2.  Financial assets and liabilities at FVSD derivatives 

Financial assets and liabilities at FVSD derivatives by type 

Type of derivative 

31.12.2024 

31.12.2023 

Guarantee on equity portfolio 
FX derivatives 
Total 
Non-current 
Current 

Guarantees on equity portfolios 

Notional 
amount  

Fair Value 
Asset 

Fair Value 
Liability 

6 057 
2 417 
8 474 

1 110 
– 
1 110 
1 110 
– 

 (60) 
 (38) 
 (98) 
 (13) 
 (84) 

Notional 
amount  

Fair 
Value 
Asset 
1 050 
5 059 
 41 
1 528 
6 587  1 091 
1 050 
 41 

EUR million 

Fair Value 
Liability 

 (53) 
 (6) 
 (60) 
 (8) 
 (52) 

The heading ‘Guarantee on equity portfolio’ comprises guarantees given by the EU to financial institutions 
on  portfolios  of  equity  investments.  These  guarantees  are  classified  as  derivative  financial  instruments 
and  accounted  for  as  a  financial  asset  or  financial  liability  at  fair  value  through  surplus  or  deficit  since 
they do not meet the definition of a financial guarantee liability – see note 1.5.12. The EU financial asset 
or liability is measured based on the value of the underlying investments. 

The total amount represents mainly the EFSI guarantee given by the EU to the EIB Group with underlying 
equity  investments  disbursed  by  the  EIB  and  EIF  amounting to  EUR  3.8 billion  (2023:  EUR  3.7  billion). 
The  fair  value  of  the  EU  guarantee  on  the  EFSI  equity  portfolios  totalled  EUR  1.1  billion  (2023: 
EUR 1.0 billion). 

Foreign exchange derivatives  

The EU enters into foreign currency forward contracts in order to hedge the foreign currency risk related 
to USD denominated debt  securities  held in the  CPF. Under the foreign  currency  forward  contracts,  the 
EU delivers the contractually agreed notional amount in foreign currency (‘pay leg’), as presented in the 
table above, and will receive the notional amount in EUR (‘receive leg’) at the maturity date.  

This heading also includes effect of foreign currency risk hedging activities under InvestEU guarantee and 
cases where the EU guarantees foreign currency risk. 

Fair value hierarchy of derivative financial assets and liabilities 

Type of derivative 

31.12.2024 

31.12.2023 

EUR million 

Level 1: Quoted prices in active markets 
Level 2: Observable inputs other than 
quoted prices 
Level 3: Valuation techniques with inputs 
not based on observable market data 
Total 

Fair Value  
Asset  
– 

Fair Value 
Liability  
– 

Fair Value 
Asset  
– 

Fair Value 
Liability  
– 

– 

1 110 
1 110 

 (27) 

 (71) 
 (98) 

 41 

1 050 
1 091 

 (1) 

 (59) 
 (60) 

During the period, there were no transfers between level 1 and level 2. Derivatives in  fair value level 3 
include mainly guarantees on equity portfolios. 

69 

 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Reconciliation of derivative financial assets and liabilities measured using valuation techniques with inputs 
not based on observable market data (Level 3) 

Fair value movements 
Opening balance asset/(liability) as at 1.1.2024 
Guarantee call claims paid 
Guarantee calls returned 
Revenues from guarantee settled 
Gains or losses for the period in surplus or deficit 
Transfers into level 3  
Transfers out of level 3  
Other 
Closing balance at 31.12.2024 

EUR million 

 992 
 170 
 (10) 
 (129) 
 16 
– 
– 
 0 
1 039 

2.5.  PRE-FINANCING 

Non-current 
Pre-financing 
Other advances to Member States 
Contribution to Trust Funds 

Current 
Pre-financing 
Other advances to Member States 

Total 

Note 

2.5.1 
2.5.2 

2.5.1 
2.5.2 

31.12.2024 

EUR million 
31.12.2023 

39 093 
1 682 
 85 
40 861 

35 969 
2 089 
38 058 
78 919 

40 970 
 371 
 76 
41 417 

48 478 
1 780 
50 257 
91 675 

The level of pre-financing in the various programmes must be sufficient to ensure the necessary funding 
for the beneficiary to  initiate and advance  the project, while also  safeguarding  the  financial interests of 
the EU and taking into consideration legal, operational and cost-effectiveness constraints.  

70 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.5.1. 

Pre-financing 

Shared management 
     EAFRD & other rural  
     development instruments 
     ERDF & CF 

     ESF 

     Other 

Direct Management 

Implemented by:  

     Commission 

        of which RRF (NGEU) 

     EU executive agencies 

     Trust funds 

Indirect Management 

Implemented by: 

     Other EU agencies & bodies 

     Third countries 

     International organisations 

     Other entities 

Total 

Non-current 

Current 

Annual accounts of the European Union 2024 

Gross 
amount 

Cleared via 
accruals 

Net amount 
at 31.12.2024 

Gross 
amount 

Cleared via 
accruals 

EUR million 
Net amount 
at 31.12.2023 

3 885 

 (840) 

25 859 

(16 476) 

9 437 

14 220 

(6 258) 

(4 836) 

3 045 

9 384 

3 180 

9 384 

3 614 

 (686) 

31 502 

12 105 

8 755 

(10 125) 

(3 236) 

(5 348) 

2 928 

21 378 

8 869 

3 408 

53 402 

(28 409) 

24 992 

55 976 

(19 394) 

36 582 

34 727 

18 930 

40 693 

 508 

(14 289) 

(3 541) 

(25 586) 

 (429) 

20 438 

15 389 

15 107 

 79 

37 273 

22 889 

36 130 

 639 

(12 782) 

(3 710) 

(21 683) 

 (507) 

24 491 

19 178 

14 446 

 133 

75 928 

(40 304) 

35 624 

74 042 

(34 972) 

39 070 

5 281 

1 843 

13 171 

19 295 

(2 814) 

(1 103) 

(8 839) 

(12 389) 

2 467 

 739 

4 333 

6 906 

4 983 

1 602 

14 229 

(2 314) 

(1 166) 

(9 713) 

17 606 

(11 432) 

39 590 

(25 144) 

14 446 

38 421 

(24 625) 

168 920 

(93 858) 

75 062 

168 439 

(78 991) 

39 093 

– 

129 826 

(93 858) 

39 093 

35 969 

40 970 

– 

127 469 

(78 991) 

2 670 

 436 

4 516 

6 175 

13 797 

89 448 

40 970 

48 478 

Pre-financing  represents  money  paid  out,  and  thus  the  implementation  of  payment  appropriations.  As 
explained in note 1.5.7, these are advances and so not yet expensed. Thus while pre-financing reduces 
outstanding  RAL  (see  note  5.1)  it  represents  expenses  still  to  be  accepted  and  recognised  in  the 
statement of financial performance. 

For  shared  management,  the  significant  decrease  in  the  cohesion  area  pre-financing  is  linked  to 
programming  period  2014-2020  –  as  the  period  is  reaching  its  closure  phase,  higher  amounts  are 
cleared, which accounts for a decrease of EUR 18 billion. 

As  regards  the  2021-2027  programming  period,  the  most  significant  pre-financing  amounts  are  also 
related to the cohesion area, EUR 9.3 billion (2023: EUR 9 billion).  

The increase in other shared management is linked to the disbursement of EUR 6 billion in pre-financing 
under the Just Transition Fund to European regions. 

For direct management, the biggest amounts of pre-financing are those related to the non-reimbursable 
support  concerning  the  RRF  instrument,  EUR  15.4  billion  net  at  year-end  (2023:  EUR  19.2  billion).  The 
decrease  is  mostly  linked  to  the  clearings  that  took  place  during  the  year  (EUR  7.2  billion)  following 
Member  States  reaching  milestones  and  targets.  In  2023,  the  RRF  was  amended  by  Regulation  (EU) 
2023/435 of the European Parliament and of the Council24 to provide additional support to Member States 
through  REPowerEU  chapters  for  reforms  and  investments  fostering  independence,  security  and 
sustainability of the Union’s energy supply. New pre-financing amounts (EUR 2.4 billion) were paid to the 
Member  States  in  2024  in  relation  to  REPowerEU  chapters.  The  other  significant  amounts,  in  total  EUR 
11.9  billion  (2023:  EUR  12.1 billion),  refer  to  the  Research  area  (mainly  Horizon  2020  and  Horizon 
Europe, implemented by the EU executive agencies and the Commission).  

24 Regulation (EU) 2023/435 of the European Parliament and of the Council of 27 February 2023 amending Regulation 
(EU) 2021/241 as regards REPowerEU chapters in recovery and resilience plans and amending Regulations (EU) No 
1303/2013, (EU) 2021/1060 and (EU) 2021/1755, and Directive 2003/87/EC (OJ L 63, 28.2.2023, p. 1). 

71 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

For  indirect  management,  the  pre-financing  covers  mainly  internal  policies  programmes  like  Erasmus+ 
(EUR  4.3  billion),  Galileo  and  EGNOS  (Space  Programmes,  EUR  2.7  billion),  and  the  Neighbourhood, 
Development and Cooperation Instrument and its precursors (EUR 2.5 billion).  

Guarantees received in respect of pre-financing 

These  are  guarantees  that  the  Commission  requests  in  certain  cases  from  beneficiaries  that  are  not 
Member States when making advance payments (pre-financing). There are two values to disclose for this 
type of guarantee, the ‘nominal’ and the ‘on-going’ values. For the nominal value, the generating event is 
linked to the existence of the guarantee. For the on-going value, the guarantee’s generating event is the 
pre-financing  payment  made  against  the  guarantee,  then  reduced  by  subsequent  clearings.  At  31 
December  2024  the  nominal  value  of  guarantees  received  in  respect  of  pre-financing  amounted  to 
EUR 942  million  while  the  on-going  value  of  those  guarantees  was  EUR 587  million  (2023:  EUR 576 
million and EUR 525 million respectively).  

Certain pre-financing amounts paid out under the 7th Research Framework Programme for research and 
technological  development  (FP7)  and  under  the  Horizon  2020  and  Horizon  Europe  Programmes  are 
effectively  covered  by  the  Mutual  Insurance  Mechanism  (MIM),  previously  known  as  the  Participants 
Guarantee Fund (PGF). The MIM is a mutual benefit instrument set up to cover the risks relating to non-
payment of amounts by the  beneficiaries during  the  implementation of the  indirect  actions  under those 
programmes.  All  participants  of  indirect  actions  receiving  a  grant  from  the  EU  contribute  5%  of  the 
maximum  EU  contribution  to  the  MIM's  capital,  which  is  invested  in  the  financial  markets  by  the 
Commission  in  order  to  generate  interest.  The  interest  may  be  used  to  cover  debts  not  honoured  by  a 
defaulting participant towards the Union. At the end of the indirect action the contributions are paid back 
to  the  participants.  The  EU  (represented  by  the  Commission)  acts  as  an  executive  agent  of  the 
participants of the MIM, but the fund is owned by the participants. The MIM is thus a separate entity that 
is not consolidated in these EU annual accounts. 

At  31  December  2024,  pre-financing  amounts  covered  by  the  MIM  totalled  EUR 3.0 billion  (2023: 
EUR 3.0 billion).  The  MIM’s  total  assets,  including  financial  assets  managed  by  the  Commission, 
amounted to EUR 3.2 billion (2023: EUR 3.0 billion). 

2.5.2.  Other advances to Member States 

Advances to Member States for financial instruments under 
shared management 
Aid Schemes 
Total 
Non-current 
Current 

31.12.2024 

EUR million 
31.12.2023 

1 889 

1 883 
3 772 
1 682 
2 089 

 594 

1 556 
2 150 
 371 
1 780 

Advances to Member States for financial instruments under shared management 

Under the framework of the European Structural and Investment Funds (ESIF) programmes, it is possible 
to make advance payments from the EU budget to Member States so as to allow them to contribute to 
financial instruments (i.e. loans, equity investments or guarantees). These financial instruments are set 
up  and  managed  under  the  responsibility  of  the  Member  States,  not  the  Commission.  Nevertheless, 
monies that are unused by these instruments at year-end remain the property of the EU (as with all pre-
financing) and are thus treated as an asset on the EU’s balance sheet. 

For cohesion area, as the former programming period is reaching its closure stage, all amounts for MFF 
2014-2020 are considered as implemented. Therefore, the large increase concerns MFF 2021-2027 where 
out of EUR 1 832 million paid, it is estimated that EUR 1 803 million was unused at 31 December 2024. 

For rural development, EUR 85 million remained unused at year-end. 

Aid Schemes 

Similar  to  the  above,  reimbursed  amounts  corresponding  to  advances  paid  by  the  Member  States  for 
various aid schemes (state aid, market measures of EAGF or investment measures of EAFRD) that were 
not used at year-end are recorded as assets (advances) on the EU's balance sheet. The Commission has 

72 

 
 
 
 
Annual accounts of the European Union 2024 

estimated  the  value  of  these  advances  based  on  information  provided  by  the  Member  States;  the 
resulting amounts are included under the Aid Schemes sub-heading above. In 2024, an amount of EUR 
1 685  million  relates  to  agriculture  and  rural  development.  For  cohesion  policy  the  unused  amounts  at 
year-end were estimated at EUR 198 million and relate to the MFF 2021-2027. 

2.6.  EXCHANGE RECEIVABLES AND NON-EXCHANGE 

RECOVERABLES 

Non-current 
Recoverables from non-exchange transactions 
Receivables from exchange transactions 

Current 
Recoverables from non-exchange transactions 
Receivables from exchange transactions 

Total 

Note 

2.6.1 
2.6.2 

2.6.1 
2.6.2 

31.12.2024 

EUR million 
31.12.2023 

11 541 
1 731 
13 272 

16 529 
1 936 
18 465 
31 736 

13 954 
2 129 
16 083 

16 795 
2 321 
19 116 
35 199 

2.6.1.  Recoverables from non-exchange transactions 

Note 

31.12.2024 

EUR million 
31.12.2023 

Non-current 
Member States 
UK Withdrawal Agreement 
Accrued income and deferred charges 
Other recoverables 

Current 
Member States 
UK Withdrawal Agreement 
Fines imposed on companies 
Accrued income and deferred charges 
Other recoverables 

Total 

 275 
11 231 
 10 
 25 
11 541 

4 667 
1 530 
9 152 
1 085 
 94 
16 529 
28 070 

 272 
13 088 
 567 
 27 
13 954 

3 706 
2 385 
9 861 
 787 
 57 
16 795 
30 749 

2.6.1.1 
2.6.1.2 
2.6.1.4 

2.6.1.1 
2.6.1.2 
2.6.1.3 
2.6.1.4 

73 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.6.1.1.  Recoverables from Member States 

Annual accounts of the European Union 2024 

TOR A accounts 
TOR separate accounts 
Own resources to be received 
Impairment 
Other 
Own resources recoverables 
European Agricultural Guarantee Fund (EAGF) 
European Agricultural Fund for Rural Development (EAFRD) and 
other rural development instruments 
Impairment 
EAGF and rural development recoverables 
Pre-financing recovery 
VAT paid and recoverable 
Other recoverables from Member States 
Total 
Non-current 
Current 

31.12.2024 
3 277 
 849 
 139 
 (553) 
– 
3 712 
1 534 

EUR million 
31.12.2023 
2 326 
1 249 
 7 
 (673) 
– 
2 908 
1 483 

 127 

 (741) 
 920 
 16 
 53 
 242 
4 943 
 275 
4 667 

 126 

 (683) 
 927 
 1 
 49 
 93 
3 977 
 272 
3 706 

The  non-current  amounts  due  from  Member  States  relate  mainly  to non-executed  conformity  clearance 
decisions for the  European Agricultural  Guarantee Fund (EAGF) as  well as for the European Agricultural 
Fund  for  Rural  Development  (EAFRD).  The  amounts  related  to  these  decisions  are  being  recovered  in 
annual instalments. 

Own resources recoverables 

The  'A  accounts'  refer  to  the  monthly  statements  in  which  the  Member  States  communicate  the 
established  traditional  own  resources  (TOR)  entitlements.  The  table  lists  the  ‘A  accounts’  amounts  that 
have not yet been paid to the Commission. TOR are mainly customs duties collected by Member States 
on behalf of the Commission.  

The 'A accounts' have tended to have a level in the range of EUR 3 to 4 billion at year-end. In 2024, the 
amounts declared by the Member States are back to the usual level, after the decrease recorded in the 
previous  year  (mainly  due  to  the  closing  of  a  case  regarding  anti-dumping  duties  on  solar  panels). 
Additionally, the customs duties established in November and December 2024 were higher compared to 
the same period of the previous year.  

Concerning the United Kingdom infringement case (Infringement No 2018/2008), on 8 March 2022, the 
Court issued the related judgement and confirmed that the UK had infringed its obligations to protect the 
Union budget. The case originated in a 2017 OLAF report, that found that importers in the UK had evaded 
a  large  amount  of  customs  duties  by  using  fictitious  and  false  invoices  and  incorrect  customs  value 
declarations at the time of importation.  

The Commission assessed the judgment, and particularly the comments of the Court with respect to the 
determination  of  the  amounts  due.  Following  a  detailed  analysis,  the  UK  paid  both  principal  and  late 
interest  amounts  between  2022  and  2023  (EUR  1.6  billion  for  the  principal  and  EUR  1.4  billion  for  late 
interest before the reduction of the UK share).  

Applying  the  same  parameters  for  the  calculation  of  the  estimated  TOR  losses  due  for  textiles  and 
footwear imported from China at significantly  understated  value, Member  States paid under reservation 
an  amount  of  EUR  1.9  billion  during  2021  and  2022.  Following  the  closure  of  the  undervaluation  file 
regarding  the  UK,  the  Commission  has  been  recalculating  in  cooperation  with  Member  States  their 
respective  final  amounts  due  in  accordance  with  the  Court  ruling  case  C-213/19.  In  2024,  the  final 
amounts of principal and interest due have been agreed with several Member States and the respective 
cases  have  been  closed.  Clarifications  with  some  Member  States  are  ongoing  to  establish  the  final 
amounts  due.  By  31  December  2024,  EUR  0.9  billion  paid  under  reservation  remain  subject  to  further 
analysis  and  further  reductions  are  expected  in  view  of  additional  information  to  be  provided  by  the 
Member States concerned. 

74 

 
 
 
 
Annual accounts of the European Union 2024 

The late payment interest due in relation to these cases is currently estimated to be EUR 0.3 billion at 31 
December 2024 (see note 2.6.2). 

‘Separate  accounts’  refers  to  established  entitlements  that  have  not  been  included  in  the  'A  accounts', 
because  they  have  not  been  recovered  by  Member  States  and  no  security  (i.e.  guarantee)  has  been 
provided (or security has been provided but the amounts are contested). These entitlements are subject 
to impairment based on information provided every year by the Member States. The impairment amounts 
represent generally a similar percentage of the principal amount at each year-end. 

EAGF and Rural Development recoverables 

This item primarily covers the amounts owed by Member States at 31 December  2024, as declared and 
certified by the Member States as at 15 October 2024. An estimation is made for the recoverables arising 
after this declaration and up to 31 December 2024. The Commission also estimates a write-down for the 
amounts  owed  by  beneficiaries  that  are  unlikely  to  be  recovered.  The  fact  that  such  an  adjustment  is 
made does not mean that  the  Commission is waiving future recovery of these amounts. A deduction of 
20% is also included in the adjustment and corresponds to what Member States are allowed to retain to 
cover administrative costs. 

2.6.1.2.  UK Withdrawal Agreement 

The ‘Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the 
European  Union  and  the  European  Atomic  Energy  Community’  (ref.  2019/C  384  I/01)  (the  ‘Withdrawal 
Agreement’ or ‘WA’) signed between the EU and the UK  lays down various financial obligations  for both 
parties. As at 31 December 2024, the net receivable from the UK based on these obligations amounted to 
EUR 12 762 million (2023: EUR 15 473 million), of which EUR  1 530 million is to be received within the 
12 months following the reporting date (2023: EUR 2 385 million): 

Due from the UK 
Due to the UK 
Total 
Non-current 
Current 

UK share (Article 139) 

4 432 
- 

Article 140  Article 142 
10 136 
– 
10 136 
9 802 
 334 

4 432 
2 469 
1 963 

EUR million 
Other  31.12.2024  31.12.2023 
18 867 
14 683 
(3 394) 
(1 922) 
15 473 
12 762 
13 088 
11 231 
2 385 
1 530 

 116 
(1 922) 
(1 806) 
(1 040) 
 (766) 

According to Article 139, the UK's share of the financial obligations arising out of the WA is a percentage 
calculated as the ratio between the own resources made available by the  UK in the years 2014 to 2020 
and the own resources made available during that period by all Member States and the UK as adjusted by 
the amount communicated to  the Member States before  1 February 2022. The  final  UK  share has  been 
calculated as being 12.431681219587700%. 

Payments under the Withdrawal Agreement 

The payment mechanism to be applied to the obligations provided for between the two parties is laid out 
in Article 148. In summary, the EU invoices the net amounts due from the UK in April and September of 
each year and the UK pays these on a monthly basis. The amounts reported in April of a given year are 
to be paid in four equal monthly instalments from June to September of that year. The amounts reported 
in September are to be paid in eight equal monthly instalments from October of that year to May of the 
following  year.  Since  some  amounts  reported  are  necessarily  based  on  forecasts  and  estimates,  the 
reporting is updated each year based on actual figures. 

In  2024  the  net  amount  reported  to  the  UK  under  Article  136,  and  Articles  140  to  147,  was  EUR  377 
million (2023: EUR 8 585 million), of which EUR 1 414 million, payable to the UK, was reported in April 
2024  and  EUR  1 791  million,  payable  by  the  UK,  was  reported  in  September  2024  (2023:  EUR  3 572 
million and EUR 5 013 million, respectively, payable by the UK). 

The total payments received in 2024 amounted to EUR 2 391 million (2023: EUR 9 450 million). Of this 
amount, EUR 3 133 million related to the remainder of the September 2023 report and was paid by the 
UK  in  five  equal  instalments  in  the  period  from  January  to  May  2024  (2023:  EUR  3 998  million),  EUR 
1 414 million, related to the 2024 April report and was paid to the UK in four equal monthly instalments 

75 

 
 
 
 
   
 
Annual accounts of the European Union 2024 

in  the  period  from  June  to  September  2024  (2023:  EUR  3 572  million,  paid  by  the  UK),  and  EUR  672 
million  related to the 2024  September report  and was paid  by  the UK in three equal  instalments in the 
period October to December 2024 (2023: EUR 1 880 million). 

Remainder of 
September 2023 
report: 

April 2024 
report: 

September 2024 
report: 

(due and paid from 
January to May 
2024) 
 21 
3 092 
 18 
 11 
– 

(due and paid 
from June to 
September 2024) 
– 
– 
 280 
– 
 12 

3 141 

 292 

– 
– 
 (8) 
– 
 (0) 
– 
– 

 (8) 

(1 349) 
 (10) 
– 
 (244) 
 (59) 
 (37) 
 (7) 

(1 706) 

3 133 

(1 414) 

(due and paid 
from October to 
December 2024) 
 8 
672 

 11 
– 
– 

 690 

– 
– 
 (19) 
– 
– 
– 
– 

 (19) 

 672 

EUR million 

Total 
payments 
in 2024 
 29 
3 763 
 309 
 11 
 12 

4 123 

(1 349) 
 (10) 
 (27) 
 (244) 
 (59) 
 (37) 
 (7) 

(1 732) 

2 391 

Article 136 
Article 140 
Article 142 
Article 143 
Article 147 

Article 136 
Article 140 
Article 141 
Article 143 
Article 144 
Article 145 
Article 146 

Total 

Furthermore, in July 2024 the UK paid a net amount of EUR 4.7 million (after offsetting the UK’s share of 
EUR 0.7 million) relating to a VAT-related infringement case (Mini One-Stop Shop – MOSS). 

The remaining balance of the  September  2024  invoice  at the end  of  the  year,  amounting  to  EUR  1 120 
million, is payable by the UK in five equal monthly instalments in the period January to May 2025 (2023: 
EUR 3 133 million). 

Article 140 – Outstanding commitments 

The  UK  has  committed  to  pay  to  the  EU  its  share  of  the  outstanding  budgetary  commitments  at  31 
December 2020 (the ‘Brexit RAL’), as adjusted by the requirements of Article 140. At 31 December 2024, 
the total amount recognised as a receivable amounted to EUR 4 432 million (2023: EUR 8 340 million), of 
which  EUR  1 963  million  is  payable  within  the  12  months  following  the  year-end.  The  following  table 
presents  the  main  movements  between  the  total  amount  recognised  as  a  receivable  at  31  December 
2023 and the total amount recognised as a receivable at 31 December 2024: 

Amount owed by the UK at 31.12.2023 
Net financial corrections related to 2014-2020 or previous programme periods 
(including adjustment of 2023 deductions) 
Net payments received from the UK in 2024 

Adjustment of estimated non-implementation 

Total 

Non-current 
Current 

EUR million 

8 340 

 (35) 

(3 753) 

 (121) 

4 432 

2 469 
1 963 

The year-on-year decrease of the total amount recognised as a receivable amounted to EUR 3 909 million 
(2023: EUR 8 688 million) and was mainly due to the payments received from the UK in 2024. 

76 

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

The  amount  to  be  paid  within  12  months  from  the  reporting  date  (EUR 1 963 million)  comprises  the 
remaining  balance  of  the  September  2024  invoice  (EUR 1 119 million)  payable  by  the  UK  in  the  period 
from January to May 2025, the amount invoiced in April 2025 (EUR 599 million) payable by the UK in the 
period  from  June  to  September  2025,  and  the  part  of  the  amount  to  be  invoiced  in  September  2025 
payable by the UK in the period from October to December 2025 (EUR 244 million). The amount invoiced 
in  April  2025  is  composed  of  EUR 342 million  relating  to  the  UK’s  share  of  the  estimated  RAL 
implementation in 2025 and EUR 257 million relating to the adjustment of the UK’s share of the RAL due 
to  implementation  in  2024.  The  amount  to  be  invoiced  in  September  2025  and  payable  in  the  period 
October to December 2025 is made up of EUR 257 million relating to the UK’s share of the estimated RAL 
implementation  in  2025  and  a  negative  amount  of  EUR 13 million  relating  to  the  UK’s  share  of  the 
estimated  net  financial  corrections  related  to  2014-2020  or  previous  programme  periods  (including  the 
adjustment of the 2023 deductions). 

The  estimated  non-implementation  has  been  adjusted  by  EUR  121  million  to  reflect  the  actual 
decommitments  in  2024  as  well  as  the  future  decommitments  of  the  remaining  stock  of  Brexit-RAL  as 
estimated at year-end 2024. 

Article 142 – Union liabilities at end 2020 

The  UK  has  committed  to  pay  the  EU  its  share  of  Union  liabilities  at  end  2020  with  the  exception  of 
liabilities:  (a)  with  corresponding  assets  and  (b)  relating  to  the  operation  of  the  budget  and  the 
management of own resources (including amounts already covered by the outstanding commitments, see 
Article 140 above). The main amount here concerns the EU post-employment benefit liabilities (pensions 
and sickness insurance) existing at 31 December 2020. 

Outstanding 2020 liabilities under Article 142 (6) 

Outstanding 2020 liabilities 
UK Share 

PSEO/JSIS contributions 

Total 

Non-current 
Current 

Pension Scheme 
of European 
Officials 
72 580 
9 023 
294 

Joint Sickness 
Insurance 
Scheme 
4 948 
 615 
11 

9 317 

9 023 
 294 

 626 

 615 
 11 

EUR million 

31.12.2024 

31.12.2023 

77 529 
9 638 
 305 

79 709 
9 909 

 280 

9 943 

10 189 

9 638 
 305 

9 909 
 280 

According to the default payment mode laid out in Article 142 (6), the UK contributes annually to the net 
payments made from the Union budget in the preceding year to each beneficiary of the Pension Scheme 
of  European  Officials  (PSEO)  and  to  the  related  contribution  of  the  Union  budget  to  the  Joint  Sickness 
Insurance  Scheme  (JSIS)  for  each  beneficiary  or  person  who  benefits  through  a  beneficiary.  The 
contributions are payable in four monthly instalments from June to September of the respective year. 

The UK’s share of the net payments made from the Union budget in 2024 to the beneficiaries of the PSEO 
and  to  JSIS  amounted  to  EUR  294  million  and  EUR  11  million,  respectively.  These  amounts  were 
communicated to the UK as part of the April 2025 invoice (and thus are payable by the UK in four equal 
monthly instalments in the period from June to September 2025). 

In  addition,  at  31  December  2024  the  outstanding  2020  UK  liabilities  under  Article  142 (6),  relating  to 
the  PSEO  and  the  JSIS  amounted  to  EUR  9 023  million  and  EUR  615  million,  respectively  (2023:  EUR 
9 207  million  and  EUR  703  million).  It  is  noted  that  while  actuarial  losses  (or  gains)  from  changes  in 
actuarial assumptions impact the present value of the outstanding 2020 liabilities calculated on the basis 
of IPSAS 39/EAR 12, they do not change either the amount of benefits that will have to be actually paid 
by  the  EU,  or,  by  implication,  the  UK  contributions  to  these  payments  as  due  under  the  default 
settlement mechanism set out in Article 142 (6). 

Outstanding 2020 liabilities under Article 142 (5) 

According to Article 142 (5), the UK contributes to the liabilities relating to the other retirement (pension) 
schemes  as  they  were  recorded  in  the  consolidated  EU  accounts  for  the  2020  financial  year  in  10 
instalments  starting  on  31 October 2021  (with  each  annual  instalment  payable  in  eight  monthly 
instalments from October to May the following year). These liabilities in the consolidated annual accounts 
of  the  Union  for  the  2020  financial  year  amounted  to  EUR 2 344 billion,  resulting  in  a  UK  share  at 
31 December  2020  of  EUR 291 million.  Taking  into  account  the  amounts  received  from  the  UK  up  until 

77 

 
 
 
 
 
 
Annual accounts of the European Union 2024 

the end of  2024,  totalling  EUR 98 million,  the outstanding  UK’s  share  of  the  other  retirement  (pension) 
schemes had  decreased to EUR 193 million at 31 December 2024, of  which  EUR 29 million is to  be  paid 
within the 12 months following the year-end. 

For more information regarding the employee benefit schemes, please see note 1.5.10 and note 2.9. 

Other articles 

Due from the UK: 

Article 136 
Article 147 

Due to the UK: 
Article 136 
Article 141 
Article 143 
Article 144 
Article 145 
Article 146 

Total 
Non-current 
Current 

31.12.2024 

EUR million 
31.12.2023 

 8 
 107 
 116 

– 
(1 630) 
 (191) 
 (58) 
 (37) 
 (7) 
(1 922) 
(1 806) 
(1 040) 
 (766) 

– 
 115 
 115 

(1 451) 
(1 564) 
 (233) 
 (59) 
 (74) 
 (13) 
(3 394) 
(3 279) 
(1 602) 
(1 677) 

Article 136 – Provisions applicable in relation to own resources 

Article 136 lays down the provisions applicable after 31 December 2020 in relation to own resources. The 
UK is entitled to receive its share or obliged to pay its share, as the case may be, where own resources 
relating to the financial years up to and including 2020 are to be made available, corrected or subject to 
adjustments after 31 December 2020. Thus, the  UK is subject  to any  adjustments to  VAT and GNI own 
resources  that  relate  to  the  financial  years  up  to  and  including  2020.  However,  these  VAT  and  GNI 
adjustments  will  only  be  made  if  decided  upon  no  later  than  31 December 2028.  Updates  to  the  UK 
corrections for 2018-2019 are also to be taken into account. 

In accordance with Article 136 of the Withdrawal Agreement, the UK authorities continue to send monthly 
A  account  statements  providing  a  summary  of  the  amounts  of  traditional  own  resources  due  to  the  EU 
budget.  These  amounts  (minus  applicable  retention  rate)  are  included  in  the  total  amounts  of  the 
subsequent invoice  referred to in Article 148 (2) of the Withdrawal Agreement (see next  paragraph). If 
those amounts are paid late, interest is due under Article 12 of Regulation (EU, Euratom) No 609/2014. 

The  UK  is  therefore  required  to  pay  the  traditional  own  resources  collected  by  them  after 
28 February 2021, but relating to the years 2020 and earlier. Their share of the total made available is to 
be  deducted  from  this  amount.  The  separate  account  for  traditional  own  resources  must  be  fully 
liquidated at 31 December 2025. 

The net outstanding amount due from the UK at 31 December 2024 is EUR 8 million (2023: EUR 1 451 
million,  due  to  the  UK),  of  which  EUR  112  million will  have  to  be  paid  to  the  UK  within  the  12  months 
following the year-end and EUR 121 million will have to be paid by the UK afterwards. 

78 

 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Amount due to (-)/from (+) the UK at 31.12.2023 
Adjustment of estimate for amounts invoiced in September 2024 
UK share for VAT-related infringement case (MOSS) 
Payments made to the UK in 2024 
VAT and GNI adjustments (balances exercise 2023) 
VAT and GNI adjustments (balances exercise 2024) 
Interest on late payment of UK traditional own resources and VAT own 
resources 
UK net traditional own resources after 28 February 2021 

Amount due to (-)/from (+) the UK at 31.12.2024 

Non-current 

Current 

EUR million 

(1 451) 
 16 
 1 
1 319 
 (2) 
 121 

 4 
 (0) 
 8 

 121 

 (112) 

The amount presented under ‘Payments made to the UK in 2024’ is net of the UK’s share of the amount 
for the VAT-related infringement case (Mini one-stop shop – MOSS). 

The  amount  presented  under  'VAT  and  GNI  adjustments  (balances  exercise  2023)'  corresponds  to  the 
difference between the April 2025 invoice (EUR -129.4 million) and the estimate already included in the 
Brexit receivable at year-end 2023 (EUR -127.7 million). 

The  amount  presented  under  'VAT  and  GNI  adjustments  (balances  exercise  2024)'  corresponds  to  the 
estimated amount to be invoiced in April 2026. 

Article 141 – Fines 

The UK is entitled to its share of fines decided on before 31 December 2020 and also those decided on by 
the  Union  after  31  December  2020  in  a  procedure  referred  to  in  Article  92 (1)  when  these  become 
definitive.  The  amount  of  UK  relevant  fines  which  were  outstanding  at  31  December  2024  is  EUR  8.9 
billion  (2023:  EUR  12.4  billion).  The net decrease in  these  fines  was  EUR  3.4  billion  (EUR  1.2  billion  in 
fines  issued  in  2024  less  EUR  4.6  billion  in  fines  confirmed  and  paid,  reduced  or  cancelled  by  court 
decisions). The UK’s share of the UK-relevant fines outstanding at 31 December 2024 is EUR 1.1 billion 
(2023: EUR 1.5 billion), out of which an amount of EUR 7 million will be included in the September 2025 
invoice and paid to the UK in the period October 2025 to May 2026. In addition, the UK is entitled to its 
share of definitive fines which were no longer outstanding at 31 December 2024 (EUR 343 million, which 
was  included  in  the  April  2025  invoice  and  is  to  be  paid  to  the  UK  in  the  period  from  June  2025  to 
September 2025, as well as EUR 146 million, to be included in the September 2025 invoice and paid to 
the UK in the period from October 2025 to May 2026) and its share of definitive fines that were invoiced 
in  September  2024  but  not  yet  paid  at  year-end  (EUR  31  million,  paid  to  the  UK  in  the  period  from 
January  to  May  2025).  The  UK’s  total  share  of  fines  thus  amounts  to  EUR  1.6  billion  (2023:  EUR  1.6 
billion), of which EUR 431 million is to be paid within the 12 months following the reporting date (2023: 
EUR 27 million). 

Articles 143 – Contingent financial liabilities: loans for financial assistance, EFSI, EFSD & ELM 

Under this article, the UK is liable for its share of the  EU’s contingent liabilities relating to its borrowing, 
lending  and  guarantee  activities,  if  these  crystallise  and  if  they  are  not  covered  by  existing  guarantee 
funds – see note 4.1 for the related contingent liabilities. The EU will refund to the UK amounts which the 
UK has already contributed to guarantee funds and which are no longer needed. The UK also has a right 
to the reflows from operations for which it shares the liability. At 31 December 2024, the amount to be 
paid  to  the  UK,  all  within  the  next  12  months,  was  EUR 190.6 million  (2023:  EUR 243.8 million).  This 
amount  comprises  the  UK’s  share  of  the  recoveries  and  net  revenues  collected 
in  2024 
(EUR 104.4 million),  the  excess  in  provisioning  (EUR 59.7 million)  and  the  revenue  from  asset 
management  (EUR 30.1 million).  It  also  includes  EUR -3.6 million  of  adjustments  identified  during  the 
agreed-upon  review  procedures:  adjustment  for  amounts  recovered  in  2023  for  ELM  (EUR 1 302), 
adjustment  to  the  2023  current  provisioning  rate  for  ELM  (EUR -0.5 million),  adjustment  for  amounts 
recovered in 2023 for EFSI (EUR -3.2 million), adjustment to the 2023 current provisioning rate for EFSI 
(EUR 0.1 million)  and  adjustment  to  the  2023  amount  for  revenue  of  the  asset  management  of  the 
provisioning for EFSI (EUR -9 448). 

79 

 
 
 
 
 
 
Articles 144 – Financial instruments 

Annual accounts of the European Union 2024 

Under  this  article,  the  EU  has  committed  to  refund  to  the  UK  its  share  of  the  reflows  stemming  from 
financial operations approved by the withdrawal date, as well as its share of the disbursements made to 
financial operations approved after the withdrawal date. At 31 December 2024, the amount to be paid to 
the UK, all within the next 12 months, was EUR 57.9 million (2023: EUR 59.4 million). 

Article 145 – European Coal and Steel Community in Liquidation (ECSC i.L.) 

The UK is entitled to its share of the net assets of ECSC i.L. at 31 December 2020, to be paid back in five 
instalments on 30 June each year, starting in 2021. The net assets of the ECSC i.L. at 31 December 2020 
amounted to EUR 1.5 billion,  of which the UK’s  share  is EUR 184 million. Following the payment  of the 
fourth instalment of EUR 37 million in 2024, the outstanding amount at 31 December 2024  was EUR 37 
million (2023: EUR 74 million), all of which is to be paid within 12 months following the reporting date. 

Article 146 – Investment in the European Investment Fund (EIF) 

The  UK  is  entitled  to  its  share  of  the  EU’s  investment  in  the  paid-in  share  capital  of  the  EIF  at  31 
December  2020,  to  be  paid  back  in  five  instalments  on  30  June  each  year,  starting  in  2021.  The  EU’s 
investment in the EIF paid-in share capital at 31 December 2020 was EUR 267 million of which the UK’s 
share is EUR 33 million. Following the payment of the fourth instalment of EUR 6.6 million in 2024, the 
outstanding amount at 31 December 2024 was EUR 6.6 million (2023: EUR 13.3 million), all of which is 
to be paid within 12 months following of the reporting date. 

Article 147 – Legal cases 

The  UK  has  committed  to  contribute  its  share  of  EU  payments  arising  from  legal  cases  concerning  the 
financial interests of the Union which become due, provided the facts that constitute the subject matter 
of those cases occurred no later than 31 December 2020. Taking into account the provisions and accruals 
at year-end, as well as actual payments made and received by the EU for legal cases in 2024, the UK will 
have to pay an estimated EUR 107 million (2023: EUR 115 million), of which EUR 69 million is to be paid 
within 12 months of the reporting date. 

2.6.1.3.  Recoverables from fines imposed on companies 

Recoverable from fines gross amount 
Provisional and definitive payments 
Impairment 
Total 
Non-current 
Current 

31.12.2024 
12 247 
(2 161) 
 (934) 
9 152 
– 
9 152 

EUR million 
31.12.2023 
13 762 
(3 014) 
 (887) 
9 861 
– 
9 861 

Fines imposed on companies include mainly competition fines and CO2 excess emission premiums. Fined 
companies  who  have  launched  or  are  planning  to  launch  an  appeal  have  an  option  to  either  make 
provisional payments or to provide bank guarantees to the Commission. For the total outstanding fines at 
year-end that are not covered by provisional or definitive payments, EUR 7 091 million (2023: EUR 9 324 
million) of guarantees have been received as coverage. 

Payments received from  fined companies are held  either  as investments (see note  2.4.2.1) or on bank 
accounts under BUFI (see note 2.8). 

The amounts written down due to impairment reflect the Commission's case-by-case assessment of those 
fines not cashed or not covered by a guarantee, which the Commission expects not to recover, as well as 
cases reduced by the Courts. 

Revenue from fines imposed on companies for the year totalled EUR 3 512 million (see note  3.5) while 
expenses, i.e. reductions of fines by Court decisions, totalled EUR 1 123 million (see note 3.16). 

80 

 
 
 
 
Annual accounts of the European Union 2024 

A  contingent  liability  of  EUR  2  178  million  is  disclosed  for  the  possibility  of  having  to  pay  back 
provisionally  paid  amounts  to  fined  companies  who  are  appealing  or  have  the  right  to  appeal  the  fines 
imposed on them – see note 4.2.1. 

2.6.1.4.  Accrued income and deferred charges 

Accrued income 
Deferred charges relating to non-exchange transactions 
Total 
Non-current 
Current 

31.12.2024 
 756 
 339 
1 095 
 10 
1 085 

EUR million 
31.12.2023 
1 131 
 223 
1 354 
 567 
 787 

Accrued income includes EUR 0.4 billion (2023: EUR 1 billion) that the Commission expects to recover in 
the area of cohesion as a result of the examination and acceptance of the annual accounts submitted by 
the Member States. 

2.6.2.  Receivables from exchange transactions 

Non-current 
Financial guarantee receivable 
Late payment interest 
Other receivables 

Current 
Financial guarantee receivable 
Customers 
Impairment on receivables from customers 
Deferred charges relating to exchange transactions 
Late payment interest 
Other 

Total 

31.12.2024 

EUR million 
31.12.2023 

1 324 
 323 
 84 
1 731 

 306 
 302 
 (136) 
 363 
 761 
 339 
1 936 
3 666 

1 666 
 365 
 98 
2 129 

 340 
 286 
 (158) 
 380 
1 186 
 287 
2 321 
4 450 

The late payment interest concerns mainly own resources cases and accrued interest on fines covered by 
guarantees provided by fined companies. The non-current amount (EUR 0.3 billion) relates to the  cases 
still ongoing with the Member States mentioned under note 2.6.1.1. 

The financial guarantee contract (FGC) receivable represents the future remuneration  the EU expects to 
receive  for  guarantees  given.  The  majority  of  the  EU  guarantees  are  non-remunerated  or  priced  below 
the  market  rate.  Therefore,  the  FGC  receivable  is  significantly  smaller  than  the  FGC  liability  (see  note 
2.11.2).  Out of the total amount of  EUR 1  629 million  of  the FGC receivable as at 31 December  2024, 
EUR 1 588 million is classified as financial assets at FVSD (fair value level 3). Compared to the opening 
balance  as  at  1 January  2023  of  EUR 2  006  million,  in  total  the  FGC  receivable  has  decreased  by 
EUR 377 million due to EUR 274 million guarantee premiums received in 2024 and EUR 103 million lower 
guarantee premiums expected to be received in the future. 

81 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2.7.  INVENTORIES  

Scientific materials 
Other 
Total 

2.8.  CASH AND CASH EQUIVALENTS 

Accounts with Treasuries and Central Banks 
Current accounts 
Imprest accounts 
Transfers (cash in transit) 
Bank accounts for budget implementation 
Unified funding approach 
Financial instruments 
Fines 
Other institutions, agencies and bodies 
Trust funds 

Total 

31.12.2024 
 66 
 19 
 85 

EUR million 
31.12.2023 
 60 
 20 
 78 

Note 

2.8.1 
2.8.2 
2.8.3 
2.8.4 

EUR million 
31.12.2024  31.12.2023 
22 620 
 312 
 7 
 0 
22 940 
12 539 
2 279 
 540 
1 281 
 37 

24 059 
 808 
 10 
– 
24 877 
33 926 
2 758 
 134 
1 439 
 30 

63 163 

39 616 

2.8.1.  Bank accounts for budget implementation 

This heading covers the funds which  the  Commission  keeps in its bank accounts in each Member State 
and  EFTA  country  (treasury  or  central  bank),  as  well  as  in  commercial  bank  current  accounts,  imprest 
accounts and petty cash accounts.  

The  cash  balances  adhere  to  certain  cyclical  patterns  where  expenditures  follow  the  collection  of 
resources.  Consequently,  they  fluctuate  based  on  these  opposing  flows.  Notably,  the  cash  balance  at 
year-end is – to a big extent – absorbed at the beginning of the following year by a major payment of the 
EAGF-related expenditure.  

The  small  difference  in  cash  balance  available  at  end  2024  compared  to  2023  was  mainly  due  to  a 
somewhat slower pace in certain expenditures than forecasted. 

2.8.2.  Unified funding approach 

Under  the  unified  funding  strategy,  part  of  the  borrowings  stay  in  cash  held  on  a  bank  account  at  the 
ECB.  The  purpose  is  to  keep  liquidity  for  upcoming  disbursement  obligations  and  to  maintain  a  defined 
liquidity buffer,  while  avoiding excessive balances  (see also notes  6.4  and  6.6).  The cash levels in this 
account fluctuate over the course of the year. The increased cash balances at the end of 2024 are due to 
disbursements planned for the beginning of 2025. 

2.8.3. 

Financial instruments 

Amounts shown under this heading primarily concern cash equivalents managed by fiduciaries on behalf 
of the Commission  for the purpose  of  implementing financial instrument programmes funded by the EU 
budget: EUR 1.8 billion as at 31 December 2024, of which EUR 0.5 billion relates to EIC Fund – see note 
2.4.2.1.  It  also  includes  EUR  0.8  billion  cash  equivalents  (term  deposits  and  short  term  commercial 
papers) belonging to the Innovation Fund managed by the EIB – see note 2.4.2.1. This heading does not 
cover  the  CPF  related  liquidity  buffer  (EUR  0.1  billion  as  at  31  December  2024),  which  is  held  in  the 

82 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commission’s  central  treasury.  Cash  belonging  to  financial  instruments  can  only  be  used  by  the 
programmes concerned. 

2.8.4. 

Fines 

This is cash received in connection with fines issued by the Commission to companies for which the case 
is still open. Where an appeal has been lodged or when it is unknown if an appeal will be made by the 
fined  company,  the  underlying  amount  is  shown  as  contingent  liability  in  note  4.2.1.  Since  2010,  all 
provisionally  cashed  fines  to  companies  have  been  managed  by  the  Commission  in  the  BUFI  fund  and 
invested  in  financial  instruments  categorised  as  financial  assets  at  FVSD  non-derivatives  (see  note 
2.4.2), with some of the fund assets being cashed at year-end.  

83 

 
 
Annual accounts of the European Union 2024 

LIABILITIES 

2.9.  PENSION AND OTHER EMPLOYEE BENEFITS 

2.9.1.  Net employee benefit scheme liability 

Pension 
Scheme of 
European 
Officials 
84 765 
N/A 
84 765 

Other 
retirement 
benefit 
schemes 
1 942 
 (23) 
1 919 

Joint Sickness 
Insurance 
Scheme 

31.12.2024  
Total 

EUR million 
31.12.2023  
Total 

6 850 
 (438) 
6 413 

93 557 
 (461) 
93 096 

91 261 
 (453) 
90 808 

Defined Benefit Obligation 
Plan assets 
Net liability 

The  total  employee  benefits  liability  has  remained  relatively  stable,  the  small  increase  being  primarily 
driven by an increase in the net liability of the Pension Scheme of European Officials (PSEO), the largest 
scheme in place. The actuarial gains resulting from the increase in the PSEO real discount rate in the year 
were largely netted off by losses due to actuarial assumptions related to salary changes, thus resulting in 
net actuarial losses from financial assumptions (see notes 2.9.2 and 2.9.4). It must be noted, however, 
that while an increase or a decrease in the real discount rate impacts the size of the liability at year-end, 
it does not change the amount  of  benefits that will  have to be actually paid from  the EU  budget to the 
beneficiaries  in  future  years.  Additionally,  the  decrease  in  the  net  liability  due  to  actuarial  gains  from 
experience  was  netted  off  by  an  increase  due  to  the  annual  current  service  cost  and  interest  cost 
(unwinding of the liability discounting) (see note 2.9.2). 

Pension Scheme of European Officials 

This defined benefit obligation represents the present value of expected future payments that the EU is 
required to make, so as to settle the pension obligations resulting from employee service in the current 
and  prior  periods.  The  scheme  is  ongoing,  and  as  such,  all  payments  required  to  be  made  from  the 
scheme on an annual basis are included in the EU budget each year. 

In  accordance  with  Article  83  of  the  Staff  Regulations,  the  payment  of  the  benefits  provided  for  in  the 
staff  pension  scheme  constitutes  a  charge  to  the  EU  budget.  The  scheme  is  notionally  funded,  and  the 
Member States guarantee the payment of these benefits collectively. A compulsory pension contribution 
is deducted from the basic salaries of active members, currently  12.1%. These contributions are treated 
as budget revenue of the year and contribute to the funding of EU expenditure in general, see also note 
3.8. 

The  liabilities  of  the  pension  scheme  were  assessed  on  the  basis  of  the  number  of  PSEO  staff  (active 
staff,  retirees,  former  active  staff  now  on  invalidity  and  dependants  of  deceased  staff)  at  31 December 
2024 and on the rules of the Staff Regulations applicable at this date. This valuation was carried out in 
accordance with the accounting provisions of IPSAS 39 (and therefore also EU accounting rule 12). 

Other retirement benefit schemes 

This refers to the liability relating to the pension obligations towards Members and former Members of the 
Commission,  the  European  Court  of  Justice  and  the  Court  of  Auditors,  the  Council,  the  European 
Ombudsman and the European Data Protection Supervisor. Also included under this heading are liabilities 
relating to the pensions of Members of the European Parliament. 

Joint Sickness Insurance Scheme 

In addition to the above retirement benefit schemes, a valuation is made for the estimated liability that 
the EU has regarding the Joint Sickness Insurance Scheme (JSIS) in relation to healthcare costs, which 
must  be  paid  during  post-activity  periods  (net  of  their  contributions).  As  stated  in  note  1.5.10,  the 
calculation of this liability takes account of the full active service period, ensuring that both the pension 
and the sickness insurance schemes of the staff’s post-employment plan are accounted for consistently. 

84 

 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Taking into account the obligation to faithfully present the economic substance of the underlying situation 
as  required  by  both  EAR  and  IPSAS,  IPSAS  39  has  not  been  interpreted  in  a  stricter  sense  when 
attributing  the  benefits  to  the  periods  of  service.  If  the  service  cost  were  to  be  accrued  for  the  JSIS 
scheme fully over 10 years for all officials, as opposed to the period of active service of the employee, the 
impact of such an approach on the defined benefit obligation at year-end would be an increase of EUR 1.2 
billion. However, as already indicated, this stricter approach would not be compatible with the qualitative 
characteristic of faithful representation, and thus would not be deemed to provide reliable information in 
accordance  with  EAR  1  and  the  IPSAS  Conceptual  Framework.  This  estimate  is  highly  sensitive  to  the 
evolution of current staff administrative status (in particular, the number of fixed-term contract members 
assumed to become officials in the future). 

2.9.2.  Movement in present value of employee benefits defined benefit obligation 

The present value of the defined benefit obligation is the discounted expected future payments required 
to settle the obligation resulting from employee service in the current and prior periods. 

An analysis of the current year movement in the defined benefit obligation is presented below: 

Present value as at 31.12.2023 
Recognised in statement of 
financial performance 
Current Service Cost 
Interest cost 
Past Service Cost 
Recognised in net assets 
Remeasurements in employee benefits 
liabilities 
     Actuarial (gains)/losses from 
     experience 
     Actuarial (gains)/losses from  
     demographic assumptions 
     Actuarial (gains)/losses from 
     financial assumptions 
Other 
Benefits paid 
Present value as at 31.12.2024 

Pension Scheme 
of European 
Officials  
82 718 

Other 
retirement 
benefit schemes 
1 808 

Joint Sickness 
Insurance 
Scheme 
6 735 

EUR million 
Total 

91 261 

2 839 
2 480 
– 

(1 542) 

 308 

 339 

(2 378) 
84 765 

 76 
 53 
 (3) 

 138 

 3 

 (52) 

 (82) 
1 942 

 241 
 209 
– 

3 156 
2 742 
 (3) 

 (119) 

(1 523) 

 18 

 (102) 

 329 

 185 

 (131) 
6 850 

(2 591) 
93 557 

Current  service  cost  is  the  increase  in  the  present  value  of  the  defined  benefit  obligation  arising  from 
current members' service in the current year. 

Interest cost refers to the increase during the period in the present value of the defined benefit obligation 
because the benefits are one period closer to settlement.  

Actuarial gains and losses from experience refer to the effects of differences between what was expected 
according to the assumptions made in the previous year for 2024 and what really occurred in 2024. This 
item also reflects the impact of newcomers (staff members present in the current exercise but not in the 
previous one). 

Actuarial  gains  and  losses  from  changes  in  the  values  of  the  actuarial  assumptions  (demographic 
variables  such  as  employee  turnover  and  mortality  and  financial  variables  such  as  discount  rates  and 
expected salary increases) arise when the estimated values of those assumptions are updated in order to 
reflect the underlying conditions. 

Benefits (for example, pensions or medical cost reimbursements) are  paid during the year according to 
the rules of the scheme. These benefits paid lead to a decrease in the defined benefit obligation. 

85 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.9.3. 

Plan assets 

Annual accounts of the European Union 2024 

Present value as at 31.12.2023 
Net movement in plan assets 
Present value as at 31.12.2024 

Other retirement 
benefit schemes 
 34 
 (11) 
 23 

Joint Sickness 
Insurance Scheme 
 419 
 19 
 438 

EUR million 
Total 

 453 
 8 
 461 

2.9.4.  Actuarial assumptions – employee benefits 

The principal  actuarial assumptions used in the valuation of  the two main employee benefit schemes of 
the EU are shown below: 

Pension Scheme of European Officials 
Nominal discount rate  
Expected inflation rate  
Real discount rate 
Expected rate of future salary increases 
Retirement age 
Joint Sickness Insurance Scheme 
Nominal discount rate  
Expected inflation rate  
Real discount rate 
Expected rate of future salary increases 
Medical cost trend rates 
Retirement age 

2024 

3.3% 
2.0% 
1.3% 
1.3% 

2023 

3.0% 
2.2% 
0.8% 
1.1% 

63/64/66 

63/64/66 

3.3% 
2.0% 
1.3% 
1.3% 
1.6% 

3.1% 
2.2% 
0.8% 
1.1% 
1.7% 

63/64/66 

63/64/66 

Mortality rates for 2024 are based on the updated EU Civil Servants Life Table – EULT 2023, incorporating 
a dynamic trend over the next 18 years. 

The nominal discount rate is determined as the value of the Euro zero-coupon yield (with a maturity of 18 
years as of December 2024  for the PSEO, and  19  years for the Joint  Sickness Insurance Scheme). The 
inflation  rate  used  is  the  expected  inflation  rate  over  the  equivalent  period:  the  break-even  inflation  is 
retrieved by comparing the yields of inflation-linked and regular government bonds of the main European 
financial markets.  The real  discount rate is calculated  from  the nominal discount rate and the expected 
long-term inflation rate. 

2.9.5.  Sensitivity analysis  

The sensitivity analysis is based on simulations, which change, everything else being equal, the value of 
the concerned assumptions. 

Pension Scheme of European Officials sensitivity 

A ten basis point (0.1%) change in the assumed real discount rate would have the following effects: 

Defined benefit obligation 

Increase 0.1%  Decrease 0.1% 
1 558 

(1 516) 

Increase 0.1%  Decrease 0.1% 
1 585 

(1 541) 

2024 

EUR million 

2023 

86 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A ten basis point (0.1%) change in expected salary increases would have the following effects: 

Annual accounts of the European Union 2024 

Defined benefit obligation 

Increase 0.1%  Decrease 0.1% 
(1 476) 

1 514 

Increase 0.1%  Decrease 0.1% 
(1 493) 

1 532 

2024 

EUR million 

2023 

A one-year change in assumed retirement age would have the following effects: 

2024 

2023 

EUR million 

Defined benefit obligation 

  One year increase  One year decrease  One year increase  One year decrease 
1 076 

 (799) 

 (795) 

1 109 

Joint Sickness Insurance Scheme sensitivity 

A ten basis point change in assumed medical cost trend rates would have the following effects: 

The aggregate of the current 
service cost and interest cost 
components of net periodic post-
employment medical costs 
Defined benefit obligation 

2024 

EUR million 

2023 

Increase 0.1%  Decrease 0.1% 

Increase 0.1%  Decrease 0.1% 

 11 

 (11) 

 12 

 (12) 

 166 

 (162) 

 166 

 (162) 

A ten basis point (0.1%) change in the assumed nominal discount rate would have the following effects: 

Defined benefit obligation 

Increase 0.1%  Decrease 0.1% 
 133 

 (130) 

Increase 0.1%  Decrease 0.1% 
 135 

 (132) 

2024 

EUR million 

2023 

A ten basis point (0.1%) change in expected salary increases would have the following effects: 

Defined benefit obligation 

Increase 0.1%  Decrease 0.1% 
 26 

 (27) 

Increase 0.1%  Decrease 0.1% 
 25 

 (25) 

2024 

EUR million 

2023 

A one-year change in assumed retirement age would have the following effects: 

2024 

2023 

EUR million 

Defined benefit obligation 

  One year increase  One year decrease  One year increase  One year decrease 
 199 

 (185) 

 (188) 

 197 

87 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2.10.  PROVISIONS 

Amount at 
31.12.2023 

Additional 
provisions 

Unused 
amounts 
reversed 

Amounts 
used 

Transfer 
between 
categories 

Change in 
estimation 

EUR million 
Amount at 
31.12.2024 

 1 
 823 

1 768 

 1 
 742 
3 334 
2 102 

 204 
 11 

– 

7 082 
 137 
7 434 
 204 

– 
 (197) 

 (1) 
 (536) 

– 

 (46) 

 (1) 
 (228) 
 (426) 
 (12) 

– 
 (16) 
 (599) 
 (23) 

– 
– 

– 

– 
– 
– 
 (63) 

– 
 0 

 75 

 0 
 (2) 
 73 
 73 

 204 
 100 

1 796 

7 082 
 633 
9 816 
2 280 

Legal cases: 
     Agriculture 
     Other 
Nuclear site 
dismantlement 
Financial 
Other 
Total 
Non-current 

Current 

1 233 

7 230 

 (414) 

 (576) 

 63 

 (0) 

7 536 

Provisions are reliably estimated amounts, arising from past events, that will probably have to be paid by 
the EU budget in the future. 

Financial provisions 

The  additions  are  provisions  for  ECL  on  MFA  loan  commitments  under  ULCM  (see  note  2.4.1.1). 
At 31 December  2024,  the  EU  had  irrevocably  committed  to  disburse  EUR  18.1  billion  to  Ukraine.  This 
loan will be disbursed in 2025. According to the accounting standards, the EU has to recognise the ECL as 
a provision at the moment of irrevocable commitment.  

Legal cases 

This is the estimate of amounts that will probably have to be paid out after the year-end in relation to a 
number of on-going legal cases. The Agriculture amounts relate to legal actions of Member States against 
conformity clearance decisions for the EAGF and the EAFRD.  

Nuclear site dismantlement 

As  of  2017  the  basis  for  the  provision  was  updated  as  per  the  ‘JRC  Decommissioning  &  Waste 
Management Programme Strategy (D&WMP) – Updated in 2017’. The review of the strategy, along with 
budget  and  staff  needs,  was  conducted  together  with  the  independent  D&WMP  Expert  Group.  It 
represents the best available estimate of the budget and staff needed to complete the decommissioning 
of the JRC sites of Ispra, Geel, Karlsruhe and Petten. 

In accordance with the EU accounting rules, this provision is indexed for inflation and then discounted to 
its net present value (using the euro swap curve). At 31 December 2024, this resulted in a provision of 
EUR 1 796 million, split between amounts expected to be used in 2025 (EUR 38 million) and afterwards 
(EUR 1 758 million).  

It  must  be  noted  that  major  uncertainties,  inherent  to  the  long  term  planning  of  nuclear 
decommissioning,  could  affect  this  estimate,  which  could  significantly  increase  in  the  future.  The  main 
sources of uncertainty are related to the end state of the decommissioned site, nuclear materials, waste 
management  and  disposal  aspects,  incomplete  or  lacking  definition  of  national  regulatory  frames, 
complicated  and  time-consuming  licensing  processes  and  future  developments  of  the  decommissioning 
industrial market. 

88 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

2.11.  FINANCIAL LIABILITIES 

Note 

31.12.2024 

EUR million 
31.12.2023 

Non-current 
Financial liabilities at amortised cost 
Financial liabilities at fair value through surplus or deficit 
Financial guarantee liabilities 

Current 
Financial liabilities at amortised cost 
Financial liabilities at fair value through surplus or deficit 
Financial guarantee liabilities 

2.11.1 
2.4.2.2 
2.11.2 

2.11.1 
2.4.2.2 
2.11.2 

Total 

2.11.1.  Financial liabilities at amortised cost  

539 522 
 13 
 39 
539 575 

55 904 
 84 
6 340 
62 328 
601 903 

430 633 
 8 
 131 
430 771 

21 424 
 52 
6 137 
27 613 
458 385 

Borrowings  
Other financial liabilities 
Total 
Non-Current 
Current 

2.11.1.1.  Borrowings  

Note 
2.11.1.1 
2.11.1.2 

31.12.2024 
594 028 
1 398 
595 426 
539 522 
55 904 

EUR million 
31.12.2023 
450 561 
1 496 
452 057 
430 633 
21 424 

Total at 31.12.2023 
New borrowings - nominal 
Repayments 
Changes in carrying 
amount 
Total at 31.12.2024 
Non-current 
Current 

EUR million 

Unified 
Funding 
Approach 
292 728 
194 472 
(50 404) 

SURE 

EFSM 

BOP 

MFA  Euratom 

Total 

98 984 
– 
– 

43 095 
1 800 
(2 600) 

 201  15 238 
 145 
 (600) 

– 
– 

 314 
– 
 (13) 

450 561 
196 417 
(53 617) 

 832 

 (145) 

 2 

 0 

 (21) 

 (0) 

 667 

437 628  98 839 

42 297 

 201  14 762 

 301 

594 028 

393 285 
44 342 

90 539 
8 300 

39 517 
2 780 

–  14 624 
 138 

 201 

 300 
 0 

538 266 
55 762 

The nominal amount of borrowings at 31 December 2024 is EUR 601.3 billion (2023: EUR 458.5 billion). 
The  majority  of  the  borrowings  are  long-term  bond  issuances,  except  for  unified  funding  where  also 
short-term EU-Bills of EUR 23.1 billion (2023: EUR 15.2 billion) have been issued. The net new borrowing 
in 2024 was EUR 142.8 billion (nominal). 

The amounts borrowed for SURE, EFSM, BOP, Euratom and MFA loans signed before 2023 are ‘back-to-
back’ transactions which means that the EU issues a dedicated bond to fund a specific loan agreement, at 
the same terms and conditions – see note 2.4.1.1. 

The ‘unified funding’ finances the NGEU loans and non-repayable support as well as  the Ukraine Facility 
and MFA loans signed as of 2023. The Commission uses a pooled funding approach where the borrowings 
are  not  directly  funding  specific  disbursements.  Instead,  the  debt  is  issued  according  to  an  annual 
borrowing  plan,  with  long  term  bonds  and  short  term  bills.  The  Commission  uses  auctions  and 

89 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

syndications  to  issue  these  securities.  It  then  passes  on  the  costs,  in  line  with  the  cost  allocation 
methodology agreed with Member States, to the  Member States for the loans and to the EU budget for 
the non-repayable support. This funding flexibility also requires a liquidity buffer for an efficient liquidity 
management, see note 2.8.2. In the context of the unified funding strategy, the Union issues short-term 
EU-Bills (3 to 12 months), which may be repaid during the same or following year. The line ‘Repayments’ 
refers to EUR 50.2 billion of such short-term borrowings.  

Another  EUR  0.2  billion  in  the  line  ‘Repayments’  and  in  the  line  ‘New  borrowings’  refers  to  repurchase 
agreement operations (repo) that the EU offers as of 2024 to its primary dealers to improve the efficiency 
and fluidity of the market for EU-Bonds.  

The line ‘Changes in carrying amount’ corresponds to the change in accrued interest and to the changes 
in premiums/discounts (new premiums/discounts and amortisation).  

The repayment of the above borrowings is ultimately guaranteed by the EU budget – see note 2.4.1.1.   

2.11.1.2.  Other financial liabilities 

Non-current 
Finance lease liabilities 
Buildings paid for in instalments 
Contributions with conditions 
Other 

Current 
Finance lease liabilities 
Buildings paid for in instalments 
Contributions with conditions 
Other 

Total 

Finance lease liabilities 

31.12.2024 

EUR million 
31.12.2023 

 605 
 283 
 234 
 134 
1 256 

 79 
 55 
 8 
– 
 142 
1 398 

 750 
 288 
 177 
 129 
1 343 

 91 
 55 
 7 
– 
 153 
1 496 

Land and buildings 
Other fixed assets 
Total at 31.12.2024 
Interest element 
Total future minimum lease payments at 
31.12.2024 
Total future minimum lease payments at 
31.12.2023 

Future amounts to be paid 

EUR million 

1-5 years 
 279 
 5 
 283 
 77 

> 5 years  Total Liability 
 677 
 7 
 683 
 173 

 321 
– 
 321 
 72 

 361 

 393 

 856 

 448 

 453 

1 022 

< 1 year 
 77 
 2 
 79 
 24 

 102 

 121 

The lease and building related amounts above will have to be funded by future budgets. 

Contributions  with  conditions  relate  to  contributions  from  Member  States  and  other  donors  to  the  EU 
programmes, in particular to InvestEU (see note 4.1.1), whereby the EU has an obligation to return any 
unused funds to the contributor. 

90 

 
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
2.11.2.  Financial guarantee liabilities 

Annual accounts of the European Union 2024 

31.12.2024 

31.12.2023 

Financial 
guarantee 
receivable  
(Note 2.6.2) 

Financial 
guarantee 
 liability 

Financial 
guarantee 
receivable   

(Note 2.6.2) 

Financial 
guarantee 
 liability 

EUR million 

 19 
1 345 
 7 
 190 
 30 
 10 
1 600 

– 
 6 
 23 
 29 

1 629 
1 324 
 306 

1 862 
1 402 
 192 
1 606 
 582 
 61 
5 707 

 304 
 198 
 171 
 673 

6 379 
 39 
6 340 

 51 
1 789 
 4 
 117 
 10 
– 
1 970 

 0 
 9 
 27 
 36 

2 006 
1 666 
 340 

2 170 
1 863 
 196 
 920 
 367 
– 
5 515 

 338 
 266 
 149 
 753 

6 268 
 131 
6 137 

EU budgetary guarantee 
programmes 
EIB ELM guarantees 
EFSI guarantee  
EFSD guarantee 
InvestEU guarantee 
NDICI EU guarantee 
Ukraine guarantee 

EU financial instrument 
programmes 
COSME 
Horizon 2020 
Other 

Total 
Non-current 
Current 

The EU applies the gross presentation of the financial guarantee contracts, where the revenues still to be 
received under the guarantee are recognised as a financial guarantee receivable leg (presented under the 
exchange  receivables  heading  –  see  note  2.6.2)  and  a  financial  guarantee  liability  is  recognised 
representing the EU liabililty for coverage of the future guarantee claims.  

While,  the  ELM  and  EFSI  financial  guarantee  liabilities  remain  significant,  the  guarantees  under  new 
programmes  in  this  MFF,  namely  InvestEU,  NDICI,  and  Ukraine  guarantee  started  in  2024,  continue  to 
increase due to signatures of new operations by the EU implementing partners (see also note 4.1.1).  

Except for the EFSI guarantee, where the EU is entitled to an expected remuneration – recognised as a 
financial guarantee receivable – covering to a large extent the liability, for the remaining programmes the 
expected revenues are covering only a small fraction of the guarantee. This is due to a high share of EU 
subsidisation for those programmes, in particular those provided for higher-risk financing to SMEs or to 
the innovation sector, as well as guarantees for projects in developing countries.  

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2.12.  PAYABLES 

Cost claims and invoices 
received from: 
Member States 
EAFRD & other rural 
development instruments 
ERDF & CF 

ESF 

RRF (NGEU) 

Other 

Private and public entities 
Total cost claims and 
invoices received 
EAGF 

Own resources payables 

Sundry payables 

Other 

Total 

Gross 
Amount 

Adjustments 

Net Amount 
at 31.12.2024 

Gross 
Amount 

Adjustments 

EUR million 
Net Amount 
at 31.12.2023 

 269 

 (0) 

6 036 

2 156 

28 016 

1 824 

1 957 

(2 258) 

 (447) 

 (724) 

 (318) 

 (334) 

 269 

3 778 

1 708 

 300 

7 251 

2 062 

 (0) 

(1 995) 

 (310) 

27 292 

22 427 

1 506 

1 623 

1 124 

1 859 

 (225) 

 (407) 

 300 

5 256 

1 752 

22 427 

 899 

1 452 

40 258 

(4 082) 

36 176 

35 023 

(2 937) 

32 085 

15 086 

- 

3 624 

 528 

N/A 

N/A 

N/A 

N/A 

15 086 

12 503 

- 

3 624 

 528 

3 248 

2 277 

 402 

N/A 

N/A 

N/A 

N/A 

12 503 

3 248 

2 277 

 402 

59 496 

(4 082) 

55 414 

53 453 

(2 937) 

50 516 

Payables  include  invoices  and  cost  claims  received  but  not  yet  paid  at  year-end.  They  are  initially 
recognised  at  the  time  of  the  reception  of  the  invoices  or  cost  claims  for  the  requested  amounts.  The 
payables are subsequently adjusted to reflect only the amounts accepted following review of costs, and 
the  amounts  estimated  to  be  eligible.  The  amounts  estimated  to  be  non-eligible  are  included  in  the 
column ‘Adjustments’; the largest amounts concern the structural actions. 

The  increase  in  RRF  payables  by  EUR  4.9  billion  indicates  that  there  were  more  payment  requests 
received  towards  the  end  of  the  year  for  which  the  assessment  of  milestones  and  targets  was  still 
pending.  

The increase in EAGF payables relates to the repartition of the total EAGF liabilities between payables and 
accrued  charges.  The  total  EAGF  liabilities  remain  relatively  stable  at  EUR  40  672  million  against  EUR 
40 843 million in the previous year. In 2024, the claimed amounts, accounted for as payables, are higher 
than in 2023, while the accruals have decreased by a similar amount. 

The  CPR  (Common  Provisions  Regulations  (EU)  1303/201325  and  (EU)  2021/106026  of  the  European 
Parliament and of the Council) applicable to the Structural Funds (ERDF and ESF), the Cohesion Fund and 
to the European Maritime and Fisheries Fund (EMFF) foresees that the  EU budget is protected by means 
of  a  systematic  retention  on  the  interim  payments  made.  By  February  following  the  end  of  the  CPR 
accounting year (1 July – 30 June), the control cycle is complete, both through management verifications 
by the managing authorities and audits by the audit authorities. The Commission examines the assurance 
documents and the accounts provided by the relevant authorities in the Member States. The payment / 
recovery  of  the  final  balance  is  made  only  after  this  assessment  is  finalised  and  the  accounts  are 
accepted. The amount retained according to this provision at end 2024 totalled EUR 9.3 billion. A part of 
this amount (EUR 1.1 billion) is estimated as being non-eligible on the basis of the information provided 
by the Member States in their accounts and is also included in the column ‘Adjustments’. 

25 Regulation  (EU)  No  1303/2013  of  the  European  Parliament  and  of  the  Council  of  17  December  2013  laying  down 
common provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the 
European Agricultural Fund for Rural Development and the European Maritime and Fisheries Fund and laying down 
general provisions on the European Regional Development Fund, the European Social Fund, the Cohesion Fund and 
the  European  Maritime  and  Fisheries  Fund  and  repealing  Council  Regulation  (EC)  No  1083/2006  (OJ  L  347, 
20.12.2013, p. 320). 

26 Regulation  (EU)  2021/1060  of  the  European  Parliament  and  of  the  Council  of  24  June  2021  laying  down  common 
provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just 
Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the 
Asylum,  Migration  and  Integration  Fund,  the  Internal  Security  Fund  and  the  Instrument  for  Financial  Support  for 
Border Management and Visa Policy (OJ L 231, 30.6.2021, p. 159). 

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Requests for pre-financing 

Annual accounts of the European Union 2024 

In addition to the above amounts, at the end of 2024, EUR 2.1 billion of requests for pre-financing have 
been received and were not yet paid at year-end. According to the EU accounting rules, these amounts 
are not booked as payables. 

Own Resources Payables 

Own resources payables refer to Member States EU budget contributions to be reimbursed at year-end. 
Amending  budgets  are  implemented  according  to  Article  10a (3)  of  Regulation  (EU,  Euratom)  No 
609/2014. The large balance at 31 December 2023 was due to the adoption of the amending budget No 
4/2023 on 22 November 2023. According to this legal provision, the resulting amounts were returned to 
the Member States on the first working  day  of  January 2024.  This year there  was  no  similar amending 
budget, thus no such payables. 

2.13.  ACCRUED CHARGES AND DEFERRED INCOME 

Accrued charges 
Deferred income 
Other 
Total 

The split of accrued charges is as follows: 

RRF (NGEU) 
EAGF 
EAFRD and other rural development instruments 
ERDF and CF 
ESF 
Other 
Total 

31.12.2024 
66 792 
 159 
 140 
67 091 

31.12.2024 
4 371 
25 586 
17 374 
3 101 
2 318 
14 042 
66 792 

EUR million 
31.12.2023 
76 237 
 182 
 386 
76 805 

EUR million 
31.12.2023 
3 709 
28 339 
17 895 
11 052 
3 882 
11 360 
76 237 

Accrued  charges  refer  to  recognised  expenses  for  which  the  Union  has  still  to  receive  cost  claims.  The 
biggest  movement  concerns  cohesion  policy,  a  decrease  of  EUR  8  billion  for  ERDF  &  CF  and  EUR  1.6 
billion  for  ESF.  This  is  due  to  the  decreasing  accruals  of  the  former  programming  period  2014-2020  as 
the  programmes  have  entered  the  closure  phase.  For  the  decrease  in  EAGF  accrued  charges  see  note 
2.12.  

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NET ASSETS 

2.14.  RESERVES 

Other reserves 
Total 

31.12.2024 
 986 
 986 

EUR million 
31.12.2023 
1 052 
1 052 

The  amount  relates  primarily  to  the  reserves  of  the  ECSC  i.L.  (EUR 593 million)  for  the  assets  of  the 
Research Fund for Coal and Steel, which were created in the context of the winding-up of the ECSC i.L., 
as well as to the reserve fund of the European Union Intellectual Property Office, ensuring the continuity 
of its operations (EUR 293 million). 

2.15.  AMOUNTS TO BE CALLED FROM MEMBER STATES 

Amounts to be called from Member States at 31.12.2023 
2023 budget result credited to Member States 
Remeasurements in employee benefits liabilities 
Other 
Economic result of the year 
Total amounts to be called from Member States at 31.12.2024 

EUR million 

213 221 
 633 
(1 159) 
 (94) 
97 208 
309 810 

This  amount  represents  that  part  of  the  expenses  incurred  by  the  EU  up  to  31 December that  must  be 
funded  by  future  budgets.  Many  expenses  are  recognised  under  accrual  accounting  rules  in  the  year  N 
although they may be actually paid in year N+1 (or later) and therefore funded using the budget of year 
N+1  (or  later).  The  inclusion  in  the  accounts  of  these  liabilities  coupled  with  the  fact  that  the 
corresponding amounts are financed from future budgets, results in liabilities greatly exceeding assets at 
the year-end. The most significant amounts to be highlighted concern  the borrowings in relation to non-
repayable support taken out under NGEU, EAGF activities and employee benefit liabilities. 

It should also be noted that the above has no effect on the budget result – budget revenue should always 
equal or exceed budget expenditure and any excess of revenue is returned to Member States. 

The remeasurements in employee benefits liabilities relate to actuarial gains and losses arising from the 
actuarial valuation of these liabilities. 

The considerable increase of the amounts to be called from Member States in the past years is primarily 
due to the borrowings in relation to non-repayable support taken out under NGEU in this period. 

94 

 
 
 
 
 
 
 
 
 
 
 
 
 
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3.  NOTES TO THE STATEMENT OF FINANCIAL 

PERFORMANCE 

REVENUE 

REVENUE FROM NON-EXCHANGE TRANSACTIONS: 
OWN RESOURCES 

3.1.  GNI RESOURCES 

Own  resources  revenue  is  the  primary  element  of  the  EU's  operational  revenue.  GNI  (gross  national 
income) revenue is the most significant of the four categories of own resources. A uniform percentage is 
levied  on  the  GNI  of  each  Member  State.  The  GNI  revenue  balances  revenue  and  expenditure,  i.e.  it 
funds the part of the budget that is not covered by other sources of income. The decrease of GNI revenue 
in 2024  compared to 2023  is explained to  a great extent by a reduction of  the payment appropriations 
needs.  

3.2.  TRADITIONAL OWN RESOURCES 

Traditional  own  resources  relate  mainly  to  customs  duties  where  Member  States  retain,  by  way  of 
collection costs, 25% of the amounts, so the above figures are net of this deduction. The level of import 
duties reflects essentially the combination of fluctuations in the value of imports from outside the EU and 
changes  in  the  common  tariff,  which  has  been  lowered  on  many  occasions  following  the  negotiations 
within the World Trade Organisation (WTO), and specific agreements granting tariff preferences to certain 
trading partners or to certain products.  The level  thus depends also on the general economic situation, 
the level of world prices and the impact of exchange rates. 

3.3.  VAT RESOURCES 

The VAT own resource is calculated based on Member States’ VAT bases, which are harmonised for this 
purpose in accordance with EU rules. A uniform call rate of 0.30 % applies to each Member State’s total 
amount of VAT receipts collected for all taxable supplies divided by the weighted average VAT rate. The 
VAT base is capped at 50 % of each Member State’s GNI. 

3.4.  PLASTICS OWN RESOURCES 

A uniform call rate of EUR 0.80 per kilogram applies to the weight of plastic packaging waste generated 
in  each  Member  State  that  is  not  recycled.  The  plastic  packaging  waste  that  is  not  recycled  in  a  given 
year  is  calculated  as  the  difference  between  the  plastic  packaging  waste  generated  and  the  plastic 
packaging  waste  recycled  in  that  year  in  a  Member  State.  Bulgaria,  Czechia,  Estonia,  Greece,  Spain, 
Croatia,  Italy,  Cyprus,  Latvia,  Lithuania,  Hungary,  Malta,  Poland,  Portugal,  Romania,  Slovenia  and 
Slovakia  are  entitled  to  specific  annual  lump  sum  reductions  in  their  respective  plastics  own  resource 
contributions.  This  relatively  new  own  resource  was introduced in  2021  with  the  entry  into  force  of  the 
new Own Resources Decision (Council Decision (EU, Euratom) 2020/2053)27. 

27 Council Decision (EU, Euratom) 2020/2053 of 14 December 2020 on the system of own resources of the European 

Union and repealing Decision 2014/335/EU, Euratom (OJ L 424, 15.12.2020, p. 1). 

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REVENUE FROM NON-EXCHANGE TRANSACTIONS: 
TRANSFERS 

3.5.  FINES 

Revenue  of  EUR  4  039  million  (2023:  EUR  1  748  million)  relates  mainly  to  fines  the  Commission  has 
imposed  on  companies  for  breaching  EU  competition  rules  (EUR  3  509  million)  and  fines  imposed  on 
Member States for infringing EU law (EUR 527 million).   

3.6.  RECOVERY OF EXPENSES 

Shared management 
Direct management 
Indirect management 
Total 

2024 
 755 
 157 
 44 
 957 

EUR million 
2023 
 691 
 102 
 10 
 803 

This heading mainly represents the recovery orders issued by the Commission that are cashed or offset 
against (i.e. deducted from) subsequent payments recorded in the Commission's accounting system. The 
recovery  orders  are  issued  so  as  to  recover  expenditure  previously  paid  out  from  the  EU  budget. 
Recoveries are based on controls, audits or eligibility analysis and therefore, these operations protect the 
EU budget from expenditure incurred in breach of law. 

Recovery orders issued by Member States to beneficiaries of EAGF expenditure, as well as the variation of 
accrued income estimations from the previous year-end to the current year-end, are also included. 

The  amounts  included  in  the  above  table  represent  revenue  earned  through  the  issuance  of  recovery 
orders. For this reason,  these  figures cannot  and do  not show the full extent of the measures taken to 
protect the EU budget, particularly for cohesion policy where specific mechanisms are in place to ensure 
the  correction  of  ineligible  expenditure,  most  of  which  do  not  involve  the  issuance  of  a  recovery  order. 
The  EU  budget  is  also  protected  by  withdrawals  of  expenditure  and  recoveries  of  pre-financing.  Shared 
management recoveries make up the bulk of the total: 

Agriculture: EAGF and rural development 

In the framework of the EAGF and the EAFRD, amounts accounted for as revenue of the year under this 
heading  are  financial  corrections  of  the  year  and  reimbursements  declared  by  Member  States  and 
recovered during the year, as well as the net increase in the outstanding amounts declared by Member 
States to be recovered at year-end concerning fraud and irregularities.  

Cohesion policy 

The main amounts related to cohesion policy are amounts that the Commission expects to recover from 
the Member States. The recovery  will be  made following  the examination  and  acceptance of  the annual 
accounts  submitted  by  the  Member  States  in  early  2025.  The  amounts  to  be  recovered  represent 
essentially  the  difference  between  amounts  initially  declared  as  eligible  during  the  accounting  year  and 
the  amounts  confirmed  as  eligible  in  the  annual  accounts  of  the  Member  States.  A  low  amount  means 
that the controls in place at Member State level enabled the detection of ineligible amounts early in the 
process.  

3.7.  UK WITHDRAWAL AGREEMENT 

This  revenue  relates  to  the  net  amounts  owed  by  the  UK  under  the  Withdrawal  Agreement  signed 
following its departure from the Union in 2020 (see note 2.6.1.2), adjusted each year in accordance with 
the  requirements  of  the  Agreement.  In  2024,  there  was  no  revenue  resulting  fom  the  UK  Withdrawal 
Agreement; instead an expense was recognised. 

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3.8.  OTHER REVENUE FROM NON-EXCHANGE 

TRANSACTIONS 

Contributions from Member States: 
     Innovation Fund 
     External aid 
     Invest EU 
Staff taxes and contributions 
Contribution from other entities to the EC 
Contribution from EFTA, third countries and accession countries 
Transfer of assets 
Budgetary adjustments 
Adjustment of provisions 
Other 
Total 

2024 

2 297 
 671 
 207 
1 754 

6 393 
4 527 
 307 
(6 169) 
 426 
 261 
10 673 

EUR million 
2023 

1 812 
 165 
 179 
1 565 

3 456 
1 770 
 280 
(1 058) 
 407 
 224 
8 800 

Contributions  from  Member  States  to  the  Innovation  Fund  are  revenues  relating  mainly  to  the  sale  of 
emission allowances that are to be used to support innovation in low-carbon technologies.  The increase 
compared  to  2023  is  linked  to  the  higher  volume  of  ETS  allowances  sold  that  were  allocated  to  the 
Innovation  Fund.  Contributions  from  Member  States  for  external  aid  include  primarily  the  interest  rate 
contributions for the MFA+ loans to Ukraine (EUR 0.6 billion). 

Staff  taxes  and  contributions  revenue  relate  primarily  to  the  deductions  from  staff  salaries.  Retirement 
contributions and income tax represent the substantial amounts within this category. 

Contributions from other entities to the EC include primarily reflows (EUR 0.3 billion) transferred by EIB 
under  the  ACP  (African,  Caribbean  and  Pacific)  and  the  OCT  (Overseas  Countries  and  territories) 
Investment  Facilities  and  auctioning  revenue  (EUR  5.9  billion)  generated  under  the  ETS  allowances,  a 
funding source also used to provide additional support to Member States through REPowerEU chapters. 

Contributions from EFTA countries amount to EUR  1.1 billion and contributions from third countries  and 
accession countries mainly include financial contributions to Horizon Europe (EUR 2.8 billion). 

The budgetary adjustment is mainly linked to the adjustments in the VAT and GNI-based own resources 
from  previous  financial  years.  With  this  operation,  the  Commission  redistributes  the  total  VAT  and  GNI 
balances, positive or negative, to the Member States in accordance with their GNI key. The decrease is 
linked to lower budget surplus from the previous year and higher amounts to be re-distributed for GNI, 
VAT and Plastics own resources.  

Other  revenue  from  non-exchange  transactions  includes  the  ITER  Host  State  and  Membership 
contributions  to  Fusion  for  Energy,  the  European  Joint  Undertaking  for  ITER  and  the  Development  of 
Fusion Energy (EUR 68.2 million). 

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REVENUE FROM EXCHANGE TRANSACTIONS 

3.9.  FINANCIAL REVENUE 

Interest on: 
     Late payments 
     Loans 
     Cash & cash equivalents 
     Borrowings 
     Other  
Revenue from FGCs 
Gains on financial assets or liabilities at FVSD: 
     Non-derivatives  
     Derivatives 
Dividends 
Other 
Total 

2024 

 224 
4 129 
1 726 
 228 
 38 
 971 

1 490 
 165 
 31 
 4 
9 005 

EUR million 
2023 

 (121) 
2 305 
1 778 
 229 
 9 
 887 

1 695 
 149 
 46 
 6 
6 983 

Interest revenue on late payments stems mainly from fines and own resources contributions due and not 
paid on time.  

The interests on loans have increased mainly because of RRF/REPowerEU, MFA and Ukraine Facility. For 
RRF/REPower the interests were EUR 2 billion in 2024 compared to EUR 0.7 billion in the previous year. 
There were new disbursements in 2024 and the disbursements of the second half of 2023 earned a full 
year’s interest in 2024. For MFA the interests were EUR 0.8 billion compared to EUR 0.5 billion in 2023. 
The  increase  mainly  comes  from  MFA+  disbursements  of  2023,  which  earned  a  full  year’s  interest  in 
2024.  For  Ukraine  Facility  the  interests  were  EUR  0.2  billion,  this  is  a  new  facility  with  disbursements 
during the second semester of 2024. 

Interest revenue from cash and cash equivalents is mainly EUR 1.2 billion of interest on the bank account 
held  at  the  ECB  for  the  management  of  the  liquidity  pool  related  to  the  unified  funding  approach  (see 
note 2.8.2).  

Interest revenue from borrowings mainly refers to SURE  and results from the negative effective interest 
rates for certain past issuances.  

Revenue  from  financial  guarantee  contracts  relates  primarily  to  the  amortisation  of  the  financial 
guarantee liabilities. It can be interpreted as a release of the EU from guarantee liabilities for the period 
the EU was standing ready to compensate the holders of the guarantees for their credit losses. Thus, the 
revenue recognition for financial guarantees reflects the passage of time and the guaranteed volume. The 
amortisations apply to both types of  guarantees, those  which are  remunerated  and  those  for which the 
EU charges no or nominal remuneration (see note 2.11.2). Out of the remunerated guarantees, the most 
significant is the EFSI guarantee provided to the EIB for the Infrastructure and Innovation Window (‘IIW’) 
debt portfolio and combined with InvestEU debt portfolios (see note 4.1.1). In 2024, the revenue earned 
by the EFSI guarantee in relation to those combined debt portfolios amounted to EUR 242 million. 

The revenue related to financial guarantee contracts of EUR 971 million is offset by impairment losses for 
financial guarantee liabilities amounting to EUR 474 million relating to: guarantee calls net of recoveries 
of  EUR  462  million  and  unrealised  impairment  losses  of  EUR  12  million  (see  notes  3.15  and  6.6).  In 
addition, the EU  has subsidised  financial guarantee  programmes (EUR  1  156  million) by charging  no or 
below market rate guarantee premiums (see note 3.15). In total, the net result from financial guarantee 
programmes is a deficit of EUR 658 million. 

The gain from non-derivative financial assets at FVSD mainly refers to the CPF (EUR 0.9 billion) and the 
Innovation  Fund  (EUR  0.3  billion).  The  interest  rate  cuts  have  impacted  positively  the  fair  value  of  the 
securities.  

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3.10.  OTHER REVENUE FROM EXCHANGE TRANSACTIONS 

Fee revenue for rendering of services (agencies) 
Foreign exchange gains 
Sales of goods 
Share of net result of EIF 
Fixed assets related revenue 
Other 
Total 

2024 
 855 
 325 
 58 
 83 
 907 
 364 
2 592 

EUR million 
2023 
 739 
 393 
 75 
 67 
 9 
 679 
1 963 

Fee  revenue  for  rendering  of  services  mainly  includes  marketing  authorisation  fees  charged  by  the 
European  Medicines  Agency  and  trademark  fees  collected  by  the  European  Union  Intellectual  Property 
Office. The increase in fixed assets related revenue is mainly due to the sale of 23 Commission buildings 
in Brussels – see note 2.2. 

EXPENSES 

3.11.  SHARED MANAGEMENT 

Implemented by Member States 
European Agricultural Guarantee Fund 
European Agricultural Fund for Rural Development and other rural 
development instruments 
European Regional Development Fund and Cohesion Fund 
European Social Fund 
Other 
Total 

2024 
40 267 

14 779 

28 833 
18 037 
3 854 

EUR million 
2023 
40 716 

14 605 

52 429 
17 665 
4 251 

105 770 

129 667 

The transition from the former programming period 2014-2020 to the current programming period 2021-
2027  explains  the  reduction  of  expenses  of  EUR  23.6  billion  for  ERDF  &  CF:  the  costs  declared  for  the 
period 2014-2020 decreased substantially (EUR 30.4 billion) as the implementation has finished and the 
programmes have entered the closure phase. At the same time the costs declared for the period 2021-
2027 increased but only by EUR 6.9 billion as the programmes are now advancing. 

Other expenses mainly relate to the European Maritime and Fisheries Fund (EUR 0.8 billion), Asylum and 
Migration (EUR 1.2 billion), the Fund for European Aid to the Most Deprived (EUR 0.4 billion), as well as 
the European Union Solidarity Fund (EUR 0.4 billion). 

3.12.  DIRECT MANAGEMENT 

Implemented by the Commission 
  of which RRF (NGEU) 
Implemented by EU Executive Agencies 
Implemented by Trust funds 
Total 

2024 
79 652 
65 787 
19 126 
 194 
98 971 

EUR million 
2023 
45 664 
36 045 
15 897 
 326 
61 888 

The  increase  in  direct  management  expenses  implemented  by  the  Commission  relates  mainly  to  the 
implementation  of  RRF,  Research  Policy  and  External  Action.  The  main  expenditure  concerns  RRF  (EUR 
65.8 billion), which has increased from the previous year as Member States use the funds provided and 

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milestones  and  targets  are  achieved.  The  rest  of  the  amounts  under  direct  management  primarily 
concern the implementation of Research Policy (EUR 10.6 billion) and External Actions, which include the 
Neighbourhood  Development  and  International  Cooperation  Instrument  and  its  precursors  (EUR  3.7 
billion), as well as the Ukraine Facility non repayable support (EUR 3.4 billion). A further EUR 4.8 billion 
relates  to  the  Connecting  Europe  Facility,  the  common  infrastructure  fund  to  deploy  smart  networks  in 
the area of transport, energy and telecommunications.  

3.13.  INDIRECT MANAGEMENT 

Implemented by other EU agencies & bodies 
Implemented by third countries 
Implemented by international organisations 
Implemented by other entities 
Total 

2024 
4 388 
 549 
6 090 
5 599 
16 626 

EUR million 
2023 
4 226 
 479 
5 610 
4 902 
15 218 

Under indirect management expenses, EUR 8.3 billion relates to external actions (mainly in the areas of  
pre-accession, humanitarian aid, international co-operation and neighbourhood). A further EUR 4 billion is 
related  to  increasing  Europe's  competitiveness  (in  areas  such  as  research,  space  programmes  and 
education). 

3.14.  STAFF AND PENSION COSTS 

Staff costs 
Pension costs 
Total 

2024 
9 070 
5 896 
14 966 

EUR million 
2023 
8 481 
5 543 
14 023 

Pension costs represent elements of the movements that have arisen following the actuarial valuation of 
the  employee  benefits  liabilities  other  than  those  recognised  in  net  assets.  They  do  not  therefore 
represent  actual  pension  payments  of  the  year,  which  are  significantly  lower  at  EUR  2.6  billion. 

100 

 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

3.15.  FINANCE COSTS 

Interest expenses: 
     Borrowings 
     Loans 
     Finance leases 
     Other 
FGCs – subsidised remuneration 
Net impairment losses on: 
     FGCs 
     Loans, loan commitments and receivables 
Loss on financial assets or liabilities at FVSD: 
     Non-derivatives 
     Derivatives 
Modification loss 
Funding costs guaranteed 
Other  
Total 

2024 

9 780 
 159 
 31 
 32 

1 156 

 474 
14 134 

 153 
 252 
 763 
 151 
 140 
27 226 

EUR million 
2023 

5 762 
 160 
 45 
 21 

 762 

 263 
6 812 

 137 
 104 
 100 
 94 
 95 
14 355 

The EUR 4 billion increase in the borrowing expenses stems from the unified funding activities, for which 
the interests were EUR 8.4 billion compared to EUR 4.4 billion in the previous year. The reasons for this 
are new borrowings in 2024 and due to the fact that the issuances of the second semester 2023, beared 
a full year’s interest in 2024.  

The interest expense on loans is the result of certain SURE transactions, where funds borrowed at times 
of  negative  interest  rates,  were  lent  ‘back-to-back’  to  the  Member  States,  with  the  same  terms  and 
conditions. 

For more details on expenses related to financial guarantees (FGC), see note 3.9. 

The net impairment losses on loans, loan commitments and receivables mainly relate to the ECL on the 
new Ukraine Facility loans  and to loan  commitments  on  the MFA loan  signed  under  ULCM  in 2024. See 
notes 2.4.1.1, 2.11 and 6.6. 

The  modification  loss  relates  to  the  interest  rate  subsidy  granted  to  Ukraine  for  the  MFA+  loans 
(EUR 0.6 billion) and for the exceptional MFA loans of 2022 (EUR 0.2 billion), see note 2.4.1.1. 

The funding costs guaranteed are costs born by financial partners to fund equity investments guaranteed 
by  the  EU.  Based  on  the  guarantee  agreements,  the  EU  guarantees  these  costs,  together  with  the 
associated equity investments. 

For the significant decrease in the losses from non-derivative financial assets at FVSD, see note 3.9. 

101 

 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

3.16.  OTHER EXPENSES 

Administrative and IT expenses 
Adjustment of provisions 
Fixed assets related expenses 
Land and buildings management expenses 
Foreign exchange losses 
Operating lease expenses 
Reduction of fines by Court decision 
Other 
Total 

2024 
2 865 
 415 
1 929 
 733 
 282 
 560 
1 123 
1 093 
8 999 

EUR million 
2023 
2 687 
1 065 
1 443 
 729 
 314 
 448 
 597 
 857 
8 142 

The  increase  in  line  ‘Reduction  of  fines  by  Court  decision’  relates  mainly  to  two  fines.  In  2024,  the 
Commission withdrew the fining decision imposed on Illumina/Grail in a merger proceeding, resulting in a 
write-off of the EUR 432 million fine. The amount also includes EUR 684 million related to a fine imposed 
in  2009  on  Intel  which  was  partially  written-off  in  the  2024  annual  accounts  as  a  result  of  a  Court  of 
Justice decision issued in October 2024. 

The aggregate amount of research and development expenditure recognised as an expense during 2024 
is as follows: 

Research costs 
Non-capitalised development costs 
Total 

2024 
 479 
 119 
 598 

EUR million 
2023 
 452 
 149 
 600 

102 

 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

3.17.  SEGMENT REPORTING BY MULTIANNUAL FINANCIAL FRAMEWORK (MFF) HEADING 

Single Market, 
Innovation and 
Digital 
– 
– 
– 
– 
– 
 82 
4 090 

4 172 

1 176 
 197 

1 373 

5 545 

Cohesion and 
Values 

– 
– 
– 
– 
– 
 (19) 
6 163 

6 144 

 26 
 (24) 

 2 

6 146 

– 

– 

– 
– 
– 

– 

– 

(28 763) 
(18 037) 
 (562) 

Natural 
Resources and 
Environment 
– 
– 
– 
– 
– 
 831 
 15 

Migration and 
Border 
Management 
– 
– 
– 
– 
– 
 2 
 177 

Resilience, 
Security and 
Defence 
– 
– 
– 
– 
– 
 1 
– 

 846 

 3 
 (19) 

 (16) 

 830 

(40 267) 

(14 779) 

– 
– 
 (938) 

 179 

– 
 (0) 

 (0) 

 179 

– 

– 

– 
– 
(1 844) 

 1 

 6 
 (5) 

 1 

 2 

– 

– 

– 
– 
 (173) 

Neighbourhood 
and the World 

– 
– 
– 
– 
– 
 56 
 846 

 902 

 228 
 18 

 246 

European 
Public 
Administration 
– 
– 
– 
– 
– 
 0 
2 454 

Not assigned 
to MFF 
heading* 
95 037 
20 587 
24 547 
8 227 
4 039 
 3 
(3 070) 

EUR million 
Total 

95 037 
20 587 
24 547 
8 227 
4 039 
 957 
10 673 

2 454 

149 371 

164 068 

 272 
1 445 

1 717 

7 295 
 979 

9 005 
2 592 

8 274 

11 597 

1 148 

4 171 

157 644 

175 665 

– 

– 

 (88) 
– 
 (106) 

– 

– 

– 
– 
– 

– 

– 

 18 
– 
 (231) 

(40 267) 

(14 779) 

(28 833) 
(18 037) 
(3 854) 

(15 193) 

(71 672) 

 (969) 

 (263) 

(1 208) 

(8 828) 

 (3) 

 (836) 

(98 971) 

(3 530) 

 (595) 

 (105) 

(1 266) 

 (254) 

 (44) 

 (111) 

1 517 

(4 388) 

 (466) 

 (183) 

 (22) 

(2 769) 

 (543) 
(1 858) 
– 
(2 221) 
(23 834) 

 (24) 
 (11) 
– 
 (239) 
(122 856) 

 (13) 

 (5) 

 (2) 
 (72) 
– 
 (272) 
(57 422) 

 (90) 

 (145) 

(5 535) 

 (1) 

 (205) 

(6 639) 

 (5) 

 (82) 

(2 692) 

– 

 (23) 

(5 599) 

 (1) 
 (0) 
– 
 (6) 
(3 475) 

 (1) 
 (0) 
– 
 (86) 
(1 949) 

 (181) 
 (196) 
– 
 (287) 
(17 957) 

(12 350) 
 (78) 
– 
(4 271) 
(16 815) 

(1 865) 
(25 010) 
 (315) 
(1 616) 

(14 966) 
(27 226) 
 (315) 
(8 999) 
(28 566)  (272 873) 

(18 290) 

(116 710) 

(56 592) 

(3 296) 

(1 947) 

(16 809) 

(12 643) 

129 079 

(97 208) 

GNI resources 
Traditional own resources 
VAT 
New Own Resources 
Fines 
Recovery of expenses 
Other 
Revenue from non-
exchange transactions 
Financial revenue 
Other 
Revenue from exchange 
transactions 
Total revenue 
Expenses implemented by 
Member States: 
     EAGF 
     EAFRD & other rural 
development instruments 
     ERDF & CF 
     ESF 
     Other 
Implemented by the EC, 
executive agencies and trust 
funds 
Implemented by other EU 
agencies and bodies 
Implemented by third 
countries and int. org. 
Implemented by other 
entities 
Staff and Pension costs 
Finance costs 
UK Withdrawal Agreement 
Other expenses 
Total expenses 
Economic result of the 
year 

* ‘Not-assigned to MFF heading’ includes consolidated entities' budget execution and consolidation eliminations, off-budget operations and unallocated programmes with individually immaterial amounts. 

The display of revenue and expenses by MFF heading is based on estimation as not all commitments are linked to an MFF heading.

103 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

4. 

CONTINGENT LIABILITIES AND ASSETS 

Contingent liabilities are possible future payment obligations for the EU that may arise due to past events 
or  legally  binding  commitments  taken  but  which  will  depend  on  future  events  not  wholly  under  the 
control of the EU. They relate mainly to guarantees given and  to legal risks. All contingent liabilities, 
except  those  relating  to  fines,  guarantees  and  financial  instruments  up  to  the  level  they  are 
covered by funds (see note 2.4.2.1), would be financed, should they fall due, by the EU budget 
(and thus the EU Member States) in the years to come. 

4.1.  Guarantees given by the EU budget 

4.1.1.  Guarantees given under the EU budgetary guarantee programmes (nominal) 

EIB ELM guarantees 
EFSI guarantee 
EFSD guarantee 
InvestEU guarantee 
NDICI external action guarantee 
Ukraine Guarantee 
Total 

31.12.2024 

Guarantees given 

Ceiling 

Signed  Disbursed 

25 772 
25 373 
 759 
27 042 
30 173 
 790 
109 909 

25 772 
22 998 
 667 
11 769 
11 228 
 172 
72 606 

19 184 
21 033 
 521 
3 468 
1 341 
 132 
45 678 

EUR million 

Assets 
provisioned* 

3 400 
8 941 
 785 
6 802 
2 943 
 202 
23 073 

* The EUR 3.4 billion of assets provisioned for the EIB ELM guarantees also cover loans and related borrowings under legacy MFA and 

Euratom (see note 2.4.1.1). 

EIB ELM guarantees 
EFSI guarantee 
EFSD guarantee 
InvestEU guarantee 
NDICI external action guarantee 
Total 

31.12.2023 

Guarantees given 

Ceiling 

Signed  Disbursed 

27 729 
25 591 
1 077 
25 767 
28 115 
108 279 

27 729 
23 635 
 548 
6 592 
7 660 
66 163 

19 856 
21 551 
 478 
1 433 
 634 
43 953 

EUR million 

Assets 
provisioned* 

2 962 
9 175 
 765 
3 736 
2 222 
18 860 

* The EUR 3.0 billion of assets provisioned for the EIB ELM guarantees also cover loans and related borrowings under legacy MFA and 

Euratom (see note 2.4.1.1). 

The above tables show the extent of the exposure of the EU budget to possible future payments linked to 
guarantees  given  to  the  EIB  group  or  other  financial  institutions.  Disbursed  amounts  represent  the 
amounts already given to final  beneficiaries,  while  signed amounts include these  disbursed monies plus 
agreements already signed with beneficiaries or financial intermediaries but not yet disbursed at year-end 
(EUR 26.9  billion).  The  ceiling  represents  the  total  guarantee  that  the  EU  budget,  and  thus  its  Member 
States,  have  committed  to  cover,  since  in  order  to  disclose  the  maximum  exposure  faced  by  the  EU  at 
31 December 2024,  operations  authorised  to  be  signed  but  not  yet  signed  (EUR 37.3  billion)  must  be 
included.  

Budgetary guarantee programmes are backed by provisions gradually built up from the budget and kept 
in the Common Provisioning Fund (‘CPF’) as a liquidity cushion to cover future guarantee calls (see note 
2.4.2.1). Please see note 6.2 for the measures put in place to ensure that the provisioning is sufficent to 
cover  the  guarantee  calls  in  the  medium  term.  Any  losses  incurred  under  the  budgetary  guarantee 
programmes, above the provisioning set aside, would need in any case to be covered by future budgets. 
For the InvestEU Member State compartment, the EU also receives counter guarantees from the Member 
States and EEA countries (see below). 

104 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EIB ELM guarantees 

Annual accounts of the European Union 2024 

The  EU  budget  guarantees  loans  signed  and  granted  by  the  EIB  from  the  EIB's  own  resources  to  third 
countries.  At  31  December  2024  the  amount  of  loans  outstanding  and  covered  by  the  EU  guarantee 
totalled EUR 19 184 million. The EU budget guarantees: 

—  EUR 18 960 million via the Guarantee Fund for external actions compartment of the CPF; and 

—  EUR 224 million directly for loans granted to Member States before accession. 

Included in the guarantees given as at 31 December 2024 are EUR 2.1 billion of signed but undisbursed 
loans for which future disbursements are conditional on approval by the EU. 

The EU ELM guarantee relating to loans granted by the EIB is limited to 65% of the outstanding balances 
for agreements signed after 2007 (mandates 2007-2013 and 2014-2021). For agreements made before 
2007,  the  EU  guarantee  is  limited  to  a  percentage  of  the  ceiling  of  the  credit  lines  authorised,  in  most 
cases 65% but also 70%, 75% or 100%. Where the ceiling is not reached, the EU guarantee covers the 
full amount. 

With  Decision  (EU)  2018/412  of  the  European  Parliament  and  of  the  Council28,  a  private  sector  lending 
mandate for projects directed to the long term economic resilience of refugees, migrants, host and transit 
communities under the EIB Resilience Initiative (‘ERI’) was set-up. The Union budget is remunerated for 
the  risk  taken  in  relation  to  guarantees  granted  for  EIB  financing  operations  under  the  ERI  Private 
Mandate,  which  explains  the  premium  receivable  for  the  ELM  guarantee,  which  is  otherwise  a  non-
remunerated guarantee (see note 2.11.2). 

The ELM 2014-2020 mandate,  which expired in  2021, was the  last mandate under the Guarantee Fund 
for  external  actions.  The  new  EIB  mandate  is  covered  by  the  External  Action  Guarantee  set  up  by  the 
NDICI Regulation. 

EU guarantee payments are made from the Guarantee Fund for external actions compartment of the CPF. 
During  2024,  EUR 11 million  of  guarantee  calls  net  of  recoveries  have  been  paid  out  (2023: 
EUR 67 million). 

European Fund for Strategic Investments (EFSI) guarantee 

EFSI is an initiative that aims to increase the risk bearing capacity of the EIB Group by enabling the EIB 
to extend its investments in the EU. The objective of EFSI is to support additional investments in the EU 
and access to finance for small companies. The EU  budget provides  a guarantee of up to EUR 26 billion 
(‘EFSI  EU  guarantee’)  under  an  agreement  between  the  EU  and  the  EIB,  hereinafter  referred  to  as  the 
‘EFSI Agreement’,  in order to  protect  the  EIB from  potential losses  it may suffer from  its financing and 
investment operations. 

The EFSI operations are conducted within two windows: the Infrastructure and Innovation Window (IIW) 
implemented  by  the  EIB  (EFSI  EU  guarantee  of  EUR 19 250 million)  and  the  SME  Window  (SMEW) 
implemented by the EIF (EFSI EU guarantee  of  EUR 6 750 million), both of  which  have  a debt portfolio 
and an equity portfolio. The EIF acts under an agreement with the EIB on the basis of an EIB guarantee, 
which  itself  is  counter-guaranteed  by  the  EFSI  EU  Guarantee  under  the  EFSI  Agreement.  In  order  to 
enhance  the  efficiency  of  EU  Guarantee  and  to  increase  its  risk  bearing  capacity,  a  combination  of  two 
EFSI  debt  portfolios  with  InvestEU  became  effective  in  2022.  Any  guarantee  calls,  recoveries  and 
revenues  are  distributed  between  the  EFSI  and  the  InvestEU  Guarantee  based  on  effective  guaranteed 
allocations. 

The EU  and the EIB have distinct  roles within EFSI. EFSI is established within the EIB,  who finance  the 
operations  (debt  and  equity  investments)  and,  to  do  this,  borrow  the  necessary  funds  on  the  capital 
markets.  The  EIB  Group  takes  the  investment  decisions  independently  and  manages  the  operations  in 
accordance  with  its  rules  and  procedures.  The  EU  provides  the  guarantee  for  those  operations,  and 
covers losses incurred by the EIB up to the ceiling of this guarantee. 

28 Decision  (EU)  2018/412  of  the  European  Parliament  and  of  the  Council  of  14  March  2018  amending  Decision  No 
466/2014/EU granting an EU guarantee to the European Investment Bank against losses under financing operations 
supporting investment projects outside the Union (OJ L 76, 19.3.2018, p. 30). 

105 

 
 
Annual accounts of the European Union 2024 

As the control criteria and accounting requirements for consolidation under the EU accounting rules (and 
IPSAS)  are  not  met,  the  related  guaranteed  assets  are  not  accounted  for  in  the  consolidated  annual 
accounts of the EU. 

The EU guarantee granted to the EIB Group under EFSI is accounted for as a financial guarantee liability 
in respect of the  IIW debt  portfolio  and  the  SMEW  debt  portfolio  (see  note  2.11.2)  and as a derivative 
(financial  asset  or  liability  at  fair  value  through  surplus  or  deficit)  for  both  equity  portfolios  (see  note 
2.4.2.2).  The  EFSI  guarantee  given  includes  operations  of  the  COSME,  H2020,  CCS  LGF  and  EaSI 
programmes for the part covered by the EFSI EU guarantee under the SMEW debt portfolio.  

During  2024,  EUR  151  million  of  net  guarantee  calls  were  paid  out  from  the  EFSI  Guarantee  Fund 
compartment  of  the  CPF,  including  some  guarantee  calls  incurred  in  previous  years  but  temporarily 
covered by the EU revenues hold on the EFSI settlement account at the EIB (2023: EUR 193 million). 

European Fund for Sustainable Development (EFSD) 

The  European  Fund  for  Sustainable  Development,  established  by  the  EFSD  Regulation,  is  an  initiative 
aiming to support investments in Africa and the European Neighbourhood as a means to contribute to the 
achievement of sustainable development and to address specific socio-economic root causes of migration. 
Under  the  EFSD  Regulation,  the  EU  was  authorised  to  make  available  guarantees  of  EUR  1.5  billion 
(further increased by external contributions) to implementing partners for their investment and financing 
operations,  in  order  to  reduce  their  investment  risks.  The  EFSD  Guarantee  is  backed  by  the  CPF  –  see 
note 2.4.2.1.  

For one of the EFSD guarantee agreements (where the EU guarantees the capital adequacy of a currency 
hedging  fund  for  an  amount  of  EUR  145  million),  in  case  of  a  guarantee  call  the  EU  holds 
a reimbursement right to receive shares of the fund worth the amount paid. 

NDICI external action guarantee 

Regulation  (EU)  2021/947  of  the  European  Parliament  and  of  the  Council29,  established  the 
Neighbourhood,  Development  and  International  Cooperation  Instrument  –  Global  Europe  (the 
‘Instrument’),  including  the  European  Fund  for  Sustainable  Development  Plus  (the  ‘EFSD+’)  and  the 
External Action Guarantee, for the period of the 2021-2027 MFF. The objective of  EFSD+ is to promote 
sustainable investments in the EU’s partner countries. 

The External Action Guarantee supports the EFSD+ operations covered by budgetary guarantees, macro-
financial assistance and loans to third countries. It is backed by the CPF – see note 2.4.2.1.  

As at 31 December 2024, budgetary guarantee agreements were effective for a total outstanding ceiling 
of  EUR 30.2 billion,  of  which  EUR  26.0  billion  relates  to  a  guarantee  agreement  signed  with  the  EIB  as 
a successor of the ELM programme. 

InvestEU guarantee 

Through  the  InvestEU  programme  the  Commission  can  provide  up  to  EUR  26.2  billion  in  guarantees  to 
support  investments  with the backing  of  the  EU  budget.  This  EU  guarantee  supports  private  and  public 
investments in four policy areas: sustainable infrastructure, research innovation and digitalisation, small 
and  medium-sized  companies,  and  social  investment  and  skills.  Several  financial  partners  like  national 
promotional  banks  are  receiving  the  EU  guarantee.  They  support  investments  by  providing  loans, 
guarantees or equity capital. For example, the financial partners can provide loans to SMEs, participate in 
equity funds or give guarantees to commercial banks  for loans they disburse. The Commission can also 
allocate EU budget from other EU programmes to the InvestEU Fund, for example from the HERA Invest 
(health), the European Space programme or the Catalyst (innovation). 

To  create  a  capital  buffer  for  the  losses  from  guaranteed  investments,  the  Commission  is  gradually 
setting  money  aside  (‘provisioning’)  from  the  EU  budget  into  the  CPF.  The  InvestEU  Regulation  has  set 
the provisioning at 40% of the EU guarantee. 

29 Regulation  (EU)  2021/947  of  the  European  Parliament  and  of  the  Council  of  9  June  2021  establishing  the 
Neighbourhood,  Development  and  International  Cooperation  Instrument  –  Global  Europe,  amending  and  repealing 
Decision No 466/2014/EU of the European Parliament and of the Council and repealing Regulation (EU) 2017/1601 
of  the  European  Parliament  and  of  the  Council  and  Council  Regulation  (EC,  Euratom)  No  480/2009,  (OJ  L  209, 
14.6.2021, p. 1). 

106 

 
 
Annual accounts of the European Union 2024 

The  EU  guarantee  can  be  increased,  in  addition  to  the  EUR  26.2  billion  mentioned  above,  with  the 
backing from Member States and EEA countries. They can contribute money from their Cohesion Policy, 
RRF  funds or national budgets. For the Member States, the provisioning is set on a case by case basis, 
while the additional EU guarantee backed from EEA countries is 40% provisioned with cash contributions. 
The  cash  from  Member  States  and  EEA  countries  is  kept  in  the  CPF.  The  non-provisioned  amount  is 
covered with counter guarantees from the Member States and the EEA countries. At 31 December 2024, 
there  were  agreements  with  seven  Member  States  and  two  EEA  countries,  based  on  which  the 
Commission  may  provide  additional  EU  guarantee  of  EUR 2.8 billion  to  financial  partners,  out  of  which 
EUR 2.2 billion is to be backed by cash contributions and EUR 0.6 billion with counter guarantees. Indeed, 
EUR  2.8  billion  of  such  guarantee  agreements  had  been  signed  until  31  December  2024,  with  several 
implementing partners.  

Ukraine guarantee 

Following the Ukraine Facility Regulation, the EU has established the Ukraine Guarantee for a maximum 
guarantee  capacity  of  EUR  7.8  billion,  to  boost  investments  for  the  recovery  and  reconstruction  of 
Ukraine.  

As at 31 December 2024,  four budgetary guarantee agreements were signed and effective for the total 
cover limit of EUR 0.8 billion. 

UK obligations arising from its departure from the EU 

In accordance with Article 143 of the Withdrawal Agreement, the UK is liable to the Union for its share of 
contingent  financial  liabilities  related  to  EFSI,  EFSD  and  the  EIB  external  lending  mandate  operations 
approved by the withdrawal date, 31 January 2020. Article 143 requires that in case of a guarantee call 
for a financial operation that has been approved before the withdrawal date, the UK would be liable to the 
Union for its share of payments made by the Union under those operations, unless this could be covered 
by the UK share of provisioning held in the guarantee fund where this is relevant. 

For ELM, the value of the EU budgetary guarantee at the withdrawal date, for the operations approved by 
the  withdrawal  date,  was  EUR  33.7  billion.  At  31  December  2024  this  had  changed  to  EUR  20.6  billion 
(2023: EUR 22.2 billion). The UK share of this contingent liability at 31 December 2024 is thus EUR 2.6 
billion (31 December 2023: EUR 2.8 billion). As stated above however, any default on these loans is first 
covered by the Guarantee Fund for external actions compartment of the CPF and amounts would only be 
called from the UK if the UK provisioning for this fund, of EUR 260 million at 31 December 2024, was not 
sufficient. 

With respect to EFSI operations, the value of the EU budgetary guarantee at the withdrawal date, for the 
operations  approved  by  the  withdrawal  date,  was  EUR  23.5  billion.  At  31  December  2024  this  had 
changed  to  EUR  17  billion  (2023:  EUR  18.6  billion).  The  UK  share  of  this  contingent  liability  at  31 
December  2024  is  thus  EUR 2.1 billion.  Any  guarantee  calls  under  EFSI  are  first  covered  by  the  EFSI 
guarantee  fund  compartment  of  the  CPF  and  amounts  would  only  be  called  from  the  UK  if  the  UK 
provisioning for this fund, of EUR 584 million at 31 December 2024, was not sufficient. 

As  no  operations  had  been  approved  by  the  implementing  partners  in  relation  to  the  EFSD  Guarantee 
before the withdrawal date, the UK has no obligations here. 

The UK share of the payments made in 2024 for the operations approved on or after the withdrawal date 
and up to 31 December 2020 amounted to EUR 74 million (EUR 69 million for EFSI and EUR 5 million for 
ELM),  reducing  correspondingly  the  UK  provisioning.  The  amount  due  to  the  UK  in  2025  is  EUR  190.6 
million (see note 2.6.1.2). 

4.1.2.  Guarantees given under EU financial instrument programmes (nominal) 

Horizon 2020 
Connecting Europe Facility 
COSME 
Other 
Total 

107 

  EUR million 
31.12.2024  31.12.2023 

2 145 
 649 
 378 
 471 
3 642 

2 352 
 649 
 526 
 511 
4 037 

 
 
 
Annual accounts of the European Union 2024 

The amounts in the above table present the outstanding nominal amounts of the guarantees given under 
the EU financial instruments programmes. 

As  outlined  in  Article  210 (1)  FR,  the  budgetary  expenditure  linked  to  a  financial  instrument  and  the 
financial  liability  of  the  EU  shall  in  no  case  exceed  the  amount  of  the  relevant  budgetary 
commitment made for it, thus avoiding contingent liabilities for the budget. In practice, it means that 
these  liabilities  have  a  counterpart  on  the  asset  side  of  the  balance  sheet  or  are  covered  by  the 
outstanding budgetary commitments not yet expensed. 

The COSME Loan Guarantee Facility (LGF) consists primarily of capped guarantees for portfolios of higher 
risk  debt  financing  (mainly  loans)  offered  by  financial  intermediaries  to  SMEs.  The  COSME  LGF  is 
implemented by the EIF on behalf of the EU. 

For more details on Horizon 2020 and the Connecting Europe Facility see also note 2.4.2.1. 

UK obligations arising from its departure from the EU 

With regard to the EU’s contingent liabilities for amounts approved by the withdrawal date in relation to 
EU financial instruments, including those above, should any of these contingencies crystalise, they would 
be  covered  by  the  EU  budget  using  monies  held  on  fiduciary  accounts.  Thus  in  principle  no  amounts 
would be called from the UK other than its share in the budgetary RAL as outlined under Article 140 of 
the WA – see note 2.6.1.2. 

4.2.  Contingent liabilities relating to legal cases 

4.2.1. 

Legal cases in the area of fines 

At 31 December  2024, the contingent liabilities relating to fines amounted to EUR 2 178 million (2023: 
EUR  2  231  million).  This  amount  includes  fines  imposed  on  companies  (EUR  1  451  million,  see  note 
2.6.1.3) and fines imposed on Member  States (EUR 727  million) that have been provisionally paid and 
for which either an appeal has been lodged or for which it is unknown whether an appeal will be made. 
The  contingent  liability  will  be  maintained  until  a  judgement  by  the  Court  of  Justice  of  the  European 
Union is delivered or until the expiry of the period for appeal. Interest earned on provisional payments is 
included in the economic result of the year and also as a contingent liability to reflect the uncertainty of 
the Commission’s title to these amounts. Should the EU lose any of the cases relating to fines imposed, 
the amounts that have been provisionally received will be returned to the companies or Member States 
without budgetary impact. The amount of fines is  only recognised as budgetary revenue when the fines 
are definitive (Article 107 FR).  

4.2.2.  Other legal cases 

Agriculture 
Other 
Total 

Agriculture 

31.12.2024 
 77 
 67 
 144 

EUR million 
31.12.2023 
 84 
 73 
 157 

These are contingent liabilities towards the Member States connected with EAGF and rural development 
conformity decisions pending judgement of the Court of Justice. The determination of the final amount of 
the  liability  and  the  year  in  which  the  effect  of  successful  appeals  will  be  charged  to  the  budget  will 
depend on the length of the procedure before the Court. 

Other legal cases 

This heading relates to actions for damages currently being brought against the EU, other legal disputes 
and the estimated legal costs. It should be noted that in an action for damages under Article  340 TFEU, 
the applicant must demonstrate a sufficiently serious breach by the institution of a rule of law intended to 

108 

 
 
 
 
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confer  rights  on  individuals,  real  harm  suffered  by  the  applicant,  and  a  direct  causal  link  between  the 
unlawful act and the harm.  

UK obligations arising from its departure from the EU 

Under Article 147 of the WA, the United Kingdom shall be liable for its share of the payments required to 
discharge the contingent liabilities of the Union that become due in relation to legal cases concerning  the 
financial  interests  of  the  Union,  provided  that  the  facts  forming  the  subject  matter  of  those  cases 
occurred no later than 31 December 2020. The estimated maximum UK exposure here is EUR  15 million 
(2023: EUR  18  million). For legal cases where it is considered probable  that amounts will be  paid from 
the EU budget (see note 2.10), the UK share is included as part of the overall amount due from the UK – 
see details under note 2.6.1.2. 

4.3.  CONTINGENT ASSETS 

Guarantees received: 
     Performance guarantees 
     Other guarantees 
Other contingent assets 
Total 

31.12.2024 

EUR million 
31.12.2023 

 275 
 5 
 15 
 295 

 249 
 6 
 15 
 270 

Performance guarantees are requested to ensure that beneficiaries of EU funding meet the obligations of 
their contracts with the EU. 

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Annual accounts of the European Union 2024 

5.  BUDGETARY AND LEGAL COMMITMENTS 

This note provides information on the budgetary process and future funding needs and not on liabilities 
existing as at 31 December 2024. 

The  Multiannual  Financial  Framework (MFF) agreed  by the Member  States defines the programmes and 
sets  out  the  heading  ceilings  for  commitment  appropriations  and  the  total  for  payment  appropriations 
within which the EU may enter into budgetary and legal commitments, and ultimately make payments for 
a period of 7 years – see table 3.2 in the notes to the budgetary implementation reports. 

Legal  commitments  correspond  to  programmes,  projects,  agreements  or  contracts  signed,  thus  legally 
binding  the  EU.  A  legal  commitment  is  the  act  whereby  the  authorising  officer  enters  or  establishes  an 
obligation (for the EU) which results in a charge (Article 2 (37) FR). 

A  budgetary  commitment  is  in  principle  made  before  the  legal  commitment,  but  for  some  multiannual 
programmes/projects  it  is  the  reverse,  the  relevant  budgetary  commitments  being  made  in  annual 
instalments, over several years, when the basic act so provides for. For example, for cohesion, Article 86 
of  the  Common  Provisions  Regulation  (CPR)  (Regulation  (EU)  2021/1060)  provides  that  the  decision  of 
the  Commission  adopting  a  programme  shall  constitute  a  legal  commitment  within  the  meaning  of  the 
Financial  Regulation  but  that  the  budgetary  commitments  of  the  Union  in  respect  of  each  programme 
shall  be  made  in  annual  instalments  for  each  fund  during  the  period  between  1  January  2021  and 
31 December 2027. Other legal bases may contain similar provisions. For this reason, there are amounts 
that the EU has legally committed to pay, but where the budgetary commitment has not yet been made – 
see note 5.2 below. 

If  the  budgetary  commitment  has  been  made  but  the  subsequent  payments  are  not  yet  made,  the 
amount of outstanding commitments is called ‘Reste à Liquider’ (RAL). This can represent programmes or 
projects, often multiannual,  which are  signed  and for which payments will  only be  made  in later years. 
They  represent  payment  obligations  for  future  years.  As  the  financial  statements  are  prepared  on  an 
accrual basis, whereas the budgetary  implementation  reports are  prepared on a cash basis, part of the 
overall amount  unpaid (RAL) has already been expensed and is recognised as a liability on the balance 
sheet  (see  notes  2.12  and  2.13).  The  calculation  of  these  expenses  is  made  based  either  on  cost 
claims/invoices received or on the estimated implementation of a programme or project where no claims 
have been notified yet to the EU by the reporting date. Once the payments relating to the RAL are made, 
the liability on the balance sheet is derecognised. The part of the RAL not expensed yet is not included 
under liabilities but is instead disclosed below, see note 5.1. 

The disclosures below thus represent  amounts  at  31 December 2024 that the  EU  has committed to pay 
based on the fulfilment of the contractual agreements and which are therefore intended to be funded by 
future EU budgets. 

Outstanding budgetary commitments not yet expensed 
Significant legal commitments 
Total 

Note 
5.1 
5.2 

EUR million 
31.12.2024  31.12.2023 
466 467 
329 939 
796 407 

428 588 
257 256 
685 844 

5.1.  OUTSTANDING BUDGETARY COMMITMENTS NOT YET 

EXPENSED 

Outstanding budgetary commitments not yet expensed 

31.12.2024 
428 588 

EUR million 
31.12.2023 
466 467 

The  amount  disclosed  above  is  the  budgetary  RAL  (‘Reste  à  Liquider’)  of  EUR 507  378  million  (see 
table 6.4  in  the  budgetary  implementation  reports),  less  related  amounts  that  have  been  included  as 
liabilities on the balance sheet and as expenses in the statement of financial performance. The budgetary 
RAL is an amount representing the open commitments for which payments and/or decommitments have 
not yet been made. This is the normal consequence of the existence of multiannual programmes.  

It  should  be  noted 
totalled 
EUR 78.9 billion – see note 2.5. This represents budgetary commitments that have been paid, decreasing 

that  outstanding  pre-financing  advances  at  31 December 2024 

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the  RAL,  but  where  the  amounts  paid  are  still  considered  as  belonging  to  the  EU  and  not  to  the 
beneficiary,  until  the  relevant  contractual  obligations  are  fulfilled.  They  are  thus,  like  the  RAL  disclosed 
above, not yet expensed. 

5.2.  SIGNIFICANT LEGAL COMMITMENTS 

Economic, Social and Territorial Cohesion 
Natural Resources and Environment 
Migration and Border Management 
Security and Defence 
ITER 
Connecting Europe Facility 
Space and Secure Connectivity Programmes 
Ukraine Facility 
RRF non-repayable support commitments 
Innovation Fund 
HorizonEU 
Fisheries agreements 
EURATOM 
RESCUE 
Operating lease commitments 
Other contractual commitments 
EU Solidarity Fund 
Total 

31.12.2024 
177 459 
46 659 
4 153 
 520 
9 898 
7 313 
3 303 
2 270 
 558 
 521 
 519 
 234 
 166 
 106 
2 721 
 856 
– 
257 256 

EUR million 
31.12.2023 
239 903 
62 365 
5 932 
 743 
6 926 
5 570 
2 886 
– 
 357 
– 
 589 
 166 
 252 
 253 
2 528 
 968 
 502 
329 939 

*As of 2023, the amounts concerning security and defence (including comparatives) are presented separately from the 

migration and border management. 

These  amounts  reflect  the  long-term  legal  commitments  that  were  not  covered  by  commitment 
appropriations in the  budget  at year-end. These  binding obligations will  be budgeted  and paid  in future 
years. 

Certain  important  programmes  (see  below)  may  be  implemented  by  annual  instalments  according  to 
Article  112 (2)  FR.  This  allows  the  EU  to  make  legal  commitments  (sign  grant  agreements,  delegation 
agreements and procurement contracts) in excess of the available commitment appropriations of a given 
year.  Therefore  a  substantial  amount  of  the  overall  allocation  for  the  current  MFF  may  be  already 
committed. This applies in particular for the programmes described below: 

Funds under shared management 

These are legal obligations that the EU has committed to pay when adopting the operational programmes 
related  to  shared  management.  The  decision  of  the  Commission  adopting  an  operational  programme 
constitutes  a  financing  decision  within  the  meaning  of  Article  110  FR  and  once  notified  to  the  Member 
State concerned, it represents a legal commitment within the meaning of that Regulation.  

Article 86 (2) of the Common Provisions Regulation (CPR) for shared management funds states:  

‘The  budgetary  commitments  of  the  Union  in  respect  of  each  programme  shall  be  made  by  the 
Commission  in  annual  instalments  for  each  Fund  during  the  period  between  1  January  2021  and  31 
December 2027’. 

The  amounts  disclosed  on  the  first  four  lines  of  the  table  above  relate  to  the  Heading  2A  (Economic, 
Social and Territorial Cohesion), Heading  3 (Natural Resources  and Environment),  Heading 4 (Migration 
and Border Management) and Heading 5 (Security and Defence) of the MFF 2021-2027. They represent 
the outstanding amounts that the EU will commit budgetarily and then pay after 31 December 2024.  

111 

 
 
 
 
 
 
ITER – International Thermonuclear Experimental Reactor 

Annual accounts of the European Union 2024 

These commitments are intended to cover future funding needs of the ITER facilities. The EU (Euratom) 
contribution  to  ITER  International  is  given  through  the  Fusion  for  Energy  Agency,  including  also  the 
contributions from Member States and from Switzerland. ITER was created to manage and to encourage 
the exploitation of the ITER facilities, to promote public understanding and acceptance of fusion energy, 
and  to  undertake  any  other  activities  that  are  necessary  to  achieve  its  purpose.  ITER  involves  the  EU 
together with various other countries. 

Connecting Europe Facility (CEF2) 

The  CEF2  provides  financial  assistance  to  trans-European  networks  in  order  to  support  projects  of 
common  interest  in  the  sectors  of  transport,  telecommunications  and  energy  infrastructures.  The  legal 
commitments for the CEF programme cover an implementation period running from 2021 until 2027 for 
CEF Energy (with a possibility to be  extended).  The legal basis of these commitments is the Regulation 
(EU) 2021/115330 with article 4.5 stating that ‘Budgetary commitments for actions extending over more 
than one financial year may be broken down into annual instalments, over two or more years’. 

Space and Secure Connectivity Programmes  

The  space  programme  (EUR  2  672  million)  includes  the  following  components:  Galileo,  EGNOS, 
Copernicus,  Govsatcom  and  SSA.  The  most  significant  are  Galileo,  which  is  developing  the  European 
Global Navigation Satellite System, and Copernicus, which is related to the European Earth observation. 
These  commitments  are  made  for  the  period  until  2027.  Based  on  Regulation  (EU)  2021/696  of  the 
European  Parliament  and  of  the  Council31,  the  Commission  signed  contribution  agreements  with  the 
European  Space  Agency  (ESA),  EUMETSAT,  Mercator  and  the  European  Centre  for  Medium  Range 
weather forecasts. Article 11.6 of Regulation (EU) 2021/696 authorises the use of annual instalments. 

The  Secure  Connectivity  Programme  (EUR  631  million)  aims  to  improve  EU  communication  services  by 
developing and operating a multi-orbital connectivity infrastructure, based on a public-partnership model. 
It will ensure the provision of worldwide secure, flexible, and resilient satellite communication services to 
the  Union  and  Member  States  governmental  entities.  In  this  respect,  based  on  Regulation  (EU) 
2023/588)  of  the  European  Parliament  and  of  the  Council32,  a  concession  contract  was  awarded  to  a 
grouping of companies.  

Ukraine Facility non-repayable support commitments 

The  Ukraine  Facility  was  set  up  to  support  Ukraine  in  addressing  its  financing  gap  and  recovery, 
reconstruction  and  modernisations  needs.  It  was  established  by  Regulation  (EU)  2024/792  of  the 
European  Parliament  and  of  the  Council  for  the  period  2024  to  2027.  Pursuant  to  Article  6 (1)  of 
Regulation (EU) 2024/792, the resources for the implementation of the Facility shall be available through 
the  Ukraine  Reserve  mobilised in  the  framework  of  the  annual  budgetary  procedure in  accordance  with 
Article  10b  of  Regulation  (EU,  Euratom)  2020/2093.  This  appropriation  finances  support  under  three 
pillars  (Ukraine  Plan,  Ukraine  Investment  Framework,  Union  Accession  Assistance  and  Related  Support 
Measures) in accordance with the indicative distribution laid down in the Regulation. 

RRF non-repayable support commitments  

The  RRF  is  a  key  programme  of  NGEU,  the  EU  Recovery  Instrument.  It  was  established  by  Regulation 
(EU)  2021/24133  which  finances  reforms  and  investments  in  Member  States  from  the  start  of  the 
coronavirus pandemic in February 2020 until 2026. Article 23 of Regulation (EU) 2021/241 authorises the 
use  of  annual  instalments.  In  2023,  the  RRF  was  amended  by  Regulation  (EU)  2023/435  to  provide 
additional support to Member States through REPowerEU chapters for reforms and investments fostering 
independence, security and sustainability of the Union’s energy supply.  

30 Regulation  (EU)  2021/1153  of  the  European  Parliament  and  of  the  Council  of  7  July  2021  establishing  the 
Connecting  Europe  Facility  and  repealing  Regulations  (EU)  No  1316/2013  and  (EU)  No  283/2014  (OJ  L  249, 
14.7.2021, p. 38). 

31 Regulation  (EU)  2021/696  of  the  European  Parliament  and  of  the  Council  of  28  April  2021  establishing  the  Union 
Space  Programme  and  the  European  Union  Agency  for  the  Space  Programme  and  repealing  Regulations  (EU)  No 
912/2010, (EU) No 1285/2013 and (EU) No 377/2014 and Decision No 541/2014/EU (OJ L 170, 12.5.2021, p. 69). 
32 Regulation (EU) 2023/588 of the European Parliament and of the Council of 15 March 2023 establishing the Union 

Secure Connectivity Programme for the period 2023-2027 (OJ L 179, 17.3.2023, p. 1). 

33 Regulation  (EU)  2021/241  of  the  European  Parliament  and  of  the  Council  of  12  February  2021  establishing  the 

Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17). 

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Innovation Fund  

Annual accounts of the European Union 2024 

The  Directive  2023/95934,  amending  Directive  2003/87/EC  establishing  a  system  for  greenhouse  gas 
emission allowance trading within the Union and Decision (EU) 2015/1814 concerning the establishment 
and  operation  of  a  market  stability  reserve  for  the  Union  greenhouse  gas  emission  trading  system, 
provides in its article 10 Paragraph 8 that ‘Budgetary commitments for actions extending over more than 
one  financial  year  may  be  broken  down  into  annual  instalments  over  several  years’.  This  provision  is 
applicable  for  the  new  actions  signed  as  from  2024,  including  the  actions  financed  through  calls  for 
proposal or within a competitive bidding mechanism. 

Horizon Europe 

These are amounts committed to the Horizon Europe programme for secured connectivity, upstream and 
downstream  activities  for  the  various  space  components.  These  commitments  are  made  for  the  period 
until 2027. Based on Regulation (EU) 2021/69535, the Commission signed a contribution agreement with 
ESA. Article 12.8 of the Regulation authorises the use of annual instalments. 

Fisheries agreements 

These  represent  commitments  entered  into  with  third  countries  for  operations  under  international 
fisheries agreements up to 2030. The commitments made are based on Council decisions for each third 
country  (e.g.  agreement  between  the  EU  and  the  Government  of  Greenland  and  the  Government  of 
Denmark and the Implementation Protocol; OJ L 2024/3202 and 3203, 30.12.2024) and are considered 
specific international treaties with multiannual rights and obligations. 

EURATOM 

EURATOM is a programme based on Council Regulation (Euratom) 2021/76536. Article 4 of the regulation 
foresees the use of the annual instalments.  

The  general  objective  of  the  Programme  is  to  pursue  nuclear  research  and  training  activities,  with  an 
emphasis on the continuous improvement of nuclear safety, security and radiation protection, as well as 
to  complement  the  achievement  of  Horizon  Europe’s  objectives  inter  alia  in  the  context  of  the  energy 
transition. The Euratom Programme provides research grants through competitive calls for proposals and 
to named beneficiaries. 

RESCEU 

RescEU  is  a  European  reserve  of  response  assets  and  capabilities  established  under  the  Union  Civil 
Protection  Mechanism,  as  part  of  the  2019  legislative  revision  of  Decision  No  1313/2013/EU 37.  The 
RescEU  reserve  was  set  up  to  act  as  a  last  resort  when  national  capacities  and  those  capacities 
committed  in  the  European  Civil  Protection  Pool  are  not  able  to  ensure  an  effective  response  to  the 
various  kinds  of  disasters.  The  European  Union  finances  those  response  capacities  as  a  preparedness 
measure to make them available in case of need for response operations under the Union Civil Protection 
Mechanism.  The  priority  domains  of  developing  capacities  under  RescEU  are  the  areas  of  aerial  forest-
firefighting, chemical, biological, radiological and nuclear incidents, emergency medical response, as well 
as transport and logistics. 

34 Directive  (EU)  2023/959  of  the  European  Parliament  and  of  the  Council  of  10  May  2023  amending  Directive 
2003/87/EC  establishing  a  system  for  greenhouse  gas  emission  allowance  trading  within  the  Union  and  Decision 
(EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the Union greenhouse 
gas emission trading system (OJ L 130, 16.5.2023, p. 134) 

35 Regulation  (EU)  2021/695  of  the  European  Parliament  and  of  the  Council  of  28  April  2021  establishing  Horizon 
Europe  –  the  Framework  Programme  for  Research  and  Innovation,  laying  down  its  rules  for  participation  and 
dissemination, and repealing Regulations (EU) No 1290/2013 and (EU) No 1291/2013 (OJ L 170, 12.5.2021, p. 1). 
36 Council Regulation  (Euratom)  2021/765  of  10  May  2021  establishing  the Research  and Training  Programme  of  the 
European  Atomic  Energy  Community  for  the  period  2021-2025  complementing  Horizon  Europe  –  the  Framework 
Programme for Research and Innovation and repealing Regulation (Euratom) 2018/1563 (OJ L 167I, 12.5.2021, p. 
81). 

37 Decision  No  1313/2013/EU  of  the  European  Parliament  and  of  the  Council  of  17  December  2013  on  a  Union  Civil 

Protection Mechanism (OJ L 347, 20.12.2013, p. 924). 

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Operating lease commitments 

Annual accounts of the European Union 2024 

Minimum amounts committed to be paid according to the underlying contracts during the remaining term 
of these lease contracts are as follows: 

Buildings 
IT materials and other equipment 
Total 

Minimum lease payments 

< 1 year 
 519 
 14 
 532 

1- 5 years 
1 062 
 36 
1 099 

> 5 years 
1 087 
 3 
1 090 

EUR million 

Total 
2 668 
 53 
2 721 

In March 2019, in the context of the United Kingdom’s notification of its intention to withdraw from the 
EU,  and  as  a  result  of  Regulation  (EU)  2018/171838,  the  seat  of  the  European  Medicines  Agency  (EMA) 
was  relocated  from  London  to  Amsterdam.  On  2  July  2019,  the  Agency  reached  an  agreement  with  its 
landlord and since then has sublet its premises to a subtenant under conditions that are consistent with 
the ones of the headlease, including the sublease term that extends until the expiry of EMA’s headlease 
in June 2039. 

The amounts disclosed in the table above include EUR 369 million still due under the headlease contract. 

Other contractual commitments 

The amounts included under this disclosure correspond to amounts committed to be paid during the term 
of the contracts. The most significant amount included here relates to  a building contract (JMO2) of the 
Commission in Luxembourg (EUR 422 million). 

38 Regulation  (EU)  2018/1718  of  the  European  Parliament  and  of  the  Council  of  14  November  2018  amending 
Regulation  (EC)  No  726/2004  as  regards  the  location  of  the  seat  of  the  European  Medicines  Agency  (OJ  L  291, 
16.11.2018, p. 3). 

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6. 

FINANCIAL RISK MANAGEMENT 

The EU's financial risk management disclosures cover several key areas: 

—  The  Commission's  borrowing  and  lending  activities  for  financial  assistance  through  programmes 

like NGEU, EFSM, BOP, MFA, SURE, Ukraine Facility and Euratom. 

—  The Commission's treasury operations to execute the EU budget. 

—  Assets held in funds like the CPF, the ECSC i.L., and the BUFI portfolio. 

—  Financial instruments supported by the EU budget. 

—  EU budgetary guarantee programmes. 

6.1.  TYPES OF FINANCIAL RISK 

The EU faces financial risks from its financial instruments: 

Market  risk:  This  is  the  uncertainty  of  investment  value  due  to  changes  in  market  prices.  It  includes 
risks such as:  

—  Currency risk: Changes in exchange rates can affect the EU's operations and investments.  

—  Interest rate risk: Higher interest rates can lower the value of certain investments, like bonds.  

—  Other  price  risk:  This  includes  various  factors  (other  than  interest  rates  and  foreign  exchange 
rates) that can affect investment values, such as changes in market prices or factors specific to 
individual investments. 

Credit risk: This is the risk that a borrower won't pay back a loan or meet their contractual obligations, 
leading to default events like delayed payments or bankruptcy. 

Liquidity risk: This is the risk that an EU entity won't have enough money or assets to meet its financial 
obligations. 

6.2.  RISK MANAGEMENT POLICIES 

Measurement of financial instruments 

The  following  classes  of  financial  assets  and  liabilities  are  not  measured  at  fair  value:  cash  and  cash 
equivalents,  loans  at  amortised  cost,  exchange  receivables  other  than  financial  guarantee  contract 
receivables  when  classified  to  financial  assets  at  FVSD,  borrowings,  financial  guarantee  contracts  and 
other financial liabilities measured at amortised cost. The carrying amount of those financial assets and 
liabilities is considered to be a reasonable approximation of their fair value. 

Risk Governance for borrowing, debt management, and related lending operations 

The  EU's  risk  management  framework  is  designed  to  protect  the  Union's  financial  and  reputational 
interests,  while  ensuring  the  sound  management  of  its  borrowing  and  lending  operations.  Although  the 
European  Commission  is  not  a  financial  institution,  it  employs  advanced  risk  management  practices 
tailored to the EU's unique structure and programme requirements. The primary goal of the framework is 
to safeguard the Union's financial interests and maintain the integrity, transparency, and trustworthiness 
of its operations, particularly those related to the NGEU programme. 

The framework, developed by the Chief Risk Officer  (CRO), includes key policies such as the High-Level 
Risk  and  Compliance  Policy,  the  Market  and  Funding  Liquidity  Risk  Policy,  and  the  Operational  Risk 
Management  Policy.  The  CRO  sets  hard  and  soft  risk  limits  and  Key  Risk  Indicators  to  monitor  and 
evaluate risks. 

Regular  risk  reports  ensure  compliance  with  limits,  highlight  risk  exposures,  and  propose  mitigation 
strategies.  A  ‘three  lines  of  defence’  model  strengthens  governance  by  segregating  powers,  defining 
authority, and clarifying roles in risk management and control. 

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Annual accounts of the European Union 2024 

Supported by the Risk and Compliance Committee, the CRO implements the risk management framework 
via internal policies and procedures. This committee advises the CRO on risk-related matters, particularly 
for NGEU operations. 

The  adoption  of  the  Commission  Implementing  Decisions  (EU,  Euratom)  2022/254439  and  2023/282540 
expanded the CRO's responsibilities to oversee: 

—  Borrowing operations under both the unified funding approach and back-to-back funding method 

for financial assistance programmes. 

—  Credit risk assessment for loans to Member States and third countries under NGEU, MFA,  MFA+ 

for Ukraine, and similar programmes. 

—  Debt management operations. 

—  Liquidity management operations. 

The CRO enjoys autonomy in carrying out their tasks and responsibilities, and reports to the Member of 
the  College  responsible  for  the  Budget  as  per  the  Commission  Implementing  Decision  (EU,  Euratom) 
2023/2825. This ensures independence in executing assigned tasks and responsibilities. 

Borrowing and lending activities for financial assistance and NGEU 

The EU does not borrow money to fund its operational expenditure, except for the borrowing related to 
the NGEU. 

The  EU's  borrowing  and  lending  operations  are  managed  in  accordance  with  relevant  regulations, 
decisions, and internal guidelines. Detailed manuals govern activities such as borrowings and loans, and 
the relevant units continuously assess financial and operational risks while ensuring compliance. 

Historically,  the  EU's  lending  operations  were  financed  through  ‘back-to-back’  borrowings,  which 
minimised open interest rate or currency risks. However, as of 2021 the EU also borrows money under a 
unified funding approach. 

The  unified  funding  approach,  originally  developed  for  NGEU  utilises  various  funding  instruments  and 
techniques to meet both long-  and short-term funding  needs. This includes the  issuance  of EU-branded 
bonds, replacing the previous practice of separate issuances for each programme. Since December 2022, 
this strategy has been expanded to MFA+ loans for Ukraine, in 2023 to Ukraine Facility programme and 
since  2024  to  other  MFA  loans.  The  usage  of  unified  funding  approach  is  enhancing  flexibility  and  cost 
efficiency. 

Treasury 

The  rules  and  principles  for  the  management  of  the  Commission's  treasury  operations  are  laid  down  in 
Council  Regulation  (EU,  Euratom)  No  609/201441,  as  amended  by  Council  Regulations  (EU,  Euratom) 
2016/80442  and  (EU,  Euratom)  2022/61543  (referred  hereafter  to  the  ‘Council  Regulation  (EU,  Euratom) 
No 609/2014’) and in the Financial Regulation. 

39 Commission Implementing Decision (EU, Euratom) 2022/2544 of 19 December 2022 establishing the arrangements 
for  the  administration  and  implementation  of  the  EU  borrowing  and  debt  management  operations  under  the 
diversified funding strategy and related lending operations (OJ L 328, 22.12.2022, p. 109–122). 

40 Commission Implementing Decision (EU, Euratom) 2023/2825 of 12 December 2023 establishing the arrangements 
for  the  administration  and  implementation  of  the  Union  borrowing  and  debt  management  operations  under  the 
diversified funding strategy and related lending operations (OJ L, 2023/2825, 18.12.2023). 

41 Council Regulation (EU, Euratom) No 609/2014 of 26 May 2014 on the methods and procedure for making available 
the traditional, VAT and GNI-based own resources and on the measures to meet cash requirements (Recast) (OJ L 
168, 7.6.2014, p. 39–52). 

42  Council Regulation (EU, Euratom) 2016/804 of 17 May 2016 amending Regulation (EU, Euratom) No 609/2014 on 
the  methods  and  procedure  for  making  available  the  traditional,  VAT  and  GNI-based  own  resources  and  on  the 
measures to meet cash requirements (OJ L 132, 21.5.2016, p. 85–94). 

43  Council  Regulation  (EU,  Euratom)  2022/615  of  5  April  2022  amending  Regulation  (EU,  Euratom)  No  609/2014  in 
order  to  enhance  predictability  for  Member  States  and  to  clarify  procedures  for  dispute  resolution  when  making 
available the traditional, VAT and GNI based own resources (OJ L 115, 13.4.2022, p. 51–58).  

116 

 
 
 
 
The following main principles apply: 

Annual accounts of the European Union 2024 

—  Own resources are paid by the Member States into accounts opened for this purpose in the name 

of the Commission with the treasury or national central bank. 

—  Own  resources  are  paid  by  Member  States  in  their  own  national  currencies,  while  the 

Commission's payments are mostly denominated in EUR. 

—  Bank accounts opened in the name of the Commission may not be overdrawn, except in specific 

cases such as loan defaults or excess cash requirements. 

—  Funds  held  in  bank  accounts  denominated  in  currencies  other  than  EUR  are  either  used  for 

payments in the same currencies or periodically converted into EUR. 

In  addition  to  the  own  resource  accounts,  other  bank  accounts  are  opened  by  the  Commission  with 
central banks and commercial banks for the purpose of executing payments and receiving receipts other 
than the Member State contributions to the budget. 

Treasury  and  payment  operations  are  highly  automated  and  rely  on  modern  information  systems. 
Procedures are applied to guarantee system security, segregate duties, and ensure compliance with the 
FR, internal control standards, and audit principles. 

Guidelines  and  procedures  regulate  the  management  of  the  Commission's  treasury  and  payment 
operations,  aiming  to  limit  operational  and  financial  risk  and  ensure  adequate control.  These  guidelines 
cover  areas  such  as  payment  execution,  cash  management,  cash  flow  forecasting  and  business 
continuity. Compliance with them is monitored regularly. 

Asset management 

The  control  of  the  various  risks  related  to  the  asset  management  activities  is  based  on  dedicated 
governance and working procedures adopted following benchmarking with the highest standards adopted 
by peer international institutions. These procedures, which were subject to various internal and external 
audits, ensure the achievement of a sound asset management. 

The  Commission  has  put  in  place  the  appropriate  governance  to  review  and  approve  technical  and 
strategic  decisions  in  relation  to  asset  management  operations.  The  asset  management  operations  are 
supervised by two committees: The Risk Committee, composed of representatives of DG BUDG and the 
Asset Management Board, composed of representatives of DG BUDG, DG ECFIN and DG FISMA. Technical 
decisions  are  discussed  and  approved  in the  Risk  Committee,  while  strategic decisions  are  endorsed  by 
the  Risk  Committee  and  Asset  Management  Board  before  final  approval  of  the  Director  General  of  DG 
BUDG, in agreement with the Accounting Officer. 

The  asset  management  governance  guarantees  clear  delegation  of  decision-making  and  lines  of 
accountability  and  adequate  segregation  of  duties  between  Front  Office,  Risk  Management  and  Back 
Office.  The  compliance  procedures  provide  the  framework  for  adequate  rules  for  codes  of  conduct  to 
manage potential personal conflicts of interest as well as rules to manage risks of insider trading. 

The  Asset  Management  Guidelines  and  internal  investment  restrictions  provide  a  solid  internal  control 
framework  to  ensure  the  safeguarding  of  assets.  Securities  are  kept  with  our  custodians  in  accordance 
with market best practices, while cash and deposits are placed with highly rated financial institutions. The 
safeguarding of financial assets is also assured by segregation of duties between the team responsible for 
initiation of securities deals and the back-office team responsible for their settlement and bank accounts 
reconciliation. An additional layer of control is assured by the accounting team during the monthly closure 
reconciliation  process  when  the  portfolio  of  securities  is  reconciled  with  the  security  custodian’s 
statement. Any settlement discrepancies and late payments caused by counterparties are followed by the 
bank accounts reconciliation and back-office teams. 

For  the  monitoring  of  the  respect  of  the  control  framework,  an  exhaustive  set  of  performance  and  risk 
metrics for the assets under management is reported periodically to the relevant stakeholders. 

The asset management guidelines, risk and investment strategies define certain limits and restrictions in 
order to limit the exposure to credit risk of the portfolio, which is limited to investment grade, except for 
EU Member States exposure. 

117 

 
 
 
Common Provisioning Fund 

Annual accounts of the European Union 2024 

The  CPF  is  managed  according  to  the  asset  management  guidelines  set  by  the  Commission,  as  per 
Decision C(2020)1896 of 25 March 202044. The Director General of DG BUDG is responsible for managing 
the CPF's financial assets. 

The CPF's objective is to ensure the necessary liquidity to meet all required outflows, such as guarantee 
calls,  fully  and  promptly,  and  to  provide  capital  preservation  over  the  investment  horizon  of  the  fund, 
with a high confidence level. 

The CPF portfolio  is designed to be  highly  diversified  across different  asset  classes, geographical  areas, 
issuers, and maturities, in accordance with the asset management guidelines. As at 31 December 2024, 
the portfolio included investments in money market instruments, bonds and corporate  as well as equity 
ETFs. 

As the sole counterparty for all outstanding currency forwards as at 31 December 2024 is the Banque de 
France, no credit enhancements, such as collateral, netting agreements or guarantees are put in place as 
of this date. The maximum exposure to credit risk for foreign exchange derivatives having a positive fair 
value at the end of the reporting period is equal to the carrying amount on the balance sheet. 

Fines 

Provisionally paid fines: BUFI portfolio 

Fines imposed and provisionally paid are invested in the BUFI portfolio. 

The  Commission  manages  the  BUFI  portfolio  in  accordance  with  internal  asset  management  guidelines 
and procedures. The objectives of the asset management activities are to: 

—  Ensure that the funds are easily available when needed; 

—  Reduce  risks  associated  with  financial  markets;  aim  to  deliver  a  return  that  is  in  line  with  the 

BUFI Benchmark, while preserving the nominal amount for the fines. 

Investments in the BUFI portfolio are restricted to: 

—  Term deposits with Member States' central banks, sovereign debt agencies, fully state-owned or 

state-guaranteed banks or supranational institutions; 

—  Bonds, bills, and certificates of deposit issued by sovereign or supranational institutions. 

Financial guarantees received 

The  Commission  holds  significant  amounts  of  guarantees  issued  by  financial  institutions  in  relation  to 
fines  imposed  on  companies  breaching  EU  rules  (see  note  2.6.1.3).  These  guarantees  are  provided  by 
fined companies as an alternative to making provisional payments. 

The Commission manages these guarantees in compliance with its internal risk management policy. This 
policy  ensures  that  financial  and  operational  risks  are  regularly  identified  and  evaluated,  and  that 
compliance with internal policies and procedures is checked on a regular basis. 

EU budgetary guarantee programmes 

The FR has implemented several  safeguards  to  protect the EU  budget against financial risks created by 
budgetary guarantees. These safeguards can be grouped into four main categories: 

44 Commission Decision of 25 March 2020 on the asset management guidelines of the common provisioning fund 2020/C 131/03 (OJ C 

131, 22.4.2020, p. 3–11).  

118 

 
 
 
 
(a)  Measures to limit contingent liabilities 

Annual accounts of the European Union 2024 

The  EU  guarantee  is  capped  in  a  clearly  defined  manner,  and  the  financial  liability  cannot  exceed  the 
amount  of  the  budgetary  guarantee  authorised  by  its  basic  act.  The  contingent  liability  generated  by  a 
budgetary guarantee can only exceed the financial assets provided to cover the EU financial liability if this 
is provided for in the underlying basic act and under specific conditions. 

The desired risk profile of the operations/financial products guaranteed by the EU is determined ex-ante, 
i.e. before the signature of the guarantee agreements. 

(b)  Measures concerning the selection of implementing partners 

Budgetary  guarantee  programmes  are  implemented  with  reliable,  pillar-assessed  partners.  These 
partners commit to using their own resources, ensuring alignment of interests with the EU. 

(c)  Measures to ensure adequate ex-ante budgetary capacity to absorb guarantee calls 

Budgetary  guarantee  programmes  are  backed  by  provisioned  assets  kept  in  the  CPF.  The  provisioning 
rate is set in the basic act of each programme to allow the programming of budgetary appropriations to 
constitute  a  provision  that  would  allow  the  absorption  of  losses  without  budgetary  disruption.  The 
Commission  ensures  annually  that  the  provisioning  rate  is  adequate  and  aligned  with  the  FR  principles 
and financial programming. 

(d)  Measures to deal with realised losses exceeding ex-ante estimation 

The  FR  includes  two  early  warning  thresholds  (50%  and  30%  of  the  provisioning  rate  remaining 
available). These thresholds allow the Commission to anticipate potential exhaustion of the provisioning 
and evaluate whether to propose additional provisioning. In case of temporary additional liquidity needs, 
procedures are in place, including transfers between CPF compartments, use of central treasury liquidity, 
and use of available budgetary space. 

Furthermore,  a  Steering  Committee  on  Contingent  Liabilities  was  established  in  2020  to  oversee 
budgetary  guarantees  and  financial  assistance  creating  contingent  liabilities  to  the  budget.  The 
committee  intervenes  in  matters  related  to  risk  management,  standard  agreements,  and  integrated 
reporting to establish corporate requirements for sustainable management of contingent liabilities. 

Financial instruments programmes 

The EU's budget has relied on financial instrument programmes for many years. These programmes are 
used to finance  riskier beneficiaries who  have difficulty obtaining funding from  commercial lenders. The 
Commission  delegates  the  implementation  of  these  programmes  to  the  EIB  Group  or  other  financial 
institutions through agreements with the Commission. See note 2.4.2.1 for examples of these. 

Once a financial contribution to a financial instrument is committed, the necessary funds are transferred 
to  a  fiduciary  account  opened  by  the  financial  institution  in  its  name  but  on  behalf  of  the  Commission. 
The  financial  institution  may  use  these  funds  to  provide  loans,  issue  debt  instruments,  invest  in  equity 
instruments, or cover guarantee calls. 

The  risk  associated  with  these  financial  instruments  is  limited  to  the  ceiling  set  out  in  the  underlying 
agreements, which is the budgeted amount foreseen for the instrument. As the Commission often bears 
the first loss, it is likely that some losses to the EU budget will occur. 

The  Commission's  agreements  with  financial  institutions  include  strict  conditions  and  obligations  to 
ensure  proper  management  and  reporting  of  EU  funds.  The  proceeds  from  financial  instruments  are 
generally reimbursed to the EU budget. 

119 

 
 
 
Annual accounts of the European Union 2024 

6.3.  CURRENCY RISK 

Financial instruments exposure of the EU to currency risk at year-end – net position 

Financial assets 
Financial assets at AC* 
Financial assets at FVSD 
Non-derivatives 
Derivatives 

Receivables** 
Cash and cash equivalents 

Financial liabilities 
Financial guarantee liability 
Financial liabilities at FVSD 

Total 

Financial assets 
Financial assets at AC* 
Financial assets at FVSD 
Non-derivatives 
Derivatives 

Receivables** 
Cash and cash equivalents 

Financial liabilities 
Financial guarantee liability 
Financial liabilities at FVSD 

Total 

USD 

RON 

31.12.2024 
SEK 

PLN 

Other 

EUR 

Total 

EUR million 

 40 

 5 

– 

– 

 7 

 414 

 466 

2 148 
– 
 72 
 111 
2 371 

 (518) 
(1 712) 
  (2 230) 
 141 

– 
– 
 1 
 258 
 264 

 (36) 
 285 
 248 
 512 

– 
– 
 17 
 573 
 590 

 (59) 
 76 
 17 
 607 

 45 
– 
 1 
 314 
 360 

 (12) 
 75 
 63 
 423 

 120 
– 
 111 
 966 

43 648 
1 110 
3 240 
63 163 
1 204  106 839  111 628 

41 336 
1 110 
3 039 
60 941 

(5 643) 
 (112) 
 138 
1 040 
 26  (4 603) 

(6 379) 
 (98) 
(6 477) 
1 230  102 237  105 151 

USD 

RON 

31.12.2023 
SEK 

PLN 

Other 

EUR 

Total 

EUR million 

 39 

 5 

– 

– 

 11 

 200 

 255 

1 568 
(1 142) 
 123 
 145 
 734 

 (591) 
 (1) 
 (593) 
 142 

– 
 17 
 2 
 474 
 499 

 (32) 
 152 
 120 
 619 

– 
 21 
 28 
1 076 
1 126 

 (38) 
– 
 (38) 
1 088 

 20 
 74 
 1 
 654 
 749 

 (15) 
 (3) 
 (18) 
 731 

 129 
35 686 
 65 
2 055 
 120 
3 757 
35 608 
1 657 
1 982  77 306 

37 402 
1 091 
4 032 
39 616 
82 396 

 (105) 
 (6) 

(5 488) 
 (201) 
 (111)  (5 689) 
1 871  71 618 

(6 268) 
 (60) 
(6 328) 
76 068 

*  Excluding loans for RRF (NGEU) and for financial assistance. 
** Excluding deferred charges. 

In  the  2024  EU  annual  accounts,  the  RON  was  added  to  the  currency  risk  exposure  and  the  sensitivity 
analysis,  while  the  GBP  was  removed  comparing  to  the  2023  EU  annual  accounts.  The  reason  is  a 
decrease of the exposures in GBP since the United Kingdom left the EU in 2020 and a continued increase 
of the exposures in RON. 

If the EUR had strengthened or weakened against other currencies by 10%, then it would have had the 
following impact on the economic result: 

FX Rate Increase (+)/ 
Decrease (-) 
+10% 
-10% 

FX Rate Increase (+)/ 
Decrease (-) 
+10% 
-10% 

USD 
 (13) 
 16 

USD 
 (13) 
 16 

120 

2024 

RON 
 (47) 
 57 

2023 

RON 
 (56) 
 69 

EUR million 

SEK 
 (38) 
 47 

EUR million 

SEK 
 (66) 
 81 

PLN 
 (55) 
 67 

PLN 
 (99) 
 121 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowing and lending activities for NGEU and financial assistance 

Annual accounts of the European Union 2024 

Since  all financial assets and liabilities of the  EU  are  currently  in EUR, the EU  is not  exposed to  foreign 
currency risk. 

Treasury 

Own  resources  paid  by  Member  States  in  currencies  other  than  EUR  are  kept  on  the  own  resource’s 
accounts. When these funds are needed for payments, they are converted into EUR. In some cases, they 
are directly used for payments in the same currencies. 

The Commission also holds accounts in EU currencies other than EUR, such as USD, GBP, and CHF, with 
commercial  banks  to  execute  payments  in  these  currencies.  These  accounts are  replenished  as  needed 
which mitigates the currency risk. 

When  miscellaneous  receipts  are  received  in  currencies  other  than  EUR,  they  are  either  transferred  to 
Commission accounts in the same currencies or converted into EUR and transferred to accounts in EUR.  

Imprest accounts in currencies other than EUR are replenished based on estimated short-term payment 
needs and are kept within their respective ceilings. 

Fines 

All fines imposed, paid, or provisionally covered  are in EUR, eliminating any foreign currency risk  when 
they are held in the BUFI Fund. 

Budgetary guarantees 

Budgetary  guarantees  are  typically  capped  at  a  maximum  amount  in  EUR.  However,  some  underlying 
operations may be denominated in other currencies, such as USD or local currencies. 

The  Commission  considers  currency  risk  when  determining  the  provisioning  needs  for  budgetary 
guarantees. 

Common Provisioning Fund 

The CPF operates in both EUR and USD. To manage currency risk, the CPF enters into foreign exchange 
forward  contracts  to  hedge  the  market  value  of  its  USD  investments,  with  the  limit  for  maximum 
unhedged  foreign  exchange  exposure  set  at  1%  of  the  total  portfolio  value  within  the  benchmark  and 
annual strategy allocations, as defined in the relevant financial instruments. See note 2.4.1.2 for further 
information. 

The  CPF  uses  this  hedging  strategy  to  adjust  or  reverse  the  hedged  position  accordingly,  as  needed. 
However, the CPF does not hedge currency risk for subrogated loans (see note  2.4.1.2) that are carried 
in their original currency, which expose the EU to currency risk. For these loans, there are no activities to 
compensate for foreign currency variations, due to uncertainty relating to the loans' repayment timing. 

6.4.  INTEREST RATE RISK 

The following table shows how a 1% change in interest rates (+/- 100 basis points) would affect the EU's 
economic result for debt securities and ETFs. 

2024: Financial assets at FVSD 

2023: Financial assets at FVSD 

Increase (+) / decrease (-) 
in basis points 
+100 
-100 
+100 
-100 

EUR million 

Economic result 

(1 172) 
1 246 
 (960) 
1 021 

The sensitivity of a bond portfolio to interest rate changes increases with its duration. The duration of the 
main asset portfolios managed by the Commission is outlined below. 

121 

 
 
 
 
Borrowing and lending activities for NGEU and financial assistance 

Annual accounts of the European Union 2024 

Due to its borrowing and lending activities,  the  EU has significant interest-bearing assets and  liabilities. 
However,  for  the  financial  assistance  instruments,  excluding  borrowings  under  the  unified  funding 
approach, there is no interest rate risk since the borrowings are offset by equivalent loans at the same 
terms and conditions (back-to-back). 

For  the  unified  funding  approach  interest  rate  risk  is  covered  by  implementing  procedures  and 
mechanisms that mitigate the risk. The underlying principle of the unified funding approach is to allocate 
the cost of funding and related costs to loan beneficiaries and the EU budget in a transparent, most cost-
effective  and  equitable  way,  based  on  daily  interest  calculations.  The  unified  funding  is  based  on  the 
principle of full allocation of cost, so any interest cost coming from borrowing instruments, cash holding, 
or other investment instruments are fully reallocated and invoiced to loan beneficiaries as cost of funding 
costs or liquidity management costs.  

The  costs  of  funding  are  allocated  to  loan  beneficiaries  based  on  the  outstanding  amount  of  loans. 
Funding costs not allocated to loans or non-repayable support are invoiced to loan beneficiaries and the 
EU budget in the form of liquidity management costs, which can be positive or negative depending on the 
evolution of interest rates applied on cash balances. 

Under  the  unified  funding  approach,  cash  is  held  in  an  EU  prudential  and  funding  pool  to  maintain  a 
defined safety buffer while avoiding excess balances. The cash is kept at the ECB and since 4 April 2022, 
the  euro  money market short-term interest rate  minus 20  basis points applies to any outstanding cash 
balance. Any revenues from cash holding and other investment instruments such as money market term 
deposits are part of liquidity management cost invoicing. 

Treasury 

The  Commission  has  measures  in  place  to  ensure  that  interest  earned  on  its  bank  accounts  regularly 
reflects market interest rates and their possible fluctuations. 

Own  resources  accounts  are  protected  from  any  costs  as  they  are  free  of  any  charge  or  interest  in 
accordance with Article 9.1 of Council Regulation (EU, Euratom) No 609/2014. 

Accounts opened with Member States treasuries for own resources receipts are non-interest bearing and 
free of charge. Accounts held with national central banks (own resources and other) may be remunerated 
at the official rates applied by each institution. 

The Commission adapts its cash management procedures according to current market interest conditions. 
In 2023, the positive interest rates facilitated the implementation of the central account model. A safety 
cash buffer is held on central deposit accounts based on a weekly funding from  own resources accounts 
to cover payment needs for the implementation of the budget while avoiding excess balances. 

Overnight balances held on commercial and central bank accounts earn interest daily, based on variable 
market rates with a contractual margin (positive or negative) applied. 

Fines 

The  provisionally  cashed  fines  are  invested  in  a  portfolio  of  long-term  bonds  with  an  average  portfolio 
duration of 1.55 years. 

Common Provisioning Fund 

The CPF portfolio has a total average duration of 3.42 years. 

ECSC i.L. 

The ECSC i.L. amounts are invested in a long-term bond portfolio with an average duration of 3.31 years. 

6.5.  OTHER PRICE RISK 

As of 31 December 2024, the EU is exposed to equity risk from various investments, including: 

122 

 
—  Non-quoted equity investments (such as venture capital and other investment funds); 

Annual accounts of the European Union 2024 

—  Money market funds (such as the EIB Unitary Fund); 

—  ETFs; 

—  Investments in pooled portfolios (see note 2.4.2.1). 

The  EU  is  also  exposed  to  equity  risk  through  guarantees  covering  non-quoted  equity  and  quasi  equity 
investments, which are treated as derivatives at fair value through surplus or deficit (see note 2.4.2.2). 

Equity price risk is the risk that the fair values of equity investments change due to fluctuations in equity 
prices and/or the value of guaranteed equity investments. 

The effect on surplus or deficit of a 10% value increase or decrease of the above-mentioned instruments 
would be as follows: 

Equity investments 

MMFs, ETFs and investments in pooled portfolios  
Guarantees on equity* 
Total at 31.12.2024 
Equity investments 

MMFs, ETFs and investments in pooled portfolios  
Guarantees on equity* 
Total at 31.12.2023 

10% 
 320 
 598 
 606 
1 523 
 289 
 481 
 506 
1 276 

EUR million 
(10)% 
 (320) 
 (598) 
 (606) 
(1 523) 
 (289) 
 (481) 
 (506) 
(1 276) 

*The risk of guarantees on equity is based on the notional amount that is covered by the guarantee. 

The EU invests in or guarantees unquoted assets, whose values are not publicly available. These assets 
are  typically  implemented  by  entrusted  entities,  which  are  experts  in  the  industry  and  regularly  assess 
and monitor their value. 

6.6.  CREDIT RISK 

Maximum credit risk exposure  

Financial assets 
Loans 
Cash and cash equivalents 
Exchange receivables* 
Financial assets at FVSD - debt securities 
Financial assets at FVSD - derivatives 
Guarantees given and loan commitments 
FGCs 
Loan commitments 
Total 

*Excluding deferred charges. 

31.12.2024 

EUR million 
31.12.2023 

283 580 
63 163 
3 240 
34 465 
1 110 

60 857 
18 193 
464 607 

246 877 
39 616 
4 032 
29 703 
1 091 

57 066 
 40 
378 426 

In  addition,  the  EU  is  indirectly  exposed  to  the  credit  risk  through  its  investments  in  MMFs,  corporate 
bond ETFs and pooled portfolios of debt securities (see note 2.4.2.1), which may impact their prices (see 
note 6.5). 

123 

 
 
 
 
 
 
 
 
 
 
 
 
 
Loans: credit quality  

Annual accounts of the European Union 2024 

31.12.2024 

EUR million 

Stage 1   Stage 2 

Stage 3 

POCI 

Total  

Credit rating 
Prime and high grade 
Upper medium grade 
Lower medium grade 
Non-investment grade (incl. default) 
Gross carrying amount 
Minus loss allowance 
Net carrying amount  

35 593 
87 005 
129 200 
3 593 
255 391 
 (31) 
255 360 

– 
– 
– 
44 139 
44 139 
(15 969) 
28 170 

– 
– 
– 
 14 
 14 
 (14) 
 (1) 

35 593 
– 
87 005 
– 
129 200 
– 
47 773 
 27 
 27  299 571 
 24 
(15 991) 
 51  283 580 

EUR million 

31.12.2023 

Stage 1   Stage 2 

Stage 3 

POCI 

Total  

Credit rating 
Prime and high grade 
Upper medium grade 
Lower medium grade 
Non-investment grade (incl. default) 
Gross carrying amount 
Minus loss allowance 
Net carrying amount  

36 302 
72 051 
113 652 
2 130 
224 134 
 (54) 
224 081 

– 
– 
– 
31 762 
31 762 
(9 024) 
22 738 

– 
– 
– 
 25 
 25 
 (23) 
 2 

36 302 
– 
72 051 
– 
113 652 
– 
 38 
33 955 
 38  255 960 
(9 083) 
 18 
 56  246 877 

The  risk  categories  mentioned  above  are  in  principle  based  on  the  rating  scales  of  external  rating 
agencies. These categories correspond to: 

—  Prime and high grade: Moody’s P-1, Aaa – Aa3; S&P A-1+, A-1, AAA – AA -; Fitch F1+, F1, AAA – 

AA- and equivalent; 

—  Upper  medium  grade:  Moody’s  P-2,  A1  –  A3;  S&P  A-2,  A+  –  A-;  Fitch  F2,  A+  –  A-  and 

equivalent; 

—  Lower medium grade: Moody’s P-3, Baa1 – Baa3, S&P A-3, BBB+ – BBB-; Fitch F3, BBB+ – BBB- 

and equivalent; 

—  Non-investment grade: Moody’s not prime, Ba1 – C; S&P B, C, D, BB+ – D; Fitch B, C, D, BB+ – 

D and equivalent. 

The EU uses these rating categories as a reference point for financial instruments and commercial banks. 
However, the EU may keep amounts in a particular risk category even if a rating agency has downgraded 
the counterparty, after making its own analysis of individual cases. 

The  loans  in  the  non-investment  grade  are  mainly  financial  assistance  loans  to  partner  countries  in 
financial  difficulties.  All  loans  to  Member  States  are  in  investment  grade  and  in  Stage  1.  The  loans  in 
Stage 2 include  mainly the  MFA,  MFA+, Ukraine  Facility  and Euratom  loans to Ukraine.  The POCI loans 
are subrogated loans from the ELM programmes. 

Borrowing and lending activities for NGEU and financial assistance 

In  case  of  default  by  debtors,  the  Commission  may  draw  on  the  assets  held  in  the  CPF  to  service  any 
related debt due, specifically for MFA and Euratom loans to third countries (except MFA+). 

Loans provided to Ukraine under the exceptional MFA programme (EUR 6 billion disbursed in 2022) are 
firstly covered by their compartment  in  the  CPF, and  then also by additional EUR 3.7 billion of Member 
States’  guarantees,  that  are  considered  as  credit  enhancement  for  those  loans  and  thus  reduce  an 
impairment  allowance  recognised  in  relation  to  those  loans  to  EUR  337  million  (out  of  the  entire 

124 

 
 
   
 
 
 
   
 
 
 
 
 
   
 
 
 
   
 
 
 
Annual accounts of the European Union 2024 

impairment  allowance  of  EUR  10.1  billion  covering  the  total  MFA  and  MFA+  loans  to  Ukraine)  as  at 
31 December 2024. 

The Commission manages exposure to credit risk for Euratom loans by obtaining state guarantees, which 
total EUR 300 million on 31 December 2024 (2023: EUR 314 million). 

Loans provided to Member States under the SURE instrument are underpinned by a system of voluntary 
guarantees  from  Member  States,  amounting  to  25%  of  the  maximum  ceiling  available  for  the  related 
financial assistance. 

For any credit losses on the loans to Member States, MFA+ and Ukraine Facility the Commission may call 
upon  Member  States,  while  respecting  the  own  resources  ceilings  (‘the  budgetary  headroom’; 
see note 6.7). 

Loans: Movement in impairment loss allowance 

Loss allowance at 01.01.2024 
Transfer to Stage 1 
Transfer to Stage 2 
Transfer to Stage 3 
New loans  
Derecognitions - repayments 
Derecognitions - write offs 
Loss allowance remeasurement 
Other 
Loss allowance at 31.12.2024 

Stage 1   Stage 2 

Stage 3 

POCI 

Total  

EUR million 

 54 
 23 
 (0) 
– 
 14 
 (1) 
– 
 (59) 
 0 
 31 

9 024 
 (23) 
 0 
– 
5 694 
 (25) 
– 
1 299 
 0 
15 969 

 23 
– 
– 
– 
– 
 (8) 
– 
 (1) 
 0 
 14 

 (18) 
– 
– 
– 
– 
– 
 (12) 
 6 
– 
 (24) 

9 083 
– 
– 
– 
5 708 
 (34) 
 (12) 
1 245 
 0 
15 991 

The  additional  impairment  loss  allowance  on  Stage  2  loans  is  mainly  due  to  new  loans  to  Ukraine 
disbursed under the Ukraine Facility (see note 2.4.1.1). 

In  2024,  the  EU  granted  EUR  763  million  of  interest  rate  subsidies  to  Ukraine  for  interest  accrued  on 
some  of  the  exceptional  MFA  loans  and  MFA+  loans.  The  amortised  cost  before  modification  was 
EUR 17.3  billion.  This  modification  of  the  contractual  terms  was  accounted  for  as  a  modification  loss  in 
the  statement  of  financial  performance  (see  note  3.15).  The  interest  rate  subsidy  did  not  have 
a significant impact on the credit risk assessment, and the loans continued to be classified as Stage 2 as 
at 31 December 2024. 

Please refer to note 1.5.5 for the EU staging policies for loans. 

Loans: ECL measurement 

The  EU  uses  a  probability-weighted  estimation  to  measure  expected  credit  losses.  This  involves 
estimating the difference between contractual cash flows and expected cash flows. 

The EU uses three credit risk parameters for this estimation: 

—  Probability of default (PD): This is a percentage that represents the likelihood of a counterparty 
defaulting  on  its  financial  obligation,  either  over  the  next  12  months  or  over  the  remaining 
lifetime of the obligation. 

—  Loss given default (LGD): This is a percentage that shows the expected cash shortfall, taking into 

account recoveries and collaterals. 

—  Exposure at default (EAD): This is the outstanding exposure (amount) at the time of a default. 

The  EU  takes  into  account  its  de  facto  preferred  creditor  status  when  estimating  the  LGD  on  sovereign 
exposures. 

The  estimated  cash  flows  over  the  expected  life  of  the  financial  asset  are  discounted  at  the  effective 
interest rate. 

125 

 
 
   
 
 
 
Annual accounts of the European Union 2024 

The EU considers reasonable and justified forward-looking information, available without undue cost and 
effort, and adjusts the model parameters when necessary. 

Cash and cash equivalents: credit quality  

Credit rating 
Premium and high grade 
Upper medium grade 
Lower medium grade 
Non-investment grade  
Gross carrying amount 
Minus loss allowance 
Net carrying amount  

Treasury 

EUR million 

31.12.2024 

31.12.2023 

57 251 
4 161 
1 722 
 28 
63 163 
- 
63 163 

35 687 
3 114 
 786 
 28 
39 616 
– 
39 616 

Most  of  the  Commission's  treasury  resources  are  kept  on  own  resource  accounts  opened  by  Member 
States for the payment of their own resource’s contributions, mainly GNI, VAT and TOR. These accounts 
are  held  with  Member  States'  treasuries  or  national  central  banks,  which  carry  the  lowest  credit  (or 
counterparty) risk for the Commission. 

For the part of the Commission's treasury resources kept with commercial banks, replenishment of these 
accounts  is  made  on  a  just-in-time  basis  and  is  automatically  managed  by  the  treasury  cash 
management system. Minimum cash levels are kept on each commercial account, ensuring that the total 
amount kept overnight on these commercial accounts remains constantly at low levels (overall less than 
EUR 100 million on average). 

Specific guidelines are applied for the selection of commercial banks to further minimise counterparty risk 
to which the Commission is exposed. These guidelines include: 

—  Selecting  commercial  banks  through  calls  for tender,  with  a  minimum  long-term  credit  rating of 

S&P A- or equivalent. 

—  Monitoring  ratings  and  defining  a  maximum  exposure  on  each  financial  institution,  taking  into 

account the creditworthiness and capitalisation of the financial sector entity. 

—  Holding  imprest  accounts  with  local  banks  selected  by  a  simplified  tendering  procedure  in 
delegations  outside  the  EU,  with  rating  requirements  depending  on  the  local  situation.  To  limit 
risk  exposure,  balances  on  imprest  accounts  are  kept  at  the  lowest  possible  levels,  regularly 
replenished, and the applied ceilings are reviewed on a yearly basis. 

Cash held under unified funding 

Under the unified funding approach, sufficient cash is held to meet all upcoming disbursement needs and 
maintain  a  defined  safety  buffer,  while  avoiding  any  excess  balances.  The  cash  is  placed  on  a  bank 
account at the ECB, thus the credit risk is very low. 

126 

 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Receivables: credit quality  

Not due 

Past due  

   0-30 days  31-90 days 

Gross carrying amount 
Minus loss allowance 
Net carrying amount at 
31.12.2024 
Gross carrying amount 
Minus loss allowance 
Net carrying amount at 
31.12.2023 

1 508 
 (5) 

1 502 

1 819 
 (2) 

1 817 

 15 
 (2) 

 13 

 23 
 (2) 

 21 

Past due   Past due   Past due  
91 days - 
1 year 
 27 
 (13) 

 207 
 (115) 

> 1 year 

 33 
 (3) 

EUR million 
Total 

1 789 
 (138) 

 30 

 10 
 (4) 

 6 

 14 

 40 
 (12) 

 92 

1 652 

 304 
 (140) 

2 195 
 (159) 

 28 

 164 

2 036 

The amounts in this table do not include deferred charges and the FGC receivable leg measured at FVSD (see note 2.6.2), as they are 
not subject to the impairment requirements. 

Financial assets at FVSD – debt securities: credit quality 

Common Provisioning Fund 

The weighted average credit rating of the CPF portfolio is A (S&P or equivalent). 

Provisionally cashed fines: BUFI portfolio 

The weighted average credit rating of the portfolio is A (S&P or equivalent). 

Financial guarantees received 

The  risk  management  policy  applied  for  the  acceptance  of  financial  guarantees  ensures  a  high  credit 
quality for the Commission. This policy includes: 

—  Defining a maximum credit exposure based on a financial sector entity's credit rating and capital 

level, as reported in its IFRS financial statements. 

—  Regularly reviewing the compliance of outstanding guarantees with the policy requirements. 

ECSC i.L. 

The weighted average credit rating of the portfolio is A- (S&P or equivalent). 

Financial assets at FVSD – derivatives: credit quality 

The  EU's  derivative  assets  mainly  relate to guarantees  on equity  portfolios.  The  credit  risk  is  limited to 
counterparty risk. The guarantee on equity will be settled mainly with the EIB Group, which has a rating 
of AAA, reducing the credit risk. 

The  sole  counterparty  for  all  outstanding  currency  forwards  as  of  31  December  2024  is  the  Banque  de 
France. As a result, no credit enhancements, such as collateral or guarantees, are needed. 

Financial guarantee contracts: credit quality 

Long-term rating 
Prime and high grade 
Upper medium grade 
Lower medium grade 
Non-investment grade 
Managed on collective 
basis / not rated 
Total 

31.12.2024   

31.12.2023   

Stage 1 

Stage 2 

Total 

Stage 1 

Stage 2 

Total 

EUR million 

 1 
 5 
 137 
34 912 

– 
– 
– 
25 746 

 1 
 5 
 137 
60 658 

 2 
 5 
 29 
30 310 

– 
 0 
– 
26 697 

 2 
 5 
 29 
57 007 

 10 

 47 

 56 

 13 

 10 

 23 

35 064 

25 793 

60 857 

30 360 

26 707 

57 066 

127 

 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Financial guarantee contracts: Movement in the loss allowance  

Stage 1  

Stage 2   

Total 

EUR million 

Loss allowance at 01.01.2024 
Transfer to Stage 2 
Transfer to Stage 1 
Additions 
Release of guarantees 
Remeasurement 
Loss allowance at 31.12.2024 
Financial guarantee liability carrying 
amount at 31.12.2024 
* Transfers  from  and  to  stage  1  /  stage  2  are  measured  at  the  opening  balance  impairment  allowance,  whereas  the  changes  of  the 

1 430 
 (54) 
 8 
 292 
 (26) 
 280 
1 930 

2 397 
 54 
 (8) 
 34 
 (4) 
 (398) 
2 075 

3 826 
– 
– 
 326 
 (30) 
 (117) 
4 005 

6 379 

4 109 

2 271 

amount arising from the change of the stage (i.e. measuremet at 12-months or lifetime ECL) are part of re-measurement. 

The increase of the loss allowance for guarantees in Stage 1 in 2024 was mainly due to new operations 
signed under the InvestEU and NDICI guarantees (see note 4.1.1). 

Out  of  the  outstanding  ECL  for  guarantees  in  Stage  2  of  EUR  2.1  billion  as  at  31  December  2024, 
EUR 1.7 billion relates to the ELM guarantees (see note 4.1.1). This includes EUR 0.9 billion lifetime ECL 
for  the  EIB  exposure  in  Ukraine  (EUR  3.7  billion  outstanding  EIB  loans  to  counterparts  in  Ukraine) 
guaranteed  by  the  EU.  The  reduction  of  the  ECL  for  guarantees  in  Stage  2  mainly  relates  to  the 
remeasurement  of  the  ECL  for  ELM  guaranteed  portfolio  due  to  its  amortisation,  as  well  as  change  in 
estimates. 

Please refer to the note 1.5.12 for the EU staging policies for financial guarantee contracts. 

Budgetary guarantees 

The EU is mainly exposed to credit risk through the operations it guarantees. When the credit quality of 
the  underlying  operations  deteriorates,  default  events  become  more  likely  and  calls  on  EU  guarantees 
may also increase. 

To  monitor  and  manage  this  risk,  the  Commission  relies  on  a  Credit  Risk  Model  that  assesses  potential 
losses. The model uses inputs from implementing partners and combines them with expert judgment to 
derive a risk assessment that is coherent with the transaction and relevant economic circumstances. 

6.7.  LIQUIDITY RISK 

Maturity analysis of non-derivative financial liabilities by remaining contractual maturity 

Undiscounted contractual cash-flows 

Borrowings 
Payables 
Other  
Total at 31.12.2024 
Borrowings 
Payables 
Other  
Total at 31.12.2023 

< 1 year 
(61 589) 
(55 414) 
 (168) 
(117 171) 
(24 526) 
(50 516) 
 (195) 
(75 237) 

1-5 years  > 5 years 
(468 669) 
(201 152) 
– 
– 
 (850) 
 (560) 
(469 519) 
(201 711) 
(367 296) 
(147 211) 
– 
– 
 (867) 
 (661) 
(368 164) 
(147 872) 

Total 
(731 410) 
(55 414) 
(1 578) 
(788 401) 
(539 033) 
(50 516) 
(1 723) 
(591 272) 

EUR million 
Carrying 
amount 

(594 028) 
(55 414) 
(1 398) 
(650 839) 
(450 561) 
(50 516) 
(1 496) 
(502 572) 

128 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturity analysis of derivative financial liabilities by remaining contractual maturity 

Annual accounts of the European Union 2024 

Undiscounted contractual cash-flows 

Derivative pay leg 
Derivative receive leg 
Net cash flows at 31.12.2024 
Derivative pay leg 
Derivative receive leg 
Net cash flows at 31.12.2023 

  < 1 year  1-5 years  > 5 years 
 (4) 
– 
 (4) 
– 
– 
– 

(1 779) 
1 691 
 (88) 
(1 203) 
1 186 
 (17) 

 (7) 
– 
 (7) 
 (6) 
– 
 (6) 

Total 
(1 790)   
1 691   
 (99) 
(1 209)   
1 186   
 (23) 

EUR million 
Carrying 
amount 

 (98) 

 (21) 

Maturity analysis of financial guarantee contracts issued by earliest period in which the guarantee could 
be called 

FGCs at 31.12.2024 
FGCs at 31.12.2023 

Maximum amount of guarantee 

  < 1 year  1-5 years  > 5 years 
(10 271) 
(7 043) 

(64 115) 
(65 661) 

(2 211) 
(2 995) 

Total 
(76 597) 
(75 699) 

Maturity analysis of undrawn loan commitment 

                                                    Maximum amount of undrawn loan commitment 

EUR million 
Carrying 
amount 
(6 379) 
(6 268) 

EUR 
million 

Undrawn loan commitments at 31.12.2024 
Undrawn loan commitments at 31.12.2023 

Borrowing activities for NGEU and financial assistance 

< 1 
year 
18 152 
 20 

1-5 
years 
 41 
 20 

> 5 
years 
– 
– 

Total 

18 193 
 40 

Carrying 
amount 
7 082 
 1 

The EU's first recourse for repaying borrowings for financial assistance and NGEU is the timely  collection 
of related financial assistance and NGEU loan repayments. However, additional safeguards are in place in 
case of payment defaults or payment delays by borrowers. 

The Commission has established a short-term temporary measure called budgetary cover, which provides 
liquidity to cover payment of obligations arising from back-to-back financial assistance programmes. 

For MFA and Euratom loans to third countries, the Guarantee Fund for external actions compartment of 
the  CPF  provides  a  liquidity  reserve.  This  reserve  is  used  to  repay  related  borrowings,  but  only  after 
recourse to third-party guarantors for Euratom (see note 6.6). 

If the available assets in the reserve are insufficient to cover actual losses, the Commission will activate 
measures  to  provide  additional  resources,  such  as  temporary  use  of  Commission's  treasury  liquidity, 
temporary transfers, or additional expenditure from the EU budget. 

Loans provided to Ukraine under the  exceptional MFA programme are  covered by their compartment in 
CPF, as well as by additional Member States guarantees (see note 2.4.1.1). 

For  loans  disbursed  and  borrowings  issued  under  the  unified  funding  approach,  the  Commission  may 
apply  active  cash  management  and  short-term  borrowing  to  service  EU  debts.  Management  of  liquidity 
risk  under  this  approach  requires  implementation  of  liquidity  management  procedures  and  dedicated 
tools to monitor and manage liquidity on a daily basis.  

The Commission may also call resources from Member States up to the own resources ceiling to service 
EU debts. The own resources decision fixes the ceiling for own resources to cover annual appropriations 
for  payments  at  1.40%  of  Member  States'  Gross  National  Income  (GNI),  plus  an  additional  temporary 
increase  of  0.6  percentage  points  exclusively  for  NGEU.  The  2024  budget  included  a  total  of  own 
resources of 0.79% of EU GNI to finance the expenditure. This means that on 31 December 2024 there 
existed an available margin of 1.21% to cover its liabilities. 

Finally,  loans  provided  to  Member  States  under  the  SURE  instrument  are  underpinned  by  a  system  of 
voluntary guarantees from Member States, amounting to 25% of the maximum ceiling available for the 

129 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

related financial assistance. Before calling on these guarantees, the Commission is expected to examine 
the  scope  for  drawing  on  the  margin  available  under  the  own  resources  ceiling  for  payment 
appropriations. 

The undrawn loan commitments as at 31 Decemeber 2024 mainly relate to the MFA loan under ULCM for 
EUR 18.1 billion (see note 2.4.1.1). This loan will be disbursed in 2025 and financed by borrowings.  

Treasury 

The  EU's  budget  principles  ensure that  overall  cash  resources  for  a  given  year  are  always  sufficient  for 
the execution of all payments. 

The  total  Member  States’  contributions  together  with  miscellaneous  revenue  equal  the  amount  of 
payment  appropriations  for  the  budgetary  year.  However,  Member  States'  contributions  are  received  in 
12 monthly instalments throughout the year, based on the adopted budget, while payments are subject 
to operational needs. 

Member States' contributions relating to amending budgets approved in a given month (N) only become 
available on the  first  working  day  of  the  month  N+1  or  N+2,  while the  related  payment  appropriations 
are immediately available. 

To ensure that available treasury resources are always sufficient to cover payments to be executed in any 
given  month,  procedures  regarding  regular  cash  forecasting  are  in  place.  Own  resources  or  additional 
funding  can  be  called  up  in  advance  from  Member  States  if  needed,  up  to  certain  limits  and  under 
conditions foreseen in the Council Regulation (EU, Euratom) No 609/2014. 

In  addition  to  these  procedures,  automated  cash  management  tools  ensure  that  sufficient  liquidity  is 
available  on  each  of  the  Commission's  bank  accounts,  as  part  of  the  Commission's  daily  treasury 
operations. 

Fines 

The BUFI fund is managed to maintain a sufficient level of liquidity and mobilisation to meet short-term 
commitments. The portfolio is composed of mostly highly liquid securities that can be easily sold to meet 
cash  outflows.  The  share  of  cash,  cash  equivalents  and  securities  maturing  within  1  year  is 
approximately 61%. 

Budgetary guarantees 

The  EU's  maturity  analysis  for  financial  guarantees  uses  a  prudent  approach,  allocating  the  maximum 
guarantee amount to the earliest period in which the guarantee could be called. However, the probability 
of the EU being called for the entire amount in the first period is remote, and the expected loss is often 
lower than the guarantee ceiling. Therefore, the liquidity risk needs to be considered in conjunction with 
the carrying amount of the guarantee liabilities. 

A  key  objective  of  the  risk  management  framework  is  to  ensure  that  the  EU  budget  can  honour  its 
obligations  without  disrupting  the  normal  implementation  of  the  budget.  This  includes  mitigating  the 
liquidity  risk  related  to  budgetary  guarantees,  which  is  the  risk  of  insufficient  funds  to  fulfil  payment 
obligations in a timely manner. 

To address this risk, each budgetary guarantee is backed by sufficient provisioning paid into the CPF to 
ensure  timely  payment  of  guarantee  calls.  The  EU  regularly  monitors  the  adequacy  of  the  provisioning 
rate  for  each  budgetary  guarantee  programme  and  reports  annually  on  whether  the  amounts  are 
sufficient to cover the risk for the next five years with a defined level of certainty. 

In  addition,  the  EU  has  safeguard  procedures  in  place,  including  temporary  transfers  between  CPF 
compartments  and  the  use  of  central  treasury  liquidity,  to  ensure  sufficient  liquidity  is  available  when 
needed. 

Common Provisioning Fund 

The  CPF  is  managed  to  ensure  that  its  assets  have  a  sufficient  degree  of  liquidity  and  mobilisation  to 
meet short-term commitments. The portfolio is composed of liquid assets that can be easily sold to meet 

130 

 
Annual accounts of the European Union 2024 

cash outflows if needed.  Approximately 12% of the  portfolio is made up of cash, cash  equivalents, and 
securities maturing within 1 year. 

The  settlement  of  derivative  contracts  is  gross  and  based  on  their  contractual  maturity.  If  necessary, 
obligations are honoured by selling USD-denominated assets or through a swap transaction, which may 
result in a cash outflow due to foreign exchange differences. 

131 

 
Annual accounts of the European Union 2024 

7.  RELATED PARTY DISCLOSURES 

7.1.  RELATED PARTIES 

The  related  parties  of  the  EU  are  the  EU  consolidated  entities,  associates  and  the  key  management 
personnel  of  these  entities.  Transactions  between  these  entities  take  place  as  part  of  the  normal 
operations of the EU and as this is the case, no specific disclosure requirements are necessary for these 
transactions in accordance with the EU accounting rules. 

7.2.  KEY MANAGEMENT ENTITLEMENTS 

For the purposes of presenting information on related party transactions concerning the key management 
personnel of the EU, such persons are shown here under five categories: 

Category  1:  the  Presidents  of  the  European  Council,  the  Commission  and  the  Court  of  Justice  of  the 
European Union 

Category 2: the Vice-president of the Commission and High Representative of the EU for Foreign Affairs 
and Security Policy and the other Vice-presidents of the Commission 

Category  3:  the  Secretary-General  of  the  Council,  the  Members  of  the  Commission,  the  Judges  and 
Advocates  General  of  the  Court  of  Justice  of  the  European  Union,  the  President  and  Members  of  the 
General Court, the Ombudsman and the European Data Protection Supervisor 

Category 4: the President and Members of the European Court of Auditors 

Category 5: the highest-ranking civil servants of the Institutions and Agencies 

A  summary  of  their  entitlements  is  given  below  –  further  information  can  be  found  in  the  Staff 
Regulations  published  on  the  Europa  website  which  is  the  official  document  describing  the  rights  and 
obligations of all officials of the EU. Key management personnel have not received any preferential loans 
from the EU. 

132 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

KEY MANAGEMENT FINANCIAL ENTITLEMENTS 

Entitlement (per employee) 

Category 1 

Basic salary (per month) 

34 419.66 

Category 2 
31 177.23 - 
32 424.31 

Category 3 
24 941.78 - 
28 059.50 

Category 4 
26 937.12 - 
28 683.05 

EUR 
Category 5 
15 859.33 - 
24 941.78 

Residential/Expatriation allowance  

15% 

15% 

15% 

15% 

0-4%-16% 

Family allowances: 

Household (% salary) 

Dependent child 

Pre-school 

Education, or 

Education outside place of work 

2% + 231.51  2% + 231.51  2% + 231.51  2% + 231.51  2% + 231.51 

 505.87 

 123.59 

 343.24 

 686.48 

 505.87 

 123.59 

 343.24 

 686.48 

 505.87 

 123.59 

 343.24 

 686.48 

 505.87 

 123.59 

 343.24 

 686.48 

N/A 

N/A 

 505.87 

 123.59 

 343.24 

 686.48 

N/A 

N/A 

Presiding judges allowance 

N/A 

N/A 

799.35 

Representation allowance 

1 865.24 

1 198.77 

 799.35 

Annual travel costs 

N/A 

N/A 

N/A 

N/A 

Reimbursed 

Transfers to Member State: 

Education allowance* 

% of salary* 

% of salary with no cc 

Yes 

5% 

Yes 

5% 

Yes 

5% 

Yes 

5% 

Yes 

5% 

max 25% 

max 25% 

max 25% 

max 25% 

max 25% 

Representation expenses 

Reimbursed 

Reimbursed 

Reimbursed 

N/A 

N/A 

Taking up duty: 

Installation expenses 

Family travel expenses 

Moving expenses 

Leaving office: 

Resettlement expenses 

Family travel expenses 

Moving expenses 

Transition (% salary)** 

Sickness insurance 

68 839.32 

Reimbursed 

62 354.46 - 
64 848.62 
Reimbursed 

49 883.56 - 
56 119.00 
Reimbursed 

53 874.24 - 
57 366.10 
Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

34 419.66 

Reimbursed 

31 177.23 - 
32 424.31 
Reimbursed 

24 941.78 - 
28 059.50 
Reimbursed 

26 937.12 - 
28 683.05 
Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

Reimbursed 

40% - 65% 

40% - 65% 

40% - 65% 

40% - 65% 

N/A 

Covered 

Covered 

Covered 

Covered 

Covered 

Pension (% salary, before tax) 

Max 70% 

Max 70% 

Max 70% 

Max 70% 

Max 70% 

Deductions: 

Community tax 

8% - 45% 

8% - 45% 

8% - 45% 

8% - 45% 

8% - 45% 

Sickness insurance (% salary) 

1.7% 

1.7% 

1.7% 

1.7% 

Special levy on salary 

Pension deduction 

Number of persons at year-end 

* with correction coefficient (‘cc’) applied 

** paid for the first 3 years following departure 

7% 

N/A 

3 

7% 

N/A 

8 

7% 

N/A 

93 

7% 

N/A 

27 

1.7% 

6-7% 

 12.10% 

112 

133 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

8. 

EVENTS AFTER THE BALANCE SHEET DATE 

At  the  date  of  signature  of  these  accounts  no  material  issues  had  come  to  the  attention  of,  or  were 
reported to, the Accounting Officer of the Commission that would require separate disclosure under this 
section. The accounts and related notes were prepared using the most recently available information and 
this is reflected in the information presented. 

134 

 
Annual accounts of the European Union 2024 

9. 

SCOPE OF CONSOLIDATION 

A. CONTROLLED ENTITIES (54) 
1. Institutions and consultative bodies (11) 

Council of the European Union 

European Data Protection Supervisor 

Court of Justice of the European Union 

European Economic and Social Committee 

European Commission 

European Committee of the Regions 

European Council 

European Court of Auditors 

European External Action Service 

European Ombudsman 

European Parliament 

2. EU Agencies AND Other Bodies (41) 
2.1. Executive Agencies (6) 
European Climate, Infrastructure and Environment 
Executive Agency (CINEA)  
European Education and Culture Executive Agency 
(EACEA) 
European Health and Digital Executive Agency (HaDEA)   European Research Executive Agency (REA) 

European Innovation Council and SMEs Executive 
Agency (EISMEA) 
European Research Council Executive Agency 
(ERCEA) 

2.2. Decentralised Agencies and Other Bodies (35) 
Agency for Support for the Body of European Regulators 
for Electronic Communications (BEREC Office) 
Community Plant Variety Office (CPVO) 
European Agency for Safety and Health at Work (EU-
OSHA) 
European Banking Authority (EBA) 

European Border and Coast Guard Agency (FRONTEX) 

European Centre for Disease Prevention and Control 
(ECDC) 
European Centre for the Development of Vocational 
Training (CEDEFOP) 

European Chemicals Agency (ECHA) 

European Environment Agency (EEA) 

European Fisheries Control Agency (EFCA) 

European Food Safety Authority (EFSA) 

European Foundation for the Improvement of Living and 
Working Conditions (Eurofound) 

European Institute for Gender Equality (EIGE) 

European Insurance and Occupational Pensions Authority 
(EIOPA) 
European Joint Undertaking for ITER and the 
Development of Fusion Energy (Fusion for Energy) 
European Labour Authority (ELA)  

European Maritime Safety Agency (EMSA) 

European Medicines Agency (EMA) 
3. Other controlled entities (2) 
European Coal and Steel Community in Liquidation (ECSC 
i.L.) 
B. ASSOCIATES (1) 
European Investment Fund (EIF) 

European Public Prosecutor's Office (EPPO)  

European Securities and Markets Authority (ESMA) 

European Training Foundation (ETF) 

European Union Agency for Asylum (EUAA) 
European Union Agency for Criminal Justice 
Cooperation (Eurojust) 

European Union Agency for Cybersecurity (ENISA) 

European Union Agency for Fundamental Rights 
(FRA) 
European Union Agency for Law Enforcement 
Cooperation (EUROPOL) 
European Union Agency for Law Enforcement 
Training (CEPOL) 
European Union Agency for Railways (ERA) 
European Union Agency for the Cooperation of 
Energy Regulators (ACER) 
European Union Agency for the Operational 
Management of Large-Scale IT Systems in the Area 
of Freedom, Security and Justice (eu-LISA) 
European Union Agency for the Space Programme 
(EUSPA) 

European Union Aviation Safety Agency (EASA) 

European Union Drugs Agency (EUDA) 

European Union Intellectual Property Office (EUIPO) 
Translation Centre for the Bodies of the European 
Union (CdT) 

European Institute of Innovation and Technology 
(EIT) 

135 

 
 
 
 
 
 
 
 
 
 
 
 
 
MINOR ENTITIES 

Annual accounts of the European Union 2024 

The entities listed below have not been consolidated using the equity method in the 2024 EU consolidated 
financial statements on the basis of immateriality: 

MINOR ENTITES (11) 
Chips Joint Undertaking (Chip JU) 

Circular Bio-based Europe Joint Undertaking (CBE JU) 

Clean Aviation Joint Undertaking (CAJU) 
Clean Hydrogen Joint Undertaking (Clean H2 JU) 
Europe’s Rail Joint Undertaking (EU-RAIL JU) 

European Cybersecurity Competence Centre (ECCC) 

European High Performance Computing Joint Undertaking (EuroHPC JU) 

Global Health EDCTP3 Joint Undertaking (GHED JU) 

Innovative Health Initiative Joint Undertaking (IHI JU) 

Single European Sky ATM Research 3 Joint Undertaking (SESAR 3 JU) 

Smart Networks and Services Joint Undertaking (SNS JU) 

The annual accounts of the above entities are publicly available on their respective websites. 

136 

 
Annual accounts of the European Union 2024 

BUDGETARY IMPLEMENTATION REPORTS 
AND EXPLANATORY NOTES 

It should be noted that due to the rounding of figures into millions of euros, some financial data in the 
tables below may appear not to add-up.

137 

 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

CONTENTS 

  EU BUDGET RESULT .............................................................................. 139 

  STATEMENTS OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS ............. 140 

  NOTES TO THE BUDGETARY IMPLEMENTATION REPORTS ............................ 142 

3.1.  THE EU BUDGET FRAMEWORK ........................................................... 142 

3.2.  MULTIANNUAL FINANCIAL FRAMEWORK 2021-2027 .............................. 142 

3.3.  MFF DETAILED HEADINGS (PROGRAMMES) ......................................... 145 

3.4.  NextGenerationEU ........................................................................... 145 

3.5.  ANNUAL BUDGET ............................................................................ 146 

3.6.  REVENUE ....................................................................................... 148 

3.7.  CALCULATION OF THE BUDGET RESULT .............................................. 149 

3.8.  RECONCILIATION OF ECONOMIC RESULT WITH BUDGET  RESULT .......... 151 

IMPLEMENTATION OF THE 2024 EU BUDGET ............................................. 153 

IMPLEMENTATION OF EU BUDGET REVENUE .............................................. 154 

5.1.  SUMMARY OF THE IMPLEMENTATION OF EU BUDGET REVENUE .............. 154 

IMPLEMENTATION OF EU BUDGET EXPENDITURE ....................................... 155 

6.1.  MFF: BREAKDOWN & CHANGES IN COMMITMENT & PAYMENT 

APPROPRIATIONS............................................................................ 155 

6.2.  MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS .................. 156 

6.3.  MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS ........................ 157 

6.4.  MFF: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) ................... 158 

6.5.  MFF: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN ...................... 159 

6.6.  MFF: OUTSTANDING COMMITMENTS BY APPROPRIATIONS TYPE ............. 160 

6.7.  DETAILED MFF: BREAKDOWN AND CHANGES IN COMMITMENT AND PAYMENT 
APPROPRIATIONS............................................................................ 161 

6.8.  DETAILED MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS ... 168 

6.9.  DETAILED MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS ......... 175 

6.10.  DETAILED MFF: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) . 182 

6.11.  DETAILED MFF: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN .... 188 

6.12.  DETAILED MFF: OUTSTANDING COMMITMENTS BY APPROPRIATIONS TYPE

193 

IMPLEMENTATION OF THE BUDGET BY INSTITUTION .................................. 199 

7.1. 

IMPLEMENTATION OF BUDGET REVENUE ............................................ 199 

7.2. 

IMPLEMENTATION OF COMMITMENT APPROPRIATIONS ......................... 200 

7.3. 

IMPLEMENTATION OF PAYMENT APPROPRIATIONS ................................ 201 

IMPLEMENTATION OF THE AGENCIES' BUDGETS ........................................ 202 

8.1.  BUDGET REVENUE ........................................................................... 202 

8.2.  COMMITMENT AND PAYMENT APPROPRIATIONS BY AGENCY .................. 203 

138 

 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

 EU BUDGET RESULT 

Note 

a 

b 

c 

d 

e 

f 

g 

Revenue for the financial year 

Payments against current year appropriations 

Payment appropriations carried over to year N+1 

Cancellation of unused appropriations carried over from year N-1 

Evolution of assigned revenue (B)-(A) 

     Unused appropriations at the end of current year (A) 

     Unused appropriations at the end of previous year (B) 

Exchange rate differences for the year 

Budget result 

EUR million 

2024 

2023 

250 609 

248 361 

(244 309) 

(236 739) 

(3 848) 

(3 014) 

 334 

 4 

(1 486) 

(8 055) 

24 692 

23 206 

 44 

1 345 

23 207 

15 152 

 78 

 635 

The  budget  result  of  the  EU  is  returned  to  the  Member  States  in  the  following  year  through  deduction 
against  their  amounts  due  for  that  year.  It  is  calculated  in  accordance  with  Article 1 (1)  of  Council 
Regulation  (EU,  Euratom)  No 608/2014  laying  down  implementing  measures  for  the  system  of  own 
resources. More information can be found under section 3.7 Calculation of the budget result. 

a.  Revenue  for  the  financial  year:  table  5.1  “Summary  of  the  implementation  of  EU  Budget 

Revenue”, column 8 “Total Revenue”. 

b.  Payments  against  current  year  appropriations:  table  6.3  “MFF  –  Implementation  of  Payment 
appropriations”, column 2 “Payments made from adopted budget and column 4 “Payments made 
from assigned revenue”. 

c.  Payment appropriations carried over to year N+1: table 6.3 “MFF  – Implementation of Payment 

appropriations”, column 7 automatic carry-overs plus column 8 carry-over by decision. 

d.  Cancellation  of  unused  payment  appropriations  carried  over  from  year  N-1:  takes  into  account 
the amount of payment appropriations carried over (automatically and on decision) at the end of 
previous year and  the current  year’s “Payments made from  carryovers” as in column 3 of table 
6.3 “MFF – Implementation of Payment appropriations”. 

e.  Evolution  of  the  total  assigned  revenue  appropriations  at  year-end:  calculates  the  difference  of 
the  amount  of  assigned  revenue  appropriations  at  the  end  of  previous  year  (plus)  and  the 
amount  of  assigned  revenue  appropriations  at  the  end  of  the  current  year  (as  in  column  8  of 
table 6.3 “MFF – Implementation of Payment appropriations” - minus) to obtain the net variation 
of assigned revenue in the current year. 

f.  Exchange rate differences include realised and non-realised exchange rate differences. 

139 

 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

 STATEMENTS OF COMPARISON OF BUDGET AND 
ACTUAL AMOUNTS 

Budget revenue 

1  Own resources 

  11 - Sugar levies 

  12 - Customs duties 

  13 - VAT 

  14 - GNI 

16 - Reduction of GNI-based contribution granted to 
certain Member States 

  17 - Plastic packaging waste 

2  Surpluses, balances and adjustments 

3  Administrative revenue 

4  Financial revenue, default interest and fines 

5  Budgetary guarantees, borrowing-and-lending operations 

6 

Revenue, contributions and refunds related to union 
policies 

Initial 
budget 
adopted 

Final 
adopted 
budget 

Entitlements 
established 

Revenue 

136 499 

141 170 

141 082 

141 047 

EUR million 

0 

24 620 

23 616 

81 169 

– 

7 094 

0 

2 124 

 149 

0 

0 

20 119 

23 463 

90 449 

– 

7 140 

 633 

2 124 

3 478 

0 

 (0) 

20 102 

23 438 

90 334 

 23 

7 185 

 669 

3 942 

17 926 

73 376 

– 

20 066 

23 438 

90 334 

 23 

7 185 

 669 

3 897 

4 774 

73 332 

3 858 

2 340 

29 884 

26 890 

  Total 

142 630 

149 744 

266 879 

250 609 

     of which Next Generation EU (NGEU) 

– 

– 

73 536 

73 535 

Budget expenditure: commitments by multiannual financial 
framework (MFF) heading 

MFF Heading 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

  2a. Economic, social and territorial cohesion 

  2b. Resilience and values 

3  Natural Resources and Environment 

     of which: Market related expenditure and direct 
payments 

4  Migration and Border Management 

5  Security and Defence 

6  Neighbourhood and the World 

7  European Public Administration 

     of which: Administrative expenditure of the 
institutions 
O  Outside MFF 

S 

Solidarity mechanisms within and outside the Union 
(Special instruments) 

Initial 
adopted 
budget 

Final 
adopted 
budget 

Total 
appropriations 
available 

EUR million 

Commitments 
made 

21 493 

21 492 

74 561 

74 583 

64 665 

64 665 

9 895 

9 917 

57 339 

57 307 

40 517 

40 517 

3 893 

2 321 

3 893 

2 699 

16 230 

17 303 

11 988 

12 057 

4 955 

4 956 

– 

4 768 

1 561 

1 178 

29 209 

86 683 

72 701 

13 982 

59 874 

41 745 

4 232 

2 778 

19 569 

14 502 

5 470 

8 941 

1 899 

25 962 

84 193 

71 416 

12 778 

57 964 

40 810 

4 039 

2 770 

18 283 

13 351 

5 291 

5 552 

1 546 

  Total 

189 385 

195 279 

227 687 

213 661 

     of which Next Generation EU (NGEU) 

– 

– 

 721 

 490 

140 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Budget expenditure: payments by multiannual financial 
framework (MFF) heading 

MFF Heading 

Initial 
adopted 
budget 

Final 
adopted 
budget 

Total 
appropriations 
available 

EUR million 

Payments 
made 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

  2a. Economic, social and territorial cohesion 

  2b. Resilience and values 

20 828 

33 716 

24 156 

9 560 

20 900 

35 980 

26 493 

9 487 

3  Natural Resources and Environment 

54 151 

56 110 

32 504 

25 864 

121 796 

116 525 

54 441 

67 355 

67 233 

51 949 

64 576 

64 448 

     of which: Market related expenditure and direct 
payments 

40 505 

40 474 

41 702 

40 762 

4  Migration and Border Management 

5  Security and Defence 

6  Neighbourhood and the World 

7  European Public Administration 

     of which: Administrative expenditure of the 
institutions 
O  Outside MFF 

S 

Solidarity mechanisms within and outside the Union 
(Special instruments) 

3 249 

2 035 

15 291 

11 988 

4 955 

– 

1 371 

3 261 

2 084 

14 454 

12 057 

4 956 

3 755 

1 144 

3 727 

2 142 

16 241 

15 516 

6 091 

14 261 

2 347 

3 405 

2 123 

15 395 

13 266 

5 224 

3 987 

1 975 

  Total 

142 630 

149 744 

275 769 

246 988 

     of which Next Generation EU (NGEU) 

– 

– 

76 628 

73 080 

Budget expenditure: outstanding commitments by 
multiannual financial (MFF) heading 

MFF Heading 

1 

2 

3 

4 

5 

6 

7 

O 

S 

Single Market, Innovation and Digital 

Cohesion, Resilience and Values 

2a. Economic, social and territorial cohesion 

2b. Resilience and values 

Natural Resources and Environment 
     of which: Market related expenditure and direct 
payments 
Migration and Border Management 

Security and Defence 

Neighbourhood and the World 

European Public Administration 
     of which: Administrative expenditure of the 
institutions 
Outside MFF 
Solidarity mechanisms within and outside the Union 
(Special instruments) 
Total 

Outstanding 
commitments 
carried-over 
from 2023 

1 

Liquidation 
of 
outstanding 
commitm. 
carried from 
2023 
2 

51 926 

(18 682) 

376 757 

(103 313) 

154 864 

(48 569) 

EUR million 

New 
outstanding 
commitments 
from 2024 

Total 
outstanding 
commit- 
ments 

3 

4=1+2+3 

17 920 

70 644 

67 875 

51 164 

344 088 

174 170 

221 893 

(54 744) 

2 769 

169 918 

57 477 

(23 526) 

16 916 

50 867 

 358 

 (137) 

5 121 

3 803 

(2 130) 

(1 383) 

39 987 

(11 212) 

1 004 

(1 004) 

 150 

2 763 

2 025 

13 321 

1 011 

 371 

5 754 

4 445 

42 097 

1 011 

 608 

 (608) 

 623 

 623 

6 447 

 (375) 

1 827 

7 899 

 482 

 (429) 

 0 

 53 

543 003  (162 054) 

126 428 

507 378 

     of which Next Generation EU (NGEU) 

238 611 

(68 834) 

(3 481) 

166 296 

     of which excluding Next Generation EU (NGEU) 

304 393 

(93 220) 

129 909 

341 081 

141 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

  NOTES TO THE BUDGETARY IMPLEMENTATION 

REPORTS  

3.1.  THE EU BUDGET FRAMEWORK 

The budgetary accounts are kept in accordance with the Financial Regulation (FR). The general budget is 
the instrument which provides for and authorises the Union's revenue and expenditure every year, within 
the  ceilings  and  other  provisions  laid  down  in  the  MFF  in  line  with  the  legislative  acts  concerning 
multiannual programmes adopted under that framework. 

3.2.  MULTIANNUAL FINANCIAL FRAMEWORK 2021-2027 

2021 

2022 

2023 

2024 

2025 

2026 

2027 

Total 

EUR million in current prices 

20 919  

21 878  

21 727  

21 598  

21 596  

21 230  

20 991  

149 939  

6 364  

67 806  

70 137  

73 289  

75 697  

66 404  

70 128  

429 825  

1 769  

61 345  

62 939  

64 683  

66 361  

56 593  

58 484  

372 174  

4 595  

6 461  

7 198  

8 606  

9 336  

9 811  

11 644  

57 651  

56 841  

56 965  

57 295  

57 449  

57 336  

57 100  

57 316  

400 302  

40 368  

40 639  

40 693  

40 603  

40 529  

40 542  

40 496  

283 870  

1 791  

3 360  

3 814  

4 020  

4 871  

4 858  

5 619  

28 333  

1 696  

1 896  

1 946  

2 380  

2 617  

2 810  

3 080  

16 425  

16 247  

16 802  

16 329  

16 331  

16 303  

15 614  

16 071  

113 697  

10 635  

11 058  

11 419  

11 773  

12 124  

12 506  

12 959  

82 474  

8 216  

8 528  

8 772  

9 006  

9 219  

9 464  

9 786  

62 991  

114 493  179 765  182 667  186 840  190 544  180 522  186 164  1 220 995 

163 496  166 534  162 053  170 543  175 378  180 586  184 198  1 202 788 

1.18% 

1.12% 

0.99% 

0.96% 

0.95% 

0.95% 

0.93% 

1.01% 

1. Single Market, 
Innovation and 
Digital 
2. Cohesion, 
Resilience and 
Values  
2a. Economic, social 
and territorial 
cohesion 
2b. Resilience and 
Values 
3. Natural Resources 
and Environment 
Of which: Market 
related expenditure 
and direct payments 
4. Migration and 
Border Management 
5. Security and 
Defence 
6. Neighbourhood 
and the World 
7. European Public 
Administration 
Of which: 
Administrative 
expenditure of the 
institutions 
TOTAL 
COMMITMENT 
APPROPRIATIONS 

TOTAL PAYMENT 
APPROPRIATIONS 
as a percentage of 
GNI 

Council  Regulation  (EU,  Euratom)  2020/2093  laying  down  the  2021-2027  MFF  was  adopted  on  17 
December 202045.  The  above table shows the  MFF ceilings at  current prices  as adopted in the technical 
adjustment for the MFF 2021-2027 for 202546, in accordance with the fixed annual deflator of 2% set out 

45 Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework 

for the years 2021 to 2027, OJ L 433I, 22.12.2020, p. 11. 

46 Technical  adjustment  of  the  financial  framework  for  2025  in  accordance  with  Article  4  of  Council  Regulation  (EU, 
Euratom)  2021/365  laying down  the  multiannual  financial  framework for  the years 2021  to 2027, COM(2024) 320 
final, 18.6.2024. 

142 

 
 
          
          
          
          
          
          
          
        
            
          
          
          
          
          
          
        
            
          
          
          
          
          
          
        
            
            
            
            
            
            
          
          
          
          
          
          
          
          
          
        
          
          
          
          
          
          
          
        
            
            
            
            
            
            
            
          
            
            
            
            
            
            
            
          
          
          
          
          
          
          
          
        
          
          
          
          
          
          
          
          
            
            
            
            
            
            
            
          
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

in Article 4 (2) of the MFF Regulation. As stipulated in the Council Regulation (EU, Euratom) 2020/2093 
laying down the 2021-2027 MFF, for commitment appropriations the amounts are split per Heading; for 
payment appropriations the ceilings only apply at total level. 2024 was the fouth financial year covered 
by the MFF 2021-2027.  

Following  the  political  agreement  on  the  Mid-term  revision  of  the  2021-2027  MFF  reached  in  the 
European Council of 1 February and with the European Parliament on 6 February 2024, the revised MFF 
Regulation47 was adopted on 29 February. The mid-term revision reinforced the EU budget for the period 
2024-2027 by EUR 64.6 billion, of which EUR 33 billion in loans, in a number of priority areas including 
support to Ukraine, the setting-up of the strategic technologies for Europe platform (STEP), the creation 
of the mechanism to cover additional costs to fund the Next Generation EU recovery instrument, arising 
from  higher interest rates as  well as the  additional funding for migration management and international 
partnerships,  and  the  reinforcement  of  some special  instruments.  The  Solidarity  and  Emergency  Aid 
Reserve  (SEAR)  is  split  as  of  1  January  2024  into  two  separate  instruments  (the  European  Solidarity 
Reserve and the Emergency Aid Reserve). To integrate the impact of the Mid-term revision on the Annual 
Budget for 2024, Amending Budget 1/2024 was adopted48.    

The  overall  ceiling  for  commitment  appropriations  for  2024  was  EUR 186 840 million,  whilst  the 
corresponding ceiling for payment appropriations was EUR 170 543 million. 

Pursuant to Article 312 (3) TFEU, the MFF determines the amounts of the annual ceilings for commitment 
appropriations  by  category  of  expenditure  (‘headings’)  and  of  the  annual  ceilings  for  payment 
appropriations.  MFF headings  correspond to the  Union’s major  sectors of  activity.  An  explanation of the 
various headings of the 2021-2027 MFF is given below. 

The  MFF  2021-2027  amounts  to  EUR  1 221  billion  (EUR  1 081  billion  in  2018  prices),  including  the 
European Development Fund (EDF). In addition, NextGenerationEU provides an additional amount of EUR 
806.9  billion  (EUR  750  billion  in  2018  prices)  up  to  2023  in  commitments  and  2026  in  payments.  This 
initial  amount  has  been  adjusted  to  EUR  712  billion,  as  the  total  available  loan  support  was  not  fully 
requested by the Member States. 

For  the  annual  budget  procedure,  the  budget  nomenclature  is  further  structured  by  policy  ‘clusters’, 
providing further clarity on how individual spending programmes contribute to the Union’s policy goals. 

Heading 1 – Single Market, Innovation and Digital 

This  heading  includes  key  EU  programmes  supporting  the  areas  of  research  and  innovation,  digital 
transformation,  strategic  infrastructure,  strengthening  the  single  market  and  strategic  space  projects. 
Programmes under this heading include Horizon Europe, the InvestEU Fund, Connecting Europe Facility, 
the Single market programme and the European space programme. 

Programmes receiving contributions from NGEU (external assigned revenue) under this heading: Horizon 
Europe and InvestEU Fund. 

Heading 2 – Sustainable growth: natural resources 

This heading is divided in two sub-headings: Economic, social and territorial cohesion (2a), and Resilience 
and values (2b). 

Spending under this heading aims at strengthening the resilience and cohesion between the EU Member 
States. The funding helps reduce disparities in and between EU  regions, and within and across Member 
States,  and  promotes  sustainable  territorial  development  (European  Regional  Development  Fund, 
Cohesion  Fund,  European  Social  Fund  Plus).  It  also  supports  the  Union’s  solidarity  and  cooperation  in 
preparedness  and  response  to  disasters  (Union  Civil  Protection  Mechanism  and  RescEU).  In  addition, 
programmes under this heading seek to make the EU more resilient to present and future challenges by 
investing in the  green and digital transition, young people (Erasmus), health (EU4Health) and action to 
protect EU values (Justice, Rights and Values) and promote cultural diversity (Creative Europe). 

This heading includes the RRF, powered by the vast majority of the funding provided by  NGEU over the 
period  2021-2023.  Other  programmes  receiving  contributions  from  NGEU  (external  assigned  revenue) 

47   as  last  amended  by  Council Regulation  (EU,  Euratom)  No 2024/765 of 29  February 2024,  OJ  L series, 2024/765, 

29.2.2024, p.1. 

48 AB 1/2024, OJ L, 2024/1430, 5.6.2024. 

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Annual accounts of the European Union 2024 

under this heading: REACT-EU, Union Civil Protection Mechanism (RescEU). For a more detailed overview 
of the RRF activities, consult sections on the NGEU 2 and 3 of the Financial Highlights of the Year. 

Heading 3 – Natural Resources and Environment  

Expenditure  under  this  heading  invests  in  sustainable  agriculture  (common  agricultural  policy)  and 
fisheries and maritime policy (European Maritime, Fisheries and Aquaculture Fund), as well programmes 
dedicated to environmental protection and climate action (LIFE programme, Just Transition Fund). 

Programmes  receiving  contributions  from  NGEU  (external  assigned  revenue)  under  this  heading:  rural 
development, Just Transition Fund. 

Heading 4 – Migration and Border Management 

The programmes (Asylum, Migration and Integration Fund, Integrated Border Management Fund) and the 
decentralised  agencies  (such  as  the  European  Border  and  Coast  Guard  Agency  (Frontex)  and  the 
European Union Agency for Asylum) financed under this heading seek to tackle the challenges linked to 
migration  and  the  management  of  the  EU’s  external  borders  and  to  the  safeguarding  of  the  asylum 
system within the EU. 

Heading 5 – Security and Defence 

This  heading  reflects  the  increased  need  for  cooperation  at  Union  level  to  address  security  threats  and 
increase its strategic autonomy. It includes programmes whose role is to improve the security and safety 
of  Europe’s  citizens  (Internal  Security  Fund),  to  strengthen  Europe’s  defence  capacities  (European 
Defence Fund), and to provide the tools needed to respond to internal and external security challenges. 

Heading 6 – Neighbourhood and the World 

Programmes  under  this  heading  reinforce  the  EU  socio-economic  impact  in  its  neighbourhood,  in 
developing countries and the rest of the world. The new NDICI- Global Europe instrument merges several 
former EU external financing instruments, including cooperation with African, Caribbean and Pacific (ACP) 
countries previously financed by the European Development Fund. The heading also includes assistance 
for countries preparing for accession to the EU (Pre-accession assistance) and the Union’s Humanitarian 
Aid programme. 

Heading 7 - European Public Administration 

This heading covers administrative expenditure for all institutions, pensions and the European Schools.  

S - Special instruments 

Flexibility  mechanisms  in  the  EU  budget  enable  the  EU  to  mobilise  the  necessary  funds  to  react  to 
unforeseen  events  such  as  crisis,  natural  disasters  and  emergency  situations.  Their  scope,  financial 
allocation  and  operating  modalities  are  provided  for  in  the  MFF  Regulation  and  the  Inter  Institutional 
Agreement. They ensure that budgetary resources can respond to evolving priorities, so that every euro 
is used where it is most needed. 

In  the  annual  budgetary  nomenclature  and  implementation,  they  are  identified  as  special  instruments 
(‘S’),  as  they can be mobilised over and above the MFF  expenditure ceilings, both for commitment and 
payment appropriations.  

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3.3.  MFF DETAILED HEADINGS (PROGRAMMES) 

The  headings  of  the  MFF  are  further  broken  down  into  detailed  headings,  corresponding  to  the  main 
spending  programmes  (e.g.  Horizon  2020,  Erasmus+  etc.).  Underlying  legal  bases  for  budget 
implementation are adopted at this programme level. Programmes are the commonly used structure for 
reporting  on  implementation  and  results.  Tables  by  programme  are  shown  in  the  budgetary 
implementation reports (see tables 6.7 - 6.12 below). 

3.4.  NextGenerationEU 

With a budget of EUR 420.8 billion for the non-repayable support, NGEU has a major impact on the total 
EU  annual budgets 2021 through  to  2026 and on  their  implementation. In 2021,  this amount has been 
fully inscribed as assigned revenue appropriations. All commitments for the non-repayable support were 
entered by 31 December 2023 and will be honoured by payments by 31 December 2026, in accordance 
with the Articles 3 (4) and 3 (9) of the EURI Regulation49. 

For a comprehensive overview of the NGEU activities, consult sections 2 and 3 of the Financial Highlights 
of the Year. 

49 Council Regulation (EU) 2020/2094 of 14 December 2020 establishing a European Union Recovery Instrument to 

support the recovery in the aftermath of the COVID-19 crisis. 

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3.5.  ANNUAL BUDGET 

The budget adoption procedure is laid down in Article 314 of the Treaty on the Functioning of the EU. The 
following diagram presents the deadlines as well as the steps of the budget adoption. 

1)  In practice, the three institutions endeavour to present their respective documents earlier in the 

year in order to smooth the process. 

2)  The Conciliation  Committee is composed of the  members of the Council or their  representatives 
and an equal number of members representing the European Parliament. The Commission takes 
part  in  the  Conciliation  Committee’s  proceedings  and  takes  all  the  necessary  initiatives  to 
reconcile the positions of the European Parliament and the Council. 

3)  The  European  Parliament  approves  the  joint  text  and  then,  within  14  days  of  the  Council’s 
rejection, decides (by a majority of its component members and 3/5 of the votes cast) to confirm 
all or some of its amendments. 

The budget structure for the  Commission consists of  administrative and operational appropriations. The 
other  Institutions  have  only  administrative  appropriations.  Furthermore,  the  budget  distinguishes 
between  two  types  of  appropriations:  non-differentiated  and  differentiated.  Non-differentiated 
appropriations  are  used  to  finance  operations  of  an  annual  nature  (which  comply  with  the  principle  of 
annuality). Differentiated appropriations are used in order to reconcile the principle of annuality with the 
need  to  manage  multiannual  operations.  Differentiated  appropriations  are  split  into  commitment  and 
payment appropriations: 

146 

Treaty timetable1          1 September Draft Budget (DB) Commission    1 October Council’s position on the DB Council     European Parliament’s position on Council’s position Parliament    13 November (42 days) EP approves Majority of votes cast or takes no decision    EP adopts amendments Majority of component members  ▼    ▼  Budget adopted ◀ Committee accepts Parliament’s amendments within 10 days ◀ Conciliation Committee is convened2      ▼ 13 November to 4 December (21 days) Conciliation Committee agrees to a Joint Text Conciliation Committee      YES within 14 days  NO within 14 days   ▼   ▼ 18 December (14 days) Parliament and Council approve (or fail to decide) ——— OR ——— Council rejects, Parliament has final word3  Council approves, Parliament rejects ——— OR ——— Council and Parliament reject ▶ Draft Budget rejected Commission submits a new DB  ▼      Budget adopted     
 
Annual accounts of the European Union 2024 

—  commitment  appropriations:  cover  the  total  cost  of  the  legal  obligations,  entered  into  for  the 
current  financial  year,  for  operations  extending  over  a  number  of  years.  However,  budgetary 
commitments for actions extending over more than one financial year may be broken down over 
several years, into annual instalments, where the basic act so provides. 

—  payment appropriations: cover expenditure arising from commitments entered into in the current 

financial year and/or earlier financial years. 

In the accounts, the types of funding are grouped into two main items: 

—  Final adopted budget appropriations; and 

—  Additional appropriations containing: 

–  Carry-overs  from  previous  year  (the  Financial  Regulation  allows,  for  a  limited  number  of 

cases, to carry unspent amounts from the previous year into the current year); and 

–  Assigned revenue arising from reimbursements, contributions from third parties/countries to 
EU  programmes  and  work  performed  for  third  parties;  these  are  assigned  directly  to  the 
corresponding expenditure budget lines and constitute the third pillar of funding. 

All funding types together form the available appropriations. 

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Annual accounts of the European Union 2024 

3.6.  REVENUE 

3.6.1. 

Own resources revenue 

The vast majority of revenue comes from own resources, which consist of the following categories:  

(1)  Traditional own resources (TOR): accounted for around 14% of own resources revenue in 2024. 

(2)  Value added tax (VAT) based resource: accounted for around  17% of own resources revenue in 

2024. 

(3)  Resource based on plastic packaging waste that is not recycled: accounted for around 5% of own 

resources revenue in 2024. 

(4)  Gross  national  income  (GNI)  based  resource:  accounted  for  around  64%  of  own  resources 

revenue in 2024. 

Council Decision (EU, Euratom) 2020/2053 of 14 December 2020 on the system of own resources of the 
EU (Own Resources Decision 2020) specifies the categories of own resources and lays down the methods 
for their calculation. This decision entered into force on 1 June 2021 and was applied retroactively from 
1 January 2021.  

The  Own  Resources  Decision  2020  stipulates  that  the  total  amount  of  own  resources  allocated  to  the 
Union to cover annual appropriations for payments shall not exceed 1.40% of the sum of all the Member 
States’  GNIs.  In  addition,  the  decision  empowers  the  Commission  on  an  exceptional  basis  to  borrow 
temporarily up to EUR 750 billion in 2018 prices on the capital markets on behalf of the Union to address 
the  consequences  of  the  COVID-19  pandemic  through  the  recovery  instrument  NextGenerationEU.  The 
own  resources  ceiling  for  appropriations  for  payments  will  be  increased  temporarily  by  0.6  percentage 
points to cover all liabilities resulting from this borrowing. 

As  from  2021,  ‘other  revenue’  of  the  EU  budget  includes  the  financial  contributions  from  the  United 
Kingdom resulting from the financial settlement under the UK Withdrawal Agreement. 

3.6.2. 

Traditional own resources (TOR) 

TOR  consist  of  customs  duties  levied  on  imports  from  third  countries,  which  are  collected  by  Member 
States  on  behalf  of  the  EU.  However,  Member  States  retain  25%  to  cover  their  collection  costs.  All 
established  TOR  amounts  must  be  entered  in  one  of  the  following  accounts  kept  by  the  competent 
authorities: 

In the ordinary accounts provided for in Article 6(3) of Council Regulation (EU, Euratom) No 609/2014: 
all amounts recovered or guaranteed. 

In  the  separate  accounts  provided  for  in  the  same  Article:  all  amounts  not  yet  recovered  and/or  not 
guaranteed; amounts guaranteed but challenged may also be entered in this account. 

Member States must book TOR to the Commission’s account via their treasury or national central bank no 
later than the first working day after the 19th day of the second month following the month in which the 
entitlement was established (or recovered in the case of the separate account). 

3.6.3. 

Value added tax (VAT) 

The VAT own resource is calculated based on Member States’ VAT bases, which are harmonised for this 
purpose in accordance with EU rules. A uniform call rate of 0.30% applies to each Member State’s total 
amount of VAT receipts collected for all taxable supplies divided by the weighted average VAT rate. The 
VAT base is capped at 50% of each Member State’s GNI. 

3.6.4. 

Non-recycled plastic packaging waste 

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Annual accounts of the European Union 2024 

A uniform call rate of EUR 0.80 per kilogram applies to the weight of plastic packaging waste generated 
in  each  Member  State  that  is  not  recycled.  The  plastic  packaging  waste  that  is  not  recycled  in  a  given 
year  is  calculated  as  the  difference  between  the  plastic  packaging  waste  generated  and  the  plastic 
packaging  waste  recycled  in  that  year  in  a  Member  State.  Bulgaria,  Czechia,  Estonia,  Greece,  Spain, 
Croatia,  Italy,  Cyprus,  Latvia,  Lithuania,  Hungary,  Malta,  Poland,  Portugal,  Romania,  Slovenia  and 
Slovakia  are  entitled  to  specific  annual  lump  sum  reductions  in  their  respective  plastics  own  resource 
contributions. 

3.6.5. 

Gross national income (GNI) 

The resource based on gross national income (GNI) is used to finance that part of the budget that is not 
covered  by  other  revenue  sources.  A  uniform  call  rate  is  levied  on  each  Member  State’s  GNI,  which  is 
established in accordance with EU rules. 

3.6.6. 

Gross reduction 

For  the  period  2021-2027,  the  following  Member  States  benefit  from  a  gross  reduction  in  their  annual 
GNI-based contributions; EUR 565 million for Austria, EUR 377 million for Denmark, EUR 3 671 million for 
Germany,  EUR  1  921  million  for  the  Netherlands  and  EUR  1  069  million  for  Sweden.  These  gross 
reductions are measured in 2020 prices and financed by all Member States. 

3.6.7. 

Adjustments to own resources of previous financial years 

VAT and GNI-based resources are determined on the basis of forecasts of the relevant bases made when 
the  draft  budget  is  prepared.  These  forecasts  are  subsequently  revised  and  updated  during  the  budget 
year concerned, by means of an amending budget. Differences between the amounts due by the Member 
States  with  reference  to  the  actual  bases,  and  the  amounts  actually  paid  on  the  basis  of  the  (revised) 
forecasts, either positive or negative, are called by the Commission from the Member States for the first 
working  day  of  March  of  the  third  year  following  the  budget  year  concerned.  Corrections  may  still  be 
made to the actual VAT and GNI bases during the subsequent four years, unless a reservation is issued. 
These  reservations  represent  potential  claims  on  the  Member  States  for  uncertain  amounts,  as  their 
financial  impact  cannot  be  accurately  estimated.  When  the  exact  amount  can  be  determined,  the 
corresponding  VAT  and  GNI-based  resources  are  called  either  in  connection  with  the  VAT  and  GNI 
balances  exercise  or  by  individual  calls  for  funds.The  forecast  of  the  plastics-based  own  resource  is 
adjusted  in  a  similar  way.  However,  the  differences  between  the  amounts  due  by  the  Member  States 
according to their annual statements with the outturn data, and the amounts actually paid on the basis of 
the (revised) forecasts, either positive or negative, are called by the Commission from the Member States 
for the first working day of June of the third year following the budget year concerned. Corrections may 
still be made to the actual bases during the subsequent five years, unless a reservation is issued. 

3.7.   CALCULATION OF THE BUDGET RESULT 

The budget result of the EU is returned to the Member States during the following year through deduction 
of their amounts due for that year. 

The amounts of own resources entered in the accounts are those credited during the course of the year 
to the accounts opened in the Commission's name by the governments of the Member States. Revenue 
comprises  also,  in  the  case  of  a  surplus,  the  budget  result  for  the  previous  financial  year.  The  other 
revenue entered in the accounts is the amount actually received during the course of the year. 

For  the  purposes  of  calculating  the  budget  result  for  the  year,  expenditure  comprises  payments  made 
against the year's appropriations plus any of the appropriations for that year that are carried over to the 
following year. Payments made against the year's appropriations means payments that are made by the 
Accounting Officer by 31 December of the financial year. For the EAGF, payments are those effected by 
the Member States between 16 October N-1 and 15 October N, provided that the Accounting Officer was 
notified of the commitment and authorisation by 31 January N+1. EAGF expenditure may be subject to a 
conformity decision following controls in the Member States. 

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In accordance  with Article 1(1) of Regulation  No 608/2014 laying down implementing measures for  the 
system of own resources, the budget result represents the difference between: 

– 

– 

total revenue received for the financial year; and 

total  payments  made  against  current  year's  appropriations  plus  the  total  amount  of  that  year's 
appropriations carried over to the following year. 

The following are added to or deducted from the resulting figure: 

– 

– 

– 

the net balance of cancellations of payment appropriations carried over from previous years and 
any  payments  which,  because  of  fluctuations  in  the  euro  rate,  exceed  non-differentiated 
appropriations carried over from the previous year; 

the evolution of assigned revenue; and 

the net exchange rate gains or losses recorded during the year. 

Appropriations carried over from  the previous financial year in respect of contributions by and  work  for 
third  parties,  which  by  definition  never  lapse,  are  included  as  additional  appropriations  for  the  financial 
year.  This  explains  the  difference  between  carryovers  from  the  previous  year  in  the  year  N  budget 
implementation  reports  and  those  carried  over  to  the  following  year  in  the  year  N-1  budget 
implementation  reports.  Commitment  appropriations  made  available  again  following  the  repayment  of 
payments on account are disregarded when calculating the budget result. 

Payment  appropriations  carried  over  include  automatic  carry-overs  and  carry-overs  by  decision.  The 
cancellation  of  unused  payment  appropriations  carried  over  from  the  previous  year  comprises  the 
cancellations of appropriations carried over automatically and by decision. 

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Annual accounts of the European Union 2024 

3.8.  RECONCILIATION OF ECONOMIC RESULT WITH 

BUDGET RESULT  

ECONOMIC RESULT OF THE YEAR 

Revenue 
Entitlements established in current year but not yet collected 
Entitlements established in previous years and collected in current year 
Entitlements collected not to be treated as revenue in the economic result 
Accrued revenue (net) 

Expenses 
Accrued expenses (net) 
Expenses prior year paid in current year 
Net-effect pre-financing 
Payment appropriations carried over to next year 
Payments made from carry-overs & cancellation of unused payment 
appropriations 
Movement in provisions 
Other 

Economic result Agencies and ECSC i.L. 

2024 
(97 208) 

EUR million 
2023 
(71 437) 

(6 773) 
9 925 
83 953 
 (723) 
86 382 

10 599 
(2 220) 
(11 678) 
(4 031) 
1 711 
9 948 
7 757 
12 086 
 85 

(5 714) 
10 046 
73 209 
 (923) 
76 618 

14 090 
(1 638) 
(12 575) 
(3 208) 
(5 409) 
3 752 
 240 
(4 748) 
 202 

BUDGET RESULT OF THE YEAR 

1 344 

 635 

In accordance with the Financial Regulation, the economic result of the year is calculated on the basis of 
accrual accounting principles and the EU Accounting Rules, while the budget result is based on modified 
cash  accounting  rules.  As  the  economic  result  and  the  budget  result  cover  the  same  underlying 
transactions – the exception being the other (non-budgetary) sources of revenue and expenditure of the 
agencies  and  the  ECSC  i.L.  which  are  included  in  the  economic  result  only  –  the  reconciliation  of  the 
economic result of the year with the budget result of the year serves as a useful consistency check.  

Reconciling items – Revenue 

The actual budgetary revenue for a financial year corresponds to the revenue collected from entitlements 
established  in  the  course  of  the  year  and  amounts  collected  from  entitlements  established  in  previous 
years. Therefore the entitlements established in the current year but not yet collected are to be deducted 
from the economic result for reconciliation purposes as they do not form part of budgetary revenue. On 
the contrary the entitlements established in previous years and collected in current year must be added 
to the economic result for reconciliation  purposes. Some entitlements collected are not to be treated as 
revenue  in  the  economic  result  and  must  also  be  added  for  reconciliation  purposes.  They  are  mostly 
related to Next Generation EU financing.   

The accrued revenue mainly consists of amounts related to financial corrections, own resources, interests 
and dividends. Only the net effect, i.e. accrued revenue for current year minus reversal accrued revenue 
from previous year, is taken into consideration.  

Reconciling items – Expenditure  

The  accrued  expenses  mainly  consists  of  accruals  made  for  year-end  cut-off  purposes,  i.e.  eligible 
expenses  incurred  by  beneficiaries  of  EU  funds  but  not  yet  reported  to  the  Commission.  Only  the  net-
effect, i.e. accrued expenses for current year minus the reversal of accrued expenses from the previous 
year,  is  taken  into  consideration.  Payments  made  in  the  current  year  relating  to  invoices  registered  in 
prior  years  are  part  of  current  year's  budgetary  expenditure  and  therefore  must  be  added  to  the 
economic result for reconciliation purposes. 

The  net  effect  of  pre-financing  is  the  combination  of  (1)  the  new  pre-financing  amounts  paid  in  the 
current  year  and  recognised  as  budgetary  expenditure  of  the  year  and  (2)  the  clearing  of  the  pre-

151 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

financing  through  eligible  costs  accepted  during  the  current  year.  The  latter  represent  an  expense  in 
accrual  terms  but  not  in  the  budgetary  accounts  since  the  payment  of  the  initial  pre-financing  had 
already been considered as a budgetary expenditure at the time of its payment.  

As well as the payments made against the year's appropriations, the appropriations for that year that are 
carried forward  to the next year also need  to be  taken into account in calculating the budget result for 
the year (in accordance with Article 1(1) of Regulation (EU, Euratom) No  608/2014). The same  applies 
for  the  budgetary  payments  made  in  the  current  year  from  carry-overs  from  previous  years,  and  the 
cancellation of unused payment appropriations. 

The  movement  in  provisions  relates  to  year-end  estimates  made  in  the  financial  statements  (employee 
benefits mainly) that do not impact the budgetary accounts. Other reconciling amounts comprise different 
elements such as asset amortisation/depreciation, asset acquisitions, capital lease payments and financial 
participations for which the budgetary and accrual accounting treatments differ. 

Reconciling item – Economic result Agencies and ECSC i.L. 

The budget result of the year is a non-consolidated figure and does not include the other (non-budgetary) 
sources  of  revenue  and  expenditure  of  the  consolidated  agencies  and  the  ECSC  i.L.  (see  note  6).  To 
reconcile the economic result of the year – a consolidated figure which includes these amounts – with the 
budgetary result of the year, the whole consolidated economic result of the year of the agencies and the 
ECSC i.L. is presented as a reconciling item. 

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Annual accounts of the European Union 2024 

 IMPLEMENTATION OF THE 2024 EU BUDGET  

Please  see  section  6,  “Summary  of  budget  implementation"  in  the  Financial  Highlights  of  the  Year  for 
explanatory  notes  on  the  2024  budget  implementation  for  revenue  and  expenditure,  outstanding 
commitments and budget result. 

153 

 
 
 IMPLEMENTATION OF EU BUDGET REVENUE  

Annual accounts of the European Union 2024 

5.1.  SUMMARY OF THE IMPLEMENTATION OF EU BUDGET REVENUE  

Income appropriations 

Entitlements established 

Revenue 

Title 

Initial 
adopted 
budget 

Final 
adopted 
budget 

Current 
year 

Carried 
over 

Total 

On entitle- 
ments of 
current year 

On entitle- 
ments 
carried over 

Total 

EUR million 

Receipts 
as % of 
budget 

Out- 
standing 

1 

2 

3 

4 

5=3+4 

6 

7 

8=6+7 

9=8/2 

10=5-8 

136 499 

141 170 

141 280 

 (197) 

141 082 

141 202 

 (155) 

141 047 

 100 % 

0 

0 

– 

 (0) 

 (0) 

– 

– 

– 

- 

24 620 

20 119 

20 299 

 (197) 

20 102 

20 222 

 (155) 

20 066 

 100 % 

1  Own resources 

  11 - Sugar levies 

  12 - Customs duties 

  13 - VAT 

  14 - GNI 

16 - Reduction of GNI-based contribution 
granted to certain Member States 

  17 - Plastic packaging waste 

7 094 

7 140 

7 185 

2  Surpluses, balances and adjustments 

0 

 633 

 662 

3  Administrative revenue 

2 124 

2 124 

3 906 

23 616 

23 463 

23 438 

81 169 

90 449 

90 334 

– 

– 

 23 

– 

– 

– 

– 

 7 

 36 

23 438 

23 438 

90 334 

90 334 

 23 

7 185 

 669 

3 942 

 23 

7 185 

 662 

3 877 

 (739) 

 36 

 (0) 

 36 

– 

– 

– 

– 

– 

23 438 

 100 % 

90 334 

 100 % 

 23 

- 

7 185 

 101 % 

 669 

 106 % 

– 

– 

– 

– 

 7 

 20 

3 897 

 183 % 

 45 

4  Financial revenue, default interest and fines 

 149 

3 478 

3 245 

14 681 

17 926 

5 513 

4 774 

 137 % 

13 152 

5 

6 

Budgetary guarantees, borrowing-and-lending 
operations 
Revenue, contributions and refunds related to 
union policies 

0 

0 

73 376 

– 

73 376 

73 332 

– 

73 332 

- 

 44 

3 858 

2 340 

25 115 

4 769 

29 884 

22 345 

4 545 

26 890 

1 149 % 

2 994 

  Total 

142 630 

149 744  247 584 

19 295  266 879 

240 680 

9 929  250 609 

167 % 

16 270 

154 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 IMPLEMENTATION OF EU BUDGET EXPENDITURE  

Annual accounts of the European Union 2024 

6.1.  MFF: BREAKDOWN & CHANGES IN COMMITMENT & PAYMENT APPROPRIATIONS 

Commitment appropriations 

Payment appropriations 

MFF Heading 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets 
& 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 

Carry-
overs 

Assigned 
revenue 

7 

8 

9=7+8 

10 

11 

Total 
approp. 
available 

6=3+ 
4+5 

EUR million 

Total 
approp. 
available 

12=9+ 
10+11 

1 

Single Market, Innovation and 
Digital 

21 493 

 (1) 

21 492 

 95 

7 621 

29 209 

20 828 

 72 

20 900 

 109 

11 495 

32 504 

2  Cohesion, Resilience and Values 

74 561 

 22 

74 583 

 12 

12 088 

86 683 

33 716 

2 264 

35 980 

 813 

85 003 

121 796 

2a. Economic, social and territorial 
cohesion 

64 665 

– 

64 665 

 12 

8 023 

72 701 

24 156 

2 337 

26 493 

 1 

27 947 

54 441 

  2b. Resilience and values 

9 895 

 22 

9 917 

 0 

4 065 

13 982 

9 560 

 (73) 

9 487 

 812 

57 056 

67 355 

3  Natural Resources and Environment 

57 339 

 (32) 

57 307 

 316 

2 252 

59 874 

54 151 

1 959 

56 110 

 324 

10 799 

67 233 

of which: Market-related 
expenditure and direct payments 

4  Migration and Border Management 

5  Security and Defence 

40 517 

 (0) 

40 517 

 316 

 912 

41 745 

40 505 

 (32) 

40 474 

 316 

 912 

41 702 

3 893 

2 321 

 1 

3 893 

 378 

2 699 

– 

– 

 338 

4 232 

3 249 

 79 

2 778 

2 035 

 12 

 48 

3 261 

2 084 

 3 

 8 

 463 

3 727 

 51 

2 142 

6  Neighbourhood and the World 

16 230 

1 073 

17 303 

 483 

1 783 

19 569 

15 291 

 (838) 

14 454 

 161 

1 626 

16 241 

7  European Public Administration 

11 988 

 69 

12 057 

     of which: Administrative 
expenditure of the institutions 

4 955 

 1 

4 956 

O  Outside MFF 

– 

4 768 

4 768 

 1 

 1 

– 

2 445 

14 502 

11 988 

 69 

12 057 

1 004 

2 456 

15 516 

 513 

5 470 

4 955 

 1 

4 956 

 613 

 522 

6 091 

4 174 

8 941 

– 

3 755 

3 755 

– 

10 506 

14 261 

S 

Solidarity mechanisms within and 
outside the Union (Special 
instruments) 

1 561 

 (383) 

1 178 

 407 

 314 

1 899 

1 371 

 (227) 

1 144 

 728 

 475 

2 347 

  Total 

189 385 

5 894  195 279  1 314 

31 094 

227 687  142 630 

7 114  149 744 

3 150  122 875 

275 769 

155 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.2.  MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS 

Annual accounts of the European Union 2024 

MFF Heading 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

Appropriations carried over to 
2025 

from final 
adopted 
budget 

from 
assigned 
revenue 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

1 

2 

Single Market, Innovation 
and Digital 
Cohesion, Resilience and 
Values 
2a. Economic, social and 
territorial cohesion 

29 209 

21 489 

 95 

4 378 

25 962 

 89 % 

86 683 

73 513 

 12 

10 668 

84 193 

 97 % 

72 701 

63 596 

 12 

7 808 

71 416 

 98 % 

  2b. Resilience and values 

13 982 

9 917 

 0 

2 860 

12 778 

 91 % 

 0 

 0 

– 

 0 

3 243 

3 244 

 3 

1 335 

1 335 

1 070 

 131 

 131 

1 070 

1 204 

1 204 

3 

4 

Natural Resources and 
Environment 
of which: Market-related 
expenditure and direct 
payments 
Migration and Border 
Management 

59 874 

57 243 

41 745 

40 465 

4 232 

3 892 

5  Security and Defence 

2 778 

2 699 

– 

– 

– 

– 

 721 

57 964 

 97 % 

 366 

1 296 

1 663 

 345 

40 810 

 98 % 

 366 

 567 

 933 

 147 

4 039 

 95 % 

 71 

2 770 

 100 
% 

– 

– 

 191 

 191 

 8 

 8 

19 569 

16 646 

 421 

1 217 

18 283 

 93 % 

 657 

 566 

1 224 

6 

7 

Neighbourhood and the 
World 
European Public 
Administration 
     of which: Administrative 
expenditure of the 
institutions 

14 502 

12 003 

5 470 

4 911 

 1 

 1 

– 

1 348 

13 351 

 92 % 

– 

1 097 

1 097 

 54 

 379 

5 291 

 97 % 

 134 

 134 

 45 

 815 

5 552 

 62 % 

 30 

3 359 

3 389 

 0 

O  Outside MFF 

8 941 

4 737 

S 

Solidarity mechanisms 
within and outside the 
Union (Special instruments) 

1 899 

 842 

 407 

 297 

1 546 

 81 % 

 310 

 7 

 318 

 25 

 0 

 13 

 2 

 1 

 0 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

 62 

– 

– 

– 

– 

 0 

 85 

 85 

 0 

 234 

– 

 0 

 0 

 0 

 0 

 0 

– 

 10 

Total 

13=10+ 
11+12 

 3 

1 155 

1 154 

 1 

 247 

 2 

 1 

 0 

 62 

 54 

 45 

 0 

 35 

  Total 

227 687  193 064 

 937 

19 661  213 661  94 % 

1 365 

11 103 

12 468 

1 166 

 62 

 330 

1 558 

156 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.3.  MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS 

Annual accounts of the European Union 2024 

MFF Heading 

Total 
appropr. 
available 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

EUR million 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

1 

Single Market, Innovation and 
Digital 

32 504 

20 778 

 98 

4 988 

25 864 

 80 % 

 113 

6 504 

6 617 

2  Cohesion, Resilience and Values 

121 796 

34 082 

 811 

81 633 

116 525 

 96 % 

1 898 

3 368 

5 266 

2a. Economic, social and 
territorial cohesion 

54 441 

26 490 

 1 

25 458 

51 949 

 95 % 

 2 

2 489 

2 491 

  2b. Resilience and values 

67 355 

7 591 

 810 

56 175 

64 576 

 96 % 

1 896 

 879 

2 775 

3 

4 

Natural Resources and 
Environment 
     of which: Market-related 
expenditure and direct payments 
Migration and Border 
Management 

67 233 

56 043 

41 702 

40 416 

3 727 

3 231 

5  Security and Defence 

2 142 

2 073 

 8 

 0 

 2 

 7 

8 398 

64 448 

 96 % 

 376 

2 401 

2 777 

 345 

40 762 

 98 % 

 367 

 567 

 934 

 171 

3 405 

 91 % 

 28 

 292 

 320 

 42 

2 123 

 99 % 

 6 

 8 

 14 

6  Neighbourhood and the World 

16 241 

14 346 

 153 

 897 

15 395 

 95 % 

 107 

 729 

 836 

7  European Public Administration 

15 516 

11 114 

 926 

1 226 

13 266 

 85 % 

 889 

1 229 

2 118 

     of which: Administrative 
expenditure of the institutions 

6 091 

4 329 

 557 

 338 

5 224 

 86 % 

 582 

 183 

 766 

O  Outside MFF 

14 261 

3 634 

– 

 353 

3 987 

 28 % 

 121 

10 154 

10 274 

 9 

 0 

 0 

 0 

 7 

 6 

 2 

 5 

 1 

 54 

 45 

 (0) 

 11 

 2 

 1 

 2 

 0 

 0 

 0 

 1 

 9 

 78 

 55 

– 

S 

Solidarity mechanisms within 
and outside the Union (Special 
instruments) 

2 347 

 834 

 675 

 466 

1 975 

 84 % 

 310 

 7 

 318 

 0 

 53 

 3 

 2 

 0 

 2 

 0 

– 

 0 

 0 

 0 

 1 

 1 

– 

 2 

  Total 

275 769  146 134  2 680  98 175  246 988  90 % 

3 848  24 692  28 540 

 78 

 154 

 8 

 240 

157 

Total 

13=10+ 
11+12 

 23 

 5 

 1 

 4 

 8 

 6 

 2 

 5 

 10 

 133 

 100 

 (0) 

 55 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.4.  MFF: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) 

Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

MFF Heading 

Commitm. 
carried 
forward from 
previous year 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

Cancellation 
of commitm. 
which 
cannot be 
carried over 

Commitm. 
outstanding 
at year-end 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

2a. Economic, social and territorial 
cohesion 

  2b. Resilience and values 

3  Natural Resources and Environment 

     of which: Market-related 
expenditure and direct payments 

4  Migration and Border Management 

5  Security and Defence 

6  Neighbourhood and the World 

7  European Public Administration 

     of which: Administrative expenditure 
of the institutions 

O  Outside MFF 

S 

Solidarity mechanisms within and 
outside the Union (Special instruments) 

1 

51 926 

376 757 

154 864 

221 893 

57 477 

 358 

5 121 

3 803 

39 987 

1 004 

 608 

6 447 

 482 

2 

3 

4=1+2+3 

5 

6 

7 

8=5+6+7 

9=4+8 

 (853) 

(17 829) 

33 244 

25 962 

(8 035) 

 (336) 

(102 977) 

273 444 

84 193 

(13 548) 

 (161) 

(48 409) 

106 295 

71 416 

(3 540) 

 (176) 

(54 568) 

167 149 

12 778 

(10 008) 

 (125) 

(23 401) 

33 950 

57 964 

(41 048) 

 (35) 

 (102) 

 221 

40 810 

(40 660) 

 (1) 

 (4) 

(2 129) 

(1 378) 

2 991 

2 420 

4 039 

(1 276) 

2 770 

 (744) 

 (779) 

(10 433) 

28 776 

18 283 

(4 962) 

 (76) 

 (927) 

 (51) 

 (557) 

 0 

– 

13 351 

(12 339) 

5 291 

(4 668) 

 (114) 

 (261) 

6 072 

5 552 

(3 726) 

 (0) 

 (429) 

 53 

1 546 

(1 546) 

 (7) 

 (1) 

 (1) 

 (0) 

 (0) 

– 

 (0) 

 (0) 

 (0) 

 (2) 

 (1) 

 (0) 

– 

17 920 

51 164 

70 644 

344 088 

67 875 

174 170 

2 769 

169 918 

16 916 

50 867 

 150 

2 763 

2 025 

 371 

5 754 

4 445 

13 321 

42 097 

1 011 

 623 

1 827 

 0 

1 011 

 623 

7 899 

 53 

  Total 

543 003 

(2 288)  (159 765) 

380 950 

213 661 

(87 223) 

 (10) 

126 428 

507 378 

158 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.5.  MFF: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN  

Annual accounts of the European Union 2024 

1 

2 

3 

4 

5 

6 

7 

O 

S 

Single Market, Innovation and Digital 

Cohesion, Resilience and Values 

Natural Resources and Environment 

Migration and Border Management 

Security and Defence 

Neighbourhood and the World 

European Public Administration 

Outside MFF 

Solidarity mechanisms within and outside the Union 
(Special instruments) 

EUR million 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

 957 

1 587 

 136 

 40 

 18 

 639 

 273 

 201 

 3 

 46 

2 663 

4 496 

4 309 

7 314 

11 086 

19 700 

51 164 

 588 

 178 

 18 

 74 

1 478 

3 357 

42 094 

54 161 

240 550 

344 088 

 222 

 421 

 188 

 372 

 139 

 506 

3 544 

 663 

45 551 

50 867 

 313 

 612 

1 580 

3 241 

 909 

2 094 

5 754 

4 445 

1 336 

1 149 

1 651 

1 948 

4 056 

8 352 

9 878 

13 726 

42 097 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

 0 

1 011 

 65 

2 586 

3 421 

1 827 

1 011 

7 899 

– 

– 

 53 

 0 

 53 

Total 

4 074 

2 312 

5 172 

8 752 

12 804 

64 814 

81 750  327 700 

507 378 

As  a  result  from  re-allocation  of  commitments  in  the  framework  of  the  migration  to  a  new  accounting  system  (SUMMA)  a  shift  of  outstanding  amount  (201  274  EUR  million) 
between years has occurred. The overall amount of outstanding commitments remains unchanged. 

159 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.6.  MFF: OUTSTANDING COMMITMENTS BY APPROPRIATIONS TYPE 

Annual accounts of the European Union 2024 

From budget appropriations 

From assigned revenue appropriations 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

1 

2 

3 

4 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

Amount 
remaining 
to be 
settled 
10=6+7+8
-9 

EUR million 

Total 
commitm. 
outstanding 
at the end 
of 2024 

11=5+10 

1  Single Market, Innovation and Digital 

43 318 

 (629) 

21 584 

20 969 

43 304 

8 608 

 (230) 

4 378 

4 895 

7 860 

51 164 

2  Cohesion, Resilience and Values 

129 392 

 825 

73 525 

31 113 

172 629 

247 365 

(1 163) 

10 668 

85 412 

171 459 

344 088 

2a. Economic, social and territorial 
cohesion 

123 345 

 982 

63 608 

22 751 

165 184 

31 520 

(1 144) 

7 808 

29 198 

8 986 

174 170 

  2b. Resilience and values 

6 048 

 (157) 

9 917 

8 363 

7 445 

215 846 

 (19) 

2 860 

56 214 

162 473 

169 918 

3  Natural Resources and Environment 

41 606 

 109 

57 243 

56 066 

42 891 

15 871 

 (234) 

 721 

8 382 

7 976 

50 867 

   of which: Market related expenditure 
and direct payments 

4  Migration and Border Management 

5  Security and Defence 

 358 

 (35) 

40 465 

40 420 

 368 

 0 

– 

 345 

 342 

4 949 

3 748 

 24 

 (2) 

3 892 

3 239 

5 627 

 172 

 (25) 

 147 

 166 

2 699 

2 066 

4 379 

 (2) 

 71 

 57 

 3 

 127 

 66 

 371 

5 754 

4 445 

6  Neighbourhood and the World 

39 345 

 (701) 

17 067 

14 618 

41 093 

7  European Public Administration 

 886 

 (32) 

12 004 

11 969 

 (78) 

1 217 

 777 

1 004 

42 097 

 (46) 

1 348 

1 297 

 123 

1 011 

     of which: Administrative 
expenditure of the institutions 

O  Outside MFF 

S 

Solidarity mechanisms within and 
outside the Union (Special instruments) 

 567 

 (10) 

4 912 

4 886 

 42 

 (42) 

 379 

 338 

 40 

 623 

– 

 321 

 (0) 

 (0) 

4 737 

3 634 

1 103 

6 447 

 (114) 

1 249 

1 517 

 53 

 161 

– 

 815 

 297 

 353 

 458 

6 795 

7 899 

– 

 53 

 55 

 642 

 118 

 888 

 582 

  Total 

263 564 

 (405)  194 000  145 192 

311 967 

279 440 

(1 893) 

19 661  101 797 

195 410 

507 378 

160 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.7.  DETAILED MFF: BREAKDOWN AND CHANGES IN COMMITMENT AND PAYMENT 

APPROPRIATIONS 

Annual accounts of the European Union 2024 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

12 897 

 1 

12 898 

 95 

4 458 

Total 
approp. 
available 

6=3+ 
4+5 
17 451 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

11 833 

 196 

12 028 

 67 

7 104 

19 199 

Programme 

1  Horizon Europe 

  Euratom 

Thermonuclear Experimental Reactor 
(ITER) 

  Other actions 

  Pilot projects and prep. actions 

InvestEU Fund 

  CEF - Transport 

  CEF - Energy 

  CEF - Digital 

  Digital Europe 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
  Single Market 

  EU Anti-Fraud 

  Taxation 

  Customs 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

 281 

 436 

– 

 24 

 348 

1 757 

 885 

 87 

1 266 

 213 

– 

 14 

 24 

 602 

 26 

 38 

 136 

 136 

 9 

 12 

 (1) 

– 

– 

– 

– 

 280 

 436 

– 

 24 

 348 

 0 

1 758 

 (1) 

– 

 885 

 87 

 (1) 

1 265 

 4 

 1 

– 

– 

 1 

– 

– 

– 

 (4) 

 (3) 

– 

 217 

 1 

 14 

 24 

 604 

 26 

 38 

 136 

 132 

 6 

 12 

 58 

 3 

 712 

 0 

 337 

 440 

 712 

 25 

 333 

 509 

– 

 27 

1 672 

2 019 

 347 

 48 

1 806 

2 119 

 888 

 91 

 741 

 151 

 40 

 54 

– 

 (5) 

 (89) 

 (49) 

 39 

 (11) 

 372 

 563 

– 

 22 

 258 

2 070 

 781 

 140 

1 340 

1 150 

 (115) 

1 034 

 228 

 171 

 14 

 29 

 213 

– 

 14 

 21 

 7 

 1 

 6 

 2 

 220 

 1 

 20 

 22 

 3 

 4 

 75 

 11 

 170 

– 

 4 

 48 

 651 

 601 

 (21) 

 580 

 1 

 1 

 9 

 15 

 1 

– 

 27 

 39 

 144 

 147 

 7 

 12 

 23 

 30 

 105 

 136 

 9 

 11 

 327 

2 415 

2 183 

 (1) 

 4 

 27 

 (4) 

 (1) 

 (4) 

 (4) 

 22 

 35 

 132 

 132 

 8 

 7 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

161 

EUR million 

Total 
approp. 
available 

12=9+ 
10+11 

 15 

 107 

 1 

– 

– 

 1 

 1 

 2 

 1 

 7 

– 

– 

– 

– 

 8 

– 

 0 

 0 

– 

– 

– 

 3 

 446 

 0 

2 945 

 40 

 2 

 4 

 71 

 11 

 170 

– 

 5 

 68 

 1 

 1 

 9 

 15 

 1 

– 

 494 

 568 

 446 

 22 

3 203 

2 112 

 784 

 145 

1 112 

 231 

 171 

 20 

 28 

 657 

 22 

 36 

 141 

 147 

 8 

 7 

  European Space Programme 

2 088 

 (0) 

2 088 

2 179 

 5 

 489 

2 673 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

Total 
approp. 
available 

6=3+ 
4+5 

Total 
approp. 
available 

12=9+ 
10+11 

EUR million 

Programme 

  Decentralised agencies 

  Pilot projects & preparatory actions 

  Union Secure Connectivity 

Total Heading 1: Single Market, 
Innovation and Digital 

 78 

 17 

 117 

 1 

– 

– 

 79 

 17 

 117 

21 493 

 (1) 

21 492 

2  Regional Development (ERDF) * 

39 434 

 (4) 

39 431 

  Cohesion Fund 

  Cohesion Fund contrib. to CEF-Transport 

  Pilot projects and prep. actions 

6 842 

1 606 

– 

  European Social Fund Plus (ESF+) * 

16 783 

  Support to Turkish-Cypriot Community 

  European Recovery and Resilience 

  Pericles IV 

  EU Recovery 

  RescEU 

  EU4Health 

Emergency support within the Union 
(ESI) 

 34 

 123 

 1 

3 340 

 240 

 754 

– 

– 

– 

 4 

– 

– 

– 

– 

– 

– 

 (0) 

– 

6 842 

1 606 

 4 

16 783 

 34 

 123 

 1 

3 340 

 240 

 753 

– 

  Decentralised agencies 

 249 

 13 

 263 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  Employment and Social Innovation 

  Erasmus+ 

  European Solidarity Corps (ESC) 

  Creative Europe 

Justice 

  Rights and Values 

– 

 12 

 94 

3 796 

 144 

 335 

 42 

 219 

– 

 0 

– 

– 

– 

– 

– 

 (0) 

– 

 12 

 94 

3 796 

 144 

 335 

 42 

 219 

– 

– 

– 

 95 

 12 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

162 

 4 

– 

– 

 83 

 17 

 78 

 4 

 4 

 (4) 

 82 

– 

 117 

 190 

– 

 190 

– 

– 

 0 

 4 

– 

– 

 86 

– 

 190 

7 621 

29 209 

20 828 

 72 

20 900 

 109  11 495 

32 504 

4 932 

44 375 

13 079 

2 825 

15 904 

 0  14 623 

30 528 

1 127 

7 969 

2 264 

 8 

2 273 

 0 

1 815 

 12 

 0 

1 618 

1 952 

 286 

2 238 

 4 

 5 

 (2) 

 3 

– 

– 

 11 

 0 

4 088 

2 248 

 3 

1 953 

18 736 

6 856 

 (781) 

6 075 

 1  11 498 

17 574 

 8 

 42 

2 784 

2 907 

 1 

 32 

 105 

 1 

 0 

 51 

 27 

 43 

 8 

 50 

– 

 0 

3 391 

3 340 

 268 

 796 

 260 

 689 

 8 

 2 

 312 

 245 

– 

 13 

– 

 12 

 85 

 11 

 104 

 993 

4 789 

3 522 

 49 

 21 

 1 

 3 

 193 

 356 

 43 

 222 

 139 

 366 

 39 

 226 

 5 

 (5) 

 (0) 

– 

 0 

 (146) 

 (2) 

 10 

– 

 0 

 (3) 

 43 

 (7) 

 33 

 9 

 (28) 

 0 

 7 

 44 

 2  55 240 

55 342 

 37 

 100 

 1 

3 340 

 651 

 0 

 0 

 51 

 260 

 544 

– 

 256 

– 

 12 

 82 

 125 

 476 

 5 

– 

– 

– 

– 

 31 

 36 

 49 

– 

 0 

 1 

 12 

 1 

4 042 

 862 

 580 

 36 

 305 

– 

 12 

 95 

3 565 

 16 

1 051 

4 631 

 131 

 398 

 48 

 197 

 5 

 4 

 1 

 1 

 56 

 25 

 1 

 2 

 192 

 428 

 50 

 201 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

EUR million 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

Total 
approp. 
available 

6=3+ 
4+5 

Total 
approp. 
available 

12=9+ 
10+11 

 295 

 8 

 26 

 183 

 9 

– 

– 

– 

 303 

 8 

 26 

 183 

– 

– 

– 

– 

 9 

 0 

 0 

 7 

 313 

 286 

 8 

 26 

 7 

 39 

 190 

 167 

 12 

 2 

 (8) 

 11 

 299 

 9 

 30 

 178 

– 

– 

– 

– 

 10 

 0 

 0 

 7 

 308 

 9 

 31 

 185 

74 561 

 22 

74 583 

 12 

12 088 

86 683 

33 716 

2 264 

35 980 

 813  85 003 

121 796 

Programme 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Total Heading 2: Cohesion, Resilience 
and Values 

3  Agricultural Guarantees 

40 517 

 (0) 

40 517 

 316 

 912 

41 745 

40 505 

 (32) 

40 474 

 316 

 912 

41 702 

Other progr. of Natural Resources and 
Environment 

0 

  Agricultural Fund for Rural Development 

13 156 

  Maritime and Fisheries 

  Fisheries (SFPA and RFMO) 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  Environment and Climate (LIFE) 

Just Transition Fund 
Loan facility under Just Transition 
Mechanism 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Specific actions 

Total Heading 3: Natural Resources and 
Environment 

4  Asylum, Migration and Integration  

  Decentralised agencies 

  Pilot projects and prep. actions 

Border Mngmt. (IBMF) - Border mngmt 
and visa 

0 

– 

– 

0 

13 156 

1 070 

 (33) 

 0 

0 

– 

 3 

– 

– 

 (2) 

– 

– 

 130 

 30 

0 

 9 

 768 

1 490 

 50 

 66 

 6 

 16 

0 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

0 

0 

0 

0 

0 

 420 

13 576 

11 992 

1 774 

13 765 

– 

 2 

0 

– 

 5 

 154 

1 224 

 130 

 32 

0 

 9 

 781 

 143 

 30 

0 

 5 

 773 

 571 

 246 

1 736 

 504 

 554 

 8 

– 

– 

 74 

 6 

 16 

 3 

 35 

 68 

 12 

 7 

 199 

 (29) 

 0 

0 

 (2) 

 29 

 2 

 25 

 (2) 

 (3) 

 (3) 

 979 

 114 

 30 

0 

 3 

 600 

 5 

 60 

 66 

 9 

 4 

0 

 0 

 1 

– 

– 

0 

– 

 7 

– 

– 

– 

– 

– 

0 

2 712 

 175 

– 

 2 

0 

– 

 4 

6 465 

 521 

 8 

– 

– 

0 

16 478 

1 155 

 114 

 32 

0 

 3 

 612 

6 470 

 582 

 74 

 9 

 4 

1 070 

 163 

 30 

0 

 9 

 765 

1 490 

 50 

 68 

 6 

 16 

57 339 

 (32) 

57 307 

 316 

2 252 

59 874 

54 151 

1 959 

56 110 

 324  10 799 

67 233 

1 508 

 169 

0 

 (5) 

1 503 

 (17) 

 152 

0 

0 

1 023 

 (19) 

1 004 

– 

– 

0 

– 

163 

 10 

 18 

0 

1 513 

1 359 

 1 

1 360 

 170 

 169 

 (17) 

 152 

0 

0 

0 

0 

 2 

– 

0 

 10 

 18 

0 

 182 

1 186 

 524 

 42 

 565 

 1 

 307 

1 372 

 170 

0 

 873 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

Total 
approp. 
available 

6=3+ 
4+5 

Total 
approp. 
available 

12=9+ 
10+11 

EUR million 

 144 

1 048 

3 893 

 322 

 75 

 62 

 251 

– 

 23 

 218 

 420 

 251 

 260 

 343 

0 

– 

 96 

– 

 144 

 42 

1 090 

 1 

 1 

 (7) 

 (2) 

 1 

– 

 9 

 125 

 260 

– 

 (10) 

– 

0 

– 

– 

3 893 

 323 

 67 

 61 

 252 

– 

 32 

 344 

 680 

 251 

 250 

 343 

0 

– 

 96 

2 321 

 378 

2 699 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

– 

– 

 0 

 144 

 157 

 (16) 

 141 

 128 

1 218 

1 040 

 3 

1 043 

 338 

4 232 

3 249 

 12 

3 261 

 2 

– 

 0 

 325 

 67 

 61 

 17 

 269 

– 

 0 

 12 

 23 

– 

 9 

– 

 32 

 355 

 703 

 251 

 259 

 238 

 152 

 72 

 251 

 1 

 21 

 211 

 540 

 262 

 (27) 

 (10) 

 6 

 (3) 

 (0) 

 15 

 (5) 

 8 

 73 

 100 

 (100) 

 211 

 142 

 78 

 249 

 1 

 36 

 206 

 547 

 335 

– 

 16 

 359 

 79 

 91 

 170 

0 

– 

– 

0 

– 

0 

 0 

0 

 (0) 

0 

– 

 96 

 110 

– 

 110 

 0 

– 

 3 

 2 

– 

 1 

– 

– 

– 

 1 

 2 

 1 

– 

 1 

0 

– 

– 

 0 

 128 

 463 

 2 

– 

 0 

 17 

– 

 0 

 7 

 21 

– 

– 

 3 

0 

 0 

– 

 79 

2 778 

2 035 

 48 

2 084 

 8 

 51 

 141 

1 171 

3 727 

 215 

 142 

 79 

 266 

 1 

 36 

 215 

 570 

 335 

– 

 173 

0 

 0 

 110 

2 142 

11 524 

 (10) 

11 514 

 461 

 966 

12 940 

10 764 

(1 510) 

9 254 

 71 

 828 

10 153 

Programme 

Border Mngmt. (IBMF) - Customs 
equipment 

  Decentralised agencies 

Total Heading 4: Migration and Border 
Management 

5  Internal Security Fund (ISF) 

  Nuclear decommissioning 

  Nuclear Safety and decommissioning 

  Decentralised agencies 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  European Defence (Research) 

  European Defence (Non Research) 

  Military Mobility 

Defence instrument on common 
procurement 
Defence Industrial Reinforcement 
instrument 

  European Defence industry Programme 

  Pilot projects and prep. actions 

  Union Secure Connectivity 

6 

  Total Heading 5: Security and Defence 
Neighbourhood, Developm. and Intl. 
Cooperation 
Instrument for Nuclear Safety (EINS) 

  Humanitarian Aid (HUMA) 

1 911 

 584 

2 495 

Common Foreign and Security Policy 
(CFSP) 
Overseas Countries and Territories 
(OCT) 

 385 

 71 

– 

– 

 385 

 71 

 42 

– 

 42 

 21 

 26 

 22 

 35 

 63 

 27 

 6 

 33 

2 521 

1 897 

 528 

2 426 

 406 

 385 

 (0) 

 385 

 107 

 72 

 (21) 

 51 

 1 

 6 

 0 

 8 

 21 

 26 

 12 

 21 

 55 

2 458 

 397 

 79 

 0 

– 

– 

 1 

164 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

EUR million 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

Total 
approp. 
available 

6=3+ 
4+5 

Total 
approp. 
available 

12=9+ 
10+11 

 5 

 81 

– 

 95 

– 

 (2) 

– 

 (0) 

 5 

 79 

– 

 95 

– 

– 

– 

– 

 569 

 574 

 1 

 0 

 0 

 80 

 0 

 95 

 5 

 81 

– 

 86 

– 

 (31) 

 0 

 2 

 5 

 50 

 0 

 88 

– 

– 

– 

– 

 525 

 530 

 1 

 0 

 0 

 51 

 0 

 88 

Programme 

  MFA+ 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  Pre-Accession Assistance (IPA III) 

2 116 

– 

2 116 

 21 

 143 

2 281 

1 975 

 163 

2 138 

 75 

 192 

2 405 

  Facility for Western Balkans 

  Pilot projects and prep. actions 

Total Heading 6: Neighbourhood and the 
World 

– 

0 

 501 

 501 

0 

0 

– 

0 

– 

0 

 501 

0 

– 

0 

 24 

0 

 24 

0 

– 

0 

– 

0 

 24 

0 

16 230 

1 073 

17 303 

 483 

1 783 

19 569 

15 291 

 (838) 

14 454 

 161 

1 626 

16 241 

 280 

2 870 

2 515 

 280 

2 870 

7  Staff Pensions 

2 515 

(Pensions former Members) EP 

(Pensions former Members) ECC 

(Pensions former Members) Commission 

(Pensions former Members) CJEU 

(Pensions former Members) ECA 

(Pensions former Members) Ombudsman 

(Pensions former Members) EDPS 

  European schools 

  Remuneration statutory staff 

  Remuneration external staff 

  Members - Salaries and allowances 

  Members - Temporary allowances 

  Recruitment costs 

  Termination of service 

  Training costs 

  Social and Mobility 

 15 

 1 

 10 

 17 

 7 

 0 

 0 

 246 

2 898 

 288 

 18 

 1 

 32 

 8 

 16 

 21 

 74 

 0 

 (0) 

 (1) 

 (2) 

 (0) 

 (0) 

 0 

– 

 6 

2 589 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 246 

2 903 

 (23) 

 265 

 0 

– 

 (1) 

 (0) 

 1 

 2 

 18 

 1 

 31 

 7 

 17 

 24 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

165 

– 

– 

– 

– 

– 

– 

– 

 29 

 124 

 120 

 0 

– 

 0 

– 

 7 

 30 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 15 

 1 

 10 

 17 

 7 

 0 

 0 

 275 

 246 

3 027 

2 898 

 74 

 0 

 (0) 

 (1) 

 (2) 

 (0) 

 (0) 

 0 

– 

 6 

2 589 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 246 

2 903 

 1 

 0 

 29 

 124 

 386 

 288 

 (23) 

 265 

 32 

 121 

 18 

 1 

 31 

 7 

 25 

 53 

 18 

 1 

 32 

 8 

 16 

 21 

 0 

– 

 (1) 

 (0) 

 1 

 2 

 18 

 1 

 31 

 7 

 17 

 24 

 0 

– 

 2 

– 

 11 

 11 

 0 

– 

 0 

– 

 7 

 30 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 276 

3 027 

 419 

 18 

 1 

 33 

 7 

 35 

 65 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

Programme 

Information and comm. technology 

  Rents and purchases 

Linked to buildings 

  Security 

  Mission and representation 

  Meetings, committees, conference 

  Official journal 

  Publications 

  Acquisition of information 

  Studies and investigations 

  General equipment, vehicle, furniture 

Linguistic external services 

  Other administrative expenditure 

  Pilot projects and prep. actions 

Administrative expenditure of Other 
Institutions 
Total Heading 7: European Public 
Administration 

O  Innovation Fund (IF) 

  Ukraine Facility 

  Other actions 

  Total Heading O: Outside MFF 

S  Solidarity and Emergency Aid (SEAR) 

 281 

 312 

 133 

 64 

 43 

 19 

 7 

 10 

 7 

 5 

 15 

 29 

 18 

0 

4 955 

 6 

 14 

 (26) 

 287 

 326 

 107 

 10 

 11 

 (4) 

 (4) 

 1 

 (0) 

 1 

 1 

 (1) 

 1 

0 

 1 

 74 

 54 

 15 

 3 

 12 

 7 

 6 

 16 

 27 

 19 

0 

4 956 

11 988 

 69 

12 057 

– 

– 

– 

– 

0 

– 

– 

4 768 

4 768 

– 

– 

4 768 

4 768 

0 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

 1 

 1 

– 

– 

– 

– 

0 

  European Solidarity Reserve 

1 351 

 (207) 

1 144 

 400 

  Emergency Aid Reserve 

European Globalisation Adjustment 
(EGF) 

  Brexit Adjustment Reserve 

– 

– 

 209 

 (176) 

– 

– 

– 

 34 

– 

– 

– 

 7 

166 

Total 
approp. 
available 

6=3+ 
4+5 

 514 

1 287 

 150 

 87 

 57 

 17 

 3 

 16 

 7 

 6 

 24 

 79 

 45 

0 

 227 

 962 

 43 

 13 

 3 

 3 

 0 

 4 

 1 

 0 

 8 

 51 

 26 

0 

3 886 

3 886 

 157 

 131 

4 924 

 131 

4 174 

8 941 

0 

– 

– 

 17 

0 

– 

 51 

 281 

 312 

 133 

 64 

 43 

 19 

 7 

 10 

 7 

 5 

 15 

 29 

 18 

0 

– 

– 

– 

– 

0 

EUR million 

Total 
approp. 
available 

12=9+ 
10+11 

 685 

1 294 

 214 

 125 

 69 

 24 

 4 

 22 

 9 

 10 

 36 

 81 

 55 

0 

 6 

 14 

 (26) 

 287 

 326 

 107 

 74 

 54 

 15 

 3 

 12 

 7 

 6 

 16 

 27 

 19 

0 

 10 

 11 

 (4) 

 (4) 

 1 

 (0) 

 1 

 1 

 (1) 

 1 

0 

 1 

 171 

 228 

 7 

 962 

 63 

 38 

 11 

 6 

 1 

 6 

 2 

 5 

 12 

 2 

 10 

0 

 43 

 13 

 3 

 3 

 0 

 4 

 1 

 0 

 8 

 51 

 26 

0 

 513 

5 470 

4 955 

4 956 

 613 

 522 

6 091 

2 445 

14 502 

11 988 

 69 

12 057 

1 004 

2 456 

15 516 

– 

– 

–  10 218 

10 218 

3 755 

3 755 

– 

– 

– 

– 

 157 

 132 

3 912 

 132 

3 755 

3 755 

–  10 506 

14 261 

0 

0 

0 

0 

– 

– 

 17 

0 

1 544 

– 

 18 

– 

 0 

– 

 20 

– 

– 

 (20) 

– 

– 

 0 

– 

1 544 

1 351 

 (207) 

1 144 

 400 

 297 

 304 

 328 

 458 

 786 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 
Assign
ed 
revenu
e 

Carry-
overs 

7 

8 

9=7+8 

10 

11 

Total 
approp. 
available 

6=3+ 
4+5 

Total 
approp. 
available 

12=9+ 
10+11 

1 561 

 (383) 

1 178 

 407 

 314 

1 899 

1 371 

 (227) 

1 144 

 728 

 475 

2 347 

EUR million 

Programme 

Total Heading S: Solidarity mechanisms 
within and outside the Union (Special 
instruments) 

  Total 

189 385 

5 894  195 279 

1 314  31 094  227 687  142 630 

7 114  149 744 

3 150 

122 
875 

275 769 

167 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.8.  DETAILED MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS 

Annual accounts of the European Union 2024 

Programme 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

1 

Horizon Europe 

17 451 

12 898 

 95 

2 087 

1 

2 

3 

4 

5=2+3 
+4 
15 081 

 86 % 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Euratom 
Thermonuclear Experimental 
Reactor (ITER) 
Other actions 

Pilot projects and prep. actions 

InvestEU Fund 

CEF - Transport 

CEF - Energy 

CEF - Digital 

Digital Europe 

Decentralised agencies 

Other actions 

Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Single Market 

EU Anti-Fraud 

Taxation 

Customs 

Decentralised agencies 

Other actions 

Pilot projects and prep. actions 

 337 

 440 

 712 

 25 

2 019 

1 806 

 888 

 91 

1 340 

 228 

 171 

 14 

 29 

 651 

 27 

 39 

 144 

 147 

 7 

 12 

 280 

 436 

– 

 24 

 348 

1 758 

 885 

 87 

1 264 

 217 

 1 

 14 

 24 

 604 

 24 

 38 

 136 

 132 

 6 

 12 

European Space Programme 

2 415 

2 088 

Decentralised agencies 

 83 

 79 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 7 

 1 

 222 

– 

 287 

 85 % 

 438 

 100 % 

 222 

 31 % 

 24 

 97 % 

1 603 

1 950 

 97 % 

 23 

1 780 

 99 % 

– 

 1 

 49 

 9 

 69 

– 

 4 

 22 

 1 

 0 

 1 

 10 

 0 

– 

 885 

 100 % 

 88 

 97 % 

1 313 

 98 % 

 227 

 99 % 

 70 

 41 % 

 14 

 100 % 

 28 

 99 % 

 626 

 96 % 

 25 

 39 

 93 % 

 98 % 

 137 

 95 % 

 142 

 97 % 

 6 

 92 % 

 12 

 100 % 

 265 

2 353 

 97 % 

 3 

 82 

 99 % 

168 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

2 370 

2 370 

 51 

 2 

 51 

 2 

 490 

 490 

 0 

 69 

 26 

 3 

 3 

 26 

 1 

 0 

 69 

 26 

 3 

 3 

 26 

 1 

 101 

 101 

– 

 0 

– 

 0 

 25 

 25 

 0 

 1 

 7 

 5 

 1 

– 

 62 

 1 

 0 

 1 

 7 

 5 

 1 

– 

 62 

 1 

 0 

 0 

– 

– 

 1 

– 

– 

– 

 0 

 1 

– 

– 

 0 

– 

 0 

 1 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

Total 

13=10+ 
11+12 

 0 

 0 

– 

– 

 1 

 0 

– 

– 

 0 

 1 

– 

 0 

 0 

 (0) 

 0 

– 

– 

– 

 0 

– 

– 

– 

 0 

– 

 0 

– 

 (0) 

 (0) 

 0 

 0 

– 

– 

– 

– 

– 

 0 

 1 

 0 

– 

– 

– 

– 

 (0) 

 (0) 

– 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

 17 

 117 

 17 

 117 

– 

– 

– 

– 

 17 

 100 % 

 117 

 100 % 

– 

– 

– 

– 

– 

– 

29 209 

21 489 

 95 

4 378 

25 962 

89 % 

 0 

3 243 

3 244 

44 375 

38 656 

 12 

4 798 

43 466 

 98 % 

2 

Pilot projects & preparatory 
actions 
Union Secure Connectivity 
Total Heading 1: Single Market, 
Innovation and Digital 
Regional Development (ERDF) * 

Cohesion Fund 
Cohesion Fund contrib. to CEF-
Transport 
Pilot projects and prep. actions 
European Social Fund Plus (ESF+) 
* 
Support to Turkish-Cypriot 
Community 
European Recovery and Resilience 

Pericles IV 

EU Recovery 

RescEU 

EU4Health 
Emergency support within the 
Union (ESI) 
Decentralised agencies 

Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Employment and Social Innovation 

Erasmus+ 

European Solidarity Corps (ESC) 

Creative Europe 

Justice 

Rights and Values 

7 969 

6 600 

1 618 

1 606 

 4 

 4 

18 736 

16 731 

 42 

2 907 

 1 

 34 

 123 

 1 

3 391 

3 340 

 268 

 796 

 8 

 240 

 753 

– 

 312 

 263 

– 

 13 

 104 

4 789 

 193 

 356 

 43 

 222 

– 

 12 

 93 

3 796 

 144 

 335 

 42 

 219 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

1 095 

7 695 

 97 % 

 2 

– 

1 608 

 99 % 

 4 

 97 % 

1 913 

18 643 

 100 % 

 7 

 41 

 99 % 

2 230 

2 353 

 81 % 

 0 

 2 

 14 

 41 

– 

 38 

– 

 0 

 7 

 1 

 98 % 

3 342 

 99 % 

 254 

 95 % 

 0 

 795 

 100 % 

– 

– 

 301 

 96 % 

– 

- 

 13 

 100 % 

 101 

 96 % 

 477 

4 273 

 89 % 

 16 

 15 

 1 

 1 

 160 

 83 % 

 350 

 98 % 

 42 

 99 % 

 220 

 99 % 

169 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

Total 

13=10+ 
11+12 

– 

– 

 3 

 803 

 274 

– 

– 

– 

– 

 0 

 27 

 32 

– 

– 

 25 

 77 

 (0) 

 (0) 

 0 

– 

– 

– 

 0 

– 

– 

– 

– 

 0 

– 

– 

 0 

– 

– 

 0 

– 

– 

 (0) 

 0 

– 

 0 

– 

– 

 0 

 0 

– 

 0 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 3 

 775 

 242 

– 

– 

 106 

 106 

 0 

 9 

 0 

 0 

 9 

 0 

 15 

 15 

 52 

 0 

 0 

 554 

 554 

 0 

 49 

 13 

 1 

 8 

 0 

 49 

 14 

 1 

 8 

 12 

 12 

– 

– 

 4 

– 

– 

 4 

 516 

 516 

 34 

 34 

 6 

 0 

 1 

 6 

 0 

 1 

– 

 0 

– 

– 

 (0) 

 0 

– 

 0 

– 

– 

 0 

 0 

– 

– 

– 

 0 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

3 

Decentralised agencies 

Other actions 

Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Total Heading 2: Cohesion, 
Resilience and Values 
Agricultural Guarantees 
Other progr. of Natural Resources 
and Environment 
Agricultural Fund for Rural 
Development 
Maritime and Fisheries 

Fisheries (SFPA and RFMO) 

Decentralised agencies 

Other actions 

Pilot projects and prep. actions 

Environment and Climate (LIFE) 

Just Transition Fund 
Loan facility under Just Transition 
Mechanism 
Decentralised agencies 

Pilot projects and prep. actions 

Specific actions 
Total Heading 3: Natural 
Resources and Environment 
Asylum, Migration and Integration  

4 

Decentralised agencies 

Pilot projects and prep. actions 
Border Mngmt. (IBMF) - Border 
mngmt and visa 

 313 

 8 

 26 

 190 

 303 

 8 

 26 

 183 

– 

– 

– 

– 

 5 

 0 

 0 

 6 

 308 

 99 % 

 8 

 100 % 

 26 

 99 % 

 189 

 100 % 

– 

– 

– 

– 

 5 

– 

 0 

 0 

 5 

– 

 0 

 0 

 0 

– 

– 

 0 

86 683 

73 513 

 12  10 668 

84 193 

97 % 

 0 

1 335 

1 335 

1 070 

 345 

40 810 

 98 % 

 366 

 567 

 933 

41 745 

40 465 

0 

0 

13 576 

13 155 

1 224 

1 070 

 130 

 32 

0 

 9 

 773 

1 736 

 554 

 74 

 6 

 16 

 130 

 30 

0 

 8 

 768 

1 479 

 50 

 66 

 6 

 16 

59 874 

57 243 

1 513 

 170 

0 

1 502 

 152 

0 

1 186 

1 004 

– 

0 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

0 

 1 

0 

- 

13 156 

 97 % 

 127 

1 196 

 98 % 

– 

 1 

0 

– 

 4 

 130 

 100 % 

 31 

 96 % 

0 

 8 

- 

 99 % 

 771 

 100 % 

 160 

1 640 

 94 % 

 76 

 126 

 23 % 

 8 

– 

– 

 73 

 99 % 

 6 

 100 % 

 16 

 100 % 

0 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

0 

0 

 189 

 189 

 23 

 23 

– 

 1 

0 

– 

 2 

– 

 1 

0 

– 

 2 

 2 

0 

 0 

 0 

 0 

– 

0 

 0 

 0 

 86 

 86 

 11 

 428 

 428 

 0 

– 

– 

 0 

– 

– 

– 

– 

– 

 0 

 721 

57 964 

97 % 

 366 

1 296 

1 663 

 13 

 6 

 13 

0 

 53 

1 508 

 100 % 

 165 

 97 % 

0 

- 

1 057 

 89 % 

– 

– 

0 

– 

 5 

 6 

0 

 5 

 6 

0 

 129 

 129 

 1 

– 

0 

 1 

170 

Total 

13=10+ 
11+12 

 0 

– 

 0 

 0 

– 

– 

 0 

 0 

 85 

1 155 

– 

0 

 2 

0 

 230 

 231 

 4 

– 

– 

0 

– 

 0 

 0 

– 

 0 

– 

– 

 4 

 0 

– 

0 

 0 

 0 

 11 

– 

 0 

– 

 0 

 234 

 247 

 0 

 0 

0 

– 

 1 

 0 

0 

 1 

– 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Border Mngmt. (IBMF) - Customs 
equipment 
Decentralised agencies 
Total Heading 4: Migration and 
Border Management 
Internal Security Fund (ISF) 

5 

Nuclear decommissioning 
Nuclear Safety and 
decommissioning 
Decentralised agencies 

Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
European Defence (Research) 

European Defence (Non Research) 

Military Mobility 
Defence instrument on common 
procurement 
Defence Industrial Reinforcement 
instrument 
European Defence industry 
Programme 
Pilot projects and prep. actions 

Union Secure Connectivity 
Total Heading 5: Security and 
Defence 
Neighbourhood, Developm. and 
Intl. Cooperation 
Instrument for Nuclear Safety 
(EINS) 
Humanitarian Aid (HUMA) 
Common Foreign and Security 
Policy (CFSP) 

6 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

 144 

 144 

1 218 

1 090 

4 232 

3 892 

 325 

 323 

 67 

 61 

 67 

 60 

 269 

 252 

– 

 32 

 355 

 703 

 251 

 259 

 359 

0 

– 

– 

 32 

 344 

 680 

 251 

 250 

 343 

0 

– 

 96 

 96 

2 778 

2 699 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

 76 

 144 

 100 % 

1 166 

 96 % 

 147 

4 039 

95 % 

 1 

– 

 0 

 324 

 99 % 

 67 

 100 % 

 61 

 100 % 

 11 

 263 

 98 % 

– 

– 

 12 

 23 

– 

 9 

 16 

0 

– 

– 

– 

- 

 32 

 100 % 

 355 

 100 % 

 703 

 100 % 

 251 

 100 % 

 259 

 100 % 

 359 

 100 % 

0 

– 

- 

- 

 96 

 100 % 

 71 

2 770 

100 % 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

– 

– 

 0 

 52 

 0 

 52 

 191 

 191 

 2 

– 

 0 

 6 

– 

 0 

– 

– 

– 

– 

– 

0 

– 

– 

 2 

– 

 0 

 6 

– 

 0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

 1 

 0 

– 

 0 

 0 

– 

 0 

– 

– 

– 

– 

– 

0 

– 

– 

 8 

 8 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

– 

– 

12 940 

11 032 

 400 

 525 

11 956 

 92 % 

 482 

 441 

 923 

 (0) 

 61 

 63 

 42 

 0 

2 521 

2 495 

 406 

 385 

– 

– 

 1 

 17 

 21 

 43 

 68 % 

2 512 

 100 % 

 406 

 100 % 

 0 

– 

– 

 20 

 20 

 9 

 0 

 9 

 0 

 0 

 0 

 0 

 0 

– 

– 

– 

– 

 0 

– 

– 

 0 

 0 

– 

– 

– 

– 

– 

– 

– 

0 

– 

– 

 0 

 0 

– 

 0 

 (0) 

171 

Total 

13=10+ 
11+12 

– 

– 

 1 

 0 

– 

 0 

 0 

– 

 0 

– 

– 

– 

– 

– 

0 

– 

– 

 0 

 61 

 0 

 0 

 0 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

– 

 72 

 67 % 

 1 

 35 

 36 

 (0) 

 0 

7 

Overseas Countries and Territories 
(OCT) 
MFA+ 

Other actions 

Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Pre-Accession Assistance (IPA III) 

Facility for Western Balkans 

Pilot projects and prep. actions 
Total Heading 6: Neighbourhood 
and the World 
Staff Pensions 

(Pensions former Members) EP 

(Pensions former Members) ECC 
(Pensions former Members) 
Commission 
(Pensions former Members) CJEU 

(Pensions former Members) ECA 
(Pensions former Members) 
Ombudsman 
(Pensions former Members) EDPS 

European schools 

Remuneration statutory staff 

Remuneration external staff 
Members - Salaries and 
allowances 
Members - Temporary allowances 

Recruitment costs 

Termination of service 

 107 

 574 

 80 

 0 

 95 

2 281 

 501 

0 

 71 

 5 

 79 

– 

 95 

 1 

– 

– 

– 

– 

 569 

 574 

 100 % 

 0 

– 

 0 

 80 

 99 % 

– 

– 

 95 

 100 % 

– 

– 

– 

– 

– 

 0 

 0 

 0 

2 043 

 20 

 83 

2 146 

 94 % 

 73 

 60 

 400 

0 

– 

0 

– 

0 

 400 

 80 % 

 101 

0 

- 

0 

– 

0 

– 

 0 

 0 

 0 

 133 

 101 

0 

19 569 

16 646 

 421 

1 217 

18 283 

93 % 

 657 

 566 

1 224 

2 870 

2 589 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 275 

3 027 

 386 

 18 

 1 

 31 

 7 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 246 

2 897 

 265 

 17 

 1 

 30 

 7 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 273 

2 862 

 100 % 

– 

– 

– 

– 

– 

– 

– 

 23 

 60 

 45 

 0 

– 

 0 

– 

 15 

 100 % 

 1 

 100 % 

 9 

 100 % 

 15 

 100 % 

 7 

 100 % 

 0 

 100 % 

 0 

 100 % 

 269 

 98 % 

2 957 

 98 % 

 310 

 80 % 

 17 

 95 % 

 1 

 100 % 

 31 

 98 % 

 7 

 100 % 

172 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 7 

 7 

– 

– 

– 

– 

– 

– 

– 

 6 

 64 

 75 

 0 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

 6 

 64 

 75 

 0 

– 

 0 

– 

Total 

13=10+ 
11+12 

 0 

– 

 0 

 0 

 0 

 1 

– 

0 

 62 

 0 

– 

– 

– 

– 

– 

– 

– 

 0 

 6 

 0 

 1 

– 

 0 

– 

– 

– 

– 

 0 

– 

 (0) 

– 

0 

 0 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

 0 

– 

 0 

– 

– 

0 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

 6 

 0 

 1 

– 

 0 

– 

– 

– 

– 

– 

 1 

– 

0 

 62 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Programme 

Training costs 

Social and Mobility 
Information and comm. 
technology 
Rents and purchases 

Linked to buildings 

Security 

Mission and representation 

Meetings, committees, conference 

Official journal 

Publications 

Acquisition of information 

Studies and investigations 
General equipment, vehicle, 
furniture 
Linguistic external services 

Other administrative expenditure 

Pilot projects and prep. actions 
Administrative expenditure of 
Other Institutions 
Total Heading 7: European Public 
Administration 
Innovation Fund (IF) 

Ukraine Facility 

Other actions 

Total Heading O: Outside MFF 
Solidarity and Emergency Aid 
(SEAR) 
European Solidarity Reserve 

O 

S 

Annual accounts of the European Union 2024 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

 25 

 53 

 514 

1 287 

 150 

 87 

 57 

 17 

 3 

 16 

 7 

 6 

 24 

 79 

 45 

0 

 17 

 23 

 287 

 326 

 107 

 74 

 54 

 15 

 3 

 12 

 7 

 6 

 16 

 27 

 19 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

 4 

 15 

 134 

 314 

 22 

 9 

 2 

 1 

 0 

 3 

 0 

 0 

 6 

 36 

 21 

0 

 22 

 38 

 88 % 

 72 % 

 420 

 82 % 

 639 

 50 % 

 129 

 86 % 

 83 

 55 

 16 

 96 % 

 97 % 

 92 % 

 3 

 100 % 

 14 

 90 % 

 7 

 6 

 94 % 

 99 % 

 23 

 94 % 

 63 

 41 

0 

 80 % 

 89 % 

- 

5 470 

4 911 

 1 

 379 

5 291 

 97 % 

14 502 

12 003 

 1 

1 348 

13 351 

92 % 

3 886 

4 924 

 131 

8 941 

– 

4 737 

– 

4 737 

0 

0 

– 

– 

– 

– 

0 

1 544 

 834 

 400 

 603 

 150 

 62 

 815 

0 

– 

 603 

 16 % 

4 887 

 99 % 

 62 

 48 % 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

 3 

 15 

 93 

 3 

 15 

 93 

 648 

 648 

 21 

 21 

 3 

 2 

 1 

 0 

 2 

 0 

 0 

 1 

 3 

 2 

 1 

 0 

 2 

 0 

 0 

 1 

 16 

 16 

 5 

0 

 5 

0 

 134 

 134 

1 097 

1 097 

3 283 

3 283 

 30 

– 

 7 

 68 

 37 

 68 

5 552 

62 % 

 30 

3 359 

3 389 

0 

- 

0 

1 234 

 80 % 

 310 

0 

– 

0 

 310 

173 

Total 

13=10+ 
11+12 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

– 

 0 

 0 

 0 

 0 

 0 

 0 

0 

 45 

 54 

– 

 0 

– 

 0 

0 

– 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

– 

 0 

 0 

 0 

 0 

– 

 0 

0 

 45 

 54 

– 

 0 

– 

 0 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

0 

– 

 0 

 0 

 0 

– 

– 

 0 

 0 

 0 

– 

– 

– 

– 

 0 

 0 

 0 

0 

 0 

 0 

– 

 0 

– 

 0 

0 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Total 
appropr.  
available 

Commitments made 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

% 

Appropriations carried 
over 
to 2025 
from 
assigne
d 
revenue 

from 
final 
adopted 
budget 

Total 

EUR million 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigne
d 
revenue 

Total 

13=10+ 
11+12 

1 

2 

3 

4 

5=2+3 
+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Emergency Aid Reserve 
European Globalisation Adjustment 
(EGF) 
Brexit Adjustment Reserve 
Total Heading S: Solidarity 
mechanisms within and outside 
the Union (Special instruments) 
Total 

– 

 51 

 304 

– 

 8 

– 

– 

– 

– 

– 

– 

- 

 8 

 16 % 

 7 

 297 

 304 

 100 % 

– 

– 

– 

1 899 

 842 

 407 

 297 

1 546 

81 % 

 310 

– 

 7 

– 

 7 

– 

 7 

– 

– 

 25 

– 

 318 

 25 

– 

– 

– 

– 

– 

 10 

– 

– 

 35 

– 

 10 

 35 

227 687 

193 064 

 937  19 661 

213 661 

94 % 

1 365  11 103  12 468 

1 166 

 62 

 330 

1 558 

174 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.9.  DETAILED MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS 

Annual accounts of the European Union 2024 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

EUR million 

Programme 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

19 199 

11 956 

 494 

 354 

 59 

 14 

1  Horizon Europe 

  Euratom 

Thermonuclear Experimental 
Reactor (ITER) 

  Other actions 

  Pilot projects and prep. actions 

InvestEU Fund 

  CEF - Transport 

  CEF - Energy 

  CEF - Digital 

  Digital Europe 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
  Single Market 

  EU Anti-Fraud 

  Taxation 

  Customs 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

 568 

 561 

 446 

 22 

– 

 21 

3 203 

 253 

2 112 

2 069 

 784 

 145 

 780 

 140 

1 112 

1 027 

 231 

 171 

 20 

 28 

 220 

 1 

 20 

 22 

 657 

 573 

 22 

 36 

 141 

 147 

 8 

 7 

 20 

 35 

 132 

 132 

 8 

 7 

  European Space Programme 

2 673 

2 175 

  Decentralised agencies 

 86 

 82 

5=2+ 
3+4 
13 803 

 72 % 

 405 

 82 % 

 563 

 99 % 

 86 

 21 

 19 % 

 94 % 

1 789 

 36 

 1 

 86 

– 

2 836 

3 090 

 96 % 

 37 

2 107 

 100 % 

– 

 2 

 41 

 9 

 10 

– 

 4 

 782 

 100 % 

 143 

 98 % 

1 075 

 97 % 

 230 

 99 % 

 11 

 6 % 

 20 

 100 % 

 27 

 97 % 

 22 

 603 

 92 % 

 0 

 0 

 1 

 10 

 0 

– 

 20 

 35 

 133 

 141 

 8 

 7 

 90 % 

 97 % 

 95 % 

 96 % 

 96 % 

 96 % 

 101 

2 280 

 85 % 

 3 

 85 

 99 % 

175 

 1 

– 

– 

 1 

 1 

 2 

 1 

 7 

– 

– 

– 

– 

 8 

– 

 0 

 0 

– 

– 

– 

 5 

– 

 72 

 18 

 2 

– 

– 

 1 

 1 

 1 

 0 

 6 

– 

– 

– 

– 

 7 

– 

 0 

 0 

– 

– 

– 

 4 

– 

5 314 

5 386 

 71 

 2 

 89 

 4 

 361 

 361 

 0 

 0 

 109 

 109 

 4 

 2 

 2 

 29 

 1 

 5 

 3 

 3 

 35 

 1 

 161 

 161 

– 

 1 

– 

 1 

 46 

 53 

 0 

 1 

 7 

 5 

 0 

– 

 0 

 1 

 7 

 5 

 0 

– 

 388 

 392 

 1 

 1 

 0 

 0 

 (0) 

– 

 1 

 4 

 0 

 0 

 0 

 1 

 0 

 0 

 0 

 0 

 0 

 2 

 0 

 0 

 0 

– 

 0 

 0 

– 

 8 

 1 

 0 

– 

– 

 0 

 0 

 0 

 0 

 0 

– 

– 

– 

– 

 1 

– 

 0 

 0 

– 

– 

– 

 0 

– 

 2 

– 

– 

– 

– 

 0 

– 

– 

– 

 0 

– 

– 

– 

 0 

 0 

 0 

– 

– 

– 

– 

– 

 0 

– 

Total 

13=10+ 
11+12 

 10 

 1 

 0 

– 

 1 

 4 

 0 

 0 

 0 

 2 

 0 

 0 

 0 

 0 

 1 

 2 

 0 

 0 

 0 

– 

 0 

 0 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

EUR million 

Pilot projects & preparatory 
actions 

– 

– 

  Union Secure Connectivity 

 190 

 190 

– 

– 

– 

– 

– 

- 

 190 

 100 % 

– 

 0 

– 

– 

– 

 0 

Total Heading 1: Single Market, 
Innovation and Digital 

32 504 

20 778 

 98 

4 988 

25 864 

80 % 

 113 

6 504 

6 617 

2  Regional Development (ERDF) * 

30 528 

15 903 

 0 

 0 

– 

– 

13 357 

29 261 

 96 % 

1 815 

4 087 

 100 % 

 8 

– 

2 246 

 100 % 

 3 

 97 % 

17 574 

6 074 

 0 

10 278 

16 352 

 93 % 

  Cohesion Fund 

Cohesion Fund contrib. to CEF-
Transport 

  Pilot projects and prep. actions 
European Social Fund Plus 
(ESF+) * 
Support to Turkish-Cypriot 
Community 
European Recovery and 
Resilience 
  Pericles IV 

  EU Recovery 

  RescEU 

  EU4Health 

Emergency support within the 
Union (ESI) 

4 088 

2 272 

2 248 

2 238 

 3 

 3 

 44 

55 342 

 1 

 37 

 98 

 1 

4 042 

1 477 

 862 

 580 

 36 

 260 

 540 

– 

  Decentralised agencies 

 305 

 256 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Employment and Social 
Innovation 
  Erasmus+ 

  European Solidarity Corps (ESC) 

  Creative Europe 

Justice 

– 

 12 

 95 

– 

 12 

 81 

4 631 

3 547 

 192 

 428 

 50 

 128 

 396 

 47 

 0 

 2 

 0 

 651 

 125 

 4 

– 

– 

– 

– 

 1 

 16 

 5 

 4 

 1 

 1 

 0 

– 

– 

 1 

 0 

 2 

– 

– 

 4 

– 

– 

– 

– 

 1 

 18 

 3 

 2 

 1 

1 266 

1 267 

 0 

 3 

 0 

 1 

 3 

 0 

1 221 

1 221 

– 

 52 

 0 

 51 

 0 

 54 

 0 

1 914 

 105 

 105 

 2 

 27 

 12 

– 

– 

 6 

 572 

 38 

 9 

 0 

 5 

 27 

 12 

– 

– 

 8 

 590 

 42 

 11 

 1 

 7 

 44 

 99 % 

55 189 

55 288 

 100 % 

 1 

 95 % 

2 128 

 53 % 

1 863 

 0 

 1 

 372 

 29 

 9 

 38 

– 

 0 

 5 

 757 

 573 

 88 % 

 99 % 

 9 

 24 % 

 294 

 96 % 

– 

- 

 12 

 100 % 

 87 

 92 % 

 478 

4 041 

 87 % 

 18 

 17 

 1 

 151 

 417 

 78 % 

 97 % 

 49 

 98 % 

176 

– 

– 

 9 

 0 

 (0) 

 0 

– 

 0 

 0 

 0 

 0 

– 

– 

 0 

– 

 0 

– 

 0 

 0 

 (0) 

 (0) 

 0 

 0 

– 

 0 

 11 

 0 

 0 

– 

– 

 0 

 0 

 0 

– 

 0 

– 

 1 

– 

– 

– 

– 

 0 

 0 

 0 

 0 

 0 

– 

– 

 3 

– 

 0 

 (0) 

– 

 0 

– 

 0 

– 

– 

 0 

 0 

 1 

– 

– 

– 

 0 

 0 

 0 

 0 

– 

– 

 0 

 23 

 0 

 0 

 0 

– 

 1 

 0 

 0 

 0 

 0 

 0 

 1 

 1 

 0 

– 

 0 

 0 

 1 

 0 

 0 

 0 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Programme 

  Rights and Values 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Total Heading 2: Cohesion, 
Resilience and Values 
3  Agricultural Guarantees 
Other progr. of Natural 
Resources and Environment 
Agricultural Fund for Rural 
Development 

  Maritime and Fisheries 

  Fisheries (SFPA and RFMO) 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

41 702 

40 416 

0 

0 

16 478 

13 765 

1 155 

 114 

 32 

0 

 3 

 978 

 114 

 30 

0 

 3 

  Environment and Climate (LIFE) 

 612 

 592 

Just Transition Fund 
Loan facility under Just 
Transition Mechanism 
  Decentralised agencies 

  Pilot projects and prep. actions 

  Specific actions 

Total Heading 3: Natural 
Resources and Environment 
Asylum, Migration and 
Integration  

4 

6 470 

 582 

 74 

 9 

 4 

 5 

 60 

 66 

 9 

 4 

67 233 

56 043 

1 372 

1 357 

  Decentralised agencies 

 170 

 152 

  Pilot projects and prep. actions 

0 

0 

Annual accounts of the European Union 2024 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

EUR million 

 201 

 308 

 9 

 31 

 196 

 299 

 9 

 30 

 185 

 178 

 1 

– 

– 

– 

– 

 1 

 5 

 0 

 0 

 6 

 199 

 304 

 99 % 

 98 % 

 9 

 100 % 

 31 

 99 % 

 184 

 99 % 

 1 

– 

– 

– 

– 

 1 

 5 

– 

 0 

 1 

 2 

 5 

– 

 0 

 1 

121 796 

34 082 

 811 

81 633  116 525 

96 % 

1 898 

3 368 

5 266 

 0 

 0 

 0 

 0 

 0 

 0 

 6 

0 

 0 

 0 

– 

– 

0 

 0 

 0 

– 

– 

– 

 0 

– 

 7 

 1 

– 

0 

 0 

– 

– 

– 

– 

 2 

 0 

0 

 0 

 0 

– 

– 

0 

– 

 0 

– 

– 

– 

– 

– 

 0 

 0 

– 

0 

– 

 0 

– 

– 

– 

 2 

– 

0 

– 

 0 

– 

– 

0 

– 

 0 

 0 

– 

 0 

– 

– 

 0 

– 

 0 

0 

 0 

 0 

 0 

 0 

 0 

 5 

 6 

0 

 1 

 0 

– 

– 

0 

 0 

 1 

 0 

– 

 0 

 0 

– 

 8 

 1 

 0 

0 

 0 

0 

 0 

 1 

– 

– 

0 

– 

 7 

– 

– 

– 

– 

– 

 8 

 1 

– 

0 

 345 

40 762 

 98 % 

 367 

 567 

 934 

0 

0 

- 

1 704 

15 469 

 94 % 

 173 

1 152 

 100 % 

– 

 1 

0 

– 

 3 

 114 

 100 % 

 31 

 96 % 

0 

 3 

- 

 100 % 

 603 

 99 % 

6 145 

6 150 

 95 % 

 19 

 79 

 14 % 

 8 

– 

– 

 73 

 99 % 

 9 

 4 

 99 % 

 100 % 

0 

 0 

 1 

– 

– 

0 

– 

 8 

– 

– 

– 

– 

– 

0 

0 

1 008 

1 008 

 2 

– 

 1 

0 

– 

 1 

 3 

– 

 1 

0 

– 

 8 

 320 

 320 

 503 

 503 

 0 

– 

– 

 0 

– 

– 

8 398 

64 448 

96 % 

 376 

2 401 

2 777 

 8 

1 366 

 100 % 

 13 

0 

 165 

 97 % 

0 

- 

 2 

– 

0 

 3 

 6 

0 

 5 

 6 

0 

177 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

EUR million 

Border Mngmt. (IBMF) - Border 
mngmt and visa 
Border Mngmt. (IBMF) - 
Customs equipment 
  Decentralised agencies 

Total Heading 4: Migration and 
Border Management 

5  Internal Security Fund (ISF) 

  Nuclear decommissioning 

Nuclear Safety and 
decommissioning 

 873 

 563 

 141 

 117 

1 171 

1 043 

3 727 

3 231 

 215 

 142 

 209 

 142 

 79 

 75 

  Decentralised agencies 

 266 

 247 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

 1 

 36 

– 

 35 

  European Defence (Research) 

 215 

 205 

European Defence (Non 
Research) 

  Military Mobility 

Defence instrument on common 
procurement 
Defence Industrial 
Reinforcement instrument 
European Defence industry 
Programme 

  Pilot projects and prep. actions 

 570 

 545 

 335 

 335 

– 

– 

 173 

 170 

0 

 0 

0 

– 

  Union Secure Connectivity 

 110 

 110 

6 

Total Heading 5: Security and 
Defence 
Neighbourhood, Developm. and 
Intl. Cooperation 
Instrument for Nuclear Safety 
(EINS) 

2 142 

2 073 

 55 

 33 

  Humanitarian Aid (HUMA) 

2 458 

2 419 

 1 

 0 

– 

 2 

 1 

– 

 1 

– 

– 

– 

 1 

 2 

 1 

– 

 1 

0 

– 

– 

 7 

 75 

 639 

 73 % 

 1 

 231 

 233 

 0 

 117 

 83 % 

 76 

1 119 

 96 % 

 24 

– 

– 

 52 

 24 

 52 

 171 

3 405 

91 % 

 28 

 292 

 320 

 1 

– 

 0 

 211 

 99 % 

 142 

 100 % 

 76 

 97 % 

 11 

 257 

 97 % 

– 

– 

 7 

– 

– 

 35 

 98 % 

 214 

 99 % 

 21 

 568 

 100 % 

– 

– 

 335 

 100 % 

– 

- 

 3 

 173 

 100 % 

0 

– 

– 

0 

– 

- 

– 

 110 

 100 % 

 1 

– 

 2 

– 

– 

– 

 1 

 2 

 0 

– 

– 

0 

– 

– 

 2 

– 

– 

 6 

– 

 0 

– 

– 

– 

– 

– 

0 

– 

– 

 3 

– 

 2 

 6 

– 

 0 

 1 

 2 

 0 

– 

– 

0 

– 

– 

 42 

2 123 

99 % 

 6 

 8 

 14 

 1 

 6 

 8 

 41 

 75 % 

 17 

2 442 

 99 % 

 1 

 6 

 13 

 9 

 13 

 16 

178 

 1 

– 

– 

 2 

 0 

 0 

 1 

 2 

 1 

 1 

 0 

 (0) 

 0 

– 

– 

0 

– 

– 

 5 

 0 

 0 

 0 

 0 

 0 

– 

 0 

 0 

– 

 0 

– 

– 

– 

 0 

 0 

 0 

– 

 0 

0 

– 

– 

 1 

 7 

 0 

 0 

– 

– 

– 

 0 

– 

– 

 0 

 0 

– 

– 

– 

 0 

– 

– 

 0 

0 

 0 

– 

 0 

 0 

– 

– 

 1 

 0 

– 

 2 

 0 

 0 

 1 

 2 

 1 

 1 

 0 

 0 

 0 

– 

 0 

0 

 0 

– 

 5 

 7 

 0 

 1 

10 153 

9 192 

 64 

 346 

9 603 

 95 % 

 62 

 482 

 544 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Programme 

Common Foreign and Security 
Policy (CFSP) 
Overseas Countries and 
Territories (OCT) 

  MFA+ 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Pre-Accession Assistance (IPA 
III) 

  Facility for Western Balkans 

  Pilot projects and prep. actions 

Total Heading 6: Neighbourhood 
and the World 
7  Staff Pensions 

(Pensions former Members) EP 

(Pensions former Members) ECC 
(Pensions former Members) 
Commission 
(Pensions former Members) 
CJEU 
(Pensions former Members) ECA 
(Pensions former Members) 
Ombudsman 
(Pensions former Members) 
EDPS 

Annual accounts of the European Union 2024 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

EUR million 

 3 

 21 

 4 

 0 

 25 

 (0) 

 397 

 383 

 79 

 530 

 51 

 0 

 88 

 47 

 5 

 50 

 0 

 88 

 0 

 8 

– 

– 

– 

– 

 9 

– 

 393 

 99 % 

 55 

 69 % 

 416 

 421 

 79 % 

 0 

– 

 0 

 51 

 99 % 

 0 

 37 % 

 88 

 100 % 

2 405 

2 128 

 74 

 100 

2 301 

 96 % 

 24 

0 

 1 

0 

– 

0 

– 

0 

 1 

0 

 3 % 

- 

 1 

 4 

– 

– 

– 

– 

 10 

 23 

0 

 109 

 109 

 0 

 0 

 0 

 0 

 0 

 0 

 92 

 102 

– 

0 

 23 

0 

16 241 

14 346 

 153 

 897 

15 395 

95 % 

 107 

 729 

 836 

2 870 

2 589 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

 1 

 0 

 29 

 0 

 273 

2 862 

 100 % 

– 

– 

– 

– 

– 

– 

– 

 15 

 100 % 

 1 

 100 % 

 9 

 100 % 

 15 

 100 % 

 7 

 100 % 

 0 

 100 % 

 0 

 100 % 

 20 

 60 

 44 

 0 

 266 

 96 % 

2 957 

 98 % 

 316 

 75 % 

 16 

 89 % 

179 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

 0 

 22 

 1 

 7 

 7 

– 

– 

– 

– 

– 

– 

– 

 10 

 64 

 77 

 0 

– 

– 

– 

– 

– 

– 

– 

 10 

 64 

 98 

 1 

 0 

 0 

– 

– 

– 

– 

 2 

– 

0 

 9 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

 4 

 0 

– 

– 

– 

– 

 0 

– 

– 

– 

0 

 0 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

 0 

 0 

– 

 0 

 0 

 0 

 2 

– 

0 

 10 

 0 

– 

– 

– 

– 

– 

– 

– 

 0 

 6 

 4 

 1 

– 

 0 

– 

 0 

 0 

– 

0 

 1 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

 6 

 0 

 1 

  European schools 

 276 

 246 

  Remuneration statutory staff 

3 027 

2 897 

  Remuneration external staff 
Members - Salaries and 
allowances 

 419 

 243 

 18 

 16 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Rents and purchases 

1 294 

 295 

Programme 

Members - Temporary 
allowances 

  Recruitment costs 

  Termination of service 

  Training costs 

  Social and Mobility 

Information and comm. 
technology 

Linked to buildings 

  Security 

  Mission and representation 
Meetings, committees, 
conference 
  Official journal 

  Publications 

  Acquisition of information 

  Studies and investigations 

General equipment, vehicle, 
furniture 
Linguistic external services 

  Other administrative expenditure 

  Pilot projects and prep. actions 
Administrative expenditure of 
Other Institutions 
Total Heading 7: European 
Public Administration 
O  Innovation Fund (IF) 

  Ukraine Facility 

  Other actions 

Annual accounts of the European Union 2024 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

EUR million 

 1 

 33 

 7 

 35 

 65 

 0 

 27 

 7 

 8 

 16 

– 

 1 

– 

 10 

 9 

 685 

 167 

 170 

 214 

 125 

 69 

 24 

 4 

 22 

 9 

 10 

 36 

 81 

 55 

0 

 63 

 49 

 44 

 10 

 2 

 6 

 5 

 1 

 7 

 26 

 14 

0 

 7 

 58 

 36 

 8 

 3 

 1 

 6 

 2 

 5 

 12 

 2 

 9 

0 

– 

 0 

– 

 2 

 11 

 89 

 313 

 17 

 2 

 2 

 1 

– 

 1 

 0 

– 

 5 

 35 

 14 

0 

 0 

 30 % 

 29 

 87 % 

 7 

 99 % 

 20 

 36 

 56 % 

 56 % 

 0 

 3 

 0 

 10 

 7 

– 

 0 

– 

 5 

 20 

 0 

 4 

 0 

 15 

 27 

 425 

 62 % 

 120 

 139 

 259 

 615 

 138 

 87 

 54 

 48 % 

 65 % 

 70 % 

 78 % 

 14 

 58 % 

 2 

 66 % 

 14 

 63 % 

 7 

 5 

 74 % 

 52 % 

 24 

 66 % 

 63 

 38 

0 

 78 % 

 69 % 

- 

 30 

 44 

 25 

 10 

 5 

 1 

 5 

 2 

 5 

 9 

 2 

 5 

0 

 649 

 679 

 26 

 10 

 2 

 2 

 0 

 3 

 0 

 0 

 3 

 16 

 12 

0 

 70 

 35 

 12 

 7 

 1 

 8 

 2 

 5 

 12 

 18 

 17 

0 

6 091 

4 329 

 557 

 338 

5 224 

 86 % 

 582 

 183 

 766 

15 516 

11 114 

 926 

1 226 

13 266 

85 % 

 889 

1 229 

2 118 

10 218 

– 

3 912 

3 634 

 132 

– 

– 

– 

– 

 292 

 292 

 3 % 

– 

9 926 

9 926 

 3 

 57 

3 637 

 93 % 

 121 

 57 

 44 % 

– 

 153 

 74 

 274 

 74 

180 

– 

 0 

– 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

– 

 0 

 0 

 0 

 0 

– 

 0 

0 

 45 

 54 

– 

 (0) 

– 

– 

 0 

– 

 1 

 1 

 1 

 0 

 5 

 3 

 3 

 3 

 0 

 0 

 0 

 0 

 0 

 0 

 1 

0 

 55 

 78 

– 

– 

– 

– 

– 

– 

 0 

 0 

 0 

– 

– 

 0 

 0 

 0 

– 

– 

– 

 0 

 0 

 0 

 0 

0 

 1 

 1 

– 

– 

– 

– 

 1 

– 

 1 

 1 

 1 

 0 

 5 

 3 

 3 

 3 

 0 

 0 

 0 

 0 

 0 

 0 

 1 

0 

 100 

 133 

– 

 (0) 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from 
final 
adopted 
budge 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+ 
3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

EUR million 

– 

0 

– 

– 

 0 

 53 

 53 

– 

0 

– 

– 

 2 

– 

 2 

 8 

 (0) 

0 

– 

– 

 2 

 53 

 55 

 240 

  Total Heading O: Outside MFF 
Solidarity and Emergency Aid 
(SEAR) 

S 

14 261 

3 634 

0 

0 

– 

0 

  European Solidarity Reserve 

1 544 

 834 

 400 

 353 

3 987 

28 % 

 121 

10 154 

10 274 

 (0) 

0 

– 

– 

 8 

0 

- 

0 

1 234 

 80 % 

 310 

– 

 8 

- 

 47 % 

– 

 0 

– 

 275 

 458 

 733 

 93 % 

– 

 18 

 786 

– 

 0 

– 

– 

 0 

2 347 

 834 

 675 

 466 

1 975 

84 % 

 310 

0 

– 

– 

 7 

– 

 7 

0 

 310 

– 

 7 

– 

 318 

0 

– 

– 

 0 

– 

 0 

  Emergency Aid Reserve 
European Globalisation 
Adjustment (EGF) 

  Brexit Adjustment Reserve 
Total Heading S: Solidarity 
mechanisms within and outside 
the Union (Special instruments) 

  Total 

275 769  146 134 

2 680  98 175  246 988 

90 % 

3 848  24 692  28 540 

 78 

 154 

181 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.10.  DETAILED MFF: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) 

Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

Programme 

Commitm. 
carried 
forward from 
previous 
year 
1 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

2 

3 

4=1+2+3 

5 

6 

Cancellation 
of commitm. 
which cannot 
be carried 
over 
7 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

 (566) 

(9 905) 

17 468 

15 081 

(3 898) 

 (5) 

11 178 

28 646 

1  Horizon Europe 

  Euratom 

Thermonuclear Experimental Reactor 
(ITER) 

  Other actions 

  Pilot projects and prep. actions 

InvestEU Fund 

  CEF - Transport 

  CEF - Energy 

  CEF - Digital 

  Digital Europe 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
  Single Market 

  EU Anti-Fraud 

  Taxation 

  Customs 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  European Space Programme 

  Decentralised agencies 

27 939 

 357 

1 576 

 135 

 48 

5 834 

6 503 

3 873 

 650 

2 116 

 39 

 2 

 34 

 36 

 949 

 29 

 42 

 146 

 0 

 7 

 21 

1 413 

 20 

 (5) 

 (0) 

 (8) 

 (1) 

 (31) 

 (88) 

 (42) 

 (39) 

 (3) 

– 

 (0) 

 (2) 

 (1) 

 (249) 

 (484) 

 (55) 

 (16) 

(1 474) 

(2 093) 

 (778) 

 (137) 

 (830) 

 (39) 

 (1) 

 (10) 

 (21) 

 103 

1 093 

 72 

 31 

4 329 

4 322 

3 053 

 474 

1 283 

– 

 1 

 22 

 13 

 (58) 

 (461) 

 430 

 (0) 

 (1) 

 (2) 

 (0) 

 (0) 

 (1) 

 (4) 

– 

 (11) 

 (26) 

 (97) 

– 

 (7) 

 (6) 

 (953) 

 (20) 

182 

 18 

 14 

 47 

– 

 0 

 14 

 457 

– 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

 234 

1 449 

 263 

 50 

4 663 

6 089 

3 934 

 556 

2 351 

 36 

 61 

 26 

 36 

 914 

 34 

 44 

 148 

 0 

 5 

 25 

– 

 (1) 

– 

– 

– 

– 

– 

– 

 131 

 356 

 191 

 20 

 334 

1 767 

 881 

 83 

 (0) 

1 068 

 36 

 60 

 4 

 23 

 484 

 16 

 30 

 101 

 0 

 5 

 11 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 287 

 438 

 222 

 24 

1 950 

1 780 

 885 

 88 

1 313 

 227 

 70 

 14 

 28 

 626 

 25 

 39 

 137 

 142 

 6 

 12 

 (156) 

 (80) 

 (30) 

 (4) 

(1 616) 

 (13) 

 (4) 

 (6) 

 (245) 

 (191) 

 (10) 

 (10) 

 (6) 

 (9) 

 (9) 

 (36) 

 (141) 

 (1) 

 (1) 

 (141) 

 (0) 

2 353 

(1 327) 

 82 

 (65) 

1 026 

 17 

1 483 

 17 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

Programme 

Commitm. 
carried 
forward from 
previous 
year 
1 

  Pilot projects & preparatory actions 

  Union Secure Connectivity 

Total Heading 1: Single Market, 
Innovation and Digital 

2  Regional Development (ERDF) * 

  Cohesion Fund 

  Cohesion Fund contrib. to CEF-Transport 

  Pilot projects and prep. actions 

  European Social Fund Plus (ESF+) * 

  Support to Turkish-Cypriot Community 

  European Recovery and Resilience 

  Pericles IV 

  EU Recovery 

  RescEU 

  EU4Health 

Emergency support within the Union 
(ESI) 

  Decentralised agencies 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  Employment and Social Innovation 

  Erasmus+ 

  European Solidarity Corps (ESC) 

  Creative Europe 

Justice 

  Rights and Values 

  Decentralised agencies 

  Other actions 

– 

 156 

51 926 

91 069 

12 460 

6 080 

 3 

45 251 

 100 

214 518 

 1 

 651 

1 707 

1 301 

 40 

 43 

 0 

 10 

 184 

2 083 

 166 

 427 

 67 

 272 

 49 

 16 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

2 

3 

4=1+2+3 

5 

6 

– 

 (0) 

– 

 (156) 

– 

– 

 17 

 117 

– 

 (34) 

 (853) 

(17 829) 

33 244 

25 962 

(8 035) 

(27 087) 

63 896 

43 466 

(2 173) 

 (86) 

 (19) 

 (40) 

 (0) 

(3 288) 

(2 234) 

 (1) 

9 153 

3 806 

 2 

7 695 

1 608 

 4 

 (799) 

 (12) 

 (2) 

 (554) 

 (5) 

 (15) 

(15 798) 

29 438 

18 643 

 (3) 

 (39) 

 59 

 41 

 (13) 

(51 488) 

163 017 

2 353 

(3 800) 

 (0) 

 (0) 

 (11) 

 (15) 

 (3) 

 (0) 

– 

 (1) 

 (12) 

 (64) 

 (27) 

 (6) 

 (7) 

 (5) 

 (0) 

 (2) 

 (0) 

 (651) 

 (659) 

 (403) 

 (9) 

 (12) 

– 

 (8) 

 (65) 

 (661) 

 (42) 

 (220) 

 (24) 

 (119) 

 (7) 

 (9) 

183 

 0 

– 

1 036 

 883 

 28 

 31 

 0 

 1 

 107 

1 358 

 97 

 201 

 36 

 147 

 41 

 5 

 1 

 (1) 

3 342 

(1 477) 

 254 

 795 

– 

 301 

– 

 13 

 101 

4 273 

 160 

 350 

 42 

 220 

 308 

 8 

 (97) 

 (171) 

– 

 (282) 

– 

 (4) 

 (23) 

(3 380) 

 (108) 

 (197) 

 (25) 

 (80) 

 (296) 

 (1) 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

 17 

 83 

 17 

 83 

17 920 

51 164 

41 292 

105 188 

6 896 

1 596 

 1 

16 048 

5 402 

 4 

18 090 

47 528 

 36 

 95 

(1 447) 

161 570 

 0 

1 865 

 157 

 624 

– 

 19 

– 

 9 

 78 

 893 

 52 

 153 

 18 

 140 

 12 

 7 

 0 

1 865 

1 193 

1 507 

 28 

 50 

 0 

 10 

 185 

2 251 

 149 

 354 

 53 

 288 

 53 

 13 

Cancellation 
of commitm. 
which cannot 
be carried 
over 
7 

– 

– 

 (7) 

 (1) 

 (0) 

– 

– 

 (0) 

 (0) 

– 

– 

– 

 (0) 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

Programme 

Commitm. 
carried 
forward from 
previous 
year 
1 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

2 

3 

4=1+2+3 

5 

6 

Cancellation 
of commitm. 
which cannot 
be carried 
over 
7 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Total Heading 2: Cohesion, Resilience and 
Values 

3  Agricultural Guarantees 

Other progr. of Natural Resources and 
Environment 

  Agricultural Fund for Rural Development 

  Maritime and Fisheries 

  Fisheries (SFPA and RFMO) 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  Environment and Climate (LIFE) 

Just Transition Fund 
Loan facility under Just Transition 
Mechanism 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Specific actions 

Total Heading 3: Natural Resources and 
Environment 

4  Asylum, Migration and Integration  

  Decentralised agencies 

  Pilot projects and prep. actions 

Border Mngmt. (IBMF) - Border mngmt 
and visa 
Border Mngmt. (IBMF) - Customs 
equipment 

  Decentralised agencies 

 65 

 195 

 (2) 

 (4) 

 (31) 

 (122) 

 32 

 69 

 26 

 189 

– 

 (61) 

– 

– 

 26 

 128 

 58 

 197 

376 757 

 (336) 

(102 977) 

273 444 

84 193 

(13 548) 

 (1) 

70 644 

344 088 

 358 

0 

37 891 

3 299 

 23 

– 

0 

 4 

2 547 

13 276 

 57 

– 

 18 

 4 

57 477 

2 720 

 13 

0 

1 798 

 278 

 312 

 (35) 

 (102) 

 221 

40 810 

(40 660) 

0 

0 

0 

0 

 (61) 

(15 431) 

 (2) 

 (1) 

– 

0 

 (0) 

 (25) 

 (0) 

– 

– 

 (0) 

 (0) 

(1 092) 

 (14) 

– 

0 

 (2) 

 (565) 

(6 149) 

 (36) 

– 

 (9) 

 (1) 

22 399 

2 204 

13 156 

1 196 

 8 

– 

0 

 2 

1 957 

7 127 

 21 

– 

 9 

 3 

 130 

 31 

0 

 8 

 771 

1 640 

 126 

 73 

 6 

 16 

0 

 (38) 

 (59) 

 (100) 

 (31) 

0 

 (1) 

 (37) 

 (1) 

 (43) 

 (73) 

– 

 (3) 

 (125) 

(23 401) 

33 950 

57 964 

(41 048) 

 (0) 

(1 291) 

1 428 

– 

0 

 13 

0 

 (585) 

1 213 

1 057 

1 508 

 165 

0 

 144 

 (74) 

 (165) 

0 

 (54) 

 (46) 

1 166 

 (937) 

– 

0 

 (0) 

 (0) 

– 

 (71) 

 (182) 

 207 

 130 

184 

– 

0 

 (0) 

 (0) 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

 150 

0 

13 118 

1 137 

 30 

– 

0 

 8 

 734 

1 638 

 83 

– 

 6 

 13 

 371 

0 

35 517 

3 341 

 38 

– 

0 

 10 

2 691 

8 765 

 104 

– 

 15 

 16 

 (0) 

 (0) 

– 

0 

16 916 

50 867 

1 433 

2 862 

– 

0 

 13 

0 

 (0) 

1 002 

2 215 

– 

– 

 98 

 230 

 305 

 359 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

Programme 

Commitm. 
carried 
forward from 
previous 
year 
1 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

2 

3 

4=1+2+3 

5 

6 

Cancellation 
of commitm. 
which cannot 
be carried 
over 
7 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

(2 129) 

2 991 

4 039 

(1 276) 

 (0) 

 (0) 

2 763 

 317 

Total Heading 4: Migration and Border 
Management 

5  Internal Security Fund (ISF) 

  Nuclear decommissioning 

  Nuclear Safety and decommissioning 

  Decentralised agencies 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  European Defence (Research) 

  European Defence (Non Research) 

  Military Mobility 

Defence instrument on common 
procurement 
Defence Industrial Reinforcement 
instrument 

  European Defence industry Programme 

  Pilot projects and prep. actions 

  Union Secure Connectivity 

  Total Heading 5: Security and Defence 
Neighbourhood, Developm. and Intl. 
Cooperation 
Instrument for Nuclear Safety (EINS) 

6 

  Humanitarian Aid (HUMA) 

Common Foreign and Security Policy 
(CFSP) 

  Overseas Countries and Territories (OCT) 

  MFA+ 

  Other actions 

  Pilot projects and prep. actions 

  Actions under prerogatives of 

5 121 

 524 

 405 

 312 

– 

 1 

 26 

 646 

1 323 

 376 

– 

 157 

0 

 0 

 30 

3 803 

30 682 

 140 

1 063 

 108 

 129 

– 

 28 

 0 

 153 

 (1) 

 (0) 

 (0) 

 (1) 

– 

– 

 (2) 

 (0) 

 (0) 

 (1) 

– 

 (0) 

0 

– 

– 

 (205) 

 (142) 

 (66) 

– 

– 

 (16) 

 (198) 

 (454) 

 (218) 

– 

 (49) 

0 

– 

 (30) 

 319 

 263 

 246 

– 

 1 

 8 

 448 

 869 

 157 

– 

 107 

0 

 0 

– 

 324 

 67 

 61 

 263 

– 

 32 

 355 

 703 

 251 

 259 

 359 

0 

– 

 96 

2 770 

 (6) 

 (0) 

 (10) 

 (257) 

– 

 (19) 

 (16) 

 (114) 

 (117) 

– 

 (124) 

0 

– 

 (80) 

 (744) 

 (4) 

(1 378) 

2 420 

 (639) 

(7 791) 

22 252 

11 956 

(1 811) 

 (5) 

 (6) 

 (25) 

 (0) 

– 

 (0) 

 (0) 

 (9) 

 (33) 

 (557) 

 (40) 

 (27) 

– 

 (28) 

 (0) 

 (57) 

185 

 102 

 500 

 43 

 102 

– 

 0 

 0 

 87 

 43 

 (8) 

2 512 

(1 885) 

 406 

 72 

 574 

 80 

– 

 95 

 (352) 

 (27) 

 (421) 

 (23) 

– 

 (31) 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

5 754 

 636 

 331 

 296 

 6 

 1 

 22 

 788 

1 458 

 291 

 259 

 343 

0 

 0 

 16 

4 445 

 67 

 50 

 6 

– 

 13 

 339 

 589 

 134 

 259 

 235 

0 

– 

 16 

2 025 

10 145 

32 397 

 34 

 627 

 54 

 44 

 153 

 57 

– 

 64 

 137 

1 127 

 96 

 147 

 153 

 57 

 0 

 151 

– 

– 

– 

– 

– 

 (0) 

– 

– 

– 

– 

0 

– 

– 

 (0) 

 (0) 

– 

 (0) 

– 

– 

– 

– 

– 

– 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

Programme 

Commission 

Commitm. 
carried 
forward from 
previous 
year 
1 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

2 

3 

4=1+2+3 

5 

6 

Cancellation 
of commitm. 
which cannot 
be carried 
over 
7 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

  Pre-Accession Assistance (IPA III) 

7 684 

 (95) 

(1 899) 

5 689 

– 

0 

– 

0 

– 

0 

– 

0 

2 146 

 400 

0 

 (402) 

 (1) 

0 

– 

– 

0 

1 744 

 399 

0 

7 434 

 399 

0 

  Facility for Western Balkans 

  Pilot projects and prep. actions 

Total Heading 6: Neighbourhood and the 
World 

7  Staff Pensions 

(Pensions former Members) EP 

(Pensions former Members) ECC 

(Pensions former Members) Commission 

(Pensions former Members) CJEU 

(Pensions former Members) ECA 

(Pensions former Members) Ombudsman 

(Pensions former Members) EDPS 

  European schools 

  Remuneration statutory staff 

  Remuneration external staff 

  Members - Salaries and allowances 

  Members - Temporary allowances 

  Recruitment costs 

  Termination of service 

  Training costs 

  Social and Mobility 

Information and comm. technology 

  Rents and purchases 

Linked to buildings 

  Security 

  Mission and representation 

39 987 

 (779) 

(10 433) 

28 776 

18 283 

(4 962) 

 (0) 

13 321 

42 097 

– 

– 

– 

– 

– 

– 

– 

– 

 1 

 0 

 33 

 0 

– 

 2 

– 

 11 

 13 

 172 

 7 

 63 

 38 

 11 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 (0) 

 (4) 

 (0) 

– 

 (0) 

– 

 (1) 

 (3) 

 (1) 

 (0) 

 (5) 

 (3) 

 (3) 

– 

– 

– 

– 

– 

– 

– 

– 

 (1) 

 (0) 

 (29) 

 (0) 

– 

 (1) 

– 

 (10) 

 (10) 

 (171) 

 (7) 

 (58) 

 (36) 

 (8) 

186 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

2 862 

(2 862) 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 269 

2 957 

 310 

 17 

 1 

 31 

 7 

 22 

 38 

 420 

 639 

 129 

 83 

 55 

 (15) 

 (1) 

 (9) 

 (15) 

 (7) 

 (0) 

 (0) 

 (265) 

(2 957) 

 (287) 

 (16) 

 (0) 

 (27) 

 (7) 

 (10) 

 (26) 

 (255) 

 (608) 

 (80) 

 (51) 

 (45) 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 (0) 

 (0) 

– 

 (0) 

– 

 (0) 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 4 

 0 

 23 

 1 

– 

 3 

– 

 12 

 12 

 166 

 31 

 49 

 32 

 10 

– 

– 

– 

– 

– 

– 

– 

– 

 4 

 0 

 23 

 1 

– 

 3 

– 

 12 

 12 

 166 

 31 

 49 

 32 

 10 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

Programme 

Commitm. 
carried 
forward from 
previous 
year 
1 

Decommitm./ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding 
at year-end 

Commitm. 
made during 
the year 

Payments 

2 

3 

4=1+2+3 

5 

6 

Cancellation 
of commitm. 
which cannot 
be carried 
over 
7 

  Meetings, committees, conference 

  Official journal 

  Publications 

  Acquisition of information 

  Studies and investigations 

  General equipment, vehicle, furniture 

Linguistic external services 

  Other administrative expenditure 

  Pilot projects and prep. actions 

Administrative expenditure of Other 
Institutions 
Total Heading 7: European Public 
Administration 

O  Innovation Fund (IF) 

  Ukraine Facility 

  Other actions 

 7 

 1 

 6 

 2 

 5 

 12 

 2 

 10 

0 

 608 

1 004 

6 443 

– 

 4 

 (3) 

 (0) 

 (0) 

 (0) 

 (0) 

 (0) 

 (0) 

 (1) 

0 

 (3) 

 (1) 

 (6) 

 (2) 

 (5) 

 (12) 

 (2) 

 (9) 

0 

 (51) 

 (557) 

 (76) 

 (111) 

– 

 (3) 

 (927) 

 (261) 

– 

 (0) 

– 

– 

– 

– 

– 

– 

– 

– 

0 

– 

 16 

 3 

 14 

 7 

 6 

 23 

 63 

 41 

0 

 (10) 

 (2) 

 (8) 

 (5) 

 (1) 

 (12) 

 (61) 

 (29) 

0 

5 291 

(4 668) 

 0 

13 351 

(12 339) 

6 071 

– 

 1 

 603 

4 887 

 62 

 (31) 

(3 637) 

 (57) 

  Total Heading O: Outside MFF 

6 447 

 (114) 

 (261) 

6 072 

5 552 

(3 726) 

S  Solidarity and Emergency Aid (SEAR) 

  European Solidarity Reserve 

  Emergency Aid Reserve 

  European Globalisation Adjustment (EGF) 

  Brexit Adjustment Reserve 

Total Heading S: Solidarity mechanisms 
within and outside the Union (Special 
instruments) 

0 

– 

– 

 0 

 482 

 482 

0 

– 

– 

 (0) 

– 

 (0) 

0 

– 

– 

 (0) 

 (429) 

 (429) 

0 

– 

– 

– 

 53 

 53 

0 

0 

1 234 

(1 234) 

– 

 8 

– 

 (8) 

 304 

 (304) 

1 546 

(1 546) 

– 

– 

– 

– 

– 

– 

– 

– 

0 

 (1) 

 (2) 

– 

 (0) 

– 

 (0) 

0 

– 

– 

– 

– 

– 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
the year 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

 6 

 1 

 7 

 2 

 5 

 11 

 2 

 12 

0 

 6 

 1 

 7 

 2 

 5 

 11 

 2 

 12 

0 

 623 

 623 

1 011 

 572 

1 250 

 5 

1 827 

0 

– 

– 

 0 

– 

 0 

1 011 

6 643 

1 250 

 6 

7 899 

0 

– 

– 

 0 

 53 

 53 

  Total 

543 003 

(2 288) 

(159 765) 

380 950 

213 661 

(87 223) 

 (10) 

126 428 

507 378 

187 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.11.   DETAILED MFF: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN 

Annual accounts of the European Union 2024 

Programme 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

EUR million 

 434 

 880 

1 964 

2 704 

3 826 

5 777 

12 715 

28 646 

1  Horizon Europe 

  Euratom 

  Thermonuclear Experimental Reactor (ITER) 

  Other actions 

  Pilot projects and prep. actions 

InvestEU Fund 

  CEF - Transport 

  CEF - Energy 

  CEF - Digital 

  Digital Europe 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  Actions under prerogatives of Commission 

  Single Market 

  EU Anti-Fraud 

  Taxation 

  Customs 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  European Space Programme 

  Decentralised agencies 

  Pilot projects & preparatory actions 

  Union Secure Connectivity 

  Total Heading 1: Single Market, Innovation and Digital 

2  Regional Development (ERDF) 

  Cohesion Fund 

 346 

 24 

– 

– 

 0 

 182 

 83 

 274 

 1 

– 

– 

– 

– 

– 

 49 

 0 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

 957 

 686 

 84 

 5 

– 

– 

 1 

 74 

 71 

 43 

 0 

– 

– 

– 

– 

– 

 9 

– 

– 

 0 

– 

– 

– 

 2 

– 

– 

– 

 6 

– 

 0 

 0 

 102 

 984 

 659 

 1 

– 

– 

– 

 0 

– 

 25 

 0 

 0 

 0 

– 

– 

– 

 5 

– 

– 

– 

 17 

 610 

 4 

 9 

 21 

 482 

 61 

 18 

1 203 

2 571 

 14 

– 

 2 

 0 

 133 

1 289 

 902 

 7 

 0 

– 

– 

 10 

 0 

 27 

 1 

 0 

 0 

– 

– 

 1 

 16 

– 

 5 

 2 

 60 

 696 

 381 

 102 

 281 

– 

– 

 5 

 1 

 32 

 5 

 3 

 3 

– 

 0 

 0 

 403 

 551 

 175 

 356 

– 

– 

 4 

 2 

 97 

 5 

 4 

 13 

– 

– 

 8 

 131 

 356 

 191 

 20 

 337 

1 767 

 881 

 83 

1 285 

 36 

 60 

 4 

 23 

 797 

 242 

 188 

 429 

– 

 1 

 3 

 9 

 169 

 506 

 7 

 7 

 16 

 30 

 31 

 101 

– 

 0 

 5 

 0 

 5 

 11 

 234 

1 449 

 263 

 50 

4 663 

6 089 

3 934 

 556 

2 351 

 36 

 61 

 26 

 36 

 914 

 34 

 44 

 148 

 0 

 5 

 25 

 144 

 12 

 28 

 267 

1 026 

1 483 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 17 

 17 

 83 

 17 

 17 

 83 

 639 

2 663 

4 496 

4 309 

7 314 

11 086 

19 700 

51 164 

 0 

 0 

 26 

 0 

 77 

 0 

 506 

 17 

 159  103 733 

105 188 

 18 

15 928 

16 048 

 1 

 0 

188 

 
  
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

EUR million 

 261 

 547 

1 163 

 450 

 462 

 401 

1 596 

5 402 

  Cohesion Fund contrib. to CEF-Transport 

  Pilot projects and prep. actions 

  European Social Fund Plus (ESF+) 

  Support to Turkish-Cypriot Community 

  European Recovery and Resilience 

  Pericles IV 

  EU Recovery 

  RescEU 

  EU4Health 

  Emergency support within the Union (ESI) 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Actions under prerogatives of Commission 

  Employment and Social Innovation 

  Erasmus+ 

  European Solidarity Corps (ESC) 

  Creative Europe 

Justice 

  Rights and Values 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  Actions under prerogatives of Commission 

 523 

 0 

 279 

 0 

– 

– 

– 

– 

 1 

– 

 0 

 0 

– 

 3 

 0 

 0 

– 

 4 

 5 

– 

 0 

 0 

 1 

 1 

 0 

 0 

– 

– 

– 

– 

 0 

– 

 0 

– 

– 

 1 

 1 

– 

 0 

 2 

 3 

– 

– 

 1 

 3 

  Total Heading 2: Cohesion, Resilience and Values 

1 587 

 273 

3  Agricultural Guarantees 

  Other progr. of Natural Resources and Environment 

  Agricultural Fund for Rural Development 

  Maritime and Fisheries 

  Fisheries (SFPA and RFMO) 

  Decentralised agencies 

  Other actions 

– 

0 

 0 

 22 

– 

– 

0 

 8 

0 

– 

 0 

– 

– 

0 

189 

– 

 2 

 1 

 0 

– 

– 

 3 

 5 

– 

 0 

– 

– 

 8 

 3 

 5 

 2 

 3 

 3 

– 

 0 

 1 

 5 

 588 

 13 

0 

 0 

 1 

– 

– 

0 

 0 

 1 

 5 

 0 

– 

– 

 98 

 6 

 0 

 0 

– 

– 

 10 

 115 

 33 

 5 

 2 

 3 

 0 

 0 

 4 

 6 

 0 

 6 

 9 

 1 

 15 

 16 

– 

 1 

 4 

 45 

47 180 

47 528 

 27 

 36 

 95 

2 298 

39 792 

51 627 

67 853 

161 570 

– 

– 

 75 

 122 

 9 

 2 

– 

– 

 12 

 216 

 21 

 18 

 5 

 9 

 19 

– 

 3 

 6 

– 

– 

 264 

 346 

 19 

 11 

– 

 0 

 22 

 439 

 20 

 75 

 10 

 45 

 9 

 2 

 8 

 15 

 0 

– 

 595 

 366 

– 

 16 

– 

 1 

 52 

 584 

 18 

 101 

 10 

 74 

 13 

 3 

 15 

 33 

 0 

1 865 

 157 

 661 

– 

 19 

– 

 9 

 78 

 893 

 52 

 153 

 18 

 145 

 12 

 7 

 26 

 0 

1 865 

1 193 

1 507 

 28 

 50 

 0 

 10 

 185 

2 251 

 149 

 354 

 53 

 288 

 53 

 13 

 58 

 128 

 197 

1 478 

3 357 

42 094 

54 161  240 550 

344 088 

 18 

0 

 6 

 3 

– 

– 

0 

 31 

0 

 0 

 11 

– 

– 

0 

 59 

0 

2 995 

 19 

 0 

– 

0 

 371 

0 

 91 

 150 

0 

0 

 9 

32 507 

35 517 

 42 

3 242 

 8 

– 

0 

 30 

– 

0 

3 341 

 38 

– 

0 

 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

EUR million 

– 

 113 

– 

 193 

– 

 164 

– 

 194 

– 

 329 

  Pilot projects and prep. actions 

  Environment and Climate (LIFE) 

Just Transition Fund 

Loan facility under Just Transition Mechanism 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Specific actions 

  Total Heading 3: Natural Resources and Environment 

4  Asylum, Migration and Integration  

  Decentralised agencies 

  Pilot projects and prep. actions 

  Border Mngmt. (IBMF) - Border mngmt and visa 

  Border Mngmt. (IBMF) - Customs equipment 

  Decentralised agencies 

  Total Heading 4: Migration and Border Management 

5  Internal Security Fund (ISF) 

  Nuclear decommissioning 

  Nuclear Safety and decommissioning 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Actions under prerogatives of Commission 

  European Defence (Research) 

  European Defence (Non Research) 

  Military Mobility 

  Defence instrument on common procurement 

  Defence Industrial Reinforcement instrument 

  European Defence industry Programme 

  Pilot projects and prep. actions 

  Union Secure Connectivity 

– 

– 

– 

 1 

– 

 222 

 235 

– 

0 

 186 

– 

– 

 0 

– 

– 

 0 

– 

 372 

 21 

– 

0 

 46 

 72 

– 

 1 

 457 

 1 

 10 

– 

 3 

– 

 1 

 8 

 489 

 753 

 4 

8 760 

 11 

– 

 4 

 3 

 83 

– 

 6 

 13 

 10 

2 691 

8 765 

 104 

– 

 15 

 16 

3 544 

 663 

45 551 

50 867 

 95 

 13 

0 

 725 

1 746 

2 862 

– 

0 

– 

0 

 13 

0 

 140 

 655 

1 168 

2 215 

 64 

– 

 70 

 130 

 98 

 230 

 305 

 359 

 421 

 139 

 313 

1 580 

3 241 

5 754 

 32 

 65 

 74 

– 

 1 

 1 

– 

– 

– 

– 

0 

– 

– 

 8 

 42 

 39 

– 

– 

 1 

 110 

 232 

 74 

– 

– 

0 

– 

– 

 27 

 99 

 12 

– 

– 

 2 

 160 

 286 

 26 

– 

– 

0 

– 

– 

 171 

 385 

 41 

 27 

– 

– 

 5 

 178 

 322 

 57 

– 

 107 

0 

– 

– 

 67 

 50 

 6 

– 

 13 

 339 

 589 

 134 

 259 

 235 

0 

– 

 16 

 636 

 331 

 296 

 6 

 1 

 22 

 788 

1 458 

 291 

 259 

 343 

0 

 0 

 16 

 14 

 14 

– 

– 

– 

– 

– 

 178 

 18 

– 

0 

 0 

– 

– 

 18 

 3 

 13 

 44 

– 

– 

 0 

– 

– 

– 

– 

0 

– 

– 

 74 

 993 

– 

– 

– 

 0 

– 

 136 

 20 

– 

0 

 20 

– 

– 

 40 

 5 

 3 

 10 

– 

– 

 0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

 0 

– 

 201 

 2 

– 

0 

 0 

– 

– 

 3 

 5 

 1 

 39 

– 

– 

– 

– 

– 

– 

– 

– 

0 

 0 

– 

 46 

 825 

190 

  Total Heading 5: Security and Defence 

6  Neighbourhood, Developm. and Intl. Cooperation 

 18 

1 044 

 188 

 506 

 612 

 909 

2 094 

4 445 

1 407 

2 985 

6 785 

8 133 

10 224 

32 397 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

EUR million 

Instrument for Nuclear Safety (EINS) 

  Humanitarian Aid (HUMA) 

  Common Foreign and Security Policy (CFSP) 

  Overseas Countries and Territories (OCT) 

  MFA+ 

  Other actions 

  Pilot projects and prep. actions 

  Actions under prerogatives of Commission 

  Pre-Accession Assistance (IPA III) 

  Facility for Western Balkans 

  Pilot projects and prep. actions 

 2 

– 

 1 

– 

– 

– 

 0 

– 

 290 

– 

0 

 4 

– 

– 

– 

– 

– 

– 

 0 

 320 

– 

0 

 8 

 6 

 12 

 1 

– 

– 

– 

 0 

 630 

– 

0 

 11 

 7 

 0 

– 

– 

– 

– 

 4 

 519 

– 

0 

 23 

 28 

 7 

 2 

– 

– 

– 

 13 

 998 

– 

0 

 20 

 127 

 6 

 46 

– 

– 

– 

 26 

 34 

 333 

 18 

 53 

– 

 0 

– 

 42 

 34 

 627 

 54 

 44 

 153 

 57 

– 

 66 

1 342 

1 266 

2 069 

– 

0 

– 

0 

 399 

0 

 137 

1 127 

 96 

 147 

 153 

 57 

 0 

 151 

7 434 

 399 

0 

  Total Heading 6: Neighbourhood and the World 

1 336 

1 149 

1 651 

1 948 

4 056 

8 352 

9 878 

13 726 

42 097 

7  Staff Pensions 

(Pensions former Members) EP 

(Pensions former Members) ECC 

(Pensions former Members) Commission 

(Pensions former Members) CJEU 

(Pensions former Members) ECA 

(Pensions former Members) Ombudsman 

(Pensions former Members) EDPS 

  European schools 

  Remuneration statutory staff 

  Remuneration external staff 

  Members - Salaries and allowances 

  Members - Temporary allowances 

  Recruitment costs 

  Termination of service 

  Training costs 

  Social and Mobility 

Information and comm. technology 

  Rents and purchases 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

 0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 4 

 0 

 23 

 1 

– 

 3 

– 

 12 

 12 

 166 

 31 

– 

– 

– 

– 

– 

– 

– 

– 

 4 

 0 

 23 

 1 

– 

 3 

– 

 12 

 12 

 166 

 31 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

191 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Programme 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

EUR million 

Linked to buildings 

  Security 

  Mission and representation 

  Meetings, committees, conference 

  Official journal 

  Publications 

  Acquisition of information 

  Studies and investigations 

  General equipment, vehicle, furniture 

Linguistic external services 

  Other administrative expenditure 

  Pilot projects and prep. actions 

  Administrative expenditure of Other Institutions 

  Total Heading 7: European Public Administration 

O  Innovation Fund (IF) 

  Ukraine Facility 

  Other actions 

  Total Heading O: Outside MFF 

S  Solidarity and Emergency Aid (SEAR) 

  European Solidarity Reserve 

  Emergency Aid Reserve 

  European Globalisation Adjustment (EGF) 

  Brexit Adjustment Reserve 

Total Heading S: Solidarity mechanisms within and outside the 
Union (Special instruments) 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

0 

0 

 49 

 32 

 10 

 6 

 1 

 7 

 2 

 5 

 11 

 2 

 12 

0 

 623 

 0 

 0 

1 011 

 65 

2 586 

3 420 

 572 

– 

– 

– 

– 

– 

 1 

1 250 

 5 

 49 

 32 

 10 

 6 

 1 

 7 

 2 

 5 

 11 

 2 

 12 

0 

 623 

1 011 

6 643 

1 250 

 6 

 65 

2 586 

3 421 

1 827 

7 899 

0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

– 

– 

0 

– 

– 

– 

 53 

 53 

0 

– 

– 

 0 

– 

 0 

0 

– 

– 

 0 

 53 

 53 

  Total 

4 074 

2 312 

5 172 

8 752 

12 804 

64 814 

81 750  327 700 

507 378 

As a result from re-allocation of commitments in the framework of the migration to a new accounting system (SUMMA) a shift of outstanding amount (201 274 EUR million) 
between years has occurred. The overall amount of outstanding commitments remains unchanged. 

192 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.12.  DETAILED MFF: OUTSTANDING COMMITMENTS BY APPROPRIATIONS TYPE 

Annual accounts of the European Union 2024 

From budget appropriations 

From assigned revenue appropriations 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

1 

2 

3 

4 

23 506 

 (367) 

12 994 

12 039 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 
24 094 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

Amount 
remaining 
to be 
settled 
10=6+7+
8-9 

4 433 

 (204) 

2 087 

1 765 

4 551 

28 646 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
2024 

11=5+10 

Heading 

1  Horizon Europe 

  Euratom 

Thermonuclear Experimental 
Reactor (ITER) 

  Other actions 

  Pilot projects and prep. actions 

InvestEU Fund 

  CEF - Transport 

  CEF - Energy 

  CEF - Digital 

  Digital Europe 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
  Single Market 

  EU Anti-Fraud 

  Taxation 

  Customs 

  Decentralised agencies 

  Other actions 

  Pilot projects and prep. actions 

  European Space Programme 

  Decentralised agencies 

  Pilot projects & preparatory actions 

 304 

1 570 

0 

 48 

2 253 

6 442 

3 819 

 647 

2 070 

 39 

 2 

 34 

 31 

 (1) 

 (2) 

0 

 (1) 

 (31) 

 (85) 

 (42) 

 (39) 

 4 

– 

 (0) 

 (2) 

 (1) 

 917 

 (55) 

 29 

 40 

 141 

 0 

 7 

 21 

1 223 

 18 

– 

 (0) 

 (1) 

 (2) 

 (0) 

 (0) 

 (1) 

 (2) 

– 

– 

 280 

 436 

– 

 24 

 348 

1 758 

 885 

 87 

1 264 

 217 

 1 

 14 

 24 

 604 

 24 

 38 

 136 

 132 

 6 

 12 

 369 

 562 

– 

 21 

 256 

2 087 

 775 

 142 

1 042 

 220 

 1 

 20 

 23 

 583 

 20 

 35 

 129 

 132 

 8 

 7 

 214 

1 443 

– 

 50 

2 314 

6 028 

3 886 

 553 

2 296 

 36 

 1 

 26 

 31 

 882 

 33 

 43 

 146 

 0 

 5 

 25 

 54 

 6 

 135 

0 

3 582 

 61 

 54 

 3 

 46 

– 

– 

0 

 5 

 32 

 0 

 2 

 4 

– 

 0 

0 

 (4) 

– 

 (8) 

0 

 (0) 

 (3) 

– 

 (0) 

 (7) 

– 

– 

0 

 (0) 

 (3) 

 (0) 

– 

 (0) 

– 

– 

0 

 7 

 1 

 222 

0 

 36 

 1 

 86 

0 

 21 

 6 

 263 

0 

1 603 

2 834 

2 350 

 61 

 48 

 3 

 55 

– 

 60 

0 

 5 

 32 

 1 

 1 

 1 

 0 

– 

0 

 23 

– 

 1 

 49 

 9 

 69 

0 

 4 

 22 

 1 

 0 

 1 

 10 

 0 

0 

 20 

 6 

 1 

 33 

 9 

 10 

0 

 4 

 20 

 0 

 0 

 4 

 10 

 0 

0 

 54 

 2 

0 

 234 

1 449 

 263 

 50 

4 663 

6 089 

3 934 

 556 

2 351 

 36 

 61 

 26 

 36 

 914 

 34 

 44 

 148 

 0 

 5 

 25 

2 088 

2 226 

1 083 

 190 

 (2) 

 265 

 79 

 17 

 84 

– 

 14 

 17 

 2 

0 

– 

0 

 3 

0 

193 

 399 

1 483 

 3 

0 

 17 

 17 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Heading 

From budget appropriations 

From assigned revenue appropriations 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

1 

2 

3 

4 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

Amount 
remaining 
to be 
settled 
10=6+7+
8-9 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
2024 

11=5+10 

  Union Secure Connectivity 

 156 

 (0) 

 117 

 190 

 83 

0 

0 

0 

0 

0 

 83 

Total Heading 1: Single Market, 
Innovation and Digital 

2  Regional Development (ERDF) 

  Cohesion Fund 

Cohesion Fund contrib. to CEF-
Transport 

43 318 

 (629) 

21 584 

20 969 

43 304 

8 608 

 (230) 

4 378 

4 895 

7 860 

51 164 

74 573 

11 413 

 443 

 (3) 

38 668 

13 263 

100 420 

16 496 

 (530) 

4 798 

15 997 

4 768 

105 188 

6 600 

2 352 

15 658 

1 048 

 (17) 

1 095 

1 736 

 390 

16 048 

6 066 

 (40) 

1 606 

2 246 

5 387 

 4 

 3 

 4 

 13 

0 

 (0) 

0 

 2 

0 

 0 

0 

 15 

0 

5 402 

 4 

  Pilot projects and prep. actions 

 3 

  European Social Fund Plus (ESF+) 

31 288 

Support to Turkish-Cypriot 
Community 

  European Recovery and Resilience 

  Pericles IV 

  EU Recovery 

  RescEU 

  EU4Health 

Emergency support within the 
Union (ESI) 

  Decentralised agencies 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  Employment and Social Innovation 

  Erasmus+ 

  European Solidarity Corps (ESC) 

  Creative Europe 

Justice 

  Rights and Values 

  Decentralised agencies 

  Other actions 

 99 

 157 

 1 

 649 

 540 

1 274 

 21 

 42 

 0 

 10 

 174 

1 863 

 153 

 414 

 63 

 271 

 48 

 13 

 (0) 

 582 

 (3) 

 (10) 

 (0) 

 (0) 

 (10) 

 (15) 

 (3) 

 (0) 

– 

 (1) 

 (11) 

 (55) 

 (23) 

 (6) 

 (7) 

 (5) 

 (0) 

 (2) 

16 731 

4 887 

43 714 

13 963 

 (597) 

1 913 

11 465 

3 814 

47 528 

 91 

 1 

 169 

214 361 

 0 

1 863 

 415 

1 466 

 9 

 49 

 0 

 10 

 173 

2 072 

 138 

 341 

 51 

 286 

 52 

 11 

– 

 2 

1 166 

 27 

 19 

 0 

0 

 0 

 9 

 221 

 14 

 14 

 4 

 1 

 1 

 2 

 34 

 123 

 1 

 40 

 101 

 1 

3 340 

2 125 

 240 

 753 

– 

 355 

 546 

 8 

 263 

 256 

– 

 12 

 93 

– 

 12 

 83 

3 796 

3 532 

 144 

 335 

 42 

 219 

 303 

 8 

 135 

 402 

 47 

 198 

 299 

 8 

194 

 (0) 

 (3) 

– 

 (0) 

 (1) 

 (1) 

– 

– 

0 

 (0) 

 (0) 

 (9) 

 (4) 

 (1) 

 (0) 

 (0) 

 (0) 

 (0) 

 7 

 3 

 5 

 95 

2 230 

55 187 

161 401 

161 570 

 0 

 2 

 14 

 41 

– 

 38 

0 

 0 

 7 

 0 

 3 

 402 

 27 

 0 

 38 

0 

 0 

 4 

 477 

 509 

 16 

 15 

 1 

 1 

 5 

 0 

 15 

 15 

 1 

 0 

 5 

 1 

 0 

 2 

 778 

 41 

 19 

 1 

0 

 0 

 12 

 179 

 10 

 13 

 3 

 1 

 1 

 1 

 0 

1 865 

1 193 

1 507 

 28 

 50 

 0 

 10 

 185 

2 251 

 149 

 354 

 53 

 288 

 53 

 13 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Heading 

From budget appropriations 

From assigned revenue appropriations 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

1 

2 

3 

4 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

Amount 
remaining 
to be 
settled 
10=6+7+
8-9 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
2024 

11=5+10 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 
Total Heading 2: Cohesion, 
Resilience and Values 
3  Agricultural Guarantees 

Agricultural Fund for Rural 
Development 

  Maritime and Fisheries 

  Fisheries (SFPA and RFMO) 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Environment and Climate (LIFE) 

Just Transition Fund 
Loan facility under Just Transition 
Mechanism 

  Decentralised agencies 

  Pilot projects and prep. actions 

  Specific actions 

Total Heading 3: Natural Resources 
and Environment 

 65 

 192 

 (2) 

 (4) 

 26 

 183 

 31 

 181 

 58 

 190 

 0 

 3 

– 

 (0) 

 0 

 6 

 0 

 3 

 0 

 7 

 58 

 197 

129 392 

 825 

73 525 

31 113 

172 629 

247 365 

(1 163) 

10 668 

85 412 

171 459 

344 088 

 358 

 (35) 

40 465 

40 420 

 368 

 0 

33 157 

 (61) 

13 155 

13 997 

32 254 

4 734 

– 

 (0) 

 345 

 342 

 3 

 371 

 1 

1 471 

3 263 

35 517 

2 692 

 23 

– 

 4 

2 538 

2 773 

 40 

– 

 18 

 4 

 231 

 (1) 

– 

 (0) 

 (24) 

 (0) 

– 

– 

 (0) 

 (0) 

1 070 

 130 

 30 

 8 

 768 

1 479 

 50 

 66 

 6 

 16 

 760 

 114 

 30 

 3 

 597 

 6 

 60 

 66 

 9 

 4 

3 233 

 607 

 (234) 

 127 

 392 

 108 

3 341 

 38 

– 

 10 

2 684 

4 245 

 29 

– 

 15 

 16 

0 

– 

0 

 9 

10 504 

 17 

– 

0 

0 

0 

– 

0 

 (0) 

 (0) 

– 

– 

0 

0 

0 

 1 

0 

 4 

0 

 1 

0 

 6 

0 

– 

0 

 7 

 160 

6 144 

4 520 

 76 

 19 

 75 

 8 

0 

0 

 8 

0 

0 

– 

0 

0 

 38 

– 

 10 

2 691 

8 765 

 104 

– 

 15 

 16 

41 606 

 109 

57 243 

56 066 

42 891 

15 871 

 (234) 

 721 

8 382 

7 976 

50 867 

4  Asylum, Migration and Integration  

2 709 

  Decentralised agencies 

 13 

 8 

– 

1 502 

 152 

1 363 

2 856 

 13 

 11 

– 

 (8) 

– 

1 637 

 17 

1 004 

 152 

 564 

 117 

 (0) 

 144 

– 

1 090 

1 043 

2 094 

 161 

 (17) 

 305 

 359 

0 

– 

0 

– 

 6 

 13 

 53 

0 

 76 

 3 

 13 

 75 

0 

 76 

 6 

– 

 121 

0 

– 

2 862 

 13 

2 215 

 305 

 359 

Border Mngmt. (IBMF) - Border 
mngmt and visa 
Border Mngmt. (IBMF) - Customs 
equipment 

  Decentralised agencies 

Total Heading 4: Migration and 
Border Management 

5  Internal Security Fund (ISF) 

  Nuclear decommissioning 

 278 

 312 

4 949 

 518 

 405 

 24 

 2 

 (0) 

3 892 

3 239 

5 627 

 172 

 (25) 

 147 

 166 

 127 

5 754 

 323 

 67 

 208 

 142 

 635 

 331 

 6 

0 

 (2) 

0 

 1 

0 

 3 

0 

 1 

0 

 636 

 331 

195 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Heading 

From budget appropriations 

From assigned revenue appropriations 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

1 

2 

3 

4 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

Amount 
remaining 
to be 
settled 
10=6+7+
8-9 

Nuclear Safety and 
decommissioning 

  Decentralised agencies 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

  European Defence (Research) 

  European Defence (Non Research) 

  Military Mobility 

Defence instrument on common 
procurement 
Defence Industrial Reinforcement 
instrument 

  Pilot projects and prep. actions 

  Union Secure Connectivity 

6 

Total Heading 5: Security and 
Defence 
Neighbourhood, Developm. and 
Intl. Cooperation 
Instrument for Nuclear Safety 
(EINS) 

  Humanitarian Aid (HUMA) 

Common Foreign and Security 
Policy (CFSP) 
Overseas Countries and Territories 
(OCT) 
  MFA+ 

  Other actions 

  Pilot projects and prep. actions 
Actions under prerogatives of 
Commission 

 312 

 (1) 

– 

 1 

 26 

 631 

1 290 

 376 

– 

 157 

 0 

 30 

– 

– 

 (2) 

 (0) 

 (0) 

 (1) 

– 

 (0) 

– 

– 

 60 

 252 

– 

 32 

 344 

 680 

 251 

 250 

 343 

– 

 96 

 76 

 247 

– 

 35 

 212 

 529 

 335 

– 

 172 

– 

 110 

 296 

 6 

 1 

 22 

 763 

1 441 

 291 

 250 

 327 

 0 

 16 

 0 

– 

0 

 0 

 15 

 33 

0 

– 

– 

0 

0 

– 

– 

0 

– 

 (0) 

– 

0 

– 

– 

0 

0 

 0 

 11 

0 

– 

 12 

 23 

0 

 9 

 16 

0 

0 

 0 

 11 

0 

 0 

 2 

 39 

0 

0 

 1 

0 

0 

 0 

– 

0 

– 

 25 

 16 

0 

 9 

 15 

0 

0 

3 748 

 (2) 

2 699 

2 066 

4 379 

 55 

 (2) 

 71 

 57 

 66 

4 445 

30 342 

 (610) 

11 432 

9 352 

31 811 

 340 

 (29) 

 525 

 250 

 586 

32 397 

 137 

1 047 

 (5) 

 (6) 

 42 

 40 

 133 

2 495 

2 422 

1 115 

 94 

 (23) 

 385 

 379 

 129 

– 

 28 

 0 

 152 

 (0) 

– 

 (0) 

 (0) 

 (9) 

 72 

 5 

 79 

– 

 95 

 55 

 5 

 50 

 0 

 88 

 4 

 15 

 13 

0 

– 

– 

0 

 0 

– 

 (0) 

 (2) 

0 

– 

– 

0 

 (0) 

 269 

 (47) 

0 

0 

 1 

 17 

 21 

0 

 1 

 20 

 14 

0 

 3 

 12 

 19 

0 

 569 

 416 

 153 

 0 

0 

 0 

 83 

0 

 0 

0 

 0 

 74 

0 

– 

0 

 0 

 231 

0 

 137 

1 127 

 96 

 147 

 153 

 57 

 0 

 151 

7 434 

 399 

 78 

 147 

– 

 57 

 0 

 151 

7 203 

 399 

  Pre-Accession Assistance (IPA III) 

7 415 

 (48) 

  Facility for Western Balkans 

– 

– 

2 063 

 400 

2 227 

 1 

  Total Heading 6: Neighbourhood 

39 345 

 (701) 

17 067 

14 618 

41 093 

 642 

 (78) 

1 217 

 777 

1 004 

42 097 

196 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
2024 

11=5+10 

 296 

 6 

 1 

 22 

 788 

1 458 

 291 

 259 

 343 

 0 

 16 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Heading 

From budget appropriations 

From assigned revenue appropriations 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

1 

2 

3 

4 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

Amount 
remaining 
to be 
settled 
10=6+7+
8-9 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
2024 

11=5+10 

and the World 

7  Staff Pensions 

(Pensions former Members) EP 

(Pensions former Members) ECC 
(Pensions former Members) 
Commission 
(Pensions former Members) CJEU 

(Pensions former Members) ECA 
(Pensions former Members) 
Ombudsman 
(Pensions former Members) EDPS 

  European schools 

  Remuneration statutory staff 

  Remuneration external staff 

  Members - Salaries and allowances 

  Members - Temporary allowances 

  Recruitment costs 

  Termination of service 

  Training costs 

  Social and Mobility 

– 

– 

– 

– 

– 

– 

– 

– 

 0 

 0 

 32 

 0 

– 

 2 

– 

 8 

 7 

Information and comm. technology 

 129 

  Rents and purchases 

Linked to buildings 

  Security 

  Mission and representation 

  Meetings, committees, conference 

  Official journal 

  Publications 

 5 

 57 

 32 

 11 

 6 

 1 

 5 

– 

– 

– 

– 

– 

– 

– 

– 

 (0) 

 (0) 

 (4) 

 (0) 

 (0) 

 (0) 

 (0) 

 (1) 

 (1) 

 (1) 

 (0) 

 (5) 

 (2) 

 (3) 

 (3) 

 (0) 

 (0) 

 (0) 

 0 

 (0) 

 (0) 

– 

 0 

– 

– 

 0 

 0 

 21 

 1 

 0 

 3 

– 

 10 

 7 

 120 

 30 

 44 

 25 

 10 

 5 

 1 

 5 

2 589 

2 589 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 15 

 1 

 9 

 15 

 7 

 0 

 0 

 246 

2 897 

 265 

 246 

2 897 

 272 

 17 

 1 

 30 

 7 

 17 

 23 

 287 

 326 

 107 

 74 

 54 

 15 

 3 

 12 

 16 

 0 

 28 

 7 

 15 

 22 

 295 

 300 

 115 

 79 

 52 

 13 

 2 

 11 

197 

– 

0 

0 

0 

0 

0 

0 

0 

 1 

– 

 1 

– 

0 

 0 

0 

 3 

 6 

 42 

 2 

 6 

 6 

 0 

 1 

– 

 2 

– 

0 

0 

0 

0 

0 

0 

0 

 (0) 

– 

 (0) 

– 

0 

 (0) 

0 

 (0) 

 (2) 

 (0) 

 (0) 

 (0) 

 (0) 

 (0) 

 (0) 

– 

 (0) 

 273 

 273 

 0 

0 

0 

0 

0 

0 

0 

0 

 23 

 60 

 45 

 0 

0 

 0 

0 

 4 

 15 

 134 

 314 

 22 

 9 

 2 

 1 

 0 

 3 

0 

0 

0 

0 

0 

0 

0 

 20 

 60 

 44 

 0 

0 

 0 

0 

 4 

 14 

 130 

 315 

 23 

 8 

 2 

 1 

– 

 3 

0 

0 

0 

0 

0 

0 

0 

 4 

– 

 2 

 0 

0 

 0 

0 

 2 

 5 

 46 

 1 

 5 

 7 

 0 

 1 

 0 

 1 

 (0) 

 0 

 (0) 

 (0) 

– 

 0 

– 

– 

 4 

 0 

 23 

 1 

 0 

 3 

– 

 12 

 12 

 166 

 31 

 49 

 32 

 10 

 6 

 1 

 7 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

From budget appropriations 

From assigned revenue appropriations 

Heading 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

  Acquisition of information 

  Studies and investigations 

General equipment, vehicle, 
furniture 
Linguistic external services 

  Other administrative expenditure 
Administrative expenditure of 
Other Institutions 
Total Heading 7: European Public 
Administration 

O  Innovation Fund (IF) 

  Ukraine Facility 

  Other actions 

  Total Heading O: Outside MFF 

S  European Solidarity Reserve 

European Globalisation Adjustment 
(EGF) 

  Brexit Adjustment Reserve 
Total Heading S: Solidarity 
mechanisms within and outside the 
Union (Special instruments) 

1 

2 

3 

4 

 2 

 5 

 11 

 2 

 4 

 (0) 

 (0) 

 (0) 

 (0) 

 (0) 

 7 

 6 

 16 

 27 

 19 

 6 

 5 

 18 

 27 

 18 

 567 

 (10) 

4 912 

4 886 

 886 

 (32) 

12 004 

11 969 

0 

– 

0 

– 

– 

 0 

 321 

0 

 (0) 

0 

 (0) 

– 

 (0) 

– 

– 

4 737 

1 234 

 8 

 7 

– 

3 634 

1 234 

 8 

 275 

 321 

 (0) 

1 249 

1 517 

Amount 
remaining 
to be 
settled 
5=1+2+3-
4 

 2 

 5 

 9 

 2 

 5 

 582 

 888 

Commitm. 
carried 
forward 
from 2023 

Adjust- 
ments 

Commitm. 
made 

Payments 
made 

6 

7 

8 

9 

 0 

 0 

 1 

 1 

 6 

– 

– 

 (0) 

 (0) 

 (0) 

 0 

 0 

 6 

 36 

 21 

 0 

 0 

 6 

 36 

 20 

Amount 
remaining 
to be 
settled 
10=6+7+
8-9 

– 

 0 

 2 

 1 

 7 

 42 

 (42) 

 379 

 338 

 40 

 118 

 (46) 

1 348 

1 297 

 123 

– 

– 

 4 

– 

 (3) 

1 103 

6 447 

 (114) 

– 

 0 

 53 

 53 

0 

0 

 161 

 161 

0 

0 

– 

– 

 603 

 150 

 62 

 815 

0 

0 

 292 

6 643 

 3 

 57 

 147 

 6 

 353 

6 795 

0 

0 

 297 

 458 

 297 

 458 

0 

0 

– 

– 

EUR million 

Total 
commitm. 
outstanding 
at the end of 
2024 

11=5+10 

 2 

 5 

 11 

 2 

 12 

 623 

1 011 

6 643 

1 250 

 6 

7 899 

– 

 0 

 53 

 53 

– 

– 

– 

6 443 

 (111) 

4 737 

3 634 

1 103 

  Total 

263 564 

 (405) 

194 000 

145 192 

311 967 

279 440 

(1 893) 

19 661  101 797  195 410 

507 378 

198 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 IMPLEMENTATION OF THE BUDGET BY INSTITUTION 

Annual accounts of the European Union 2024 

7.1.  IMPLEMENTATION OF BUDGET REVENUE  

EUR million 

Income appropriations 

Entitlements established 

Revenue 

Institution 

Initial adopted 
budget 

Final adopted 
budget 

Current 
year 

Carried 
over 

Total 

1 

2 

3 

4 

5=3+4 

On entitle- 
ments of 
current year 
6 

On entitle- 
ments 
carried over 
7 

Receipts as 
% of budget 

Out- 
standing 

Total 

8=6+7 

9=8/2 

10=5-8 

European Parliament 

European Council and Council 

 222 

 72 

 222 

 72 

 281 

 99 

 12 

 1 

 293 

 100 

 279 

 98 

 3 

 1 

 282 

 99 

 127 % 

 137 % 

 11 

 1 

Commission 

Court of Justice 

Court of Auditors 

Economic and Social Committee 

Committee of the Regions 

Ombudsman 

European Data Protection Supervisor 

European External Action Service 

142 141 

149 255 

246 702 

19 281 

265 983 

239 802 

9 925 

249 727 

 167 % 

16 256 

 73 

 31 

 17 

 14 

 2 

 2 

 57 

 73 

 31 

 17 

 14 

 2 

 2 

 57 

 74 

 30 

 22 

 16 

 2 

 2 

 356 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

 74 

 30 

 22 

 16 

 2 

 2 

 74 

 30 

 22 

 16 

 2 

 2 

 356 

 356 

 0 

 0 

 0 

 0 

 0 

 0 

 0 

 74 

 30 

 22 

 16 

 2 

 2 

 101 % 

 97 % 

 134 % 

 117 % 

 107 % 

 102 % 

 356 

 626 % 

 0 

 0 

 0 

 0 

 0 

– 

 0 

Total 

142 630 

149 744 

247 584 

19 295 

266 879 

240 680 

9 929 

250 609 

167 % 

16 270 

The consolidated reports on  the  implementation of the general budget of the EU include, as in previous years, the budget impl ementation  of all Institutions 
since within the EU budget a separate budget for each Institution is established.  

The budget and implementation of Agencies are not consolidated within the EU budget and are not included in the EU budget reports. The Commission subsidy 
paid to the agencies however is part of the EU budget. In this budgetary part of the annual accounts, only the subsidy paid from the Commission budget to the 
Agencies is taken into consideration. 

Concerning the EEAS, it should be noted that, in addition to its own budget, it also receives contributions from the Commission of EUR 236.1 million (2023: 
EUR  240.5  million)  and  the  EDF  legacy  and  the  Trust  Funds  of  EUR  19.3  million  (2023:  EUR  18.7  million).  These  contributions  cover  the  costs  of  the 
Commission's  staff  in  the  delegations  financed  under  the  EDF  and  the  Trust  Funds,  including  assigned  revenue  generated  during  the  year  from  these 
contributions. 

199 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.2.  IMPLEMENTATION OF COMMITMENT APPROPRIATIONS 

Annual accounts of the European Union 2024 

Commitments made 

Appropriations carried over to 
2025 

Appropriations lapsing 

EUR million 

Institution 

Total 
appropriat. 
available 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

from final 
adopted 
budget 

from 
assigned 
revenue 

Total 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assign
ed 
revenu
e 

1 

2 

3 

4 

5=2+3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

Total 

13=10+ 
11+12 

European Parliament 

2 469 

2 375 

European Council 
and Council 

 732 

 653 

0 

0 

 49 

2 424 

 98 % 

 32 

 684 

 93 % 

0 

0 

 37 

 23 

 37 

 23 

 8 

 24 

0 

0 

 0 

 0 

 8 

 24 

Commission 

222 217 

188 153 

 936 

19 282 

208 370 

 94 % 

1 365 

10 969 

12 334 

1 121 

 62 

 330 

1 513 

Court of Justice 

Court of Auditors 

Economic and Social 
Committee 
Committee of 
Regions 

Ombudsman 

European Data-
protection 
Supervisor 
European External 
Action Service 

 506 

 186 

 172 

 499 

 181 

 164 

 126 

 123 

 14 

 24 

 14 

 23 

0 

 0 

0 

0 

0 

0 

 1 

 0 

 5 

 1 

– 

– 

 500 

 99 % 

 182 

 98 % 

 169 

 98 % 

 124 

 99 % 

 14 

 98 % 

 23 

 96 % 

1 240 

 880 

 1 

 290 

1 171 

 94 % 

0 

0 

0 

0 

0 

0 

0 

 1 

 0 

 2 

 1 

– 

 0 

 1 

 0 

 2 

 1 

– 

 0 

 68 

 68 

 5 

 4 

 1 

 0 

 0 

 1 

 0 

0 

– 

0 

0 

0 

0 

– 

 0 

 0 

 0 

– 

– 

– 

 0 

 5 

 4 

 1 

 0 

 0 

 1 

 0 

Total 

227 687  193 064 

 937 

19 661  213 661 

94 % 

1 365 

11 103 

12 468 

1 166 

 62 

 330 

1 558 

200 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
7.3.  IMPLEMENTATION OF PAYMENT APPROPRIATIONS  

Annual accounts of the European Union 2024 

Institution 

Total 
approp. 
available 

from 
final 
adopted 
budget 

Payments made 

from 
carry- 
overs 

from 
assigned 
revenue 

Total 

% 

Appropriations carried over to 
2025 

from final 
adopted 
budget 

from 
assigned 
revenue 

Total 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
carry- 
overs 

from 
assigned 
revenue 

Total 

1 

2 

3 

4 

5=2+3+4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

13 

EUR million 

European Parliament 

2 825 

2 038 

 322 

 47 

2 407 

 85 % 

 337 

European Council and 
Council 

 819 

 574 

 78 

 32 

 684 

 84 % 

 79 

 46 

 24 

 383 

 103 

Commission 

269 678 

141 805 

2 122 

97 837 

241 764 

 90 % 

3 266 

24 509 

27 775 

Court of Justice 

Court of Auditors 

Economic and Social 
Committee 

 537 

 196 

 467 

 171 

 186 

 153 

Committee of Regions 

 137 

 113 

Ombudsman 

European Data-
protection Supervisor 

European External 
Action Service 

 14 

 27 

 13 

 21 

 27 

 9 

 12 

 10 

 0 

 2 

 1 

 0 

 4 

 1 

– 

– 

 494 

 92 % 

 181 

 92 % 

 168 

 90 % 

 124 

 91 % 

 13 

 94 % 

 23 

 84 % 

 32 

 10 

 10 

 10 

 0 

 3 

 1 

 0 

 4 

 2 

– 

 0 

 33 

 10 

 14 

 11 

 0 

 3 

 8 

 24 

 33 

 5 

 4 

 1 

 0 

 0 

 1 

 0 

 26 

 8 

 99 

 4 

 0 

 2 

 1 

 0 

 1 

 13 

 1 

– 

 7 

– 

– 

– 

– 

– 

– 

– 

 35 

 32 

 140 

 9 

 5 

 3 

 1 

 0 

 2 

 13 

1 350 

 778 

 98 

 253 

1 129 

 84 % 

 102 

 106 

 208 

Total 

275 769  146 134 

2 680 

98 175  246 988 

90 % 

3 848 

24 692 

28 540 

 78 

 154 

 8 

 240 

201 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

 IMPLEMENTATION OF THE AGENCIES' BUDGETS 

The agencies’ revenue and expenditure, as shown in the reports 8.1 and 8.2 below, are not consolidated 
as such within the EU budget. In this budgetary part of the annual accounts, only the subsidy paid from 
the Commission budget to the Agencies is taken into consideration. 

The EU  budget implementation  reports include the subsidy paid from  the EU  budget to the agencies as 
commitment and payment appropriations, when applicable. 

The  agencies’  reports  below  show  an  overview  of  the  Agencies,  both  decentralised  (also  known  as 
traditional agencies) and executive agencies, and of their revenue (8.1) and expenditure (8.2). 

Other sources of revenue and their related expenditure are not added into the EU budget accounts. Each 
agency presents its own set of annual accounts. 

8.1.  BUDGET REVENUE 

Agency 

Agency for the Cooperation of Energy Regulators 
Agency for the Operational Management of Large-Scale IT Systems 
Body of European Regulators for Electronic Communications 
Community Plant Variety Office 
European Agency for Safety and Health at Work 
European Asylum Support Office 
European Aviation Safety Agency 
European Banking Authority 
European Border and Coast Guard Agency 
European Centre for Disease Prevention and Control 
European Centre for the Development of Vocational Training 
European Chemicals Agency 
European Climate, Infrastructure and Environment Executive Agency 
European Education and Culture Executive Agency 
European Environment Agency 
European Fisheries Control Agency 
European Food Safety Authority 
European Foundation for the Improvement of Living and Working Conditions 
European Health and Digital Executive Agency 
European Innovation Council and SMEs Executive Agency 
European Institute for Gender Equality 
European Institute of Innovation and Technology 
European Insurance and Occupational Pensions Authority 
European Labour Authority 
European Maritime Safety Agency 
European Medicines Agency 
European Monitoring Centre for Drugs and Drug Addiction 
European Public Prosecutor's Office 
European Research Council Executive Agency 
European Research Executive Agency 
European Securities and Markets Authority 
European Training Foundation 
European Union Agency for Criminal Justice Cooperation 
European Union Agency for Cybersecurity 
European Union Agency for Law Enforcement Cooperation 
European Union Agency for Law Enforcement Training 
European Union Agency for Railways 
European Union Agency for the Space Programme 
European Union Fundamental Rights Agency 
European Union Intellectual Property Office 
Fusion for Energy Joint Undertaking 
Translation Centre for the Bodies of the European Union 
Total 

Funding 
MFF 
heading 

1 
4 
1 
N/A 
2b 
4 
1 
1 
4 
2b 
2b 
1 
1, 2a, 3, 5 
2b, 6 
3 
3 
2b 
2b 
1, 2b 
1, 2a 
2b 
1 
1 
2b 
1 
2b 
5 
2b 
1 
1, 3 
1 
2b 
2b 
1 
5 
5 
1 
1 
2b 
N/A 
1 
7 

Final 
adopted 
budget 

EUR million 

Revenue 
received 

 35 
 257 
 8 
 23 
 18 
 182 
 243 
 56 
 922 
 93 
 20 
 127 
 69 
 70 
 103 
 31 
 157 
 24 
 56 
 50 
 9 
 418 
 37 
 40 
 93 
 481 
 35 
 76 
 67 
 112 
 75 
 28 
 65 
 26 
 222 
 13 
 32 
 85 
 27 
 315 
 625 
 45 
5 470 

 35 
 287 
 8 
 21 
 17 
 185 
 217 
 57 
 927 
 102 
 21 
 131 
 70 
 70 
 98 
 32 
 155 
 25 
 56 
 49 
 9 
 466 
 38 
 39 
 122 
 492 
 30 
 76 
 67 
 112 
 76 
 29 
 71 
 45 
 232 
 32 
 44 
1 342 
 28 
 323 
 662 
 37 
6 937 

202 

 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Type of agencies revenue 

Commission subsidy 
Fee income 
Other income 
Total 

  EUR million 
Amounts 
received 

4 854 
 984 
1 098 
6 937 

8.2.  COMMITMENT AND PAYMENT APPROPRIATIONS BY 

AGENCY 

Agency 

Agency for the Cooperation of Energy Regulators 
Agency for the Operational Management of Large-Scale IT 
Systems 
Body of European Regulators for Electronic Communications 

Community Plant Variety Office 

European Agency for Safety and Health at Work 

European Asylum Support Office 

European Aviation Safety Agency 

European Banking Authority 

European Border and Coast Guard Agency 

European Centre for Disease Prevention and Control 

European Centre for the Development of Vocational Training 

European Chemicals Agency 
European Climate, Infrastructure and Environment Executive 
Agency 
European Education and Culture Executive Agency 

European Environment Agency 

European Fisheries Control Agency 

European Food Safety Authority 
European Foundation for the Improvement of Living and 
Working Conditions 
European Health and Digital Executive Agency 

European Innovation Council and SMEs Executive Agency 

European Institute for Gender Equality 

European Institute of Innovation and Technology 

European Insurance and Occupational Pensions Authority 

European Labour Authority 

European Maritime Safety Agency 

European Medicines Agency 

European Monitoring Centre for Drugs and Drug Addiction 

European Public Prosecutor's Office 

European Research Council Executive Agency 

EUR million 

Commitment 
appropriations 

Total 
appropr. 
available 

Commit. 
made 

Payment 
appropriations 
Total 
appropr. 
available 

Payments 
made 

 35 

 407 

 8 

 21 

 18 

 224 

 335 

 58 

 957 

 110 

 20 

 135 

 69 

 70 

 116 

 35 

 164 

 26 

 56 

 48 

 9 

 454 

 38 

 49 

 134 

 516 

 34 

 76 

 67 

 35 

 365 

 8 

 20 

 17 

 174 

 259 

 57 

 936 

 100 

 20 

 130 

 68 

 69 

 104 

 32 

 163 

 26 

 55 

 48 

 9 

 432 

 38 

 46 

 122 

 503 

 33 

 75 

 67 

 43 

 380 

 9 

 24 

 23 

 242 

 348 

 61 

1 323 

 134 

 22 

 150 

 72 

 75 

 140 

 43 

 170 

 30 

 57 

 52 

 11 

 495 

 40 

 45 

 146 

 601 

 35 

 86 

 69 

 33 

 277 

 8 

 21 

 18 

 173 

 221 

 57 

 873 

 96 

 21 

 128 

 68 

 68 

 86 

 33 

 154 

 26 

 54 

 48 

 9 

 433 

 37 

 41 

 115 

 515 

 27 

 75 

 68 

European Research Executive Agency 

 112 

 111 

 118 

 112 

European Securities and Markets Authority 

European Training Foundation 

European Union Agency for Criminal Justice Cooperation 

 77 

 33 

 84 

 76 

 30 

 71 

 83 

 35 

 94 

 78 

 28 

 69 

203 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

Agency 

European Union Agency for Cybersecurity 

European Union Agency for Law Enforcement Cooperation 

European Union Agency for Law Enforcement Training 

European Union Agency for Railways 

European Union Agency for the Space Programme 

European Union Fundamental Rights Agency 

European Union Intellectual Property Office 

Fusion for Energy Joint Undertaking 

Translation Centre for the Bodies of the European Union 

EUR million 

Commitment 
appropriations 

Total 
appropr. 
available 

Commit. 
made 

Payment 
appropriations 
Total 
appropr. 
available 

Payments 
made 

 43 

 240 

 39 

 62 

2 779 

 29 

 483 

 812 

 45 

 32 

 233 

 20 

 46 

 580 

 28 

 321 

 746 

 42 

 47 

 263 

 42 

 49 

2 173 

 35 

 483 

 694 

 48 

 30 

 228 

 20 

 44 

 971 

 29 

 318 

 642 

 43 

Total 

9 123 

6 348 

9 091 

6 393 

Type of expenditure 

Administrative 

Operational 

Staff 

Total 

  EUR million 

Commitment 
appropriations 

Payment appropriations 

Total appropr. 
available 

Commit. 
made 

Total appropr. 
available 

Payments 
made 

 569 

6 334 

2 221 

 546 

3 735 

2 067 

 694 

6 147 

2 250 

 536 

3 794 

2 063 

9 123 

6 348 

9 091 

6 393 

204 

 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Union 2024 

GLOSSARY 

Actuarial assumptions 

Assumptions used to calculate the costs of future events that affect the pension liability. 

Actuarial gains and losses 

For  a  defined  benefit  scheme,  the  changes  in  actuarial  deficits  or  surpluses.  They  arise  as  a  result  of 
differences between the previous actuarial assumptions and what has actually occurred and due to effects 
of changes in actuarial assumptions. 

Administrative appropriations 

Administrative  appropriations  cover  the  running  costs  of  the  Institutions  and  entities  (staff,  buildings, 
office equipment). 

Adopted budget 

Draft  budget  becomes  the  adopted  budget  as  soon  as  it  is  approved  by  the  Budgetary  Authority  and 
declared definitely adopted by the President of the European Parliament. 

Amending budget 

Decision adopted during the budget year to amend (increase, decrease, transfer) aspects of the adopted 
budget of that year. 

Amounts to be called from Member States 

These  represent  expenses  incurred  during  the  reporting  period  that  will  need  to  be  funded  by  future 
budgets,  i.e.  by  the  EU  Member  States.  This  is  a  consequence  of  the  co-existence  of  accruals  based 
financial statements and a cash based budget. 

Annual Activity Report (AAR) 

Annual Activity Reports indicate the results of operations by reference to objectives set, associated risks 
and  the  internal  control  structure,  inter  alia.  Since  the  2001  budget  exercise  for  the  Commission  and 
since 2003 for all European Union institutions, the ‘authorising officer by delegation’ must submit an AAR 
to  his/her  institution  on  the  performance  of  his/her  duties,  together  with  financial  and  management 
information. 

Appropriations 

Budget  funding.  The  budget  forecasts  both  commitments  and  payments  (cash  or  bank  transfers  to  the 
beneficiaries). Appropriations for commitments and payments often differ (differentiated appropriations) 
because multi annual programmes and projects are usually fully committed in the year they are decided 
and  are  paid  over  the  years  as  the  implementation  of  the  programme  and  project  progresses.  Non-
differentiated  appropriations  apply  to  administrative  expenditure,  for  agricultural  market  support  and 
direct payments and commitment appropriations equal payment appropriations. 

Assigned revenue 

Dedicated  revenue  received  to  finance  specific  items  of  expenditure.  The  main  source  of  external 
assigned  revenue  is  financial  contributions  from  third  countries  to  programmes  financed  by  the  Union. 
The main source of internal assigned revenue is revenue from third parties in respect of goods, services 
or  work  supplied  at  their  request;  revenue  arising  from  the  repayment  of  amounts  wrongly  paid  and 
revenue from the sale of publications and films. 

205 

 
 
 
Available for sale financial assets 

Annual accounts of the European Union 2024 

All  financial  assets  (except  derivatives)  that  are  according  to  International  Public  Sector  Accounting 
Standards  measured  at  fair  value  and  for  which  the  changes  in  fair  value  are  to  be  recognised  in  a 
reserve in net assets until derecognition (or impairment). 

Budget line 

As  far  as  the  budget  structure  is  concerned,  revenue  and  expenditure  are  shown  in  the  budget  in 
accordance with a binding nomenclature which reflects the nature and purpose of each item, as imposed 
by  the  budgetary  authority.  The  individual  headings  (title,  chapter,  article  or  line)  provide  a  formal 
description of the nomenclature. 

Cancellation of appropriations 

Unused appropriations that may no longer be used. 

Carryover of appropriations 

Exception to the principle of annuality in so far as appropriations that could not be used in a given budget 
year may, under strict conditions, be exceptionally carried over for use during the following year. 

Commitment 

Legal  pledge  to  provide  finance  subject  to  certain  conditions.  The  EU  commits  itself  to  reimbursing  its 
share  of  the  costs  of  an  EU  funded  project.  Today’s  commitments  are  tomorrow’s  payments.  Today’s 
payments are yesterday’s commitments. 

Commitment appropriation 

Commitment  appropriations 
cover 
agreements/decisions) that could be signed in the current financial year. 

cost  of 

total 

the 

legal  obligations 

(contracts,  grant 

Current service cost 

The increase in scheme liabilities arising from service in the current financial year. 

Decommitment 

An act whereby a previous commitment (or part of it) is cancelled. 

Defined benefit scheme 

A pension or other retirement benefit scheme where the scheme rules define the benefits independently 
of the contributions payable, and the benefits are not directly related to the investments of the scheme. 
The scheme may be funded or unfunded. 

Derivatives 

Financial  instruments  whose  value  is  linked  to  changes  in  the  value  of  another  financial  instrument,  an 
indicator or a commodity. In contrast to the holder of a primary financial instrument (e.g. a government 
bond), who has an unqualified right to receive cash (or some other economic benefit) in the future, the 
holder of a derivative has only a qualified right to receive such a benefit. An example of a derivative is 
currency forward contract. 

Direct management 

Mode  of  budget  implementation.  Under  direct  management  the  budget  is  implemented  directly  by 
Commission services, Executive Agencies or Trust Funds. 

Discount rate 

The rate used to adjust for the time value of money. Discounting is a technique used to compare costs 
and benefits that occur in different time periods. 

206 

 
Effective interest rate 

Annual accounts of the European Union 2024 

The rate that discounts estimated future cash receipts or payments over the expected life of the financial 
asset or financial liability to the net carrying amount of the asset or liability.  

Financial assets and liabilities at amortised cost 

All financial assets and liabilities that are  according  to  International Public Sector Accounting Standards 
measured at armotised cost. 

Financial assets or liabilities at fair value through surplus or deficit 

All  financial  assets  or  liabilities  that  are  according  to  International  Public  Sector  Accounting  Standards 
measured at fair value and for which the changes in fair value are to be recognised in surplus or deficit of 
the period (i.e. derivatives). 

Financial correction 

The purpose of financial corrections is to protect the EU budget from the burden of irregular expenditure. 
For  expenditure  under  shared  management,  the  task  of  recovering  irregular  payments  is  primarily  the 
responsibility of the Member State. 

A 'confirmed' financial correction has been accepted by the Member State concerned. A 'decided' financial 
correction has been adopted by a Commission decision and is always a net correction, where the Member 
State is required to reimburse irregular funds to the EU budget, thus leading to a definitive reduction of 
the allocated envelope to the Member State concerned. Confirmed and decided financial corrections are 
reported in this publication as one category. 

An 'implemented' financial correction has corrected the observed irregularity. 

Indirect management 

Mode  of  budget  implementation.  Under  indirect  management  the  Commission  confers  tasks  of  budget 
implementation to bodies of EU law or national law. 

Interruptions and suspensions 

If the Commission finds, based on its own work or the information reported by audit authorities, that a 
Member State has failed to remedy serious shortcomings in the management and control systems and/or 
to  correct  irregular  expenditure  which  had  been  declared  and  certified,  it  may  interrupt  or  suspend 
payments. 

Irregularity 
An irregularity is an act which does not comply with the applicable EU or national rules and which has a 
potentially  negative  impact  on  the  EU  financial  interests.  Irregularities,  which  may  be  the  result  of  the 
conduct of beneficiaries claiming funds or of the authorities responsible for making payments. The notion 
of irregularity is wider than that of fraud, which refers to conduct that may qualify as a criminal offence. 
Lapsing appropriations 

Unused appropriations to be cancelled at the end of the financial year. Lapsing means the cancellation of 
all  or  part  of  the  authorisation  to  make  expenditures  and/or  incur liabilities which  is  represented  by  an 
appropriation.  Only  for  Joint  Undertakings,  as  specified  in  their  Financial  Rules,  any  unused 
appropriations may  be  entered  in the  estimate of revenue and expenditure of up to the following three 
financial years (the so-called ‘N+3’ rule). Hence, lapsing appropriations for JUs could be reactivated until 
financial year ‘N+3’. 

Outstanding commitments 

As  the  Reste  à  Liquider  (RAL),  they  represent  the  amount  where  a  budgetary  commitment  has  been 
made  but  the  subsequent  payment  is  not  yet  done.  They  represent  payment obligations  for  the  EU  for 
future  years  and  stem  directly  from  the  existence  of  multi  annual  programmes  and  the  dissociation 
between commitment and payment appropriations. 

207 

 
 
Annual accounts of the European Union 2024 

Own resources 

The main source of revenues for the EU budget. The different own resources are listed in the applicable 
Own  Resource  Decision  (Council Decision  (EU, Euratom)  2020/2053)  and  are traditional own resources, 
VAT-based  own  resource,  GNI-based  resource  and  non-recycled  plastic  packaging  waste-based  own 
resource. 

Payment appropriations 

Payment  appropriations  cover  expenditure  due  in  the  current  year,  arising  from  legal  commitments 
entered in the current year and/or earlier years. 

Pre-financing 

A payment intended to provide the beneficiary with a float. It may be split into a number of instalments 
in accordance with the provisions of the underlying contract, decision, agreement or the basic legal act. 
The float or advance is either used for the purpose for which it was provided during the period defined in 
the agreement or it is repaid. 

Preventive measure 

Preventive measures, which are at the Commission’s disposal to protect the EU budget when it is aware 
of  potential  deficiencies,  include  suspensions  and  interruptions  of  payments  from  the  EU  budget  to  the 
operational programme. 

Reste à Liquider (RAL) 

As  the  Outstanding  commitments,  it  represents  the  amount  where  a  budgetary  commitment  has  been 
made  but  the  subsequent  payment  is  not  yet  done.  They  represent  payment obligations  for  the  EU  for 
future  years  and  stem  directly  from  the  existence  of  multi  annual  programmes  and  the  dissociation 
between commitment and payment appropriations. 

Shared management 

Mode of budget implementation. Under shared management budget implementation tasks are delegated 
to Member States. About three quarters of the EU expenditure falls under this implementation mode. 

Traditional own resources 

Traditional  own  resources  are  defined  in  the  applicable  Own  Resources  Decision  (Council  Decision  (EU, 
Euratom) 2020/2053) and comprise namely customs duties and sugar levies. 

Transfers (between budget lines) 

Transfers between budget lines imply the relocation of appropriations from one budget line to another, in 
the course  of the financial year,  and thereby  they  constitute an exception to the budgetary principle of 
specification. They are, however, expressly authorised by the Treaty on the Functioning of the European 
Union under the conditions laid down in the Financial Regulation (FR). The FR identifies different types of 
transfers depending on whether they are between or within budget titles, chapters, articles or headings 
and require different levels of authorisation. 

208 

 
 
Annual accounts of the European Union 2024 

LIST OF ABBREVIATIONS  

AAR 

AC 

AFS 

Annual Activity Report 

Amortised Cost 

Available For Sale 

AMIF  

Asylum, Migration and Integration Fund 

AOD  

Authorising Officers by Delegation 

ATM 

BAR 

BOP 

Air Traffic Management 

Brexit adjustment reserve 

Balance of Payments 

BUFI Fund 

Budget Fines Fund 

CAP 

Common Agricultural Policy 

CCS LGF 

Cultural and Creative Sector Guarantee Facility 

CEF2 

Connecting Europe Facility 

CEF DI 

Connecting Europe Facility Debt Instrument 

CF 

CIP 

Cohesion Fund 

Competitiveness and Innovation Framework Programme 

COM 

European Commission 

COSME 

Competitiveness of Enterprises and Small and Medium-sized Enterprises 

COSO 

Committee of Sponsoring Organizations of the Treadway Commission 

CPF 

CPR 

Common Provisioning Fund 

Common Provisions Regulation 

CRII+ 

Coronavirus Response Investment Initiative Plus 

CRO 

Chief Risk Officer 

D&WM 

Decommissioning and Waste Management 

EAD 

Exposure At Default 

EAFRD 

European Agricultural Fund for Rural Development 

EAGF  

European Agricultural Guarantee Fund 

EAR 

EaSI 

European Union Accounting Rule 

Employment and Social Innovation 

209 

 
 
 
EBRD 

European Bank for Reconstruction and Development 

Annual accounts of the European Union 2024 

ECA 

ECB  

ECL 

European Court of Auditors 

European Central Bank 

Expected Credit Losses 

ECOFIN 

Economic and Financial Affairs Council 

ECSC i.L.  

European Coal and Steel Community in Liquidation 

EDF 

EDIF 

EEA 

EEAS 

EFSD 

EFSE  

EFSF  

EFSI 

EFSM 

EFTA  

European Development Fund 

Guarantee Facility under the Western Balkan 

European Economic Area 

European External Action Service 

European Fund for Sustainable Development 

European Fund for Southeast Europe 

European Financial Stability Facility 

European Fund for Strategic Investments 

European Financial Stabilisation Mechanism 

European Free Trade Association 

EGNOS  

European Geostationary Navigation Overlay System 

EIB  

EIF  

European Investment Bank 

European Investment Fund 

ElectriFI 

Electrification Financing Initiative  

ELM 

External Lending Mandate 

EMFF  

European Maritime and Fisheries Fund 

EMU  

Economic and Monetary Union 

ENEF  

Enterprise Expansion Fund 

ENIF  

ENPI  

EP  

Enterprise Innovation Fund 

European Neighbourhood and Partnership Instrument 

European Parliament 

ERDF  

European Regional Development Fund 

ERI 

ESA  

ESF  

EIB Resilience Initiative 

European Space Agency 

European Social Fund 

210 

 
ESIF  

ESM  

ETF  

ETS 

EU  

Annual accounts of the European Union 2024 

European Structural and Investment Funds 

European Stability Mechanism 

Exchange-Traded Fund 

Emissions trading scheme 

European Union 

EUMETSAT  

European Organisation for the Exploitation of Meteorological Satellites 

Euratom 

European Atomic Energy Community 

EUSF 

European Union solidarity Fund 

FGC 

FIFO 

FP7  

FR  

Financial Guarantee Contract 

First-in, First-out 

7th Research Framework Programme for Research and Technological Development 

EU Financial Regulation 

FSDA  

Financial Statement Discussion and Analysis 

FVNA 

FVSD 

GDP 

GNI  

Fair Value through Net Assets/Equity 

Fair Value through Surplus or Deficit 

Gross Domestic Product 

Gross National Income 

GNSS  

Global Navigation Satellite Systems 

H2020  

Horizon 2020 

HLRCP 

High Level Risk and Compliance Policy 

IBMF 

Integrated Border Management Fund 

IF 

IIW 

IMF  

Innovation Fund 

Infrastructure and Innovation Window 

International Monetary Fund 

IPSAS 

International Public Sector Accounting Standards 

IT  

Information Technology 

ITER  

International Thermonuclear Experimental Reactor 

JRC  

JSIS 

JU  

LGD 

Joint Research Centre 

Joint sickness insurance scheme 

Joint Undertaking 

Loss given Default Rate 

211 

 
 
Annual accounts of the European Union 2024 

LGF 

Loan Guarantee Facility 

LGTT  

Loan Guarantee Instrument for TEN-T projects 

MAP  

MEP  

MFA  

MFF  

MIM 

MMF 

Multi Annual Program - Medium Enterprise Financial Inclusion Programme 

Member of the European Parliament 

Macro Financial Assistance 

Multiannual Financial Framework 

Mutual Insurance mechanism 

Money Market Fund 

MSME 

Micro, Small and Medium Enterprise 

NDICI 

Neighbourhood, Development and International Cooperation Instrument 

NGEU 

NextGenerationEU 

ORD  

Own Resources Decision 

PBI  

PD 

Project Bond Initiative 

Probability of Default 

PF4EE  

Private Finance for Energy Efficiency Instrument 

PGF  

POCI 

PPP  

Participants Guarantee Fund 

Purchased or originated as credit impaired 

Public-Private Partnership 

PSEO  

Pension Scheme of European Officials  

RAL 

‘Reste à Liquider’ (Outstanding Commitments) 

RSFF  

Risk Sharing Finance Facility 

RRF 

RTD  

S&P  

Recovery and Resilience Facility 

Research, Technological Development and Demonstration 

Standard & Poor's Financial Services LLC 

SANAD  

MENA Fund for Micro-, Small and Medium Enterprises 

SAPARD  

Special Accession Programme for Agriculture and Rural Development  

SEMED  

Southern and Eastern Mediterranean Micro, Small and Middle sized Entreprises Financial 
Inclusion Programme 

SICR 

Significant Increase of Credit Risk 

SIUGI  

SME Initiative Uncapped Guarantee Instrument 

SME 

Small and Medium-sized Enterprise(s) 

212 

 
Annual accounts of the European Union 2024 

SMEW  

SME Window (Small and Medium-sized Enterprises Window) 

STEP 

SURE 

Strategic technologies for Europe platform 

Support to mitigate Unemployment Risks in an Emergency 

TFEU  

Treaty on the Functioning of the European Union 

TOR  

TRDI  

ULCM 

VAT  

Traditional own resources 

Temporary Rural Development Instrument 

Ukraine Loan Cooperation Mechanism 

Value Added Tax 

213