COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE COURT OF AUDITORS ANNUAL ACCOUNTS OF THE EUROPEAN COMMISSION 2024
Date: 2025-06-26
Institutions: Directorate-General for Budget, European Commission
Subjects: activity report, balance sheet, closing of accounts, consolidated account, general budget (EU), implementation of the budget

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 26.6.2025  COM(2025) 362 final  COMMUNICATION FROM THE COMMISSION  TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND  THE COURT OF AUDITORS ANNUAL ACCOUNTS OF THE EUROPEAN COMMISSION 2024  
 
 
Annual accounts of the European Commission 2024 

CONTENTS 

CERTIFICATION OF THE ACCOUNTS ................................................................... 2 

FINANCIAL STATEMENTS AND EXPLANATORY NOTES ............................................ 3 

BALANCE SHEET .......................................................................................... 5 

STATEMENT OF FINANCIAL PERFORMANCE ...................................................... 6 

CASHFLOW STATEMENT ................................................................................ 7 

STATEMENT OF CHANGES IN NET ASSETS ....................................................... 8 

NOTES TO THE FINANCIAL STATEMENTS ......................................................... 9 

BUDGETARY IMPLEMENTATION REPORTS .......................................................... 63 

1 

 
 
  
 
Annual accounts of the European Commission 2024 

CERTIFICATION OF THE ACCOUNTS 

The annual accounts of the  European Commission for  the year 2024 have been prepared in  accordance 
with the Financial Regulation applicable to the general budget of the European Union and the accounting 
rules adopted by myself in my capacity as the Commission's Accounting Officer, as are to be applied by 
all the institutions and Union bodies. 

I  acknowledge  my  responsibility  for  the  preparation  and  presentation  of  the  annual  accounts  of  the 
European Commission in accordance with Article 77 of the Financial Regulation. 

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

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

Beatriz SANZ REDRADO 

Accounting Officer of the Commission 

13 June 2025 

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Annual accounts of the European Commission 2024 

EUROPEAN COMMISSION 
FINANCIAL YEAR 2024 

FINANCIAL STATEMENTS 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.

3 

 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

CONTENTS 

BALANCE SHEET ............................................................................................. 5 

STATEMENT OF FINANCIAL PERFORMANCE ......................................................... 6 

CASHFLOW STATEMENT ................................................................................... 7 

STATEMENT OF CHANGES IN NET ASSETS .......................................................... 8 

NOTES TO THE FINANCIAL STATEMENTS ............................................................ 9 

1.  SIGNIFICANT ACCOUNTING POLICIES ..................................................... 10 

2.  NOTES TO THE BALANCE SHEET ............................................................. 27 

3.  NOTES TO THE STATEMENT OF FINANCIAL PERFORMANCE ......................... 48 

4.  CONTINGENT LIABILITIES AND ASSETS ................................................... 53 

5.  BUDGETARY AND LEGAL COMMITMENTS .................................................. 55 

6.  FINANCIAL RISK MANAGEMENT .............................................................. 56 

7.  RELATED PARTY DISCLOSURES .............................................................. 61 

8.  EVENTS AFTER THE BALANCE SHEET DATE .............................................. 62 

4 

 
 
 
Annual accounts of the European Commission 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 

31.12.2024 

 EUR million 
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 

 549 
10 657 
1 446 
307 857 
40 572 
13 344 
374 425 

18 863 
39 458 
18 633 
 81 
61 724 
138 759 
513 184 

(92 804) 
(1 965) 
(539 066) 
(633 835) 

(7 512) 
(62 284) 
(57 004) 
(65 845) 
(192 646) 
(826 481) 

 485 
10 296 
1 365 
273 244 
41 203 
16 181 
342 774 

10 795 
51 191 
19 026 
 74 
38 335 
119 421 
462 194 

(90 510) 
(1 766) 
(430 209) 
(522 484) 

(1 212) 
(27 569) 
(51 780) 
(75 781) 
(156 342) 
(678 826) 

(313 297) 

(216 632) 

Reserves 
Amounts to be called from Member States* 
NET ASSETS 

2.14 
2.15 

 83 
(313 380) 
(313 297) 

 127 
(216 759) 
(216 632) 

*  The European Parliament adopted a budget on 27 November 2024 which provides for the payment of the Commission'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 (Council Regulation No 259/68 of 29 February 1968 as amended), the Member States shall jointly 
guarantee the liability for pensions. 

5 

 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

STATEMENT OF FINANCIAL PERFORMANCE 

Note 

2024 

EUR million 
2023 

REVENUE 
Revenue from non-exchange transactions 
GNI resources 
Traditional own resources 
VAT 
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 & 
     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 int. organisations 
Implemented by other entities 
Staff and pension costs 
Finance costs 
UK Withdrawal Agreement 
Other 
Total Expenses 
ECONOMIC RESULT OF THE YEAR 

3.1 

3.2 

3.3 
3.4 

3.5 

3.6 

3.7 
3.7 
3.7 
3.8 
3.9 

3.10 

95 037 
20 587 
24 547 
8 227 
4 039 
 957 
– 
5 692 
159 087 

8 915 
1 752 
10 667 
169 753 

(40 267) 

(14 779) 

(28 833) 

(18 037) 
(3 854) 

(98 990) 

(5 789) 
(6 639) 
(5 602) 
(10 065) 
(27 172) 
 (315) 
(6 615) 
(266 957) 
(97 204) 

101 287 
19 840 
22 526 
7 225 
1 748 
 801 
 681 
3 966 
158 074 

6 885 
1 187 
8 072 
166 146 

(40 716) 

(14 605) 

(52 429) 

(17 665) 
(4 251) 

(61 907) 

(5 453) 
(6 090) 
(4 908) 
(9 685) 
(14 328) 
– 
(5 635) 
(237 673) 
(71 528) 

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Annual accounts of the European Commission 2024 

CASHFLOW STATEMENT 

Economic result of the year 
Operating activities 
Amortisation 
Depreciation 
(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 
borrowings 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 
movements 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 
(97 204) 

 70 
 899 
(36 435) 
12 364 

3 230 

 (7) 
2 294 
6 500 

(1 328) 

5 225 

(9 936) 

 (633) 

1 167 

 4 

EUR million 
2023 
(71 528) 

 71 
 899 
(42 523) 
8 951 

13 195 

 3 
10 394 
 434 

(3 540) 

(5 133) 

(9 348) 

(2 519) 

(6 844) 

 (11) 

(1 394) 

(1 489) 

 (80) 

(6 227) 

 (19) 

144 900 

23 389 

23 389 
38 335 
61 724 

 (52) 

(7 319) 

 (107) 

109 600 

(6 866) 

(6 866) 
45 201 
38 335 

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STATEMENT OF CHANGES IN NET ASSETS 

Annual accounts of the European Commission 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) 
(135 868) 
(6 844) 
0 
(2 519) 
(71 528) 
(216 759) 
1 167 
 48 
 (633) 
(97 204) 
(313 380) 

Other reserves 

 138 
– 
 (11) 
– 
– 
 127 
– 
 (44) 
– 
– 
 83 

EUR million 

Net Assets 

(135 731) 
(6 844) 
 (11) 
(2 519) 
(71 528) 
(216 632) 
1 167 
 4 
 (633) 
(97 204) 
(313 297) 

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Annual accounts of the European Commission 2024 

NOTES TO THE FINANCIAL STATEMENTS 

For further information in addition to the notes below, please also see the 2024 EU consolidated annual 
accounts. 
Note that in the following tables amounts concerning the UK in relation to MFFs up to end 2020 are still 
shown  under  the  heading  Member  States  as  although  the  UK  withdrew  from  the  Union  on  1  February 
2020, in accordance with the Withdrawal Agreement, it continues to have a financial relationship with the 
Union equivalent to that of a Member State for these periods.  

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Annual accounts of the European Commission 2024 

1. 

SIGNIFICANT ACCOUNTING POLICIES 

The European Commission (hereinafter referred to as the Commission) applies the accounting policies of 
the  European  Union  (hereinafter  referred  to  as  the  EU).  A  summary  of  the  significant  EU  accounting 
policies is given below. 

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  91.  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). 

1  References to note 9 relate to note 9 of the 2024 Consolidated annual accounts of the European Union. 

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Annual accounts of the European Commission 2024 

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). 

Controlled entities 

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. 

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Annual accounts of the European Commission 2024 

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 
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. 

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Annual accounts of the European Commission 2024 

1.5.2. 

Property, plant and equipment 

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. 

13 

 
Annual accounts of the European Commission 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. 

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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. 

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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 

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Annual accounts of the European Commission 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 Commission 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 6.4), 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. 

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Annual accounts of the European Commission 2024 

1.5.7. 

Pre-financing amounts 

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 

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 funded2 
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. 

2  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 Commission 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. 

21 

 
 
 
Annual accounts of the European Commission 2024 

Financial liabilities at fair value through surplus or deficit  

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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Annual accounts of the European Commission 2024 

Contributions with conditions 

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. 

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: 

23 

 
 
 
Annual accounts of the European Commission 2024 

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 
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. 

24 

 
Annual accounts of the European Commission 2024 

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 3.3. 

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. 

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 

25 

 
Annual accounts of the European Commission 2024 

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). 

26 

 
Annual accounts of the European Commission 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 

 805 
 145 
 (84) 
– 
– 
 865 
 (320) 
 (70) 
– 
 73 
– 
– 
 (317) 

 549 
 485 

27 

 
 
 
 
 
 
 
 
2.2.  PROPERTY, PLANT AND EQUIPMENT 

Annual accounts of the European Commission 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 
Accumulated depreciation at 
31.12.2024 

NET CARRYING AMOUNT AT 
31.12.2024 
NET CARRYING AMOUNT AT 
31.12.2023 

Land and 
buildings 
1 892 

 28 

(1 056) 

 286 

 (3) 

Space assets 

7 702 

 4 

 (0) 

1 351 

– 

Plant and 
equipment 
 267 

Furniture and 
vehicles  
 58 

Computer 
hardware 
 214 

 7 

 (106) 

– 

– 

 1 

 (50) 

– 

– 

 9 

 21 

 (192) 

 2 

– 

 45 

1 149 

9 056 

 168 

 146 

 2 

 (81) 

– 

– 

 67 

Other 

Finance leases  

Assets under 
construction 
6 115 

1 695 

 (0) 

(1 356) 

 3 

EUR million 

Total 

17 570 

1 761 

(1 513) 

– 

– 

1 175 

 2 

 (28) 

 (282) 

– 

 868 

6 456 

17 818 

(1 280) 

(4 591) 

 (253) 

 (52) 

 (182) 

 (135) 

 (781) 

 (7) 

– 

 157 

 (2) 

 (2) 

– 

 76 

– 

 (34) 

– 

 23 

 161 

 (34) 

 (62) 

 (630) 

– 

– 

– 

– 

– 

– 

(7 274) 

 (899) 

– 

1 012 

– 

(7 161) 

 11 

 32 

 6 

 11 

 237 

 394 

6 456 

10 657 

6 115 

10 296 

 (23) 

– 

 611 

 (159) 

 (826) 

– 

 0 

– 

 (6) 

– 

 100 

– 

 (851) 

(5 417) 

 (159) 

 297 

 612 

3 639 

3 111 

 9 

 14 

 (1) 

– 

 45 

– 

 (7) 

 2 

 6 

28 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

2.3.  INVESTMENTS  ACCOUNTED  FOR  USING  THE  EQUITY 

METHOD 

The  participation  of  the  EU  in  the  European Investment  Fund  (EIF)  is  treated  as  an  associate using  the 
equity method of accounting. At 31 December 2024, the EU holds 29.7% of the ownership interest in EIF 
(2023: 29.7%). 

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  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 

29 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

2.4.  FINANCIAL ASSETS 

Note 

2.4.1 

2.4.2 

2.4.1 

2.4.2 

Note 
2.4.1.1 

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 

Total 

2.4.1. 

Financial assets at amortised cost 

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

2.4.1.1.  Loans for NGEU and financial assistance  

31.12.2024 

EUR million 
31.12.2023 

269 897 

242 265 

37 960 

30 979 

307 857 

273 244 

13 400 

5 463 

18 863 

326 720 

4 596 

6 199 

10 795 

284 039 

31.12.2024 

283 114 
 183 
283 297 
269 897 
13 400 

EUR million 
31.12.2023 

246 622 
 240 
246 861 
242 265 
4 596 

31.12.2024 
251 457 
31 656 
283 114 
269 782 
13 332 

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

NGEU 
79 589 
29 446 
– 

SURE 
98 984 
– 
– 

EFSM 
43 095 
1 800 
(2 600) 

BOP  EURATOM 
 13 
 201 
– 
– 
 (13) 
– 

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 

30 

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 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

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 

MFA 

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

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 

2.4.2. 

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

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 

EUR million 
31.12.2023 

42 314 
1 110 
43 424 
37 960 
5 463 

36 086 
1 091 
37 178 
30 979 
6 199 

31.12.2024 

EUR million 
31.12.2023 

33 130 
5 975 
3 201 
 8 
42 314 
36 850 
5 463 

28 388 
4 806 
2 893 
– 
36 086 
29 929 
6 158 

31 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

Financial assets at FVSD non-derivatives by programme 

Common Provisioning Fund 
Innovation Fund 
BUFI investments 
EBRD 
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 

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 

EUR million 
31.12.2023 

23 174 
10 616 
2 141 
 188 
3 968 
 716 
 453 
 243 
 128 
 103 
 586 
42 314 
36 850 
5 463 

18 698 
8 754 
2 268 
 188 
3 872 
 731 
 485 
 233 
 116 
 110 
 630 
36 086 
29 929 
6 158 

31.12.2024 

36 225 
3 098 

2 991 
42 314 

EUR million 
31.12.2023 

30 161 
3 230 

2 695 
36 086 

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 

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 

Fair Value 
Liability 

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

Notional 
amount  

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

Notional 
amount  

6 057 
2 417 
8 474 

Fair 
Value 
Asset 
1 110 
– 
1 110 
1 110 
– 

32 

EUR million 

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

EUR million 

Fair Value 
Liability 

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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

Derivative contracts for which the fair value is negative at year end are classified as financial liabilities 
(see note 2.11). 

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. 

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 

33 

 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

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 

2.5.1. 

Pre-financing 

Note 

2.5.1 
2.5.2 

2.5.1 
2.5.2 

31.12.2024 

EUR million 
31.12.2023 

38 805 
1 682 
 85 
40 572 

37 368 
2 089 
39 458 
80 030 

40 756 
 371 
 76 
41 203 

49 412 
1 780 
51 191 
92 394 

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 

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) 

3 045 

3 614 

 (686) 

2 928 

25 859 
9 437 
14 220 

(16 476) 
(6 258) 
(4 836) 

9 384 
3 180 
9 384 

31 502 
12 105 
8 755 

(10 125) 
(3 236) 
(5 348) 

35 241 
18 930 
40 695 
 508 

(14 779) 
(3 541) 
(25 586) 
 (429) 

20 462 
15 389 
15 108 
 79 

37 699 
22 889 
36 132 
 639 

(13 184) 
(3 710) 
(21 685) 
 (507) 

10 284 

(6 749) 

3 536 

9 443 

(6 094) 

1 843 

(1 103) 

 739 

1 602 

(1 166) 

13 172 

(8 839) 

4 334 

14 229 

(9 713) 

19 315 
174 459 
38 805 
135 654 

(12 392) 
(98 286) 
– 
(98 286) 

6 923 

17 630 
76 173  173 350 
38 805 
40 756 
37 368  132 594 

(11 439) 
(83 183) 
– 
(83 183) 

21 378 
8 869 
3 408 

24 514 
19 178 
14 447 
 133 

3 349 

 436 

4 516 

6 191 
90 167 
40 756 
49 412 

2.5.2.  Other advances to Member States 

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

34 

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 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

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 

11 649 
1 695 
13 344 

17 025 
1 608 
18 633 
31 977 

14 098 
2 083 
16 181 

16 947 
2 079 
19 026 
35 207 

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 

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 

 272 
11 231 
 10 
 136 
11 649 

4 616 
1 530 
9 152 
 803 
 925 
17 025 
28 674 

 268 
13 088 
 567 
 175 
14 098 

3 651 
2 385 
9 861 
 623 
 426 
16 947 
31 044 

35 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

2.6.1.1.  Recoverables from Member States 

TOR A accounts 
TOR separate accounts 
Own resources to be received 
Impairment 
Other 
Own resource 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 

EUR million 
  31.12.2024  31.12.2023 
2 326 
1 249 
 7 
 (673) 
– 
2 908 
1 483 

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

 127 

 (741) 
 920 
 16 
 11 
 229 
4 887 
 272 
4 616 

 126 

 (683) 
 927 
 1 
 10 
 73 
3 919 
 268 
3 651 

2.6.1.2.  UK Withdrawal agreement 

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

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) 

36 

 
 
 
 
 
 
 
   
 
 
 
 
Annual accounts of the European Commission 2024 

Payments under the Withdrawal Agreement 

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 

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

 11 
– 
– 

EUR million 

Total 
payments 
in 2024 
 29 
3 763 
 309 
 11 
 12 

3 141 

 292 

 690 

4 123 

– 
– 
 (8) 
– 
 (0) 
– 
– 

 (8) 

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

(1 706) 

3 133 

(1 414) 

– 
– 
 (19) 
– 
– 
– 
– 

 (19) 

 672 

(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 

Article 140 – Outstanding Commitments 

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 

37 

 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

Article 142 – Outstanding 2020 liabilities 
Outstanding 2020 liabilities under Article 142 (6) 

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 

9 943 

9 638 
 305 

79 709 
9 909 

 280 

10 189 

9 909 
 280 

31.12.2024 

EUR million 
31.12.2023 

Outstanding 2020 liabilities 
UK Share 

PSEO/JSIS contributions 

Total 

Non-current 
Current 

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 

 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) 

EUR million 

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

 4 
 (0) 
 8 

 121 

 (112) 

Article 136 – Provisions applicable in relation to own resources 

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 

38 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

2.6.1.3.  Recoverables from fines imposed on companies 

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

2.6.1.4.  Accrued income and deferred charges 

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

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

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

31.12.2024 
 751 
 62 
 813 
 10 
 803 

EUR million 
31.12.2023 
1 125 
 65 
1 190 
 567 
 623 

31.12.2024 

EUR million 
31.12.2023 

1 324 
 323 
 49 
1 695 

 306 
 228 
 (130) 
 143 
 760 
 301 
1 608 
3 303 

1 666 
 365 
 53 
2 083 

 340 
 217 
 (152) 
 165 
1 186 
 323 
2 079 
4 162 

Out  of  the  total  amount  of  EUR  1  629  million  of  the  Financial  Guarantee  Contract  receivable  as  at 
31 December 2024  (2023:  EUR 2  006 million),  EUR 1  588 million  are  classified  as  financial  assets 
measured at fair value through surplus or deficit (Fair value level 3) (2023: EUR 1 996 million). 

39 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 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 
Trust funds 

Total 

31.12.2024 
 66 
 15 
 81 

EUR million 
31.12.2023 
 60 
 14 
 74 

31.12.2024 
24 059 
 808 
 10 
– 
24 877 
33 926 
2 758 
 134 
 30 
61 724 

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

38 335 

40 

 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

LIABILITIES 

2.9.  PENSION AND OTHER EMPLOYEE BENEFITS 

Net employee benefit scheme liability 

Defined Benefit Obligation 
Plan assets 
Net liability 

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

Other 
retirement 
benefit 
schemes 
1 626 
N/A 
1 626 

Joint 
Sickness 
Insurance 
Scheme 
6 850 
 (438) 
6 413 

31.12.2024 
Total 

EUR million 
31.12.2023 
Total 

93 241 
 (438) 
92 804 

90 929 
 (419) 
90 510 

Actuarial assumptions - employee benefits 

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

Movement in present value of employee benefits defined benefit obligation 

2024 

2023 

3.3% 
2.0% 
1.3% 
1.3% 
63/64/66 

3.3% 
2.0% 
1.3% 
1.3% 
1.6% 

63/64/66 

3.0% 
2.2% 
0.8% 
1.1% 
63/64/66 

3.1% 
2.2% 
0.8% 
1.1% 
1.7% 
63/64/66 

EUR million 
Total 

90 929 

Pension 
Scheme of 
European 
Officials  
82 718 

Other 
retirement 
benefit 
Schemes 
1 476 

Joint 
Sickness 
Insurance 
Scheme 
6 735 

2 839 
2 480 

 75 
 44 

 241 
 209 

3 155 
2 733 

(1 542) 
 308 
 339 

 130 
 3 
 (52) 

 (119) 
 18 
 (102) 

(1 532) 
 329 
 186 

(2 378) 
84 765 

 (48) 
1 626 

 (131) 
6 850 

(2 558) 
93 241 

Present value as at 31.12.2023 
Recognised in statement of financial performance 
Current service cost 
Interest expense 
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 

41 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

Movement in present value of plan assets of the Joint Sickness Insurance Scheme 

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

Pension Scheme of European Officials sensitivity 

EUR million 

 419 
 19 
 438 

A ten basis points change in the assumed discount rate would have the following effects: 

Defined benefit obligation 

2024 

2023 

Increase 
0.1% 
(1 516) 

Decrease 
0.1% 
1 558 

Increase 
0.1% 
(1 541) 

EUR million 

Decrease 
0.1% 
1 585 

A ten basis points change in the expected salary increases rate would have the following effects: 

Defined benefit obligation 

Increase 0.1% 
1 514 

Decrease 0.1% 
(1 476) 

Increase 0.1% 
1 532 

Decrease 0.1% 
(1 493) 

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

2024 

EUR million 

2023 

Defined benefit obligation 

2024 

One year 
increase 
 (799) 

One year 
decrease 
1 109 

2023 

One year 
increase 
 (795) 

EUR million 

One year 
decrease 
1 076 

Joint Sickness Insurance Scheme sensitivity 

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

2024 
Increase 0.1%  Decrease 0.1% 

2023 
Increase 0.1%  Decrease 0.1% 

EUR million 

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

 11 

 (11) 

 12 

 (12) 

 166 

 (162) 

 166 

 (162) 

A ten basis points change in the assumed discount rate would have the following effects: 

Defined benefit obligation 

2024 
Increase 0.1%  Decrease 0.1% 
 133 

 (130) 

2023 
Increase 0.1%  Decrease 0.1% 
 135 

 (132) 

EUR million 

A ten basis points change in the expected salary increases rate would have the following effects: 

Defined benefit obligation 

Increase 0.1%  Decrease 0.1% 
 26 

 (27) 

Increase 0.1%  Decrease 0.1% 
 25 

 (25) 

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

2024 

EUR million 

2023 

Defined benefit obligation 

2024 

One year 
increase 
 (185) 

One year 
decrease 
 197 

2023 

One year 
increase 
 (188) 

EUR million 

One year 
decrease 
 199 

42 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 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 

Legal cases: 
  Agriculture 
  Other 
Nuclear site 
dismantling 
Financial 
Other 

Total 
Non-current 

 1 
 806 

1 768 

 1 
 401 
2 977 
1 766 

 204 
 8 

– 

– 
 (196) 

 (1) 
 (536) 

– 

 (46) 

7 082 
 137 
7 430 
 204 

 (1) 
 (222) 
 (420) 
 (8) 

– 
 (2) 
 (585) 
 (22) 

– 
– 

– 

– 
– 
– 
 (49) 

– 
– 

 75 

 0 
– 
 75 
 75 

 204 
 82 

1 796 

7 082 
 314 
9 478 
1 965 

Current 

1 212 

7 226 

 (412) 

 (562) 

 49 

 0 

7 512 

43 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

2.11.  FINANCIAL LIABILITIES 

Non-current 
Financial liabilities at AC 
Financial liabilities at FVSD 
Financial guarantee liabilities 

Current 
Financial liabilities at AC 
Financial liabilities at FVSD 
Financial guarantee liabilities 

Total 

2.11.1.  Financial liabilities at amortised cost  

Borrowings  
Other financial liabilities 
Total 
Non-current 
Current 

2.11.1.1.  Borrowings  

Note 

31.12.2024 

EUR million 
31.12.2023 

2.11.1 
2.4.2.2 
2.11.2 

2.11.1 
2.4.2.2 
2.11.2 

Note 
2.11.1.1 
2.11.1.2 

539 013 
 13 
 39 
539 066 

55 860 
 84 
6 340 
62 284 
601 350 

430 070 
 8 
 131 
430 209 

21 380 
 52 
6 137 
27 569 
457 778 

31.12.2024 

594 028 
 845 
594 873 
539 013 
55 860 

EUR million 
31.12.2023 

450 561 
 889 
451 450 
430 070 
21 380 

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

Unified Funding 
Approach 

SURE 

EFSM 

BOP 

MFA  Euratom 

Total 

292 728 

98 984 

43 095 

 201 

15 238 

 314 

450 561 

EUR million 

194 472 

(50 404) 

– 

– 

1 800 

(2 600) 

 832 

 (145) 

 2 

– 

– 

 0 

 145 

– 

196 417 

 (600) 

 (13) 

(53 617) 

 (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 

– 
 201 

14 624 
 138 

 300 
 0 

538 266 
55 762 

44 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

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 

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 

2.11.2.  Financial guarantee liabilities 

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 

31.12.2024 

EUR million 
31.12.2023 

 333 
 175 
 234 
 4 

 747 

 49 
 41 
 8 
– 
 98 
 845 

 436 
 165 
 177 
 3 

 780 

 61 
 41 
 7 
– 
 109 
 889 

Future amounts to be paid 

EUR million 

< 1 year  1 - 5 years  > 5 years  Total Liability 
 376 
 6 
 382 
 88 

 196 
 4 
 200 
 55 

 132 
– 
 132 
 12 

 47 
 2 
 49 
 21 

 69 

 87 

 255 

 144 

 307 

 224 

 469 

 618 

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 

45 

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 

 
 
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 costs claims & 
invoices received 

EAGF 
Own Resources 
Payables 

Sundry Payables 

Annual accounts of the European Commission 2024 

Gross 
Amount 

Adjustments* 

Net Amount 
at 31.12.2024 

Gross 
Amount 

Adjustments* 

EUR million 
Net Amount 
at 31.12.2023 

 269 

6 036 

2 156 

28 016 

1 846 

1 957 

 (0) 

(2 258) 

 (447) 

 (724) 

 (318) 

 (334) 

 269 

3 778 

1 708 

 300 

7 251 

2 062 

27 292 

22 427 

1 528 

1 623 

1 129 

1 859 

 (0) 

(1 995) 

 (310) 

– 

 (225) 

 (407) 

 300 

5 256 

1 752 

22 427 

 904 

1 452 

40 280 

(4 082) 

36 198 

35 027 

(2 937) 

32 090 

15 086 

– 

5 721 

N/A 

N/A 

N/A 

15 086 

12 503 

N/A 

12 503 

– 

3 248 

5 721 

3 939 

– 

N/A 

(2 937) 

3 248 

3 939 

51 780 

Total 
* Estimated non-eligible amounts and pending other advances to Member States.  

57 004 

54 717 

(4 082) 

61 086 

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 
65 725 
 3 
 117 
65 845 

31.12.2024 
4 371 
25 586 
17 374 
3 101 
2 318 
12 976 
65 725 

EUR million 
31.12.2023 
75 359 
 59 
 363 
75 781 

EUR million 
31.12.2023 
3 709 
28 339 
17 895 
11 052 
3 882 
10 483 
75 359 

46 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

NET ASSETS 

2.14.  RESERVES 

Other reserves 
Total 

31.12.2024 
 83 
 83 

EUR million 
31.12.2023 
 127 
 127 

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 

216 759 
 633 
(1 167) 
 (48) 
97 204 
313 380 

47 

 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

3.  NOTES TO THE STATEMENT OF FINANCIAL 

PERFORMANCE  

REVENUE 

REVENUE FROM NON-EXCHANGE TRANSACTIONS: 
TRANSFERS  

3.1.  RECOVERY OF EXPENSES 

Shared management 
Direct management 
Indirect management 
Total 

2024 
 755 
 158 
 44 
 957 

3.2.  OTHER REVENUE FROM NON-EXCHANGE 

TRANSACTIONS 

Contribution from Member States:  
     Innovation Fund 
     External aid 
     InvestEU 
Contribution from EFTA, third countries and accession countries 
Contribution from other entities 
Staff taxes and contributions 
Transfer of assets 
Budgetary adjustments 
Adjustment of provisions 
Funding of institutions 
Other 
Total 

2024 

2 297 
 671 
 207 
4 426 
6 393 
1 337 
 307 
(6 169) 
 419 
(4 425) 
 230 
5 692 

EUR million 
2023 
 691 
 102 
 8 
 801 

EUR million 
2023 

1 812 
 165 
 179 
1 678 
3 456 
1 185 
 280 
(1 058) 
 406 
(4 247) 
 109 
3 966 

48 

 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

REVENUE FROM EXCHANGE TRANSACTIONS 

3.3.  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 

 220 
4 129 
1 694 
 228 
 31 
 971 

1 442 
 165 
 31 
 4 
8 915 

EUR million 
2023 

 (121) 
2 305 
1 753 
 229 
 8 
 887 

1 624 
 149 
 46 
 6 
6 885 

3.4.  OTHER REVENUE FROM EXCHANGE TRANSACTIONS 

Foreign exchange gains 
Share of net result of EIF 
Sales of goods 
Fixed assets related revenue 
Other 
Total 

EXPENSES 

2024 
 305 
 83 
 13 
 903 
 448 
1 752 

EUR million 
2023 
 375 
 67 
 14 
 8 
 724 
1 187 

3.5.  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 

49 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

3.6.  DIRECT MANAGEMENT 

Implemented by the Commission 
  of which RRF (NGEU) 
Implemented by EU Executive Agencies 
Implemented by Trust funds 
Total 

3.7.  INDIRECT MANAGEMENT 

Implemented by other EU agencies and bodies 
Implemented by third countries 
Implemented by international organisations 
Implemented by other entities 
Total 

3.8.  STAFF AND PENSION COSTS 

Staff costs 
Pension costs 
Total 

3.9.  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 

50 

2024 
79 671 
65 787 
19 126 
 194 

98 990 

2024 
5 789 
 549 
6 090 
5 602 

18 030 

EUR million 
2023 
45 682 
36 045 
15 899 
 326 

61 907 

EUR million 
2023 
5 453 
 479 
5 610 
4 908 

16 451 

2024 
4 178 
5 887 
10 065 

EUR million 
2023 
3 920 
5 765 
9 685 

2024 

9 780 
 159 

 22 
 13 

1 156 

 474 
14 134 

 153 
 252 
 763 
 151 
 114 

EUR million 
2023 

5 762 
 160 

 35 
 7 

 762 

 263 
6 811 

 137 
 104 
 100 
 94 
 92 

27 172 

14 328 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Annual accounts of the European Commission 2024 

3.10.  OTHER EXPENSES 

Adjustment of provisions 
Administrative and IT expenses 
Fixed assets related expenses 
Foreign exchange losses 
Funding and contributions to other EU bodies 
Land and buildings management expenses 
Operating lease expenses 
Reduction of fines by Court decision 
Other 
Total 

2024 
 420 
1 391 
1 508 
 257 
 676 
 280 
 253 
1 123 
 708 
6 615 

EUR million 
2023 
 921 
1 204 
1 020 
 295 
 649 
 264 
 159 
 597 
 526 
5 635 

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 
 447 
 79 
 525 

EUR million 
2023 
 425 
 96 
 522 

51 

 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

3.11.  SEGMENT REPORTING BY MULTIANNUAL FINANCIAL FRAMEWORK HEADING (MFF) 

GNI resources 
Traditional own resources 
VAT 
New own resources 
Fines 
Recovery of expenses 
Other 
Non-Exchange Revenue 
Financial revenue 
Other 
Exchange Revenue 
Total revenue 
Expenses implemented by : 
  Member States: 
     EAGF 
     EAFRD & other 
     ERDF & CF 
     ESF 
     Other 
  EC, executive agencies and trust 
funds 
  Other EU agencies and bodies 
  Third countries and int. 
organisations 
  Other entities 
Staff and pension costs 
Finance costs 
UK Withdrawal Agreement 
Other expenses 
Total expenses 
Economic result of the year 

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 

Natural 
Resources and 
Environment 
– 
– 
– 
– 
– 
 831 
 15 
 846 
 3 
 (19) 
 (16) 
 830 

Migration and 
Border 
Management 
– 
– 
– 
– 
– 
 2 
 177 
 179 
– 
 (0) 
 (0) 
 179 

Resilience, 
Security and 
Defence 
– 
– 
– 
– 
– 
 1 
– 
 1 
 6 
 (5) 
 1 
 2 

Neighbour- 
hood and the 
World 
– 
– 
– 
– 
– 
 56 
 846 
 902 
 228 
 18 
 246 
1 148 

– 
– 
– 
– 
– 

– 
– 
(28 763) 
(18 037) 
 (562) 

(15 193) 
(3 530) 

(71 672) 
 (595) 

 (466) 
 (22) 
 (543) 
(1 858) 
– 
(2 221) 
(23 834) 
(18 290) 

 (183) 
(2 769) 
 (24) 
 (11) 
– 
 (239) 
(122 856) 
(116 710) 

(40 267) 
(14 779) 
– 
– 
 (938) 

 (969) 
 (105) 

 (13) 
 (5) 
 (2) 
 (72) 
– 
 (272) 
(57 422) 
(56 592) 

– 
– 
– 
– 
(1 844) 

 (263) 
(1 266) 

 (90) 
 (5) 
 (1) 
 (0) 
– 
 (6) 
(3 475) 
(3 296) 

– 
– 
– 
– 
 (173) 

(1 208) 
 (254) 

 (145) 
 (82) 
 (1) 
 (0) 
– 
 (86) 
(1 949) 
(1 947) 

– 
– 
 (88) 
– 
 (106) 

(8 828) 
 (44) 

(5 535) 
(2 692) 
 (181) 
 (196) 
– 
 (287) 
(17 957) 
(16 809) 

European Public 
Administration 

– 
– 
– 
– 
– 
 0 
(2 735) 
(2 735) 
 221 
1 319 
1 539 
(1 196) 

– 
– 
– 
– 
– 

 (3) 
– 

Not assigned 
to MFF 
headings* 
95 037 
20 587 
24 547 
8 227 
4 039 
 4 
(2 863) 
149 579 
7 256 
 265 
7 521 
157 100 

– 
– 
 18 
– 
 (231) 

 (855) 
 5 

EUR million 

Total 

95 037 
20 587 
24 547 
8 227 
4 039 
 957 
5 692 
159 087 
8 915 
1 752 
10 667 
169 753 

(40 267) 
(14 779) 
(28 833) 
(18 037) 
(3 854) 

(98 990) 
(5 789) 

 (1) 
– 
(9 314) 
 (37) 
– 
(2 060) 
(11 415) 
(12 611) 

 (205) 
 (26) 
– 
(24 997) 
 (315) 
(1 443) 
(28 049) 
129 051 

(6 639) 
(5 602) 
(10 065) 
(27 172) 
 (315) 
(6 615) 
(266 957) 
(97 204) 

* ‘Not assigned to MFF headings’ includes off-budget operations and unallocated programmes with individually immaterial amounts. 

52 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

4. 

CONTINGENT LIABILITIES AND ASSETS 

4.1.  GUARANTEES GIVEN BY EU BUDGET 

4.1.1.  Guarantees given under the EU budgetary guarantee programmes (nominal) 

31.12.2024 

Guarantees given 
Signed 

Ceiling 

Disbursed 

EIB ELM guarantees 
EFSI guarantee 
EFSD guarantee 
InvestEU guarantee 
NDICI external action guarantee 
Ukraine Guarantee 
Total 

25 772 
25 373 
 759 
27 042 
30 173 
 790 

25 772 
22 998 
 667 
11 769 
11 228 
 172 
109 909  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). 

31.12.2023 

Guarantees given 
Signed 

Ceiling 

Disbursed 

EUR million 

Assets 
provisioned* 

EIB ELM guarantees 
EFSI guarantee 
EFSD guarantee 
InvestEU guarantee 
NDICI external action guarantee 
Total 

27 729 
25 591 
1 077 
25 767 
28 115 

27 729 
23 635 
 548 
6 592 
7 660 
108 279  66 163 

19 856 
21 551 
 478 
1 433 
 634 
43 953 

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). 

4.1.2.  Guarantees given under EU financial instrument programmes (nominal) 

Horizon 2020 
Connecting Europe Facility 
COSME 
Other 
Total 

  EUR million 
31.12.2024  31.12.2023 

2 145 
 649 
 378 
 471 
3 642 

2 352 
 649 
 526 
 511 
4 037 

4.2.  CONTINGENT LIABILITIES RELATING TO LEGAL CASES 

Fines 
Agriculture 
Other 
Total 

31.12.2024 

EUR million 
31.12.2023 

2 178 
 77 
 54 
2 308 

2 231 
 84 
 56 
2 371 

53 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

4.3.  CONTINGENT ASSETS 

Guarantees received: 
     Performance guarantees 
     Other guarantees 
Other contingent assets 
Total 

31.12.2024 

EUR million 
31.12.2023 

 99 
 2 
 13 
 114 

 65 
 2 
 13 
 81 

54 

 
 
 
 
 
 
Annual accounts of the European Commission 2024 

5.  BUDGETARY AND LEGAL COMMITMENTS 

Outstanding budgetary commitments not yet expensed 
Significant legal commitments 
Total 

Note 
5.1 
5.2 

EUR million 
31.12.2024  31.12.2023 
462 791 
321 045 
783 836 

428 221 
245 345 
673 566 

5.1.  OUTSTANDING BUDGETARY COMMITMENTS NOT YET 

EXPENSED 

Outstanding budgetary commitments not yet expensed 

31.12.2024 
428 221 

EUR million 
31.12.2023 
462 791 

5.2.  SIGNIFICANT LEGAL COMMITMENTS 

Economic, Social and Territorial Cohesion 
Natural Resources and Environment 
Migration and Border Management 
Security and Defence 
Connecting Europe Facility 
Space 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 

5.2.1.  Operating lease commitments 

Buildings 
IT materials and other equipment 
Total 

Note 

5.2.1 

EUR million 
31.12.2024  31.12.2023 
239 903 
62 365 
5 932 
 743 
5 570 
2 886 
– 
 357 
– 
 589 
 166 
 252 
 253 
 885 
 643 
 502 
321 045 

177 459 
46 659 
4 153 
 520 
7 313 
3 303 
2 270 
 558 
 521 
 519 
 234 
 166 
 106 
1 024 
 540 
– 
245 345 

Future amounts to be paid 
< 1 year  1- 5 years  > 5 years 
 375 
– 
 375 

 412 
 4 
 416 

 231 
 2 
 233 

EUR million 

Total 
1 018 
 6 
1 024 

55 

 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

6. 

FINANCIAL RISK MANAGEMENT 

6.1.  CURRENCY RISK 

Exposure of the EC 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 

31.12.2024 

EUR million 

USD 

RON 

PLN 

SEK  Other 

EUR 

Total 

 40 

 5 

– 

– 

 7 

 130 

 183 

2 148 
– 
 71 
 99 
2 357 

– 
– 
 1 
 258 
 264 

– 
– 
 17 
 573 
 590 

40 002 
 120 
 45 
1 110 
– 
– 
2 942 
 95 
 1 
 314 
59 650 
 832 
 359  1 054  103 834 

 (518) 
(1 712) 
(2 230) 
 127 

 (36) 
 285 
 248 
 512 

 (59) 
 76 
 17 
 607 

 (12) 
 75 
 63 

(5 643) 
 (112) 
 138 
1 040 
 26  (4 603) 
 423  1 080  99 231 

42 314 
1 110 
3 127 
61 724 
108 458 

(6 379) 
 (98) 
(6 477) 
101 981 

EUR million 

USD 

RON 

PLN 

SEK  Other 

EUR 

Total 

31.12.2023 

 39 

 5 

– 

– 

 9 

 186 

 240 

1 568 
(1 142) 
 121 
 129 
 716 

– 
– 
 17 
 21 
 2 
 15 
1 076 
 474 
 499  1 112 

 129 
 65 
 104 
1 521 

 20 
34 370 
 74 
2 055 
 1 
3 750 
34 480 
 654 
 749  1 828  74 842 

 (591) 
 (1) 
 (593) 
 123 

 (38) 
 (32) 
– 
 152 
 120 
 (38) 
 619  1 075 

 (105) 
 (6) 

(5 488) 
 (15) 
 (201) 
 (3) 
 (18) 
 (111)  (5 689) 
 731  1 717  69 153 

36 086 
1 091 
3 993 
38 335 
79 745 

(6 268) 
 (60) 
(6 328) 
73 417 

Total 
* Excluding NGEU and financial assistance loans 
** Excluding deferred charges. 

If the EUR had strengthened or weakened against the currency concerned by 10 % then this would have 
had the following impact on the economic result: 

FX Rate Increase (+)/ 
Decrease(-) 

+10% 
-10% 

USD 
 (12) 
 14 

FX Rate Increase (+)/ 
Decrease(-) 

+10% 
-10% 

USD 
 (11) 
 14 

2024 

2023 

RON 
 (47) 
 57 

RON 
 (56) 
 69 

PLN 
 (55) 
 67 

PLN 
 (98) 
 119 

EUR million 

SEK 
 (38) 
 47 

EUR million 

SEK 
 (66) 
 81 

56 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

6.2.  INTEREST RATE RISK 

The following table illustrates the interest rate sensitivity of debt securities assuming a possible change in 
interest rates of +/- 100 basis points (1 %). 

Increase (+) / decrease (-) 
in basis points 
+100 
-100 
+100 
-100 

EUR million 

Economic result 

(1 129) 
1 200 
 (918) 
 977 

2024: Financial assets at FVSD 

2023: Financial assets at FVSD 

6.3.  OTHER PRICE RISK 

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 
*The risk of guarantees on equity is based on the notional amount that is covered by the guarantee. 

10% 
 320 
 598 
 606 
1 523 
 289 
 481 
 506 
1 276 

EUR million 
(10)% 
 (320) 
 (598) 
 (606) 
(1 523) 
 (289) 
 (481) 
 (506) 
(1 276) 

6.4.  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 

Loans: credit quality  

31.12.2024 

EUR million 
31.12.2023 

283 297 
61 724 
3 127 
33 130 
1 110 

60 857 
18 193 
461 439 

246 861 
38 335 
3 993 
28 388 
1 091 

57 066 
 40 
375 775 

EUR million 

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  

Stage 1  

Stage 2 

Stage 3 

POCI 

Total  

31.12.2024 

35 429 
86 885 
129 200 
3 593 
255 108 
 (31) 
255 077 

– 
– 
– 
44 139 
44 139 
(15 969) 
28 170 

57 

– 
– 
– 
 14 
 14 
 (14) 
 (1) 

– 
– 
– 
 27 
 27 
 24 
 51 

35 429 
86 885 
129 200 
47 773 
299 287 
(15 991) 
283 297 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
   
 
 
 
Annual accounts of the European Commission 2024 

31.12.2023 

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  

36 286 
72 051 
113 652 
2 130 
224 119 
 (54) 
224 065 

– 
– 
– 
31 762 
31 762 
(9 024) 
22 738 

– 
– 
– 
 25 
 25 
 (23) 
 2 

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 

 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 

Cash and cash equivalents: credit quality  

– 
– 
– 
 38 
 38 
 18 
 56 

36 286 
72 051 
113 652 
33 955 
255 944 
(9 083) 
246 861 

EUR million 

Total  

9 083 
– 
– 
– 
5 708 
 (34) 
 (12) 
1 245 
 0 
15 991 

POCI 

 (18) 
– 
– 
– 
– 
– 
 (12) 
 6 
– 
 (24) 

31.12.2024 

EUR million 

31.12.2023 

Credit rating 
Prime and high grade 
Upper medium grade 
Lower medium grade 
Non-investment grade  
Gross carrying amount 
Minus loss allowance 
Net carrying amount  

Receivables: credit quality  

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 

56 025 
3 995 
1 699 
 5 
61 724 
- 
61 724 

Not due  Past due 0-
30 days 

Past due 
31-90 days 

1 417 
 (5) 

1 412 

1 796 
 (2) 

1 794 

 4 
 (2) 

 3 

 11 
 (1) 

 9 

 31 
 (3) 

 28 

 8 
 (4) 

 4 

Past due 91 
days - 1 
year 
 23 
 (12) 

 11 

 39 
 (12) 

Past due 
> 1 year 

 195 
 (110) 

 85 

 298 
 (135) 

 27 

 163 

34 722 
2 834 
 775 
 4 
38 335 
- 
38 335 

EUR million 
Total 

1 670 
 (132) 

1 539 

2 151 
 (154) 

1 997 

The  part  of  the  financial  guarantee  contracts  receivable  leg,  measured  at  FVSD,  is  excluded  from  this 
table (see note 2.6.2) 

58 

 
 
 
   
 
 
 
 
   
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

Financial guarantee contracts: credit quality  

31.12.2024   

31.12.2023   

Stage 1 

Stage 2 

Total 

Stage 1 

Stage 2 

Total 

EUR million 

Long-term rating 
Prime and high grade 
Upper medium grade 
Lower medium grade 
Non-investment grade 
Managed on collective 
basis / not rated 
Total 

 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 

Financial guarantee contracts: Movement in the loss allowance  

Stage 1  

Stage 2   

1 430 
 (54) 
 8 
 292 
 (26) 
 280 

1 930 

4 109 

2 397 
 54 
 (8) 
 34 
 (4) 
 (398) 

2 075 

2 271 

EUR million 

Total 

3 826 
– 
– 
 326 
 (30) 
 (117) 

4 005 

6 379 

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 

6.5.  LIQUIDITY RISK 

Maturity analysis of non-derivative financial liabilities by remaining contractual maturity 

Undiscounted contractual cash-flows 

EUR million 

Borrowings 
Payables 
Other  
Total at 31.12.2024 
Borrowings 
Payables 
Other  
Total at 31.12.2023 

< 1 year  1-5 years 

(61 589) 
(57 004) 
 (119) 

(201 152) 
– 
 (386) 
(118 712)  (201 538) 
(147 211) 
– 
 (446) 
(76 451)  (147 656) 

(24 526) 
(51 780) 
 (145) 

Total 

> 5 years 

(731 410) 
(57 004) 
 (933) 

(468 669) 
– 
 (428) 

Carrying 
amount 
(594 028) 
(57 004) 
 (845) 
(469 097)  (789 347)  (651 877) 
(450 561) 
(539 033) 
(51 780) 
(51 780) 
 (889) 
(1 047) 
(367 753)  (591 860)  (503 230) 

(367 296) 
– 
 (457) 

Maturity analysis of derivative financial liabilities by remaining contractual maturity  

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) 

59 

 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

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 

< 1 year 
(64 115) 
(65 661) 

Maximum amount of guarantee 
> 5 years 
(10 271) 
(7 043) 

1-5 years 
(2 211) 
(2 995) 

Total 
(76 597) 
(75 699) 

EUR million 
Carrying 
amount 
(6 379) 
(6 268) 

Maturity analysis of undrawn loan commitment 

EUR million 
                                                    Maximum amount of undrawn loan commitment  Carrying 
amount 
7 082 
 1 

Undrawn loan commitments at 31.12.2024 
Undrawn loan commitments at 31.12.2023 

Total 
–  18 193 
 40 
– 

  < 1 year  1-5 years  > 5 years 

18 152 
 20 

 41 
 20 

60 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

7.  RELATED PARTY DISCLOSURES 

The related parties of the entity are the EU consolidated entities 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. 

Details on key management entitlements are provided in note 7 of the EU consolidated annual accounts. 

61 

 
Annual accounts of the European Commission 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. 

62 

 
Annual accounts of the European Commission 2024 

EUROPEAN COMMISSION 
FINANCIAL YEAR 2024 

BUDGETARY IMPLEMENTATION REPORTS  

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.

63 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

CONTENTS 

  EU BUDGET RESULT ................................................................................ 65 

  STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS ................. 65 

2.1.  BUDGET REVENUE ............................................................................. 65 

2.2.  BUDGET EXPENDITURE: COMMITMENTS BY MULTIANNUAL FINANCIAL 

FRAMEWORK (MFF) HEADING ............................................................. 66 

2.3.  BUDGET EXPENDITURE: PAYMENTS BY MULTIANNUAL FINANCIAL 

FRAMEWORK (MFF) HEADING ............................................................. 66 

IMPLEMENTATION OF EC BUDGET REVENUE ................................................ 67 

IMPLEMENTATION OF EC BUDGET EXPENDITURE ......................................... 68 

4.1.  MFF: BREAKDOWN & CHANGES IN COMMITMENT & PAYMENT 

APPROPRIATIONS.............................................................................. 68 

4.2.  MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS .................... 69 

4.3.  MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS .......................... 70 

4.4.  MFF: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) ..................... 71 

4.5.  MFF: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN ........................ 72 

4.6.  POLICY AREA: BREAKDOWN AND CHANGES IN COMMITMENT AND PAYMENT 

APPROPRIATIONS.............................................................................. 73 

4.7.  POLICY AREA: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS ....... 74 

4.8.  POLICY AREA: IMPLEMENTATION OF PAYMENT APPROPRIATIONS ............. 75 

4.9.  POLICY AREA: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) ........ 76 

4.10. 

POLICY AREA: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN ........ 77 

  RECONCILIATION OF ECONOMIC RESULT WITH BUDGET RESULT ................... 78 

64 

 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

  EU BUDGET RESULT 

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 

23 207 

 44 

1 345 

23 207 

15 152 

 78 

635 

  STATEMENT OF COMPARISON OF BUDGET AND 
ACTUAL AMOUNTS 

2.1.  BUDGET REVENUE 

Title 

Initial adopted 
budget 

Final adopted 
budget 

Entitlements 
established 

Revenue 

EUR million 

1  Own resources 

136 499 

141 170 

141 082 

141 047 

2  Surpluses, balances and adjustments 

3  Administrative revenue 

4  Financial revenue, default interest and fines 

5 

6 

Budgetary guarantees, borrowing-and-lending 
operations 
Revenue, contributions and refunds related to union 
policies 

1 635 

 149 

 633 

1 635 

3 477 

 669 

3 052 

17 920 

 669 

3 021 

4 768 

73 376 

73 332 

3 858 

2 340 

29 884 

26 890 

  Total 

142 141 

149 255 

265 983 

249 727 

65 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

2.2.  BUDGET 

EXPENDITURE: 

COMMITMENTS 

BY 

MULTIANNUAL FINANCIAL FRAMEWORK (MFF) HEADING 

MFF Heading 

Initial adopted 
budget 

Final adopted 
budget 

Total 
appropriations 
available 

EUR million 

Commitments 
made 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

    Economic, social and territorial cohesion 

    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 

O  Outside MFF 

S 

Solidarity mechanisms within and outside the 
Union (Special instruments) 

21 493 

74 561 

64 665 

9 895 

57 339 

21 492 

74 583 

64 665 

9 917 

57 307 

29 209 

86 683 

72 701 

13 982 

59 874 

25 962 

84 193 

71 416 

12 778 

57 964 

40 517 

40 517 

41 745 

40 810 

3 893 

2 321 

16 230 

7 033 

– 

1 561 

3 893 

2 699 

4 232 

2 778 

4 039 

2 770 

17 303 

19 569 

18 283 

7 101 

4 768 

1 178 

9 032 

8 941 

1 899 

8 060 

5 552 

1 546 

  Total 

184 431 

190 323 

222 217 

208 370 

2.3.  BUDGET EXPENDITURE: PAYMENTS BY MULTIANNUAL 

FINANCIAL FRAMEWORK (MFF) HEADING 

MFF Heading 

Initial adopted 
budget 

Final adopted 
budget 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

    Economic, social and territorial cohesion 

    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 

O  Outside MFF 

S 

Solidarity mechanisms within and outside the 
Union (Special instruments) 

  EUR million 

Total 
appropriations 
available 

Payments 
made 

32 504 

25 864 

121 796 

116 525 

54 441 

67 355 

67 233 

51 949 

64 576 

64 448 

20 828 

33 716 

24 156 

9 560 

54 151 

20 900 

35 980 

26 493 

9 487 

56 110 

40 505 

40 474 

41 702 

40 762 

3 249 

2 035 

15 291 

7 033 

– 

1 371 

3 261 

2 084 

14 454 

7 101 

3 755 

1 144 

3 727 

2 142 

3 405 

2 123 

16 241 

15 395 

9 426 

14 261 

2 347 

8 042 

3 987 

1 975 

  Total 

137 676 

144 788 

269 678 

241 764 

66 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  IMPLEMENTATION OF EC BUDGET REVENUE 

Annual accounts of the European Commission 2024 

Income appropriations 

Entitlements established 

Revenue 

Title 

Initial budget 
adopted 

Final budget 
adopted 

Current 
year 

Carried 
over 

Total 

On entitle- 
ments of 
current year 

On entitle- 
ments 
carried over 

Receipts 
as % of 
budget 

Out- 
standing 

Total 

EUR million 

1  Own resources 

136 499 

141 170 

141 280 

 (197) 

141 082 

141 202 

 (155) 

141 047 

100 % 

2  Surpluses, balances and adjustments 

 0 

 633 

 662 

3  Administrative revenue 

1 635 

1 635 

3 030 

 7 

 22 

 669 

3 052 

 662 

3 005 

 7 

 16 

 669 

106 % 

3 021 

185 % 

 36 

– 

 31 

4 

5 

6 

Financial revenue, default interest and 
fines 
Budgetary guarantees, borrowing-and-
lending operations 
Revenue, contributions and refunds 
related to union policies 

 149 

3 477 

3 239 

14 681 

17 920 

 (745) 

5 513 

4 768 

137 % 

13 152 

 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  1149 % 

2 994 

  Total 

142 141 

149 255  246 702  19 281  265 983 

239 802 

9 925 

249 727  167 % 

16 256 

67 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  IMPLEMENTATION OF EC BUDGET EXPENDITURE  

Annual accounts of the European Commission 2024 

4.1.  MFF: BREAKDOWN & CHANGES IN COMMITMENT & PAYMENT APPROPRIATIONS 

MFF Heading 

Commitment appropriations 

Payment appropriations 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets 
& 
transfers 

Final 
adopted 
budget 

Additional 
appropriations 

Carry-
overs 

Assigned 
revenue 

Total 
appropr. 
available 

Budget appropriations 

Initial 
adopted 
budget 

Amending 
budgets 
& 
transfers 

Final 
adopted 
budget 

Additional 
appropriat. 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

6=3+4+5 

7 

8 

9=7+8 

10 

11 

  EUR million 

Total 
appropr. 
available 

12=9+10 
+11 

1  Single Market, Innovation and Digital 

21 493 

 (1) 

21 492 

2  Cohesion, Resilience and Values 

74 561 

 22 

74 583 

    Economic, social and territorial 
cohesion 
    Resilience and values 

64 665 

– 

64 665 

 95 

 12 

 12 

7 621 

29 209 

20 828 

 72 

20 900 

 109 

11 495 

32 504 

12 088 

86 683 

33 716 

2 264 

35 980 

 813 

85 003 

121 796 

8 023 

72 701 

24 156 

2 337 

26 493 

 1 

27 947 

54 441 

9 895 

 22 

9 917 

 0 

4 065 

13 982 

9 560 

 (73) 

9 487 

 812 

57 056 

3  Natural Resources and Environment 

57 339 

 (32) 

57 307 

 316 

2 252 

59 874 

54 151 

1 959 

56 110 

 324 

10 799 

    of which market-related 
expenditure and direct payments 
4  Migration and Border Management 

5  Security and Defence 

40 517 

3 893 

2 321 

 0 

 1 

 378 

40 517 

 316 

 912 

41 745 

40 505 

 (32) 

40 474 

 316 

3 893 

2 699 

– 

– 

 338 

 79 

4 232 

2 778 

3 249 

2 035 

 12 

 48 

3 261 

2 084 

 3 

 8 

6  Neighbourhood and the World 

16 230 

1 073 

17 303 

 483 

1 783 

19 569 

15 291 

 (838) 

14 454 

 161 

67 355 

67 233 

41 702 

3 727 

2 142 

16 241 

9 426 

 912 

 463 

 51 

1 626 

1 934 

7  European Public Administration 

7 033 

 67 

O  Outside MFF 

– 

4 768 

7 101 

4 768 

– 

– 

1 932 

4 174 

9 032 

8 941 

7 033 

 67 

7 101 

 392 

– 

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 

184 431 

5 893  190 323 

1 313 

30 581  222 217  137 676 

7 113  144 788  2 537  122 353 

269 678 

68 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.2.  MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS 

Annual accounts of the European Commission 2024 

Commitments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

EUR million 

MFF Heading 

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 
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 
    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 % 

3 243 

3 244 

 3 

1 335 

1 335 

1 070 

 131 

 131 

1 070 

 0 

 0 

– 

 0 

    Resilience and values 

13 982 

9 917 

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 

 0 

– 

– 

– 

– 

2 860 

12 778 

91 % 

1 204 

1 204 

 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 

6 

7 

Neighbourhood and the 
World 
European Public 
Administration 

O  Outside MFF 

S 

Solidarity mechanisms within 
and outside the Union 
(Special instruments) 

19 569 

16 646 

 421 

1 217 

18 283 

93 % 

 657 

 566 

1 224 

9 032 

7 092 

8 941 

4 737 

– 

– 

 969 

8 060 

89 % 

– 

 963 

 963 

 815 

5 552 

62 % 

 30 

3 359 

3 389 

1 899 

 842 

 407 

 297 

1 546 

81 % 

 310 

 7 

 318 

 25 

Total 

13=10+ 
11+12 

 3 

1 155 

1 154 

 1 

 247 

 2 

 1 

 0 

 62 

 9 

 0 

 35 

– 

– 

– 

– 

– 

– 

– 

– 

 62 

– 

– 

– 

 0 

 85 

 85 

 0 

 234 

– 

 0 

 0 

 0 

 0 

– 

 10 

 0 

 13 

 2 

 1 

 0 

 0 

 9 

 0 

  Total 

222 217  188 153 

 936  19 282  208 370 

94 % 

1 365  10 969  12 334 

1 121 

 62 

 330 

1 513 

69 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

4.3.  MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS 

EUR 
million 

MFF Heading 

Total 
appropr. 
available 

from final 
adopted 
budget 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

Payments made 

Appropriations carried over 
to 2025 

Appropriations lapsing 

from 
final 
adopted 
budget 

from 
assigned 
revenue 

Total 

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 

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 

    Economic, social and territorial 
cohesion 

54 441 

26 490 

 1 

25 458 

51 949 

95 % 

 2 

2 489 

2 491 

    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 

9 426 

6 785 

 369 

 888 

8 042 

85 % 

 307 

1 045 

1 352 

 9 

 0 

 0 

 0 

 7 

 6 

 2 

 5 

 1 

 9 

O  Outside MFF 

14 261 

3 634 

– 

 353 

3 987 

28 % 

 121 

10 154 

10 274 

 (0) 

S 

Solidarity mechanisms within and 
outside the Union (Special 
instruments) 

2 347 

 834 

 675 

 466 

1 975 

84 % 

 310 

 7 

 318 

 0 

 11 

 2 

 1 

 2 

 0 

 0 

 0 

 1 

 9 

 23 

 0 

 53 

13=10+ 
11+12 

 23 

 5 

 1 

 4 

 8 

 6 

 2 

 5 

 10 

 32 

 (0) 

 55 

 3 

 2 

 0 

 2 

 0 

– 

 0 

 0 

 0 

 0 

– 

 2 

Total 

269 678  141 805  2 122  97 837  241 764 

90 % 

3 266  24 509  27 775 

 33 

 99 

 7 

 140 

70 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.4.  MFF: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) 

Annual accounts of the European Commission 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

MFF Heading 

Commit. carried 
forward from 
prev. year 

Decommitments/ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstandin
g at year-
end 

Commit. 
made during 
the year 

Payments 

Cancellation of 
commitm. 
which cannot 
be carried-
over 

Commitm. 
outstanding 
at year-end 

EUR million 

Total 
commitm. 
outstanding 
at end of the 
year 

1 

2 

3 

4=1+2+3 

5 

6 

7 

8=5+6+7 

9=4+8 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

    Economic, social and territorial 
cohesion 

    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 

51 926 

376 757 

154 864 

221 893 

57 477 

 358 

5 121 

3 803 

 (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) 

6  Neighbourhood and the World 

39 987 

 (779) 

(10 433) 

28 776 

18 283 

(4 962) 

7  European Public Administration 

O  Outside MFF 

S 

Solidarity mechanisms within and 
outside the Union (Special instruments) 

 396 

6 447 

 482 

 (25) 

 (371) 

 0 

8 060 

(7 671) 

 (114) 

 (261) 

6 072 

5 552 

(3 726) 

 (0) 

 (429) 

 53 

1 546 

(1 546) 

 (7) 

 (1) 

 (1) 

 (0) 

 (0) 

– 

 (0) 

 (0) 

 (0) 

 (1) 

 (0) 

– 

17 920 

70 644 

51 164 

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 

 388 

1 827 

 0 

 388 

7 899 

 53 

  Total 

542 395 

(2 237)  (159 209)  380 950 

208 370 

(82 555) 

 (9) 

125 805 

506 755 

71 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.5.  MFF: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN 

Annual accounts of the European Commission 2024 

MFF heading 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

  EUR million 

1  Single Market, Innovation and Digital 

2  Cohesion, Resilience and Values 

3  Natural Resources and Environment 

4  Migration and Border Management 

5  Security and Defence 

6  Neighbourhood and the World 

7  European Public Administration 

O  Outside MFF 

S 

Solidarity mechanisms within and outside the Union (Special 
instruments) 
Total 

 957 

1 587 

 136 

 40 

 18 

 639 

 273 

 201 

 3 

 46 

2 663 

 588 

 178 

 18 

 74 

4 496 

1 478 

 222 

 421 

 188 

4 309 

3 357 

 372 

 139 

 506 

7 314 

11 086 

19 700 

51 164 

42 094 

54 161 

240 550 

344 088 

3 544 

 663 

45 551 

50 867 

 313 

 612 

1 580 

 909 

3 241 

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 

– 

0 

0 

– 

0 

0 

– 

– 

0 

– 

 65 

0 

 0 

 0 

2 586 

3 421 

 388 

1 827 

0 

 53 

 0 

 388 

7 899 

 53 

4 074 

2 312 

5 172 

8 752 

12 804 

64 814 

81 750 

327 078 

506 755 

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. 

72 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUR million 

Total 
appropr. 
available 

12=9+10 
+11 
20 730 

7 807 

1 018 

2 949 

4.6.  POLICY AREA: BREAKDOWN AND CHANGES IN COMMITMENT AND PAYMENT 

APPROPRIATIONS 

Annual accounts of the European Commission 2024 

Policy area 

Budget appropriations 

Commitment appropriations 
Additional 
appropriations 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

Total 
appropr. 
available 

Payment appropriations 

Budget appropriations 

Additional appropriat. 

Initial 
adopted 
budget 

Amending 
budgets & 
transfers 

Final 
adopted 
budget 

Carry-
overs 

Assigned 
revenue 

1 

2 

3=1+2 

4 

5 

6=3+4+5 

7 

8 

9=7+8 

10 

11 

01  Research and Innovation 

13 639 

 (0) 

13 639 

 95 

02  European Strategic Investments 

03  Single Market 

04  Space 

05 

Regional Development and 
Cohesion 

06  Recovery and Resilience 

07 

Investing in People, Social 
Cohesion and Values 

08  Agriculture and Maritime Policy 

09  Environment and Climate Action 

10  Migration 

11  Border Management 

12  Security 

13  Defence 

14  External Action 

15  Pre-accession Assistance 

16 

20 

Expenditure outside the annual 
ceilings set out in the Multiannual 
Financial Framework 
Administrative expenditure of the 
European Commission 

21  European Schools and Pensions 

30  Reserves 

Total 

4 593 

 953 

2 301 

47 917 

4 720 

21 922 

54 877 

2 387 

1 677 

2 211 

 731 

1 588 

14 114 

2 116 

 6 

 (0) 

 0 

– 

 13 

 11 

 34 

 8 

 (22) 

 28 

 4 

 376 

 572 

 501 

4 599 

 953 

2 301 

– 

– 

– 

5 231 

1 987 

 74 

 331 

18 965 

12 701 

 285 

12 986 

6 585 

1 026 

2 632 

4 754 

 (207) 

 910 

2 456 

 6 

 (4) 

4 547 

 916 

2 452 

7 661 

3 248 

 94 

 492 

 83 

 12 

 9 

 5 

 1 

47 917 

 12 

6 078 

54 007 

17 332 

3 123 

20 455 

16 456 

36 912 

4 733 

21 933 

 0 

– 

2 963 

7 696 

4 654 

 (142) 

4 512 

 783 

55 884 

61 179 

3 048 

24 981 

11 728 

 (715) 

11 013 

 29 

12 663 

23 705 

54 911 

 316 

1 488 

56 715 

53 417 

1 948 

55 365 

 317 

2 395 

1 655 

2 239 

 735 

1 964 

14 686 

2 617 

– 

– 

– 

– 

– 

 462 

 21 

 764 

 29 

 310 

 20 

 59 

3 160 

1 683 

2 548 

 755 

2 023 

 689 

1 528 

1 716 

 732 

1 301 

 56 

 (16) 

 34 

 (17) 

 67 

 745 

1 512 

1 750 

 715 

1 368 

1 640 

16 788 

13 317 

(1 025) 

12 292 

 143 

2 782 

1 975 

 187 

2 162 

 7 

 2 

 1 

 3 

 5 

 86 

 75 

3 801 

6 998 

 29 

 434 

 20 

 31 

1 434 

 192 

59 483 

7 750 

1 542 

2 185 

 738 

1 404 

13 812 

2 429 

 50 

5 689 

5 739 

 407 

4 488 

10 633 

 70 

4 648 

4 718 

 728 

10 982 

16 427 

4 222 

2 812 

 (4) 

 71 

1 601 

(1 394) 

4 218 

2 883 

 207 

– 

– 

– 

1 622 

5 840 

4 222 

 310 

– 

3 192 

 207 

2 812 

1 362 

(1 181) 

 (4) 

 71 

4 218 

 391 

1 624 

2 883 

 181 

 1 

– 

 310 

– 

6 233 

3 193 

 181 

184 431 

5 893  190 323 

1 313 

30 581  222 217  137 676 

7 113  144 788 

2 537  122 353 

269 678 

73 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.7.  POLICY AREA: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS 

Annual accounts of the European Commission 2024 

Policy area 

Total 
appropr. 
available 

from 
final 
adopted 
budget 

Commitments made 

from 
carry-
overs 

from 
assigned 
revenue 

Total 

% 

Appropriations carried over 
to 2025 

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 

Appropriations lapsing 

EUR million 

01  Research and Innovation 
European Strategic 
Investments 

02 

03  Single Market 

04  Space 

05 

Regional Development and 
Cohesion 

18 965 

13 638 

 95 

2 317 

16 051 

85 % 

6 585 

4 597 

1 026 

2 632 

 951 

2 301 

– 

– 

– 

1 758 

6 356 

97 % 

 34 

 268 

 986 

2 570 

96 % 

98 % 

54 007 

46 899 

 12 

5 902 

52 814 

98 % 

06  Recovery and Resilience 

7 696 

4 733 

 0 

2 325 

7 059 

92 % 

– 

– 

 0 

– 

– 

 0 

– 

2 914 

2 914 

 228 

 228 

 39 

 63 

 116 

 637 

 582 

 39 

 63 

 637 

 582 

 116 

1 017 

08 

07 

Investing in People, Social 
Cohesion and Values 
Agriculture and Maritime 
Policy 
Environment and Climate 
Action 
10  Migration 

09 

11  Border Management 

12  Security 

13  Defence 

14  External Action 

24 981 

21 880 

56 715 

54 858 

3 160 

2 385 

1 683 

2 548 

 755 

1 654 

2 238 

 735 

2 023 

1 964 

16 788 

14 203 

15  Pre-accession Assistance 

2 782 

2 443 

– 

– 

– 

– 

– 

– 

– 

2 441 

24 321 

97 % 

 473 

55 331 

98 % 

 366 

 780 

1 147 

 248 

2 633 

83 % 

 18 

 129 

 12 

 59 

1 672 

2 367 

 746 

99 % 

93 % 

99 % 

2 023 

100 % 

– 

– 

– 

– 

– 

 401 

 20 

1 133 

15 737 

 83 

2 546 

94 % 

92 % 

 483 

 174 

 516 

 10 

 181 

 8 

– 

 506 

 60 

 516 

 10 

 181 

 8 

– 

 989 

 235 

16 

Expenditure outside the 
annual ceilings set out in 
the Multiannual Financial 
Framework 
Administrative expenditure 
of the European 
Commission 
European Schools and 
Pensions 
30  Reserves 

21 

20 

10 633 

5 580 

 407 

1 112 

7 098 

67 % 

 159 

3 366 

3 525 

 0 

5 840 

4 209 

3 192 

2 883 

 207 

– 

– 

– 

– 

 673 

4 882 

84 % 

 296 

3 178 

100 % 

– 

– 

– 

– 

0 % 

 181 

 949 

 949 

 9 

 14 

– 

 14 

 181 

 0 

 25 

 1 

 1 

 1 

– 

 0 

 52 

 2 

 11 

 1 

 1 

 0 

– 

 0 

 (0) 

Total 

13=10+ 
11+12 

 1 

 1 

 1 

 0 

1 077 

 0 

 78 

 236 

 11 

 1 

 1 

 0 

– 

 61 

 1 

 10 

 9 

 0 

 25 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

– 

 61 

 1 

– 

– 

– 

– 

 0 

 0 

 0 

 0 

 59 

 0 

 25 

 234 

 0 

 0 

– 

 0 

– 

 0 

– 

 10 

 0 

 0 

– 

Total 

222 217  188 153 

 936  19 282  208 370 

94 % 

1 365  10 969  12 334 

1 121 

 62 

 330 

1 513 

74 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.8.   POLICY AREA: IMPLEMENTATION OF PAYMENT APPROPRIATIONS 

Annual accounts of the European Commission 2024 

Policy area 

Total 
appropr. 
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 

from 
final 
adopted 
budget 

from 
carry-  
overs 

from 
assigned 
revenue 

1 

2 

3 

4 

6=5/1 

7 

8 

9=7+8 

10 

11 

12 

EUR million 

Appropriations lapsing 

5=2+ 
3+4 
14 878 

01  Research and Innovation 
European Strategic 
Investments 

02 

03  Single Market 

04  Space 

05 

Regional Development and 
Cohesion 

20 730 

12 892 

7 807 

4 533 

1 018 

2 949 

 906 

2 447 

36 912 

20 453 

 74 

 11 

 8 

 5 

 1 

1 912 

72 % 

 92 

5 747 

5 840 

2 940 

7 484 

96 % 

 34 

 104 

 947 

2 556 

93 % 

87 % 

15 187 

35 641 

97 % 

 9 

 7 

 4 

 2 

 308 

 60 

 388 

 317 

 67 

 393 

1 269 

1 270 

06  Recovery and Resilience 

61 179 

2 643 

 782 

55 636 

59 062 

97 % 

1 869 

 247 

2 116 

07 

08 

Investing in People, Social 
Cohesion and Values 
Agriculture and Maritime 
Policy 
Environment and Climate 
Action 
10  Migration 

09 

11  Border Management 

12  Security 

13  Defence 

14  External Action 

23 705 

10 986 

 28 

10 809 

21 823 

92 % 

 27 

1 853 

1 880 

59 483 

55 306 

7 750 

 736 

1 542 

2 185 

 738 

1 509 

1 723 

 708 

1 404 

1 365 

13 812 

12 217 

 1 

 7 

 1 

 1 

 3 

 5 

 79 

 74 

2 223 

57 530 

97 % 

 368 

1 578 

1 946 

6 175 

6 918 

89 % 

 20 

 151 

 12 

 31 

 797 

 100 

1 530 

1 875 

 722 

99 % 

86 % 

98 % 

1 400 

100 % 

13 093 

2 302 

95 % 

95 % 

 8 

 2 

 26 

 3 

 3 

 74 

 33 

 823 

 8 

 283 

 8 

– 

 637 

 92 

 831 

 11 

 309 

 11 

 3 

 711 

 125 

 2 

 5 

 3 

 0 

 0 

 0 

 0 

 7 

 0 

 1 

 1 

 5 

 0 

 1 

 (0) 

 9 

 1 

 1 

 1 

 1 

 1 

 1 

 0 

 0 

 0 

 0 

 0 

 0 

 7 

 2 

15  Pre-accession Assistance 

2 429 

2 129 

16 

Expenditure outside the 
annual ceilings set out in the 
Multiannual Financial 
Framework 
Administrative expenditure of 
the European Commission 
European Schools and 
Pensions 
30  Reserves 

20 

21 

16 427 

4 468 

 675 

 819 

5 962 

36 % 

 250 

10 161 

10 411 

 0 

 53 

6 233 

3 903 

 368 

 596 

4 866 

78 % 

 306 

1 028 

1 334 

3 193 

2 882 

 181 

– 

 1 

– 

 292 

3 175 

99 % 

 0 

 17 

 18 

– 

– 

0 % 

 181 

– 

 181 

 9 

 0 

– 

 23 

– 

 0 

Total 

269 678  141 805 

2 122  97 837  241 764 

90 % 

3 266  24 509  27 775 

 33 

 99 

75 

Total 

13=12+ 
13+14 

 13 

 6 

 3 

 1 

 1 

 2 

 2 

 7 

 1 

 1 

 1 

 5 

 1 

 8 

 2 

 55 

 32 

 0 

– 

 140 

 2 

 0 

 0 

 0 

 (0) 

 1 

 1 

– 

 0 

 0 

– 

 0 

 0 

 0 

– 

 2 

 0 

 0 

– 

 7 

 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.9.  POLICY AREA: MOVEMENTS IN OUTSTANDING COMMITMENTS (RAL) 

Annual accounts of the European Commission 2024 

Commitments outstanding at the end of previous year 

Commitments of the current year 

Policy area 

Commit. 
carried 
forward from 
prev. year 

Decommitments/ 
Revaluations/ 
Cancellations 

Payments 

Commitm. 
outstanding at 
year-end 

Commit. 
made during 
the year 

Payments 

1 

2 

3 

4=1+2+3 

5 

6 

Cancellation 
of commitm. 
which cannot 
be carried-
over 
7 

01  Research and Innovation 

02  European Strategic Investments 

03  Single Market 

04  Space 

05 

Regional Development and 
Cohesion 

06  Recovery and Resilience 

07 

Investing in People, Social 
Cohesion and Values 

08  Agriculture and Maritime Policy 

09  Environment and Climate Action 

10  Migration 

11  Border Management 

12  Security 

13  Defence 

14  External Action 

15  Pre-accession Assistance 

16 

20 

Expenditure outside the annual 
ceilings set out in the Multiannual 
Financial Framework 
Administrative expenditure of the 
European Commission 

21  European Schools and Pensions 

30 055 

19 087 

1 195 

1 590 

109 713 

218 269 

48 775 

41 575 

15 902 

2 733 

2 387 

1 270 

2 533 

32 303 

7 684 

 (579) 

 (206) 

 (63) 

 (4) 

(10 709) 

(5 383) 

 (608) 

(1 129) 

18 766 

13 498 

 524 

 457 

16 051 

(4 168) 

6 356 

(2 101) 

 986 

 (339) 

2 570 

(1 426) 

 (148) 

(32 649) 

76 916 

52 814 

(2 992) 

 (44) 

(53 230) 

164 996 

7 059 

(5 832) 

 (145) 

(17 098) 

31 533 

24 321 

(4 725) 

 (100) 

(16 640) 

24 834 

55 331 

(40 890) 

 (25) 

 (0) 

 (0) 

 (2) 

 (2) 

 (684) 

 (95) 

(6 760) 

(1 291) 

 (838) 

 (429) 

 (949) 

(8 533) 

(1 899) 

9 116 

1 441 

1 549 

 838 

1 582 

2 633 

1 672 

2 367 

 746 

2 023 

 (158) 

 (239) 

(1 037) 

 (293) 

 (451) 

23 086 

15 737 

(4 559) 

5 689 

2 546 

 (403) 

6 929 

 (114) 

 (690) 

6 125 

7 098 

(5 272) 

 395 

 1 

 (25) 

 (370) 

– 

 (1) 

 0 

– 

4 882 

(4 497) 

3 178 

(3 175) 

 (6) 

 (0) 

 (0) 

– 

 (1) 

 (0) 

 (0) 

 (0) 

– 

 (0) 

 (0) 

 (0) 

 (0) 

 (0) 

– 

 (0) 

 (1) 

– 

EUR million 

Total 
commitm. 
outstanding 
at end of the 
year 

Commitm. 
outstanding 
at year-end 

8=5+6+7 

9=4+8 

11 876 

4 255 

 646 

1 143 

30 642 

17 752 

1 170 

1 600 

49 821 

126 737 

1 227 

166 222 

19 596 

14 442 

2 475 

1 433 

1 330 

 453 

1 572 

11 178 

2 143 

51 128 

39 276 

11 591 

2 875 

2 879 

1 291 

3 154 

34 264 

7 833 

1 827 

7 952 

 384 

 4 

 384 

 4 

Total 

542 395 

(2 237) 

(159 209) 

380 950 

208 370 

(82 555) 

 (9) 

125 805 

506 755 

76 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.10.  POLICY AREA: OUTSTANDING COMMITMENTS BY YEAR OF ORIGIN 

Annual accounts of the European Commission 2024 

Policy area 

<2018 

2018 

2019 

2020 

2021 

2022 

2023 

2024 

Total 

EUR million 

01  Research and Innovation 

02  European Strategic Investments 

03  Single Market 

04  Space 

 369 

 539 

 49 

 0 

 440 

 189 

 9 

 2 

 886 

1 747 

 25 

 5 

1 981 

2 342 

 29 

 144 

05  Regional Development and Cohesion 

1 293 

 262 

 548 

1 195 

06  Recovery and Resilience 

07  Investing in People, Social Cohesion and Values 

08  Agriculture and Maritime Policy 

09  Environment and Climate Action 

10  Migration 

11  Border Management 

12  Security 

13  Defence 

14  External Action 

15  Pre-accession Assistance 

16 

20 

Expenditure outside the annual ceilings set out in the 
Multiannual Financial Framework 
Administrative expenditure of the European 
Commission 

21  European Schools and Pensions 

 2 

 292 

 22 

 114 

 20 

 20 

 18 

0 

1 046 

 290 

0 

– 

0 

 0 

 11 

 9 

 9 

 32 

 14 

 193 

 164 

 18 

 0 

 60 

 14 

 2 

 0 

 45 

 0 

 830 

 320 

0 

– 

0 

2 727 

1 526 

 44 

 12 

 536 

2 507 

 314 

 42 

 329 

 21 

 118 

 90 

 416 

 104 

 179 

 27 

 195 

 235 

 186 

 173 

 14 

4 466 

2 694 

 126 

 28 

1 002 

6 359 

4 241 

 219 

 267 

 606 

13 414 

4 475 

 668 

1 143 

30 642 

17 752 

1 170 

1 600 

121 296 

126 737 

40 432 

52 605 

70 563 

166 222 

 660 

3 073 

 470 

 108 

 205 

 140 

 472 

7 010 

1 342 

 950 

 151 

 512 

 725 

 855 

 244 

 665 

8 612 

1 266 

48 691 

35 937 

9 615 

1 746 

1 495 

 522 

1 572 

51 128 

39 276 

11 591 

2 875 

2 879 

1 291 

3 154 

11 259 

34 264 

2 468 

1 827 

 384 

 4 

7 833 

7 952 

 384 

 4 

1 021 

 630 

1 429 

 519 

3 058 

 998 

0 

– 

0 

– 

– 

0 

 65 

2 586 

3 474 

– 

0 

 0 

0 

 0 

– 

Total 

4 074 

2 312 

5 172 

8 752 

12 804 

64 814 

81 750 

327 078 

506 755 

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. 

77 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual accounts of the European Commission 2024 

  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) 
Amount from liaison account 
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 

2024 
(97 204) 

EUR million 
2023 
(71 528) 

(6 770) 
9 922 
83 953 
 (723) 

10 564 
4 525 
(2 220) 
(11 719) 
(3 266) 
 950 
9 963 
7 721 

(5 710) 
10 042 
73 209 
 (923) 

13 993 
4 247 
(1 638) 
(12 578) 
(2 447) 
(6 214) 
3 984 
 344 

BUDGET RESULT OF THE YEAR 

5 696 

4 782 

BUDGET RESULT OTHER INSTITUTIONS 

(4 351) 

(4 147) 

BUDGET RESULT OF THE YEAR (EU) 

1 344 

 635 

78