ROMA (ITALPRESS) – From 2024 to 2025 the financial structure of the Italian enterprises shows a total strengthening, with an increase of the activities of 69,6 billion euros (+2.7%), from 2,587,2 to 2.656,8 billion, accompanied by a more sustained increase of the liabilities, pairs to 178,8 billion (+3.6%), up to 5.173,9 billion. This is what emerges from the analysis of the financial structure of the Italian companies, realized by the Centro Studi di Unimpresa, that evidences a clearly qualitative repositioning of the financial choices.
On the side of the activity, liquidity drops significantly: cash and current accounts fell by 15.1 billion (-3.2%), from 477.6 to 462.5 billion, while other deposits decrease by 8.2 billion (-11.7%), at 62.1 billion. Overall, more than 23 billion are subtracted to low-profit stocks. In parallel, financial investments grow markedly. The bonds and state bonds held by enterprises increase by 20.7 billion (+21.1%), from 97.9 to 118.6 billion. The increase in risk capital components is also strong: the shares rise of 63,5 billion (+6.8%), from 935,6 to 999,1 billion, while the common funds record the highest percentage growth, with +10,6 billion (+23.4%), up to 55,7 billion.
In net decrease the derivatives, which are reduced by 6.5 billion (-41%), descending to 9,3 billion. Credit on the active side remains substantially stable: short-term loans increase by 917 million (+2.3%) to 41 billion, while medium-long-term loans increase by 1.5 billion (+1.8%) to 84.6 billion. Operational posts can also be established: commercial credits and other items grow by just 800 million (+0.1%), attesting to 802,1 billion. On the front of liabilities, the most important figure is the strong increase in own capital. Liabilities increase by 150.1 billion (+5.3%), from 2.809.2 to 2.959.3 billion, representing more than 80% of the overall increase in liabilities. More dynamics of debt: short-term loans increased by 13.6 billion (+5.5%) to 260.7 billion, while medium-long-term loans decreased by 18.8 billion (-2.2%), falling to 838 billion, with a reduction in structural debt. Recourse to the bond market is also growing: State bonds and bonds to liabilities increase by 22.2 billion (+11.6%), up to 213.8 billion. The increase in insurance liabilities, equal to 332 million (+0.4%), while commercial credits and other liabilities rise by 11 billion (+1.5%), to 726.7 billion. The data refer to the first half of 2024 and the first half of 2025.
“ Overall, the data on the financial structure of Italian companies in 2025 return an encouraging and mature picture of our production system. The reduction of liquidity, the strengthening of own capital, the decrease in long-term debt and a more aware and structured use of financial markets indicate companies that return to making growth-oriented choices, no longer dictated only by defense and uncertainty. It is the signal of a confidence that gradually reconstructs itself, after complex years, and a progressive normalization of financial strategies, in which risk capital returns to have a central role next to credit. At the same time, the stability of the operating posts shows that this rebalance takes place without tears, keeping the industrial and commercial relationships under control. This route should be supported and accompanied: they serve economic policies that promote the wealth of enterprises, encourage productive investment and strengthen the link between private savings and real economy growth. Only in this way the greater financial solidity that emerges from the data can be translated into more investments, more employment and a lasting development for the country” comments the Vice-President of Unimpresa, Giuseppe Spadafora.
According to the Centro Studi di Unimpresa, which has elaborated data of the Bank of Italy regarding the first half of 2024 and the first half of 2025, the evolution of the financial structure of Italian enterprises between 2024 and 2025 returns the image of a productive system that, despite in a still complex macroeconomic context, shows clear signs of strengthening the quality of financial choices. The total activity grew by 69.6 billion euros, from 2.587.2 to 2.656,8 billion, with an increase of 2.7%. A moderate but significant dynamic, which assumes particular importance when read in light of the composition of the posts. On the side of the activity, the most obvious is the reduction of liquidity. Cash and current accounts fall from 477.6 to 462.5 billion, with a contraction of 15.1 billion (-3.2%), while other deposits fall even more markedly, from 70.3 to 62.1 billion, equal to -8.2 billion (-11.7%). C
Overall, more than 23 billion euros are subtracted to forms of low profitability, reporting a change in the treasury strategies of enterprises, less defensive and more oriented to the productive allocation of resources. This relocation emerges strongly in the growth of financial instruments. The bonds and government bonds held by enterprises increase by 20.7 billion, from 97.9 to 118.6 billion, with a leap of 21.1%. This is one of the most important percentage increases in the entire financial structure and indicates a greater propensity to financial uses with a higher performance profile than pure liquidity. At the same time, exposure to derivatives is reduced, down from 15.8 to 9,3 billion, with a decrease of 6.5 billion (-41%). The data suggests a lower need for financial coverage or a reduction of the most complex operations, consistent with a phase of greater market stability and a more prudent management of the risk.
Credit on the active side remains substantially stable. Short-term loans increased by 917 million (+2.3%), at 41 billion, while medium and long-term loans increased by 1.5 billion (+1.8%), reaching 84.6 billion. These variations indicate selective and non-expansive use of debt as a financial management tool. Much more marked is the growth of risk capital components. The shares held by enterprises rise by 63,5 billion, from 935,6 to 999,1 billion, with an increase of 6.8%. In terms of percentage, the growth of the common funds is even more marked, increasing by 10.6 billion, from 45.1 to 55.7 billion, equal to 24.4%. Overall, over 74 billion euros converge towards more dynamic and growth-oriented financial instruments, strengthening the company’s asset profile. The insurance policies grow more gradually, from 20.4 to 21.8 billion (+6.9%), confirming the function of coverage and protection of the risk, while commercial credits and other operating posts remain substantially stable, with a marginal increase of 800 million (+0.1%), to 802,1 billion, sign of a balance in the management of the industrial cycle and the relationships between enterprises.
On the front of liabilities, the increase is more consistent: the total rises from 4.995,1 to 5.173,9 billion, with an increase of 178,8 billion (+3.6%). In this case, however, it is the composition to provide the most relevant indications. The dominant figure is the growth of its own capital. Passive shares increase by 150.1 billion, from 2.809.2 to 2.959.3 billion, with an increase of 5.3%. This increase alone represents more than 80% of the overall increase in liabilities and indicates a net capital increase of enterprises, through own capital or revaluation of equity investments. Debt shows a more articulated dynamic. Short-term loans increased by 13.6 billion (+5.5%), reaching 260.7 billion, while medium and long-term loans decreased by 18.8 billion (-2.2%), falling to 838 billion. The result is a reduction in long-term structural debt, offset only partly by a greater use of short-term credit.
On the other hand, financing is growing through government bonds and bonds, which increase by 22.2 billion (+11.6%), up to 213.8 billion, confirming a tendency to diversification of sources of collection and more active use of capital markets. Insurance liabilities grow marginally (+332 million, +0.4%), while commercial credits and other posts increase by 11 billion (+1.5%), reaching 726.7 billion, in line with economic activity.
– Photo of repertoire IPA Agency –
(ITALPRESS).
