Fiscal year 2025 marks a fundamental strategic pivot for Veolia, which posts strong results exceeding all of its annual objectives.
Access our financial consolidated statements, for assets, equity and liabilities, for the year 2025.
Consolidated Statement of Financial Position - Assets
| (€ million) | Notes | As of December, 31st 2024 | As of December, 31st 2025 |
| Goodwill | Note 7.1 | 11,783 | 11,456 |
| Concession intangible assets | Note 7.2.1 | 5,255 | 5,301 |
| Other intangible assets | Note 7.2.2 | 2,830 | 2,645 |
| Property, plant and equipment | Note 7.3 | 17,933 | 18,804 |
| Rights of use (net) | Note 7.4 | 1,819 | 1,806 |
| Investments in joint ventures | Note 5.2.4 | 1,044 | 948 |
| Investments in associates | Note 5.2.4 | 632 | 616 |
| Non-consolidated investments | 77 | 84 | |
| Non-current operating financial assets | Note 5.4 | 1,218 | 1,012 |
| Non-current derivative instruments - Assets | Note 8.3 | 67 | 45 |
| Other non-current financial assets | Note 8.1.2 | 534 | 520 |
| Deferred tax assets | Note 11.2 | 1,958 | 1,970 |
| Non-current assets | 45,149 | 44,807 | |
| Inventories and work-in-progress | Note 5.3 | 1,497 | 1,465 |
| Operating receivables | Note 5.3 | 14,038 | 13,739 |
| Current operating financial assets | Note 5.4 | 135 | 135 |
| Other current financial assets | Note 8.1.2 | 2,371 | 2,360 |
| Current derivative instruments - Assets | Note 8.3 | 166 | 144 |
| Cash and cash equivalents | Note 8.1.3 | 9,901 | 8,021 |
| Assets classified as held for sale | Note 3.3 | - | - |
| Current assets | 27,809 | 25,864 | |
| TOTAL ASSETS | 72,959 | 70,671 |
The accompanying notes are an integral part of these consolidated financial statements.
Amounts are in millions of euros rounded to the nearest whole number, unless stated otherwise in the notes. Accordingly, the sum of rounded amounts may present non-material differences with total figures.
Consolidated Statement of Financial Position – Equity and Liabilities
| (€ million) | Notes | As of December, 31st 2024 | As of December, 31st 2025 |
| Share capital | Note 9.2.1 | 3,703 | 3,709 |
| Additional paid-in capita | 9,902 | 9,895 | |
| Deeply-subordinated perpetual securities | Note 9.4 | 3,337 | 3,831 |
| Reserves and retained earnings attributable to owners of the Company | 6.1.5 & Note 9.2 | -4,027 | -6,580 |
| Total equity attributable to owners of the Company | Note 9.2 | 12,915 | 10,855 |
| Total equity attributable to non-controlling interests | Note 9.3 | 2,391 | 2,409 |
| Equity | 15,306 | 13,264 | |
| Non-current provisions | Note 10 | 2,749 | 2,661 |
| Non-current financial liabilities | Note 8.1.1 | 18,281 | 18,978 |
| Non-current IFRS 16 lease debt | Note 8.1.1 | 1,523 | 1,514 |
| Non-current derivative instruments - Liabilities | Note 8.3 | 365 | 319 |
| Concession liabilities – non-current | Note 5.5 | 1,459 | 1,339 |
| Deferred tax liabilities | Note 11.2 | 2,606 | 2,557 |
| Non-current liabilities | 26,983 | 27,368 | |
| Operating payables | Note 5.3 | 19,540 | 19,216 |
| Concession liabilities - current | Note 5.5 | 303 | 311 |
| Current provisions | Note 10 | 1,066 | 1,260 |
| Current financial liabilities | Note 8.1.1 | 8,819 | 8,341 |
| Current IFRS 16 lease debt | Note 8.1.1 | 432 | 469 |
| Current derivative instruments - Liabilities | Note 8.3 | 282 | 226 |
| Bank overdrafts and other cash position items | Note 8.1.3 | 197 | 215 |
| Liabilities directly associated with assets classified as held for sale | Note 3.3 | - | - |
| Current liabilities | 30,670 | 30,039 | |
| TOTAL EQUITY AND LIABILITIES | 72,959 | 70,671 |
The accompanying notes are an integral part of these consolidated financial statements.
Amounts are in millions of euros rounded to the nearest whole number, unless stated otherwise in the notes. Accordingly, the sum of rounded amounts may present non-material differences with total figures.