The Bank of Spain published its 2024 annual Central Balance Sheet monograph and an accompanying update from the quarterly sample through the third quarter of 2025. The annual data point to a continued improvement in non-financial companies’ profitability in 2024, while the quarterly sample shows modest growth in activity and sales in 2025 but an overall flat net ordinary result, largely reflecting the drag from energy and oil refining. The integrated annual sample (CBI), covering around 657,000 companies, recorded an 8.2% increase in net ordinary result (Resultado Ordinario Neto, RON) in 2024 and a 2.3% rise in net turnover, with the profit-to-gross-value-added ratio at 20.6% and the ordinary return on net assets (R1) at 6.7%. In the quarterly sample (CBT), gross value added rose 1.8% in the first nine months of 2025 and net turnover increased 4.4%, while RON was unchanged and R1 eased to 5.1% from 5.5% in the same period of 2024. Excluding energy and oil refining, RON would have grown 7.5% and gross value added 6.0%, with reweighted estimates showing increases of 5.4% for gross value added and 4.5% for gross operating result; the flat aggregate RON reflected gross value added growth being offset by higher staff costs (+5.2%) and depreciation (+2%), and by lower financial income (-1.3%) despite a fall in financial expenses (-11.7%). The Bank of Spain indicated that the main economic and financial indicators for non-financial firms for the fourth quarter of 2025 will be published on 24 March 2026.

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