Bank of Spain publishes 2025 corporate indicators showing non-financial sales up 3.4% and return on assets down to 6.5%

The Bank of Spain published a statistical release from its Central Balance Sheet databases on the 2025 activity and results of non-financial corporations, showing net turnover growth but a slight decline in net ordinary results and lower asset profitability, with energy and petroleum refining heavily influencing the aggregate. Net turnover in the Quarterly Central Balance Sheet sample increased 3.4% in 2025 after a 1.5% drop in 2024, with positive rates in most activities and a 1% fall in industry driven by a 10.4% decline in petroleum refining turnover. Excluding the energy sector and refining, sales would have risen 5.2%. Gross value added grew 1.7% (4.8% excluding energy and refining, and 4.4% on a reweighted basis). Net ordinary result fell 0.4% overall, versus a 6% rise in 2024, but would have increased 2.7% when energy and refining are excluded. The ordinary return on assets ratio decreased to 6.5% from 7.2%, remaining above its historical average, and trade and hospitality was the only sector to improve (14.8% from 11.9%). In the fourth quarter of 2025, 65.3% of firms reported higher sales and 55.3% higher net ordinary results, while changes in return on assets were more evenly distributed (48.3% improving and 51.2% worsening). The Quarterly Central Balance Sheet sample covers 890 firms and around 10.7% of national non-financial corporate gross value added, with industrial, energy and large firms overrepresented. The first quarter 2026 indicators are scheduled for publication on 24 June 2026.