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Nokia Corporation Balance Sheet 2025-2011 | NOK
Brief overview of Nokia Corporation's financial position
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
Across five reporting periods, assets decreased -6.1%, from €40 billion to €37.6 billion, producing a negative trend.
Assets outpaced liabilities, -6.1% versus -26.8%. Dependence on external funding declined.
Equity accounts for 56% of assets. Against the initial , the capital position looks resilient.
The balance sheet holds more cash than interest-bearing debt; net debt is -€4.5 billion, indicating minimal leverage.
Cash represents 14.5% of assets versus 16.7% initially, showing how the immediate liquidity reserve changed.
Accumulated earnings ended at €1.9 billion, a change of . They remain an important part of the capital base.
Overall assessment
Nokia Corporation has a solid balance sheet cushion. Capital and liquidity support development without excessive reliance on debt.
Annual Balance Sheet Nokia Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-4.46 B | -5.76 B | -5.24 B | -4.42 B | - | -1.74 B | -1.67 B | -2.44 B | -3.6 B | -3.47 B | -4.92 B | -2.48 B | -971 M | -3.4 B | -3.92 B |
Long Term Debt |
797 M | 664 M | 799 M | 858 M | - | 5.02 B | 3.98 B | 2.83 B | 3.46 B | 3.66 B | 2.02 B | 2.58 B | 3.29 B | 5.09 B | 3.97 B |
Long Term Debt Current |
203 M | 199 M | 198 M | 184 M | 185 M | 189 M | 259 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
6.54 B | 7.01 B | 8.3 B | 8.74 B | - | 11.9 B | 11.7 B | 10 B | 12.1 B | 11.3 B | 4.01 B | 5.11 B | 4.35 B | 5.86 B | 4.84 B |
Total Liabilities |
16.5 B | 18.4 B | 19.2 B | 21.5 B | 22.6 B | 23.6 B | 23.7 B | 24.1 B | 24.8 B | 23.9 B | 10.4 B | 12.4 B | 18.5 B | 20.5 B | 22.3 B |
Deferred Revenue |
- | - | - | - | - | 2.55 B | 2.91 B | 2.54 B | 3.51 B | 3.18 B | 1.86 B | 1.83 B | 1.16 B | 2.26 B | - |
Retained Earnings |
1.86 B | 1.96 B | 1.4 B | 1.38 B | - | -4.14 B | -1.61 B | -1.06 B | 1.15 B | 3.59 B | 6.28 B | 4.71 B | 2.58 B | 4 B | 7.84 B |
Total Assets |
37.6 B | 39.1 B | 39.9 B | 42.9 B | 40 B | 36.2 B | 39.1 B | 39.5 B | 41 B | 44.9 B | 20.9 B | 21.1 B | 25.2 B | 29.9 B | 36.2 B |
Cash and Cash Equivalents |
5.46 B | 6.62 B | 6.23 B | 5.47 B | 6.69 B | 6.94 B | 5.91 B | 6.26 B | 7.37 B | 7.5 B | 7 B | - | - | - | - |
Book Value |
21.1 B | 20.7 B | 20.6 B | 21.4 B | 17.5 B | 12.5 B | 15.4 B | 15.4 B | 16.2 B | 21 B | 10.5 B | 8.67 B | 6.66 B | 9.45 B | 13.9 B |
Total Shareholders Equity |
21.1 B | 20.7 B | 20.6 B | 21.4 B | - | 12.5 B | 15.4 B | 15.4 B | 16.2 B | 21 B | 10.5 B | - | - | - | - |
All numbers in EUR currency
Quarterly Balance Sheet Nokia Corporation
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
797 M | 664 M | 799 M | - | - | - | - | 824 M | - | - | - | 721 M | - | - | - | 771 M | - | - | - | 2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
6.54 B | 7.01 B | 8.3 B | - | - | - | - | 10.5 B | - | - | - | 11.9 B | - | - | - | 11.7 B | - | - | - | 10 B | - | - | - | 12.1 B | - | - | - | 11.3 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
16.5 B | 18.4 B | 19.2 B | - | - | - | - | 22.6 B | - | - | - | 23.6 B | - | - | - | 23.7 B | - | - | - | 24.1 B | - | - | - | 24.8 B | - | - | - | 23.9 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
1.86 B | 1.96 B | 1.4 B | - | - | - | - | -2.54 B | - | - | - | -4.14 B | - | - | - | -1.61 B | - | - | - | -1.06 B | - | - | - | 1.15 B | - | - | - | 3.59 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
37.6 B | 39.1 B | 39.9 B | - | - | - | - | 40 B | - | - | - | 36.2 B | - | - | - | 39.1 B | - | - | - | 39.5 B | - | - | - | 41 B | - | - | - | 44.9 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
5.46 B | 6.62 B | 6.23 B | - | - | - | - | 6.69 B | - | - | - | 6.94 B | - | - | - | 5.91 B | - | - | - | 6.26 B | - | - | - | 7.37 B | - | - | - | 7.5 B | - | - | - | 7 B | - | - | - | 5.17 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
21.1 B | 20.7 B | 20.6 B | - | - | - | - | 17.5 B | - | - | - | 12.5 B | - | - | - | 15.4 B | - | - | - | 15.4 B | - | - | - | 16.2 B | - | - | - | 21 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
21.1 B | 20.7 B | 20.6 B | - | - | - | - | 17.5 B | - | - | - | 12.5 B | - | - | - | 15.4 B | - | - | - | 15.4 B | - | - | - | 16.2 B | - | - | - | 21 B | - | - | - | 10.5 B | - | - | - | 8.67 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in EUR currency
Balance Sheet is a fundamental financial report of Nokia Corporation, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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