Annual Report 2025

Notes

21. Trade receivables

Trade receivables

€ million

 

Dec. 31, 2025

 

Dec. 31, 2024

 

 

 

 

 

Trade receivables from

 

 

 

 

third parties

 

16,464

 

17,133

unconsolidated subsidiaries

 

178

 

150

joint ventures

 

3,957

 

3,770

associates

 

159

 

75

other investees and investors

 

1

 

1

 

 

20,760

 

21,130

The fair values of the trade receivables correspond to the carrying amounts.