Executive Summary

The Federal Council approved the Consolidated Federal Account (KRB) for 2025 on 22 April 2026. It closes with a surplus of 9.5 billion francs – a decline compared to the previous year (11.3 billion). The KRB depicts the financial, asset and earnings situation of the federal government including enterprises and social insurance schemes. The main drivers of the positive result are the segments Federal Administration (+3.6 billion) and Social Insurance (+4.3 billion). The surplus has no direct impact on the fiscal policy challenges of the coming years.

Persons

  • Federal Council (collegiate body; 22 April 2026)

Topics

  • Federal Finances 2025
  • Consolidated Account
  • Social Insurance
  • Federal Enterprises

Clarus Lead

The KRB surpluses obscure structural tensions in the federal budget: while social insurance schemes and federal enterprises deliver strong results, transfer expenditures to cantons and social insurance schemes increase significantly (+2.2 billion). The relevant Federal Account shows a significantly smaller picture – only 259 million francs financing surplus. For political control according to the debt brake, this financing perspective is decisive, not the business accounting profit and loss statement of the KRB.

Detailed Summary

The Consolidated Account is consolidated like a corporation and takes into account Federal Enterprises and social insurance schemes in addition to the federal administration. This fundamentally distinguishes it from the Federal Account, which only depicts the central administration and is approved by Parliament. The KRB is subject to accrual accounting and reflects the business accounting success perspective.

The Federal Administration segment achieved a surplus of 3.6 billion francs. Higher revenues from direct federal tax (+2.3 billion) were central, with temporary additional revenues from the Canton of Geneva (1.5 billion) accounting for a significant share. Non-fiscal revenues increased by 1.4 billion, mainly through the profit distribution of the Swiss National Bank (1 billion), which had not occurred in the two previous years. At the same time, transfer expenditures to social insurance schemes, cantons and third parties increased by 2.2 billion – a sign of rising social burdens.

The Federal Enterprises generated 1.7 billion francs in profit. Swisscom contributed 1.3 billion, the Post Office 0.3 billion. The Social Insurance Schemes closed with 4.3 billion, but the cumulative allocation result fell significantly to 1.5 billion (previous year: higher). Expenditures for old-age and unemployment insurance benefits increased significantly. The investment result contributed 2.7 billion (2024: 3.0 billion).

The federal government invested approximately 13 billion francs in 2025: transport infrastructure (roads 2.1 billion, railways 2.8 billion), movables (1.9 billion), telecommunications (1.9 billion), buildings (1.7 billion), defence (1.4 billion) and software (1.4 billion).

Key Statements

  • KRB 2025 closes with 9.5 billion francs surplus, but decline compared to previous year (11.3 billion)
  • Federal Account shows only 259 million francs financing surplus – the politically relevant figure
  • Transfer expenditures to social insurance schemes and cantons increase significantly; social insurance schemes under pressure

Critical Questions

  1. Evidence: To what extent are the temporary additional revenues from Geneva (1.5 billion) structural or one-time? What forecast exists for 2026?

  2. Causality: The KRB surplus is primarily driven by investment results of social insurance schemes (2.7 billion) – are these returns sustainable or cyclically dependent?

  3. Conflicts of Interest: Why is the KRB prominently communicated when the Federal Account (259 million) is more relevant for debt brake control? Is there a communication bias?

  4. Feasibility: The increasing transfer expenditures (+2.2 billion) point to pressure on old-age and unemployment insurance – what measures does the federal government plan to stabilize these?

  5. Alternatives: How would the KRB look if investment returns were normalized to average values?

  6. Data Quality: Are the figures revised or provisional? What uncertainty margins exist for the social insurance allocation results?

Sources

Primary Source: Consolidated Federal Account 2025 – Federal Council, 23 April 2026

Supplementary Sources:

  1. Consolidated Federal Account 2025 – Detailed Data
  2. Federal Account 2025 (Financing Perspective) – EFV, 23 March 2026

Verification Status: ✓ 23.04.2026

This text was created with the support of an AI model. Editorial Responsibility: clarus.news | Fact-Check: 23.04.2026