1 · Consolidated Balance Sheet
Consolidated Balance Sheet
Assets and liabilities are presented in accordance with IAS 1 using a current/non-current distinction. All comparative figures are extracted from the released FY2024.FINAL consolidation version in SAP Group Reporting.
Assets
| EUR m | FY2025 | FY2024 |
|---|---|---|
| Property, plant and equipment | €1,204 | €1,128 |
| Intangible assets | €312 | €298 |
| Right-of-use assets | €198 | €212 |
| Investments in associates | €84 | €78 |
| Deferred tax assets | €76 | €64 |
| Total non-current assets | €1,874 | €1,780 |
| Inventories | €412 | €398 |
| Trade and other receivables | €638 | €612 |
| Cash and cash equivalents | €298 | €276 |
| Other current assets | €144 | €138 |
| Total current assets | €1,492 | €1,424 |
| Total assets | €3,366 | €3,204 |
Equity and liabilities
| EUR m | FY2025 | FY2024 |
|---|---|---|
| Share capital | €48 | €48 |
| Treasury shares | €(12) | €(12) |
| Other reserves | €892 | €824 |
| Retained earnings | €612 | €548 |
| Total equity | €1,540 | €1,408 |
| Borrowings | €824 | €856 |
| Lease liabilities | €156 | €168 |
| Provisions | €98 | €84 |
| Deferred tax liabilities | €64 | €58 |
| Total non-current liabilities | €1,142 | €1,166 |
| Trade payables | €412 | €398 |
| Borrowings | €178 | €132 |
| Lease liabilities | €44 | €48 |
| Current tax payable | €50 | €52 |
| Total current liabilities | €684 | €630 |
| Total equity and liabilities | €3,366 | €3,204 |
AI draft · Narrative Agent
Total assets grew by €162m (+5.1%) versus FY2024, driven by higher property, plant and equipment following the Copenhagen acquisition and continued capex in the Industrial Solutions segment. Working capital remained stable as a percentage of revenue.
AI draft · Narrative Agent
Net debt (borrowings less cash) decreased to €704m from €712m despite the acquisition outflow, reflecting strong operating cash conversion. The leverage ratio (net debt / EBITDA) improved to 1.04x (FY2024: 1.12x).