Assets Position

In persistently challenging economic times, it is particularly important to be able to rely on a healthy balance sheet. This has always been the case at Bechtle. Our balance sheet and the key indicators it contains emphasise our solidity and reliability. This is particularly evident in the unchanged strong equity ratio and continued comfortable liquidity position.

Where we provide structural indicators in connection with the assets position or the working capital, we do so on the basis of business volume.

Solid balance sheet

The balance sheet total of the Bechtle Group increased to €4,574.7 million in the reporting period. This corresponds to an increase of 8.5 per cent.

On the assets side, non-current assets increased by 19.4 per cent to €1,885.0 million as at the reporting date. Goodwill remains the largest item within non-current assets. These increased by 14.8 per cent or €127.0 million to €983.9 million in the reporting period due to acquisitions. Other intangible assets also grew by 26.4 per cent to €192.4 million due to acquisitions and investments, primarily in internal IT. Property, plant and equipment increased by €55.9 million or 11.5 per cent to €542.3 million, partly due to acquisitions and due partly to investments.

At €121.0 million, investment expenditure was significantly higher than the previous year’s figure of €88.7 million. As a result, investment ratio increased from 21.8 per cent to 25.6 per cent. This increase is due, on the one hand, to investments in new buildings and in our internal IT. On the other hand, around €23 million is attributable to the business of Bechtle Financial Services AG. It offers rental and leasing models in direct leasing and instalment purchases as financing instruments. The majority of these financing transactions are refinanced directly in the form of forfaiting, but a smaller portion remains on the company’s balance sheet and is therefore also recognised as an investment. Traditional investments therefore totalled around €98 million, which was only slightly above our original forecast of up to €95 million.

The capitalisation ratio increased from 37.5 per cent to 41.2 per cent as of 31 December 2025. The coverage ratio of non-current assets to equity was 108.9 per cent, compared to 121.3 per cent in the previous year.

Convenient liquidity

Current assets increased by 2.0 per cent to €2,689.6 million. Inventories increased only slightly by 1.2 per cent to €381.7 million (previous year: €377.2 million). Accordingly, the share of inventories in the balance sheet total fell from 8.9 per cent to 8.3 per cent. Trade receivables increased by 16.9 per cent to €1,348.4 million due to the positive business development at the end of the year. The days sales outstanding (DSO) nevertheless fell in the reporting period. At the end of the year, it stood at 36.2 days, compared to 38.3 days in the previous year. This shows once again that Bechtle’s receivables management works well and there is no increased risk of bad debts despite the still-challenging macroeconomic situation. Other assets increased by 27.9 per cent or €103.5 million. The reason for the significant increase is higher contract assets, which are due partly to the increased business volume in framework agreements with corresponding billing forms and multi-year contracts. Deferred income increased as a result of the particularly strong year-end business. This item also includes accruals for long-term maintenance contracts in our PLM (Product Lifecycle Management) business with SolidWorks.

Cash and cash equivalents fell by €264.3 million to €378.8 million due to further acquisitions and the repayment of loans. Bechtle’s liquidity – including time deposits and securities – is at a comfortable level of €452.0 million. This means that we have sufficient funds of our own to finance organic and acquisitional growth. In addition to cash and cash equivalents, Bechtle has available credit lines (without guarantee credit lines) totalling €419.5 million (previous year: €473.8 million).

Bechtle has sufficient cash and cash equivalents to finance future growth, both organically and through acquisitions.

Working capital (defined as inventories + trade receivables + prepaid expenses from customer maintenance contracts – trade payables – accruals) fell by 10.8 per cent and totalled €500.5 million at the end of the year. In relation to business volume, the figure fell from 7.1 per cent to 5.8 per cent. Among other things, the increase in trade payables had a positive impact here.

On the liabilities side, non-current liabilities totalled €791.9 million on the reporting date, up 14.1 per cent on the previous year. This change is due primarily to significantly higher non-current trade payables in connection with multi-year licences, which in turn are part of long-term customer contracts. Other non-current liabilities increased by €12.3 million, due partly to higher lease liabilities for properties. The share of non-current liabilities in the balance sheet total therefore increased slightly from 16.5 per cent to 17.3 per cent.

Current liabilities grew by 7.6 per cent to €1,730.5 million. On the one hand, this is due to an increase in trade payables of €131.3 million to €958.3 million as a result of the high level of business activity at the end of the year. On the other hand, contract liabilities increased by 26.7 per cent, or €56.7 million. Current financial liabilities, by contrast, fell significantly due to scheduled repayments by 60.4 per cent to €71.8 million.

Equity ratio remains at a high level

Equity increased by 7.2 per cent to €2,052.3 million in the reporting period, due to the €137.0 million increase in retained earnings. The equity ratio fell slightly in the 2025 fiscal year from 45.4 per cent in the previous year to 44.9 per cent. The return on equity was 12.2 per cent in the reporting period, compared to 14.4 per cent in the previous year.

The debt ratio increased slightly from 120.2 per cent to 122.9 per cent as of 31 December 2025. Net debt totalled €20.6 million, compared to −€130.7 million in the previous year.

The return on assets, which reflects the return on total capital employed, fell from 7.2 per cent to 6.2 per cent in the reporting period.

In the business of Bechtle AG, which does not involve a great deal of property, plant and equipment, the ROCE (return on capital employed) is affected by the development of current assets and liabilities, on the one hand, and the earnings performance, on the other. ROCE totalled 14.9 per cent in the reporting period, compared to 16.5 per cent in the previous year.

Value Information

In almost all cases, the fair value of the current assets and liabilities corresponds to the carrying amount. Non-current assets, including intangible assets with a limited useful life; property, plant and equipment as well as trade receivables; income tax receivables; other assets as well as time deposits and deferred taxes are measured at amortised cost. The carrying amounts of goodwill are tested annually for impairment on the basis of value in use. As the values in use for the most part significantly exceeded the carrying amounts, no impairment was applied to these assets. Non-current liabilities are carried at amortised cost.