Balance sheet analysis
Compared to the previous year, the HHLA Group’s balance sheet total increased by a total of € 190.6 million to € 3,474.6 million as of 31 December 2025.
in € million |
|
31.12.2025 |
|
31.12.2024 |
|---|---|---|---|---|
Assets |
|
|
|
|
Non-current assets |
|
2,894.7 |
|
2,628.2 |
Current assets |
|
579.9 |
|
655.8 |
|
|
3,474.6 |
|
3,284.0 |
Equity and liabilities |
|
|
|
|
Equity |
|
837.2 |
|
823.8 |
Non-current liabilities |
|
2,121.3 |
|
2,004.1 |
Current liabilities |
|
516.1 |
|
456.1 |
|
|
3,474.6 |
|
3,284.0 |
On the assets side of the balance sheet, non-current assets rose by € 266.5 million to € 2,894.7 million (previous year: € 2,628.2 million). The change was mainly due to an increase in investments in property, plant and equipment, investment property and intangible assets, less the relevant scheduled depreciation and amortisation. Capital expenditure on property, plant and equipment includes the recognition of a right-of-use asset due to a lease extension resulting from the restructuring of O’Swaldkai. This led to the corresponding recognition of a lease liability within non-current and current liabilities to related parties. By contrast, deferred tax assets fell by € 41.2 million to € 76.1 million (previous year: € 117.3 million), and non-current financial assets were down by € 13.7 million to € 21.0 million (previous year: € 34.8 million).
Current assets decreased by € 75.9 million to € 579.9 million (previous year: € 655.8 million). The decrease resulted mainly from the € 70.1 million fall in cash, cash equivalents and short-term deposits to € 180.7 million (previous year: € 250.8 million) and the € 18.1 million decrease in receivables from related parties to € 67.5 million (previous year: € 85.6 million). There was an opposing effect from the increase in trade receivables of € 17.3 million to € 205.9 million (previous year: € 188.6 million).
Equity
in € million
On the liabilities side, equity rose by € 13.4 million compared to year-end 2024, to € 837.2 million (previous year: € 823.8 million). This increase was largely due to the positive result for the reporting period of € 31.7 million and a balancing item of € 13.2 million, which includes put options granted to non-controlling interests. The main opposing effect was from the distribution of dividends. The equity ratio decreased to 24.1 % (previous year: 25.1 %).
Non-current liabilities rose by € 117.2 million to € 2,121.3 million (previous year: € 2,004.1 million). The increase is primarily due to the € 75.6 million rise in non-current financial liabilities to € 1,168.6 million (previous year: € 1,093.0 million), primarily as a result of additional borrowings, and an increase of € 62.5 million in non-current liabilities to related parties to € 439.1 million (previous year: € 376.6 million). Other changes within non-current liabilities virtually offset each other.
The increase of € 60.0 million in current liabilities to € 516.1 million (previous year: € 456.1 million) resulted mainly from the rise of € 34.4 million in trade liabilities to € 168.2 million (previous year: € 133.8 million) and of € 34.3 million in liabilities to related parties to € 128.7 million (previous year: € 94.4 million). Other changes within current liabilities virtually offset each other.