Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
SLB N.V., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Total assets exhibited a consistent upward trajectory over the five-year period, increasing from US$41.511 billion in 2021 to US$54.868 billion in 2025. This growth was primarily driven by increases in both current and non-current assets. A more detailed examination reveals varying trends within specific asset categories.
- Liquidity & Current Assets
- Current assets demonstrated substantial growth, rising from US$12.654 billion in 2021 to US$19.513 billion in 2025. This increase was broad-based, with notable gains in receivables, inventories, and other current assets. Cash holdings experienced an initial decrease between 2021 and 2022, but subsequently increased significantly in 2023 and 2024 before moderating in 2025. Short-term investments showed a slight decline between 2021 and 2023, followed by modest increases in the subsequent years.
- Long-Term Investments & Intangibles
- Investments in affiliated companies fluctuated, decreasing from 2021 to 2022, then increasing gradually through 2025, reaching US$1.783 billion. Goodwill experienced a consistent increase throughout the period, rising from US$12.990 billion to US$16.794 billion, suggesting potential acquisitions or upward revaluations of existing assets. Intangible assets showed a decrease between 2021 and 2022, followed by a recovery and then a significant increase in 2025. Investments in APS projects remained relatively stable, with a slight decrease in 2025.
- Fixed & Other Non-Current Assets
- Fixed assets less accumulated depreciation showed a steady, albeit moderate, increase from US$6.429 billion to US$7.894 billion. Pension and other postretirement plan assets experienced a consistent decline, decreasing from US$1.034 billion to US$0.530 billion, potentially indicating changes in pension obligations or investment performance. Operating lease assets increased steadily over the period. Exploration data costs capitalized showed a gradual increase, while ‘Other assets’ remained relatively stable, with a dip in 2022.
- Overall Composition
- Non-current assets consistently represented a larger portion of the total asset base than current assets. In 2021, non-current assets accounted for approximately 69.5% of total assets, and this proportion increased to approximately 73.2% by 2025. The increasing proportion of non-current assets, particularly goodwill and intangible assets, suggests a potential shift towards a more asset-heavy, long-term investment strategy.
The observed trends indicate a company actively growing its asset base, with a particular emphasis on long-term investments and intangible assets. The increase in receivables and inventories suggests potential revenue growth, while the fluctuations in cash holdings warrant further investigation to understand underlying liquidity management strategies.