The asset composition shows a gradual shift from non-current assets toward current assets over the observed period. Current assets increased from 23.24% in March 2021 to 29.08% by September 2026. This transition is primarily driven by a steady rise in liquidity and working capital components, contrasted by a significant contraction in the relative weight of intangible assets.
Liquidity and Working Capital
Cash and cash equivalents exhibit a general upward trajectory, rising from 6.21% to 9.53%, with a notable peak of 10.02% in September 2023. Accounts and notes receivable also demonstrate a consistent increase, moving from 9.74% to 12.17%, suggesting a higher proportion of total assets is tied up in credit sales. Inventories remained relatively stable but trended slightly higher, ending at 5.75% compared to 4.99% at the start of the period.
Tangible Fixed Assets
Net property, plant, and equipment increased as a percentage of total assets, rising from 23.29% to 26.55%. While gross property, plant, and equipment grew from 51.02% to 55.71%, accumulated depreciation also expanded from -27.73% to -29.16%. This indicates a sustained investment in physical infrastructure and productive capacity relative to the overall asset base.
Intangible Assets and Goodwill
A marked decline is observed in total intangible assets, which fell from 41.78% in March 2021 to 30.39% by September 2026. This reduction is attributed to decreases in both goodwill, which dropped from 20.59% to 16.86%, and other indefinite-lived intangible assets, which decreased significantly from 19.34% to 12.48%. This trend reflects a diminishing proportion of the balance sheet composed of acquired premiums and non-physical assets.
Other Non-Current Assets
Other assets showed a consistent increase, growing from 3.86% to 8.14% of total assets. Conversely, deferred income taxes remained relatively flat, with a slight decline from 4.79% to 3.87%. Investments in non-controlled affiliates experienced a downward trend, decreasing from 3.04% to 1.98% over the period.
Overall, the balance sheet reflects a strategic reallocation of asset weighting. The company has moved away from a high concentration of intangible assets toward a more liquid position and a stronger relative investment in tangible operating assets.
