Aegon N.V. (AEG) Balance Sheet
AEG balance sheet, 2025
December 31, 2025 · euros€317.10B assets = €309.48B liabilities + €7.61B equity
Both columns are drawn to the same scale: what AEG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AEG financial health
Debt / equity0.74
Moderate leverage · €0.74 of debt for each $1 of equity
Cash / debt56.9%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles0.2%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
AEG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | €425.94B2016 | €317.10B2025 | −3.2%/yr | |
| Total liabilities | €401.20B2016 | €309.48B2025 | −2.8%/yr | |
| Shareholders’ equity | €24.72B2016 | €7.53B2025 | −12.4%/yr | |
| Cash & short-term investments | €122.44B2016 | €3.19B2025 | −33.3%/yr | |
| Total debt | €14.08B2016 | €5.60B2025 | −9.7%/yr | |
| Net cash (debt) | €108.36B2016 | −€2.42B2025 | −€110.8B | |
| Working capital | €125.63B2016 | €23.01B2024 | −€102.6B | |
| Debt / equity | 0.572016 | 0.742025 | +0.17 | |
| Shares outstanding | 2.62B2016 | 1.56B2025 | −5.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AEG assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
AEG liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
AEG debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AEG balance sheet in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | €3.19B | €58.18B | €4.07B | €64.31B | €108.25B | €109.00B | €103.46B | €95.00B | €101.28B | €122.44B |
| Cash & equivalents | €3.19B | €3.47B | €4.07B | €3.41B | €6.89B | €8.37B | €12.25B | €8.74B | €10.77B | €11.35B |
| Short-term investments | €49.76B | €54.72B | €50.36B | €60.91B | €101.37B | €100.63B | €91.21B | €86.25B | €90.51B | €111.09B |
| Receivables | €17.60B | €3.83B | €3.57B | €8.88B | €5.62B | €6.83B | €6.66B | €6.02B | €8.09B | €8.53B |
| Inventory | €0 | €0 | −€17.69B | −€155.0M | −€18.79B | −€21.22B | −€25.69B | −€22.51B | −€19.35B | −€19.97B |
| Other current assets | €0 | €0 | €17.69B | €155.0M | €18.79B | €21.22B | €25.69B | €22.51B | €19.35B | €19.97B |
| Total current assets | €20.79B | €30.33B | €7.64B | €73.19B | €113.88B | €115.83B | €110.12B | €101.01B | €109.37B | €130.97B |
| Property, plant & equipment (net) | €280.9M | €400.0M | €150.0M | €158.0M | €199.0M | €211.0M | €255.0M | €235.0M | €530.0M | €572.0M |
| Goodwill & intangible assets | €518.8M | €575.0M | €504.0M | €1.24B | €1.33B | €1.39B | €1.56B | €1.73B | €1.63B | €1.82B |
| Long-term investments | €288.87B | €297.83B | €270.23B | €88.28B | €162.24B | €158.50B | €148.67B | €138.00B | €149.85B | €173.91B |
| Other non-current assets | €6.64B | €0 | €23.06B | €238.91B | €190.60B | €167.89B | €179.75B | €151.65B | €134.90B | €118.66B |
| Total assets | €317.10B | €327.39B | €301.58B | €401.79B | €468.25B | €443.81B | €440.35B | €392.63B | €396.29B | €425.94B |
| Liabilities | ||||||||||
| Accounts payable | €1.16B | €1.32B | €2.11B | €2.17B | €3.08B | €2.75B | €3.26B | €2.87B | €4.58B | €4.21B |
| Short-term debt | €41.0M | €37.0M | €32.0M | €1.29B | €1.68B | €72.0M | €58.0M | €82.0M | €74.0M | €129.0M |
| Deferred revenue | — | — | €6.0M | €9.0M | €9.0M | €10.0M | €11.0M | €12.0M | — | — |
| Total current liabilities | — | €7.32B | €9.20B | €2.17B | €3.08B | €2.82B | €3.31B | €2.95B | €4.65B | €5.34B |
| Long-term debt | €3.72B | €4.96B | €4.88B | €5.52B | €11.41B | €10.05B | €4.09B | €13.58B | €12.84B | €12.17B |
| Lease obligations | €187.0M | €216.0M | €205.0M | €210.0M | €252.0M | €266.0M | €311.0M | €0 | €0 | €0 |
| Other long-term liabilities | €305.76B | €313.12B | €280.05B | €0 | €2.39B | €2.38B | €9.11B | €550.0M | €2.73B | €4.17B |
| Total liabilities | €309.48B | €318.08B | €292.03B | €387.60B | €441.88B | €419.15B | €415.91B | €370.07B | €371.90B | €401.20B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | €228.9M | €241.0M | €265.0M | €319.0M | €321.0M | €320.0M | €323.0M | €321.0M | €20.57B | €20.91B |
| Retained earnings (deficit) | €4.23B | €4.35B | €5.10B | €10.62B | €12.17B | €10.33B | €10.67B | €9.99B | €9.70B | €7.61B |
| Treasury stock | — | — | — | — | −€273.0M | — | −€281.0M | €0 | −€325.0M | −€190.0M |
| Accumulated other comprehensive income | −€3.33B | −€3.83B | −€4.40B | −€5.04B | €4.57B | €4.39B | €3.93B | €1.76B | €2.86B | €4.91B |
| Minority interest | €85.0M | €126.0M | €129.0M | €176.0M | — | — | €0 | €0 | €0 | €0 |
| Total shareholders' equity | €7.53B | €9.19B | €7.55B | €14.19B | €26.37B | €24.59B | €24.42B | €22.55B | €24.37B | €24.72B |
| Key figures | ||||||||||
| Total debt | €5.60B | €5.00B | €4.92B | €6.82B | €13.09B | €11.07B | €12.02B | €13.66B | €14.53B | €14.08B |
| Net cash (debt) | −€2.42B | €53.19B | −€843.0M | €57.50B | €95.16B | €97.93B | €91.44B | €81.33B | €86.75B | €108.36B |
| Working capital | — | €23.01B | −€1.56B | €71.02B | €110.80B | €113.00B | €106.80B | €98.06B | €104.72B | €125.63B |
| Tangible book value | €7.01B | €8.61B | €7.04B | €12.95B | €25.04B | €23.20B | €22.86B | €20.82B | €22.73B | €22.90B |
| Shares outstanding | 1.56B | 2.01B | 1.89B | 2.02B | 2.06B | 2.06B | 2.06B | 2.61B | 2.62B | 2.62B |
| Current ratio | — | 4.14 | 0.83 | 33.70 | 36.97 | 41.01 | 33.23 | 34.20 | 23.51 | 24.52 |
| Quick ratio | — | 8.47 | 0.83 | 33.70 | 36.97 | 41.01 | 33.23 | 34.20 | 23.51 | 24.52 |
| Debt / equity | 0.74 | 0.54 | 0.65 | 0.48 | 0.50 | 0.45 | 0.49 | 0.61 | 0.60 | 0.57 |
| Equity / assets | 2.4% | 2.8% | 2.5% | 3.5% | 5.6% | 5.5% | 5.5% | 5.7% | 6.1% | 5.8% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | €3.51B | €3.19B | €3.19B | €53.68B | €58.18B | €3.89B | €3.89B | €4.07B | €57.04B | — | €64.31B |
| Cash & equivalents | €3.51B | €3.19B | €3.19B | €3.20B | €3.47B | €3.89B | €3.89B | €4.07B | €3.75B | — | €3.41B |
| Short-term investments | €52.54B | — | €49.76B | €50.48B | €54.72B | €51.40B | — | — | €53.28B | — | €60.91B |
| Receivables | €17.38B | €17.60B | €17.60B | €0 | €3.83B | €0 | €3.57B | €0 | €53.0M | €0 | €8.88B |
| Inventory | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | −€107.64B |
| Other current assets | €0 | €0 | €0 | €774.0M | €0 | €0 | €0 | €0 | €0 | — | €107.64B |
| Total current assets | €20.90B | €20.79B | €20.79B | €54.46B | €30.33B | €3.89B | €3.89B | €4.07B | €57.04B | — | €73.19B |
| Property, plant & equipment (net) | €0 | €280.9M | €280.9M | €0 | €400.0M | €0 | €408.0M | €408.0M | €0 | €0 | €158.0M |
| Goodwill & intangible assets | €386.8M | €518.8M | €518.8M | €525.0M | €575.0M | €570.0M | €861.0M | €524.0M | €367.0M | €0 | €1.24B |
| Long-term investments | €171.60B | €0 | €288.87B | €280.30B | €297.83B | €284.83B | €0 | €0 | €263.87B | €0 | €88.28B |
| Other non-current assets | €144.71B | €295.51B | €6.64B | €0 | €0 | €26.57B | €310.71B | €296.57B | €61.99B | €401.79B | €238.91B |
| Total assets | €337.59B | €317.10B | €317.10B | €310.63B | €327.39B | €315.87B | €315.87B | €301.58B | €383.26B | €401.79B | €401.79B |
| Liabilities | |||||||||||
| Accounts payable | — | — | €1.16B | — | €1.32B | — | €2.11B | — | €211.0M | — | €2.17B |
| Short-term debt | — | €41.0M | €41.0M | €0 | €37.0M | €0 | €32.0M | — | €0 | — | €1.29B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | €9.0M |
| Total current liabilities | — | — | — | — | — | — | €869.0M | €869.0M | €84.04B | — | €2.17B |
| Long-term debt | €3.83B | €0 | €3.72B | €4.27B | €4.96B | €4.62B | €0 | €0 | €5.39B | €0 | €6.46B |
| Lease obligations | — | — | €187.0M | — | €216.0M | — | — | — | — | — | €210.0M |
| Other long-term liabilities | €324.77B | €309.48B | €305.76B | €296.98B | €313.12B | €302.63B | €307.26B | €291.16B | €0 | — | €0 |
| Total liabilities | €328.60B | €309.48B | €309.48B | €301.25B | €318.08B | €307.26B | €307.26B | €292.03B | €373.01B | — | €387.60B |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | €228.9M | €228.9M | €228.9M | €241.0M | €241.0M | €265.0M | €265.0M | €267.0M | €319.0M | — | €319.0M |
| Retained earnings (deficit) | €3.89B | €4.23B | €4.23B | €4.08B | €4.35B | €3.70B | €3.70B | €5.10B | €6.52B | — | €10.62B |
| Accumulated other comprehensive income | −€2.07B | −€3.34B | −€3.34B | −€3.88B | −€3.83B | −€4.26B | −€2.33B | −€2.45B | −€5.54B | €13.38B | −€5.04B |
| Minority interest | €72.0M | — | €85.0M | €130.0M | €126.0M | — | — | — | — | — | — |
| Total shareholders' equity | €8.91B | €7.53B | €7.53B | €9.26B | €9.19B | €8.49B | €8.49B | €9.43B | €10.09B | €13.56B | €14.01B |
| Key figures | |||||||||||
| Total debt | €3.83B | €5.60B | €5.60B | €4.27B | €5.00B | €4.62B | €4.62B | €4.68B | €5.39B | — | €7.76B |
| Net cash (debt) | −€319.9M | −€2.42B | −€2.42B | €49.41B | €53.19B | −€728.0M | −€728.0M | −€605.0M | €51.64B | — | €56.56B |
| Working capital | — | — | — | — | — | — | €3.02B | €3.21B | −€27.00B | — | €71.02B |
| Tangible book value | €8.52B | €7.01B | €7.01B | €8.73B | €8.61B | €7.92B | €7.63B | €8.90B | €9.72B | €13.56B | €12.77B |
| Shares outstanding | 1.57B | 1.51B | 1.51B | 1.58B | 2.01B | 1.67B | 1.67B | 1.84B | 2.23B | 1.95B | 1.98B |
| Current ratio | — | — | — | — | — | — | 4.48 | 4.69 | 0.68 | — | 33.70 |
| Quick ratio | — | — | — | — | — | — | 8.59 | 4.69 | 0.68 | — | 33.70 |
| Debt / equity | 0.43 | 0.74 | 0.74 | 0.46 | 0.54 | 0.54 | 0.54 | 0.50 | 0.53 | — | 0.55 |
| Equity / assets | 2.6% | 2.4% | 2.4% | 3.0% | 2.8% | 2.7% | 2.7% | 3.1% | 2.6% | 3.4% | 3.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 26, 2026); data from EODHD.
AEG financial position
At the end of fiscal 2025 (December 31, 2025), Aegon had total assets of €317.1 billion (down 3.1% from a year earlier), total liabilities of €309.5 billion and shareholders' equity of €7.5 billion. It held €3.2 billion in cash and short-term investments against €5.6 billion of debt, net debt of €2.4 billion. In the latest quarter (ended June 30, 2026) total assets were €337.6 billion and equity €8.9 billion.
Related: AEG income statement, AEG cash flow statement, AEG key metrics. See the AEG stock overview for the latest quote and news.
AEG balance sheet FAQ
What are Aegon's total assets?
Aegon reported total assets of €317.1 billion at the end of fiscal 2025 (December 31, 2025), compared with €327.4 billion a year earlier.
How much debt does Aegon have?
Aegon had €5.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.74.
How much cash does Aegon have?
Aegon held €3.2 billion in cash and short-term investments at the end of fiscal 2025; with €5.6 billion of debt that is net debt of €2.4 billion.
What is Aegon's book value?
Aegon's shareholders' equity (book value) was €7.5 billion at the end of fiscal 2025.
How much goodwill does Aegon have?
Aegon carried €518.8 million of goodwill and intangible assets, 0.2% of total assets, at the end of fiscal 2025.