Fixed assets (immobilisations) are long-term tangible and intangible assets used in a company's operations over multiple accounting periods, not intended for sale in the normal course of business. They include property, plant and equipment (PPE), intangible assets (brands, patents, software), financial assets (long-term investments) and right-of-use assets under IFRS 16. In financial due diligence, fixed asset analysis covers: depreciation policy adequacy, hidden reserves (particularly in Swiss CO accounts), CAPEX investment level, asset age and remaining useful life, and off-balance-sheet assets (operating leases under IAS 17).

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Example: a Swiss industrial company carries machinery at CHF 2.1 million net book value (50% depreciated). Technical due diligence reveals the equipment has a remaining useful life of 8 years — versus only 2 years implied by the accounting depreciation schedule. This discrepancy suggests over-depreciation creating hidden reserves, and signals that CAPEX requirements may be lower than the accounting depreciation charge implies — a positive adjustment in the DCF model.

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Hectelion analyses fixed asset values, depreciation policies and hidden reserves in every Swiss and French due diligence, adjusting the economic asset base for valuation purposes.