The pick-up in business in 2010 enabled SMEs to improve their profits and to build their equity, even if there were substantial disparities across companies. Increasing cash holdings and low investment are characteristic of cautious behaviour.

In the context of the economic slowdown, payment incidents and company failures increased. Bank liabilities continued to rise, but less sharply than in 2007.

The new definition of enterprises and their size, with the introduction of mid-tier companies, has brought to light three very distinct populations. Mid-tier and large enterprises continue to borrow and invest, unlike small and medium-sized enterprises (SMEs), which are nevertheless the most...

Given that the economic rebound recorded in 2004 did not carry on in 2005, the performance of industrial firms levelled off; nevertheless, cash flows were under control and balance sheets remained healthy.

Payemnt periods shortened in 2009. The decline is no longer due entirely to SMEs; it now concerns MTEs a well as large companies. It generates cash earnings, chiefly for SMEs.

In 2009, French firms saw a sharp drop in business, particularly export sales. Their response to the crisis and their prudence enabled them to preserve their financial structure relatively well. In a very cautious environment, there was a sharp decline in investment. The situations of individual...