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, the crisis affected SME’s profitability more than their financial structure. Major differences remain between SMEs, with increasing numbers of failures in this category. The decline in investment, which was already weak before the crisis, is compromising their ability to recover in...