• Go to FSA WG website

List of documents issued in 2026:

• Profit margins of non-financial corporations in European countries: A statistical analysis based on accounting data

List of documents issued in 2025:

• Profit margins of non-financial corporations in European countries: A statistical analysis based on accounting data
• Customer and supplier payment periods of non-financial corporations in European countries
• Financing costs of non-financial corporations in European countries: A statistical analysis based on accounting data

List of documents issued in 2024:

• Profit margins of non-financial corporations in European countries
• Customer and supplier payment periods of non-financial corporations - An international comparison (updated with 2022 data)
• The financing costs of non-financial corporations in European countries (updated with 2022 data)
• Brief note on the current activity management of non financial corporations in European Countries
• Brief note on transitions across vulnerability categories based on their interest coverage ratio of non-financial corporations in European countries

List of documents issued in 2023:

• Recent trends in customer and supplier payment periods - An International Comparison (updated with 2021 data)
• The Financing Costs of Non-Financial Corporations in European Countries (updated with 2021 data)

List of documents issued in 2022:

• Recent trends in customer and supplier payment periods - An International Comparison (updated with 2020 data)
• The Financing Costs of Non-Financial Corporations in European Countries (updated with 2020 data)

List of documents issued in 2021:

• Recent trends in customer and supplier payment periods on the eve of the COVID crisis (updated with 2019 data)
• The Financing Costs of Non-Financial Corporations in European Countries (updated with 2019 data)

List of documents issued in 2019:

• Recent trends in customer and supplier payment periods (updated with 2017 data)
• The Financing Costs of Non-Financial Corporations in European Countries
• Infographic report on vulnerability of firms and financing cost

List of documents issued in 2018:

• The use of accounting information to estimate an indicator of financing cost
• Profitability, Equity Capitalization and Net Worth at Risk (Updated with 2015 data)
• Customer and supplier payments periods and financial distress
• Recent trends in customer and supplier payment periods (updated with 2016 data)

List of documents issued in 2017:

• Recent trends in customer and supplier payment periods
• The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods
• (PowerPoint) The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods

Previous documents:

• Brun, Matthieu; Chai, Flavia; Elgg, Dominik; Esteban, Ana; van Gastel, George; Körting, Timm; Momo, Rossella; Nigro, Valentina; Poiares, Rita; Servant, François; Solera, Irune; Vivet, David (2013): Profitability, Equity Capitalization and Net Worth at Risk. How resilient are non-financial corporations in a crisis environment?
• The respective data tables (Annex 2 of the research paper) can be downloaded as an Excel file here.
• Delbreil, Michel; Esteban, Ana; Foulcher, Sandra; Elgg, Dominik; Favale, Vincenzo; Körting, Timm and Varetto, Franco (2005): Net Worth at Risk
• Delbreil, Michel; Esteban, Ana; Friderichs, Hans; Paranque, Bernard; Partsch, Franz; Varetto, Franco; Savary-Mornet, Maud and Coeurderoy, Régis (2000): Corporate Finance in Europe from 1986 to 1996
• Delbreil, Michel; Cano, José Ramón; Friderichs, Hans; Gress, Benoit; Paranque, Bernard; Partsch, Franz and Varetto, Franco (1997): Equity of European Industrial Corporations

The papers in 1997, 2000 and 2005 were published under the former name "Own Funds Working Group".

The paper in 2013 was published under the name “Study Group”.

Publications associated with the Financial Statement Analysis Working Group:

Mouriaux F., Foulcher-Darwish S.: Corporate equity and financial stability: An approach based on net worth at risk, Banque de France, Financial Stability Review, No. 8, May 2006