Financial Statement Analysis Working Group

Since its creation in 1993, the research of the Study Group of the ECCBSO has been focused on the subject of profitability and capital structure of European corporations. Four research papers have been published, based on data sources containing financial statements of micro, small, medium-sized and large non-financial companies. The scope of these databases is usually far beyond what is available from public data sources.


In its last study the group examined the impact of the financial crisis on profitability and equity capitalization. It also analyzed the loss side of the income statement distribution in order to assess one of the key functions of equity, being a protective cushion against losses in a period of financial crisis. The concept used for this analysis is called Net Worth at Risk (NWaR), a concept developed by the group.


The research papers of the Financial Statement Analysis Working Group can be downloaded here.


In its new research the Financial Statement Analysis Working Group  investigates accounts receivables and accounts payables, concentrating on determinants of these key balance sheet positions and explanations on observable differences between European countries.


For the new research topic, the group is composed by representatives from:


·         Banca d’Italia

·         Banco de España

·         Banco de Portugal

·         Banque de France

·         Banque Nationale de Belgique/Nationale Bank van België

·         Central Bank of the Republic of the Turkey

·         Cerved Group spa - Centrale dei Bilanci

·         Deutsche Bundesbank (who also chairs)

·         National Central Bank of Poland

·         Oesterreichische Nationalbank



For further information about the WG activities, you can contact your national representative: members