The Bank of France has published its annual study on the financial position of French small and medium-sized enterprises (SMEs) and intermediate-sized enterprises (ETIs), concluding that fundamentals remained robust at end-2024 even as the outlook became more uncertain. Drawing on the accounts of more than 1.6 million companies, the analysis finds that margins continued to hold up, leverage declined and cash buffers stayed solid. It also notes a slowdown in activity in 2024, financing costs still rising, and a slight deterioration in SMEs’ and ETIs’ repayment capacity as measured by the Bank of France rating; against a more uncertain 2025 backdrop, it flags heightened risks for the most fragile firms.
Bank of France 2025-07-08
Bank of France publishes annual SME and mid-cap diagnostic showing robust 2024 fundamentals but uncertain 2025 outlook
The Bank of France's annual study on French SMEs and ETIs reveals robust fundamentals at end-2024, despite an uncertain outlook. The analysis, based on over 1.6 million companies, shows stable margins, reduced leverage, and solid cash buffers, but notes rising financing costs and a slight deterioration in repayment capacity. The report highlights heightened risks for the most fragile firms in 2025.