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Samenvatting Financial Accounting
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Samenvatting Financial Accounting
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2021-2022
Financial Accounting
SAMENVATTING 3DE SEMESTER
,Inhoud
INTRODUCTIE ...................................................................................................................... 4
1.1 De onderneming ...................................................................................................... 4
1.1.1 De continuïteit van een onderneming ............................................................... 4
1.1.2 Het management.............................................................................................. 4
1.1.3 Stakeholders en shareholders .......................................................................... 4
1.2 Financial accounting................................................................................................ 4
1.2.1 Financiële analyse ........................................................................................... 4
1.2.2 Doel ................................................................................................................. 4
1.3 De balans ................................................................................................................ 5
1.4 De resultatenrekening ............................................................................................. 5
1 Financiële analyse van de jaarrekening toegepast .................................................... 6
1.1 Doel van financiële analyse ..................................................................................... 6
1.2 De jaarrekening ....................................................................................................... 6
2 Neerleggingsverplichtingen ........................................................................................ 6
2.1 Wie moet neerleggen en hoe moet neergelegd worden? ........................................ 6
2.1.1 De Belgische vennootschappen ....................................................................... 6
2.1.2 Criteria ondernemingen .................................................................................... 7
2.1.3 Welk schema/ model? ...................................................................................... 7
2.1.4 Microvennootschap .......................................................................................... 7
2.1.5 Wie moet geen jaarrekening neerleggen bij NBB ............................................. 7
2.2 Neerleggingskosten................................................................................................. 7
2.3 Termijn van goedkeuring en neerlegging................................................................. 7
2.4 Andere stukken neer te leggen bij de jaarrekening .................................................. 8
2.5 Jaarrekeningen en statistieken raadplegen ............................................................. 8
2.6 Publicatieverplichtingen ........................................................................................... 8
2.6.1 Jaarrekeningen en statistieken raadplegen ...................................................... 8
3 De jaarrekening ............................................................................................................ 8
3.1 Voorwaarden voor een goede analyse .................................................................... 8
4 De balans ...................................................................................................................... 9
4.1 De balans ................................................................................................................ 9
4.1.1 Activa ............................................................................................................... 9
4.1.2 Passiva ...........................................................................................................10
4.2 Activa .....................................................................................................................11
5 Eerste snelle analyse van de jaarrekening ................................................................14
5.1 Synthese van de jaarrekening ................................................................................14
5.1.1 De herwerkte balans .......................................................................................14
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, 5.1.2 Aandachtspunten bij de herwerkte resultatenrekening en resultaatverwerking 14
5.2 Horizontale en verticale analyse van de jaarrekening .............................................15
5.2.1 Verticale analyse .............................................................................................15
5.2.2 Horizontale analyse .........................................................................................15
5.2.3 Horizontale en verticale analyse: voorbeeld nv Naessens ...............................16
5.3 Een gezonde financiële structuur en financieel evenwicht ......................................17
5.3.1 Het bedrijfskapitaal ..........................................................................................17
5.3.2 De financiële structuur bij nv Naessens ...........................................................18
6 Analyse van de cashflow ............................................................................................19
6.1 Cashflow volgens de directe methode ....................................................................19
6.2 Cashflow volgens de indirecte methode .................................................................19
6.2.1 STAP 1............................................................................................................19
6.2.2 STAP 2............................................................................................................20
6.2.3 STAP 3............................................................................................................20
6.2.4 STAP 4............................................................................................................21
6.2.5 De totale cashflow ...........................................................................................21
6.3 Cashflow algemeen ................................................................................................21
6.4 Voorbeelden: berekening van cashflow ..................................................................21
6.4.1 Volgens de directe methode ............................................................................23
6.4.2 Volgens de indirecte methode .........................................................................26
6.4.3 Vermogensstromentabel .................................................................................28
6.4.4 Conclusies: .....................................................................................................31
6.4.5 Vergelijking kasstromen ..................................................................................31
6.4.6 Het kasstroomoverzicht van de Nationale Bank van België .............................32
7 Ratioanalyse en liquiditeit ..........................................................................................32
7.1 Ratioanalyse ..........................................................................................................32
7.1.1 Inleiding...........................................................................................................32
7.2 Liquiditeit van de onderneming ...............................................................................33
7.2.1 Voorraadrotatie ...............................................................................................35
7.2.2 Klantenkrediet .................................................................................................36
7.2.3 Leverancierskrediet .........................................................................................36
7.2.4 Liquiditeitstest .................................................................................................37
7.3 Voorbeeld Willy Naessens......................................................................................37
7.3.1 Liquiditeit bij Naessens nv ...............................................................................39
7.4 De financiële structuur en solvabiliteit ....................................................................39
7.4.1 Solvabiliteitsratio’s ...........................................................................................39
7.4.2 Het begrip kapitaalkost ....................................................................................41
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, 7.4.3 Het CAPM-model ............................................................................................41
7.4.4 Solvabiliteit bij nv Naessens ............................................................................42
7.5 Rendabiliteit van de onderneming ..........................................................................44
7.5.1 De rendabiliteitsratio’s .....................................................................................44
7.5.2 Enkele ratio’s voor aandelen ...........................................................................48
7.5.3 Financiële hefboom: betekenis en werking ......................................................49
7.5.4 Rendabiliteit bij nv Naessens ..........................................................................50
7.6 Toegevoegde waarde.............................................................................................54
7.6.1 Brutotoegevoegdewaarderatio’s ......................................................................55
7.6.2 Formules .........................................................................................................55
7.6.3 Toegevoegde waarde bij nv Naessens ............................................................56
7.7 Het financieel evenwicht binnen de spanningsdriehoek van liquiditeit ....................59
7.7.1 De relatie tussen liquiditeit, solvabiliteit en rendabiliteit ...................................59
7.8 Impact van IFRS op de berekening en interpretatie van liquiditeit, solvabiliteit en
rendabiliteit .......................................................................................................................59
7.8.1 Andere bronnen voor financiële kengetallen ....................................................60
VOORBEELD EXAMEN ......................................................................................................61
FORMULARIUM ..................................................................................................................73
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