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Samenvatting Financieel beleid
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Een samenvatting van Financieel beleid.
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Financieel managementInhoudsopgave
1 FINANCIËLE VERSLAGGEVING...................................................4
1.1 De jaarrekening........................................................................................................................................ 4
1.1.1 De balans......................................................................................................................................................4
1.1.1.1 Oprichtingskosten: code 20..................................................................................................................5
1.1.1.2 Immateriële vaste activa......................................................................................................................5
1.1.1.3 Materiële vaste activa..........................................................................................................................6
1.1.1.4 Financiële vaste activa..........................................................................................................................7
1.1.1.5 Vorderingen op > 1 jaar (29) + vorderingen < 1 jaar ( 40-41)..............................................................9
1.1.1.6 Voorraden en bestellingen in uitvoering (code 30-37)........................................................................9
1.1.1.7 Geldbeleggingen.................................................................................................................................10
1.1.1.8 Liquide middelen (code 54-58)...........................................................................................................10
1.1.1.9 Overlopende rekeningen (code 490-491-492-493)............................................................................10
1.1.1.10 Kapitaal (code 100-101)...................................................................................................................11
1.1.1.11 Uitgiftepremies (code 11)................................................................................................................12
1.1.1.12 Herwaarderingsmeerwaarden (code 12)........................................................................................12
1.1.1.13 Reserves (code 13)...........................................................................................................................13
1.1.1.14 Overgedragen winst – verlies (code 14)..........................................................................................13
1.1.1.15 Kapitaalsubsidies (code 15).............................................................................................................13
1.1.1.16 Voorschot aan de vennoten op de verdeling van het netto-actief (code 19).................................14
1.1.1.17 Voorzieningen en uitgestelde belastingen (code 16)......................................................................14
1.1.1.18 Schulden > 1 jaar (code 17) en schulden < 1 jaar (code 42-48).......................................................14
1.1.2 De resultatenrekening...............................................................................................................................15
1.1.2.1 Bedrijfsresultaat.................................................................................................................................15
1.1.2.2 Financieel resultaat............................................................................................................................15
1.1.2.3 Belastingen op het resultaat..............................................................................................................15
1.1.2.4 Te bestemmen winst/verlies van het boekjaar..................................................................................16
1.1.3 Niet in de balans opgenomen rechten en verplichtingen.........................................................................16
1.2 De geconsolideerde jaarrekening............................................................................................................ 16
1.2.1 Omschrijving..............................................................................................................................................16
1.2.2 Speciale rubrieken.....................................................................................................................................16
1.3 Het jaarverslag....................................................................................................................................... 17
1.4 Het controleverslag van de commissaris.................................................................................................17
1.4.1 Wat is een commissaris.............................................................................................................................17
1.4.2 Welke onderneming moeten een commissaris aanstellen.......................................................................17
1.4.3 Welke opdracht heeft de commissaris......................................................................................................18
1.4.4 De inhoud van het controleverslag............................................................................................................18
1.4.4.1 Algemene bepalingen.........................................................................................................................18
1.4.4.2 Eindconclusies....................................................................................................................................18
2 FINANCIËLE ANALYSE............................................................19
2.1 Horizontale en verticale analyse............................................................................................................. 19
2.1.1 De horizontale analyse...............................................................................................................................19
2.1.1.1 De methode van de mutatiebalansen................................................................................................20
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, 2.1.1.2 De methode van tijdsindexen............................................................................................................20
2.1.2 De verticale analyse...................................................................................................................................20
2.2 Ratioanalyse of methode van de financiële kengetallen..........................................................................20
2.2.1 Liquiditeit...................................................................................................................................................21
2.2.1.1 Het bedrijfskapitaal............................................................................................................................21
2.2.1.2 De current ratio..................................................................................................................................21
2.2.1.3 De quick ratio......................................................................................................................................21
2.2.1.4 De voorraadrotatie.............................................................................................................................22
2.2.2 Solvabiliteit................................................................................................................................................22
2.2.2.1 De schuldgraad...................................................................................................................................22
2.2.2.2 De graad van solvabiliteit...................................................................................................................22
2.2.2.3 De aflossingscapaciteit.......................................................................................................................22
2.2.3 Rendabiliteit...............................................................................................................................................22
2.2.3.1 De nettobedrijfsmarge.......................................................................................................................22
2.2.3.2 De rendabiliteit van het eigen vermogen...........................................................................................23
2.2.4 De waarde van een onderneming.............................................................................................................23
2.2.4.1 De boekwaarde..................................................................................................................................23
2.2.4.2 De intrinsieke waarde.........................................................................................................................23
3 FINANCIERINGSKEUZE...........................................................23
3.1 Eigen vermogen..................................................................................................................................... 23
3.1.1 Samenstelling eigen vermogen..................................................................................................................23
3.1.2 Aandelen....................................................................................................................................................24
3.1.2.1 Inleiding..............................................................................................................................................24
3.1.2.2 Omschrijving.......................................................................................................................................24
3.1.2.3 Rechten van de aandeelhouders........................................................................................................24
3.1.2.4 Risico’s verbonden aan aandelen.......................................................................................................25
3.1.2.5 Soorten aandelen...............................................................................................................................25
3.1.2.6 Waardering van aandelen..................................................................................................................26
3.1.3 Beursintroducties.......................................................................................................................................26
3.1.3.1 Waarom een beursintroductie...........................................................................................................26
3.1.3.2 Voorbereidende werkzaamheden......................................................................................................26
3.1.3.3 Welke beurs........................................................................................................................................27
3.2 Vreemd vermogen.................................................................................................................................. 27
3.2.1 Handelsschulden........................................................................................................................................28
3.2.1.1 Het leverancierskrediet......................................................................................................................28
3.2.2 Financiële schulden....................................................................................................................................28
3.2.2.1 Leasing................................................................................................................................................28
3.2.2.2 Obligatielening....................................................................................................................................29
3.2.2.3 Het kaskrediet....................................................................................................................................31
3.2.2.4 Het borgstellingkrediet.......................................................................................................................32
3.2.2.5 Het investeringskrediet......................................................................................................................32
3.2.2.6 Het acceptkrediet...............................................................................................................................32
3.2.3 Waarborgen en zekerheden......................................................................................................................33
3.2.3.1 De zakelijke waarborgen....................................................................................................................33
3.2.3.2 De persoonlijke of morele waarborgen.............................................................................................33
4 KOSTPRIJSANALYSE...............................................................34
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,4.1 De kostprijs............................................................................................................................................ 34
4.1.1 De indeling volgens kostensoorten............................................................................................................34
4.1.1.1 Voorraad gebonden kosten................................................................................................................34
4.1.1.2 Personeelskosten...............................................................................................................................34
4.1.1.3 Afschrijvingskosten.............................................................................................................................35
4.1.1.4 Belastingen.........................................................................................................................................35
4.1.2 De functionele indeling van de kosten......................................................................................................36
4.1.3 De indeling van de kosten op basis van hun toerekenbaarheid................................................................36
4.1.3.1 Directe kosten....................................................................................................................................36
4.1.3.2 Indirecte kosten..................................................................................................................................36
4.1.4 De indeling van de kosten op basis van variabiliteit..................................................................................36
4.1.4.1 Vaste kosten.......................................................................................................................................36
4.1.4.2 Veranderlijke kosten..........................................................................................................................36
4.1.4.3 Semiveranderlijke kosten...................................................................................................................36
4.2 De prijsbepaling in de praktijk................................................................................................................ 36
4.2.1 De kostengerichte prijsbenadering............................................................................................................37
4.2.2 De vraaggerichte prijsbenadering..............................................................................................................37
4.2.3 De concurrentiegerichte prijsbenadering..................................................................................................37
4.3 Het break-evenpoint.............................................................................................................................. 38
4.4 De differentiële prijspolitiek................................................................................................................... 38
4.5 Kostprijsberekening............................................................................................................................... 38
4.5.1 De integrale kostprijs of full costing..........................................................................................................39
4.5.2 De variabele – kostencalculatie of direct costing......................................................................................39
5 INVESTERINGSANALYSE.........................................................39
5.1 De methode van terugverdientijd........................................................................................................... 39
5.1.1 Gelijkblijvende cashflows...........................................................................................................................40
5.1.2 Wijzigende cashflows.................................................................................................................................40
5.2 De methode van het gemiddelde rendement..........................................................................................41
5.2.1 Gelijkblijvende cashflows...........................................................................................................................41
5.2.2 Wijzigende cashflows.................................................................................................................................41
5.3 De methode van de netto-actuele waarde.............................................................................................. 41
5.3.1 Gelijkblijvende cashflows...........................................................................................................................43
5.3.2 Wijzigende cashflows.................................................................................................................................43
3
, 1 Financiële verslaggeving
1.1De jaarrekening
Doel: informatie verschaffen omtrent de financiële en economische situatie van het bedrijf, ten
behoeve van verschillende interne en externe belanghebbenden
Wet: jaarrekening MOET
Balans Resultatenrekening getrouw beeld geven
Toelichting vult aan
- vaste rubrieken met
aanvullende informatie
Financiële structuur Winstgevendheid - samenvatting van
waarderingsregels
Beperkingen jaarrekening:
Momentopname
o Weergave van situatie op een welbepaald ogenblik = balansdatum
o Vermelding vorig boekjaar verplicht
Subjectieve cijfers
o Aantal bedragen gebaseerd op ramingen, waarderingen of interpretaties van de
ondernemer
Verschillende modellen:
Microvennootschap
o Niet overschrijden van:
Jaargemiddelde van het personeelsbestand: 10
Jaaromzet: 700.000 EUR
Balanstotaal: 350.000 EUR
o Micromodel van jaarrekening bij 2 opeenvolgende jaren microvennootschap
Kleine vennootschap
o Niet overschrijden van:
Jaargemiddelde van het personeelsbestand: 50
Jaaromzet: 9.000.000 EUR
Balanstotaal: 4.500.000 EUR
o Verkort model jaarrekening bij 2 opeenvolgende jaren kleine vennootschap
Grote vennootschap
o Meer dan overschrijden:
Jaargemiddelde van het personeelsbestand: 50
Jaaromzet: 9.000.000 EUR
Balanstotaal: 4.500.000 EUR
o Volledig model bij 2 opeenvolgende jaren grote vennootschap
1.1.1 De balans
= boekhoudkundige voorstelling van de toestand van alle vermogenscomponenten (= oorsprong
vermogen) en alle kapitaalcomponenten (= aanwending vermogen) op een welbepaald ogenblik (=
einde boekjaar)
4
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