{"id":11820,"date":"2022-09-02T11:01:41","date_gmt":"2022-09-02T09:01:41","guid":{"rendered":"https:\/\/ipaidthat.io\/mag\/?p=11820"},"modified":"2025-12-29T12:18:13","modified_gmt":"2025-12-29T11:18:13","slug":"flux-de-tresorerie-dexploitation-comprendre-interpreter-et-decider","status":"publish","type":"post","link":"https:\/\/app.ipaidthat.io\/mag\/tresorerie\/flux-de-tresorerie-dexploitation-comprendre-interpreter-et-decider\/","title":{"rendered":"Flux de tr\u00e9sorerie d\u2019exploitation\u00a0: comprendre, interpr\u00e9ter et d\u00e9cider"},"content":{"rendered":"\n<p>Un flux de tr\u00e9sorerie est une <strong>entr\u00e9e<\/strong> ou une <strong>sortie de liquidit\u00e9s<\/strong>. Le paiement d\u2019une facture fournisseur, le pr\u00e9l\u00e8vement d\u2019une \u00e9ch\u00e9ance de pr\u00eat et le r\u00e8glement d\u2019une cr\u00e9ance client sont autant d\u2019exemples qui illustrent ces mouvements financiers.<\/p>\n\n\n\n<p>Les<strong> flux de tr\u00e9sorerie d\u2019exploitation <\/strong>correspondent aux encaissements et aux d\u00e9caissements g\u00e9n\u00e9r\u00e9s par l\u2019activit\u00e9 courante d\u2019une entreprise. Quel int\u00e9r\u00eat pr\u00e9sentent-ils&nbsp;? Quelles informations, utiles \u00e0 la prise de d\u00e9cision, procurent-ils aux entrepreneurs&nbsp;?&nbsp;<\/p>\n\n\n\n<p>Appel\u00e9s <em>cash flow <\/em>en anglais, ils sont des indicateurs objectifs de la sant\u00e9 financi\u00e8re d\u2019une entreprise et une aide pr\u00e9cieuse pour le pilotage financier.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>La place du flux de tr\u00e9sorerie d\u2019exploitation dans le tableau de flux de tr\u00e9sorerie<\/strong><\/h2>\n\n\n\n<p>La tr\u00e9sorerie est un concept cl\u00e9 dans la gestion des entreprises. Son analyse s\u2019effectue \u00e0 partir du tableau de flux de tr\u00e9sorerie (TFT). Elle a pour buts de pr\u00e9venir les risques de d\u00e9faillance et de compl\u00e9ter l\u2019\u00e9tude du bilan et du compte de r\u00e9sultat.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Qu\u2019est-ce que le tableau de flux de tr\u00e9sorerie&nbsp;?<\/strong><\/h3>\n\n\n\n<p>Le tableau de flux de tr\u00e9sorerie est un document de synth\u00e8se comptable qui explique la variation des entr\u00e9es et des sorties d\u2019argent sur une ann\u00e9e. Il informe aussi sur l\u2019emploi des liquidit\u00e9s sur la p\u00e9riode et fournit la situation de la tr\u00e9sorerie en fin d\u2019exercice. Il n\u2019est pas obligatoire en France sauf pour les entreprises soumises \u00e0 la tenue des <a href=\"https:\/\/www.flf.fr\/actualite\/le-difficile-exercice-de-la-consolidation-des-etats-financiers#:~:text=La%20consolidation%20des%20comptes%20est,%C3%A0%2048%20millions%20d'euros.\" target=\"_blank\" rel=\"noreferrer noopener\">comptes consolid\u00e9s<\/a>.&nbsp;<\/p>\n\n\n\n<p>Le tableau d\u00e9compose les flux de tr\u00e9sorerie en 3&nbsp;cycles&nbsp;:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>les op\u00e9rations d\u2019exploitation regroupent les encaissements et d\u00e9caissements produits par l\u2019activit\u00e9\u00a0;<\/li>\n\n\n\n<li>les investissements\u00a0comportent, par exemple, les achats et cessions d\u2019immobilisations\u00a0;<\/li>\n\n\n\n<li>les financements concernent, notamment, les augmentations de capital en num\u00e9raire.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Calcul du flux de tr\u00e9sorerie d\u2019exploitation<\/strong><\/h3>\n\n\n\n<p>Le flux de tr\u00e9sorerie d\u2019exploitation d\u2019une entreprise figure en haut du TFT. Deux m\u00e9thodes de calcul permettent de le d\u00e9terminer.&nbsp;<\/p>\n\n\n\n<p>La <strong>m\u00e9thode directe<\/strong>, moins utilis\u00e9e, s\u2019appuie sur le r\u00e9sultat d\u2019exploitation retrait\u00e9 de la variation du besoin en fonds de roulement (BFR). Elle classe les produits et les charges par rubriques et poss\u00e8de une valeur explicative.<\/p>\n\n\n\n<p>La <strong>m\u00e9thode indirecte<\/strong> est toutefois privil\u00e9gi\u00e9e puisqu\u2019elle se construit \u00e0 partir du b\u00e9n\u00e9fice net (ou de la perte) inscrit au compte de r\u00e9sultat.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>Op\u00e9rations d\u2019exploitation<\/strong><\/td><td><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">R\u00e9sultat net<br>\u2013\u00a0Amortissements et provisions<br>\u2013\u00a0Plus ou moins-values de cession<br><strong>= Marge brute d\u2019autofinancement<br><\/strong>\u2013\u00a0Variation du BFR (stocks, cr\u00e9ances, dettes)<\/td><td><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>Flux net de tr\u00e9sorerie li\u00e9 \u00e0 l\u2019activit\u00e9<\/strong><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Comment interpr\u00e9ter&nbsp;le r\u00e9sultat du flux de tr\u00e9sorerie li\u00e9 \u00e0 l\u2019activit\u00e9&nbsp;?<\/strong><\/h2>\n\n\n\n<p>Pour mieux interpr\u00e9ter le r\u00e9sultat du flux net de tr\u00e9sorerie li\u00e9 \u00e0 l\u2019activit\u00e9, l\u2019entrepreneur doit se familiariser avec les notions de marge brute d\u2019autofinancement et de besoin en fonds de roulement.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Comprendre les notions de marge brute d\u2019autofinancement&nbsp;(MBA) et de variation du BFR<\/strong><\/h3>\n\n\n\n<p>Dans le cas de la m\u00e9thode directe, le TFT fait appara\u00eetre la marge brute d\u2019autofinancement qui exprime le flux potentiel de tr\u00e9sorerie. Il s\u2019agit de la <strong>marge d\u00e9gag\u00e9e par l\u2019activit\u00e9<\/strong> de l\u2019entreprise. Elle ne prend pas en compte les d\u00e9calages de paiements, c\u2019est pourquoi elle est retrait\u00e9e de la variation du besoin en fonds de roulement entre l\u2019exercice en cours (N) et le pr\u00e9c\u00e9dent (N-1).&nbsp;<\/p>\n\n\n\n<p>Le BFR est, lui, constitu\u00e9 par la somme des stocks et des cr\u00e9ances clients \u00e0 laquelle on soustrait les dettes non financi\u00e8res. La variation du BFR est <strong>optimale<\/strong> quand la soci\u00e9t\u00e9 ma\u00eetrise ses stocks, encaisse rapidement les r\u00e8glements des clients et dispose de d\u00e9lais de paiement des fournisseurs convenables.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Analyser le solde du flux net de tr\u00e9sorerie d\u2019exploitation<\/strong><\/h3>\n\n\n\n<p>Un flux net de tr\u00e9sorerie d\u2019exploitation <strong>positif <\/strong>indique clairement aux dirigeants, aux actionnaires et aux partenaires financiers, que l\u2019entreprise est dans une situation \u00e9conomique assez saine&nbsp;et que ses activit\u00e9s sont rentables.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les marges d\u00e9gag\u00e9es sur ses ventes ou ses services sont suffisantes pour g\u00e9n\u00e9rer du cash.<\/li>\n\n\n\n<li>L\u2019entreprise est en mesure de maintenir sa capacit\u00e9 op\u00e9rationnelle.<\/li>\n\n\n\n<li>Elle g\u00e8re son cycle d\u2019exploitation (elle paie ses fournisseurs \u00e0 \u00e9ch\u00e9ance, collecte ses factures clients sans encombre\u2026).<\/li>\n\n\n\n<li>La soci\u00e9t\u00e9 rembourse ses emprunts.<\/li>\n\n\n\n<li>Elle dispose du cash n\u00e9cessaire pour verser des dividendes.<\/li>\n\n\n\n<li>Elle finance le d\u00e9veloppement de sa production en partie ou en totalit\u00e9.<\/li>\n<\/ul>\n\n\n\n<p>\u00c0 l\u2019inverse, un r\u00e9sultat <strong>n\u00e9gatif<\/strong> est souvent synonyme de difficult\u00e9s. C\u2019est un signal d\u2019alerte fort pour un entrepreneur. Des mesures cibl\u00e9es et efficaces se r\u00e9v\u00e8lent alors indispensables pour redresser les chiffres rapidement et \u00e9viter le risque de faillite.&nbsp;<\/p>\n\n\n\n<p>Cependant, il faut consid\u00e9rer qu\u2019en phase de croissance ou de cr\u00e9ation, une entreprise affiche parfois une tr\u00e9sorerie n\u00e9gative. Elle traverse probablement une phase o\u00f9 le volume de d\u00e9penses li\u00e9es \u00e0 ses activit\u00e9s est sup\u00e9rieur \u00e0 ses encaissements.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Le flux de tr\u00e9sorerie d\u2019exploitation comme outil d\u2019aide \u00e0 la d\u00e9cision<\/strong><\/h2>\n\n\n\n<p>Gr\u00e2ce \u00e0 l\u2019analyse du flux de tr\u00e9sorerie d\u2019exploitation, l\u2019entreprise est en mesure d\u2019\u00e9tablir une strat\u00e9gie financi\u00e8re en mati\u00e8re de production, d\u2019investissement et de placement financier.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Agir sur son cycle d\u2019exploitation<\/strong><\/h3>\n\n\n\n<p>Si le flux net de tr\u00e9sorerie ne correspond pas \u00e0 l\u2019objectif attendu, la soci\u00e9t\u00e9 doit trouver des solutions. Elle peut&nbsp;alors :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>revoir ses marges sur ses produits et services\u00a0en tenant compte de son secteur d\u2019activit\u00e9\u00a0;<\/li>\n\n\n\n<li>r\u00e9duire ses charges fixes\u00a0;<\/li>\n\n\n\n<li>ma\u00eetriser ses stocks\u00a0;<\/li>\n\n\n\n<li>organiser la gestion de sa tr\u00e9sorerie autour d\u2019un plan pr\u00e9visionnel, d\u2019un suivi r\u00e9gulier et de proc\u00e9dures fiables.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/ipaidthat.io\/mag\/tresorerie\/comment-optimiser-la-gestion-de-la-tresorerie-d-une-entreprise\/\" target=\"_blank\" rel=\"noreferrer noopener\">Comment optimiser la gestion de tr\u00e9sorerie d\u2019entreprise&nbsp;?<\/a><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Investir pour accro\u00eetre son activit\u00e9<\/strong><\/h3>\n\n\n\n<p>Face \u00e0 un flux de tr\u00e9sorerie d\u2019exploitation nettement exc\u00e9dentaire, un entrepreneur peut d\u00e9cider d\u2019investir pour d\u00e9velopper ou bien diversifier sa production. Une tr\u00e9sorerie disponible mobilisable sans d\u00e9lai et sans risque lui offre une capacit\u00e9 d\u2019autofinancement totale ou en partie.&nbsp;<\/p>\n\n\n\n<p>Ce type de financement offre souplesse et agilit\u00e9 en mati\u00e8re de prise de d\u00e9cision. Le dirigeant opte pour la strat\u00e9gie la plus adapt\u00e9e \u00e0 son secteur&nbsp;: croissance externe, interne ou renouvellement des immobilisations devenues obsol\u00e8tes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Placer ses disponibilit\u00e9s<\/strong><\/h3>\n\n\n\n<p>\u00c0 l\u2019inverse, l\u2019entreprise peut faire le choix de d\u00e9caler ses investissements dans le temps pour augmenter sa tr\u00e9sorerie disponible ou pr\u00e9parer un projet de grande ampleur. Le recours \u00e0 l\u2019investissement est une r\u00e9ponse efficace pour s\u00e9curiser son argent tout en percevant des int\u00e9r\u00eats.&nbsp;<\/p>\n\n\n\n<p>De nombreuses solutions existent sur le march\u00e9. Avant de s\u2019engager, il faut d\u00e9terminer le niveau de risque, de rendement et de liquidit\u00e9 \u00e0 atteindre.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u2019\u00e9pargne classique comprend les d\u00e9p\u00f4ts \u00e0 vue, \u00e0 terme, ou les certificats de d\u00e9p\u00f4t. Elle reste mobilisable, ne pr\u00e9sente aucun danger, mais elle est peu r\u00e9mun\u00e9r\u00e9e.<\/li>\n\n\n\n<li>Les solutions alternatives pour placer l\u2019exc\u00e9dent de tr\u00e9sorerie sont le <a href=\"https:\/\/www.amf-france.org\/fr\/espace-epargnants\/comprendre-les-produits-financiers\/investir-le-crowdfunding-immobilier\" target=\"_blank\" rel=\"noreferrer noopener\">crowfunding immobilier<\/a>, l\u2019usufruit de SCPI ou encore le contrat de capitalisation.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/ipaidthat.io\/mag\/entrepreneur\/les-meilleurs-placements-de-tresorerie-dentreprise\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Retrouvez les meilleurs placements de tr\u00e9sorerie&nbsp;!<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Un flux de tr\u00e9sorerie est une entr\u00e9e ou une sortie de liquidit\u00e9s. Le paiement d\u2019une facture fournisseur, le pr\u00e9l\u00e8vement d\u2019une \u00e9ch\u00e9ance de pr\u00eat et le r\u00e8glement d\u2019une cr\u00e9ance client sont autant d\u2019exemples qui illustrent ces mouvements financiers. Les flux de tr\u00e9sorerie d\u2019exploitation correspondent aux encaissements et aux d\u00e9caissements g\u00e9n\u00e9r\u00e9s par l\u2019activit\u00e9 courante d\u2019une entreprise. Quel [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":18724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-11820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tresorerie"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flux de tr\u00e9sorerie d\u2019exploitation\u00a0: comprendre, interpr\u00e9ter et d\u00e9cider<\/title>\n<meta name=\"description\" content=\"L\u2019analyse des flux de tr\u00e9sorerie d\u2019exploitation facilite la prise de d\u00e9cision en mati\u00e8r d&#039;investissement et de placement financier.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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