Two balance sheets show where the enterprise stood on two dates; the financing table explains part of the journey. It describes resources obtained, uses made and operating-cycle changes leading to the treasury movement. It is neither a bank listing nor a second CPC.
Its two modules
- Balance-sheet mass synthesis.
- Functional working-capital change.
- Global funding-requirement change.
- Net treasury change.
- Stable resources for the year.
- Stable uses for the year.
- Overall uses/resources reconciliation.
1. Start with mass synthesis
The first module compares permanent financing, fixed assets, current assets/liabilities and treasury between closes. It highlights FRF, BFG and net treasury.
| Movement | Functional reading |
|---|---|
| Permanent financing rises | additional durable resource |
| Fixed assets rise | additional durable use |
| Stock/receivables rise | use in the cycle |
| Suppliers rise | cycle resource |
| Net treasury falls | cycle/uses absorbed cash |
Higher supplier liabilities are a resource in the movement without being income or sales.
2. Read stable resources
The second module includes self-financing, fixed-asset disposals, contributions/investment grants and new financing debt.
- Self-financing: CAF after distributions
- Disposal: asset-exit proceeds/flow, distinct from disposal result
- Contribution: new capital actually provided
- Borrowing: resource received, not CPC income
- Investment grant: resource classified under its treatment
Avoid double counting one resource by mixing gross flow, accounting result and balance movement.
3. Read stable uses
Fixed-asset acquisitions, principal repayments and other durable uses explain where resources went.
| Example | Effect to interpret |
|---|---|
| New equipment | investment use even if financed on credit |
| Principal repayment | financing use, distinct from CPC interest |
| Distribution | reduces self-financing available |
| Higher immobilised receivables | durable use |
| Capital reduction | use to document |
A MAD 100,000 equipment purchase is not necessarily a MAD 100,000 CPC expense, but may be a MAD 100,000 use in flows.
A resource is not necessarily good news
Borrowing or supplier debt provides funding but creates an obligation. Falling stock releases cash but may reveal stockouts or underinvestment.
4. Explain treasury as a story
Imagine a profitable enterprise generating MAD 150,000 self-financing, investing 180,000, raising stock/receivables by 70,000 and obtaining 50,000 new funding. Despite profit, the gap can reduce treasury.
- Verify self-financing in ESG.
- Reconcile asset purchases/disposals.
- Reconcile borrowing received and principal repaid.
- Explain BFG change by item.
- Reconcile opening and closing treasury.
- Read ETIC for methods and significant events.
BelloPOS can help explain operating changes in stock, credit sales and till cash. It does not produce the statutory table or complete investment/funding flows.
Mistakes to avoid
- Confusing resource with income.
- Confusing use with expense.
- Reading bank only.
- Forgetting principal repayment.
- Calling every high BFG an error.
- Ignoring gross flows.
Frequently asked questions
What is the table for?
It explains financial evolution through resources, uses, operating-cycle changes and treasury.
What are its modules?
Balance-sheet mass synthesis and the stable uses/resources table.
Is borrowing a resource?
Yes for financing, but not CPC income; it must be repaid.
Why can profit accompany lower cash?
Investment, higher stock/receivables, repayments or distributions can absorb resources.
Does BelloPOS calculate it?
No. It supplies selected operating changes to reconcile with complete accounting.
What to take away
Read it as a bridge: self-financing and new funding on one side, investment, repayment and BFG on the other, then verify where treasury moved.
Sources
The figures and rules quoted above come from these pages, read on the date given in the article.
- Ministry of Economy and Finance, General Code of Accounting Standardisation, read 1 September 2026
- Ministry of Economy and Finance, Law 44-03 amending Accounting Obligations Law 9-88, read 1 September 2026
Explain operating-cycle changes
Retain stock history, sales receivables and till closes to document operating movements.
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