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The balance sheet is a fundamental and mandatory financial statement that shows the company’s assets and liabilities as well as their sources of funding at a specific cutoff date – usually the last day of the fiscal year. The fiscal year can coincide with the calendar year or be set differently by the company.
In simplified terms, the balance sheet represents the company’s financial position and asset structure at a given point in time.
Unlike the income statement, which reflects a company’s performance over a specific period (e.g., a year or a quarter), the balance sheet relates to a specific cutoff date.
Both the balance sheet and the income statement provide key input data for assessing a company’s credit risk (commonly referred to as a credit rating). They are also indispensable sources of data for all credit reports.
At the core of the balance sheet is the accounting equation:
ASSETS = LIABILITIES AND EQUITY
(Assets = Liabilities)
This equation must always hold true – meaning that a company must always have an equal value of assets and the sources through which these assets are financed.
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The balance sheet is typically divided into two main sections:
In common terminology:
Graphic representation of the basic balance sheet scheme
To conduct its operations, a company requires various assets – these are resources it owns and uses in its business processes.
Assets are classified based on how quickly they can be converted into cash:
Each asset in the balance sheet has a financing source – the company acquires these either through its own equity or by borrowing.
These sources are referred to as liabilities and equity (or simply “sources of funds”).
Put simply:
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Liabilities and equity are divided into:
Equity
Equity represents a permanent source of financing provided by the owner(s). It can consist of cash contributions or non-cash contributions (e.g., vehicles, real estate, etc.).
The company’s performance is also reflected in equity:
Liabilities (Debt)
Liabilities represent the company’s obligations to creditors – entities that have provided resources or services for which the company must pay in the future. This includes, for example, banks (loans), suppliers (unpaid invoices for goods or services), government (taxes), and employees (unpaid wages).
Liabilities are classified by:
Maturity:
Nature:
Just like the balance sheet, the income statement is a fundamental financial report. While the balance sheet shows the company’s assets and liabilities on a specific date, the income statement reflects the company’s performance over a specific period – most commonly one fiscal year but also possibly a half-year, quarter, or month.
The income statement systematically presents all revenues and expenses generated during the reporting period. The difference between revenues and expenses represents the company’s net result for that period, which can be either profit or loss.
Revenues and expenses – how do they impact net income?
According to accounting standards, revenues and expenses are the key elements that determine a company’s net income during a reporting period:
Revenues: represent increases in economic benefits, which may occur through:
Basic scheme of the income statement with a direct link to the balance sheet
A positive difference between revenues and expenses (profit) increases equity, whereas a negative difference (loss) decreases it.
Profit or loss is the final figure in the income statement and indicates whether the company operated profitably or at a loss during the reporting period.
This figure (profit or loss) is also recognized in the balance sheet under equity.
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Shows the company’s assets and liabilities at a specific point in time
Includes assets, equity, and liabilities
Time reference: cutoff date (e.g., December 31 of the fiscal year)
Shows the company’s performance over a period
Includes revenues, expenses, and net income (profit or loss)
Time reference: usually one fiscal year
In EBONITETE.SI, the user searches for the desired entity and clicks on the Financials tab. This provides access to the entity’s balance sheets for the past five years. By selecting a comparative year, balance sheets can be viewed back to 2011.
Depending on the subscription package, the balance sheet can also be exported to Excel or PDF format.
Example of a balance sheet presentation of the selected entity for the years 2024, 2023, 2022, 2021, and 2020.
In addition to the balance sheet view, EBONITETE.SI also provides access to the company’s income statement.
The screenshot below shows an example of the income statement for the selected entity for the years 2024, 2023, 2022, 2021, and 2020.
Example of an income statement presentation of the selected entity for the years 2024, 2023, 2022, 2021, and 2020.
Financial indicators are calculated based on the data obtained from the balance sheet and income statement. These indicators are not direct components of the financial statements themselves.
The screenshot below illustrates how these financial indicators are displayed in EBONITETE.SI.
Example of accounting indicators displayed in the EBONITETE.SI application.
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You can view a sample balance sheet and income statement here.
Total revenues are the sum of the following categories from the income statement:
Indebtedness is calculated using a debt ratio indicator that shows the ratio between liabilities and total liabilities (equity and debt), i.e., the share of debt in financing.
This indicates what portion of the company’s total financing comes from debt capital (e.g., loans, bonds, etc.) compared to equity capital.
A higher indicator means the company is more leveraged with debt/external sources, which may pose higher risk.
A lower indicator means the company finances most of its assets with equity capital, representing lower risk.
This indicator therefore reflects the relationship between debt and equity and allows investors and lenders to assess how the company manages its financing structure.
Liquidity is calculated using the current ratio indicator.
This ratio compares current assets (e.g., cash, inventory, receivables) to current liabilities (e.g., bills and short-term loans) and shows the extent to which current assets cover current liabilities, indicating the entity’s ability to meet obligations due within one year.
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Indebtedness and liquidity are key indicators in calculating the static credit rating because they reflect the fundamental risks of a company at a specific point in time.
The indebtedness indicator shows the company’s financial dependence (or independence) on external financing sources.
Liquidity, expressed through the current ratio, indicates the company’s short-term solvency.
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Among the performance indicators, you will also find the average monthly salary per employee. This amount is reported as gross.
The number of employees data is sourced from entities’ annual reports. Entities report the number of employees in different ways.
When summarizing employee data from annual reports in our application, we prioritize using the figure calculated based on hours worked. If this is not provided, we use either the average number of employees or the year-end employee headcount.
AJPES publishes financial data annually.
Releases are made every month, with the largest release occurring in the second half of April for the financial year that ended on December 31 of the previous year.
New financials are published in our application as soon as possible.
This data represents a valuable source of information, enabling entities to better understand their position and assess potential risks when working with other entities.
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