Job risk down but failures up

The 2026 report from the Observatory of Business Financing cites an estimate from BPCE: 244,500 jobs were threatened by business failures in 2025, a 9% decrease compared to the previous year. However, the number of business failures itself rose by 3.6% in 2025, reaching 68,602, despite a much slower growth than in 2024.

Different measures, same challenges

The report highlights a contrasting evolution: the number of potentially affected jobs is decreasing while the number of failures remains high. This figure does not correspond to the same number of actual job losses. It measures the exposure of employees to procedures affecting their company.

Factors beyond pandemic recovery

The report, published online by the Bank of France on October 26, highlights that the rebound in procedures after the years of massive support related to the pandemic is no longer sufficient to explain the situation. Cash flow difficulties, the slowdown in activity, and the demographics of businesses now play an important role.

SMEs hit hardest

The situation varies according to the size of the companies. SMEs excluding micro-enterprises have experienced a more pronounced increase in procedures since the exit from the health crisis. In industry, transport and business services, the evolution of activity remains particularly decisive for the solidity of companies.

Financial health shows divergence

The financial data compiled in the report show a divergence between categories of businesses. Expressed in days of turnover, the median cash flow of micro-enterprises has increased slightly, while it has decreased for other SMEs and more significantly for medium-sized enterprises. These levels remain generally higher than those in 2019, before the pandemic.

Credit access not a guarantee

The Bank of France notes that access to bank financing remains generally ensured, while calling for better identification of difficulties before they become irreversible. The report also highlights the differentiated effects of international tensions and energy costs on very small, small and medium-sized enterprises.

Prevention over reaction

The Observatory highlights the prevention measures and the Trust Charter launched in February 2026 to improve the orientation of struggling companies. The link between the 68,602 failures in 2025 and the 244,500 threatened jobs finally reminds that one indicator does not replace another: a variation in the number of procedures does not mechanically translate into a proportional evolution of exposed employment.