In 2025, the financial situation of French small and medium-sized enterprises (SMEs) showed signs of stabilization, although without a return to growth. According to the latest data published by French software provider Axonaut, the deterioration observed since 2022 appears to be slowing.
Now in its third consecutive year, Axonaut's treasury barometer analyzes monthly data from more than 4,000 French SMEs. The study focuses on two key indicators of financial health: available treasury and unpaid invoices, both of which directly affect companies' capacity to operate and invest.
Since 2022, the average treasury position of French SMEs has steadily declined. While 2025 follows this downward trend, the pace of decline has eased significantly. On average, French SMEs held approximately €16,100 in available treasury in 2025, alongside €29,000 in unpaid invoices.
Unpaid invoices decreased by 2% compared with 2024, marking a modest but noteworthy improvement after three consecutive years of rising levels. At the same time, treasury fell by only 4% year-on-year, a much smaller decline than in previous periods (- 9% in 2024 and - 21% in 2023). Although operating with shrinking cash reserves remains a structural vulnerability for small businesses, the 2025 figures suggest a more manageable situation than in prior years.
According to the barometer, the financial outlook for French SMEs in 2025 is less alarming than previous years and points toward a phase of stabilization. However, the current financial situation remains significantly weaker than before 2022.
In the first quarter of 2022, following the post-pandemic period and prior to the war in Ukraine, French SMEs held an average of €26,000 in treasury, (nearly €10,000 more than in 2025). As for unpaid invoices, while they have begun to decline, they remain elevated at approximately €11,700 above their 2022 levels.
The combined trend of declining treasury and persistently high unpaid invoices over the past three years underscores the growing importance of proactive cash-flow management. The progressive rollout of mandatory electronic invoicing in France starting in 2026 could play a decisive role. By centralizing and automating billing processes, the reform may help reduce payment delays and improve liquidity- though it could also pose challenges for companies unprepared to adapt.
Published quarterly since 2022, Axonaut's treasury barometer aims to provide a clear and data-driven view of SME financial health. By monitoring the evolution of treasury and unpaid invoices, the barometer emphasizes the need for practical, accessible tools to help SMEs better anticipate risks and actively manage their cash-flow.
