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answer can be different in case of each company.
Changes in the net working capital are connected with changes in the liquidity level but they are also important for the last element of the presented analysis – insolvency risk highlighted by the financial balance analysis. Changes in FC/FA ratio comparing fixed capital to fixed assets are also presented on the figure 4. In 2000-2003 there were more fixed assets than fixed capital which means that part of the fixed assets had to be financed by the short- term liabilities (net working capital was negative), so the situation was very difficult due to very high liquidity risk, lack of financial balance and quite significant insolvency risk. Since 2004 the financial balance is maintained, as long-term assets are financed by long-term sources of capital and the net working capital is positive. The analyzed companies have long- term stability with additional liquidity reserve, which guarantees health and stable fundaments of their activity.
Summarizing, the analyzed period can be divided into two parts – the first one - 2000-2003 and the second one - 2004-2009. The situation of the analyzed companies in the first period can be characterized as quite risky with significant level of financial leverage, liquidity risk and lack of financial balance. In the second period the situation has been improved – as the capital structure is safer, liquidity risk has decreased and the companies have obtained long- term stability.
5. Conclusion
Presented analysis illustrates the potential of identifying financial risk of the company by the usage of the balance sheet information. Obviously this analysis should be treated as introduction to more detailed analysis, but the main problems and threats can be identified. Received conclusion can be used as a basis for financial planning and financial risk forecasting. However, to obtain the overall picture of the company's health, other parts of the financial statements and additional information from the accounting system and outside the company together with more complex method of risk assessment should be used.
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