FinanceXplained
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Financial Statements & Performance Analysis
Available Online
The first upcoming dates or use "All Dates"

Dutch 12 & 13 June 2025 - Agoria Bluepoint Antwerp BE - Antwerp (Price: 1495 Euro )
Dutch 02 & 03 October 2025 - Pillows Grand Hotel Reylof BE - Ghent (Price: 1495 Euro )
Dutch 13 & 14 November 2025 - Agoria Bluepoint Antwerp BE - Antwerp (Price: 1495 Euro )
Ask us a question about this course or request In-Company information


PROGRAM OUTLINE for this 2 day course in English

Why This Course? 

A thorough understanding of the annual accounts is critical to decipher the true state of affairs, results, creditworthiness, and enterprise valuation. Gain insight into the most crucial reports in just 2 days.

The learning & outcome

1. Understand the Annual Report (Structure and Purpose)

  • Introduction to annual reports: listed (regulated) vs. non-listed (flexible).
  • Key sections: foreword/CEO review, financial statements, notes, audit report.
  • Understand GAAP vs. IFRS and their impact on reporting.
  • Identify data sources: company websites, legal websites, and stock exchange information.

2. Financial Analysis: Master Quantitative Analysis of Financial Data

  • The profit and loss statement: Revenue, costs, profitability.
  • Balance sheet: Assets, liabilities, equity.
  • Cash flow statement: Operating, investing, and financing activities.
  • Ratios: liquidity (current ratio), profitability (ROS), investors (ROE), efficiency (DSO, DPO, DIO).

3. Non-Financial: Qualitative Analysis Influencing Performance

  • Business model, strategy, and market position.
  • Risk factors: legislation, environment, operational.
  • Governance and sustainability (ESG).
  • Management perspective on growth and external insights (news, social media).

4. Conclusion and Recommendations

  • Financial Analyst: Trends, forecasts.
  • CFO/Credit Manager: Liquidity, creditworthiness (DSO, cash flow).
  • Investor/Shareholder: ROI, growth potential.
  • Supplier/Customer: Payment reliability, and stability.
  • SWOT analysis, benchmarking, and scenarios (short vs. long term).

5. Presentation and Reporting: Communicate Findings Clearly and Effectively

  • Structure reports with key figures and visuals (e.g., profit trends).
  • Tailor presentations: technical for analysts, simple for clients.

6. Case Study: Practical Learning with AI-Driven Research

  • Objective: Apply skills using AI tools.
  • Use AI for stakeholder insights and competitor comparison.
  • Develop AI-supported recommendations and predictions.

Who is it for?

  • Managers and Consultants: Seeking to develop strategic recommendations.
  • Financial Analysts: Wanting to understand trends and forecasts for investment advice.
  • CFOs and Credit Managers: Needing to manage liquidity, solvency, and credit risks.
  • Investors and Shareholders: Assessing returns and growth potential.
  • Suppliers and Customers: Looking for reliability and stability in business partners.

Learning Methodology: Residential and Online

The training is delivered through a blend of theory and concepts, combined with practical and interactive exercises and case studies. Practice-oriented learning and critical analysis are key themes in all our courses, ensuring participants can immediately apply the acquired knowledge and techniques in their workplace.

Syllabus

Day 1:

 

  Financial Statements Introduction

  • Introducing the key source of information for stakeholders of the organisation and the importance of them.
  • Learn the importance of the management commentary
  • The balance sheet: content & structure and the linkages.
  • The income statement: content & structure and the linkage with the balance sheet.
  • Cash flow statement: The importance and creation and evaluation of the cash flow statement.   
  • Evaluation of the notes on the accounts and audit report.

 

  Introduction to our Case Study

  • The case study is used throughout the 2-day presentation assessing the full complexity of an annual report. 
  • After each topic participants apply the techniques learned and put them into practice.  

 

  The Nature of Financial Statements

  • Who needs financial statements and analysis of the external stakeholders?
  • The reporting to external stakeholders

 

  The Balance Sheet

  • Learn how the balance sheet is structured.
  • Critical analysis of the items
  • Analysis of Current and Non-current Assets
  • Analysis of Tangible and Non-tangible items

 

  The Income Statement

  • Learn the structure of the income statement
  • Determine what is recorded in the income statement
  • Analyse the different levels of profit
  • Assumptions and their impact.

 

  The Cash Flow statement

  • What is cash Flow
  • What is reported in the cash flow statement
  • How is a cash flow statement organised?
  • Cash flow from operating activities
  • Cash flow from investing activities
  • Cash flow from financing activities

 

Day 2:

 

  Ratio and Performance Analysis An Introduction

  • Interpreting the figures and business trends as provided in the balance sheet, the income statement and the cash flow statement.
  • Who needs and why do we need ratios
  • Ratio historical analysis, peer and industry comparison

 

  Evaluation and analysis of profitability ratios

  • Profitability ratio's introduction
  • Return on sales (ROS) and analysis of efficiency
  • Asset utilisation ratio (AUR) and analysis of effectiveness
  • Return on capital employed (ROCE) and profitability performance assessment

 

  Liquidity and Solvency

  • Determine the sources of finance
  • Liquidity introduction
  • The use of the current ratio
  • The use of the quick ratio and difference
  • Working capital and the importance of managing working capital 
  • Solvency
  • Leverage and gearing
  • Asses the capital employed in a business

 

  Operating Efficiency

  • Learn about the cycle of production
  • Creditor days and what is acceptable 
  • Stock days and managing inventory
  • Trade receivable days and managing the number of days

 

  Investor Ratio's

  • Return on equity
  • Pay-out ratio
  • Interest cover
  • Earnings per share
  • Residual Income

 

  A critical review and conclusion on our case

  •  Advantages and limitations of ratios

 

 

All Course Dates

 
12 & 13 June 2025 - Dutch - Agoria Bluepoint Antwerp BE - Antwerp

02 & 03 October 2025 - Dutch - Pillows Grand Hotel Reylof BE - Ghent

13 & 14 November 2025 - Dutch - Agoria Bluepoint Antwerp BE - Antwerp






Participant feedback

  • Sofie, Manager at a consultancy firm: "From balance sheets to strategy, everything was clearly explained. The presentation tips make my advice more convincing. Perfect for consultants!"
  • Ahmed, CFO of a medium-sized company: "Cash flows and ratios like DSO are no longer a mystery. The AI tools assist me practically in my work. Extremely valuable for credit management!"
  • Lisa, Investor: "Financial analysis combined with growth potential and risks. In two days, I gained tools for smart investments. Exactly what I needed!"
  • Mark, Supplier in the construction sector: "Quickly learn to assess the stability and payment behaviour of clients. Both financial and operational insights are applicable. A short but powerful programme!"
  • Peter, Financial Analyst: "This training gave me insight into annual reports in just two days. The AI case study was a game-changer for competitor analysis. A real boost for my work!"

Learn the way that suits you most!



MEETING ROOM



ONLINE

1.  Small group sizes to ensure quality, debate & interaction (Max 15 People)
2.  Prime hotel locations
3.  Interact with the speakers & members
4.  Teamwork
5.  Access to our Online learning platform
6.  Use of whiteboard
7.  Share professional experience with other participants
8.  Network with participants
1.  Small group sizes to ensure quality, debate & interaction (Max 12 People)
2.  Via Zoom, Microsoft Teams or Cisco WebEx
3.  Interact with the speaker & members
4.  Virtual teamwork through breakout rooms
5.  Access to our Online learning platform
6.  Use of electronic whiteboard
7.  Share professional experience with other participants
8.  Network with participants
9.  Greater convenience at your office or home
10. Geographic flexibility - No travel needed

Course Lecturers



Maureen Whitehead-Lausman, MBA

19 years associate lecturer in Financial Strategy and Corporate Strategy for a triple accredited global business school. 20 years’ experience developing and delivering training programs for large and medium sized companies including in Germany, China, USA, Singapore, Ethiopia, South Africa, Russia and Romania. Corporate finance, value based management and finance for non-financial managers at middle and senior management level are a particular interest.  


Kris De Clercq, MBA

Kris has lectured finance to managers for more than 25 years in Europe and Eastern Europe. His teaching as an associate for a UK based global business school included “Issues in International Finance and Investments”,” Corporate Finance” and “Issues in IFRS”. His industry experience is over 20 years working for asset managers, investment banks, global custodians in the UK, Luxembourg and Belgium. He received a universities award for innovation in finance teaching and learning.  


OUR INTERNATIONAL EXPERIENCE
Not convinced yet? Register to one of our "Free Online Open Event".
If none listed, request a seminar or personal talk


Books we studied for you



International Financial Statement Analysis Workbook (CFA Institute Investment Series)
International Financial Statement Analysis Workbook (CFA Institute Investment Series)

To enhance your understanding of the tools and techniques presented in International Financial Statement Analysis, pick up the International Financial Statement Analysis Workbook. This companion study guide contains carefully constructed problems with detailed solutions as well as concise learning outcome statements and summary chapter overviews  


Financial Statements: Analysis and Reporting - Felix I. Lessambo
Financial Statements: Analysis and Reporting - Felix I. Lessambo

Through a mixture of concepts and examples, this book demystifies the variety of elements of financial accounting and uncovers the need-to-know information for certification in this field. This book covers the two aspects of financial statement analysis, namely quantitative and non-quantitative analysis. Concluding with helpful case studies, the book will appeal to students and academics of financial accounting.  


Financial statement analysis workbook - Martin S Fridson, Fernando Alvarez
Financial statement analysis workbook - Martin S Fridson, Fernando Alvarez

The companion Workbook to Financial Statement Analysis, Fourth Edition Whether you're evaluating a company's stock price, assessing its credit quality, or determining valuations for a merger or acquisition, deciphering the messages embedded within a company's financial statements is critical, especially after the recent financial crisis.  




Companies who attended our courses

 

 
AG Insurance
Allianz Benelux
Argenta NV
AXA Belgium
Baloise Insurance
Banca Monte Paschi Belgio S.A.
Bank De Groof
Banking Association (Kosovo)
Belfius Investment Partners
BNP Paribas Fortis
Bpost Bank
Buy Way
CBC Bank
Cegeka
Celio Finance SPRL
Credendo
Delen Private Bank
Delta Lloyd Life
Deutsche Bank AG
DKV Belgium
Ethias SA
Euler Hermes Services
Euroclear Bank SA/NV
Euroclear Investments
Europ Assistance
European Investment Bank - EIB (Luxembourg)
European Union - EDFIMC / ElectriFI
Flanders Investment & Trade
Gras Savoye Belgium
Incofin Investment Management
ING Bank België
KBC Bank
Mastercard
Ministry of European Integration (Kosovo)
National Bank of Belgium
NN Insurance Belgium
Petercam
Record Bank
Société Générale Private Banking
SWIFT
The Royal Bank of Scotland (RBS)
Triodos Bank
VGD International -Audit & Tax
Wolters Kluwer Financial Services
Zurich Insurance plc, Belgium branch
Vanbreda International
 
 
 
Afton Chemical SPRL
Air Liquide
Allnex Belgium SA/NV
ANL Plastics
Ansell
ARC EUROPE SA
Arcelor Mittal ( Belgium & Luxembourg)
Axalta Coating Systems 
BASF Antwerpen
BASF Belgium Coordination Center
Beaulieu International Group
Bekaert
Borealis Polymers NV
Bridgestone Europe SA
CNH Industrial Belgium NV
Cofely Fabricom
Cytec Belgium
DOMO Chemicals (Germany)
Donaldson
Dow Corning
Electrolux Appliances AB - EMA- EMEA (SEE)
Engineered Pressure Systems International
European Owens Corning Fiberglas
Fost Plus
GDF Suez
Griffith Foods
Hamon & Cie
Heraeus Electro-Nite International NV
Jacobs Belgium
KODAK SA/NV
Milliken Europe
Niko Group
NXP Semiconductors - Prodis  (Netherlands)
SOLVAY
SPX Cooling Technologies
Synventive Molding Solutions (Germany)
TERUMO EUROPE
Tessenderlo
Vinçotte International
VPK Packaging Group NV
WABCO
Yara Belgium NV
 
 
 
 
 
Antwerp World Diamond Centre
AVEVE Biochem NV
Carrefour Belgium
Delhaize Corporate Group
Godiva
IKEA 
 
Abbott Logistics B.V. (Netherlands)
AbbVie (Canada)
Agfa HealthCare NV
Alcon
Alcon-Couvreur
Amplifon
AZ Sint-Blasius
Baxter International (Austria)
Catalent Pharma Solutions
CinnaGen (Tehran)
Datwyler Pharma Packaging International
Groep OZ ESV
Hologic
Landelijke Christelijke mutualiteit (LCM)
Mutualités Libres: MLOZ
Novartis Pharma
SA Bristol- Myers Squibb Belgium NV
Stryker (Netherlands)
Terumo BCT Europe NV
UCB
Zorgbedrijf Antwerpen
 
 
 
AW Europe
Belgacom
Belgian Nuclear Research Centre (SCK-CEN)
CISCO
Corelio Printing
De Persgroep Publishing nv
EDF Luminus
Elia System Operator
Engie Electrabel NV/SA
Eni Gas & power
Fluxys Belgium
INFRABEL
Itineris NV
KEYRUS
M-Team
NRB
ORANGE
Proximus
Siemens
Telenet
 
 
Agentschap Innoveren en Ondernemen
Europees Parlement
Ministry of European Integration
National Agency for Protection of Personal Data
Nationale Loterij
SD Diensten NV (SD Worx)
SESAR Joint Undertaking
Stad Antwerpen
Stadsbestuur Harelbeke
Syntra Brussel
UGent - FBW
Vrije Universiteit Brussel (VUB)
 
 
 
Acturus sprl
ARC Europe
BDO 
BIA Africa
Bia Overseas
Brooser BE Operations 
Capgemini
Cipal Schaubroeck
Compass-Group
Computacenter
Computer Task Group
Deloitte Accountancy
Egemin International
Enhesa International
FIS (former Clear2Pay)
Interel Group
K&L Gates
Matexi NV
Minds&More
Pricewaterhouse Coopers
PwC Tax Consultants
Securex
Toreon
Vinçotte International sa
 
 
 
Alcopa
Alstom Belgium
ARC Europe 
Brussels Airport Company
De Lijn
D'Ieteren Auto
EUROCONTROL 
Gemeentelijk Havenbedrijf Antwerpen
Globachem nv
GSC Greensea Chartering 
HONDA Motor Logistics
JBT
Neovia Logistics
NMBS
PSA Antwerp nv
Retail & Wholesale
Seatrade Reefer Chartering
Thalys International
Trimble T&L
Volkswagen Group Services
Wallenius Wilhelmsen Logistics Zeebrugge NV
Westlandia
Witzenmann Benelux nv
 
 
 

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Contact our programme manager
 Kris De Clercq
- Call: +32496439400
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