Conclusion

To finance a company properly, it is essential to take into account all its needs, the permanence of which cannot be denied, even beyond fixed assets.

Even the various items in the "purchasing, manufacturing, sales, collection" operating cycle represent a "working capital requirement", which must be financed by stable capital. Working capital requirements will be covered by permanent capital, thus avoiding excessive recourse to short-term credit, which is always somewhat precarious.

The ratio of debt to equity is also a subject for reflection. I think it's important to understand how excessive indebtedness increases a company's sensitivity to economic crises, and therefore its vulnerability; it can also prevent it from taking advantage of opportunities for internal development or external growth.

Finally, the issues...