Working capital (Fleuriet)
The Fleuriet model views the balance sheet through the lens of cash: it separates what is operations, what is structure, and what is financial slack — and it anticipates the liquidity crisis (the scissor effect).
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Form fields
Situação de capital de giroTipologia de Fleuriet que classifica a estrutura de capital de giro do mês.
NCG — necessidade de capital de giroAtivo cíclico menos passivo cíclico: o caixa que a operação trava; negativo significa que a operação gera caixa.
CDG — capital de giroRecursos permanentes menos ativo não circulante: o financiamento de longo prazo disponível para o giro.
ST — saldo de tesourariaCDG menos NCG; positivo é folga financeira, negativo indica giro bancado por dívida de curto prazo.
Meses seguidos de pioraPor quantos meses consecutivos o saldo de tesouraria piorou, sinal de efeito tesoura.
Mês da sérieCompetência de cada ponto da série de NCG, CDG e ST.
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Three measures
NCG (how much the operation locks up in cash), CDG (how much the long-term structure finances working capital) and ST (the treasury slack). Together they show whether the company is financing growth in a healthy way or with risk.
Rules
NCG — Working Capital Requirement
Cyclical assets (receivables, inventory, recoverable taxes) minus cyclical liabilities (suppliers, payroll, taxes payable). Positive = the operation consumes cash; negative = the operation GENERATES cash (you receive before you pay).
CDG — Working Capital
Permanent resources (equity + non-current liabilities) minus non-current assets. It's how much of the long term is left over to fund working capital. Positive is desirable.
ST — Treasury Balance
CDG minus NCG (equivalent to financial assets minus short-term financial liabilities). Positive = slack; negative = the company funds working capital with short-term debt — a warning sign.
Typology (Braga)
The combination of CDG, NCG and ST signs classifies the situation into 6 types, from "Excellent" (Type I) to "Very poor" (Type IV). Types IV to VI have negative working capital — risk.
Scissors effect
When NCG grows faster than CDG, the ST becomes increasingly negative — the two lines drift apart like an opening pair of scissors. If it persists for months, it's an imminent risk of running out of cash even while profitable. The panel alerts automatically.
Frequently asked questions
Where the numbers come from
From the accounting balance sheet (accounts classified as cyclical, erratic or permanent). It requires the period's accounting to be done; it's a management reading until the accountant validates the balance sheet.
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