Business failures - France - 2025-03
Published on the 9th of May 2025
At the end of March, the cumulative number of corporate bankruptcies over the last twelve months remained stable for the third consecutive month
- At the end of March 2025, the cumulative number of corporate bankruptcies over the last twelve months was 66,379 (see graph 1), almost identical to February's level (66,320, revised data 1). This observation is common to most company sizes and sectors (see tables A and B).
- On an annual basis, the increase in corporate bankruptcies (cumulative 12 months) continued their gradual slowdown (+11.8% in March, compared with +29.7% a year earlier - see graph 2).
- The number of corporate bankruptcies among intermediate-sized enterprises (ISEs) and large companies has remained constant for several months, but at a higher level than its pre-pandemic average.
- Over the same period, the corporate population is growing; according to INSEE, around 1.11 million enterprises were created at the end of March 2025 over a sliding 12-month period, up 1.7% compared with the cumulative 12 months to the end of March 2024.
To find out more: data on business start-ups are reported by the French National Institute of Statistics and Economic Studies (INSEE): Business births on the INSEE's website
A - Corporate bankruptcies by sector![]()
Bankruptcies in number of legal units, year on year change (%)
| Aggregate over previous 12 months (a) (raw data) | ||||||||
| Mean 2010-2019 | Feb. 25 | Feb. 25/Feb. 24 | Feb. 25/2010-2019 | Mar. 24 | Mar. 25 | Mar. 25/Mar. 24 | Mar. 25/2010-2019 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,359 | 1,461 | 7.0% | 7.5% | 1,366 | 1,479 | 8.3% | 8.8% |
| Industry (BE) | 4,442 | 4,264 | 6.8% | -4.0% | 4,029 | 4,245 | 5.4% | -4.4% |
| Construction (FZ) | 14,684 | 14,827 | 18.9% | 1.0% | 12,711 | 14,766 | 16.2% | 0.6% |
| Wholesale and retail trade; repair of motor vehicles and motorcycles (G) | 13,071 | 13,706 | 8.5% | 4.9% | 12,657 | 13,639 | 7.8% | 4.3% |
| Transportation and storage (H) | 1,901 | 3,001 | 23.4% | 57.9% | 2,491 | 3,007 | 20.7% | 58.2% |
| Accommodation and food service activities (I) | 7,374 | 8,743 | 8.8% | 18.6% | 8,037 | 8,828 | 9.8% | 19.7% |
| Information and communication (JZ) | 1,480 | 2,047 | 17.0% | 38.3% | 1,751 | 2,059 | 17.6% | 39.1% |
| Financial and insurance activities (KZ) | 1,150 | 1,662 | 17.3% | 44.5% | 1,439 | 1,662 | 15.5% | 44.5% |
| Real estate activities (LZ) | 1,984 | 2,572 | 21.3% | 29.6% | 2,220 | 2,540 | 14.4% | 28.0% |
| Advisory & Business support activities (MN) | 6,379 | 7,921 | 14.1% | 24.2% | 6,974 | 8,042 | 15.3% | 26.1% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,311 | 6,020 | 8.1% | 13.3% | 5,637 | 6,014 | 6.7% | 13.2% |
| All firms (b) | 59,342 | 66,320 | 12.8% | 11.8% | 59,385 | 66,379 | 11.8% | 11.9% |
Source: Banque de France - database: Fiben. Data available at the beginning of May 2025.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before and with the 2010-2019 mean.
b The line « All firms » includes legal units whose business sector is not known.
1 As a reminder, the data is revised on a monthly basis, with judgement records that may be communicated at a later date.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before and with the 2010-2019 mean.
b The line « All firms » includes legal units whose business sector is not known.
1 As a reminder, the data is revised on a monthly basis, with judgement records that may be communicated at a later date.
B - Corporate bankruptcies by firm size![]()
Bankruptcies in number of legal units, year on year change (%)
| Aggregate over previous 12 months (a) (raw data) | ||||||||
| Mean 2010-2019 | Feb. 25 | Feb. 25/Feb. 24 | Feb. 25/2010-2019 | Mar. 24 | Mar. 25 | Mar. 25/Mar. 24 | Mar. 25/2010-2019 | |
| Size | ||||||||
| SME, among them | 59,309 | 66,254 | 12.8% | 11.7% | 59,319 | 66,315 | 11.8% | 11.8% |
| Micro-enterprises and unknown firm's size | 56,055 | 60,830 | 12.6% | 8.5% | 54,583 | 60,859 | 11.5% | 8.6% |
| Very small firms | 2,011 | 3,389 | 14.0% | 68.5% | 3,028 | 3,405 | 12.5% | 69.3% |
| Small firms | 913 | 1,541 | 19.9% | 68.8% | 1,274 | 1,551 | 21.7% | 69.9% |
| Medium-size firms | 330 | 494 | 13.0% | 49.7% | 434 | 500 | 15.2% | 51.5% |
| ISE - Large Firms | 33 | 66 | 8.2% | 100.0% | 66 | 64 | -3.0% | 93.9% |
| All firms | 59,342 | 66,320 | 12.8% | 11.8% | 59,385 | 66,379 | 11.8% | 11.9% |
Source: Banque de France - database: Fiben. Data available at the beginning of May 2025.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before and with the 2010-2019 mean.
Calculation: Banque de France - Companies Directorate - Companies Observatory.
a Aggregate number of corporate bankruptcies over previous 12 months compared to the same aggregate one year before and with the 2010-2019 mean.
C - Changes in corporate bankruptcies![]()
1 - Number of bankruptcies
Cumulated over previous 12 months
From Dec. 1991 to March 2025
Cumulated over previous 12 months
From Dec. 1991 to March 2025
Note: The orange line represents the average value of the number of corporate bankruptcies over twelve months observed monthly between January 2010 and December 2019.
2 - Change in number of bankruptcies
Annual year-on-year change
From Dec. 1991 to March 2025
(in %)
Annual year-on-year change
From Dec. 1991 to March 2025
(in %)
3 - Monthly number of bankruptcies
Mean 2010-2019 and from Jan. 2020 to March 2025
Mean 2010-2019 and from Jan. 2020 to March 2025
4 - Loan amounts of bankrupt non-financial firms over loan amount of all firms - by firm size
Cumulated over previous 12 months
From Dec. 2006 to March 2025
(in %)
Cumulated over previous 12 months
From Dec. 2006 to March 2025
(in %)
Note: the sharp rise in the weighting of outstanding loans in the Very small businesses category from May 2024 is due to a legal unit, classified in this category due to its small size. For small businesses, the rise is due both to an increase in the number of bankruptcies and to an increase in the average loan outstanding. Since July 2024, it was further strengthened by the default of a small corporate with significant outstandings in this category.
Source: Banque de France - database: Fiben. Data available at the beginning of May 2025.
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EN_Stat_Info_Corporate_Bankruptcies_202503.pdf
Updated on the 7th of May 2025