Business failures - France - 2025-11
Published on the 9th of January 2026
At the end of November, the number of corporate bankruptcies remains stable
- At the end of November 2025, the cumulative number of corporate bankruptcies over the last twelve months remained stable at 68,296 (see graph 1), a level comparable to that of September and October (respectively 68,353 and 68,282, revised data 1). This observation is common to most SME categories and sectors (see tables A and B).
- On an annual basis, the increase in corporate bankruptcies (cumulative 12 months) continued their slowdown (+4.4% in November, compared with +4.7% in October - see graph 2).
- Over the same period, the corporate population is growing; according to INSEE, more than 1.1 million enterprises were created at the end of November 2025 over a sliding 12-month period, up 3.6% compared with the cumulative 12 months to the end of November 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 | Oct. 25 | Oct. 25/Oct. 24 | Oct. 25/2010-2019 | Nov. 24 | Nov. 25 | Nov. 25/Nov. 24 | Nov. 25/2010-2019 | |
| Business sector | ||||||||
| Agriculture, forestry and fishing (AZ) | 1,359 | 1,630 | 10.3% | 19.9% | 1,462 | 1,607 | 9.9% | 18.2% |
| Industry (BE) | 4,442 | 4,414 | 4.6% | -0.6% | 4,241 | 4,405 | 3.9% | -0.8% |
| Construction (FZ) | 14,684 | 14,799 | 3.2% | 0.8% | 14,486 | 14,672 | 1.3% | -0.1% |
| Wholesale and retail trade repair of motor vehicles and motorcycles (G) | 13,071 | 13,662 | -1.0% | 4.5% | 13,735 | 13,724 | -0.1% | 5.0% |
| Transportation and storage (H) | 1,901 | 3,160 | 7.4% | 66.2% | 2,959 | 3,157 | 6.7% | 66.1% |
| Accommodation and food service activities (I) | 7,374 | 9,164 | 7.2% | 24.3% | 8,494 | 9,250 | 8.9% | 25.4% |
| Information and communication (JZ) | 1,480 | 2,085 | 6.8% | 40.9% | 1,954 | 2,100 | 7.5% | 41.9% |
| Financial and insurance activities (KZ) | 1,150 | 1,639 | -1.0% | 42.5% | 1,680 | 1,624 | -3.3% | 41.2% |
| Real estate activities (LZ) | 1,984 | 2,549 | -0.8% | 28.5% | 2,573 | 2,554 | -0.7% | 28.7% |
| Advisory & Business support activities (MN) | 6,379 | 8,426 | 8.7% | 32.1% | 7,808 | 8,442 | 8.1% | 32.3% |
| Education, human health and social work services, Arts, entertainment and recreation, Other service activities (P to S) | 5,311 | 6,634 | 13.1% | 24.9% | 5,931 | 6,630 | 11.8% | 24.8% |
| All firms (b) | 59,342 | 68,282 | 4.7% | 15.1% | 65,415 | 68,296 | 4.4% | 15.1% |
Source: Banque de France - database: Fiben. Data available at the beginning of January 2026.
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 August 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 August 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 | Oct. 25 | Oct. 25/Oct. 24 | Oct. 25/2010-2019 | Nov. 24 | Nov. 25 | Nov. 25/Nov. 24 | Nov. 25/2010-2019 | |
| Size | ||||||||
| SME, among them | 59,309 | 68,230 | 4.7% | 15.0% | 65,356 | 68,240 | 4.4% | 15.1% |
| Micro-enterprises and unknown firm's size | 56,058 | 62,812 | 4.3% | 12.0% | 60,414 | 62,796 | 3.9% | 12.0% |
| Very small firms | 2,012 | 3,432 | 12.6% | 70.6% | 3,065 | 3,436 | 12.1% | 70.8% |
| Small firms | 910 | 1,464 | 2.9% | 60.9% | 1,420 | 1,477 | 4.0% | 62.3% |
| Medium-size firms | 329 | 522 | 13.0% | 58.7% | 457 | 531 | 16.2% | 61.4% |
| ISE - Large Firms | 33 | 52 | -16.1% | 57.6% | 59 | 56 | -5.1% | 69.7% |
| All firms | 59,342 | 68,282 | 4.7% | 15.1% | 65,415 | 68,296 | 4.4% | 15.1% |
Source: Banque de France - database: Fiben. Data available at the beginning of January 2026.
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 November 2025
Cumulated over previous 12 months
From Dec. 1991 to November 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 November 2025
(in %)
Annual year-on-year change
From Dec. 1991 to November 2025
(in %)
3 - Monthly number of bankruptcies
Mean 2010-2019 and from Jan. 2020 to November 2025
Mean 2010-2019 and from Jan. 2020 to November 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 November 2025
(in %)
Cumulated over previous 12 months
From Dec. 2006 to November 2025
(in %)
Note: the sharp rise in the weighting of outstanding loans in the Very small businesses category between April 2024 and March 2025 reversed in April 2025 due to the removal of a legal unit bankrupted in April 2024, and classified in this category due to a low number of employees. For small businesses, the rise the increase observed since the beginning of 2022 is due both to an increase in the number of bankruptcies and to an increase in the average loan outstanding
Source: Banque de France - database: Fiben. Data available at the beginning of January 2026.
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EN_Stat_Info_Corporate_Bankruptcies_202511.pdf
Updated on the 8th of January 2026