This working paper is a revised and extended version of a paper presented at the 29th European Small Business Seminar on the subject “Best Practices and Innovations in SME Financing”. The seminar took place in Lisbon, Portugal, 15-17 September 1999. The time-span for the analysis of the financial structure and profitability in manufacturing and knowledge-based enterprises has been extended from 1995 to 1997 to 1995 to 1998. The paper also contains a more detailed analysis of the current liabilities in respect of these two types of enterprises, and an in-depth examination of the financing of small and medium-sized enterprises (SMEs).
