0 1 2

chiffre d'affaires 120,000 140,000

charges variables 2,000

marge sur couts variables 120,000 138,000

charges fixes 65,000 93,000
dotations aux amortissements 37,500 37,500

resultats courant avant impots 17,500 7,500

Impot BIC 4,375 1,875

resultat net 13,125 5,625

dotations aux amortissements 37,500 37,500

CAFG 50,625 43,125

valeur residuelle de l'investissement
Récuperation BFR
Total encaissement 50,625 43,125

Montant de l'investissement 200,000

Variation BFR 12,000 - -

Total decaissement 212,000 - -

Flux nets de tresorerie - 212,000 50,625 43,125
Flux nets de tresorerie actualisés 45,201 38,504

Van 12,205 €
69,920
 3 4

200,000 180,000
1,800

200,000 178,200
125,000 98,200
37,500 37,500

37,500 42,500
9,375 10,625

28,125 31,875
37,500 37,500

65,625 69,375
75,000
12,000
65,625 156,375

- -

- -
65,625 156,375
58,594 139,621 281,920
CALCUL DE LA CAF Année 1 Année 2 Année 3 Année 4
CAHT 120,000 140,000 200,000 180,000
-Charges decaissables annuelles 65,000 95,000 125,000 100,000
- Frais de reparation - 2,000 - 1,800
- Dot aux Amort. sur 5 ans 150,000 37,500 37,500 37,500 37,500
RCAI 17,500 5,500 37,500 40,700
- IS 0 4,375 1,375 9,375 10,175
RN 13,125 4,125 28,125 30,525
+ Dot aux Amort. 37,500 37,500 37,500 37,500
CAF 50,625 41,625 65,625 68,025

CALCUL DU BFR Année 0 Année 1 Année 2 Année 3 Année 4

CAHT - 120,000 140,000 200,000 180,000
BFR - 12,000 12,000 12,000 12,000
Δ BFR 12,000 - - -
Récup. BFR 12,000

TABLEAU DES FNT

EMPLOIS
Investissement 200,000
Δ BFR 12,000 - - - -
Total emplois 212,000

RESSOURCES
CAF 50,625 41,625 65,625 68,025
Emprunt - - - - -
Valeur résiduelle investissement 75,000
Récup. BFR 12,000
Total ressources - 50,625 41,625 65,625 155,025
FNT - 212,000 50,625 41,625 65,625 155,025

12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025

FNT - 212,000 50,625 41,625 65,625 155,025
FNT actualisés 45,201 33,183 46,711 98,521
Total 223,616
FNT actualisés Cumulés - 212,000 - 166,799 - 133,616 - 86,905 11,616

Van 11,616
TRI 14%
(t-3)/(4-3)=((0-(-86905))/((11616-(-86905))=86905/98521
DRCI
t= 3+(86905/98521)=3+0,882=3+(88,2% * 360)=3+(317) = 3 ans 10 mois 17 jours
IP 1.055
 0 1 2 3 4
CA 120,000 140,000 200,000 180,000
BFR 12,000 12,000 12,000 12,000
Variation BFR 12,000 - - -
Recuperation du BFR 12,000