Public finances are often presented through impeccably ordered tables, where sovereign debt is displayed as a percentage of gross domestic product and where budgetary trajectories appear to be under control. Yet, behind this accounting facade, another reality unfolds in the shadows: that of public enterprises, entities halfway between a strategic state and an economic actor, whose financial vulnerabilities are not always reflected in official statistics, but weigh heavily on the collective balance.

In many countries, public enterprises play a central role in energy, transportation, water, and telecommunications. Their mission often extends beyond simply seeking profitability. Administered tariffs, universal service obligations, and investments driven by political rather than economic imperatives create fertile ground for the accumulation of losses, payment arrears, and chronic cash flow problems. As long as these difficulties remain contained within these companies' balance sheets, they remain largely invisible to the general public and sometimes even to the markets.

The problem arises when these vulnerabilities cease to be theoretical. A public company that can no longer honor its debts, pay its suppliers, or invest in infrastructure maintenance rarely disappears. The state intervenes through emergency guarantees, discreet recapitalizations, or outright debt takeovers. These operations are not always recorded as public debt when the risks materialize, creating an accounting gray area. They materialize abruptly when the situation becomes untenable, revealing a systemic risk to the entire public finance system.

International institutions describe this gray area as one of the major blind spots in fiscal sustainability. The International Monetary Fund points out that contingent liabilities linked to state-owned enterprises can represent several percentage points of gross domestic product without appearing in traditional indicators. The World Bank emphasizes that the opacity of certain financial relationships between the state and its enterprises obscures the true assessment of public finances and complicates crisis prevention. This opacity also undermines international credibility, as the confidence of donors and markets depends on statistical transparency.

This hidden debt is not merely an accounting issue. It shapes political and economic choices. When a government knows it will sooner or later have to bail out a strategic company, it has less room to fund education, healthcare, or the energy transition. It also fuels a form of tacit irresponsibility, where the heads of public companies can postpone necessary adjustments by counting on implicit support from the Treasury.

Making this reality visible requires an effort toward transparency and rigor. Several countries have begun consolidating the accounts of public enterprises with those of the state, or publishing detailed reports on budgetary risks. These practices allow for better anticipation of future tensions and restore the credibility of financial policies. Above all, they serve as a reminder of an often-overlooked truth: the soundness of public finances is not measured solely by what is written in black and white in budget laws, but also by what lies hidden in the margins of balance sheets.