When the Narrative Kills the Balance Sheet This article shatters a tenacious myth: in 2024, having certified accounts and a profitable model is no longer enough to survive. Jérôme Denariez demonstrates that a « parallel reality » can now destroy a company faster than bankruptcy. This danger is the uncontrolled narrative. Whether it originates on a stock market forum, from a local rumor, or an unfortunate tweet by a CEO, this toxic narrative becomes a very real « liability. » The author illustrates, through concrete cases (SMEs or giants like Vivendi), how the confidence of bankers and investors shifts not based on figures, but on the story surrounding them. A rational accounting provision becomes a « major problem » as soon as the external narrative labels it as such. Modern governance must therefore no longer just audit the numbers (the Hard data) but obsessively monitor OSINT and weak signals (the Soft data). The CFO is no longer just the guardian of the accounting temple; they must become the guardian of reputation, as it is reputation that now validates financial value.