The notes

Where the answers hide.

What they contain

Accounting policies, segment breakdowns, debt maturities, leases, pensions, contingent liabilities and related party transactions. Any of these can change the picture entirely.

Debt maturity tells you when refinancing risk arrives.
Contingent liabilities are the lawsuits and guarantees not yet on the balance sheet.

Segments

A single profit figure can hide one thriving division subsidising a failing one. Segment notes are where that becomes visible.