A company's cash flow, and respectively the cash flow's analysis indicates provision sources and the way of using money and money equivalents. A company can show profit in its annual financial reports, but at the same time can have problems with liquidity. The analysis of cash flow in the secircumstances is of a great importance because it can indicate problems in the business of the company. In this thesis,in order to evaluate the success of their businesses, the cash flow reports of the companies Orbico d.o.o. and Atlantic Grupa d.d. from the period between years 2012 and 2016 have been analysed. Different analyses have been presented: the analysis of report on cash flow according to types of activities, the analysis of indicators based on the cash flow reports, the analysis of free cash flow to firm and the analysis of free cash flow to equity for both companies. Taking all the changes and challenges of domestic and foreign market into consideration, and the analysed reports on cash flow as well, it is possible to project the companies' future and their financial status. For each company it is possible to conclude that they manage the cash flow properly. However, analysing the cash flow only, it is really difficult to determine precisely which company does business more successfully. In order to assess business effectiveness, it is necessary to take over all financial reports into consideration. Having done that, it is possible to determine indicators for defining which company operates more successfully.