Consolidated financial statements are financial statements of a group including subsidiaries and associates presented on a cumulative basis.
Separate financial statements are financial statements presented by a parent in which the investments are accounted for at cost or in accordance with IFRS 9 Financial Instruments.
That means in consolidated accounts assets & liabilities of subsidiaries are merged with those of the parent. But in separate accounts you only show the subsidiaries/associates as only investments in the parent's accounts.