LES ECLAIREURS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-06-2026 PDF all 19 filings
Turnover
€1,350▼ 21.6%
2018 · €1,721
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€11,514
2024 · €39,192
Working capital
€209,436▼ 2.6%
2024 · €214,987
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€11,892
2025
20182025
Net result
-€11,514
2025
middle half of the sector
20182025
Equity
€498,924
▲ 14.1%
2025
middle half of the sector
20182025
Total assets
€772,647
▲ 1.8%
2025
lowest quarter of the sector
20182025
Debt
€273,724
▼ 14.9%
2025
20182025
Working capital
€209,436
▼ 2.6%
2025
middle half of the sector
20182025
Solvency
64.6%
▲ 7.0pp
2025
middle half of the sector
20182025
Current ratio
1.77
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.5%
▼ 6.7pp
2025
middle half of the sector
20182025
Staff (FTE)
12.1
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1,721-€1,350▼ 21.6%
Operating result€20,556--€30,933€15,250€92,619▲ 507%-€4,857€1,026€38,976▲ 38×-€11,892
Net result€32,327--€194€14,986within the sector's middle half€92,403within the sector's middle half▲ 517%-€5,174within the sector's middle half€936within the sector's middle half€39,192within the sector's middle half▲ 42×-€11,514within the sector's middle half
Equity€351,313-€392,315▲ 11.7%€444,899within the sector's middle half▲ 13.4%€508,111within the sector's middle half▲ 14.2%€467,670within the sector's middle half▼ 8.0%€433,340within the sector's middle half▼ 7.3%€437,266within the sector's middle half▲ 0.9%€498,924within the sector's middle half▲ 14.1%
Total assets€480,419-€523,623▲ 9.0%€588,381below the sector's middle half▲ 12.4%€667,941below the sector's middle half▲ 13.5%€706,305below the sector's middle half▲ 5.7%€712,225below the sector's middle half▲ 0.8%€759,056below the sector's middle half▲ 6.6%€772,647below the sector's middle half▲ 1.8%
Debt€129,106-€131,308▲ 1.7%€143,481▲ 9.3%€159,830▲ 11.4%€238,634▲ 49.3%€278,885▲ 16.9%€321,790▲ 15.4%€273,724▼ 14.9%
Working capital€263,580-€192,586▼ 26.9%€222,795within the sector's middle half▲ 15.7%€228,062within the sector's middle half▲ 2.4%€300,668within the sector's middle half▲ 31.8%€311,195within the sector's middle half▲ 3.5%€214,987within the sector's middle half▼ 30.9%€209,436within the sector's middle half▼ 2.6%
Solvency73.1%-74.9%▲ 1.8pp75.6%above the sector's middle half▲ 0.7pp76.1%above the sector's middle half▲ 0.5pp66.2%above the sector's middle half▼ 9.9pp60.8%above the sector's middle half▼ 5.4pp57.6%within the sector's middle half▼ 3.2pp64.6%within the sector's middle half▲ 7.0pp
Current ratio3.05-2.96▼ 0.093.29above the sector's middle half▲ 0.322.43above the sector's middle half▼ 0.852.95above the sector's middle half▲ 0.522.70above the sector's middle half▼ 0.251.67within the sector's middle half▼ 1.031.77within the sector's middle half▲ 0.10
Return on assets (ROA)6.7%-0.0%▼ 6.8pp2.5%within the sector's middle half▲ 2.6pp13.8%above the sector's middle half▲ 11.3pp-0.7%within the sector's middle half▼ 14.6pp0.1%within the sector's middle half▲ 0.9pp5.2%within the sector's middle half▲ 5.0pp-1.5%within the sector's middle half▼ 6.7pp
Staff (FTE)11-10.2▼ 7.3%10.9below the sector's middle half▲ 6.9%11below the sector's middle half▲ 0.9%10.8below the sector's middle half▼ 1.8%12.1below the sector's middle half▲ 12.0%12.1below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Residential care activities (NACE 87). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €11,892, after a profit of €38,976 in 2024. It is the lowest result since 2019.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €772,647
Fixed assets
€289,678 ▲ 29.9%
Current assets
€482,970 ▼ 9.9%
Equity and liabilities €772,647
Equity
€498,924 ▲ 14.1%
Debt
€273,724 ▼ 14.9%
Debt's share of the balance-sheet total falls from 42.4% to 35.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,033▼
2024 · €89,443
Cash flow
€41,411▼
2024 · €89,659
Debt to equity
0.55▼
2024 · 0.74
ROE
-2.3%▼
2024 · 9.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€273,534▼
2024 · €321,145
Supplier credit
30 days▲
2024 · 7 days
Staff costs
€1.0m▲
2024 · €946,835
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 12 | 13 | 15 | 14 |
| full-time | 6 | 7 | 9 | 7 |
| part-time | 6 | 6 | 6 | 7 |
| in full-time equivalents | 10.5 | 11.5 | 13.7 | 12.2 |
| Average over the year, in full-time equivalents | 11 | 10.8 | 12.1 | 12.1 |
| On a permanent contract | 11 | 11 | 13 | 12 |
| Joined | 3 | 1 | 6 | 3 |
| Left | 4 | 0 | 4 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €53,095 | €8,385 | €7,889 | €55,536 | €119,679 |
| Depreciation and write-downs of the year | €40,264 | €37,842 | €41,503 | €50,467 | €52,925 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Wallonia-Brussels Federation
2021 to 2025 · 55 entries · €2.8m in total| Year | Entries | Paid |
|---|---|---|
| 2025 | 34 | €1.0m |
| 2024 | 5 | €0.01m |
| 2023 | 11 | €0.9m |
| 2022 | 2 | €0.8m |
| 2021 | 3 | €0.02m |
Budget allocations
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.002m | €0.001m | - | - | - | - | - | - | - |
| Membership fees, donations, legacies and grants73 | - | - | - | €0.9m | €1.0m | €1.0m | €1.2m | €1.3m | ▲ 2.8% |
| Non-recurring operating income76A | - | - | - | €0.07m | €0.01m | €0.008m | €0.01m | €0.002m | ▼ 87.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.1% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.7m | €0.8m | €0.9m | €1.0m | ▲ 7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | €0.05m | €0.05m | ▲ 4.9% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.02m | €0.003m | €0.003m | €0.003m | ▲ 1.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.001m | €0.001m | ▼ 6.0% |
| Gross operating margin9900 | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | ▲ 2.4% |
| Operating profit (loss)9901 | €0.02m | -€0.03m | €0.02m | €0.09m | -€0.005m | €0.001m | €0.04m | -€0.01m | - |
| Financial income75/76B | - | - | - | €9 | €0 | €110 | €442 | €0.001m | ▲ 102% |
| Recurring financial income75 | €0.01m | €0.03m | €4 | €9 | €0 | €110 | €442 | €0.001m | ▲ 102% |
| Financial charges65/66B | - | - | - | €226 | €318 | €199 | €226 | €0.001m | ▲ 129% |
| Recurring financial charges65 | €172 | €350 | €269 | €226 | €318 | €199 | €182 | €404 | ▲ 123% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €44 | €112 | ▲ 154% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.001m | €0.01m | €0.09m | -€0.005m | €0.001m | €0.04m | -€0.01m | - |
| Profit (loss) for the period9904 | €0.03m | -€194 | €0.01m | €0.09m | -€0.005m | €0.001m | €0.04m | -€0.01m | - |
| Profit (loss) for the period to be appropriated9905 | €0.03m | -€194 | €0.01m | €0.09m | -€0.005m | €0.001m | €0.04m | -€0.01m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €480,419 | €523,623 | €588,381 | €667,941 | €706,305 | €712,225 | €759,056 | €772,647 | ▲ 1.8% |
| Fixed assets21/28 | €88,190 | €232,844 | €268,096 | €280,927 | €251,469 | €217,855 | €222,924 | €289,678 | ▲ 29.9% |
| Tangible fixed assets22/27 | €88,175 | €232,829 | €268,081 | €280,912 | €251,454 | €217,840 | €222,909 | €289,663 | ▲ 29.9% |
| Plant, machinery and equipment23 | - | - | - | €596 | €352 | €85 | €5 | - | - |
| Furniture and vehicles24 | - | - | - | €424 | €36 | - | €30,182 | €22,637 | ▼ 25.0% |
| Other tangible fixed assets26 | - | - | - | €279,892 | €251,067 | €217,755 | €192,721 | €267,026 | ▲ 38.6% |
| Financial fixed assets28 | €15 | €15 | €15 | €15 | €15 | €15 | €15 | €15 | = |
| Current assets29/58 | €392,230 | €290,780 | €320,285 | €387,014 | €454,836 | €494,371 | €536,132 | €482,970 | ▼ 9.9% |
| Amounts receivable within one year40/41 | €160,447 | €89,971 | €53,343 | €158,916 | €180,028 | €200,836 | €165,950 | €204,251 | ▲ 23.1% |
| Other amounts receivable41 | - | - | - | €158,916 | €180,028 | €200,836 | €165,950 | €204,251 | ▲ 23.1% |
| Current investments50/53 | €540 | €540 | €545 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €227,637 | €193,977 | €263,803 | €225,863 | €273,192 | €291,784 | €365,459 | €275,482 | ▼ 24.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,235 | €1,616 | €1,750 | €4,724 | €3,237 | ▼ 31.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €480,419 | €523,623 | €588,381 | €667,941 | €706,305 | €712,225 | €759,056 | €772,647 | ▲ 1.8% |
| Equity10/15 | €351,313 | €392,315 | €444,899 | €508,111 | €467,670 | €433,340 | €437,266 | €498,924 | ▲ 14.1% |
| Contributions10/11 | - | - | - | - | €79,759 | €79,759 | €79,759 | €79,759 | = |
| Capital10 | - | - | - | - | €79,759 | €79,759 | €79,759 | €79,759 | = |
| Profit (loss) carried forward14 | €73,435 | €73,241 | €88,227 | €180,630 | €175,456 | €176,392 | €215,584 | €204,070 | ▼ 5.3% |
| Investment grants15 | - | - | - | €247,722 | €212,456 | €177,189 | €141,923 | €215,095 | ▲ 51.6% |
| Amounts payable17/49 | €129,106 | €131,308 | €143,481 | €159,830 | €238,634 | €278,885 | €321,790 | €273,724 | ▼ 14.9% |
| Amounts payable within one year42/48 | €128,650 | €98,193 | €97,490 | €158,952 | €154,168 | €183,175 | €321,145 | €273,534 | ▼ 14.8% |
| Trade debts44 | €6,327 | €2,955 | €10,674 | €6,786 | €5,657 | €3,612 | €4,123 | €17,485 | ▲ 324% |
| Suppliers440/4 | - | - | - | €6,786 | €5,657 | €3,612 | €4,123 | €17,485 | ▲ 324% |
| Taxes, remuneration and social security45 | - | - | - | €123,875 | €115,677 | €146,729 | €206,598 | €145,625 | ▼ 29.5% |
| Taxes450/3 | - | - | - | €22,326 | €9,136 | €19,338 | €35,085 | €10,704 | ▼ 69.5% |
| Remuneration and social security454/9 | - | - | - | €101,549 | €106,541 | €127,391 | €171,514 | €134,922 | ▼ 21.3% |
| Accrued charges and deferred income492/3 | - | - | - | €877 | €84,467 | €95,710 | €645 | €190 | ▼ 70.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,327 | -€194 | €14,986 | €92,403 | -€5,174 | €936 | €39,192 | -€11,514 | - |
| + Depreciation and write-downs630 | €16,014 | €33,236 | €40,008 | €40,264 | €37,842 | €41,503 | €50,467 | €52,925 | ▲ 4.9% |
| Operating cash flow (approximation) | €48,341 | €33,042 | €54,993 | €132,667 | €32,668 | €42,439 | €89,659 | €41,411 | ▼ 53.8% |
| Investment in fixed assets (approximation) | - | -€177,890 | -€75,260 | -€53,095 | -€8,385 | -€7,889 | -€55,536 | -€119,679 | ▼ 115% |
| Change in cash | - | -€33,660 | €69,826 | -€37,940 | €47,328 | €18,593 | €73,675 | -€89,977 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 8,617 companies had the same profile as LES ECLAIREURS has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LES ECLAIREURS itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 8,617 companies, not a prediction for LES ECLAIREURS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00159242 | |
| 31-12-2024 | full format | 13-06-2025 | 2025-00149883 | |
| 31-12-2023 | full format | 05-06-2024 | 2024-00117273 | |
| 31-12-2022 | full format | 12-06-2023 | 2023-00132177 | |
| 31-12-2021 | full format | 20-05-2022 | 2022-20032336 | |
| 31-12-2020 | full format | 10-05-2021 | 2021-13900438 | |
| 31-12-2019 | full format | 10-07-2020 | 2020-29400123 | |
| 31-12-2018 | full format | 21-06-2019 | 2019-21700444 | |
| 31-12-2017 | full format | 31-05-2018 | 2018-16200327 | |
| 31-12-2016 | full format | 13-06-2017 | 2017-17000153 |