ECLAIR M4CP: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ECLAIR M4CP
Largest movements
- Receivables within one year -€62,120
down €62,120 (-33.6%), from €184,807 to €122,687
of which Trade receivables: -€55,658
- Deferred charges and accrued income +€15,255
up €15,255 (+170%), from €8,982 to €24,237
- Tangible fixed assets -€12,396
down €12,396 (-7.6%), from €162,959 to €150,564
of which Furniture and vehicles: -€25,471
- Cash +€12,194
up €12,194 (+10.2%), from €119,644 to €131,838
mainly Receivables within one year (+€62,120) and Depreciation (+€46,450)
- Debts after one year -€25,651
no longer reported in 2025 (was €25,651)
- Current portion of long-term debt -€12,723
down €12,723 (-33.2%), from €38,374 to €25,651
- Trade debts -€11,768
down €11,768 (-19.3%), from €60,881 to €49,113
- Gross operating margin -€14,222
down €14,222 (-4.8%), from €298,449 to €284,227
- Staff costs +€13,830
up €13,830 (+6.4%), from €217,179 to €231,009
- Taxes -€6,486
down €6,486 (-82.6%), from €7,852 to €1,366
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €476,392 | €429,326 | -€47,066 | -9.9% |
| Fixed assets | 21/28 | €162,959 | €150,564 | -€12,396 | -7.6% |
| Tangible fixed assets | 22/27 | €162,959 | €150,564 | -€12,396 | -7.6% |
| Land and buildings | 22 | €98,683 | €116,233 | +€17,550 | +17.8% |
| Plant, machinery and equipment | 23 | €11,651 | €7,176 | -€4,475 | -38.4% |
| Furniture and vehicles | 24 | €52,626 | €27,155 | -€25,471 | -48.4% |
| Current assets | 29/58 | €313,433 | €278,763 | -€34,670 | -11.1% |
| Amounts receivable within one year | 40/41 | €184,807 | €122,687 | -€62,120 | -33.6% |
| Trade receivables | 40 | €166,882 | €111,224 | -€55,658 | -33.4% |
| Other amounts receivable | 41 | €17,925 | €11,463 | -€6,462 | -36.0% |
| Cash at bank and in hand | 54/58 | €119,644 | €131,838 | +€12,194 | +10.2% |
| Deferred charges and accrued income | 490/1 | €8,982 | €24,237 | +€15,255 | +170% |
| Total equity and liabilities | 10/49 | €476,392 | €429,326 | -€47,066 | -9.9% |
| Equity | 10/15 | €348,955 | €349,283 | +€328 | +0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,614 | €61,941 | +€328 | +0.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €59,754 | €60,081 | +€328 | +0.5% |
| Profit (loss) carried forward | 14 | €281,141 | €281,141 | = | 0.0% |
| Amounts payable | 17/49 | €127,437 | €80,044 | -€47,394 | -37.2% |
| Amounts payable after more than one year | 17 | €25,651 | - | -€25,651 | |
| Financial debts | 170/4 | €25,651 | - | -€25,651 | |
| Amounts payable within one year | 42/48 | €101,787 | €80,044 | -€21,743 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €38,374 | €25,651 | -€12,723 | -33.2% |
| Trade debts | 44 | €60,881 | €49,113 | -€11,768 | -19.3% |
| Suppliers | 440/4 | €60,881 | €49,113 | -€11,768 | -19.3% |
| Taxes, remuneration and social security | 45 | €2,532 | €5,280 | +€2,748 | +109% |
| Taxes | 450/3 | €2,532 | €981 | -€1,551 | -61.2% |
| Remuneration and social security | 454/9 | - | €4,299 | +€4,299 | |
| Remuneration, social security and pensions | 62 | €217,179 | €231,009 | +€13,830 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,499 | €46,450 | +€2,951 | +6.8% |
| Other operating charges | 640/8 | €3,371 | €4,560 | +€1,189 | +35.3% |
| Gross operating margin | 9900 | €298,449 | €284,227 | -€14,222 | -4.8% |
| Operating profit (loss) | 9901 | €34,399 | €2,207 | -€32,192 | -93.6% |
| Financial income | 75/76B | €1,077 | €978 | -€99 | -9.2% |
| Recurring financial income | 75 | €1,077 | €978 | -€99 | -9.2% |
| Financial charges | 65/66B | €2,521 | €1,491 | -€1,030 | -40.9% |
| Recurring financial charges | 65 | €2,521 | €1,491 | -€1,030 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €32,955 | €1,694 | -€31,262 | -94.9% |
| Income taxes | 67/77 | €7,852 | €1,366 | -€6,486 | -82.6% |
| Profit (loss) for the period | 9904 | €25,103 | €328 | -€24,776 | -98.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,103 | €328 | -€24,776 | -98.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.