LAZARD
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 18 filings
Turnover
€12.2m▼ 67.5%
2024 · €37.4m
EBIT margin
-7.3%▼ 33.2pp
2024 · 25.8%
Net result
-€931,234
2024 · €7.1m
Working capital
€363,720▼ 88.0%
2024 · €3.0m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€12.2m
▼ 67.5%
2025
20182025
Operating result
-€891,673
2025
20182025
Net result
-€931,234
2025
lowest quarter of the sector
20182025
EBIT margin
-7.3%
▼ 33.2pp
2025
20182025
Equity
€1.7m
▼ 35.3%
2025
middle half of the sector
20182025
Total assets
€8.9m
▼ 55.4%
2025
middle half of the sector
20182025
Debt
€7.2m
▼ 58.5%
2025
20182025
Working capital
€363,720
▼ 88.0%
2025
middle half of the sector
20182025
Solvency
19.1%
▲ 5.9pp
2025
lowest quarter of the sector
20182025
Current ratio
1.05
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
-10.4%
▼ 45.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
12.1
▲ 21.0%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€9.0m-€13.8m▲ 53.4%€5.9m▼ 57.5%€13.8m▲ 134%€13.7m=€17.0m▲ 23.8%€37.4m▲ 119%€12.2m▼ 67.5%
Operating result€3.1m-€2.8m▼ 10.8%€0.8m▼ 72.0%€5.1m▲ 556%€2.7m▼ 47.7%€2.6m▼ 1.9%€9.6m▲ 267%-€0.9m
Net result€2.6m-€1.8m▼ 29.8%€0.5m▼ 71.3%€3.8m▲ 635%€1.9m▼ 48.5%€1.9m▼ 0.3%€7.1m▲ 264%-€0.9mbelow the sector's middle half
EBIT margin34.6%-20.1%▼ 14.5pp13.3%▼ 6.8pp37.3%▲ 24.0pp19.5%▼ 17.8pp15.4%▼ 4.1pp25.8%▲ 10.4pp-7.3%▼ 33.2pp
Equity€3.8m-€3.9m▲ 2.5%€4.4m▲ 13.3%€4.5m▲ 2.0%€2.9m▼ 34.6%€1.2m▼ 60.0%€2.6m▲ 125%€1.7mwithin the sector's middle half▼ 35.3%
Total assets€8.0m-€14.8m▲ 85.1%€9.5m▼ 35.8%€16.4m▲ 73.2%€12.1m▼ 26.1%€10.1m▼ 16.6%€20.1m▲ 98.5%€8.9mwithin the sector's middle half▼ 55.4%
Debt€4.2m-€10.9m▲ 160%€5.1m▼ 53.3%€11.9m▲ 135%€9.2m▼ 22.9%€8.9m▼ 2.7%€17.4m▲ 94.7%€7.2m▼ 58.5%
Working capital€3.7m-€3.8m▲ 3.1%€4.3m▲ 13.4%€4.4m▲ 2.0%€2.8m▼ 35.5%€1.4m▼ 51.2%€3.0m▲ 120%€0.4mwithin the sector's middle half▼ 88.0%
Solvency47.4%-26.3%▼ 21.2pp46.4%▲ 20.1pp27.3%▼ 19.1pp24.2%▼ 3.1pp11.6%▼ 12.6pp13.2%▲ 1.6pp19.1%below the sector's middle half▲ 5.9pp
Current ratio1.88-1.35▼ 0.531.85▲ 0.501.37▼ 0.481.31▼ 0.061.16▼ 0.151.19▲ 0.031.05within the sector's middle half▼ 0.14
Return on assets (ROA)32.1%-12.2%▼ 19.9pp5.4%▼ 6.7pp23.1%▲ 17.7pp16.1%▼ 7.0pp19.2%▲ 3.1pp35.2%▲ 16.0pp-10.4%below the sector's middle half▼ 45.6pp
Staff (FTE)11.9-11.7▼ 1.7%10.8▼ 7.7%12.1▲ 12.0%11.6▼ 4.1%11.9▲ 2.6%10▼ 16.0%12.1above the sector's middle half▲ 21.0%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €891,673, after a profit of €9.6m in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.9m
Fixed assets
€1.4m ▼ 1.2%
Current assets
€7.6m ▼ 59.4%
Equity and liabilities €8.9m
Equity
€1.7m ▼ 35.3%
Provisions
€18,412 ▼ 23.9%
Debt
€7.2m ▼ 58.5%
Debt's share of the balance-sheet total falls from 86.7% to 80.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€722,136▼
2024 · €9.7m
Cash flow
-€761,697▼
2024 · €7.1m
Debt to equity
4.22▼
2024 · 6.59
ROE
-54.5%▼
2024 · 267.8%
Interest coverage
-11.93▼
2024 · over 100
Debt ≤ 1 year
€7.2m▼
2024 · €15.7m
Income taxes
€3,292▼
2024 · €2.4m
Customer credit
108 days▲
2024 · 27 days
Staff costs
€3.5m▼
2024 · €3.5m
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 12 | 12 | 11 | 10 | 11 |
| full-time | 12 | 12 | 11 | 10 | 11 |
| in full-time equivalents | 12 | 12 | 11 | 10 | 11 |
| Average over the year, in full-time equivalents | 12.1 | 11.6 | 11.9 | 10 | 12.1 |
| On a permanent contract | 9 | 11 | 9 | 8 | 8 |
| Joined | 10 | 14 | 13 | 16 | 13 |
| Left | 9 | 14 | 15 | 17 | 12 |
| Training hours | 16 | 16 | 16 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,488 | €22,248 | - | €1.3m | €206,545 |
| Depreciation and write-downs of the year | €14,355 | €18,792 | €19,023 | €59,523 | €169,537 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €13,330 | €14,400 | €15,150 | €18,643 | €20,052 |
| Other work by the auditor | €5,000 | - | €3,000 | €3,113 | - |
| Work by persons linked to the auditor | €15,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €13.8m | €13.8m | €17.0m | €37.6m | €12.2m | ▼ 67.7% |
| Turnover70 | €9.0m | €13.8m | €5.9m | €13.8m | €13.7m | €17.0m | €37.4m | €12.2m | ▼ 67.5% |
| Other operating income74 | - | - | - | €0.007m | €0.008m | €0.004m | €0.3m | - | - |
| Operating charges60/66A | - | - | - | €8.6m | €11.1m | €14.4m | €28.0m | €13.0m | ▼ 53.4% |
| Services and other goods61 | - | - | - | €4.8m | €7.2m | €8.9m | €24.3m | €8.3m | ▼ 65.8% |
| Remuneration, social security and pensions62 | - | - | - | €3.8m | €3.6m | €3.9m | €3.5m | €3.5m | ▼ 2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.02m | €0.01m | €0.02m | €0.02m | €0.06m | €0.2m | ▲ 185% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €0.02m | -€0.006m | - |
| Other operating charges640/8 | - | - | - | - | €0.3m | €1.5m | €0.001m | €1.1m | ▲ 1,538× |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.02m | - | - |
| Operating profit (loss)9901 | €3.1m | €2.8m | €0.8m | €5.1m | €2.7m | €2.6m | €9.6m | -€0.9m | - |
| Financial income75/76B | - | - | - | €0.002m | €0.02m | €0.05m | €0.03m | €0.02m | ▼ 24.4% |
| Recurring financial income75 | €0.02m | €0.01m | €0.002m | €0.002m | €0.02m | €0.05m | €0.03m | €0.02m | ▼ 24.4% |
| Income from current assets751 | - | - | - | €0.002m | €0.02m | €0.05m | €0.03m | €0.02m | ▼ 24.4% |
| Financial charges65/66B | - | - | - | €0.03m | €0.08m | €0.05m | €0.2m | €0.06m | ▼ 66.1% |
| Recurring financial charges65 | €0.06m | €0.2m | €0.09m | €0.03m | €0.08m | €0.05m | €0.2m | €0.06m | ▼ 66.1% |
| Debt charges650 | €0.04m | €0.2m | €0.03m | €0.007m | - | - | €0.05m | - | - |
| Other financial charges652/9 | - | - | - | €0.03m | €0.08m | €0.05m | €0.1m | €0.06m | ▼ 54.7% |
| Profit (loss) for the period before taxes9903 | €3.1m | €2.6m | €0.7m | €5.1m | €2.6m | €2.6m | €9.5m | -€0.9m | - |
| Income taxes67/77 | €0.5m | €0.8m | €0.2m | €1.3m | €0.7m | €0.7m | €2.4m | €0.003m | ▼ 99.9% |
| Taxes670/3 | - | - | - | €1.3m | €0.7m | €0.7m | €2.4m | €0.003m | ▼ 99.9% |
| Profit (loss) for the period9904 | €2.6m | €1.8m | €0.5m | €3.8m | €1.9m | €1.9m | €7.1m | -€0.9m | - |
| Profit (loss) for the period to be appropriated9905 | €2.6m | €1.8m | €0.5m | €3.8m | €1.9m | €1.9m | €7.1m | -€0.9m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.0m | €14.8m | €9.5m | €16.4m | €12.1m | €10.1m | €20.1m | €8.9m | ▼ 55.4% |
| Fixed assets21/28 | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | €0.08m | €1.4m | €1.4m | ▼ 1.2% |
| Tangible fixed assets22/27 | €0.07m | €0.05m | €0.06m | €0.06m | €0.06m | €0.05m | €1.2m | €1.3m | ▲ 2.2% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.04m | €0.03m | €0.3m | €0.4m | ▲ 45.1% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.03m | €0.02m | €1.0m | €0.9m | ▼ 8.6% |
| Financial fixed assets28 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.1m | €0.09m | ▼ 33.7% |
| Other financial fixed assets284/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.1m | €0.09m | ▼ 33.7% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.1m | €0.09m | ▼ 33.7% |
| Current assets29/58 | €7.9m | €14.7m | €9.4m | €16.3m | €12.0m | €10.0m | €18.7m | €7.6m | ▼ 59.4% |
| Amounts receivable within one year40/41 | €1.2m | €4.5m | €5.8m | €9.3m | €2.5m | €3.1m | €5.4m | €5.1m | ▼ 4.4% |
| Trade receivables40 | - | - | - | €5.1m | €1.5m | €1.5m | €2.7m | €3.6m | ▲ 31.8% |
| Other amounts receivable41 | - | - | - | €4.2m | €1.0m | €1.5m | €2.6m | €1.5m | ▼ 41.8% |
| Cash at bank and in hand54/58 | €6.6m | €10.1m | €3.5m | €7.0m | €9.4m | €6.9m | €12.8m | €2.0m | ▼ 84.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.08m | €0.08m | €0.5m | €0.4m | ▼ 20.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.0m | €14.8m | €9.5m | €16.4m | €12.1m | €10.1m | €20.1m | €8.9m | ▼ 55.4% |
| Equity10/15 | €3.8m | €3.9m | €4.4m | €4.5m | €2.9m | €1.2m | €2.6m | €1.7m | ▼ 35.3% |
| Contributions10/11 | €1.0m | €1.0m | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves not available under the articles1311 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €2.7m | €2.8m | €3.3m | €3.4m | €1.8m | €0.07m | €1.5m | €0.6m | ▼ 60.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.02m | €0.02m | ▼ 23.9% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.02m | €0.02m | ▼ 23.9% |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.02m | €0.02m | ▼ 23.9% |
| Amounts payable17/49 | €4.2m | €10.9m | €5.1m | €11.9m | €9.2m | €8.9m | €17.4m | €7.2m | ▼ 58.5% |
| Amounts payable within one year42/48 | €4.2m | €10.9m | €5.1m | €11.9m | €9.2m | €8.6m | €15.7m | €7.2m | ▼ 53.9% |
| Trade debts44 | €1.8m | €7.6m | €3.5m | €6.1m | €3.8m | €3.8m | €8.2m | €6.1m | ▼ 26.2% |
| Suppliers440/4 | - | - | - | €6.1m | €3.8m | €3.8m | €8.2m | €6.1m | ▼ 26.2% |
| Taxes, remuneration and social security45 | - | - | - | €2.1m | €1.9m | €1.1m | €1.8m | €1.1m | ▼ 37.5% |
| Taxes450/3 | - | - | - | €0.5m | €0.5m | €0.05m | €0.7m | €0.07m | ▼ 89.6% |
| Remuneration and social security454/9 | - | - | - | €1.5m | €1.4m | €1.1m | €1.1m | €1.1m | ▼ 6.2% |
| Other amounts payable47/48 | - | - | - | €3.7m | €3.5m | €3.7m | €5.6m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.3m | €1.8m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.6m | €1.8m | €0.5m | €3.8m | €1.9m | €1.9m | €7.1m | -€0.9m | - |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.02m | €0.01m | €0.02m | €0.02m | €0.06m | €0.2m | ▲ 185% |
| Operating cash flow (approximation) | €2.6m | €1.8m | €0.5m | €3.8m | €2.0m | €2.0m | €7.1m | -€0.8m | - |
| Investment in fixed assets (approximation) | - | -€0.006m | -€0.02m | -€0.02m | -€0.02m | €0 | -€1.4m | -€0.2m | ▲ 88.7% |
| Change in cash | - | €3.5m | -€6.5m | €3.4m | €2.5m | -€2.5m | €5.9m | -€10.8m | - |
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, 180 companies had the same profile as LAZARD has now. Two years later, 91.1% were still going and 5.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
91.1%
was still going
2.8%
stopped otherwise
5.6%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LAZARD itself is lower: 0.5% within 12 months. It rests on far more data about LAZARD than the profile alone.
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 180 companies, not a prediction for LAZARD. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00257371 | |
| 31-12-2024 | unclassified schema | 25-04-2025 | 2025-00082973 | |
| 31-12-2023 | unclassified schema | 30-04-2024 | 2024-00080106 | |
| 31-12-2022 | unclassified schema | 15-06-2023 | 2023-00132896 | |
| 31-12-2021 | unclassified schema | 06-07-2022 | 2022-20159695 | |
| 31-12-2020 | unclassified schema | 20-04-2021 | 2021-10700311 | |
| 31-12-2019 | full format | 05-08-2020 | 2020-39200173 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-26900522 | |
| 31-12-2017 | full format | 21-06-2018 | 2018-20900093 | |
| 31-12-2016 | full format | 15-06-2017 | 2017-17800506 |