LAZARD: what changed
Two fiscal 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.
What changed
LAZARD
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€931,234
2024 · €7.1m-€8.0m
Equity
€1.7m
2024 · €2.6m-€931,234
Cash
€2.0m
2024 · €12.8m-€10.8m
Balance sheet total
€8.9m
2024 · €20.1m-€11.1m
Largest movements
Assets
- Cash -€10.8m
down €10.8m (-84.2%), from €12.8m to €2.0m
mainly Other debts (-€5.6m) and Trade debts (-€2.2m)
- Receivables within one year -€237,219
down €237,219 (-4.4%), from €5.4m to €5.1m
of which Other amounts receivable: -€1.1m
Equity and liabilities
- Other debts -€5.6m
no longer reported in 2025 (was €5.6m)
- Trade debts -€2.2m
down €2.2m (-26.2%), from €8.2m to €6.1m
- Accrued charges and deferred income -€1.8m
no longer reported in 2025 (was €1.8m)
- Profit (loss) carried forward -€931,234
down €931,234 (-60.5%), from €1.5m to €608,353
- Tax, wage and social debts -€680,012
down €680,012 (-37.5%), from €1.8m to €1.1m
of which Taxes: -€609,162
Income statement
- Turnover -€25.2m
down €25.2m (-67.5%), from €37.4m to €12.2m
- Services and other goods -€16.0m
down €16.0m (-65.8%), from €24.3m to €8.3m
- Taxes -€2.4m
down €2.4m (-99.9%), from €2.4m to €3,292
- Other operating charges +€1.1m
up €1.1m (+153746.8%), from €709 to €1.1m
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.
Result 2024
€7.1m
Turnover
-€25.2m
Other operating income
-€286,850
Services and other goods
+€16.0m
Staff costs
+€71,804
Depreciation
-€110,015
Provisions
+€29,962
Other operating charges
-€1.1m
Other operating items
+€20,575
Financial income
-€7,843
Financial charges
+€118,204
Taxes
+€2.4m
Result 2025
-€931,234
Cash bridge derived
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.
From operations
-€10.6m
Investment
-€153,603
Financing
€0
Cash 2024
€12.8m
From operations (derived)
-€10.6m
Net result for the year
-€931,234
Depreciation
+€169,537
Receivables within one year
+€237,219
Deferred charges and accrued income
+€113,663
Provisions
-€5,775
Trade debts
-€2.2m
Tax, wage and social debts
-€680,012
Other debts
-€5.6m
Accrued charges and deferred income
-€1.8m
Investment (derived)
-€153,603
Investment in fixed assets (net)
-€153,603
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,066,547 | €8,944,238 | -€11.1m | -55.4% |
| Fixed assets | 21/28 | €1,378,978 | €1,363,044 | -€15,934 | -1.2% |
| Tangible fixed assets | 22/27 | €1,249,183 | €1,277,011 | +€27,828 | +2.2% |
| Furniture and vehicles | 24 | €251,121 | €364,284 | +€113,164 | +45.1% |
| Other tangible fixed assets | 26 | €998,062 | €912,727 | -€85,336 | -8.6% |
| Financial fixed assets | 28 | €129,795 | €86,033 | -€43,762 | -33.7% |
| Other financial fixed assets | 284/8 | €129,795 | €86,033 | -€43,762 | -33.7% |
| Amounts receivable and cash guarantees | 285/8 | €129,795 | €86,033 | -€43,762 | -33.7% |
| Current assets | 29/58 | €18,687,569 | €7,581,193 | -€11.1m | -59.4% |
| Amounts receivable within one year | 40/41 | €5,361,771 | €5,124,551 | -€237,219 | -4.4% |
| Trade receivables | 40 | €2,722,333 | €3,587,285 | +€864,952 | +31.8% |
| Other amounts receivable | 41 | €2,639,438 | €1,537,266 | -€1.1m | -41.8% |
| Cash at bank and in hand | 54/58 | €12,776,537 | €2,021,045 | -€10.8m | -84.2% |
| Deferred charges and accrued income | 490/1 | €549,261 | €435,597 | -€113,663 | -20.7% |
| Total equity and liabilities | 10/49 | €20,066,547 | €8,944,238 | -€11.1m | -55.4% |
| Equity | 10/15 | €2,639,587 | €1,708,353 | -€931,234 | -35.3% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,539,587 | €608,353 | -€931,234 | -60.5% |
| Provisions and deferred taxes | 16 | €24,187 | €18,412 | -€5,775 | -23.9% |
| Provisions for liabilities and charges | 160/5 | €24,187 | €18,412 | -€5,775 | -23.9% |
| Other liabilities and charges | 164/5 | €24,187 | €18,412 | -€5,775 | -23.9% |
| Amounts payable | 17/49 | €17,402,773 | €7,217,473 | -€10.2m | -58.5% |
| Amounts payable within one year | 42/48 | €15,652,773 | €7,217,473 | -€8.4m | -53.9% |
| Trade debts | 44 | €8,238,386 | €6,083,098 | -€2.2m | -26.2% |
| Suppliers | 440/4 | €8,238,386 | €6,083,098 | -€2.2m | -26.2% |
| Taxes, remuneration and social security | 45 | €1,814,387 | €1,134,375 | -€680,012 | -37.5% |
| Taxes | 450/3 | €679,646 | €70,484 | -€609,162 | -89.6% |
| Remuneration and social security | 454/9 | €1,134,741 | €1,063,891 | -€70,850 | -6.2% |
| Other amounts payable | 47/48 | €5,600,000 | - | -€5.6m | |
| Accrued charges and deferred income | 492/3 | €1,750,000 | - | -€1.8m | |
| Operating income | 70/76A | €37,640,521 | €12,150,269 | -€25.5m | -67.7% |
| Turnover | 70 | €37,353,671 | €12,150,269 | -€25.2m | -67.5% |
| Other operating income | 74 | €286,850 | - | -€286,850 | |
| Operating charges | 60/66A | €27,995,943 | €13,041,942 | -€15.0m | -53.4% |
| Services and other goods | 61 | €24,345,407 | €8,314,237 | -€16.0m | -65.8% |
| Remuneration, social security and pensions | 62 | €3,545,542 | €3,473,738 | -€71,804 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,523 | €169,537 | +€110,015 | +184.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €24,187 | -€5,775 | -€29,962 | |
| Other operating charges | 640/8 | €709 | €1,090,205 | +€1.1m | +153746.8% |
| Non-recurring operating charges | 66A | €20,575 | - | -€20,575 | |
| Operating profit (loss) | 9901 | €9,644,578 | -€891,673 | -€10.5m | |
| Financial income | 75/76B | €32,087 | €24,244 | -€7,843 | -24.4% |
| Recurring financial income | 75 | €32,087 | €24,244 | -€7,843 | -24.4% |
| Income from current assets | 751 | €32,087 | €24,244 | -€7,843 | -24.4% |
| Financial charges | 65/66B | €178,719 | €60,514 | -€118,204 | -66.1% |
| Recurring financial charges | 65 | €178,719 | €60,514 | -€118,204 | -66.1% |
| Debt charges | 650 | €45,199 | - | -€45,199 | |
| Other financial charges | 652/9 | €133,520 | €60,514 | -€73,006 | -54.7% |
| Profit (loss) for the period before taxes | 9903 | €9,497,946 | -€927,943 | -€10.4m | |
| Income taxes | 67/77 | €2,430,082 | €3,292 | -€2.4m | -99.9% |
| Taxes | 670/3 | €2,430,082 | €3,292 | -€2.4m | -99.9% |
| Profit (loss) for the period | 9904 | €7,067,864 | -€931,234 | -€8.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €7,067,864 | -€931,234 | -€8.0m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.