LZHAO: 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.
LZHAO
Largest movements
- Receivables within one year +€12,697
new in 2025: €12,697
of which Other amounts receivable: +€10,786
- Cash -€11,003
down €11,003 (-14.9%), from €73,685 to €62,682
mainly Other debts (-€103,266) and Receivables within one year (-€12,697)
- Other debts -€103,266
no longer reported in 2025 (was €103,266)
- Reserves +€59,323
up €59,323 (+123.8%), from €47,928 to €107,252
- Tax, wage and social debts +€27,742
up €27,742 (+105.9%), from €26,207 to €53,950
of which Taxes: +€22,555
- Trade debts +€16,207
up €16,207 (+58.6%), from €27,649 to €43,856
- Accrued charges and deferred income +€2,880
up €2,880 (+108.5%), from €2,655 to €5,534
- Gross operating margin +€36,685
up €36,685 (+33.1%), from €110,922 to €147,607
- Staff costs +€18,720
up €18,720 (+41.6%), from €44,953 to €63,673
- Taxes +€4,214
up €4,214 (+23.4%), from €17,997 to €22,210
- Financial income -€1,681
down €1,681 (-77.1%), from €2,181 to €500
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €210,706 | €213,592 | +€2,886 | +1.4% |
| Fixed assets | 21/28 | €24,449 | €25,624 | +€1,176 | +4.8% |
| Tangible fixed assets | 22/27 | €1,449 | €2,624 | +€1,176 | +81.2% |
| Plant, machinery and equipment | 23 | €1,449 | €2,624 | +€1,176 | +81.2% |
| Financial fixed assets | 28 | €23,000 | €23,000 | = | 0.0% |
| Current assets | 29/58 | €186,257 | €187,967 | +€1,710 | +0.9% |
| Stocks and contracts in progress | 3 | €112,573 | €112,588 | +€15 | 0.0% |
| Stocks | 30/36 | €112,573 | €112,588 | +€15 | 0.0% |
| Amounts receivable within one year | 40/41 | - | €12,697 | +€12,697 | |
| Trade receivables | 40 | - | €1,912 | +€1,912 | |
| Other amounts receivable | 41 | - | €10,786 | +€10,786 | |
| Cash at bank and in hand | 54/58 | €73,685 | €62,682 | -€11,003 | -14.9% |
| Total equity and liabilities | 10/49 | €210,706 | €213,592 | +€2,886 | +1.4% |
| Equity | 10/15 | €50,928 | €110,252 | +€59,323 | +116.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,928 | €107,252 | +€59,323 | +123.8% |
| Distributable reserves | 133 | €47,928 | €107,252 | +€59,323 | +123.8% |
| Amounts payable | 17/49 | €159,777 | €103,340 | -€56,437 | -35.3% |
| Amounts payable within one year | 42/48 | €157,123 | €97,806 | -€59,317 | -37.8% |
| Trade debts | 44 | €27,649 | €43,856 | +€16,207 | +58.6% |
| Suppliers | 440/4 | €27,649 | €43,856 | +€16,207 | +58.6% |
| Taxes, remuneration and social security | 45 | €26,207 | €53,950 | +€27,742 | +105.9% |
| Taxes | 450/3 | €18,267 | €40,822 | +€22,555 | +123.5% |
| Remuneration and social security | 454/9 | €7,940 | €13,127 | +€5,187 | +65.3% |
| Other amounts payable | 47/48 | €103,266 | - | -€103,266 | |
| Accrued charges and deferred income | 492/3 | €2,655 | €5,534 | +€2,880 | +108.5% |
| Remuneration, social security and pensions | 62 | €44,953 | €63,673 | +€18,720 | +41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185 | €253 | +€68 | +36.4% |
| Other operating charges | 640/8 | €1,611 | €1,718 | +€106 | +6.6% |
| Gross operating margin | 9900 | €110,922 | €147,607 | +€36,685 | +33.1% |
| Operating profit (loss) | 9901 | €64,173 | €81,964 | +€17,791 | +27.7% |
| Financial income | 75/76B | €2,181 | €500 | -€1,681 | -77.1% |
| Recurring financial income | 75 | €2,181 | €500 | -€1,681 | -77.1% |
| Financial charges | 65/66B | €428 | €930 | +€502 | +117.4% |
| Recurring financial charges | 65 | €428 | €930 | +€502 | +117.4% |
| Profit (loss) for the period before taxes | 9903 | €65,925 | €81,534 | +€15,608 | +23.7% |
| Income taxes | 67/77 | €17,997 | €22,210 | +€4,214 | +23.4% |
| Profit (loss) for the period | 9904 | €47,928 | €59,323 | +€11,395 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €47,928 | €59,323 | +€11,395 | +23.8% |
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 4 October 2026 via checked.be.