SERGE LAZARE: 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.
SERGE LAZARE
Largest movements
- Tangible fixed assets +€24,828
up €24,828 (+550%), from €4,516 to €29,345
of which Leasing and similar rights: +€25,802
- Cash +€6,520
up €6,520 (+43.5%), from €14,987 to €21,507
mainly Debts after one year (+€15,716) and Depreciation (+€8,027)
- Debts after one year +€15,716
new in 2025: €15,716
- Other debts +€7,482
up €7,482 (+19.8%), from €37,696 to €45,178
- Profit (loss) carried forward +€4,916
up €4,916 (+29.6%), from -€16,616 to -€11,700
- Current portion of long-term debt +€4,849
up €4,849, from €0 to €4,849
- Trade debts -€3,719
down €3,719 (-25.8%), from €14,396 to €10,677
- Gross operating margin +€7,486
up €7,486 (+91.7%), from €8,167 to €15,652
- Depreciation +€6,429
up €6,429 (+402%), from €1,598 to €8,027
- Other operating charges -€970
down €970 (-57.5%), from €1,687 to €717
- Financial charges +€865
up €865 (+85.7%), from €1,010 to €1,875
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 | €57,682 | €88,689 | +€31,007 | +53.8% |
| Fixed assets | 21/28 | €19,516 | €44,345 | +€24,828 | +127% |
| Tangible fixed assets | 22/27 | €4,516 | €29,345 | +€24,828 | +550% |
| Plant, machinery and equipment | 23 | €452 | €234 | -€218 | -48.2% |
| Furniture and vehicles | 24 | €4,065 | €3,309 | -€755 | -18.6% |
| Leasing and similar rights | 25 | - | €25,802 | +€25,802 | |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €38,165 | €44,344 | +€6,179 | +16.2% |
| Amounts receivable within one year | 40/41 | €23,178 | €22,837 | -€341 | -1.5% |
| Trade receivables | 40 | €21,147 | €22,837 | +€1,690 | +8.0% |
| Other amounts receivable | 41 | €2,031 | €0 | -€2,031 | -100% |
| Cash at bank and in hand | 54/58 | €14,987 | €21,507 | +€6,520 | +43.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €57,682 | €88,689 | +€31,007 | +53.8% |
| Equity | 10/15 | €4,990 | €9,905 | +€4,916 | +98.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €9,206 | €9,206 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,206 | €9,206 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,616 | -€11,700 | +€4,916 | +29.6% |
| Amounts payable | 17/49 | €52,692 | €78,784 | +€26,092 | +49.5% |
| Amounts payable after more than one year | 17 | - | €15,716 | +€15,716 | |
| Financial debts | 170/4 | - | €15,716 | +€15,716 | |
| Amounts payable within one year | 42/48 | €52,692 | €63,068 | +€10,376 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €4,849 | +€4,849 | |
| Trade debts | 44 | €14,396 | €10,677 | -€3,719 | -25.8% |
| Suppliers | 440/4 | €14,396 | €10,677 | -€3,719 | -25.8% |
| Taxes, remuneration and social security | 45 | €601 | €2,365 | +€1,764 | +294% |
| Taxes | 450/3 | €601 | €2,365 | +€1,764 | +294% |
| Other amounts payable | 47/48 | €37,696 | €45,178 | +€7,482 | +19.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,598 | €8,027 | +€6,429 | +402% |
| Other operating charges | 640/8 | €1,687 | €717 | -€970 | -57.5% |
| Gross operating margin | 9900 | €8,167 | €15,652 | +€7,486 | +91.7% |
| Operating profit (loss) | 9901 | €4,881 | €6,908 | +€2,027 | +41.5% |
| Financial income | 75/76B | €56 | €24 | -€32 | -56.7% |
| Recurring financial income | 75 | €56 | €24 | -€32 | -56.7% |
| Financial charges | 65/66B | €1,010 | €1,875 | +€865 | +85.7% |
| Recurring financial charges | 65 | €1,010 | €1,875 | +€865 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | €3,927 | €5,057 | +€1,130 | +28.8% |
| Income taxes | 67/77 | €65 | €141 | +€76 | +118% |
| Profit (loss) for the period | 9904 | €3,862 | €4,916 | +€1,053 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,862 | €4,916 | +€1,053 | +27.3% |
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 29 October 2026 via checked.be.