Lazarus: 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.
Lazarus
Largest movements
- Tangible fixed assets +€684,631
up €684,631 (+667%), from €102,601 to €787,232
of which Land and buildings: +€716,150
- Receivables within one year +€264,370
up €264,370 (+173%), from €152,994 to €417,363
of which Trade receivables: +€247,156
- Cash -€162,717
down €162,717 (-18.4%), from €883,972 to €721,255
mainly Investment in fixed assets (net) (-€823,856) and Receivables within one year (-€264,370)
- Debts after one year +€794,086
new in 2025: €794,086
- Profit (loss) carried forward +€315,165
up €315,165 (+73.4%), from €429,533 to €744,698
- Reserves -€181,943
down €181,943 (-33.8%), from €538,197 to €356,254
- Other debts -€79,697
down €79,697 (-90.0%), from €88,523 to €8,826
- Tax, wage and social debts -€61,325
down €61,325 (-99.8%), from €61,477 to €152
- Depreciation +€102,380
up €102,380 (+278%), from €36,846 to €139,226
- Gross operating margin -€64,072
down €64,072 (-10.1%), from €636,565 to €572,493
- Taxes -€39,009
down €39,009 (-28.1%), from €138,577 to €99,568
- Other operating charges -€10,870
down €10,870 (-95.1%), from €11,425 to €555
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 | €1,142,718 | €1,928,752 | +€786,034 | +68.8% |
| Fixed assets | 21/28 | €102,601 | €787,232 | +€684,631 | +667% |
| Tangible fixed assets | 22/27 | €102,601 | €787,232 | +€684,631 | +667% |
| Land and buildings | 22 | €44,961 | €761,111 | +€716,150 | +1,593% |
| Plant, machinery and equipment | 23 | €9,709 | €8,600 | -€1,109 | -11.4% |
| Furniture and vehicles | 24 | €47,932 | €17,521 | -€30,410 | -63.4% |
| Current assets | 29/58 | €1,040,116 | €1,141,520 | +€101,403 | +9.7% |
| Amounts receivable within one year | 40/41 | €152,994 | €417,363 | +€264,370 | +173% |
| Trade receivables | 40 | €152,994 | €400,149 | +€247,156 | +162% |
| Other amounts receivable | 41 | - | €17,214 | +€17,214 | |
| Cash at bank and in hand | 54/58 | €883,972 | €721,255 | -€162,717 | -18.4% |
| Deferred charges and accrued income | 490/1 | €3,150 | €2,902 | -€249 | -7.9% |
| Total equity and liabilities | 10/49 | €1,142,718 | €1,928,752 | +€786,034 | +68.8% |
| Equity | 10/15 | €986,280 | €1,119,503 | +€133,222 | +13.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €538,197 | €356,254 | -€181,943 | -33.8% |
| Distributable reserves | 133 | €538,197 | €356,254 | -€181,943 | -33.8% |
| Profit (loss) carried forward | 14 | €429,533 | €744,698 | +€315,165 | +73.4% |
| Amounts payable | 17/49 | €156,438 | €809,249 | +€652,812 | +417% |
| Amounts payable after more than one year | 17 | - | €794,086 | +€794,086 | |
| Financial debts | 170/4 | - | €794,086 | +€794,086 | |
| Amounts payable within one year | 42/48 | €156,147 | €12,122 | -€144,025 | -92.2% |
| Trade debts | 44 | €6,147 | €3,144 | -€3,003 | -48.9% |
| Suppliers | 440/4 | €6,147 | €3,144 | -€3,003 | -48.9% |
| Taxes, remuneration and social security | 45 | €61,477 | €152 | -€61,325 | -99.8% |
| Taxes | 450/3 | €61,477 | €152 | -€61,325 | -99.8% |
| Other amounts payable | 47/48 | €88,523 | €8,826 | -€79,697 | -90.0% |
| Accrued charges and deferred income | 492/3 | €291 | €3,041 | +€2,750 | +945% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,846 | €139,226 | +€102,380 | +278% |
| Other operating charges | 640/8 | €11,425 | €555 | -€10,870 | -95.1% |
| Gross operating margin | 9900 | €636,565 | €572,493 | -€64,072 | -10.1% |
| Operating profit (loss) | 9901 | €588,294 | €432,712 | -€155,581 | -26.4% |
| Financial income | 75/76B | €5,101 | €5,956 | +€855 | +16.8% |
| Recurring financial income | 75 | €5,101 | €5,956 | +€855 | +16.8% |
| Financial charges | 65/66B | €25,285 | €23,935 | -€1,350 | -5.3% |
| Recurring financial charges | 65 | €355 | €23,935 | +€23,581 | +6,652% |
| Non-recurring financial charges | 66B | €24,931 | - | -€24,931 | |
| Profit (loss) for the period before taxes | 9903 | €568,110 | €414,733 | -€153,377 | -27.0% |
| Income taxes | 67/77 | €138,577 | €99,568 | -€39,009 | -28.1% |
| Profit (loss) for the period | 9904 | €429,533 | €315,165 | -€114,368 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €429,533 | €315,165 | -€114,368 | -26.6% |
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 18 October 2026 via checked.be.