Highbay (BE): 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.
Highbay (BE)
Largest movements
- Tangible fixed assets +€21.6m
up €21.6m (+74.9%), from €28.8m to €50.3m
of which Land and buildings: +€50.3m
- Cash -€4.6m
down €4.6m (-80.7%), from €5.7m to €1.1m
mainly Short-term financial debts (-€26.4m) and Investment in fixed assets (net) (-€22.4m)
- Receivables within one year -€1.3m
down €1.3m (-77.3%), from €1.7m to €385,546
of which Trade receivables: -€852,069
- Debts after one year +€43.6m
new in 2025: €43.6m
- Short-term financial debts -€26.4m
down €26.4m (-100.0%), from €26.4m to €0
- Other debts -€6.6m
down €6.6m (-100.0%), from €6.6m to €0
- Current portion of long-term debt +€4.3m
new in 2025: €4.3m
- Gross operating margin +€2.5m
up €2.5m, from -€12,430 to €2.5m
- Financial charges +€1.2m
up €1.2m (+3821.1%), from €31,504 to €1.2m
- Depreciation +€780,223
new in 2025: €780,223
- Taxes +€63,000
new in 2025: €63,000
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 | €36,179,754 | €51,851,073 | +€15.7m | +43.3% |
| Fixed assets | 21/28 | €28,778,106 | €50,354,564 | +€21.6m | +75.0% |
| Tangible fixed assets | 22/27 | €28,778,106 | €50,347,064 | +€21.6m | +74.9% |
| Land and buildings | 22 | - | €50,347,064 | +€50.3m | |
| Assets under construction and advance payments | 27 | €28,778,106 | €0 | -€28.8m | -100.0% |
| Financial fixed assets | 28 | - | €7,500 | +€7,500 | |
| Current assets | 29/58 | €7,401,647 | €1,496,509 | -€5.9m | -79.8% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,699,265 | €385,546 | -€1.3m | -77.3% |
| Trade receivables | 40 | €1,237,615 | €385,546 | -€852,069 | -68.8% |
| Other amounts receivable | 41 | €461,651 | €0 | -€461,651 | -100.0% |
| Cash at bank and in hand | 54/58 | €5,702,382 | €1,101,614 | -€4.6m | -80.7% |
| Deferred charges and accrued income | 490/1 | - | €9,349 | +€9,349 | |
| Total equity and liabilities | 10/49 | €36,179,754 | €51,851,073 | +€15.7m | +43.3% |
| Equity | 10/15 | €254,791 | €665,881 | +€411,090 | +161.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | - | €8,294 | +€8,294 | |
| Non-distributable reserves | 130/1 | - | €8,294 | +€8,294 | |
| Legal reserve | 130 | - | €8,294 | +€8,294 | |
| Profit (loss) carried forward | 14 | -€245,209 | €157,587 | +€402,796 | |
| Amounts payable | 17/49 | €35,924,963 | €51,185,192 | +€15.3m | +42.5% |
| Amounts payable after more than one year | 17 | - | €43,600,000 | +€43.6m | |
| Financial debts | 170/4 | - | €43,600,000 | +€43.6m | |
| Amounts payable within one year | 42/48 | €35,630,023 | €7,263,343 | -€28.4m | -79.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,291,954 | +€4.3m | |
| Financial debts | 43 | €26,419,143 | €0 | -€26.4m | -100.0% |
| Credit institutions | 430/8 | €26,419,143 | €0 | -€26.4m | -100.0% |
| Trade debts | 44 | €2,593,089 | €2,847,801 | +€254,712 | +9.8% |
| Suppliers | 440/4 | €2,593,089 | €2,847,801 | +€254,712 | +9.8% |
| Taxes, remuneration and social security | 45 | - | €123,588 | +€123,588 | |
| Taxes | 450/3 | - | €123,588 | +€123,588 | |
| Other amounts payable | 47/48 | €6,617,791 | €0 | -€6.6m | -100.0% |
| Accrued charges and deferred income | 492/3 | €294,940 | €321,849 | +€26,909 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €780,223 | +€780,223 | |
| Other operating charges | 640/8 | €22 | €4,464 | +€4,442 | +20236.9% |
| Gross operating margin | 9900 | -€12,430 | €2,493,997 | +€2.5m | |
| Operating profit (loss) | 9901 | -€12,452 | €1,709,310 | +€1.7m | |
| Financial income | 75/76B | - | €61 | +€61 | |
| Recurring financial income | 75 | - | €61 | +€61 | |
| Financial charges | 65/66B | €31,504 | €1,235,281 | +€1.2m | +3821.1% |
| Recurring financial charges | 65 | €31,504 | €1,235,281 | +€1.2m | +3821.1% |
| Profit (loss) for the period before taxes | 9903 | -€43,955 | €474,090 | +€518,045 | |
| Income taxes | 67/77 | - | €63,000 | +€63,000 | |
| Profit (loss) for the period | 9904 | -€43,955 | €411,090 | +€455,045 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,955 | €411,090 | +€455,045 |
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 6 October 2026 via checked.be.