HIGHESTATE: 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.
HIGHESTATE
Largest movements
- Tangible fixed assets +€594,793
up €594,793 (+130.0%), from €457,653 to €1.1m
of which Land and buildings: +€593,063
- Receivables after one year -€39,000
down €39,000 (-22.9%), from €170,000 to €131,000
- Receivables within one year +€32,215
up €32,215 (+692.8%), from €4,650 to €36,865
of which Other amounts receivable: +€33,089
- Cash -€27,964
down €27,964 (-90.4%), from €30,935 to €2,971
mainly Investment in fixed assets (net) (-€641,283) and Other debts (-€62,095)
- Debts after one year +€553,690
up €553,690 (+132.6%), from €417,681 to €971,371
- Profit (loss) carried forward +€89,150
up €89,150 (+674354.2%), from €13 to €89,163
- Other debts -€62,095
down €62,095 (-88.4%), from €70,248 to €8,153
- Reserves -€45,500
down €45,500 (-34.4%), from €132,390 to €86,890
- Current portion of long-term debt +€34,095
up €34,095 (+102.5%), from €33,267 to €67,362
- Staff costs -€73,759
down €73,759 (-98.2%), from €75,087 to €1,328
- Gross operating margin -€28,169
down €28,169 (-12.8%), from €220,456 to €192,286
- Financial charges +€13,680
up €13,680 (+143.9%), from €9,507 to €23,187
- Depreciation +€10,952
up €10,952 (+30.8%), from €35,538 to €46,490
- Taxes -€3,156
down €3,156 (-12.0%), from €26,328 to €23,172
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 | €678,713 | €1,237,619 | +€558,906 | +82.3% |
| Fixed assets | 21/28 | €457,653 | €1,052,446 | +€594,793 | +130.0% |
| Tangible fixed assets | 22/27 | €457,653 | €1,052,446 | +€594,793 | +130.0% |
| Land and buildings | 22 | €457,653 | €1,050,716 | +€593,063 | +129.6% |
| Furniture and vehicles | 24 | - | €1,730 | +€1,730 | |
| Current assets | 29/58 | €221,060 | €185,173 | -€35,887 | -16.2% |
| Amounts receivable after more than one year | 29 | €170,000 | €131,000 | -€39,000 | -22.9% |
| Other amounts receivable | 291 | €170,000 | €131,000 | -€39,000 | -22.9% |
| Amounts receivable within one year | 40/41 | €4,650 | €36,865 | +€32,215 | +692.8% |
| Trade receivables | 40 | €2,262 | €1,388 | -€875 | -38.7% |
| Other amounts receivable | 41 | €2,388 | €35,477 | +€33,089 | +1385.7% |
| Cash at bank and in hand | 54/58 | €30,935 | €2,971 | -€27,964 | -90.4% |
| Deferred charges and accrued income | 490/1 | €15,475 | €14,337 | -€1,138 | -7.4% |
| Total equity and liabilities | 10/49 | €678,713 | €1,237,619 | +€558,906 | +82.3% |
| Equity | 10/15 | €144,803 | €188,453 | +€43,650 | +30.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €132,390 | €86,890 | -€45,500 | -34.4% |
| Distributable reserves | 133 | €132,390 | €86,890 | -€45,500 | -34.4% |
| Profit (loss) carried forward | 14 | €13 | €89,163 | +€89,150 | +674354.2% |
| Amounts payable | 17/49 | €533,910 | €1,049,166 | +€515,256 | +96.5% |
| Amounts payable after more than one year | 17 | €417,681 | €971,371 | +€553,690 | +132.6% |
| Financial debts | 170/4 | €417,681 | €971,371 | +€553,690 | +132.6% |
| Amounts payable within one year | 42/48 | €116,229 | €77,795 | -€38,433 | -33.1% |
| Current portion of amounts payable after more than one year | 42 | €33,267 | €67,362 | +€34,095 | +102.5% |
| Trade debts | 44 | €1,386 | €1,609 | +€223 | +16.1% |
| Suppliers | 440/4 | €1,386 | €1,609 | +€223 | +16.1% |
| Taxes, remuneration and social security | 45 | €11,328 | €672 | -€10,656 | -94.1% |
| Taxes | 450/3 | €11,328 | €672 | -€10,656 | -94.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €70,248 | €8,153 | -€62,095 | -88.4% |
| Remuneration, social security and pensions | 62 | €75,087 | €1,328 | -€73,759 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,538 | €46,490 | +€10,952 | +30.8% |
| Other operating charges | 640/8 | €5,181 | €7,947 | +€2,766 | +53.4% |
| Gross operating margin | 9900 | €220,456 | €192,286 | -€28,169 | -12.8% |
| Operating profit (loss) | 9901 | €104,649 | €136,521 | +€31,871 | +30.5% |
| Financial income | 75/76B | €2,618 | €2,488 | -€130 | -5.0% |
| Recurring financial income | 75 | €2,618 | €2,488 | -€130 | -5.0% |
| Financial charges | 65/66B | €9,507 | €23,187 | +€13,680 | +143.9% |
| Recurring financial charges | 65 | €9,507 | €23,187 | +€13,680 | +143.9% |
| Profit (loss) for the period before taxes | 9903 | €97,761 | €115,822 | +€18,061 | +18.5% |
| Income taxes | 67/77 | €26,328 | €23,172 | -€3,156 | -12.0% |
| Profit (loss) for the period | 9904 | €71,433 | €92,650 | +€21,217 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €71,433 | €92,650 | +€21,217 | +29.7% |
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 11 October 2026 via checked.be.