HIGHFROST: 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.
HIGHFROST
Largest movements
- Receivables within one year +€3.8m
up €3.8m (+1,296%), from €295,604 to €4.1m
of which Trade receivables: +€3.8m
- Tangible fixed assets +€85,140
up €85,140 (+2.9%), from €2.9m to €3.0m
of which Assets under construction and advance payments: +€71,447
- Other debts +€4.0m
up €4.0m (+654%), from €606,066 to €4.6m
- Short-term financial debts -€2.1m
down €2.1m (-100%), from €2.1m to €0
- Debts after one year +€1.7m
new in 2025: €1.7m
- Investment grants +€497,184
new in 2025: €497,184
- Trade debts -€83,136
down €83,136 (-49.2%), from €169,029 to €85,893
- Financial charges +€275,026
up €275,026 (+21,950%), from €1,253 to €276,279
- Gross operating margin +€236,631
up €236,631, from -€5,116 to €231,515
- Depreciation +€24,885
up €24,885 (+153,230%), from €16 to €24,901
- Financial income +€13,474
up €13,474 (+5,685%), from €237 to €13,711
- Staff costs +€3,381
up €3,381, from -€60 to €3,322
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,365,320 | €7,328,119 | +€4.0m | +118% |
| Formation expenses | 20 | €71,129 | €46,228 | -€24,901 | -35.0% |
| Fixed assets | 21/28 | €2,935,672 | €3,012,011 | +€76,339 | +2.6% |
| Tangible fixed assets | 22/27 | €2,926,721 | €3,011,861 | +€85,140 | +2.9% |
| Land and buildings | 22 | €2,599,578 | €2,613,271 | +€13,693 | +0.5% |
| Assets under construction and advance payments | 27 | €327,143 | €398,590 | +€71,447 | +21.8% |
| Financial fixed assets | 28 | €8,951 | €150 | -€8,801 | -98.3% |
| Current assets | 29/58 | €358,519 | €4,269,880 | +€3.9m | +1,091% |
| Amounts receivable within one year | 40/41 | €295,604 | €4,126,317 | +€3.8m | +1,296% |
| Trade receivables | 40 | €290,770 | €4,126,317 | +€3.8m | +1,319% |
| Other amounts receivable | 41 | €4,833 | €0 | -€4,833 | -100% |
| Cash at bank and in hand | 54/58 | €60,561 | €117,589 | +€57,028 | +94.2% |
| Deferred charges and accrued income | 490/1 | €2,354 | €25,974 | +€23,620 | +1,004% |
| Total equity and liabilities | 10/49 | €3,365,320 | €7,328,119 | +€4.0m | +118% |
| Equity | 10/15 | €437,068 | €872,198 | +€435,130 | +99.6% |
| Contributions | 10/11 | €10,943 | €10,943 | = | 0.0% |
| Reserves | 13 | €426,125 | €364,071 | -€62,054 | -14.6% |
| Non-distributable reserves | 130/1 | €299 | €299 | = | 0.0% |
| Other | 1319 | €299 | €299 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,748 | €15,748 | = | 0.0% |
| Distributable reserves | 133 | €410,078 | €348,024 | -€62,054 | -15.1% |
| Investment grants | 15 | - | €497,184 | +€497,184 | |
| Amounts payable | 17/49 | €2,928,252 | €6,455,921 | +€3.5m | +120% |
| Amounts payable after more than one year | 17 | - | €1,698,000 | +€1.7m | |
| Financial debts | 170/4 | - | €1,698,000 | +€1.7m | |
| Amounts payable within one year | 42/48 | €2,911,697 | €4,658,623 | +€1.7m | +60.0% |
| Financial debts | 43 | €2,133,332 | €0 | -€2.1m | -100% |
| Credit institutions | 430/8 | €2,133,332 | €0 | -€2.1m | -100% |
| Trade debts | 44 | €169,029 | €85,893 | -€83,136 | -49.2% |
| Suppliers | 440/4 | €169,029 | €85,893 | -€83,136 | -49.2% |
| Taxes, remuneration and social security | 45 | €3,270 | €0 | -€3,270 | -100% |
| Taxes | 450/3 | €145 | €0 | -€145 | -100% |
| Remuneration and social security | 454/9 | €3,125 | €0 | -€3,125 | -100% |
| Other amounts payable | 47/48 | €606,066 | €4,572,730 | +€4.0m | +654% |
| Accrued charges and deferred income | 492/3 | €16,554 | €99,298 | +€82,744 | +500% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | -€60 | €3,322 | +€3,381 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16 | €24,901 | +€24,885 | +153,230% |
| Other operating charges | 640/8 | €784 | €2,779 | +€1,995 | +255% |
| Gross operating margin | 9900 | -€5,116 | €231,515 | +€236,631 | |
| Operating profit (loss) | 9901 | -€5,856 | €200,514 | +€206,370 | |
| Financial income | 75/76B | €237 | €13,711 | +€13,474 | +5,685% |
| Recurring financial income | 75 | €237 | €13,711 | +€13,474 | +5,685% |
| Financial charges | 65/66B | €1,253 | €276,279 | +€275,026 | +21,950% |
| Recurring financial charges | 65 | €1,253 | €276,279 | +€275,026 | +21,950% |
| Profit (loss) for the period before taxes | 9903 | -€6,872 | -€62,054 | -€55,182 | -803% |
| Income taxes | 67/77 | €145 | €0 | -€145 | -100% |
| Profit (loss) for the period | 9904 | -€7,017 | -€62,054 | -€55,037 | -784% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,017 | -€62,054 | -€55,037 | -784% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.