Hightide: 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.
What changed
Hightide
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€188,507
2024 · €125,918+€62,589
Equity
€511,500
2024 · €511,500
Cash
€1.3m
2024 · €1.6m-€340,219
Balance sheet total
€6.2m
2024 · €7.2m-€1.0m
Largest movements
Assets
- Tangible fixed assets -€769,005
down €769,005 (-15.5%), from €5.0m to €4.2m
of which Leasing and similar rights: -€741,916
- Cash -€340,219
down €340,219 (-21.0%), from €1.6m to €1.3m
mainly Debts after one year (-€804,396) and Other debts (-€283,085)
Equity and liabilities
- Debts after one year -€804,396
down €804,396 (-15.7%), from €5.1m to €4.3m
- Other debts -€283,085
down €283,085 (-46.6%), from €607,487 to €324,402
Income statement
- Turnover +€199,661
up €199,661 (+11.3%), from €1.8m to €2.0m
- Services and other goods +€124,966
up €124,966 (+27.4%), from €456,745 to €581,711
- Financial charges -€30,575
down €30,575 (-7.5%), from €406,542 to €375,968
- Other operating income -€20,889
down €20,889 (-67.3%), from €31,056 to €10,167
- Taxes +€20,863
up €20,863 (+49.7%), from €41,973 to €62,836
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.
Result 2024
€125,918
Turnover
+€199,661
Other operating income
-€20,889
Services and other goods
-€124,966
Depreciation
+€0
Other operating charges
-€367
Financial income
-€561
Financial charges
+€30,575
Taxes
-€20,863
Result 2025
€188,507
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.
From operations
+€609,923
Investment
-€459
Financing
-€949,683
Cash 2024
€1.6m
From operations (derived)
+€609,923
Net result for the year
+€188,507
Depreciation
+€769,005
Receivables within one year
-€55,641
Deferred charges and accrued income
-€13,736
Trade debts
-€6,417
Other debts
-€283,085
Accrued charges and deferred income
+€11,288
Investment (derived)
-€459
Current investments
-€459
Financing
-€949,683
Debts after one year
-€804,396
Current portion of long-term debt
+€43,220
Contributions, distributions and other
-€188,507
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,248,301 | €6,208,912 | -€1.0m | -14.3% |
| Fixed assets | 21/28 | €4,972,303 | €4,203,298 | -€769,005 | -15.5% |
| Tangible fixed assets | 22/27 | €4,972,303 | €4,203,298 | -€769,005 | -15.5% |
| Plant, machinery and equipment | 23 | €208,343 | €181,254 | -€27,089 | -13.0% |
| Leasing and similar rights | 25 | €4,763,960 | €4,022,044 | -€741,916 | -15.6% |
| Current assets | 29/58 | €2,275,998 | €2,005,614 | -€270,383 | -11.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €213,768 | €269,409 | +€55,641 | +26.0% |
| Trade receivables | 40 | €150,980 | €240,398 | +€89,418 | +59.2% |
| Other amounts receivable | 41 | €62,788 | €29,010 | -€33,778 | -53.8% |
| Current investments | 50/53 | €358,376 | €358,835 | +€459 | +0.1% |
| Other investments | 51/53 | €358,376 | €358,835 | +€459 | +0.1% |
| Cash at bank and in hand | 54/58 | €1,616,616 | €1,276,397 | -€340,219 | -21.0% |
| Deferred charges and accrued income | 490/1 | €87,238 | €100,974 | +€13,736 | +15.7% |
| Total equity and liabilities | 10/49 | €7,248,301 | €6,208,912 | -€1.0m | -14.3% |
| Equity | 10/15 | €511,500 | €511,500 | = | 0.0% |
| Contributions | 10/11 | €465,000 | €465,000 | = | 0.0% |
| Capital | 10 | €465,000 | €465,000 | = | 0.0% |
| Issued capital | 100 | €465,000 | €465,000 | = | 0.0% |
| Reserves | 13 | €46,500 | €46,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,500 | €46,500 | = | 0.0% |
| Legal reserve | 130 | €46,500 | €46,500 | = | 0.0% |
| Amounts payable | 17/49 | €6,736,801 | €5,697,412 | -€1.0m | -15.4% |
| Amounts payable after more than one year | 17 | €5,138,784 | €4,334,388 | -€804,396 | -15.7% |
| Financial debts | 170/4 | €5,138,784 | €4,334,388 | -€804,396 | -15.7% |
| Subordinated loans | 170 | €2,115,783 | €2,224,511 | +€108,728 | +5.1% |
| Leasing and similar obligations | 172 | €3,023,001 | €2,109,877 | -€913,123 | -30.2% |
| Amounts payable within one year | 42/48 | €1,537,377 | €1,291,096 | -€246,281 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €869,904 | €913,123 | +€43,220 | +5.0% |
| Trade debts | 44 | €59,986 | €53,570 | -€6,417 | -10.7% |
| Suppliers | 440/4 | €59,986 | €53,570 | -€6,417 | -10.7% |
| Other amounts payable | 47/48 | €607,487 | €324,402 | -€283,085 | -46.6% |
| Accrued charges and deferred income | 492/3 | €60,640 | €71,928 | +€11,288 | +18.6% |
| Operating income | 70/76A | €1,804,760 | €1,983,532 | +€178,772 | +9.9% |
| Turnover | 70 | €1,773,704 | €1,973,365 | +€199,661 | +11.3% |
| Other operating income | 74 | €31,056 | €10,167 | -€20,889 | -67.3% |
| Operating charges | 60/66A | €1,232,157 | €1,357,490 | +€125,333 | +10.2% |
| Services and other goods | 61 | €456,745 | €581,711 | +€124,966 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769,005 | €769,005 | -€0 | 0.0% |
| Other operating charges | 640/8 | €6,407 | €6,774 | +€367 | +5.7% |
| Operating profit (loss) | 9901 | €572,603 | €626,042 | +€53,439 | +9.3% |
| Financial income | 75/76B | €1,830 | €1,268 | -€561 | -30.7% |
| Recurring financial income | 75 | €1,830 | €1,268 | -€561 | -30.7% |
| Income from current assets | 751 | €1,830 | €1,267 | -€562 | -30.7% |
| Other financial income | 752/9 | €0 | €1 | +€1 | +10300.0% |
| Financial charges | 65/66B | €406,542 | €375,968 | -€30,575 | -7.5% |
| Recurring financial charges | 65 | €406,542 | €375,968 | -€30,575 | -7.5% |
| Debt charges | 650 | €403,951 | €372,818 | -€31,133 | -7.7% |
| Other financial charges | 652/9 | €2,591 | €3,150 | +€559 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €167,891 | €251,343 | +€83,452 | +49.7% |
| Income taxes | 67/77 | €41,973 | €62,836 | +€20,863 | +49.7% |
| Taxes | 670/3 | €41,973 | €62,836 | +€20,863 | +49.7% |
| Profit (loss) for the period | 9904 | €125,918 | €188,507 | +€62,589 | +49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €125,918 | €188,507 | +€62,589 | +49.7% |
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 2 October 2026 via checked.be.