English Balance Sheet

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Frontaal Holding BV
Steenen Hoofd 56
4825 AK BREDA
Annual accounts 2022

Frontaal Holding BV
Stone Head 56
4825 AND BREDA
TABLE OF CONTENTS Page
1. Accountantsrapport
1.1 Composition statement of the accountant 1.2 General 3
1.3 Result 4
comparison 1.4 Financial position 5
7
2. Board report
2.1 Management report management 9
3. Annual accounts
3.1 Balance sheet as of December 31, 12
2022 3.2 Profit and loss account for 2022 3.3 14
Notes to the annual accounts 3.4 Notes to 15
the balance sheet 3.5 Notes to the 20
profit and loss account 29
1. ACCOUNTANTSRAPPORT
Frontaal Holding BV
Steenen Hoofd 56
4825 AK BREDA
Breda,
Dear Mr Buckens,
We hereby report to you on our work on the 2022 annual accounts of your company.
The balance sheet as of December 31, 2022, the profit and loss account for 2022 and the explanatory notes, which
together form the 2022 annual accounts, are included in this report.
1.1 Auditor's composition statement
The annual accounts of Frontaal Holding BV in Breda have been compiled by us based on the information
received from you. The annual accounts consist of the balance sheet as of December 31, 2022 and the profit
and loss account for 2022 with the associated explanatory notes. This explanatory note includes, among other
things, an overview of the accounting policies used for financial reporting.
This compilation assignment was carried out by us in accordance with Dutch law, including the Standard 4410,
"Compilation assignments", applicable to accountants.
Based on this standard, we are expected to support you in preparing and presenting the annual accounts in
accordance with Title 9, Book 2 of the Dutch Civil Code (BW). We have applied our expertise in the field of
administrative processing and financial reporting.
With a compilation assignment, you are responsible for ensuring that the information is correct and that you
provide us with all relevant information. We have therefore carried out our work, in accordance with the applicable
regulations, on the assumption that you have fulfilled this responsibility.
To conclude our work, we broadly checked by reading the annual accounts that the image of the annual accounts
corresponded with our knowledge of Frontaal Holding BV.
We have not performed any audit or review procedures that enable us to express an opinion or draw a conclusion
regarding the fairness of the annual accounts.
When carrying out this assignment, we have adhered to the relevant ethical regulations that apply to us in the
Regulation on the Code of Conduct and Professional Code of Accountants (VGBA). You and other users of these
annual accounts may therefore assume that we have carried out the assignment professionally, competently and
carefully, with integrity and objectively and that we will treat the information you provide confidentially.
-3-
1.2 General
Incorporation
According to the deed dated August 27, 2021, the private company with limited liability Frontaal Holding BV
was established on the aforementioned date.
The company is registered with the Chamber of Commerce under file number 83762159.
Objective
The objective of Frontaal Holding BV is described as follows in article 2 of the articles of association:
Financial Holding
Intermediate holding company
The first financial year covers the period from August 27, 2021 to December 31, 2022 of Frontaal Holding BV.
The comparative figures include the figures of Brouwerij Frontaal BV 2021 for comparison purposes.
On December 30, 2022, a legal merger took place with retroactive effect to January 1, 2022 between the legal
entity and Brouwerij Frontaal BV. The disappearing legal entity is Brouwerij Frontaal BV and the acquiring legal
entity is Frontaal Holding BV
As of January 1, 2023, the activities will be further expanded to the subsidiaries of the legal entity.
-4-
1.3 Result comparison
To analyze the results of the company, we provide you with the setup below, which is
based on the profit and loss account.
2022 2021
€ % € %
Net sales 3.115.951 100,0% 2.380.441 100,0%

Purchase value of sales 1.790.899 57,5% 1.051.436 44,2%
Gross operating profit 1.325.052 42,5% 1.329.005 55,8%
Wages and salaries 524.488 16,8% 342.986 14,4%

Social Security 108.876 3,5% 64.647 2,7%
depreciation of material non-current assets 140.533 4,5% 352.166 14,8%
Other personnel costs 315.976 10,1% 157.187 6,6%
Housing costs 190.168 6,1% 120.046 5,0%
Cost of sales 201.236 6,5% 48.525 2,0%
Car expenses 36.010 1,2% 25.722 1,1%
Office costs 50.925 1,6% 9.845 0,4%
Overheads 108.309 3,5% 51.610 2,2%
333.759 -
Various crowdfunding costs 10,7% 0,0%
As there diet 2.010.280 64,5% 1.172.734 49,2%
Operating result -685.228 -22,0% 156.271 6,6%
Interest income and similar income 445 0,0% 192 0,0%

Interest and similar expenses -39.527 -1,3% 3.121 0,1%
Sum of financial income and expenses -39.082 -1,3% 3.313 0,1%
Taxresult -724.310 -23,3% 159.584 6,7%

Taxes 106.319 3,4% -22.306 -0,9%
-1.529 -
Share in the results of associates -0,1% 0,0%
Result after taxes -619.520 -20,0% 137.278 5,8%
A crowdfunding campaign took place in 2022, involving one-off costs of €

333.759.
-5-
1.3 Result comparison
The 2022 result after tax has decreased by €756,798 compared to 2021. The development of it
result after taxes 2022 compared to 2021 can be shown as follows:
€ €
The result after tax has been favorably influenced by:
Increase of:
Revenue 735.510
Interest income and similar income 253
Drop from:
depreciation of material non-current assets 211.633
Taxes 128.625
1.076.021
The result after tax has been adversely affected by:

Drop from:
Share in the results of associates 1.529
Increase of:
Purchase value of sales 739.463
Wages and salaries 181.502
Social Security 44.229
Other personnel costs 158.789
Housing costs 70.122
Cost of sales 152.711
Car expenses 10.288
Office costs 41.080
Overheads 56.699
Various crowdfunding costs 333.759
Interest and similar expenses 42.648
1.832.819
Decrease in results after taxes 756.798
-6-
1.4 Financial position
To analyze the financial position of the company, we provide you with the following statement,
which is based on the data from the balance sheet.
31 december 2022 31 december 2021

€ € € €
Available at short notice:
Stocks 793.289 769.213

Claims 516.696 241.306
Liquid assets 327.924 132.461
Total current assets 1.637.909 1.142.980
Minus: short-term liabilities 1.865.709 394.706

Working capital -227.800 748.274
Committed in the long term:
Tangible fixed assets 5.916.287 718.326

Financial fixed assets 107.790 -
6.024.077 718.326
Financed with long-term available resources
5.796.277 1.466.600
This financing took place with:
Group equity 5.671.587 1.270.113

Long-term debt 124.690 196.487
5.796.277 1.466.600
According to this setup, the working capital as of December 31, 2022 compared to December 31, 2021
decreased by €976,074.
We trust that we have fulfilled your order. We are happy to provide further explanation
willingly prepared.
Yours faithfully,
Dijksterhuis Accountants- en Advieskantoor BV
Drs PHW van Dongen RA
-7-
2. BOARD REPORT
2.1 Management report management
The board of Frontaal Holding BV hereby presents the management report for the 2022 financial year.
This report provides an overview of the most important developments, performance and financial results
of the company during the past year.
General developments
The past year has been a year of both growth and challenges for Frontaal Holding BV. In April 2022, an
investment round of €5,000,000 was successfully completed for the realization and construction of a new
brewing installation, filling line and the renovation of a business premises.
Financial performance
2022 was characterized by sharply increased raw material prices and higher labor costs. This resulted in
an increase in both sales value of sales (13.3%) and operating costs (15.3%). It should be noted that most
of the increase in operating costs can be explained by various costs related to the investment round in
2022.
Increasing costs of raw materials

During 2022, we faced significant raw material price increases and inflation.
Some examples of price increases in the past year include: an increase of 70% for malt, 40% for yeast,
17% for cans, 24% for labels, 14.5% for CO2, 29% for kegs, 20% for cardboard and a huge 225% increase
in energy costs. Many of these costs have had a direct impact on the purchasing value of our turnover.
We strive for cost control through economies of scale and a more efficient purchasing policy. Despite this,
we were unable to fully pass on all these costs to our customers, resulting in pressure on our profit margins.
Due to the construction, a lot of attention has been paid to maintaining all sales channels. However, less
attention has been paid to attracting new customers and reactivating previous customers.
Now, with the completion of the brewery, the full focus is on this again.
Realization of our new brewery entailed inevitable start-up costs. These costs include hiring new staff, pre-
producing goods for the transition to the new brewery and unexpected increases in construction and
material costs for the construction project.
A number of extraordinary costs were also recorded, such as consultancy costs, rewards and placement
costs for the investment round, amounting to € 333,759.
The turnover growth for the financial year shows a positive development. Our turnover has grown by
30.8% compared to the previous year, which is mainly attributable to the growth of our brewpub activities
and sales in various sales channels, including retail and catering. An operating loss excluding depreciation
of € 210,936 (-6.7%) was incurred as a result of cost increases in both the purchasing value of turnover
and operating costs.
Furthermore, in September 2022 we had €827,500 in short-term loans to bridge a financing need for the
start of an investment round in January 2023. These were temporary loans that will be repaid without
penalty in 2023 and these were fully repaid through an investment round in January 2023.
-9-
2.1 Management report management
Important events
Over the past year we have achieved some important milestones. Construction of the new brewery has been
completed and it has now been put into production. We have also entered into a strategic partnership with
Albert Heijn, which means we now have national coverage with three of our regular beers. We have also
invested in sustainability initiatives and are proud to announce that 22,000 m2 of solar panels have now been
installed on the roof of the brewery. From September we also have all the options for brewing, filling and
pasteurizing non-alcoholic and low-alcohol specialty beer.
These options offer many opportunities to produce for third parties.
Risks and future prospects
Despite our positive revenue growth, we recognize the presence of inherent risks within our business
operations. The current business climate in the Netherlands is influenced by continuous inflation and a looming
mild recession. These factors require our attention and alertness.
Furthermore, consumer behavior has shown a significant shift over the past year, with preference shifting from
online purchasing to physical sales. This has led to a noticeable impact on our margins. It is essential to note
that the margin on online sales is relatively more favorable compared to sales through physical channels, due
to the additional steps in the sales chain.
In addition, we continue to be confronted with persistently high start-up costs for our new brewery. The costs
for accommodation and staff are not yet proportionate to the turnover achieved.
Nevertheless, we have an optimistic view of the future of Frontaal Holding BV. We continue to invest in the
production of high-quality beers, expanding our eight sales channels and strengthening our operational
resilience.
Concluding Remark
On behalf of the board, I would like to thank our employees, customers, suppliers and other stakeholders for
their contribution to the success of Frontaal Holding BV over the past year. We look forward to continuing the
course we have set and taking our brewery to the next level.
Breda,
The direction:
Mr RC Buckens on
behalf of Roel Buckens Holding BV
- 10 -
3. ANNUAL ACCOUNTS
3.1 Balance as of 31 December 2022

(After result allocation)

ACTIVE € € € €
Vaste active
Tangible fixed assets [1]

Renovations 1.709.315 46.577
Machines and installations 3.978.674 545.721
Inventory 212.539 105.970
Means of transport 15.759 20.058
5.916.287 718.326
Financial fixed assets [2]

1.471 -
participations in Group societies
106.319 -
Deferred tax
107.790 -
Current assets
Stocks [3]
Finished goods and trade goods 793.289 769.213
793.289 769.213
Claims [4]
trade debtors 183.403 212.731
Claims on participants and
companies in which they
participate 9.852 7.378
Taxes and social security
contributions 299.674 6.114
Other receivables 19.796 15.083
3.971 -
Accrued assets
516.696 241.306
Liquid assets [5] 327.924 132.461
Total assets side 7.661.986 1.861.306
- 12 -
3.1 Balance as of 31 December 2022

(After result allocation)

PASSIVE € € € €
Equity [6]
Issued share capital 32.048 580
Agio reserves 6.209.286 1.219.760
Other reserves -569.747 49.773
5.671.587 1.270.113
Long-term debt [7]

Debts to credit institutions 124.690 196.487
124.690 196.487
Short-term liabilities [8]

842.780 -
Debts to credit institutions
Repayment obligations 75.599 75.599
Trade creditors 760.778 193.981
Debts to participants and
companies in which they
7.241 -
participate
Taxes and social security
contributions 35.792 53.769
Remaining debts 113.873 49.349
Accrued liabilities 29.646 22.008
1.865.709 394.706
Total liabilities side 7.661.986 1.861.306
- 13 -
3.2 Profit and loss account for 2022
2022 2021
€ € € €
Net sales [9] 3.115.951 2.380.441

Purchase value of sales [10] 1.790.899 1.051.436
Gross operating profit 1.325.052 1.329.005
Wages and salaries [11] 524.488 342.986

Social Security [12] 108.876 64.647
depreciation of material non-current assets [13] 140.533 352.166
Other personnel costs [14] 315.976 157.187
Housing costs [15] 190.168 120.046
Cost of sales [16] 201.236 48.525
Car expenses [17] 36.010 25.722
Office costs [18] 50.925 9.845
Overheads [19] 108.309 51.610
333.759 -
Various crowdfunding costs [20]
As there diet 2.010.280 1.172.734
Operating result -685.228 156.271
Interest income and similar income [21] 445 192

Interest charges and similar costs [22] -39.527 3.121
Sum of financial income and expenses -39.082 3.313
Taxresult -724.310 159.584

Taxes [23] 106.319 -22.306
Share in the results of associates
[24] -
-1.529
Result after taxes -619.520 137.278
A crowdfunding campaign took place in 2022, involving one-off costs of €

333.759.
The comparative figures concern the figures of Brouwerij Frontaal BV as if there had been a merger
took place in 2021.
- 14 -
3.3 Notes to the annual accounts
GENERAL EXPLANATION
Activities The
activities of Frontaal Holding BV, statutorily established in Breda, mainly consist of: - Financial holding
company -
Intermediate holding company
The actual activities are carried out at Steenen Hoofd 56 in Breda.
The first financial year covers the period August 27, 2021 to December 31, 2022.
A company merger took place on December 30, 2022. The acquiring legal entity is Frontaal Holding BV and the
disappearing legal entity is Brouwerij Frontaal BV. To increase clarity, the comparative figures include the 2021
figures of Brouwerij Frontaal BV as if a merger had taken place on that date.
Business address, legal form and trade register registration number Frontaal
Holding BV, with its registered office in Breda, is registered with the Chamber of Commerce under file number
83762159.
GENERAL BASIS
General
The annual accounts have been prepared in accordance with the legal provisions of Title 9, Book 2 of the Dutch
Civil Code and the Guidelines for Annual Reporting for Small Legal Entities, which have been issued by the Council
for Annual Reporting.
Assets and liabilities are generally valued at the acquisition or production price or the current value. If no specific
valuation basis is stated, valuation takes place at the acquisition price.
Foreign currency
Functional valuta
The items in the annual accounts are valued taking into account the currency of the economic environment in which
the company mainly conducts its business activities (the functional currency).
The annual accounts are prepared in euros; this is both the functional and presentation currency.
Transactions, receivables debts and

Transactions in foreign currencies during the reporting period are included in the annual accounts at the exchange rate
on the transaction date.
Monetary assets and liabilities in foreign currencies are converted into the functional currency at the rate prevailing
on the balance sheet date. The exchange rate differences resulting from the settlement and conversion are credited
or debited to the profit and loss account.
Non-monetary assets valued at cost in a foreign currency are converted at the exchange rate on the transaction
date.
Non-monetary assets that are valued at current value in a foreign currency are translated at the exchange rate at
the time the current value was determined.
- 15 -
Leasing
Financial leasing
The company leases part of the machine park; the company largely has the advantages and disadvantages
associated with the ownership of these assets. These assets are capitalized in the balance sheet at the
start of the lease contract at the fair value of the asset or the lower present value of the minimum lease
terms. The lease installments to be paid are divided on an annuity basis into a repayment and an interest
component. The lease obligations, excluding the interest component, are included under long-term
liabilities. The interest component is recognized in the profit and loss account during the term of the
contract with a fixed interest rate on the average remaining repayment component. The relevant assets
are depreciated over the remaining useful life or, if shorter, the term of the contract.
Operational leasing
The company may have lease contracts in which a large part of the advantages and disadvantages
associated with ownership do not lie with the company. These lease contracts are accounted for as
operational leasing. Lease payments are processed on a straight-line basis in the profit and loss account
over the term of the contract, taking into account compensation received from the lessor.
Special items
Special items are income or expenses that arise from events or transactions that are part of the result from
normal, non-incidental business activities, but which, for the sake of comparability, are disclosed separately
on the basis of the nature, size or incidental character of the post.
BASIS FOR VALUATION OF ASSETS AND LIABILITIES
Tangible fixed assets

Other tangible fixed assets are valued at acquisition or manufacturing price including directly attributable
costs, less straight-line depreciation over the expected future useful life and impairment losses.
For obligations for repairs after the end of use of the asset (dismantling costs), a provision is made for the
expected amount at the time of activation. This amount is recognized as part of the carrying amount of the
asset, against which a provision is formed for the entire amount.
- 16 -
Financial fixed assets
Participations
Participating interests in which significant influence can be exercised are valued according to the equity
method (net asset value). When 20% or more of the voting rights can be cast, significant influence is
assumed.
The net asset value is calculated according to the principles that apply to these annual accounts; for
participations for which insufficient data are available to adapt to these principles, the valuation principles
of the relevant participation are used.
If the valuation of a participation according to the net asset value is negative, it is valued at nil. If and
insofar as the company in this situation is fully or partially responsible for the debts of the participating
interest, or has the firm intention to enable the participating interest to pay its debts, a provision is made
for this.
The initial valuation of purchased participations is based on the fair value of the identifiable assets and
liabilities at the time of acquisition. For the subsequent valuation, the principles that apply to these annual
accounts are applied, based on the values at the first valuation.
Deferred tax assets

Deferred tax assets are recognized for deductible tax losses and for deductible temporary differences
between the value of the assets and liabilities in accordance with tax regulations on the one hand and the
valuation principles followed in these annual accounts on the other hand, with the understanding that
deferred tax assets are only recognized to the extent that it is probable that will be future taxable profit
against which the temporary differences can be offset and losses can be compensated.
The calculation of the deferred tax assets is made at the tax rates applicable at the end of the reporting
year or at the rates applicable in future years, insofar as these have already been determined by law.
Deferred tax assets are valued at nominal value.
Other receivables
The other receivables included under financial fixed assets include loans granted and other receivables,
as well as purchased loans that will be held until the end of their term.
These receivables are initially valued at fair value. These loans are then valued at amortized cost. If there
is a discount or premium when loans are granted, this is credited or charged to the result during the term
as part of the effective interest. Transaction costs are also included in the initial valuation and charged to
the result as part of the effective interest. Impairment losses are deducted from the profit and loss account.
Inventories
Inventories are valued at acquisition or manufacturing price using the FIFO method (first in, first out) or
lower realizable value.
The acquisition or manufacturing price consists of (all costs associated with the acquisition or manufacture)
as well as the costs incurred to bring the stocks to their current location and condition. Manufacturing
costs include direct labor costs and allowances for production-related indirect fixed and variable costs,
including the costs of the business office, the maintenance department and internal logistics.
The realizable value is the estimated sales price less directly attributable sales costs. When determining
the realizable value, the obsolescence of the stocks is taken into account.
- 17 -
Receivables
Receivables are initially valued at the fair value of the consideration, including transaction costs if material.
After initial processing, receivables are valued at amortized cost price. Provisions for bad debts are
deducted from the book value of the receivable.
Liquid assets
Liquid assets consist of cash, bank balances and deposits with a term of less than twelve months.
Current account overdrafts with banks are included under debts to credit institutions under short-term
liabilities. Liquid assets are valued at nominal value.
Long-term debt Long-

term debt is initially valued at fair value. Transaction costs that are directly attributable to the acquisition of
long-term debt are included in the valuation upon initial processing. After initial processing, long-term debts
are valued at amortized cost, being the amount received taking into account any premium or discount and
less transaction costs.
The difference between the determined book value and the final redemption value is recognized as interest
expense in the profit and loss account based on the effective interest rate during the estimated term of the
long-term debts.
Short-term liabilities
Short-term liabilities are valued at fair value upon initial recognition. After initial processing, short-term
liabilities are valued at amortized cost, being the amount received taking into account any premium or
discount and after deduction of transaction costs. This is usually the face value.
BASIS FOR DETERMINING THE RESULT
General
The result is determined as the difference between the realizable value of the services provided and the
costs and other charges for the year. The proceeds from transactions are recognized in the year in which
they are realized.
The result is also determined taking into account the processing of unrealized changes in value of
investment properties valued at fair value, securities included under current assets and derivative financial
instruments that are not designated as hedging instruments.
Revenue recognition
General
Net turnover includes the income from the delivery of goods and services and realized project income from
projects in progress, less discounts and the like and taxes levied on turnover.
Selling of goods
Proceeds from the sale of goods are recognized once all material rights and risks associated with
ownership of the goods have passed to the buyer.
- 18 -
Providing services
Revenues from the provision of services are recognized in proportion to the services provided, based on the services provided up
to the balance sheet date in relation to the total services to be provided.
Costs
The costs are determined on a historical basis and allocated to the reporting year to which they relate.
Employee benefits
Periodically payable rewards

The remuneration owed to the staff is included in the profit and loss account based on the employment conditions.
Depreciation of intangible and tangible fixed assets Intangible fixed assets

including goodwill and tangible fixed assets are amortized over the estimated economic life / expected future useful life of the
asset from the moment the asset is available for its intended use. Land and investment properties are not depreciated.
Book profits and losses from the incidental sale of tangible fixed assets are included in depreciation.
Special items Special

items are income or expenses that arise from events or transactions that are part of normal, non-incidental business operations,
but which, for the sake of analysis and comparability, are disclosed separately on the basis of the nature, size or incidental nature
of the item .
Financial income and expenses
Interest income interest expenses and
Interest income and interest expenses are processed on a time-proportionate basis, taking into account the effective interest rate
of the relevant assets and liabilities. When processing interest charges, the recognized transaction costs on the loans received
are taken into account.
Taxes The tax

on the result is calculated on the result before tax in the profit and loss account, taking into account available, tax-compensable
losses from previous financial years (insofar as not included in the deferred tax assets) and exempt profit components and after
adding non-tax deductible expenses. Changes that occur in the deferred tax assets and deferred tax liabilities due to changes in
the tax rate to be applied are also taken into account.
Result of participations (valued at net asset value)

The result is the amount by which the book value of the participation has changed since the previous annual accounts as a result
of the result achieved by the participation insofar as this is attributed to the company.
- 19 -
3.4 Notes to the balance sheet
ACTIVE
VASTE ACTIVE
Tangible fixed assets [1]

The movement in tangible fixed assets is shown as follows:
Renovations Machines and Inventory Transport

installations means
€ € € €
Purchase value 308.773 800.061 160.697 24.000

Accumulated depreciation -262.196 -254.340 -54.727 -3.942
Book value as of January 1 46.577 545.721 105.970 20.058
1.676.562 3.516.831 145.099 -

Investments
-200.003 -26.632 -15.206 -
Divestments
194.642 29.166 6.351 -
Depreciation of divestments
Depreciation -8.463 -86.412 -29.675 -4.299
Changes 2022 1.662.738 3.432.953 106.569 -4.299
Purchase value 1.785.332 4.290.260 290.590 24.000

Accumulated depreciation -76.017 -311.586 -78.051 -8.241
Book value as of December 31 1.709.315 3.978.674 212.539 15.759
Depreciation rates:
Renovations 3.33 %
Machines and installations 6.67 %
Inventory 20 %
Means of transport 20 %
- 20 -
Financial fixed assets [2]

The interests in non-consolidated companies are divided as follows:
Name Establishments Share in Result in
place capital Shareholders' accordance with the

equity in accordance most recently
with the most adopted annual accounts
recently adopted annual accounts
% € €
Participation in Frontaal Bars BV Breda 100 1.469 469

Participation Frontaal Distilling Company BV Breda 100 -1.161 -2.161
Participation Frontaal Brewing Company BV Breda 100 -8.443 -9.443
31-12-2022 € 31-12-2021
€
1.469 -
Participation in Frontaal Bars BV
1 -
Participation in Frontaal Distilling Company BV
-
Participation in Frontaal Brewing Company BV
1 1.471 -
2022 2021
€ €
Participation in Frontaal Bars BV
- -
Book value as of January 1
1.000 -
Purchase participation
Share in the result 469 -
1.469 -
Book value as of December 31
Participation in Frontaal Distilling Company BV

- -
1.000 -
Share in the result -999 -
1 -
Participation in Frontaal Brewing Company BV

- -
1.000 -
Share in the result -999 -
1 -
- 21 -
31-12-2022 31-12-2021
€ €
Deferred tax
106.319 -
Corporation tax
The deferred tax concerns the corporate tax on the loss.
CURRENT ASSETS
Stocks [3]
Finished goods and trade goods

Stock ready product 378.274 295.845
Stock of semi-finished products 331.507 415.111
Stock of raw materials 27.659 28.463
Stock other 55.849 29.794
793.289 769.213
Claims [4]
trade debtors
Debtors 187.276 217.231
187.276 217.231
Provision for doubtful debts -3.873 -4.500
183.403 212.731
Trade debtors include receivables up to an amount of € 6,355 with an (expected)

remaining term longer than one year.
Claims on participants and companies in which

is participated
Current account Roel Buckens Holding BV 8.310 7.378
711 -
Current account Frontaal Distilling Company BV
831 -
Current account Frontaal Brewing Company BV
9.852 7.378
Taxes and social security contributions

Corporation tax 12.772 6.114
286.902 -
Sales tax
299.674 6.114
- 22 -
31-12-2022 31-12-2021
€ €
Other receivables
Prepaid rent 10.624 9.162
Other prepaid items 3.705 1.867
5.025 -
Deposits
BNP Paribas financing costs 247 1.731
- 2.128
Items still to be invoiced
Current account Stg Administratiekantoor Brouwerij Frontaal 195 195
19.796 15.083
Accrued assets
3.971 -
Accrued assets
Liquid assets [5]

Rabobank NL 16 RABO 0375 7236 41 145.611 -
ING bank NL 61 INGB 0006 5450 64 45.690 43.040
Rabobank NL73 RABO 0326 1979 07 - 78.486
136.623 -
Rabobank bank guarantee rental agreement
What - 10.935
327.924 132.461
The securities reported apply to the current account at Rabobank (credit maximum €50,000).
are part of Rabobank's long-term debt.
A bank guarantee has been issued for the rental of the business premises at Liniestraat 19 in Breda
amount of € 136,623 to the landlord WDP Nederland NV
Not all funds are available to the company. The bank guarantee for rent is not available
to the company.
- 23 -
PASSIVE
EQUITY [6]
Issued share capital

2022 2021
€ €
Status as of January 1 580 500
25.040 -
Issuance of shares upon incorporation
-
Conversion of shares in the event of a legal merger
Converted from share premium reserve 4 80
Stand per 31 december 6.424 32.048 580
The issued share capital is fully paid up to an amount of € 32,048 and is divided into 628,000
ordinary A shares with a nominal value of €0.04 and 173,199 non-voting B shares with a nominal value of €0.04.
During the current financial year there have been changes in the amount placed and deposited
share capital.
Agioreserve
Status as of January 1 1.219.760 1.219.840
4.995.950 -
Premium on capital contribution
Converted into share capital -6.424 -80
Stand per 31 december 6.209.286 1.219.760
This year, a legal merger took place between the company and Brouwerij Frontaal BV Naar
Following the merger, new shares were issued at an issue price of €50, but one
nominal value of € 0.04. This resulted in a share premium of €4,995,950 in 2022. The premium that is already in
Brouwerij Frontaal BV was present, has been added to the share premium reserve of Frontaal Holding BV
Other reserves
Status as of January 1 49.773 -82.014
From the result allocation proposal -619.520 131.787
Stand per 31 december -569.747 49.773
Proposal to allocate the result for the 2022 financial year

In accordance with legal provisions, the loss for the 2022 financial year amounts to €619,520
deducted from the other reserves. This has already been included in the annual accounts.
LONG-TERM DEBT [7]
31-12-2022 31-12-2021
€ €
Private loans 104.655 145.653
Mortgage loans 16.660 33.328
Lease obligations 3.375 17.506
124.690 196.487
- 24 -
31-12-2022 31-12-2021
€ €
Private loans
Loan Duboma BV 104.655 145.653
2022 2021
€ €
Loan Duboma BV
Principal amount 233.500 233.500
-43.047 -
Repayment of previous financial years
Status as of January 1 190.453 233.500
Repayment -40.998 -43.047
Stand per 31 december 149.455 190.453
Repayment obligation in the coming financial year -44.800 -44.800
Long-term portion as of December 31 104.655 145.653
This loan was provided to finance the 't IJ brewing facility. The interest rate is 4%. End
A written loan agreement was concluded in 2020 for the total amount of € 233,500. The interest is
set at 4% per year for the term of 5 years. The term ends on December 31, 2025. The borrower
provides the lender with the second right to pledge the brewing installation. The first right of pledge
has been granted to Rabobank.
31-12-2022 31-12-2021
€ €
Mortgage loans
Rabobank loan 16.660 33.328
2022 2021
€ €
Rabobank loan
Repayment of previous financial years -50.004 -33.336
Repayment -16.668 -16.668
This loan was provided to finance turnover growth. The interest rate is 4.85%, fixed until
and February 28, 2023. The repayment amounts to € 4,167 per quarter, for the last time on July 31, 2024. If
security has been provided for all current and future inventory, supplies and rights/claims of/on the
company with all rights and securities.
- 25 -
31-12-2022 31-12-2021
€ €
Lease obligations
Lease obligation 3.375 17.506
2022 2021
€ €
Lease obligation
Repayment of previous financial years -43.501 -29.370
Repayment -14.131 -14.131
This concerns the financial lease obligation of the GEA Separator unit Plug & Win 50. The interest amounts to €
5,934.77 during the entire term. The installment payment is € 1,177.61 per month, for the last time
on March 7, 2023. The GEA Separator unit Plug & Win 50 has been provided as additional security.
CURRENT DEBTS [8]
31-12-2022 31-12-2021
€ €
Rabobank NL73 RABO 0326 1979 07 15.280 -
827.500 -
Short-term loans
842.780 -
New loans were received from various people in 2022. These concerned temporary loans
be repaid without penalty in 2023. The interest rate is 6%. The loans will be fully repaid in 2023
through crowdfunding.
Repayment obligations in the coming financial year

Short-term part of the loan from Duboma BV 44.800 44.800
Short-term portion of Rabobank loan Short- 16.668 16.668
term portion of Finance Lease BNP Paribas 14.131 14.131
75.599 75.599
Trade creditors
creditors 760.778 193.981
- 26 -
31-12-2022 31-12-2021
€ €
Debts to participants and companies in which
is participated
7.241 -
Current account Frontaal Bars BV
Taxes and social security contributions

- 39.809
Sales tax
income tax 35.792 13.960
35.792 53.769
Remaining debts
Purchase invoices still to be received 7.211 1.044
43.744 -
Housing costs invoices still to be received
Invoices still to be received for office costs and general costs 7.751 3.635
10.497 -
Interest/financing costs
NOW subsidy to be paid 44.670 44.670
113.873 49.349
Accrued liabilities
Reserve holiday pay 27.747 16.517
Dividend payable - 5.491
450 -
Repayable Crowdfunding
1.449 -
Tip pot still to be paid out
29.646 22.008
Rights and obligations not included in the balance sheet

Contingent liabilities and significant financial obligations
Rental obligations
The company has entered into a rental contract for the rental of the building at the Steenen Hoofd location
56 in Breda. The rental obligation amounts to €546,490 per year. The company has a rental contract
concluded for the rental of the building at the Liniestraat 19 location in Breda. The rental obligation is €
68,900 per year. The rent can be canceled per month. The rental obligation runs until March 31, 2023.
In addition, a company has entered into a lease for the rental of the building at the location
Piusplein 62-32 in Tilburg for a minimum of 3 months, starting on May 24, 2022. The rental obligation
amounts to €850 per month. During this period, the parties cannot terminate the agreement prematurely
terminate notice.
- 27 -
Operating lease obligation

The company has entered into a lease commitment with Arval BNP Paribas Group for a period of 4 years,
starting from 2021. After the lease terms have expired, there is an option to take over the Renault Clio.
The annual lease obligation is €4,621.
The company has entered into a lease commitment with Alphabet for a period of 5 years, starting from
2020. After the lease terms have expired, there is an option to take over the Citroën Berlingo. The annual
lease obligation is €3,678.
The company has entered into a lease obligation with Leaseplan for a period of 4 years, starting from
2019. After the lease terms have expired, there is an option to take over the Renault Traffic. The annual
lease obligation is €5,650.
- 28 -
3.5 Explanation of the profit and loss account
2022 2021
€ €
Net turnover [9]
Beer turnover 2.457.135 2.057.069
Turnover events 140.474 13.601
Tasting room turnover 486.427 309.771
Costs to be charged 31.915 -
3.115.951 2.380.441
Purchasing value of turnover [10]

Purchasing raw materials and consumables 1.670.311 949.671
Excise tax paid 120.588 101.765
1.790.899 1.051.436
Wages and salaries [11]

Gross wages and salaries 562.473 327.473
Holiday allowance 44.854 26.047
Recharged wage costs Frontaal Bars BV 70.500 -
677.827 353.520
- -10.534
Received compensation for wage costs for water damage
-15.456 -
Subsidies received for gross wages
-137.883 -
Wage costs taxed by Frontaal Holding
524.488 342.986
Social charges [12]

Social Security 108.876 64.647
Depreciation of tangible fixed assets [13]

Renovation 8.463 208.083
Machines and installations 86.412 99.264
Inventory 29.675 40.379
Means of transport 4.299 3.942
Book result tangible fixed assets 11.684 498
140.533 352.166
- 29 -
2022 2021
€ €
Other personnel costs [14]
Travel allowance 10.872 17.497
Expense reimbursements 2.100 2.400
Canteen costs 10.352 4.282
23.705 -
Travel and accommodation
9.797 -
Education and training costs
Hiring staff 250.931 114.922
Other personnel costs 8.219 18.086
315.976 157.187
Housing costs [15]

26.470 -
Property maintenance
Rent building Piusplein 2.800 1.587
Rent building Faam 68.935 59.216
Gas, water and electricity 83.345 59.243
Cleaning costs 8.618 -
190.168 120.046
Sales costs [16]

Advertising and advertising costs 57.614 39.670
1.200 -
Representation costs
Business gifts 2.414 449
Trade fair and conference costs 12.124 3.906
122.461 -
Cost of sales
Addition to provision for doubtful debts -627 4.500
6.050 -
Other sales costs
201.236 48.525
Car costs [17]

Fuels 8.807 6.226
1.031 -
Repair and maintenance
332 -
Insurance
Lease costs 15.780 11.602
Mileage allowance for private car 9.051 7.242
Other car costs 1.009 652
36.010 25.722
Office costs [18]

Office equipment 4.522 1.533
Printing 10.536 2.252
Telecommunications 5.383 2.441
Automation costs 4.677 3.277
Fees and subscriptions 25.807 -
- 342
Other office costs
50.925 9.845
- 30 -
2022 2021
€ €
General costs [19]
Accountant costs 17.702 9.371
Consultancy 36.287 20.180
costs Collection - 231
costs Business insurance 34.091 13.909
Fines 10.649 1.583
Cash differences -195 -12
Recharged costs Frontaal Little Bar BV 2.500 -
Other general costs 7.275 6.348

108.309 51.610
One-time costs crowdfunding [20]

148.050 -
Crowdfunding consultancy fees
171.881 -
Crowdfunding promotion costs
13.828 -
Marketingskosten crowdfunding
333.759 -
Financial income and expenses
Interest income and similar income [21]

13 -
Interest current account Roel Buckens Holding BV
185 -
Interest current account Frontaal Bars BV
13 -
Interest on current account Frontaal Distilling Company BV
13 -
Interest on current account Frontaal Brewing Company BV
Interest current account management 221 192
445 192
Interest charges and similar costs [22]

- -19.586
Interest loans to natural persons and companies
Interest on Rabobank loan 2.149 2.969
9.999 -
Interest on short-term loans
Interest loan Duboma BV 6.803 8.557
Release of interest on Lease BNP Paribas loan 1.484 1.484
Bank charges and commission 19.092 3.455
39.527 -3.121
Taxes [23]
Corporation tax -106.319 22.306
- 31 -
2022 2021
€ €
Share in the result of associates [24]
469 -
Result of participation Frontaal Bars BV
-999 -
Result of participation Frontaal Distilling Company BV
-999 -
Result of participation Frontaal Brewing Company BV
-1.529 -
Staff members
During 2022, an average of 18 employees were employed on a full-time basis. In
In 2021 this was 11 employees.
Events after the balance date

The activities of Frontaal Holding BV have been transferred to Frontaal Brewing Company as of January 1, 2023.
BV and Frontaal Distilling Company BV
Breda,
Frontaal Holding BV
Mr RC Buckens
on behalf of Roel Buckens Holding BV
- 32 -

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Annual accounts 2022

Annual accounts 2022

TABLE OF CONTENTS Page

Annual accounts 2022

1.1 Auditor's composition statement

1.3 Result comparison

Net sales 3.115.951 100,0% 2.380.441 100,0%

Wages and salaries 524.488 16,8% 342.986 14,4%

Operating result -685.228 -22,0% 156.271 6,6%

Interest income and similar income 445 0,0% 192 0,0%

Taxresult -724.310 -23,3% 159.584 6,7%

Result after taxes -619.520 -20,0% 137.278 5,8%

A crowdfunding campaign took place in 2022, involving one-off costs of €

1.3 Result comparison

The result after tax has been adversely affected by:

1.4 Financial position

31 december 2022 31 december 2021

Available at short notice:

Stocks 793.289 769.213

Minus: short-term liabilities 1.865.709 394.706

Committed in the long term:

Tangible fixed assets 5.916.287 718.326

This financing took place with:

Group equity 5.671.587 1.270.113

Drs PHW van Dongen RA

2.1 Management report management

Increasing costs of raw materials

2.1 Management report management

Risks and future prospects

3.1 Balance as of 31 December 2022

31 december 2022 31 december 2021

Tangible fixed assets [1]

Financial fixed assets [2]

Liquid assets [5] 327.924 132.461

Total assets side 7.661.986 1.861.306

3.1 Balance as of 31 December 2022

31 december 2022 31 december 2021

Long-term debt [7]

Short-term liabilities [8]

Total liabilities side 7.661.986 1.861.306

3.2 Profit and loss account for 2022

Net sales [9] 3.115.951 2.380.441

Wages and salaries [11] 524.488 342.986

Operating result -685.228 156.271

Interest income and similar income [21] 445 192

Taxresult -724.310 159.584

Result after taxes -619.520 137.278

A crowdfunding campaign took place in 2022, involving one-off costs of €

3.3 Notes to the annual accounts

Transactions, receivables debts and

3.3 Notes to the annual accounts

BASIS FOR VALUATION OF ASSETS AND LIABILITIES

Tangible fixed assets

3.3 Notes to the annual accounts

Financial fixed assets

Deferred tax assets

Deferred tax assets are valued at nominal value.