For lovers of contemporary European cinema, this is a beauty: a moody cinematic feast that picks slowly away at the vulnerable spots of human nature. Written and directed by Swedish filmmaker Ruben Ostlund, and set on the stunning snowfields of the French Alps, the films opens with what looks like the perfect modern family on holiday.

There's Dad Tomas (Johannes Bah Kuhnke), Mum Ebba (Lisa Loven Kongsli) and their two children (real-life siblings Clara and Vincent Wettergren). All four are ridiculously healthy and good looking, and all decked out in the latest ski gear. They pose and smile for the camera. They come in and out of their designer hotel. The only hint that something in this flawless world may be awry comes from the mountain, where regular explosions control the danger of avalanche. And indeed, later that day, while on the balcony of restaurant, the family witness a huge avalanche – an experience that spreads doubt, that questions personal integrity and that challenges their understanding of themselves and their values. (To say anything specific about the extraordinary avalanche scene would be a serious spoiler crime).

From then on the film deals with the aftermath of the event: Ebba wants to talk about it; Thomas does not. The children fret about their parent's marriage. Cracks large and small appear in the world and we know that nothing will ever be the same again.

There is a strong and pervasive sense that anything could happen at any moment – and indeed things do: from the intensely emotional and the darkly dramatic to the sublimely banal, but all demanding your attention equally. Some have called the film darkly satirical or even a comedy, but Ostlund's project (much like his previous film Play) seems more serious: to take a devastating look at the authenticity of human nature, examined from within the frame of the nuclear family.

In keeping with his open and carefully calibrated approach to storytelling – and with the theme of the film itself – Ostland leaves it up to each of us to decide how to react to Tomas and Ebba's behaviour. You may laugh at times, you may wince, but you will hold your breath in awe at the spectacular scenery, captured with clinical clarity by cinematographer Frederik Wensel.

And you'll be mesmerised from start to finish – and keep wondering about the film's themes and its ending – long after the final credits have gone. The film is Sweden's entry for next year's Academy Awards and won the Jury Prize at this year's Cannes Film Festival. Yes, it's that good.