B.A.T.: 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
B.A.T.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€23,803
2024 · -€53,337+€29,534
Equity
€752,905
2024 · €776,708-€23,803
Cash
€2,351
2024 · €2,301+€50
Balance sheet total
€2.5m
2024 · €2.5m-€69,164
Largest movements
Assets
- Tangible fixed assets -€94,637
down €94,637 (-3.9%), from €2.4m to €2.3m
of which Land and buildings: -€73,536
- Receivables within one year +€26,298
up €26,298 (+80.5%), from €32,654 to €58,952
of which Other amounts receivable: +€35,298
Equity and liabilities
- Provisions -€101,929
no longer reported in 2025 (was €101,929)
- Other debts +€34,716
up €34,716 (+29.1%), from €119,195 to €153,911
- Debts after one year +€32,506
up €32,506 (+2.5%), from €1.3m to €1.3m
Income statement
- Financial income +€38,333
up €38,333 (+815.0%), from €4,704 to €43,037
- Taxes +€17,761
new in 2025: €17,761
- Other operating charges -€6,030
down €6,030 (-54.7%), from €11,017 to €4,987
- Financial charges +€984
up €984 (+3.5%), from €27,731 to €28,715
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
-€53,337
Gross operating margin
-€369
Depreciation
-€75
Other operating charges
+€6,030
Financial income
+€38,333
Financial charges
-€984
Taxes
-€17,761
Deferred taxes and other
+€4,360
Result 2025
-€23,803
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
-€20,985
Investment
€0
Financing
+€21,035
Cash 2024
€2,301
From operations (derived)
-€20,985
Net result for the year
-€23,803
Depreciation
+€94,637
Receivables within one year
-€26,298
Deferred charges and accrued income
+€875
Provisions
-€101,929
Trade debts
+€817
Other debts
+€34,716
Financing
+€21,035
Debts after one year
+€32,506
Current portion of long-term debt
+€10,863
Short-term financial debts
-€22,334
Cash 2025
€2,351
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,532,086 | €2,462,923 | -€69,164 | -2.7% |
| Fixed assets | 21/28 | €2,446,226 | €2,351,589 | -€94,637 | -3.9% |
| Tangible fixed assets | 22/27 | €2,426,506 | €2,331,869 | -€94,637 | -3.9% |
| Land and buildings | 22 | €2,376,490 | €2,302,953 | -€73,536 | -3.1% |
| Plant, machinery and equipment | 23 | €50,016 | €28,916 | -€21,101 | -42.2% |
| Financial fixed assets | 28 | €19,720 | €19,720 | = | 0.0% |
| Current assets | 29/58 | €85,860 | €111,334 | +€25,473 | +29.7% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,654 | €58,952 | +€26,298 | +80.5% |
| Trade receivables | 40 | €9,000 | - | -€9,000 | |
| Other amounts receivable | 41 | €23,654 | €58,952 | +€35,298 | +149.2% |
| Cash at bank and in hand | 54/58 | €2,301 | €2,351 | +€50 | +2.2% |
| Deferred charges and accrued income | 490/1 | €905 | €30 | -€875 | -96.7% |
| Total equity and liabilities | 10/49 | €2,532,086 | €2,462,923 | -€69,164 | -2.7% |
| Equity | 10/15 | €776,708 | €752,905 | -€23,803 | -3.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €850,386 | €850,386 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €305,788 | - | -€305,788 | |
| Distributable reserves | 133 | €542,738 | €848,526 | +€305,788 | +56.3% |
| Profit (loss) carried forward | 14 | -€86,078 | -€109,881 | -€23,803 | -27.7% |
| Provisions and deferred taxes | 16 | €101,929 | - | -€101,929 | |
| Deferred taxes | 168 | €101,929 | - | -€101,929 | |
| Amounts payable | 17/49 | €1,653,449 | €1,710,018 | +€56,569 | +3.4% |
| Amounts payable after more than one year | 17 | €1,309,149 | €1,341,655 | +€32,506 | +2.5% |
| Financial debts | 170/4 | €1,309,149 | €1,341,655 | +€32,506 | +2.5% |
| Amounts payable within one year | 42/48 | €335,300 | €359,362 | +€24,062 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €70,850 | €81,712 | +€10,863 | +15.3% |
| Financial debts | 43 | €24,364 | €2,030 | -€22,334 | -91.7% |
| Credit institutions | 430/8 | €24,364 | €2,030 | -€22,334 | -91.7% |
| Trade debts | 44 | €120,892 | €121,709 | +€817 | +0.7% |
| Suppliers | 440/4 | €120,892 | €121,709 | +€817 | +0.7% |
| Other amounts payable | 47/48 | €119,195 | €153,911 | +€34,716 | +29.1% |
| Accrued charges and deferred income | 492/3 | €9,000 | €9,000 | = | 0.0% |
| Non-recurring operating income | 76A | €73 | - | -€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,562 | €94,637 | +€75 | +0.1% |
| Other operating charges | 640/8 | €11,017 | €4,987 | -€6,030 | -54.7% |
| Gross operating margin | 9900 | €79,629 | €79,261 | -€369 | -0.5% |
| Operating profit (loss) | 9901 | -€25,950 | -€20,363 | +€5,586 | +21.5% |
| Financial income | 75/76B | €4,704 | €43,037 | +€38,333 | +815.0% |
| Recurring financial income | 75 | €4,704 | €43,037 | +€38,333 | +815.0% |
| Financial charges | 65/66B | €27,731 | €28,715 | +€984 | +3.5% |
| Recurring financial charges | 65 | €27,731 | €28,715 | +€984 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | -€48,977 | -€6,042 | +€42,935 | +87.7% |
| Transfer to deferred taxes | 680 | €4,360 | - | -€4,360 | |
| Income taxes | 67/77 | - | €17,761 | +€17,761 | |
| Profit (loss) for the period | 9904 | -€53,337 | -€23,803 | +€29,534 | +55.4% |
| Transfer to tax-exempt reserves | 689 | €13,080 | - | -€13,080 | |
| Profit (loss) for the period to be appropriated | 9905 | -€66,416 | -€23,803 | +€42,614 | +64.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.