B.A.T.: 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.
B.A.T.
Largest movements
- Cash -€28,252
down €28,252 (-68.3%), from €41,359 to €13,108
mainly Current investments (-€20,000) and Receivables within one year (-€7,177)
- Current investments +€20,000
new in 2025: €20,000
- Receivables within one year +€7,177
new in 2025: €7,177
of which Trade receivables: +€7,157
- Tangible fixed assets -€5,021
down €5,021 (-31.2%), from €16,107 to €11,086
- Debts after one year -€4,914
down €4,914 (-40.1%), from €12,247 to €7,333
- Trade debts -€1,084
down €1,084 (-44.7%), from €2,425 to €1,342
- Other debts +€652
new in 2025: €652
- Profit (loss) carried forward -€582
down €582 (-12.8%), from €4,543 to €3,962
- Gross operating margin -€6,560
down €6,560 (-41.6%), from €15,783 to €9,223
- Taxes -€864
down €864 (-23.1%), from €3,740 to €2,876
- Other operating charges -€510
down €510 (-23.8%), from €2,140 to €1,630
- Financial income -€339
down €339 (-59.7%), from €567 to €228
- Financial charges -€190
down €190 (-27.3%), from €696 to €506
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,781 | €51,733 | -€6,049 | -10.5% |
| Fixed assets | 21/28 | €16,107 | €11,086 | -€5,021 | -31.2% |
| Tangible fixed assets | 22/27 | €16,107 | €11,086 | -€5,021 | -31.2% |
| Leasing and similar rights | 25 | €16,107 | €11,086 | -€5,021 | -31.2% |
| Current assets | 29/58 | €41,674 | €40,646 | -€1,028 | -2.5% |
| Amounts receivable within one year | 40/41 | - | €7,177 | +€7,177 | |
| Trade receivables | 40 | - | €7,157 | +€7,157 | |
| Other amounts receivable | 41 | - | €19 | +€19 | |
| Current investments | 50/53 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €41,359 | €13,108 | -€28,252 | -68.3% |
| Deferred charges and accrued income | 490/1 | €315 | €362 | +€47 | +14.8% |
| Total equity and liabilities | 10/49 | €57,781 | €51,733 | -€6,049 | -10.5% |
| Equity | 10/15 | €34,757 | €34,175 | -€582 | -1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,613 | €11,613 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €9,753 | €11,613 | +€1,860 | +19.1% |
| Profit (loss) carried forward | 14 | €4,543 | €3,962 | -€582 | -12.8% |
| Amounts payable | 17/49 | €23,025 | €17,558 | -€5,467 | -23.7% |
| Amounts payable after more than one year | 17 | €12,247 | €7,333 | -€4,914 | -40.1% |
| Financial debts | 170/4 | €12,247 | €7,333 | -€4,914 | -40.1% |
| Amounts payable within one year | 42/48 | €9,528 | €8,974 | -€554 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €4,784 | €4,914 | +€129 | +2.7% |
| Financial debts | 43 | - | €16 | +€16 | |
| Credit institutions | 430/8 | - | €16 | +€16 | |
| Trade debts | 44 | €2,425 | €1,342 | -€1,084 | -44.7% |
| Suppliers | 440/4 | €2,425 | €1,342 | -€1,084 | -44.7% |
| Taxes, remuneration and social security | 45 | €2,319 | €2,051 | -€267 | -11.5% |
| Taxes | 450/3 | €2,319 | €2,051 | -€267 | -11.5% |
| Other amounts payable | 47/48 | - | €652 | +€652 | |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,021 | €5,021 | = | 0.0% |
| Other operating charges | 640/8 | €2,140 | €1,630 | -€510 | -23.8% |
| Gross operating margin | 9900 | €15,783 | €9,223 | -€6,560 | -41.6% |
| Operating profit (loss) | 9901 | €8,623 | €2,573 | -€6,050 | -70.2% |
| Financial income | 75/76B | €567 | €228 | -€339 | -59.7% |
| Recurring financial income | 75 | €567 | €228 | -€339 | -59.7% |
| Financial charges | 65/66B | €696 | €506 | -€190 | -27.3% |
| Recurring financial charges | 65 | €696 | €506 | -€190 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €8,494 | €2,295 | -€6,199 | -73.0% |
| Income taxes | 67/77 | €3,740 | €2,876 | -€864 | -23.1% |
| Profit (loss) for the period | 9904 | €4,753 | -€582 | -€5,335 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,753 | -€582 | -€5,335 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.