BAT ET MAT: 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.
BAT ET MAT
Largest movements
- Cash -€16,517
down €16,517 (-67.0%), from €24,664 to €8,147
mainly Net result for the year (-€14,573) and Stocks and contracts (-€2,981)
- Stocks and contracts +€2,981
up €2,981 (+2.3%), from €131,280 to €134,261
- Deferred charges and accrued income -€2,074
down €2,074 (-51.4%), from €4,035 to €1,962
- Profit (loss) carried forward -€14,573
down €14,573 (-71.0%), from €20,539 to €5,966
- Tax, wage and social debts -€2,106
down €2,106 (-7.4%), from €28,359 to €26,253
of which Taxes: -€6,835
- Gross operating margin -€26,773
down €26,773 (-46.7%), from €57,340 to €30,568
- Staff costs -€8,138
down €8,138 (-15.5%), from €52,377 to €44,239
- Other operating charges -€1,507
down €1,507 (-80.7%), from €1,867 to €361
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.
Derived cash bridge
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 | €161,620 | €144,519 | -€17,101 | -10.6% |
| Fixed assets | 21/28 | €150 | €150 | = | 0.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €161,470 | €144,369 | -€17,101 | -10.6% |
| Stocks and contracts in progress | 3 | €131,280 | €134,261 | +€2,981 | +2.3% |
| Stocks | 30/36 | €131,280 | €134,261 | +€2,981 | +2.3% |
| Amounts receivable within one year | 40/41 | €1,491 | - | -€1,491 | |
| Other amounts receivable | 41 | €1,491 | - | -€1,491 | |
| Cash at bank and in hand | 54/58 | €24,664 | €8,147 | -€16,517 | -67.0% |
| Deferred charges and accrued income | 490/1 | €4,035 | €1,962 | -€2,074 | -51.4% |
| Total equity and liabilities | 10/49 | €161,620 | €144,519 | -€17,101 | -10.6% |
| Equity | 10/15 | €56,859 | €42,286 | -€14,573 | -25.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €11,531 | €11,531 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,531 | €11,531 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,052 | €9,052 | = | 0.0% |
| Other | 1319 | €2,479 | €2,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,539 | €5,966 | -€14,573 | -71.0% |
| Amounts payable | 17/49 | €104,761 | €102,233 | -€2,529 | -2.4% |
| Amounts payable within one year | 42/48 | €104,761 | €102,233 | -€2,529 | -2.4% |
| Trade debts | 44 | €59,455 | €59,852 | +€398 | +0.7% |
| Suppliers | 440/4 | €59,455 | €59,852 | +€398 | +0.7% |
| Taxes, remuneration and social security | 45 | €28,359 | €26,253 | -€2,106 | -7.4% |
| Taxes | 450/3 | €21,392 | €14,557 | -€6,835 | -32.0% |
| Remuneration and social security | 454/9 | €6,966 | €11,695 | +€4,729 | +67.9% |
| Other amounts payable | 47/48 | €16,948 | €16,128 | -€820 | -4.8% |
| Non-recurring operating income | 76A | - | €194 | +€194 | |
| Remuneration, social security and pensions | 62 | €52,377 | €44,239 | -€8,138 | -15.5% |
| Other operating charges | 640/8 | €1,867 | €361 | -€1,507 | -80.7% |
| Gross operating margin | 9900 | €57,340 | €30,568 | -€26,773 | -46.7% |
| Operating profit (loss) | 9901 | €3,096 | -€14,032 | -€17,128 | |
| Financial income | 75/76B | €189 | - | -€189 | |
| Recurring financial income | 75 | €12 | - | -€12 | |
| Non-recurring financial income | 76B | €177 | - | -€177 | |
| Financial charges | 65/66B | €554 | €540 | -€13 | -2.4% |
| Recurring financial charges | 65 | €554 | €540 | -€13 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €2,731 | -€14,573 | -€17,304 | |
| Profit (loss) for the period | 9904 | €2,731 | -€14,573 | -€17,304 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,731 | -€14,573 | -€17,304 |
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 21 October 2026 via checked.be.