BAT – S&D SERVICE & DEVELOPMENT: 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 – S&D SERVICE & DEVELOPMENT
Largest movements
- Current investments +€64,185
up €64,185 (+177%), from €36,165 to €100,349
- Deferred charges and accrued income -€24,981
down €24,981 (-93.3%), from €26,776 to €1,795
- Receivables within one year +€12,190
up €12,190 (+50.9%), from €23,938 to €36,128
of which Other amounts receivable: +€17,635
- Stocks and contracts -€3,000
no longer reported in 2025 (was €3,000)
- Cash +€1,833
up €1,833 (+17.3%), from €10,606 to €12,439
mainly Trade debts (+€30,307) and Deferred charges and accrued income (+€24,981)
- Trade debts +€30,307
up €30,307 (+707%), from €4,289 to €34,596
- Profit (loss) carried forward +€18,738
up €18,738 (+45.4%), from -€41,232 to -€22,494
- Tax, wage and social debts +€1,525
up €1,525 (+48.2%), from €3,163 to €4,688
- Financial charges -€17,025
down €17,025 (-99.5%), from €17,107 to €82
of which Financial charges: -€9,999
- Gross operating margin +€12,707
up €12,707 (+93.0%), from €13,671 to €26,378
- Depreciation -€5,904
down €5,904 (-80.8%), from €7,310 to €1,406
- Taxes +€4,767
new in 2025: €4,767
- Other operating charges -€2,501
down €2,501 (-60.1%), from €4,159 to €1,658
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 | €101,650 | €152,053 | +€50,403 | +49.6% |
| Fixed assets | 21/28 | €1,166 | €1,342 | +€177 | +15.1% |
| Tangible fixed assets | 22/27 | €1,116 | €1,292 | +€177 | +15.8% |
| Plant, machinery and equipment | 23 | €1,088 | - | -€1,088 | |
| Furniture and vehicles | 24 | €28 | €1,292 | +€1,265 | +4,553% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €100,485 | €150,711 | +€50,226 | +50.0% |
| Stocks and contracts in progress | 3 | €3,000 | - | -€3,000 | |
| Contracts in progress | 37 | €3,000 | - | -€3,000 | |
| Amounts receivable within one year | 40/41 | €23,938 | €36,128 | +€12,190 | +50.9% |
| Trade receivables | 40 | €23,338 | €17,893 | -€5,445 | -23.3% |
| Other amounts receivable | 41 | €600 | €18,235 | +€17,635 | +2,937% |
| Current investments | 50/53 | €36,165 | €100,349 | +€64,185 | +177% |
| Cash at bank and in hand | 54/58 | €10,606 | €12,439 | +€1,833 | +17.3% |
| Deferred charges and accrued income | 490/1 | €26,776 | €1,795 | -€24,981 | -93.3% |
| Total equity and liabilities | 10/49 | €101,650 | €152,053 | +€50,403 | +49.6% |
| Equity | 10/15 | €29,422 | €48,160 | +€18,738 | +63.7% |
| Contributions | 10/11 | €16,184 | €16,184 | = | 0.0% |
| Reserves | 13 | €54,470 | €54,470 | = | 0.0% |
| Distributable reserves | 133 | €54,470 | €54,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,232 | -€22,494 | +€18,738 | +45.4% |
| Provisions and deferred taxes | 16 | €51,572 | €51,572 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €51,572 | €51,572 | = | 0.0% |
| Pensions and similar obligations | 160 | €51,572 | €51,572 | = | 0.0% |
| Amounts payable | 17/49 | €20,657 | €52,321 | +€31,664 | +153% |
| Amounts payable within one year | 42/48 | €20,657 | €52,321 | +€31,664 | +153% |
| Trade debts | 44 | €4,289 | €34,596 | +€30,307 | +707% |
| Suppliers | 440/4 | €4,289 | €34,596 | +€30,307 | +707% |
| Taxes, remuneration and social security | 45 | €3,163 | €4,688 | +€1,525 | +48.2% |
| Taxes | 450/3 | €3,163 | €4,688 | +€1,525 | +48.2% |
| Other amounts payable | 47/48 | €13,205 | €13,037 | -€168 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,310 | €1,406 | -€5,904 | -80.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,363 | - | +€2,363 | |
| Other operating charges | 640/8 | €4,159 | €1,658 | -€2,501 | -60.1% |
| Gross operating margin | 9900 | €13,671 | €26,378 | +€12,707 | +93.0% |
| Operating profit (loss) | 9901 | €4,564 | €23,314 | +€18,750 | +411% |
| Financial income | 75/76B | €212 | €273 | +€61 | +28.5% |
| Recurring financial income | 75 | €212 | €273 | +€61 | +28.5% |
| Financial charges | 65/66B | €17,107 | €82 | -€17,025 | -99.5% |
| Recurring financial charges | 65 | €10,081 | €82 | -€9,999 | -99.2% |
| Non-recurring financial charges | 66B | €7,026 | - | -€7,026 | |
| Profit (loss) for the period before taxes | 9903 | -€12,330 | €23,506 | +€35,836 | |
| Income taxes | 67/77 | - | €4,767 | +€4,767 | |
| Profit (loss) for the period | 9904 | -€12,330 | €18,738 | +€31,068 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,330 | €18,738 | +€31,068 |
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 22 October 2026 via checked.be.