BAT: what changed
BAT
Largest movements
- Tangible fixed assets -€30,188
down €30,188 (-22.2%), from €135,679 to €105,491
of which Other tangible fixed assets: -€34,057
- Cash +€13,202
up €13,202 (+214%), from €6,167 to €19,368
- Receivables within one year +€12,997
up €12,997, from €0 to €12,997
of which Other amounts receivable: +€8,037
- Stocks and contracts +€2,241
up €2,241 (+64.3%), from €3,487 to €5,728
- Debts after one year -€23,337
down €23,337 (-24.4%), from €95,521 to €72,184
- Trade debts +€8,521
up €8,521 (+858%), from €993 to €9,514
- Other debts +€8,282
up €8,282 (+55.9%), from €14,804 to €23,086
- Tax, wage and social debts +€1,964
up €1,964 (+14.8%), from €13,264 to €15,228
of which Remuneration and social security: +€3,461
- Current portion of long-term debt +€1,664
up €1,664 (+10.1%), from €16,513 to €18,177
- Gross operating margin +€25,656
up €25,656 (+55.5%), from €46,189 to €71,845
- Staff costs +€20,519
up €20,519 (+68.0%), from €30,195 to €50,714
- Depreciation +€3,549
up €3,549 (+21.1%), from €16,779 to €20,328
- Financial charges -€1,920
down €1,920 (-27.0%), from €7,104 to €5,184
- Other operating charges +€758
up €758 (+150%), from €506 to €1,263
Change in the result, 2023 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
A cash bridge needs two consecutive financial years. One year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €152,982 | €151,234 | -€1,748 | -1.1% |
| Fixed assets | 21/28 | €143,329 | €113,141 | -€30,188 | -21.1% |
| Tangible fixed assets | 22/27 | €135,679 | €105,491 | -€30,188 | -22.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €16,348 | €20,218 | +€3,870 | +23.7% |
| Other tangible fixed assets | 26 | €119,330 | €85,273 | -€34,057 | -28.5% |
| Financial fixed assets | 28 | €7,650 | €7,650 | = | 0.0% |
| Current assets | 29/58 | €9,653 | €38,093 | +€28,439 | +295% |
| Stocks and contracts in progress | 3 | €3,487 | €5,728 | +€2,241 | +64.3% |
| Stocks | 30/36 | €3,487 | €5,728 | +€2,241 | +64.3% |
| Amounts receivable within one year | 40/41 | €0 | €12,997 | +€12,997 | |
| Trade receivables | 40 | €0 | €4,960 | +€4,960 | |
| Other amounts receivable | 41 | €0 | €8,037 | +€8,037 | |
| Cash at bank and in hand | 54/58 | €6,167 | €19,368 | +€13,202 | +214% |
| Total equity and liabilities | 10/49 | €152,982 | €151,234 | -€1,748 | -1.1% |
| Equity | 10/15 | €11,887 | €13,046 | +€1,159 | +9.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,113 | -€16,954 | +€1,159 | +6.4% |
| Amounts payable | 17/49 | €141,095 | €138,188 | -€2,907 | -2.1% |
| Amounts payable after more than one year | 17 | €95,521 | €72,184 | -€23,337 | -24.4% |
| Financial debts | 170/4 | €95,521 | €72,184 | -€23,337 | -24.4% |
| Amounts payable within one year | 42/48 | €45,574 | €66,004 | +€20,430 | +44.8% |
| Current portion of amounts payable after more than one year | 42 | €16,513 | €18,177 | +€1,664 | +10.1% |
| Trade debts | 44 | €993 | €9,514 | +€8,521 | +858% |
| Suppliers | 440/4 | €993 | €9,514 | +€8,521 | +858% |
| Taxes, remuneration and social security | 45 | €13,264 | €15,228 | +€1,964 | +14.8% |
| Taxes | 450/3 | €10,813 | €9,315 | -€1,497 | -13.8% |
| Remuneration and social security | 454/9 | €2,451 | €5,912 | +€3,461 | +141% |
| Other amounts payable | 47/48 | €14,804 | €23,086 | +€8,282 | +55.9% |
| Remuneration, social security and pensions | 62 | €30,195 | €50,714 | +€20,519 | +68.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,779 | €20,328 | +€3,549 | +21.1% |
| Other operating charges | 640/8 | €506 | €1,263 | +€758 | +150% |
| Gross operating margin | 9900 | €46,189 | €71,845 | +€25,656 | +55.5% |
| Operating profit (loss) | 9901 | -€1,291 | -€461 | +€830 | +64.3% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €7,104 | €5,184 | -€1,920 | -27.0% |
| Recurring financial charges | 65 | €7,104 | €5,184 | -€1,920 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,395 | -€5,632 | +€2,763 | +32.9% |
| Profit (loss) for the period | 9904 | -€8,395 | -€5,632 | +€2,763 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,395 | -€5,632 | +€2,763 | +32.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.