Ed,
Ah... ! I'm so glad someone else has commented on the 'wispy' bit at the back...
.
I know it was a different unit, namely KG76, but their 1. and 4.Staffeln did have unit badges reflecting a certain degree of 'toilet' humour, so to speak, and was wondering if perhaps our Fledermaus was perhaps indulging in a little of the same... ?
Also, I know little about the anatomy of bats, but I would've thought this wee guy's claws were kind of far forward to be healthy... perhaps his fangs/teeth (whatever bats possess!), maybe even stylised somewhat, into a smile... ?
Paul