Below is a 'dostips' solution.
Quite obscure at the level of operations used, but very efficient !
*Example provided in the header should help to understand usage of this macro.
::=//////////////////////////////////////////////////////////////////////////
::= Makes a file name relative to a base path.
::= *param-1:  file [in,out]  - variable with file name to be converted, or file name itself for result in stdout
::= *param-2:  base [in,opt*] - base path | *leave blank for current directory
::= *return:   The resolved relative path is stored into *param-1
::=
::= SAMPLE*HOW-TO-USE:
::=  a) Current path       =D:\titi\toto\
::=  b) DATAPATH_absolute  =D:\titi\tata\tutu\log.txt
::=  c) --relativize the data-path--
::=
::=    c1) INIT the data:
::=        $>  set DATAPATH_relative=%DATAPATH_absolute%
::=
::=    c2) CALL the sub-function:
::=        $>  call  :MakeRelative  DATAPATH_relative
::=
::=    c3) (( After the call, result is set in %DATAPATH_relative% ))
::=
::=  d) echo DATAPATH_relative =%DATAPATH_relative%
::=                     /--->   "..\tata\tutu\log.txt"
::=
::= $source https://www.dostips.com
::= **web:  https://www.dostips.com/?t=Function.MakeRelative
::= **web:  https://www.dostips.com/DtCodeCmdLib.php#Function.MakeRelative
::=--------------------------------------------------------------------------
:MakeRelative
    SETLOCAL ENABLEDELAYEDEXPANSION
    set src=%~1
    if defined %1 set src=!%~1!
    set bas=%~2
    if not defined bas set bas=%cd%
    for /f "tokens=*" %%a in ("%src%") do set src=%%~fa
    for /f "tokens=*" %%a in ("%bas%") do set bas=%%~fa
    set mat=&rem variable to store matching part of the name
    set upp=&rem variable to reference a parent
    for /f "tokens=*" %%a in ('echo.%bas:\=^&echo.%') do (
        set sub=!sub!%%a\
        call set tmp=%%src:!sub!=%%
        if "!tmp!" NEQ "!src!" (set mat=!sub!) ELSE (set upp=!upp!..\)
    )
    set src=%upp%!src:%mat%=!
    ( ENDLOCAL & REM RETURN VALUES
        IF defined %1 (SET %~1=%src%) ELSE ECHO.%src%
    )
    EXIT /b
DosTips.com, :MakeRelative