USHUAIA: 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.
USHUAIA
Largest movements
- Cash -€68,135
down €68,135 (-65.0%), from €104,804 to €36,669
mainly Net result for the year (-€36,906) and Receivables within one year (-€33,395)
- Receivables within one year +€33,395
up €33,395 (+197.6%), from €16,897 to €50,291
of which Trade receivables: +€32,926
- Tangible fixed assets -€25,642
down €25,642 (-12.8%), from €199,814 to €174,171
of which Land and buildings: -€25,348
- Stocks and contracts -€21,319
down €21,319 (-8.5%), from €251,585 to €230,266
- Profit (loss) carried forward -€36,906
down €36,906 (-35.5%), from -€103,989 to -€140,894
- Debts after one year -€25,641
down €25,641 (-12.8%), from €200,975 to €175,334
- Tax, wage and social debts -€16,137
down €16,137 (-94.0%), from €17,173 to €1,036
of which Remuneration and social security: -€10,047
- Other debts -€12,697
down €12,697 (-11.0%), from €115,322 to €102,625
- Staff costs -€43,408
down €43,408 (-84.5%), from €51,384 to €7,976
- Gross operating margin -€31,454
down €31,454 (-76.6%), from €41,080 to €9,626
- Depreciation -€13,530
down €13,530 (-34.2%), from €39,547 to €26,017
- Financial income -€1,400
down €1,400 (-99.9%), from €1,402 to €1
- Other operating charges +€588
up €588 (+11.5%), from €5,121 to €5,708
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.
Cash bridge derived
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 | €612,056 | €524,436 | -€87,620 | -14.3% |
| Fixed assets | 21/28 | €200,188 | €174,171 | -€26,017 | -13.0% |
| Intangible fixed assets | 21 | €374 | €0 | -€374 | -100.0% |
| Tangible fixed assets | 22/27 | €199,814 | €174,171 | -€25,642 | -12.8% |
| Land and buildings | 22 | €198,883 | €173,534 | -€25,348 | -12.7% |
| Plant, machinery and equipment | 23 | €931 | €637 | -€294 | -31.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €411,869 | €350,265 | -€61,604 | -15.0% |
| Stocks and contracts in progress | 3 | €251,585 | €230,266 | -€21,319 | -8.5% |
| Stocks | 30/36 | €251,585 | €230,266 | -€21,319 | -8.5% |
| Amounts receivable within one year | 40/41 | €16,897 | €50,291 | +€33,395 | +197.6% |
| Trade receivables | 40 | €2,783 | €35,709 | +€32,926 | +1183.1% |
| Other amounts receivable | 41 | €14,114 | €14,582 | +€469 | +3.3% |
| Current investments | 50/53 | €32,078 | €32,078 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €104,804 | €36,669 | -€68,135 | -65.0% |
| Deferred charges and accrued income | 490/1 | €6,506 | €961 | -€5,545 | -85.2% |
| Total equity and liabilities | 10/49 | €612,056 | €524,436 | -€87,620 | -14.3% |
| Equity | 10/15 | €196,011 | €159,106 | -€36,906 | -18.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,989 | -€140,894 | -€36,906 | -35.5% |
| Amounts payable | 17/49 | €416,045 | €365,330 | -€50,715 | -12.2% |
| Amounts payable after more than one year | 17 | €200,975 | €175,334 | -€25,641 | -12.8% |
| Financial debts | 170/4 | €200,975 | €175,334 | -€25,641 | -12.8% |
| Amounts payable within one year | 42/48 | €215,070 | €189,996 | -€25,074 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €25,208 | €25,641 | +€433 | +1.7% |
| Trade debts | 44 | €55,896 | €59,923 | +€4,027 | +7.2% |
| Suppliers | 440/4 | €55,896 | €59,923 | +€4,027 | +7.2% |
| Advances received on contracts in progress | 46 | €1,471 | €771 | -€700 | -47.6% |
| Taxes, remuneration and social security | 45 | €17,173 | €1,036 | -€16,137 | -94.0% |
| Taxes | 450/3 | €7,125 | €1,036 | -€6,090 | -85.5% |
| Remuneration and social security | 454/9 | €10,047 | €0 | -€10,047 | -100.0% |
| Other amounts payable | 47/48 | €115,322 | €102,625 | -€12,697 | -11.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €51,384 | €7,976 | -€43,408 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,547 | €26,017 | -€13,530 | -34.2% |
| Other operating charges | 640/8 | €5,121 | €5,708 | +€588 | +11.5% |
| Gross operating margin | 9900 | €41,080 | €9,626 | -€31,454 | -76.6% |
| Operating profit (loss) | 9901 | -€54,972 | -€30,075 | +€24,897 | +45.3% |
| Financial income | 75/76B | €1,402 | €1 | -€1,400 | -99.9% |
| Recurring financial income | 75 | €1,402 | €1 | -€1,400 | -99.9% |
| Financial charges | 65/66B | €6,602 | €6,656 | +€54 | +0.8% |
| Recurring financial charges | 65 | €6,602 | €6,656 | +€54 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | -€60,172 | -€36,730 | +€23,442 | +39.0% |
| Income taxes | 67/77 | €187 | €176 | -€11 | -5.9% |
| Profit (loss) for the period | 9904 | -€60,359 | -€36,906 | +€23,453 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,359 | -€36,906 | +€23,453 | +38.9% |
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 9 October 2026 via checked.be.