Financials — where the money is going
From the trip-margin ledger, purchases/payroll records, and consolidated P&L (24 accounting exports, cleaned and cross-validated). Watatu (Spain) figures are EUR; Elototo (Tanzania ground-ops) figures are USD — the two are never blended into one total.
Jan–Jul 2026 shows a net result of — after five straight profitable fiscal years. Revenue and gross margin are still growing; Corporate Hub and CX Hub overhead costs are growing several times faster than revenue over the same period, which is what flipped the bottom line.
Revenue (Jan–Jul 2026)
Gross margin
EBITDA
Net result
P&L summary by fiscal year
€, consolidated Watatu actuals · FY26 = Jan–Jul only, not a full year
Trip margin by type
2022–2026, cancelled/uninvoiced bookings excluded
Trip margin by destination
Group departures with an explicit destination tag only — most private bookings aren't tagged
Worst-performing trips
Largest euro losses, 2022–2026
All trips
876 priced trips, 2022–2026 — cancelled/uninvoiced bookings excluded
2024 spend by category
€1.97M across 591 supplier invoices — the one year with a complete transaction-level ledger
Top vendors, 2024
Elototo Tanzania Limited (ground ops) is 74% of all spend
2024 monthly spend
Total spend by calendar month, all categories and vendors combined
Spend by category, monthly
Top 6 categories by 2024 total, plus everything else grouped
Spend by vendor, monthly
Top 5 vendors by 2024 total, plus everything else grouped
Elototo (Tanzania ground-ops) — cost breakdown
From the Elototo Trial Balance ledger (USD, Jan 2024 – Dec 2025), cross-validated against Elot.PT.csv's independent pivot of the same data. Kept in USD throughout — never blended with Watatu's EUR figures above.
Repairs rose from — to — — the fastest-growing Opex line by far, and worth checking against fleet age or a specific vehicle before assuming it's just scale.
Elototo cost by category, 2024 vs 2025
USD, P&L accounts only — Balance Sheet accounts (cash, loans, receivables) excluded
Elototo Direct cost, monthly trend
Trip-delivery costs — accommodation, park fees, cars, domestic flights
Direct cost by subcategory
2024 vs 2025
Opex by subcategory
2024 vs 2025
Monthly payroll cost
Salary + employer social security, Jan 2024 – latest month on file
FY26 budget — cost as % of revenue (target, not actual)
The company's own planning targets — shown for reference, never combined with the actuals above
Source: 24 accounting CSV exports (trip-margin ledger, purchases, payroll, trial balance, budget/forecast). All figures cross-validated against at least two independent source files before being shown here.