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CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34000, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 272000, "fy2027": null, "total_rule": "sum" }, { "key": "ox_prof", "label": "Legal, statutory audit and accounting", "basis": "ledger", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 16317.2, 16190.39, 34446.7, 17409.94, 15872.42, 15162.98, 17487.83, 15878.32, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 148765.78, "fy2027": null, "total_rule": "sum" }, { "key": "ox_ins", "label": "Insurance", "basis": "ledger", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 36000, "fy2027": null, "total_rule": "sum" }, { "key": "ox_recruit", "label": "Recruitment", "basis": "ledger", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 7675.8, 16033.25, 23048.39, 14790.36, 9257.09, 7702.66, 1000, 1000, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 80507.55, "fy2027": null, "total_rule": "sum" }, { "key": "ox_travel", "label": "Travel (VAT not recovered)", "basis": "ledger", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 11939.7, 11991.62, 11894.58, 10435.89, 10844.45, 10029.29, 10860.83, 9587.64, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 87584, "fy2027": null, "total_rule": "sum" }, { "key": "ox_ltax", "label": "Local business taxes (CFE and CVAE)", "basis": "ledger", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1400, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 11200, "fy2027": null, "total_rule": "sum" }, { "key": "capex", "label": "Capex: IT equipment", "basis": "asset register", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 5057.75, 7270.69, 9512.1, 7262.12, 4693.56, 5463.47, 2233.55, 2185.01, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 43678.25, "fy2027": null, "total_rule": "sum" }, { "key": "card", "label": "Card processing fees", "basis": "processor statements", "section": "OVERHEADS, CAPEX AND CARD PROCESSING", "format": "int", "kind": "input", "bold": false, "values": [ 5639.98, 5763.05, 6071.85, 5962.55, 6279.26, 6407.25, 6447.74, 6341.18, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 48912.86, "fy2027": null, "total_rule": "sum" }, { "key": "rec_card", "label": "Card payouts (Developer packs and Team plans, net of fees)", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 274905.14, 291488.05, 301509.25, 296837.91, 308538.08, 316902.38, 320768.48, 314268.14, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 2425217.43, "fy2027": null, "total_rule": "sum" }, { "key": "rec_fr", "label": "Enterprise receipts: accounts in France (incl. VAT)", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 71000, 94000, 67000, 73000, 118000, 115000, 76000, 126000, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 740000, "fy2027": null, "total_rule": "sum" }, { "key": "rec_xx", "label": "Enterprise receipts: accounts outside France", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 143333.34, 150029.1, 188630.35, 138810.95, 124166.67, 187500, 134166.67, 150833.33, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 1217470.41, "fy2027": null, "total_rule": "sum" }, { "key": "rec_cir", "label": "Research tax credit refunded", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 935770, 0, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 935770, "fy2027": null, "total_rule": "sum" }, { "key": "rec_int", "label": "Interest received on term deposits", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 18300, 17540.71, 17000.73, 16375.49, 15411.49, 14769.42, 14166.97, 14620.69, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 128185.5, "fy2027": null, "total_rule": "sum" }, { "key": "pay_usd", "label": "Compute suppliers paid in USD (Provider A and vendor B), EUR debited", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 107546.17, 123320.74, 125872.77, 124046.4, 123735.7, 133093.42, 134594.58, 142250.18, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 1014459.96, "fy2027": null, "total_rule": "sum" }, { "key": "pay_apic", "label": "Model API vendor C", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 7104.97, 8172.87, 8429.57, 8033.9, 8834.88, 9004.17, 9240.64, 9844.35, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 68665.35, "fy2027": null, "total_rule": "sum" }, { "key": "pay_card", "label": "Company card statements (software, media, travel)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 67925.28, 70026.06, 67643.71, 74176.79, 69366.35, 65767.27, 67888.45, 67886.13, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 550680.04, "fy2027": null, "total_rule": "sum" }, { "key": "pay_sup", "label": "French suppliers incl. VAT and equipment", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 48894.67, 52015.61, 61986, 95719.9, 62591.64, 52805.77, 79688.21, 42612.62, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 496314.42, "fy2027": null, "total_rule": "sum" }, { "key": "pay_rent", "label": "Rent (quarterly in advance, incl. VAT)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 122400, 0, 0, 122400, 0, 0, 122400, 0, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 367200, "fy2027": null, "total_rule": "sum" }, { "key": "pay_ins", "label": "Insurance (direct debit)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 36000, "fy2027": null, "total_rule": "sum" }, { "key": "pay_urs", "label": "URSSAF (DSN, 5th)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 213682.42, 219057.13, 226130.17, 245947.1, 239469.37, 254250.73, 241473.55, 252464.91, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 1892475.38, "fy2027": null, "total_rule": "sum" }, { "key": "pay_pas", "label": "Income tax withheld at source (5th)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 42455.68, 43544.32, 45112.36, 49245.99, 47195.8, 50719.38, 47540.26, 50425.29, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 376239.08, "fy2027": null, "total_rule": "sum" }, { "key": "pay_agi", "label": "Agirc-Arrco and schemes (25th)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 73047.74, 75173.11, 77939.69, 87441.15, 81918.61, 90697.69, 82524.46, 89698.04, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 658440.49, "fy2027": null, "total_rule": "sum" }, { "key": "pay_vat", "label": "VAT return (CA3)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 23815.14, 5032.49, 29880.54, 24527.85, 0, 32840.42, 35412.85, 4281.6, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 155790.89, "fy2027": null, "total_rule": "sum" }, { "key": "pay_ltax", "label": "Local business taxes (CFE and CVAE)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 0, 0, 0, 500, 8050, 0, 0, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 8550, "fy2027": null, "total_rule": "sum" }, { "key": "ob|cash", "label": "Cash at bank and term deposits", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 12200000, "value_d": null }, { "key": "ob|vatd", "label": "VAT to deduct on French supplier invoices not yet paid", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 8149.11, "value_d": null }, { "key": "ob|ar_fr", "label": "Enterprise receivables: accounts in France (incl. VAT)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 141000, "value_d": null }, { "key": "ob|ar_xx", "label": "Enterprise receivables: accounts outside France", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 226666.67, "value_d": null }, { "key": "ob|ca", "label": "Contract assets (Enterprise usage ahead of billing)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|cir", "label": "Research tax credit receivable (FY2025 claim)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 935770, "value_d": null }, { "key": "ob|prepay", "label": "Other prepayments", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 30000, "value_d": null }, { "key": "ob|deposit", "label": "Rent deposit", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 102000, "value_d": null }, { "key": "ob|fa_it_cost", "label": "IT equipment: cost", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 260000, "value_d": null }, { "key": "ob|fa_it_dep", "label": "IT equipment: accumulated depreciation", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 140000, "value_d": null }, { "key": "ob|fa_fit_cost", "label": "Office fit-out: cost", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 180000, "value_d": null }, { "key": "ob|fa_fit_dep", "label": "Office fit-out: accumulated depreciation", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 60000, "value_d": null }, { "key": "ob|ap_usd", "label": "Trade payables: compute suppliers in USD (at the December rate)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 107812.56, "value_d": null }, { "key": "ob|ap_apic", "label": "Trade payables: model API vendor C", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 7104.97, "value_d": null }, { "key": "ob|ap_card", "label": "Trade payables: company card statements", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 67925.28, "value_d": null }, { "key": "ob|ap_sup", "label": "Trade payables: French suppliers (incl. VAT)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 48894.67, "value_d": null }, { "key": "ob|cl", "label": "Contract liabilities: Enterprise commitments billed ahead of usage", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 384305.29, "value_d": null }, { "key": "ob|dev", "label": "Contract liabilities: Developer credits", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 208980.33, "value_d": null }, { "key": "ob|vat", "label": "VAT payable (December return)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 23815.14, "value_d": null }, { "key": "ob|vatp", "label": "VAT on French invoices not yet collected", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 23500, "value_d": null }, { "key": "ob|urs", "label": "URSSAF payable (December payroll)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 213682.42, "value_d": null }, { "key": "ob|pas", "label": "Income tax withheld payable (December)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 42455.68, "value_d": null }, { "key": "ob|agi", "label": "Agirc-Arrco and schemes payable (December)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 73047.74, "value_d": null }, { "key": "ob|comm", "label": "Commissions payable (December)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|commch", "label": "Employer contributions accrued on commissions", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|leave", "label": "Paid leave provision", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 263740.15, "value_d": null }, { "key": "ob|ltax", "label": "Local business taxes accrued (CVAE 2025 balance)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 500, "value_d": null }, { "key": "ob|sharecap", "label": "Share capital", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 150000, "value_d": null }, { "key": "ob|premium", "label": "Share premium", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 24450000, "value_d": null }, { "key": "ob|retained", "label": "Accumulated losses", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": -12182178.45, "value_d": null }, { "key": "ob|leave_days", "label": "Paid leave days outstanding at 31-Dec-25", "basis": "HR system", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "num1", "kind": "input", "bold": false, "value_c": 665, "value_d": null }, { "key": "ob|usd0", "label": "Compute supplier invoices of December in USD (paid in January)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional); Developer packs are on History, Enterprise accounts on the Account_Register", "format": "int", "kind": "input", "bold": false, "value_c": 126226.94, "value_d": null } ] }, "Credits": { "title": "DEVELOPER CREDITS: PACKS SOLD, CREDITS USED, BREAKAGE AND THE CONTRACT LIABILITY (IFRS 15.B44 TO B47)", "description": "Packs are paid by card and held as a contract liability. Revenue = credits used x 1 / (1 - expected breakage), so breakage is recognised in proportion to use (IFRS 15.B46); when a pack expires after 12 months the difference to the actual unused credits is trued up. 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"exp_pct", "label": "Share of that pack expired unused", "basis": "", "section": "REVENUE AND BREAKAGE", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.1146, 0.1552, 0.1096, 0.1222, 0.101, 0.1058, 0.1144, 0.0837, 0.0989, 0.0951, 0.114, 0.0627, 0.1497, 0.1124, 0.1264, 0.1174, 0.1559, 0.0853, 0.1206, 0.1181, 0.12, 0.12, 0.12, 0.12 ], "fy2026": 0.1064, "fy2027": 0.1222, "total_rule": "avg" }, { "key": "liab", "label": "CONTRACT LIABILITY: DEVELOPER CREDITS", "basis": "opening + packs - revenue", "section": "CONTRACT LIABILITY: DEVELOPER CREDITS", "format": "int", "kind": "calc", "bold": true, "values": [ 210641.7941, 219177.9955, 229825.6118, 231454.4145, 238172.3155, 242308.5395, 247788.6836, 248629.6809, 265743.7222, 282558.7064, 294557.4818, 306908.8483, 318367.5532, 330266.7445, 342165.6298, 350851.4277, 355348.5029, 368821.107, 372514.9197, 368336.9913, 389279.4893, 409347.8603, 425122.4659, 435031.3671 ], "fy2026": 306908.8483, "fy2027": 435031.3671, "total_rule": "last" }, { "key": "sched", "label": "Per pack schedule: packs live less credits used grossed up", "basis": "independent calculation", "section": "CONTRACT LIABILITY: DEVELOPER CREDITS", "format": "int", "kind": "calc", "bold": false, "values": [ 210641.7955, 219177.9968, 229825.6132, 231454.4159, 238172.3168, 242308.5409, 247788.685, 248629.6823, 265743.7236, 282558.7078, 294557.4832, 306908.8496, 318367.5546, 330266.7458, 342165.6312, 350851.4291, 355348.5043, 368821.1084, 372514.921, 368336.9926, 389279.4907, 409347.8616, 425122.4672, 435031.3685 ], "fy2026": 306908.8496, "fy2027": 435031.3685, "total_rule": "last" }, { "key": "chk", "label": "Check: roll-forward less schedule (must be zero)", "basis": "", "section": "CONTRACT LIABILITY: DEVELOPER CREDITS", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" }, { "key": "face", "label": "Credits outstanding at face value (memo)", "basis": "packs live less credits used", "section": "CONTRACT LIABILITY: DEVELOPER CREDITS", "format": "int", "kind": "calc", "bold": false, "values": [ 286234.11, 297726.42, 310846.95, 314708.38, 322817.13, 329260.02, 337692.52, 341661.68, 360126.0141, 378759.3476, 393337.6397, 408259.756, 423834.8343, 438291.6222, 453123.3188, 465857.6956, 474814.2205, 492197.1035, 499943.8466, 500475.8159, 524434.715, 547842.7604, 567508.6113, 581925.118 ], "fy2026": 408259.756, "fy2027": 581925.118, "total_rule": "last" }, { "key": "charges", "label": "Card charges incl. VAT", "basis": "packs x (1 + 20% x share in France)", "section": "CARD SALES, VAT AND USAGE", "format": "int", "kind": "calc", "bold": false, "values": [ 82574.3182, 96833.2452, 99393.049, 91653.953, 95164.9975, 96111.4446, 100392.1936, 93357.7889, 115803.7692, 120377.2409, 121137.8654, 119304.8525, 131539.4613, 132370.6162, 138275.7566, 137047.5861, 139740.2941, 145393.7841, 140483.203, 130883.9935, 165108.4847, 171629.1617, 172713.6303, 170100.1923 ], "fy2026": 1232104.718, "fy2027": 1775286.1639, "total_rule": "sum" }, { "key": "count", "label": "Card charges (number of packs)", "basis": "packs / average pack", "section": "CARD SALES, VAT AND USAGE", "format": "num1", "kind": "calc", "bold": false, "values": [ 514.4817, 603.3224, 619.2713, 571.0527, 592.9283, 598.8252, 625.4965, 581.6685, 721.5188, 750.014, 754.7531, 743.3324, 819.5605, 824.739, 861.5312, 853.879, 870.656, 905.8803, 875.2848, 815.4766, 1028.7133, 1069.3406, 1076.0974, 1059.8143 ], "fy2026": 7676.6649, "fy2027": 11060.973, "total_rule": "sum" }, { "key": "vat_out", "label": "Output VAT (customers in France, due on payment)", "basis": "", "section": "CARD SALES, VAT AND USAGE", "format": "int", "kind": "calc", "bold": false, "values": [ 5402.0582, 6334.8852, 6502.349, 5996.053, 6225.7475, 6287.6646, 6567.7136, 6107.5189, 7575.9475, 7875.1466, 7924.9071, 7804.9904, 8605.3853, 8659.7599, 9046.0775, 8965.7299, 9141.8884, 9511.7429, 9190.4899, 8562.5042, 10801.4897, 11228.076, 11299.0225, 11128.05 ], "fy2026": 80604.9815, "fy2027": 116140.2163, "total_rule": "sum" }, { "key": "eu", "label": "Sales to EU businesses (reverse charge, DES)", "basis": "", "section": "CARD SALES, VAT AND USAGE", "format": "int", "kind": "calc", "bold": false, "values": [ 30868.904, 36199.344, 37156.28, 34263.16, 35575.7, 35929.512, 37529.792, 34900.108, 43291.1287, 45000.8377, 45285.1833, 44599.9449, 49173.6304, 49484.3425, 51691.8716, 51232.7425, 52239.3623, 54352.8165, 52517.0852, 48928.5957, 61722.798, 64160.4343, 64565.8431, 63588.8569 ], "fy2026": 460599.8946, "fy2027": 663658.379, "total_rule": "sum" }, { "key": "u|DOC", "label": "Units used: Document AI (thousands)", "basis": "A: metering; F: credits used x mix / list price", "section": "CARD SALES, VAT AND USAGE", "format": "num1", "kind": "calc", "bold": false, "values": [ 3024.1, 3175.2, 3306.8, 3342.5, 3337.6, 3458, 3537.1, 3543.1, 3707.5506, 3904.4168, 4055.7334, 4153.4264, 4821.246, 4985.7957, 5165.7099, 5298.6019, 5423.5549, 5577.4519, 5647.7285, 5610.2864, 5905.8352, 6214.4117, 6449.4365, 6601.0292 ], "fy2026": 42545.5271, "fy2027": 67701.0878, "total_rule": "sum" }, { "key": "u|VOX", "label": "Units used: Voice AI (thousands)", "basis": "A: metering; F: credits used x mix / list price", "section": "CARD SALES, VAT AND USAGE", "format": "num1", "kind": "calc", "bold": false, "values": [ 2419.3, 2540.2, 2645.4, 2674, 2670.1, 2766.4, 2829.7, 2834.5, 2966.0405, 3123.5334, 3244.5867, 3322.7411, 3856.9968, 3988.6365, 4132.568, 4238.8815, 4338.8439, 4461.9615, 4518.1828, 4488.2291, 4724.6682, 4971.5293, 5159.5492, 5280.8234 ], "fy2026": 34036.5017, "fy2027": 54160.8702, "total_rule": "sum" }, { "key": "u|AGT", "label": "Units used: Agent workspace (thousands)", "basis": "A: metering; F: credits used x mix / list price", "section": "CARD SALES, VAT AND USAGE", "format": "num1", "kind": "calc", "bold": false, "values": [ 725.8, 762.1, 793.6, 802.2, 801, 829.9, 848.9, 850.3, 889.8121, 937.06, 973.376, 996.8223, 1157.099, 1196.591, 1239.7704, 1271.6645, 1301.6532, 1338.5885, 1355.4548, 1346.4687, 1417.4005, 1491.4588, 1547.8648, 1584.247 ], "fy2026": 10210.8705, "fy2027": 16248.2611, "total_rule": "sum" } ] }, "Team": { "title": "TEAM PLANS: CUSTOMERS, PLAN FEES AND USAGE ABOVE THE ALLOWANCE (HYBRID PRICING)", "description": "Each customer pays a monthly plan fee by card that includes an allowance of usage; usage above the allowance is charged at list prices at the month end. 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Commitments are billed quarterly in advance and usage above the commitment monthly, so each account carries a contract liability (billed ahead) or a contract asset (used ahead). 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17.9012, 17.696, 17.7265, 19.876, 16.6823, 16.6662, 16.513, 15.2814, 14.9194, 17.3781, 14.9242, 14.9305, 17.2204, 14.8831, 15.126, 15.9483, 15.897, 15.7989, 14.8812 ], "fy2026": 17.5608, "fy2027": 15.5983, "total_rule": "ratio" }, { "key": "list|DOC", "label": "List: Document AI", "basis": "Assumptions", "section": "REALISED PRICE AND LIST PRICE (EUR per 1,000 units)", "format": "eur2", "kind": "calc", "bold": false, "values": [ 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 11.04, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936, 9.936 ], "fy2026": 11.04, "fy2027": 9.936, "total_rule": "avg" }, { "key": "list|VOX", "label": "List: Voice AI", "basis": "Assumptions", "section": "REALISED PRICE AND LIST PRICE (EUR per 1,000 units)", "format": "eur2", "kind": "calc", "bold": false, "values": [ 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 8.28, 7.452, 7.452, 7.452, 7.452, 7.452, 7.452, 7.452, 7.452, 7.452, 7.452, 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"key": "commit_share", "label": "Committed: Team plan fees and Enterprise commitments", "basis": "", "section": "VISIBILITY (share of revenue)", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.7696, 0.7415, 0.7763, 0.7605, 0.7435, 0.7774, 0.7716, 0.7755, 0.8034, 0.7478, 0.7494, 0.7039, 0.6846, 0.7239, 0.7017, 0.6685, 0.6572, 0.792, 0.7446, 0.7583, 0.7638, 0.7443, 0.7139, 0.6853 ], "fy2026": 0.7605, "fy2027": 0.7215, "total_rule": "ratio" } ] }, "Usage_Compute": { "title": "USAGE AND COMPUTE: GPU HOURS, RESERVED CAPACITY, MODEL TOKENS, COMPUTE COST (USD AND EUR) AND PROVIDER CONCENTRATION", "description": "GPU hours = units x GPU hours per unit (falling with model optimisation). Reserved GPUs are billed for every hour; inference above 85% of reserved hours runs on on-demand GPUs; research uses reserved hours that inference leaves. USD costs convert at the USD per EUR rate of the month. A: supplier invoices and the GPU scheduler.", "months": 24, "rows": [ { "key": "u|DOC", "label": "Units: Document AI", "basis": "Revenue", "section": "UNITS (thousands) AND GPU HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 20391, 20914, 20965.8, 22193.7, 22582, 23428.1, 24582.2, 24576.1, 24996.9925, 25427.2028, 26526.5648, 27479.4992, 31285.1806, 32154.8836, 33020.8709, 33377.0563, 34442.1964, 34748.7328, 35194.4898, 35598.5495, 36458.1679, 37114.6747, 37766.3601, 38444.1216 ], "fy2026": 284063.1593, "fy2027": 419605.2843, "total_rule": "sum" }, { "key": "u|VOX", "label": "Units: Voice AI", "basis": "Revenue", "section": "UNITS (thousands) AND GPU HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 18638.5, 19218.2, 19002.4, 19482.4, 19846.2, 20443.9, 22801, 22810.4, 23070.8922, 23583.7084, 24543.8849, 25141.0697, 28597.3526, 29423.0063, 30555.0305, 30754.5821, 31664.9478, 32031.4762, 32294.0494, 32645.4023, 33248.0324, 33977.6073, 34589.5137, 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1062.3919, 1127.0904, 600.0344, 1240.0128, 1113.2409, 461.8165, 994.2956, 379.2807, 567.7623 ], "fy2026": 14442.4668, "fy2027": 11022.4063, "total_rule": "sum" }, { "key": "od_chk", "label": "Check: on-demand hours equal inference above usable capacity (forecast months)", "basis": "", "section": "UNITS (thousands) AND GPU HOURS", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" }, { "key": "util", "label": "Reserved capacity used (inference on reserved + research) / reserved hours", "basis": "", "section": "UNITS (thousands) AND GPU HOURS", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.8204, 0.85, 0.8352, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85, 0.85 ], "fy2026": 0.8463, "fy2027": 0.85, "total_rule": "avg" }, { "key": "inf_util", "label": "Inference share of 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"COMMISSIONS (account executives; expensed, IFRS 15.94)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 14052.132, 0, 17082.984, 0, 14052.132, 15429.792, 4132.98, 5951.4912, 11495.195, 9919.152, 3306.384, 0, 19375.4102, 2479.788, 17184.9308, 3719.682, 16146.1752, 15209.3664, 3967.6608, 5703.5124, 11247.2162, 9538.9178, 3295.3627 ], "fy2026": 3306.384, "fy2027": 3295.3627, "total_rule": "last" }, { "key": "urs_acc", "label": "URSSAF due for the month (employer and employee, incl. commissions paid)", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 219057.13, 226130.17, 245947.1025, 239469.37, 254250.725, 241473.55, 252464.9125, 250288.55, 237866.3039, 242662.7457, 250832.3431, 249341.3013, 266326.4264, 265757.2827, 286238.359, 275075.7255, 288134.7434, 279143.6906, 292461.0215, 291584.156, 284902.5694, 286425.9823, 291352.0516, 289825.9669 ], "fy2026": 2909784.204, "fy2027": 3397227.9753, "total_rule": "sum" }, { "key": "urs_paid", "label": "URSSAF paid (5th of the following month)", "basis": "A: bank", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 213682.42, 219057.13, 226130.17, 245947.1, 239469.37, 254250.73, 241473.55, 252464.91, 250288.55, 237866.3039, 242662.7457, 250832.3431, 249341.3013, 266326.4264, 265757.2827, 286238.359, 275075.7255, 288134.7434, 279143.6906, 292461.0215, 291584.156, 284902.5694, 286425.9823, 291352.0516 ], "fy2026": 2874125.3227, "fy2027": 3356743.3098, "total_rule": "sum" }, { "key": "urs_close", "label": "URSSAF PAYABLE", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": true, "values": [ 219057.13, 226130.17, 245947.1025, 239469.3725, 254250.7275, 241473.5475, 252464.91, 250288.55, 237866.3039, 242662.7457, 250832.3431, 249341.3013, 266326.4264, 265757.2827, 286238.359, 275075.7255, 288134.7434, 279143.6906, 292461.0215, 291584.156, 284902.5694, 286425.9823, 291352.0516, 289825.9669 ], "fy2026": 249341.3013, "fy2027": 289825.9669, "total_rule": "last" }, { "key": "pas_acc", "label": "Income tax withheld in the month (incl. commissions)", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 43544.32, 45112.36, 49245.9852, 47195.8, 50719.3824, 47540.26, 50425.2852, 50082.2612, 47171.6485, 48037.8305, 49867.1374, 49510.7703, 52547.1444, 52165.4497, 56992.9139, 53777.63, 56956.9909, 54572.5269, 57545.728, 57336.1789, 55556.4213, 55927.618, 57125.043, 56754.4657 ], "fy2026": 578453.0407, "fy2027": 667258.1107, "total_rule": "sum" }, { "key": "pas_paid", "label": "Withholding paid (5th of the following month)", "basis": "A: bank", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 42455.68, 43544.32, 45112.36, 49245.99, 47195.8, 50719.38, 47540.26, 50425.29, 50082.254, 47171.6485, 48037.8305, 49867.1374, 49510.7703, 52547.1444, 52165.4497, 56992.9139, 53777.63, 56956.9909, 54572.5269, 57545.728, 57336.1789, 55556.4213, 55927.618, 57125.043 ], "fy2026": 571397.9504, "fy2027": 660014.4153, "total_rule": "sum" }, { "key": "pas_close", "label": "INCOME TAX WITHHELD PAYABLE", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": true, "values": [ 43544.32, 45112.36, 49245.9852, 47195.7952, 50719.3776, 47540.2576, 50425.2828, 50082.254, 47171.6485, 48037.8305, 49867.1374, 49510.7703, 52547.1444, 52165.4497, 56992.9139, 53777.63, 56956.9909, 54572.5269, 57545.728, 57336.1789, 55556.4213, 55927.618, 57125.043, 56754.4657 ], "fy2026": 49510.7703, "fy2027": 56754.4657, "total_rule": "last" }, { "key": "agi_acc", "label": "Agirc-Arrco and schemes due for the month (incl. commissions)", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 75173.11, 77939.69, 87441.15, 81918.61, 90697.69, 82524.46, 89698.04, 89269.91, 82399.7544, 84331.152, 88416.437, 87542.0198, 92315.4417, 91238.9334, 102773.8929, 94754.3317, 102639.5382, 96395.9312, 103661.6742, 103145.6942, 98278.8436, 99202.7591, 102174.7871, 101256.1097 ], "fy2026": 1017352.0232, "fy2027": 1187837.9371, "total_rule": "sum" }, { "key": "agi_paid", "label": "Agirc-Arrco and schemes paid (25th of the following month)", "basis": "A: bank", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 73047.74, 75173.11, 77939.69, 87441.15, 81918.61, 90697.69, 82524.46, 89698.04, 89269.91, 82399.7544, 84331.152, 88416.437, 87542.0198, 92315.4417, 91238.9334, 102773.8929, 94754.3317, 102639.5382, 96395.9312, 103661.6742, 103145.6942, 98278.8436, 99202.7591, 102174.7871 ], "fy2026": 1002857.7434, "fy2027": 1174123.8471, "total_rule": "sum" }, { "key": "agi_close", "label": "AGIRC-ARRCO AND SCHEMES PAYABLE", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": true, "values": [ 75173.11, 77939.69, 87441.15, 81918.61, 90697.69, 82524.46, 89698.04, 89269.91, 82399.7544, 84331.152, 88416.437, 87542.0198, 92315.4417, 91238.9334, 102773.8929, 94754.3317, 102639.5382, 96395.9312, 103661.6742, 103145.6942, 98278.8436, 99202.7591, 102174.7871, 101256.1097 ], "fy2026": 87542.0198, "fy2027": 101256.1097, "total_rule": "last" }, { "key": "net_pay", "label": "Net pay (salaries and commissions, last working day)", "basis": "", "section": "PAYROLL LIABILITIES AND PAYMENTS", "format": "int", "kind": "calc", "bold": false, "values": [ 302359.56, 312200.5, 343472.8843, 331656.04, 356044.8666, 334078.46, 353129.1243, 351637.3708, 330112.7492, 337278.4714, 350158.3796, 347634.7726, 369620.3632, 367906.0003, 401899.9094, 381758.6669, 404128.1885, 387683.3408, 409764.2171, 408277.1717, 395725.416, 398341.5149, 406780.292, 404168.6898 ], "fy2026": 4049763.1788, "fy2027": 4736053.7705, "total_rule": "sum" }, { "key": "gross", "label": "Gross salaries", "basis": "", "section": "TOTALS AND RESEARCH TIME", "format": "int", "kind": "calc", "bold": false, "values": [ 435574.46, 449951.83, 463804.02, 476814.76, 474666.9, 480553.96, 477258.13, 471682.2, 465992.3611, 472121.4884, 478452.6854, 478291.3608, 524291.808, 528935.1855, 535213.8745, 542980.98, 542819.1829, 548718.2441, 552963.4579, 552886.7427, 559554.0794, 559499.0528, 559443.9041, 559444.8233 ], "fy2026": 5625164.1557, "fy2027": 6566751.3355, "total_rule": "sum" }, { "key": "cost", "label": "Payroll cost (all departments, excl. commissions)", "basis": "", "section": "TOTALS AND RESEARCH TIME", "format": "int", "kind": "calc", "bold": false, "values": [ 681595.8329, 664661.8368, 714088.0384, 700292.1493, 689726.6772, 728454.0942, 649991.54, 522471.8736, 725891.4395, 719259.4414, 745575.9079, 713189.0999, 816291.8982, 779240.8284, 825441.4988, 797452.1909, 791238.9418, 836518.7952, 739847.011, 630064.6508, 871909.2295, 852984.179, 871624.3008, 834177.5893 ], "fy2026": 8255197.9312, "fy2027": 9646791.1138, "total_rule": "sum" }, { "key": "rgdu", "label": "RGDU reduction (memo)", "basis": "", "section": "TOTALS AND RESEARCH TIME", "format": "int", "kind": "calc", "bold": false, "values": [ 3411.62, 3411.62, 3690.74, 3803.18, 3920.86, 4204.2, 3944.56, 3944.56, 3895.0219, 3990.1094, 3989.6562, 3988.528, 4094.0748, 4211.4401, 4207.9154, 4606.5965, 4600.6004, 4594.6445, 4750.1902, 4749.2434, 4748.2103, 4748.2228, 4748.2296, 4748.2295 ], "fy2026": 46194.6556, "fy2027": 54807.5975, "total_rule": "sum" }, { "key": "cir_elig", "label": "CIR-ELIGIBLE PERSONNEL COST", "basis": "A: time records; F: bands x research share", "section": "TOTALS AND RESEARCH TIME", "format": "int", "kind": "calc", "bold": true, "values": [ 212406.21, 221708.31, 224001.73, 232473.68, 229318.72, 229884.02, 230813.22, 225035.39, 222163.341, 226951.1505, 226926.8098, 226887.1142, 250877.9728, 250735.1123, 257431.45, 257376.8377, 257321.49, 260390.8814, 260365.7644, 260340.3954, 267179.1647, 267122.3864, 267065.8698, 267066.8139 ], "fy2026": 2708569.6955, "fy2027": 3123274.139, "total_rule": "sum" }, { "key": "recruit_f", "label": "Recruitment cost of hires", "basis": "hires x cost", "section": "TOTALS AND RESEARCH TIME", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 15000, 13525, 5955.1458, 43542.4384, 13667.5265, 13664.6288, 21568.8311, 6689.0892, 14244.7836, 14461.0863, 6957.4427, 14516.776, 7066.3549, 7065.5516, 7127.7269 ], "fy2026": 34480.1458, "fy2027": 170572.236, "total_rule": "sum" } ] }, "Research_Credit": { "title": "RESEARCH TAX CREDIT (CIR): ELIGIBLE SPEND, ACCRUAL AS A GRANT (IAS 20), RECEIVABLE AND REFUNDS", "description": "CIR = 30% x (eligible personnel costs + 40% of them for operating costs). Accrued monthly as other operating income while the research is done; claimed with the tax return in May; refunded in cash to an SME. Not taxable income.", "months": 24, "rows": [ { "key": "elig", "label": "Eligible personnel costs (research time)", "basis": "People", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 212406.21, 221708.31, 224001.73, 232473.68, 229318.72, 229884.02, 230813.22, 225035.39, 222163.341, 226951.1505, 226926.8098, 226887.1142, 250877.9728, 250735.1123, 257431.45, 257376.8377, 257321.49, 260390.8814, 260365.7644, 260340.3954, 267179.1647, 267122.3864, 267065.8698, 267066.8139 ], "fy2026": 2708569.6955, "fy2027": 3123274.139, "total_rule": "sum" }, { "key": "flat", "label": "Operating costs at the flat rate", "basis": "personnel x 40%", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 84962.484, 88683.324, 89600.692, 92989.472, 91727.488, 91953.608, 92325.288, 90014.156, 88865.3364, 90780.4602, 90770.7239, 90754.8457, 100351.1891, 100294.0449, 102972.58, 102950.7351, 102928.596, 104156.3526, 104146.3058, 104136.1582, 106871.6659, 106848.9546, 106826.3479, 106826.7256 ], "fy2026": 1083427.8782, "fy2027": 1249309.6556, "total_rule": "sum" }, { "key": "base", "label": "Eligible base", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 297368.694, 310391.634, 313602.422, 325463.152, 321046.208, 321837.628, 323138.508, 315049.546, 311028.6774, 317731.6107, 317697.5337, 317641.9599, 351229.162, 351029.1572, 360404.03, 360327.5728, 360250.086, 364547.234, 364512.0702, 364476.5536, 374050.8306, 373971.341, 373892.2177, 373893.5395 ], "fy2026": 3791997.5737, "fy2027": 4372583.7946, "total_rule": "sum" }, { "key": "acc", "label": "CIR ACCRUED (other operating income)", "basis": "base x 30%", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 89210.6082, 93117.4902, 94080.7266, 97638.9456, 96313.8624, 96551.2884, 96941.5524, 94514.8638, 93308.6032, 95319.4832, 95309.2601, 95292.588, 105368.7486, 105308.7471, 108121.209, 108098.2718, 108075.0258, 109364.1702, 109353.621, 109342.9661, 112215.2492, 112191.4023, 112167.6653, 112168.0619 ], "fy2026": 1137599.2721, "fy2027": 1311775.1384, "total_rule": "sum" }, { "key": "ref", "label": "Refunded", "basis": "A: bank; F: FY2026 claim in the driver month", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 935770, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 1137599.2721, 0, 0, 0 ], "fy2026": 935770, "fy2027": 1137599.2721, "total_rule": "sum" }, { "key": "rec", "label": "CIR RECEIVABLE", "basis": "opening + accrued - refunded", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 1024980.6082, 1118098.0984, 1212178.825, 1309817.7706, 1406131.633, 1502682.9214, 663854.4738, 758369.3376, 851677.9408, 946997.424, 1042306.6841, 1137599.2721, 1242968.0207, 1348276.7678, 1456397.9769, 1564496.2487, 1672571.2745, 1781935.4447, 1891289.0657, 2000632.0318, 975248.0089, 1087439.4112, 1199607.0765, 1311775.1384 ], "fy2026": 1137599.2721, "fy2027": 1311775.1384, "total_rule": "last" }, { "key": "rec25", "label": "of which FY2025 claim", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 935770, 935770, 935770, 935770, 935770, 935770, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" }, { "key": "rec26", "label": "of which FY2026 claim", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 89210.6082, 182328.0984, 276408.825, 374047.7706, 470361.633, 566912.9214, 663854.4738, 758369.3376, 851677.9408, 946997.424, 1042306.6841, 1137599.2721, 1137599.2721, 1137599.2721, 1137599.2721, 1137599.2721, 1137599.2721, 1137599.2721, 1137599.2721, 1137599.2721, 0, 0, 0, 0 ], "fy2026": 1137599.2721, "fy2027": 0, "total_rule": "last" }, { "key": "rec27", "label": "of which FY2027 claim", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 105368.7486, 210677.4957, 318798.7048, 426896.9766, 534972.0024, 644336.1726, 753689.7936, 863032.7597, 975248.0089, 1087439.4112, 1199607.0765, 1311775.1384 ], "fy2026": 0, "fy2027": 1311775.1384, "total_rule": "last" }, { "key": "chk", "label": "Check: receivable less the claims open (must be zero)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" }, { "key": "pct_rd", "label": "CIR as a share of research and development payroll cost", "basis": "", "section": null, "format": "pct", "kind": "calc", "bold": false, "values": [ 0.2092, 0.2245, 0.2135, 0.226, 0.2304, 0.217, 0.2422, 0.296, 0.2105, 0.2167, 0.2119, 0.2213, 0.213, 0.225, 0.2163, 0.227, 0.2287, 0.2173, 0.2474, 0.2902, 0.2138, 0.2185, 0.2138, 0.2234 ], "fy2026": 0.2248, "fy2027": 0.2262, "total_rule": "ratio" } ] }, "Receivables": { "title": "RECEIVABLES: CARD PAYOUTS, ENTERPRISE RECEIVABLES, THE DISPUTED INVOICE AND VAT ON UNCOLLECTED FRENCH INVOICES (EUR)", "description": "Developer packs and Team plans are paid by card and paid out net of fees within the month. Enterprise: the receivable at each forecast month end is the invoicing still inside the collection days (plus the scenario slip); receipts are the balancing figure. The disputed Tervane invoice follows its own drivers.", "months": 24, "rows": [ { "key": "charges", "label": "Card charges incl. VAT", "basis": "Credits and Team", "section": "CARD SALES", "format": "int", "kind": "calc", "bold": false, "values": [ 280545.1213, 297251.0983, 307581.0979, 302800.4581, 314817.3394, 323309.6276, 327216.2232, 320609.3165, 342918.7857, 352123.4038, 356993.351, 358405.7276, 375065.1659, 379801.352, 389809.4837, 391903.5168, 397685.2014, 406555.0489, 403737.1581, 394769.9324, 432849.8857, 443339.8662, 447876.2221, 447846.4678 ], "fy2026": 3884571.5503, "fy2027": 4911239.3009, "total_rule": "sum" }, { "key": "fees", "label": "Card processing fees", "basis": "A: statements; F: rate x charges + fee x charges", "section": "CARD SALES", "format": "int", "kind": "calc", "bold": false, "values": [ 5639.98, 5763.05, 6071.85, 5962.55, 6279.26, 6407.25, 6447.74, 6341.18, 6792.5796, 6976.3668, 7071.6274, 7096.7818, 7434.0359, 7526.7596, 7727.6307, 7766.6885, 7881.816, 8060.279, 7999.7458, 7814.4605, 8592.6727, 8803.5643, 8892.649, 8888.8534 ], "fy2026": 76850.2157, "fy2027": 97389.1553, "total_rule": "sum" }, { "key": "payouts", "label": "Payouts received", "basis": "A: bank; F: charges less fees", "section": "CARD SALES", "format": "int", "kind": "calc", "bold": false, "values": [ 274905.14, 291488.05, 301509.25, 296837.91, 308538.08, 316902.38, 320768.48, 314268.14, 336126.206, 345147.037, 349921.7236, 351308.9458, 367631.13, 372274.5925, 382081.853, 384136.8283, 389803.3854, 398494.7699, 395737.4122, 386955.4719, 424257.2131, 434536.3019, 438983.5731, 438957.6143 ], "fy2026": 3807721.3423, "fy2027": 4813850.1456, "total_rule": "sum" }, { "key": "psp", "label": "CARD PROCESSOR BALANCE", "basis": "opening + charges - fees - payouts", "section": "CARD SALES", "format": "int", "kind": "calc", "bold": true, "values": [ 0.0013, -0.0004, -0.0025, -0.0044, -0.005, -0.0074, -0.0042, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077, -0.0077 ], "fy2026": -0.0077, "fy2027": -0.0077, "total_rule": "last" }, { "key": "inv_fr", "label": "Invoiced incl. VAT", "basis": "Enterprise", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 72000, 57000, 105000, 144000, 75071.208, 114000, 150000, 57000, 114000, 150000, 116400, 114000, 150000, 117360, 167427.4132, 207241.1837, 176105.7697, 138000, 149040, 117360, 138000, 149040, 115920, 138000 ], "fy2026": 1268471.208, "fy2027": 1763494.3667, "total_rule": "sum" }, { "key": "od_bal", "label": "Disputed Tervane May invoice still open", "basis": "A: from June; F: until settled", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 18071.21, 18071.21, 18071.21, 18071.21, 18071.21, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" }, { "key": "fr_tgt", "label": "Receivable on current invoices per the collection days (forecast rule)", "basis": "invoicing still inside the days", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 72000, 105000, 143000, 214000, 171071.208, 164047.472, 226000, 157000, 152000, 226000, 216400, 191600, 226000, 217360, 245667.4132, 318859.4592, 314266.5589, 255403.8465, 241040, 216720, 216240, 241040, 215280, 215280 ], "fy2026": 191600, "fy2027": 215280, "total_rule": "last" }, { "key": "rec_fr_reg", "label": "Cash received on current invoices", "basis": "A: bank; F: opening current balance + invoiced - receivable per the rule", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 71000, 94000, 67000, 73000, 118000, 115000, 76000, 126000, 118999.998, 76000, 126000, 138800, 115600, 126000, 139120, 134049.1377, 180698.6701, 196862.7124, 163403.8465, 141680, 138480, 124240, 141680, 138000 ], "fy2026": 1199799.998, "fy2027": 1739814.3667, "total_rule": "sum" }, { "key": "od_rec", "label": "Disputed invoice collected", "basis": "drivers: month and share", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 12649.847, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 12649.847, "fy2027": 0, "total_rule": "sum" }, { "key": "od_cr", "label": "Credit note on the disputed invoice (incl. VAT)", "basis": "", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 5421.363, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 5421.363, "fy2027": 0, "total_rule": "sum" }, { "key": "rec_fr", "label": "Cash received", "basis": "", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 71000, 94000, 67000, 73000, 118000, 115000, 76000, 126000, 118999.998, 88649.847, 126000, 138800, 115600, 126000, 139120, 134049.1377, 180698.6701, 196862.7124, 163403.8465, 141680, 138480, 124240, 141680, 138000 ], "fy2026": 1212449.845, "fy2027": 1739814.3667, "total_rule": "sum" }, { "key": "ar_fr", "label": "RECEIVABLE: ACCOUNTS IN FRANCE", "basis": "", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": true, "values": [ 142000, 105000, 143000, 214000, 171071.208, 170071.208, 244071.208, 175071.208, 170071.21, 226000, 216400, 191600, 226000, 217360, 245667.4132, 318859.4592, 314266.5589, 255403.8465, 241040, 216720, 216240, 241040, 215280, 215280 ], "fy2026": 191600, "fy2027": 215280, "total_rule": "last" }, { "key": "vatp", "label": "VAT on French invoices not yet collected (due when paid)", "basis": "receivable x 20 / 120", "section": "ENTERPRISE ACCOUNTS IN FRANCE (incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 23666.6667, 17500, 23833.3333, 35666.6667, 28511.868, 28345.2013, 40678.5347, 29178.5347, 28345.2017, 37666.6667, 36066.6667, 31933.3333, 37666.6667, 36226.6667, 40944.5689, 53143.2432, 52377.7598, 42567.3077, 40173.3333, 36120, 36040, 40173.3333, 35880, 35880 ], "fy2026": 31933.3333, "fy2027": 35880, "total_rule": "last" }, { "key": "inv_xx", "label": "Invoiced", "basis": "Enterprise", "section": "ENTERPRISE ACCOUNTS OUTSIDE FRANCE", "format": "int", "kind": "calc", "bold": false, "values": [ 200087.31, 165716.42, 85000, 202500, 157500, 87500, 277500, 160000, 86500, 280983.2771, 163113.1556, 153378.9677, 323255.7438, 226014.1477, 159944.9448, 282916.8435, 253587.2029, 138000, 278377.3182, 237750, 137953.2217, 288362.6469, 266708.7573, 176764.461 ], "fy2026": 2019779.1303, "fy2027": 2769635.2879, "total_rule": "sum" }, { "key": "xx_tgt", "label": "Receivable per the collection days (forecast rule)", "basis": "", "section": "ENTERPRISE ACCOUNTS OUTSIDE FRANCE", "format": "int", "kind": "calc", "bold": false, "values": [ 200087.31, 299107.96, 195477.6133, 259166.6667, 292500, 192500, 335833.3333, 345000, 193166.6667, 338649.9437, 350435.3403, 262121.0714, 425508.389, 441517.9769, 310621.0433, 389546.8067, 442198.4319, 307058.1352, 370377.3182, 423334.8788, 296453.2217, 380331.4614, 458950.5219, 354570.2992 ], "fy2026": 262121.0714, "fy2027": 354570.2992, "total_rule": "last" }, { "key": "rec_xx", "label": "Cash received", "basis": "A: bank; F: opening + invoiced - receivable per the rule", "section": "ENTERPRISE ACCOUNTS OUTSIDE FRANCE", "format": "int", "kind": "calc", "bold": false, "values": [ 143333.34, 150029.1, 188630.35, 138810.95, 124166.67, 187500, 134166.67, 150833.33, 238333.3233, 135500, 151327.759, 241693.2366, 159868.4263, 210004.5597, 290841.8785, 203991.0801, 200935.5777, 273140.2966, 215058.1352, 184792.4394, 264834.8788, 204484.4072, 188089.6968, 281144.6837 ], "fy2026": 1984324.7289, "fy2027": 2677186.0601, "total_rule": "sum" }, { "key": "ar_xx", "label": "RECEIVABLE: ACCOUNTS OUTSIDE FRANCE", "basis": "", "section": "ENTERPRISE ACCOUNTS OUTSIDE FRANCE", "format": "int", "kind": "calc", "bold": true, "values": [ 283420.64, 299107.96, 195477.61, 259166.66, 292499.99, 192499.99, 335833.32, 344999.99, 193166.6667, 338649.9437, 350435.3403, 262121.0714, 425508.389, 441517.9769, 310621.0433, 389546.8067, 442198.4319, 307058.1352, 370377.3182, 423334.8788, 296453.2217, 380331.4614, 458950.5219, 354570.2992 ], "fy2026": 262121.0714, "fy2027": 354570.2992, "total_rule": "last" }, { "key": "ar", "label": "Enterprise receivables", "basis": "", "section": "TOTALS", "format": "int", "kind": "calc", "bold": false, "values": [ 425420.64, 404107.96, 338477.61, 473166.66, 463571.198, 362571.198, 579904.528, 520071.198, 363237.8767, 564649.9437, 566835.3403, 453721.0714, 651508.389, 658877.9769, 556288.4565, 708406.2659, 756464.9908, 562461.9817, 611417.3182, 640054.8788, 512693.2217, 621371.4614, 674230.5219, 569850.2992 ], "fy2026": 453721.0714, "fy2027": 569850.2992, "total_rule": "last" }, { "key": "dso", "label": "Debtor days (receivables / invoicing of the last three months x days)", "basis": "", "section": "TOTALS", "format": "num1", "kind": "calc", "bold": false, "values": [ 48.4699, 48.1855, 44.4843, 55.4675, 55.4546, 42.269, 61.9232, 56.5562, 39.5478, 61.2243, 56.6215, 42.6868, 58.755, 54.7034, 43.7639, 54.3095, 55.7998, 42.8014, 49.6425, 55.6292, 44.5618, 53.503, 55.9816, 46.1988 ], "fy2026": 42.6868, "fy2027": 46.1988, "total_rule": "last" }, { "key": "rec_tot", "label": "TOTAL CASH RECEIVED FROM CUSTOMERS", "basis": "", "section": "TOTALS", "format": "int", "kind": "calc", "bold": true, "values": [ 489238.48, 535517.15, 557139.6, 508648.86, 550704.75, 619402.38, 530935.15, 591101.47, 693459.5274, 569296.884, 627249.4826, 731802.1824, 643099.5563, 708279.1522, 812043.7314, 722177.0461, 771437.6332, 868497.779, 774199.394, 713427.9113, 827572.0919, 763260.7091, 768753.2699, 858102.298 ], "fy2026": 7004495.9163, "fy2027": 9230850.5724, "total_rule": "sum" } ] }, "Overheads": { "title": "OVERHEADS: COST LINES, VAT CLASS, RENT PAID IN ADVANCE AND LOCAL BUSINESS TAXES (EUR ex VAT)", "description": "A: ledger. F: the FY2026 level on Assumptions, driven by headcount (tools) or hires (recruitment); overhead inflation from FY2027; marketing programmes x the scenario factor in FY2027. CFE and CVAE accrue monthly and are paid on the tax calendar.", "months": 24, "rows": [ { "key": "ox_tools", "label": "Software and IT tools", "basis": "reverse charge", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 17964.17, 17385.59, 18123.85, 19869.56, 17944.87, 18293.52, 18498.38, 18949.95, 18287.2, 18576.6353, 18816.0773, 18809.2811, 20505.5053, 20738.3425, 20967.1402, 21453.369, 21444.4475, 21683.4722, 21927.6456, 21924.0733, 22168.4735, 22166.4605, 22164.4379, 22164.4716 ], "fy2026": 221519.0838, "fy2027": 259307.8391, "total_rule": "sum" }, { "key": "ox_media", "label": "Paid media and content", "basis": "reverse charge", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 40122.19, 38266.5, 44158.36, 39060.9, 36977.95, 39565.64, 38526.92, 31571.67, 38000, 43700, 38000, 38000, 38950, 38950, 44792.5, 38950, 38950, 38950, 38950, 31160, 38950, 44792.5, 38950, 38950 ], "fy2026": 465950.13, "fy2027": 471295, "total_rule": "sum" }, { "key": "ox_events", "label": "Events and conferences", "basis": "French VAT 20%", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 14295.59, 12160.67, 12759.39, 12697.28, 14181.74, 38077.73, 14789.14, 13126.66, 14000, 14000, 14000, 14000, 14350, 14350, 14350, 14350, 14350, 35875, 14350, 14350, 14350, 14350, 14350, 14350 ], "fy2026": 188088.2, "fy2027": 193725, "total_rule": "sum" }, { "key": "ox_rent", "label": "Office rent, Paris (quarterly in advance)", "basis": "French VAT 20%", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34000, 34850, 34850, 34850, 34850, 34850, 34850, 34850, 34850, 34850, 34850, 34850, 34850 ], "fy2026": 408000, "fy2027": 418200, "total_rule": "sum" }, { "key": "ox_prof", "label": "Legal, statutory audit and accounting", "basis": "French VAT 20%", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 16317.2, 16190.39, 34446.7, 17409.94, 15872.42, 15162.98, 17487.83, 15878.32, 16000, 16000, 16000, 16000, 16400, 16400, 36080, 16400, 16400, 16400, 16400, 16400, 16400, 16400, 16400, 16400 ], "fy2026": 212765.78, "fy2027": 216480, "total_rule": "sum" }, { "key": "ox_ins", "label": "Insurance", "basis": "no VAT recovered", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5 ], "fy2026": 54000, "fy2027": 55350, "total_rule": "sum" }, { "key": "ox_recruit", "label": "Recruitment", "basis": "French VAT 20%", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 7675.8, 16033.25, 23048.39, 14790.36, 9257.09, 7702.66, 1000, 1000, 1000, 16000, 14525, 6955.1458, 44542.4384, 14667.5265, 14664.6288, 22568.8311, 7689.0892, 15244.7836, 15461.0863, 7957.4427, 15516.776, 8066.3549, 8065.5516, 8127.7269 ], "fy2026": 118987.6958, "fy2027": 182572.236, "total_rule": "sum" }, { "key": "ox_travel", "label": "Travel (VAT not recovered)", "basis": "no VAT recovered", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 11939.7, 11991.62, 11894.58, 10435.89, 10844.45, 10029.29, 10860.83, 9587.64, 11000, 11000, 11000, 11000, 11275, 11275, 11275, 11275, 11275, 11275, 11275, 11275, 11275, 11275, 11275, 11275 ], "fy2026": 131584, "fy2027": 135300, "total_rule": "sum" }, { "key": "ox_ltax", "label": "Local business taxes (CFE and CVAE)", "basis": "no VAT recovered", "section": "COST LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1400, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667, 1466.6667 ], "fy2026": 16800, "fy2027": 17600, "total_rule": "sum" }, { "key": "ox_tot", "label": "TOTAL OVERHEADS", "basis": "", "section": "COST LINES", "format": "int", "kind": "calc", "bold": true, "values": [ 148214.65, 151928.02, 184331.27, 154163.93, 144978.52, 168731.82, 141063.1, 130014.24, 138187.2, 159176.6353, 152241.0773, 144664.427, 186952.1103, 157310.0357, 183058.4356, 165926.3667, 151037.7033, 180357.4225, 159292.8986, 143995.6827, 159589.4162, 157979.4821, 152134.1562, 152196.3652 ], "fy2026": 1817694.8896, "fy2027": 1949830.0752, "total_rule": "sum" }, { "key": "rent_paid", "label": "Rent paid incl. VAT (first working day of each quarter)", "basis": "A: bank; F: three months in advance", "section": "RENT (paid quarterly in advance incl. VAT) AND INSURANCE", "format": "int", "kind": "calc", "bold": false, "values": [ 122400, 0, 0, 122400, 0, 0, 122400, 0, 0, 122400, 0, 0, 125460, 0, 0, 125460, 0, 0, 125460, 0, 0, 125460, 0, 0 ], "fy2026": 489600, "fy2027": 501840, "total_rule": "sum" }, { "key": "prent", "label": "PREPAID RENT", "basis": "opening + paid ex VAT - expense", "section": "RENT (paid quarterly in advance incl. VAT) AND INSURANCE", "format": "int", "kind": "calc", "bold": true, "values": [ 68000, 34000, 0, 68000, 34000, 0, 68000, 34000, 0, 68000, 34000, 0, 69700, 34850, 0, 69700, 34850, 0, 69700, 34850, 0, 69700, 34850, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" }, { "key": "ins_paid", "label": "Insurance paid (direct debit in the month)", "basis": "A: bank; F: expense", "section": "RENT (paid quarterly in advance incl. VAT) AND INSURANCE", "format": "int", "kind": "calc", "bold": false, "values": [ 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4500, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5, 4612.5 ], "fy2026": 54000, "fy2027": 55350, "total_rule": "sum" }, { "key": "ltax_paid", "label": "Paid (May: CVAE balance; June: CFE and CVAE instalments; September: CVAE instalment; December: CFE)", "basis": "A: bank; F: calendar", "section": "LOCAL BUSINESS TAXES (CFE AND CVAE)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 500, 8050, 0, 0, 1850, 0, 0, 6700, 0, 0, 0, 0, 200, 8400, 0, 0, 1950, 0, 0, 6850 ], "fy2026": 17100, "fy2027": 17400, "total_rule": "sum" }, { "key": "ltax_close", "label": "LOCAL BUSINESS TAXES ACCRUED", "basis": "", "section": "LOCAL BUSINESS TAXES (CFE AND CVAE)", "format": "int", "kind": "calc", "bold": true, "values": [ 1900, 3300, 4700, 6100, 7000, 350, 1750, 3150, 2700, 4100, 5500, 200, 1666.6667, 3133.3333, 4600, 6066.6667, 7333.3333, 400, 1866.6667, 3333.3333, 2850, 4316.6667, 5783.3333, 400.0 ], "fy2026": 200, "fy2027": 400.0, "total_rule": "last" }, { "key": "ltax_chk", "label": "Check at December: accrued equals the CVAE of the year less its two instalments (must be zero)", "basis": "", "section": "LOCAL BUSINESS TAXES (CFE AND CVAE)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" } ] }, "Fixed_Assets": { "title": "FIXED ASSETS: IT EQUIPMENT AND OFFICE FIT-OUT (EUR); GPUs ARE RENTED, NOT OWNED", "description": "A: asset register. F: equipment for each hire plus the replacement cycle; depreciation straight line over 36 months from the month after.", "months": 24, "rows": [ { "key": "capex", "label": "Capex: IT equipment", "basis": "A: register; F: hires x equipment + replacement", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 5057.75, 7270.69, 9512.1, 7262.12, 4693.56, 5463.47, 2233.55, 2185.01, 2500, 7300, 6828, 4405.6467, 16433.5803, 6873.6085, 6872.6812, 9402.026, 4640.5085, 7058.3307, 7127.5476, 4726.3817, 7145.3683, 4761.2336, 4760.9765, 4780.8726 ], "fy2026": 64711.8967, "fy2027": 84583.1155, "total_rule": "sum" }, { "key": "dep_old", "label": "Depreciation of assets held at 31-Dec-25", "basis": "register", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000, 6000 ], "fy2026": 72000, "fy2027": 72000, "total_rule": "sum" }, { "key": "dep_new", "label": "Depreciation of additions (36 months)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 140.4931, 342.4567, 606.6817, 808.4072, 938.7839, 1090.5469, 1152.59, 1213.2847, 1282.7292, 1485.5069, 1675.1736, 1797.5527, 2254.041, 2444.9746, 2635.8824, 2897.0498, 3025.9528, 3222.0176, 3420.005, 3551.2934, 3749.7758, 3882.0323, 4014.2817 ], "fy2026": 10736.6539, "fy2027": 36894.859, "total_rule": "sum" }, { "key": "dep", "label": "DEPRECIATION", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 6000, 6140.4931, 6342.4567, 6606.6817, 6808.4072, 6938.7839, 7090.5469, 7152.59, 7213.2847, 7282.7292, 7485.5069, 7675.1736, 7797.5527, 8254.041, 8444.9746, 8635.8824, 8897.0498, 9025.9528, 9222.0176, 9420.005, 9551.2934, 9749.7758, 9882.0323, 10014.2817 ], "fy2026": 82736.6539, "fy2027": 108894.859, "total_rule": "sum" }, { "key": "nbv", "label": "FIXED ASSETS, NET BOOK VALUE", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 239057.75, 240187.9469, 243357.5903, 244013.0286, 241898.1814, 240422.8675, 235565.8706, 230598.2906, 225885.0058, 225902.2767, 225244.7697, 221975.2428, 230611.2704, 229230.8378, 227658.5444, 228424.688, 224168.1467, 222200.5247, 220106.0547, 215412.4314, 213006.5064, 208017.9641, 202896.9084, 197663.4993 ], "fy2026": 221975.2428, "fy2027": 197663.4993, "total_rule": "last" } ] }, "Payables": { "title": "TRADE PAYABLES, SUPPLIER PAYMENTS AND FOREIGN EXCHANGE ON USD INVOICES (EUR)", "description": "Provider A and vendor B invoice monthly in USD, paid by wire on the 15th of the next month. Each invoice is booked at the average rate of its month and paid at the rate of the payment month: the difference is a realised exchange gain or loss (IAS 21.28). Open USD balances are one month of invoices, carried at the invoice-month rate.", "months": 24, "rows": [ { "key": "usd_inv", "label": "Invoices (USD)", "basis": "usage, APIs and any commitment shortfall", "section": "COMPUTE SUPPLIERS IN USD (Provider A and model API vendor B)", "format": "int", "kind": "calc", "bold": false, "values": [ 145802.11, 145483.75, 145196.31, 144436.68, 153283.69, 153666.63, 164910.63, 166828.4, 165602.9548, 140874.0684, 143917.7977, 261159.3418, 168060.554, 168583.555, 175487.5787, 175629.9696, 180562.9335, 181126.0147, 183372.3493, 184720.5685, 186432.4089, 190126.1663, 191640.4117, 195191.4823 ], "fy2026": 1931162.3626, "fy2027": 2180933.9928, "total_rule": "sum" }, { "key": "usd_inv_eur", "label": "Invoices (EUR at the rate of the month)", "basis": "", "section": "COMPUTE SUPPLIERS IN USD (Provider A and model API vendor B)", "format": "int", "kind": "calc", "bold": false, "values": [ 124224.3418, 123051.4675, 125624.0786, 123397.4199, 131314.7349, 133425.9182, 144443.0498, 143904.4251, 144467.3774, 122894.5899, 125549.854, 227828.0919, 146611.3181, 147067.5696, 153090.4464, 153214.6643, 157518.0437, 158009.26, 159968.8993, 161145.048, 162638.4096, 165860.74, 167181.7253, 170279.5798 ], "fy2026": 1670125.3491, "fy2027": 1902585.7042, "total_rule": "sum" }, { "key": "usd_paid", "label": "Paid (EUR debited)", "basis": "A: bank; 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F: prior balance", "section": "MODEL API VENDOR C (EUR, reverse charge)", "format": "int", "kind": "calc", "bold": false, "values": [ 7104.97, 8172.87, 8429.57, 8033.9, 8834.88, 9004.17, 9240.64, 9844.35, 9871.04, 9998.797, 10170.8811, 10610.6259, 10991.7997, 12514.0722, 12861.9535, 13208.3484, 13350.8225, 13776.8786, 13899.4931, 14077.7959, 14239.4198, 14583.2672, 14845.8699, 15106.544 ], "fy2026": 109316.694, "fy2027": 163456.2647, "total_rule": "sum" }, { "key": "c_close", "label": "Payable: vendor C", "basis": "", "section": "MODEL API VENDOR C (EUR, reverse charge)", "format": "int", "kind": "calc", "bold": true, "values": [ 8172.87, 8429.57, 8033.9, 8834.88, 9004.17, 9240.64, 9844.35, 9871.04, 9998.797, 10170.8811, 10610.6259, 10991.7997, 12514.0722, 12861.9535, 13208.3484, 13350.8225, 13776.8786, 13899.4931, 14077.7959, 14239.4198, 14583.2672, 14845.8699, 15106.544, 15377.6486 ], "fy2026": 10991.7997, "fy2027": 15377.6486, "total_rule": "last" }, { "key": "k_inv", "label": "Charges", "basis": "", "section": "COMPANY CARD STATEMENTS (software, paid media, travel)", "format": "int", "kind": "calc", "bold": false, "values": [ 70026.06, 67643.71, 74176.79, 69366.35, 65767.27, 67888.45, 67886.13, 60109.26, 67287.2, 73276.6353, 67816.0773, 67809.2811, 70730.5053, 70963.3425, 77034.6402, 71678.369, 71669.4475, 71908.4722, 72152.6456, 64359.0733, 72393.4735, 78233.9605, 72389.4379, 72389.4716 ], "fy2026": 819053.2138, "fy2027": 865902.8391, "total_rule": "sum" }, { "key": "k_paid", "label": "Paid (statement settled on the 5th)", "basis": "A: bank; F: prior balance", "section": "COMPANY CARD STATEMENTS (software, paid media, travel)", "format": "int", "kind": "calc", "bold": false, "values": [ 67925.28, 70026.06, 67643.71, 74176.79, 69366.35, 65767.27, 67888.45, 67886.13, 60109.26, 67287.2, 73276.6353, 67816.0773, 67809.2811, 70730.5053, 70963.3425, 77034.6402, 71678.369, 71669.4475, 71908.4722, 72152.6456, 64359.0733, 72393.4735, 78233.9605, 72389.4379 ], "fy2026": 819169.2126, "fy2027": 861322.6486, "total_rule": "sum" }, { "key": "k_close", "label": "Payable: card statements", "basis": "", "section": "COMPANY CARD STATEMENTS (software, paid media, travel)", "format": "int", "kind": "calc", "bold": true, "values": [ 70026.06, 67643.71, 74176.79, 69366.35, 65767.27, 67888.45, 67886.13, 60109.26, 67287.2, 73276.6353, 67816.0773, 67809.2811, 70730.5053, 70963.3425, 77034.6402, 71678.369, 71669.4475, 71908.4722, 72152.6456, 64359.0733, 72393.4735, 78233.9605, 72389.4379, 72389.4716 ], "fy2026": 67809.2811, "fy2027": 72389.4716, "total_rule": "last" }, { "key": "s_inv", "label": "Invoices incl. VAT", "basis": "", "section": "FRENCH SUPPLIERS (events, advisers, recruitment, equipment; incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 52015.608, 61986, 95719.896, 62591.64, 52805.772, 79688.208, 42612.624, 38627.988, 40200, 63960, 61623.6, 49632.951, 110071.2223, 62749.362, 86360.772, 75265.0285, 51695.5173, 89493.7372, 64006.3607, 52120.5893, 64094.5732, 52293.1062, 52291.8338, 52390.3194 ], "fy2026": 701464.287, "fy2027": 812832.4219, "total_rule": "sum" }, { "key": "s_paid", "label": "Paid (30 days)", "basis": "A: bank; F: prior balance", "section": "FRENCH SUPPLIERS (events, advisers, recruitment, equipment; incl. VAT)", "format": "int", "kind": "calc", "bold": false, "values": [ 48894.67, 52015.61, 61986, 95719.9, 62591.64, 52805.77, 79688.21, 42612.62, 38627.986, 40200, 63960, 61623.6, 49632.951, 110071.2223, 62749.362, 86360.772, 75265.0285, 51695.5173, 89493.7372, 64006.3607, 52120.5893, 64094.5732, 52293.1062, 52291.8338 ], "fy2026": 700726.006, "fy2027": 810075.0534, "total_rule": "sum" }, { "key": "s_close", "label": "Payable: French suppliers", "basis": "", "section": "FRENCH SUPPLIERS (events, advisers, recruitment, equipment; incl. VAT)", "format": "int", "kind": "calc", "bold": true, "values": [ 52015.608, 61985.998, 95719.894, 62591.634, 52805.766, 79688.204, 42612.618, 38627.986, 40200, 63960, 61623.6, 49632.951, 110071.2223, 62749.362, 86360.772, 75265.0285, 51695.5173, 89493.7372, 64006.3607, 52120.5893, 64094.5732, 52293.1062, 52291.8338, 52390.3194 ], "fy2026": 49632.951, "fy2027": 52390.3194, "total_rule": "last" }, { "key": "T_ap", "label": "TOTAL TRADE PAYABLES", "basis": "", "section": "FRENCH SUPPLIERS (events, advisers, recruitment, equipment; incl. VAT)", "format": "int", "kind": "calc", "bold": true, "values": [ 254438.8798, 261110.7455, 303554.6626, 264190.2839, 258891.9409, 290243.2122, 264786.1478, 252512.7111, 261953.3744, 270302.1064, 265600.1572, 356262.1237, 339927.118, 293642.2276, 329694.207, 313508.8842, 294659.887, 333310.9626, 310205.7016, 291864.1304, 313709.7235, 311233.6766, 306969.541, 310437.0195 ], "fy2026": 356262.1237, "fy2027": 310437.0195, "total_rule": "last" } ] }, "VAT": { "title": "VAT: MONTHLY CA3 POSITION (VAT ON SERVICES DUE ON COLLECTION, DEDUCTED ON PAYMENT), DES AND REVERSE CHARGE (EUR)", "description": "Output VAT on card sales to customers in France and on French Enterprise receipts; input VAT on French supplier and rent payments. Services bought from abroad are self-assessed and deducted on the same return. A month with a credit carries it into the next return.", "months": 24, "rows": [ { "key": "out_card", "label": "Output VAT: card sales in France (paid at purchase)", "basis": "Credits and Team", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 21748.2713, 22883.1483, 23692.1879, 23430.1681, 24362.1794, 25047.1476, 25296.3032, 24871.4065, 26328.5636, 27010.1509, 27399.2132, 27547.2644, 28713.0123, 29089.8207, 29814.9174, 30008.8802, 30440.0918, 31075.517, 30927.055, 30351.2515, 32908.5778, 33662.9048, 34018.8696, 34061.2287 ], "fy2026": 299616.0044, "fy2027": 375072.1267, "total_rule": "sum" }, { "key": "out_ent", "label": "Output VAT: French Enterprise receipts", "basis": "receipts x 20 / 120", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 11833.3333, 15666.6667, 11166.6667, 12166.6667, 19666.6667, 19166.6667, 12666.6667, 21000, 19833.333, 14774.9745, 21000, 23133.3333, 19266.6667, 21000, 23186.6667, 22341.523, 30116.445, 32810.4521, 27233.9744, 23613.3333, 23080, 20706.6667, 23613.3333, 23000 ], "fy2026": 202074.9742, "fy2027": 289969.0611, "total_rule": "sum" }, { "key": "in_sup", "label": "Input VAT: French supplier payments", "basis": "payments x 20 / 120", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -8149.1117, -8669.2683, -10331, -15953.3167, -10431.94, -8800.9617, -13281.3683, -7102.1033, -6437.9977, -6700, -10660, -10270.6, -8272.1585, -18345.2037, -10458.227, -14393.462, -12544.1714, -8615.9195, -14915.6229, -10667.7268, -8686.7649, -10682.4289, -8715.5177, -8715.3056 ], "fy2026": -116787.6677, "fy2027": -135012.5089, "total_rule": "sum" }, { "key": "in_rent", "label": "Input VAT: rent", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -20400, 0, 0, -20400, 0, 0, -20400, 0, 0, -20400, 0, 0, -20910, 0, 0, -20910, 0, 0, -20910, 0, 0, -20910, 0, 0 ], "fy2026": -81600, "fy2027": -83640, "total_rule": "sum" }, { "key": "net", "label": "NET VAT FOR THE MONTH", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 5032.493, 29880.5466, 24527.8546, -756.4819, 33596.9061, 35412.8526, 4281.6015, 38769.3032, 39723.8989, 14685.1254, 37739.2132, 40409.9978, 18797.5205, 31744.617, 42543.3571, 17046.9411, 48012.3654, 55270.0496, 22335.4066, 43296.858, 47301.8129, 22777.1426, 48916.6852, 48345.923 ], "fy2026": 303303.3109, "fy2027": 446388.6789, "total_rule": "sum" }, { "key": "paid", "label": "VAT paid (CA3, next month)", "basis": "A: bank; F: prior position if payable", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 23815.14, 5032.49, 29880.54, 24527.85, 0, 32840.42, 35412.85, 4281.6, 38769.3256, 39723.8989, 14685.1254, 37739.2132, 40409.9978, 18797.5205, 31744.617, 42543.3571, 17046.9411, 48012.3654, 55270.0496, 22335.4066, 43296.858, 47301.8129, 22777.1426, 48916.6852 ], "fy2026": 286708.4531, "fy2027": 438452.7537, "total_rule": "sum" }, { "key": "close", "label": "VAT PAYABLE / (CREDIT CARRIED FORWARD)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 5032.493, 29880.5496, 24527.8642, -756.4677, 32840.4383, 35412.8709, 4281.6225, 38769.3256, 39723.8989, 14685.1254, 37739.2132, 40409.9978, 18797.5205, 31744.617, 42543.3571, 17046.9411, 48012.3654, 55270.0496, 22335.4066, 43296.858, 47301.8129, 22777.1426, 48916.6852, 48345.923 ], "fy2026": 40409.9978, "fy2027": 48345.923, "total_rule": "last" }, { "key": "chk", "label": "Check: position equals the month plus any credit carried (must be zero)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" }, { "key": "vatd", "label": "VAT to deduct on French supplier invoices not yet paid (asset)", "basis": "payable x 20 / 120", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 8669.268, 10330.9997, 15953.3157, 10431.939, 8800.961, 13281.3673, 7102.103, 6437.9977, 6700, 10660, 10270.6, 8272.1585, 18345.2037, 10458.227, 14393.462, 12544.1714, 8615.9195, 14915.6229, 10667.7268, 8686.7649, 10682.4289, 8715.5177, 8715.3056, 8731.7199 ], "fy2026": 8272.1585, "fy2027": 8731.7199, "total_rule": "last" }, { "key": "rc", "label": "Reverse charge on services bought abroad (self-assessed and deducted: nets to zero)", "basis": "memo", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 38096.7144, 37426.6255, 39188.0377, 38232.552, 39048.345, 40105.1436, 42262.54, 40859.417, 42150.6749, 39068.4213, 38595.3114, 39321.4452, 43716.1791, 43923.5731, 46411.687, 45393.7712, 46337.8739, 46508.4451, 46984.8682, 45693.7082, 47668.03, 49533.1141, 48680.5415, 49354.34 ], "fy2026": 474355.228, "fy2027": 560206.1314, "total_rule": "sum" }, { "key": "des", "label": "Services to EU businesses declared on the DES (reverse charge by the customer)", "basis": "memo", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 247024.8205, 266270.1205, 189005.6535, 252062.4965, 263606.2685, 196383.057, 335363.196, 267870.782, 202717.9688, 347898.0203, 284131.7517, 274754.4229, 398125.7014, 354948.7265, 269904.5269, 367109.0592, 388652.9115, 253711.9382, 366550.4899, 371412.6128, 263148.0293, 390894.6376, 419629.5611, 307037.9018 ], "fy2026": 3127088.5582, "fy2027": 4151126.0963, "total_rule": "sum" } ] }, "Tax": { "title": "CORPORATE INCOME TAX (IS) AND TAX LOSSES (EUR)", "description": "Taxable result = profit before tax less the research tax credit (not taxable). Losses carried forward offset up to EUR 1m plus 50% of the profit above EUR 1m; no deferred tax asset recognised. No instalments are due while the company is loss-making.", "months": 24, "rows": [ { "key": "pbt", "label": "Profit before tax", "basis": "PL", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -369611.0106, -418177.5586, -423051.5259, -448978.4734, -353145.6879, -467837.821, -353379.4873, -175248.773, -285118.1169, -389923.2098, -386359.3, -317569.2471, -419467.7829, -424656.6846, -323035.2379, -424060.2702, -343723.9892, -335634.8659, -328139.8916, -152569.1171, -358247.2573, -330454.627, -353414.2375, -327784.6746 ], "fy2026": -4388400.2117, "fy2027": -4121188.6357, "total_rule": "sum" }, { "key": "cir", "label": "Less: research tax credit (not taxable)", "basis": "PL", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -89210.6082, -93117.4902, -94080.7266, -97638.9456, -96313.8624, -96551.2884, -96941.5524, -94514.8638, -93308.6032, -95319.4832, -95309.2601, -95292.588, -105368.7486, -105308.7471, -108121.209, -108098.2718, -108075.0258, -109364.1702, -109353.621, -109342.9661, -112215.2492, -112191.4023, -112167.6653, -112168.0619 ], "fy2026": -1137599.2721, "fy2027": -1311775.1384, "total_rule": "sum" }, { "key": "taxable", "label": "Taxable result", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -458821.6188, -511295.0488, -517132.2525, -546617.419, -449459.5503, -564389.1094, -450321.0397, -269763.6368, -378426.7201, -485242.693, -481668.5601, -412861.835, -524836.5315, -529965.4317, -431156.4469, -532158.5421, -451799.015, -444999.0361, -437493.5127, -261912.0832, -470462.5065, -442646.0293, -465581.9028, -439952.7364 ], "fy2026": -5525999.4838, "fy2027": -5432963.7741, "total_rule": "sum" }, { "key": "base_ytd", "label": "Taxable profit year to date before losses", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" }, { "key": "loss_avail", "label": "Tax losses available at the start of the year", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 15492000, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838, 21017999.4838 ], "fy2026": 15492000, "fy2027": 21017999.4838, "total_rule": "last" }, { "key": "loss_used", "label": "Tax losses used year to date", "basis": "EUR 1m + 50% above", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" }, { "key": "loss_end", "label": "Tax losses carried forward at the month end", "basis": "available + losses of the year - used", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 15950821.6188, 16462116.6677, 16979248.9202, 17525866.3392, 17975325.8896, 18539714.9989, 18990036.0386, 19259799.6754, 19638226.3956, 20123469.0886, 20605137.6487, 21017999.4838, 21542836.0152, 22072801.447, 22503957.8938, 23036116.4359, 23487915.4509, 23932914.487, 24370407.9996, 24632320.0828, 25102782.5893, 25545428.6186, 26011010.5214, 26450963.2579 ], "fy2026": 21017999.4838, "fy2027": 26450963.2579, "total_rule": "last" }, { "key": "tax_ytd", "label": "Corporate income tax year to date", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" }, { "key": "is_exp", "label": "CHARGE FOR THE MONTH (P&L)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" }, { "key": "is_paid", "label": "Paid (balance with the return in May of the next year)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "sum" }, { "key": "is_close", "label": "CORPORATE INCOME TAX PAYABLE", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 0, "fy2027": 0, "total_rule": "last" } ] }, "Treasury": { "title": "TREASURY: INTEREST ON DEPOSITS, EQUITY AND RUNWAY (EUR)", "description": "Cash is held on term deposits paying monthly. No debt and no new equity in any scenario: the CFO report sizes the funding need against the board buffer.", "months": 24, "rows": [ { "key": "int", "label": "Interest received on deposits", "basis": "A: bank; F: prior month-end cash x rate / 12", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 18300, 17540.71, 17000.73, 16375.49, 15411.49, 14769.42, 14166.97, 14620.69, 14005.8734, 13538.5452, 12712.8582, 12150.7857, 11689.7801, 10747.8255, 10112.7177, 9634.361, 8736.9673, 8162.5729, 7690.9143, 6825.955, 6107.687, 7280.3332, 6443.8996, 5826.2554 ], "fy2026": 180593.5625, "fy2027": 99259.2689, "total_rule": "sum" }, { "key": "sharecap", "label": "Share capital", "basis": "opening balance", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000, 150000 ], "fy2026": 150000, "fy2027": 150000, "total_rule": "last" }, { "key": "premium", "label": "Share premium", "basis": "opening balance", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000, 24450000 ], "fy2026": 24450000, "fy2027": 24450000, "total_rule": "last" } ] }, "PL": { "title": "PROFIT AND LOSS", "description": "Monthly, actual Jan-26 to Aug-26 and forecast to Dec-27 for the selected scenario. Revenue positive, costs negative. Cost of revenue = inference compute (reserved GPUs incl. idle capacity, on-demand GPUs, model APIs, hosting), unused committed cloud spend, card fees and the solutions, support and success team. The research tax credit is a grant (IAS 20) in other operating income.", "months": 24, "rows": [ { "key": "rev_dev", "label": "Developer: prepaid credits used, breakage and true-ups", "basis": "Revenue", "section": "REVENUE (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 75510.7959, 81962.1586, 82243.0836, 84029.0973, 82221.3491, 85687.5559, 88344.3359, 86409.2727, 91113.7804, 95687.1101, 101214.1829, 99148.4957, 111475.371, 111811.665, 117330.7937, 119396.0583, 126101.3305, 122409.4371, 127598.9005, 126499.4176, 133364.497, 140332.7148, 145640.0022, 149063.2411 ], "fy2026": 1053571.2182, "fy2027": 1531023.4287, "total_rule": "sum" }, { "key": "rev_team_plan", "label": "Team: plan fees", "basis": "Revenue", "section": "REVENUE (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 147822.39, 151285.63, 158437.14, 160611.64, 164477.79, 167613.02, 166964.24, 166016.24, 169400.3255, 172854.6005, 175919.6581, 178340.326, 181640.7135, 184553.3944, 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268076.9709, 279410.0937, 285510.9299, 294303.0007, 304956.2266, 305951.8044, 318886.0984, 320622.7446, 324437.0173, 330240.1598, 335702.4595, 339999.4009, 344764.0952, 351750.351 ], "fy2026": 2806498.2186, "fy2027": 3857124.2882, "total_rule": "sum" }, { "key": "rev_ent_sf", "label": "Enterprise: unused commitments at contract year end", "basis": "Revenue", "section": "REVENUE (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 36878.38, 0, 43212.58, 0, 26378.48, 52996.47, 22095.51, 34914.76, 109744.5206, 0, 0, 0, 20670.2974, 0, 104530.0505, 0, 0, 121386.0965, 0, 11712.1204, 53716.338, 66428.4736, 40259.681, 0 ], "fy2026": 326220.7006, "fy2027": 418703.0574, "total_rule": "sum" }, { "key": "rev_ent_adj", "label": "Enterprise: credit notes and refund liability", "basis": "Revenue", "section": "REVENUE (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, -4517.8, 0, -0.002, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 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914630.2535, 976462.4579, 819923.5307, 938056.2227, 912966.8016, 820517.8483, 880852.9923, 882787.9971, 776942.3935 ], "fy2026": 671072.8292, "fy2027": 776942.3935, "total_rule": "last" }, { "key": "hc", "label": "Headcount", "basis": "People", "section": "CASH, RESEARCH TAX CREDIT AND PEOPLE", "format": "num1", "kind": "calc", "bold": false, "values": [ 71, 73, 76, 78, 78, 79, 78, 77, 76.1967, 77.4026, 78.4003, 78.372, 83.3557, 84.3022, 85.2323, 87.2088, 87.1726, 88.1442, 89.1368, 89.1222, 90.1157, 90.1076, 90.0993, 90.0995 ], "fy2026": 78.372, "fy2027": 90.0995, "total_rule": "last" }, { "key": "rev_fte", "label": "Revenue per employee, annualised", "basis": "", "section": "CASH, RESEARCH TAX CREDIT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 83908.6759, 78063.6507, 81028.4074, 75226.155, 80550.6168, 86312.8536, 87216.3424, 89477.0015, 104221.8208, 87362.3765, 89643.3562, 91550.6285, 92289.9687, 90120.8226, 106661.2765, 90701.0093, 93832.3994, 109459.155, 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French simplified joint-stock company (SAS) in Paris, founded 2014, financial year = calendar year, reporting currency EUR. Management accounts under IFRS; statutory accounts under French GAAP (PCG), differences not modelled." }, { "row": 7, "type": "scalar", "label": "Reporting currency", "unit": null, "value": "EUR", "note": null }, { "row": 8, "type": "scalar", "label": "Model start month (month end)", "unit": "date", "value": "2026-01-31", "note": "24 monthly columns from this month" }, { "row": 9, "type": "scalar", "label": "Last actual month (month end)", "unit": "date", "value": "2026-08-31", "note": "Months up to and including this date are actual (fictional ledger); later months are forecast" }, { "row": 10, "type": "scalar", "label": "Last actual month number", "unit": "calc", "value": 8, "note": null }, { "row": 11, "type": "scalar", "label": "Scenario selector (1 = Base, 2 = Downside, 3 = Upside)", "unit": "input", "value": 1, "note": "Change this cell and every forecast month moves. 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Rates frozen at the 2024 level for 2026 and 2027, abolition in 2030 (loi de finances pour 2026, L\u00e9giFiscal)" }, { "row": 38, "type": "scalar", "label": "CVAE instalment 2026 (each, June and September)", "unit": "EUR", "value": 1850, "note": "50% of the CVAE on the 2025 value added" }, { "row": 39, "type": "scalar", "label": "CFE 2027 (company estimate)", "unit": "EUR", "value": 13300, "note": null }, { "row": 40, "type": "scalar", "label": "CVAE 2027 (company estimate)", "unit": "EUR", "value": 4300, "note": null }, { "row": 44, "type": "scalar", "label": "Health insurance (maladie), employer", "unit": "rate", "value": 0.13, "note": "L\u00e9giSocial 2026 URSSAF table; the 7% reduced rate is abolished from 1-Jan-26 (service-public.gouv.fr F24542)" }, { "row": 45, "type": "scalar", "label": "Old age capped (up to the ceiling), employer", "unit": "rate", "value": 0.0855, "note": null }, { "row": 46, "type": "scalar", "label": "Old age uncapped, employer", "unit": "rate", "value": 0.0211, "note": null }, { "row": 47, "type": "scalar", "label": "Family allowances, employer", "unit": "rate", "value": 0.0525, "note": "5.25%; the 3.45% reduced rate is abolished from 1-Jan-26 and folded into the RGDU (economie.gouv.fr)" }, { "row": 48, "type": "scalar", "label": "Work accident (AT/MP), employer", "unit": "rate", "value": 0.008, "note": "Assumption: 0.80% for office activities; information needed: the notified rate" }, { "row": 49, "type": "scalar", "label": "Autonomy solidarity (CSA), employer", "unit": "rate", "value": 0.003, "note": null }, { "row": 50, "type": "scalar", "label": "Housing fund (FNAL), 50 staff or more, employer", "unit": "rate", "value": 0.005, "note": null }, { "row": 51, "type": "scalar", "label": "Social dialogue contribution, employer", "unit": "rate", "value": 0.0002, "note": null }, { "row": 52, "type": "scalar", "label": "Unemployment insurance (up to 4 ceilings), employer", "unit": "rate", "value": 0.04, "note": null }, { "row": 53, "type": "scalar", "label": "Wage guarantee (AGS, up to 4 ceilings), employer", "unit": "rate", "value": 0.0025, "note": null }, { "row": 54, "type": "scalar", "label": "Transport levy (versement mobilit\u00e9), Paris", "unit": "rate", "value": 0.032, "note": "service-public.gouv.fr: 3.20% for Paris since 1 February 2024 (employers with 11 staff or more)" }, { "row": 55, "type": "scalar", "label": "Training and apprenticeship (CUFPA), 11 staff or more", "unit": "rate", "value": 0.0168, "note": "1.00% training plus 0.68% apprenticeship tax" }, { "row": 56, "type": "scalar", "label": "Agirc-Arrco pension, band 1, employer", "unit": "rate", "value": 0.0472, "note": "L\u00e9giSocial, Agirc-Arrco 2026: 4.72% and 3.15%; CEG 1.29% and 0.86%" }, { "row": 57, "type": "scalar", "label": "Agirc-Arrco CEG, band 1, employer", "unit": "rate", "value": 0.0129, "note": null }, { "row": 58, "type": "scalar", "label": "Agirc-Arrco pension, band 2, employer", "unit": "rate", "value": 0.1295, "note": "12.95% and 8.64%; CEG 1.62% and 1.08%" }, { "row": 59, "type": "scalar", "label": "Agirc-Arrco CEG, band 2, employer", "unit": "rate", "value": 0.0162, "note": null }, { "row": 60, "type": "scalar", "label": "Agirc-Arrco CET (pay above the ceiling), employer", "unit": "rate", "value": 0.0021, "note": "0.21% and 0.14% on the whole pay up to 8 ceilings" }, { "row": 61, "type": "scalar", "label": "APEC (managers, up to 4 ceilings), employer", "unit": "rate", "value": 0.0004, "note": "0.036% and 0.024%" }, { "row": 62, "type": "scalar", "label": "Old age capped, employee", "unit": "rate", "value": 0.069, "note": null }, { "row": 63, "type": "scalar", "label": "Old age uncapped, employee", "unit": "rate", "value": 0.004, "note": null }, { "row": 64, "type": "scalar", "label": "Agirc-Arrco band 1, employee", "unit": "rate", "value": 0.0315, "note": null }, { "row": 65, "type": "scalar", "label": "Agirc-Arrco CEG band 1, employee", "unit": "rate", "value": 0.0086, "note": null }, { "row": 66, "type": "scalar", "label": "Agirc-Arrco band 2, employee", "unit": "rate", "value": 0.0864, "note": null }, { "row": 67, "type": "scalar", "label": "Agirc-Arrco CEG band 2, employee", "unit": "rate", "value": 0.0108, "note": null }, { "row": 68, "type": "scalar", "label": "Agirc-Arrco CET, employee", "unit": "rate", "value": 0.0014, "note": null }, { "row": 69, "type": "scalar", "label": "APEC, employee", "unit": "rate", "value": 0.0002, "note": null }, { "row": 70, "type": "scalar", "label": "CSG and CRDS, employee (on 98.25% of pay)", "unit": "rate", "value": 0.097, "note": "6.80% deductible, 2.40% and 0.50% not deductible" }, { "row": 71, "type": "scalar", "label": "CSG and CRDS base (share of gross pay)", "unit": "rate", "value": 0.9825, "note": null }, { "row": 72, "type": "scalar", "label": "CSG and CRDS not deductible (added to the income tax base)", "unit": "rate", "value": 0.029, "note": null }, { "row": 73, "type": "scalar", "label": "RGDU: minimum coefficient (Tmin)", "unit": "coef", "value": 0.02, "note": "service-public.gouv.fr F24542: from 1-Jan-26 the general reduction is degressive up to 3 x SMIC; 50 staff or more: Tmin 0.0200, Tdelta 0.3821, exponent 1.75, maximum 0.4021" }, { "row": 74, "type": "scalar", "label": "RGDU: Tdelta", "unit": "coef", "value": 0.3821, "note": null }, { "row": 75, "type": "scalar", "label": "RGDU: exponent", "unit": "power", "value": 1.75, "note": null }, { "row": 76, "type": "scalar", "label": "Monthly social security ceiling (PMSS) 2026", "unit": "EUR", "value": 4005, "note": "Arr\u00eat\u00e9 du 22 d\u00e9cembre 2025 (L\u00e9gifrance): EUR 4,005" }, { "row": 77, "type": "scalar", "label": "Monthly social security ceiling 2027", "unit": "EUR", "value": 4085, "note": "Assumption: +2.0% until the 2027 arrete is published" }, { "row": 78, "type": "scalar", "label": "SMIC (monthly, 35 hours) from 1-Jan-26", "unit": "EUR", "value": 1823.03, "note": "info.gouv.fr: EUR 1,823.03 from 1 January 2026, EUR 1,867.02 from 1 June 2026 (automatic revaluation)" }, { "row": 79, "type": "scalar", "label": "SMIC (monthly) from 1-Jun-26", "unit": "EUR", "value": 1867.02, "note": null }, { "row": 80, "type": "scalar", "label": "SMIC (monthly) from 1-Jan-27", "unit": "EUR", "value": 1900.63, "note": "Assumption: +1.8% on 1 January 2027" }, { "row": 81, "type": "scalar", "label": "Health, protection and transport schemes: employer cost per head a month", "unit": "EUR", "value": 110, "note": "Company plans (fictional), including the statutory 50% of public transport passes" }, { "row": 83, "type": "scalar", "label": "Paid leave: working days a year", "unit": "days", "value": 25, "note": "Code du travail L3141-3: 2.5 working days (ouvrables) a month, modelled as 25 working days (ouvres) a year; 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May overage invoice disputed: the account says calls retried during the 28 April incident were billed twice; engineering review under way." ], [ "E02", "Draxholm Logistik", "DE", "Logistics", 0, "2023-10-31", -26, "Live", 280000, 15697.01, 48319.36, 21680.64, 0.02, 0.6, 0.15, 0.25, 0.32, 45, 0.9, 0.78, 0.95, 0.9, -26, "October", 0.8824, 0.2206, 0.3676, 18115.84, 280000, 283594.0459, 277341.4701, 0.0429, 60503.7493, 184196.6818, 0.6495, null ], [ "E03", "Lunedo Banca", "IT", "Banking", 0, "2024-02-29", -22, "Live", 300000, 24425.69, 278236.16, 21763.84, 0.018, 0.45, 0.35, 0.2, 0.35, 60, 0.9, 0.75, 0.95, 0.9, -22, "February", 0.6923, 0.5385, 0.3077, 34339, 320000, 388843.2733, 451866.0074, 0.0588, 138407.3583, 197107.8543, 0.5069, null ], [ "E04", "Kellbrook Utilities", "UK", "Utilities", 0, "2024-04-30", -20, "Live", 190000, 13482.78, 115287.16, 27212.84, 0.017, 0.2, 0.6, 0.2, 0.3, 45, 0.85, 0.65, 0.92, 0.85, -20, "April", 0.2857, 0.8571, 0.2857, 14639.43, 210000, 212412.1019, 209530.5048, 0.0321, 73963.6095, 109317.1528, 0.5146, "Used EUR 159k of its EUR 190k commitment in the contract year to March 2026: the unused EUR 31k was recognised at the end of that year. 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51335.29 }, "use|E12": { "label": "E12 Halvesta Travel", "values": [ 0, 0, 0, 0, 0, 0, 0, 8000, 8636.42, 8251.23, 7995.56, 8451.46 ], "fy2025": 41334.67 }, "use|E13": { "label": "E13 Varnholm Freight", "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 8500, 8966.39, 9066.34 ], "fy2025": 26532.73 }, "use|E14": { "label": "E14 Brevalle Logistique", "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2025": 0 }, "use|E15": { "label": "E15 Maltessa Telecom", "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2025": 0 }, "rev|E01": { "label": "E01 Tervane Assurances", "values": [ 26894.73, 26876.39, 27272.05, 26502.86, 37787.78, 28589, 29883.25, 30818.27, 30830.02, 30975.49, 28980.27, 30464.04 ], "fy2025": 355874.15 }, "rev|E02": { "label": "E02 Draxholm Logistik", "values": [ 14867.67, 14577.97, 13853.5, 14267.47, 14911.9, 15354.52, 15341.01, 15099.27, 97501.41, 16138.38, 16483.97, 15697.01 ], "fy2025": 264094.08 }, "rev|E03": { "label": "E03 Lunedo Banca", "values": [ 59465.13, 23627.37, 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"expired_unused": 3352.34, "share_expired": 0.0723, "status": "expired in 2025" }, { "purchase_month": "Jun-24", "cohort_no": -18, "purchased_ex_vat": 47011.43, "used": 41560.05, "expired_unused": 5451.38, "share_expired": 0.116, "status": "expired in 2025" }, { "purchase_month": "Jul-24", "cohort_no": -17, "purchased_ex_vat": 44051.16, "used": 40316.06, "expired_unused": 3735.1, "share_expired": 0.0848, "status": "expired in 2025" }, { "purchase_month": "Aug-24", "cohort_no": -16, "purchased_ex_vat": 44024.66, "used": 37340.95, "expired_unused": 6683.71, "share_expired": 0.1518, "status": "expired in 2025" }, { "purchase_month": "Sep-24", "cohort_no": -15, "purchased_ex_vat": 53252.69, "used": 47139.63, "expired_unused": 6113.06, "share_expired": 0.1148, "status": "expired in 2025" }, { "purchase_month": "Oct-24", "cohort_no": -14, "purchased_ex_vat": 52460.14, "used": 46101.65, "expired_unused": 6358.49, "share_expired": 0.1212, "status": "expired in 2025" }, { "purchase_month": "Nov-24", "cohort_no": -13, "purchased_ex_vat": 57004.97, "used": 49464.25, "expired_unused": 7540.72, "share_expired": 0.1323, "status": "expired in 2025" }, { "purchase_month": "Dec-24", "cohort_no": -12, "purchased_ex_vat": 52763.48, "used": 45079.94, "expired_unused": 7683.54, "share_expired": 0.1456, "status": "expired in 2025" }, { "purchase_month": "Jan-25", "cohort_no": -11, "purchased_ex_vat": 59181.33, "used": 52401.57, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Feb-25", "cohort_no": -10, "purchased_ex_vat": 57327.92, "used": 47495.66, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Mar-25", "cohort_no": -9, "purchased_ex_vat": 61635.47, "used": 52695.73, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Apr-25", "cohort_no": -8, "purchased_ex_vat": 65423.87, "used": 53709.76, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "May-25", "cohort_no": -7, "purchased_ex_vat": 70630.94, "used": 57361.55, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Jun-25", "cohort_no": -6, "purchased_ex_vat": 66465.34, "used": 51331.18, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Jul-25", "cohort_no": -5, "purchased_ex_vat": 63741.37, "used": 45864.88, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Aug-25", "cohort_no": -4, "purchased_ex_vat": 60341.25, "used": 41469.06, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Sep-25", "cohort_no": -3, "purchased_ex_vat": 79861.34, "used": 48246.29, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Oct-25", "cohort_no": -2, "purchased_ex_vat": 80534.2, "used": 41428.67, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Nov-25", "cohort_no": -1, "purchased_ex_vat": 79718.21, "used": 30509.73, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" }, { "purchase_month": "Dec-25", "cohort_no": 0, "purchased_ex_vat": 77725.58, "used": 17459.63, "expired_unused": null, "share_expired": null, "status": "live at 31-Dec-25" } ], "packs_2024_share_expired_unused": 0.1225 }, "bva": { "rows": [ { "key": "seg_dev", "label": "Developer revenue", "ytd_actual": 666407.6491, "ytd_budget": 650318.63, "ytd_variance": 16089.0191, "ytd_variance_pct": 0.0247, "fy_outlook": 1053571.2182, "fy_budget": 1018411.47, "fy_variance": 35159.7482, "fy_variance_pct": 0.0345, "commentary": "Credits used above budget; pack true-ups slightly negative." }, { "key": "seg_team", "label": "Team revenue", "ytd_actual": 1576742.47, "ytd_budget": 1608464.18, "ytd_variance": -31721.71, "ytd_variance_pct": 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-77911.92, "fy_variance": 1061.7043, "fy_variance_pct": 0.0136, "commentary": null }, { "key": "pay_cor", "label": "Solutions, support and success payroll", "ytd_actual": -569216.6476, "ytd_budget": -567781.04, "ytd_variance": -1435.6076, "ytd_variance_pct": -0.0025, "fy_outlook": -907248.0149, "fy_budget": -919241.72, "fy_variance": 11993.7051, "fy_variance_pct": 0.013, "commentary": null }, { "key": "T_cor", "label": "TOTAL COST OF REVENUE", "ytd_actual": -1816579.8796, "ytd_budget": -1704091.57, "ytd_variance": -112488.3096, "ytd_variance_pct": -0.066, "fy_outlook": -2743165.2481, "fy_budget": -2688451.73, "fy_variance": -54713.5181, "fy_variance_pct": -0.0204, "commentary": null }, { "key": "gp", "label": "GROSS PROFIT", "ytd_actual": 2389772.5295, "ytd_budget": 2611421.55, "ytd_variance": -221649.0205, "ytd_variance_pct": -0.0849, "fy_outlook": 3872062.8968, "fy_budget": 4186541.71, "fy_variance": -314478.8132, "fy_variance_pct": -0.0751, "commentary": null }, { "key": "gpm", 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-1152421.4762, "ytd_budget": -1185220.16, "ytd_variance": 32798.6838, "ytd_variance_pct": 0.0277, "fy_outlook": -1761339.7414, "fy_budget": -1857912.09, "fy_variance": 96572.3486, "fy_variance_pct": 0.052, "commentary": null }, { "key": "media", "label": "Paid media and content", "ytd_actual": -308250.13, "ytd_budget": -286200, "ytd_variance": -22050.13, "ytd_variance_pct": -0.077, "fy_outlook": -465950.13, "fy_budget": -435600, "fy_variance": -30350.13, "fy_variance_pct": -0.0697, "commentary": "March campaign above the budget run-rate." }, { "key": "events", "label": "Events and conferences", "ytd_actual": -132088.2, "ytd_budget": -133000, "ytd_variance": 911.8, "ytd_variance_pct": 0.0069, "fy_outlook": -188088.2, "fy_budget": -189000, "fy_variance": 911.8, "fy_variance_pct": 0.0048, "commentary": null }, { "key": "pay_ga", "label": "General and administrative payroll", "ytd_actual": -538797.4438, "ytd_budget": -535194.47, "ytd_variance": -3602.9738, "ytd_variance_pct": -0.0067, 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Prefinance the FY2026 research tax credit: EUR 758k accrued at Aug-26 and rising about EUR 95k a month; specialist lenders advance cash against an accrued credit before the refund.", "2. Settle the Tervane dispute: EUR 18.1k open since June. Credit the calls the logs prove were duplicated and collect the rest in October.", "3. Ask Provider A to roll the expected 2026 shortfall (USD 114k) into the 2027 commitment instead of paying it in January.", "4. Invoice Enterprise commitments on the first day of each contract quarter with 30-day terms instead of 45 to 60.", "5. Hold the hires planned for October and November (People) if the headroom over the buffer on this forecast falls below EUR 1.5m." ] }, "checks": { "overall_status": "OK", "checks": [ { "check": "Balance sheet balances in every month", "proves": "Total assets less liabilities and equity, all 24 months", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Cash flow: indirect method equals direct method every month", "proves": "P&L and balance sheet movements equal the sum of the schedule cash lines", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Closing cash on the cash flow equals balance sheet cash", "proves": "Link integrity", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Accumulated losses roll: closing = opening + net result", "proves": "Equity roll-forward to Dec-27", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Opening balance sheet at 31-Dec-25 balances", "proves": "FY2025 closing balances on Inputs_Actuals", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Developer credits: liability roll-forward equals the pack schedule, every month", "proves": "Packs live less credits used grossed up for breakage", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Opening Developer liability equals the pack schedule at 31-Dec-25", "proves": "FY2025 accounts agree with the credit ledger", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Usage curve of a pack adds up to one less the expected breakage", "proves": "Every credit is used or expires", "value": 0, "tolerance": 0.0, "status": "OK" }, { "check": "Team customers: billing system equals the bridge (actual months)", "proves": "New and lost customers explain the base", "value": 0, "tolerance": 0.001, "status": "OK" }, { "check": "Enterprise: every contract position clears at the end of its contract year", "proves": "Commitment billed + usage above it = usage + unused commitment", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Enterprise: change in net contract positions equals billing less revenue, every month", "proves": "Contract liabilities and assets tie to the account schedules", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Revenue by product adds up to total revenue, every month", "proves": "Mix by segment and account covers every euro", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "P&L revenue equals the revenue schedule, every month", "proves": "Link integrity", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "GPU scheduler hours equal units x GPU hours per unit (actual months, within 1 hour)", "proves": "Metering and compute agree", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "On-demand hours equal inference above usable reserved capacity (forecast months)", "proves": "Capacity rule applied", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Product compute costs add up to compute in cost of revenue, every month", "proves": "Allocation by GPU hours, tokens and hosting drivers is complete", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Onerous provision equals the expected commitment shortfall (forecast months)", "proves": "IAS 37 provision follows the full-year spend", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Gross margin by product reconciles to the P&L gross profit, every month", "proves": "Revenue, compute, card fees and support fully allocated", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Gross margin by segment equals gross margin by product, every month", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Gross salaries equal net pay plus employee contributions and withholding, every month", "proves": "Payroll journal integrity", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "URSSAF payable at each forecast month end equals the month due", "proves": "Paid the following month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Withholding at source payable at each forecast month end equals the month due", "proves": "Paid the following month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Agirc-Arrco and schemes payable at each forecast month end equals the month due", "proves": "Paid the following month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "RGDU coefficient never above its maximum (Tmin + Tdelta)", "proves": "Headroom to 0.4021", "value": 0.3242, "tolerance": 0, "status": "OK" }, { "check": "VAT position equals the month plus any credit carried, every month", "proves": "Monthly CA3", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Opening VAT on uncollected French invoices and on unpaid French supplier invoices equal 20/120 of the balances", "proves": "VAT on services due on collection and deducted on payment", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Research tax credit receivable equals the claims still open, every month", "proves": "FY2025, FY2026 and FY2027 claims", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "FY2026 and FY2027 credits equal 30% x (eligible personnel + 40%)", "proves": "CIR arithmetic", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Local business taxes accrued at December equal the CVAE of the year less its instalments", "proves": "CFE and CVAE calendar", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Tax losses at Dec-27 = opening + losses of FY2026 and FY2027 - losses used", "proves": "Losses roll, CIR excluded from taxable income", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Corporate income tax charged only on taxable profit after losses (FY2026 and FY2027)", "proves": "25% after the EUR 1m plus 50% rule", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AR aging: Enterprise, France ties to the ledger", "proves": "Item listing agrees with the balance at the last actual month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AR aging: Enterprise, outside France ties to the ledger", "proves": "Item listing agrees with the balance at the last actual month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: Compute suppliers (USD) ties to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: Model API vendor C (EUR) ties to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: Card suppliers ties to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: French suppliers ties to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Card processor balance is nil to the euro, every month", "proves": "Payouts equal charges less fees", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Forecast Enterprise receivables equal the collection rule every month", "proves": "Receipts never collect an invoice twice when the days change", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "USD payable at each month end equals the month invoices at the month rate", "proves": "Exchange differences taken on settlement (IAS 21)", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "13-week cash forecast reconciles to the monthly balance sheet at 31-Dec-26", "proves": "Weekly phasing distributes exactly the monthly cash lines", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Scenario snapshots are current for the selected scenario", "proves": "Live column equals the stored snapshot", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Budget vs actual revenue causes reconcile (YTD and FY)", "proves": "Volume, price and account effects equal the revenue variance", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "EBITDA walk from budget to actual reconciles", "proves": "Variances explain the full EBITDA gap", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Enterprise receivables never negative", "proves": null, "value": 105000, "tolerance": 0.5, "status": "OK" }, { "check": "Trade payables never negative", "proves": null, "value": 8033.9, "tolerance": 0.5, "status": "OK" }, { "check": "Developer liability and every pack balance never negative", "proves": null, "value": 210641.7941, "tolerance": 0.5, "status": "OK" }, { "check": "Enterprise usage and commitments never negative (every account, every month)", "proves": null, "value": 0, "tolerance": 0.001, "status": "OK" }, { "check": "Paid leave days outstanding never negative", "proves": null, "value": 274.1133, "tolerance": 0, "status": "OK" }, { "check": "Headcount never negative", "proves": null, "value": 0.9669, "tolerance": 0, "status": "OK" }, { "check": "Fixed assets and the CIR receivable never negative", "proves": null, "value": 197663.4993, "tolerance": 0, "status": "OK" }, { "check": "Timeline: months flagged actual equal the last actual month number", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" } ], "business_warnings": [ { "item": "Lowest month-end cash in the forecast (selected scenario)", "note": "Board buffer: Assumptions", "value": 3525929.5474 }, { "item": "Headroom over the buffer at the lowest point", "note": "Negative = below the board buffer", "value": 525929.5474 }, { "item": "Lowest 13-week closing cash", "note": null, "value": 7830299.8222 }, { "item": "Enterprise net revenue retention on usage at Dec-27", "note": "Below 100% the installed base shrinks without new sales", "value": 1.1726 }, { "item": "Largest account share of FY2026 revenue", "note": "Above 10% is a concentration risk", "value": 0.066 }, { "item": "Disputed Tervane invoice open at the last actual month (EUR)", "note": "Credit share and month are scenario drivers", "value": 18071.21 }, { "item": "Provider A 2026 commitment: expected shortfall (USD)", "note": "Provided under IAS 37; paid in January unless rolled into 2027", "value": 113508.8574 }, { "item": "FY2027 revenue running on vendor B models", "note": "Single model vendor for voice and agents", "value": 0.5625 } ] }, "ar_aging": { "as_at": "2026-08-31", "items": { "columns": [ "Counterparty (fictional)", "Item / document", "Group", "Amount (EUR)", "Due date", "Days past due", "Not yet due", "1 to 30", "31 to 60", "61 to 90", "Over 90", "Action / note" ], "rows": [ [ "Tervane Assurances", "May invoice: usage above the commitment (incl. 20% VAT), disputed", "Enterprise, France", 18071.21, "2026-07-15", 47, 0, 0, 18071.21, 0, 0, "Disputed: the account says calls retried during the 28 April incident were billed twice. Engineering review of the call logs under way; 30% credit expected (refund liability booked in August)." ], [ "Ambrelle Sante", "July invoice: commitment for the contract quarter (incl. 20% VAT)", "Enterprise, France", 78000, "2026-09-14", 0, 78000, 0, 0, 0, 0, "45-day terms." ], [ "Brevalle Logistique", "July invoice: commitment for the contract quarter (incl. 20% VAT)", "Enterprise, France", 22000, "2026-09-14", 0, 22000, 0, 0, 0, 0, "45-day terms; EUR 50,000.00 received on 28-Aug-26, balance due." ], [ "Solberre Mutuelle", "August invoice: commitment for the contract quarter (incl. 20% VAT)", "Enterprise, France", 57000, "2026-10-15", 0, 57000, 0, 0, 0, 0, "45-day terms." ], [ "Draxholm Logistik", "July invoice: commitment for the contract quarter", "Enterprise, outside France", 70000, "2026-09-14", 0, 70000, 0, 0, 0, 0, "45-day terms." ], [ "Kellbrook Utilities", "July invoice: commitment for the contract quarter", "Enterprise, outside France", 40000, "2026-09-14", 0, 40000, 0, 0, 0, 0, "45-day terms; EUR 12,500.00 received on 28-Aug-26, balance due." ], [ "Maltessa Telecom", "July invoice: commitment for the contract quarter", "Enterprise, outside France", 75000, "2026-09-29", 0, 75000, 0, 0, 0, 0, "60-day terms." ], [ "Halvesta Travel", "August invoice: commitment for the contract quarter", "Enterprise, outside France", 37500, "2026-10-15", 0, 37500, 0, 0, 0, 0, "45-day terms." ], [ "Lunedo Banca", "August invoice: commitment for the contract quarter", "Enterprise, outside France", 80000, "2026-10-30", 0, 80000, 0, 0, 0, 0, "60-day terms." ], [ "Oisterra Energia", "August invoice: commitment for the contract quarter", "Enterprise, outside France", 42500, "2026-10-30", 0, 42500, 0, 0, 0, 0, "60-day terms." ] ] }, "totals": [ "TOTAL", null, null, 520071.21, null, null, 502000, 0, 18071.21, 0, 0, null ], "tie_outs": [ { "label": "Enterprise, France: aging vs ledger", "values": [ null, null, 175071.21, "Ledger balance", 175071.208, "Difference", 0, null ] }, { "label": "Enterprise, outside France: aging vs ledger", "values": [ null, null, 345000, "Ledger balance", 344999.99, "Difference", 0, null ] } ] }, "ap_aging": { "as_at": "2026-08-31", "items": { "columns": [ "Counterparty (fictional)", "Item / document", "Group", "Amount (EUR)", "Due date", "Days past due", "Not yet due", "1 to 30", "31 to 60", "61 to 90", "Over 90", "Action / note" ], "rows": [ [ "Cloud provider A", "August invoice: reserved GPUs, on-demand GPUs and hosting (USD 58,168 at the August average rate)", "Compute suppliers (USD)", 50175.03, "2026-09-15", 0, 50175.03, 0, 0, 0, 0, "Paid by wire on the 15th; reverse charge, no VAT on the invoice." ], [ "Model API vendor B", "August invoice: voice and agent model tokens (USD 108,660 at the August average rate)", "Compute suppliers (USD)", 93729.4, "2026-09-15", 0, 93729.4, 0, 0, 0, 0, "Paid by wire on the 15th; reverse charge." ], [ "Model API vendor C", "August invoice: document model tokens (EUR)", "Model API vendor C (EUR)", 9871.04, "2026-09-15", 0, 9871.04, 0, 0, 0, 0, "EU supplier: reverse charge." ], [ "Software, media platforms and travel", "August charges on the company cards", "Card suppliers", 60109.26, "2026-09-05", 0, 60109.26, 0, 0, 0, 0, "Card statements settled on the 5th." ], [ "Events agency", "August invoice: autumn conference stand and client event (incl. 20% VAT)", "French suppliers", 15751.99, "2026-09-30", 0, 15751.99, 0, 0, 0, 0, "30-day terms; VAT deducted when paid." ], [ "Audit, legal and accounting advisers", "August invoices: audit fieldwork and legal advice (incl. 20% VAT)", "French suppliers", 19053.98, "2026-09-30", 0, 19053.98, 0, 0, 0, 0, "30-day terms; VAT deducted when paid." ], [ "Job boards and recruitment platforms", "August invoice: job advertising (incl. 20% VAT)", "French suppliers", 1200, "2026-09-30", 0, 1200, 0, 0, 0, 0, "30-day terms; VAT deducted when paid." ], [ "IT equipment reseller", "August invoice: IT equipment (incl. 20% VAT)", "French suppliers", 2622.01, "2026-09-30", 0, 2622.01, 0, 0, 0, 0, "30-day terms; VAT deducted when paid." ] ] }, "totals": [ "TOTAL", null, null, 252512.71, null, null, 252512.71, 0, 0, 0, 0, null ], "tie_outs": [ { "label": "Compute suppliers (USD): aging vs schedule", "values": [ null, null, 143904.43, "Ledger balance", 143904.4251, "Difference", 0, null ] }, { "label": "Model API vendor C: aging vs schedule", "values": [ null, null, 9871.04, "Ledger balance", 9871.04, "Difference", 0, null ] }, { "label": "Card suppliers: aging vs schedule", "values": [ null, null, 60109.26, "Ledger balance", 60109.26, "Difference", 0, null ] }, { "label": "French suppliers: aging vs schedule", "values": [ null, null, 38627.98, "Ledger balance", 38627.986, "Difference", 0, null ] } ] }, "cfo_report": { "reporting_line": "Reporting month: Aug-26 actuals, Base scenario for the outlook. Amounts in EUR unless marked USD. Every figure is a live link to the model; the narrative recalculates with the inputs.", "sections": [ { "title": "1. HEADLINE", "paragraphs": [ "Year to date revenue is EUR 4,206k, 44.1% growth on the same months of 2025 but 2.5% below budget, with an EBITDA loss of EUR 3,083k against a budgeted loss of EUR 2,970k. Enterprise explains most of the revenue gap: Pravenza Retail left at its March renewal (EUR 101k against budget) and the two accounts won came later than the four budgeted from March (EUR 42k), while the existing accounts used EUR 53k more than budgeted. Gross margin is 56.8% against 60.5% budgeted: vendor B kept its price for the voice and agent models (model APIs EUR 31k over budget) and the Provider A commitment will not be used in full (EUR 98k provided). Payroll is EUR 124k below budget with 77 people at Aug-26 against 83 budgeted.", "Full-year outlook (Base): revenue EUR 6,615k, 39.4% growth on FY2025 and 3.8% below budget; gross margin 58.5%; an EBITDA loss of EUR 4,483k against a budgeted loss of EUR 4,473k. The research tax credit adds EUR 1,138k, 17% of revenue: before it the business consumes EUR 5,621k of EBITDA a year. Compute (GPUs, model APIs and hosting) costs 25.1% of revenue, against 26.1% in FY2025.", "Price and cost per unit move together. List prices fell 8% in January and this case cuts them another 10% in January 2027; customers keep their budgets, so each cut buys more usage and raises the cost to serve. Vendor B is the swing factor: at USD 1.50 per million tokens from October, the compute cost of 1,000 minutes of Voice AI falls from EUR 2.97 in January 2026 to EUR 2.31 over FY2027, while its realised price moves from EUR 7.46 in FY2026 to EUR 6.64. Gross margin reaches 61.9% in FY2027; each 10 cents on the vendor B price is worth about EUR 79k a year.", "Cash is EUR 9,337k at Aug-26 (EUR 153k less than budgeted), after the EUR 936k FY2025 research tax credit arrived in July. In the Base case cash is EUR 3,526k at December 2027, EUR 526k above the EUR 3.0m buffer at its lowest point, and at the late-2027 burn the buffer is reached around Jan-28. The Downside reaches EUR 1,082k below the EUR 3.0m buffer in Nov-27. The next equity round has to close in 2027 in every case; the process starts in the first quarter, while the headroom is still large.", "Three decisions belong in this quarter: the 2027 GPU reservation (this case: 20 GPUs against 16 today) with the Provider A commitment (USD 800k), the answer to the vendor B price in October, and the pricing of voice-heavy Enterprise renewals, which earn the lowest margins." ], "rows": [] }, { "title": "2. WHAT HAPPENED YEAR TO DATE (BvA: revenue by cause and the EBITDA walk)", "paragraphs": [ "Revenue against budget by cause: Developer credits used added EUR 17k and pack expiries cost EUR 1k. Team customer numbers cost EUR 46k (14.5 new customers a month against 17.6 budgeted, and 2.4% of customers lost each month against 2.2%), the plan fee per customer cost EUR 12k and usage above the allowance added EUR 25k. Enterprise: Pravenza Retail, which moved the workload to an in-house model built on an open-weights model at its March renewal, cost EUR 101k; new accounts cost EUR 42k (Brevalle Logistique from April and Maltessa Telecom from July, against four budgeted from March); the existing accounts added EUR 53k through usage; the expected credit on the disputed Tervane invoice cost EUR 5k.", "Costs: model APIs are EUR 31k over budget because vendor B kept its price at USD 2.00 per million tokens against the USD 1.60 budgeted from April. Reserved GPUs and hosting are EUR 18k under budget, mostly because the dollar averaged 1.163 to the euro against 1.10 budgeted. The expected Provider A shortfall costs EUR 98k. Payroll is EUR 124k below budget: 10 hires against 13 budgeted by August and 3 leavers (a software engineer in May, a sales development representative in July, a machine learning engineer in August); the research tax credit is EUR 26k lower with it. Paid media is EUR 22k over budget with the March campaign." ], "rows": [] }, { "title": "3. REVENUE: USAGE, PRICING AND CONTRACT BALANCES (Revenue, Credits, Team, Enterprise)", "paragraphs": [ "FY2026 revenue by segment: Enterprise 47%, Team 37%, Developer 16%. 24% of revenue is pure usage (Developer credits, Team usage above the allowance, Enterprise usage above commitments); the rest is committed. Enterprise accounts live a year ago now use 117% of what they used then (net revenue retention on usage), and Tervane Assurances, the largest account, renewed in June at EUR 380k against EUR 350k.", "Developer credits: EUR 706k of packs sold year to date; unused credits are a contract liability of EUR 249k (EUR 342k at face value). Revenue recognises the expected 12% breakage as credits are used (IFRS 15.B46), EUR 76k year to date, supported by the 2024 packs, which expired with 12.2% unused. The packs that expired this year were used a little more than expected: the true-ups cost EUR 4k. Breakage is 10.8% of Developer revenue, so the rate is retested every quarter against the packs that expire.", "Enterprise commitments are billed quarterly in advance and usage above the commitment monthly: at Aug-26 accounts have EUR 419k billed ahead of usage (contract liabilities) and EUR 22k of usage not yet billed (contract assets). Commitments not used by the end of a contract year are recognised then: EUR 326k in FY2026, 10.4% of Enterprise revenue. That revenue comes from customers not using what they bought and is the first thing they negotiate away at renewal, so an account with unused commitment is treated as a churn signal.", "Team: 380 customers at Aug-26 against 409 budgeted, paying EUR 437 a month in plan fees, with usage above the allowance worth 23% of plan fees (20% budgeted). The hybrid plan works: customers who outgrow the allowance pay for it at list price instead of waiting for an upgrade." ], "rows": [] }, { "title": "4. COST TO SERVE AND PRICE PER UNIT (Unit_Costs, Usage_Compute)", "paragraphs": [ "Compute per 1,000 units in FY2026 against the realised price: Document AI EUR 1.34 against EUR 10.13 (13% of revenue); Voice AI EUR 2.78 against EUR 7.46 (37%); Agent workspace EUR 5.45 against EUR 17.56 (31%). Model APIs are most of the cost of voice and agents (EUR 1.93 of the EUR 2.78 for 1,000 voice minutes); Document AI is the cheapest to serve, with GPU time of EUR 0.35 and vendor C models of EUR 0.40 per 1,000 pages.", "GPU hours per unit fell 2% a quarter this year through batching and model optimisation; this case assumes 3% a quarter from October. Because customers keep their budgets, the January 2027 price cut buys more units: in FY2027 Voice AI earns EUR 6.64 per 1,000 minutes and costs EUR 2.31 to serve, a contribution of EUR 4.33 against EUR 4.68 in FY2026; Agent workspace moves from EUR 12.11 to EUR 11.21. The 2027 price cut is affordable only if vendor B moves: the price list for 2027 should wait for its October answer." ], "rows": [] }, { "title": "5. GROSS MARGIN BY PRODUCT, SEGMENT AND ACCOUNT (Margins, Account_Register)", "paragraphs": [ "Gross margin after compute, card fees and the solutions and support team, FY2026: Document AI 72%, Voice AI 48%, Agent workspace 54%; by segment Developer 64%, Team 63%, Enterprise 56%. Enterprise earns less because of its discounts (25% to 35% off list) and its voice-heavy accounts. In FY2027 the margins move to 72%, 51% and 57%.", "By account, FY2026 margins run from 43% (Maltessa Telecom) to 65% (Draxholm Logistik). Maltessa Telecom brings a voice-heavy telecoms workload at a 32% discount and is the largest new commitment of the year (EUR 300k), so its first renewal in July 2027 is the moment to reprice. The largest account, Tervane Assurances, is 6.6% of FY2026 revenue: the book carries no single-account concentration." ], "rows": [] }, { "title": "6. COMPUTE CAPACITY, THE CLOUD COMMITMENT AND PROVIDER CONCENTRATION (Usage_Compute, Commitments)", "paragraphs": [ "Inference used 77% of the usable reserved GPU hours in January and 89% in Aug-26. Research jobs run in the hours inference leaves and fell from 2,000 hours in January to 1,063 in Aug-26; by December inference needs 96% of the usable hours. This case reserves 20 GPUs for 2027: research gets 919 hours a month on average against the 2,000 it asks for, with no on-demand hours needed.", "Provider A: the 2026 commitment of USD 780k will be used to 85% (full-year spend USD 666k), leaving a shortfall of USD 114k that is invoiced in December. The commitment is onerous for that amount (IAS 37): EUR 99k is charged in FY2026, from June, when the shortfall became expected. For 2027, USD 800k against USD 816k of expected spend is covered by the plan. Before signing, negotiate the 2026 shortfall into the 2027 commitment.", "Concentration: 56% of FY2026 revenue runs on vendor B models (voice and agents) and vendor B takes 59% of compute spend; Provider A takes 34% and vendor C 7%. A vendor B price rise or outage reaches more than half of revenue within days. The mitigation is a second voice model qualified by the end of the year and routing that can move workloads between models." ], "rows": [] }, { "title": "7. PEOPLE, RESEARCH AND THE RESEARCH TAX CREDIT (People, Research_Credit)", "paragraphs": [ "Headcount is 77 at Aug-26 against 83 budgeted, and 90 at December 2027 in the Base case, with 15 hires planned from October 2026 to September 2027 and leavers replaced after two months. Payroll with employer contributions is 129% of FY2026 revenue. From January the general degressive reduction (RGDU) replaced the old reductions and the reduced health and family allowance rates: it saves EUR 46k in FY2026 on support, sales development, marketing and finance pay below three times the minimum wage; research and engineering pay sits above that line and gets none.", "The research tax credit: EUR 1,138k accrued for FY2026, 22% of research and development payroll cost. The FY2025 claim of EUR 936k was refunded in July, two months after it was filed; this case expects the FY2026 claim in Sep-27. The refund in cash depends on the company being an SME under the EU definition, which the tax adviser has to confirm against the holdings of the venture funds, and the time records behind the claim are what a tax audit asks for first. JEI status is not available: the company was founded in 2014 and the status requires less than eleven years." ], "rows": [] }, { "title": "8. CASH, TAX AND THE 13 WEEKS (Cash_13W, VAT, Tax, Payables)", "paragraphs": [ "The 13 weeks from 12 September: opening cash EUR 9,081k, receipts EUR 1,932k, payments EUR 3,183k, closing EUR 7,830k on 11 December. The low point is EUR 7,830k in the week ending 11-Dec, EUR 4,830k above the EUR 3.0m buffer. The month has a fixed rhythm: URSSAF and income tax withheld on the 5th (EUR 285k in October), Provider A and vendor B in dollars on the 15th (EUR 144k), VAT on the 19th, Agirc-Arrco by the 25th and salaries on the last working day; October also carries the quarterly rent (EUR 122k).", "VAT is monthly. VAT on services falls due when customers pay, so the French Enterprise invoices carry EUR 29k of VAT that becomes payable only on collection; services sold to EU businesses are reverse charged and declared on the DES. E-invoicing: the company must receive electronic invoices from 1 September 2026 and, as an SME, issue them from 1 September 2027, so the billing system needs its approved-platform connection in the 2027 budget. No corporate income tax is due: tax losses of EUR 15.49m at the start of the year grow to EUR 26.45m by December 2027, and the research tax credit is not taxable. Dollar invoices are paid a month after they are booked: the exchange difference is a loss of EUR 3k for FY2026." ], "rows": [] }, { "title": "9. SCENARIOS (Scenarios sheet; snapshot values from three full model runs)", "paragraphs": [ "Base: FY2027 revenue EUR 8,684k (31.3% growth), gross margin 61.9%, an EBITDA loss of EUR 4,112k, cash EUR 3,526k at December 2027 (EUR 526k above the EUR 3.0m buffer at the lowest point). Downside (a price war and a slower market: list prices cut 20% in January 2027, vendor B at USD 1.80, the dollar at 1.08, Enterprise usage growth halved, renewals without uplift and at lower probabilities, the pipeline two months later, weaker Team and Developer demand, customers 15 days slower; response: half the hiring plan, half of leavers replaced, marketing 20% lower, 18 GPUs): revenue EUR 6,948k (7.5% growth), gross margin 53.0%, an EBITDA loss of EUR 4,790k, lowest cash EUR 1,918k in Nov-27 (EUR 1,082k below the EUR 3.0m buffer). Upside: revenue EUR 9,599k, gross margin 65.8%, an EBITDA loss of EUR 3,344k, cash EUR 4,379k at December 2027.", "The Downside sets the funding timetable: cash falls EUR 1,082k below the EUR 3.0m buffer by Nov-27 even with the response in place. Triggers, reviewed monthly: vendor B price for the fourth quarter above USD 1.70 per million tokens; Enterprise net revenue retention on usage below 105%; Team customers lost above 3% a month for two months; a renewal lost among the five largest accounts; headroom over the buffer below EUR 2.5m on the 13-week forecast." ], "rows": [] }, { "title": "10. RISK REGISTER (scored 1 to 5; score = likelihood x impact)", "paragraphs": [], "rows": [ [ "Funding: at its lowest point (Dec-27) the Base case is EUR 526k above the EUR 3.0m buffer; the Downside is EUR 1,082k below the EUR 3.0m buffer in Nov-27. The business burns about EUR 356k a month in FY2027.", 4, 5, 20, "Series C plan to the board by November; process from the first quarter of 2027; monthly cash review against the buffer; CEO and BriQs CFO" ], [ "Vendor B: 56% of revenue runs on its models; its fourth-quarter price is not confirmed and a rise or outage hits voice and agents at once", 4, 4, 16, "Second voice model qualified by December; routing between models; price protection in the renewal of the vendor B contract; CTO" ], [ "Price pressure: list prices down 8% in 2026 and 10% planned for 2027; the Downside tests 20%", 3, 4, 12, "Price list for 2027 set after the vendor B answer; value-based pricing for Enterprise workflows; CEO and Head of sales" ], [ "GPU capacity: inference needs 96% of usable reserved hours by December; research hours are squeezed; on-demand GPUs cost 74% more", 4, 3, 12, "2027 reservation decided by November; efficiency roadmap per product; CTO and Finance lead" ], [ "Cloud commitment: a 2026 shortfall of USD 114k is provided and payable in January", 3, 2, 6, "Roll the shortfall into the 2027 commitment; size 2027 to the plan with a usage review each quarter; Finance lead" ], [ "Enterprise renewals and unused commitments: EUR 326k of FY2026 revenue comes from commitments not used; Pravenza Retail left for an in-house open-weights model", 3, 3, 9, "Usage reviews each quarter with every account; renewal plan 90 days before each anniversary; Head of customer success" ], [ "Research tax credit: EUR 1,138k a year depends on SME status for the cash refund and on time records that survive a tax audit", 2, 4, 8, "SME status confirmed by the tax adviser; time records and technical files kept monthly; Finance lead" ], [ "Team acquisition and churn: 14.5 new customers a month against 17.6 budgeted; 2.4% lost each month", 3, 2, 6, "Onboarding for the first 60 days; usage alerts before the allowance runs out; Head of marketing" ], [ "Service reliability: the 28 April incident led to the disputed Tervane invoice (EUR 18.1k)", 2, 3, 6, "Idempotent retries so a retried call is never billed twice; incident credits policy; CTO" ], [ "Key people: the machine learning research team holds the models and the Paris market for that profile is tight", 3, 3, 9, "Retention plan for the ten most critical researchers and engineers; succession cover for each lead; CEO" ] ], "columns": [ "Risk", "Likelihood", "Impact", "Score", "Mitigation and owner" ] }, { "title": "11. ACTIONS (owner, due date, status)", "paragraphs": [], "rows": [ [ "Series C plan for the board: amount, timing and milestones, with cash against the buffer by month in each scenario", "CEO and BriQs CFO", "2026-11-30", "Open", "Board decision on the round and the timetable" ], [ "2027 GPU reservation and Provider A commitment, with the 2026 shortfall rolled into 2027", "CTO and Finance lead", "2026-11-15", "Open", "Signed order form; shortfall rollover in writing" ], [ "Vendor B: confirm the fourth-quarter price and qualify a second voice model", "CTO", "2026-12-31", "Open", "Price confirmed in writing; second model live for at least 10% of voice traffic" ], [ "2027 price list: size of the cut by product, Enterprise renewal pricing, Maltessa Telecom repricing plan", "CEO and Head of sales", "2026-10-31", "Open", "Price list approved after the vendor B answer" ], [ "Research tax credit: SME status confirmation, FY2026 time records file and a prefinancing quote", "Finance lead with the tax adviser", "2026-10-31", "Open", "Adviser opinion on file; prefinancing terms received" ], [ "Tervane dispute: engineering review of the call logs and settlement of the May invoice", "Finance lead and Head of customer success", "2026-10-31", "In progress", "Credit note for the calls proven duplicated; balance collected" ], [ "E-invoicing: confirm reception through the approved platform and plan issuance from September 2027", "Finance lead", "2026-10-31", "Open", "Supplier invoices received electronically; issuance project in the 2027 budget" ], [ "Unit cost dashboard: price and compute cost per 1,000 units by product in every monthly pack", "BriQs CFO", "2026-10-15", "Open", "Dashboard in the September pack" ], [ "Downside plan: triggers, the hiring response and the order of cash levers", "BriQs CFO", "2026-10-15", "Open", "Plan approved by the board and attached to the October pack" ] ], "columns": [ "Action", "Owner", "Due", "Status", "Measure of done" ] }, { "title": "12. INFORMATION NEEDED BEFORE THE SEPTEMBER CLOSE", "paragraphs": [ "The September billing, metering and credit ledger exports: packs sold and credits used by pack, Team customers and fees, Enterprise usage and commitments by account.", "Provider A and vendor B invoices for September in USD and the September ECB average rate; the GPU scheduler hours.", "Vendor B: the confirmed price for the fourth quarter.", "Tervane Assurances: the outcome of the engineering review of the call logs.", "The tax adviser opinion on SME status for the research tax credit refund, and the AT/MP rate notified for 2026.", "The 2027 pay review proposal and, when published, the 2027 social security ceiling and SMIC.", "Prepared by BriQs Group for the board of Serennix AI SAS (fictional demonstration company). Model status at the time of preparation: OK." ], "rows": [] } ] } } }