# Serennix AI SAS: AI business finance pack, model guide

FICTIONAL DEMONSTRATION. Serennix AI SAS, its customers, accounts, suppliers, staff, invoices and every number in this pack are invented by BriQs Group to show the structure, depth and controls of a monthly finance pack. Cloud Provider A, model vendors B and C and every account name are fictional. Tax, social contribution, accounting and filing rules are real and sourced below.

## 1. What the pack is

A founder-led AI company in Paris (SAS, founded 2014) that sells document, voice and agent AI three ways: Developer prepaid credit packs bought by card, Team plans with a monthly fee and usage above an included allowance, and Enterprise annual commitments billed quarterly in advance with usage above the commitment billed monthly. 77 people at Aug-26 and EUR 6.62m of FY2026 revenue in the Base outlook, funded by equity from venture funds, no debt. It runs on reserved GPUs and hosting from cloud Provider A (billed in USD against a calendar-year spend commitment), voice and agent models from vendor B (USD per million tokens) and document models from vendor C (EUR). Reporting in EUR. Actuals Jan-26 to Aug-26, forecast Sep-26 to Dec-27, three scenarios.

| File | What it is |
|---|---|
| Serennix_AI_Finance_Pack_Aug26_FICTIONAL.xlsx | Editable workbook, 35 sheets, 29,580 formulas, recalculated with cached values (Base selected) |
| Serennix_AI_Finance_Pack_Aug26_FICTIONAL_Base.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Base scenario |
| Serennix_AI_Finance_Pack_Aug26_FICTIONAL_Downside.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Downside scenario |
| Serennix_AI_Finance_Pack_Aug26_FICTIONAL_Upside.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Upside scenario |
| Serennix_AI_Finance_Pack_Aug26_FICTIONAL_Summary.json | Web-sized summary: scenarios, checks, budget vs actual, 13-week control, account register, CFO report, headline series (unit prices and costs, margins, compute, cash) |
| Serennix_AI_Finance_Pack_Aug26_FICTIONAL_Model_Guide.md | This guide |

## 2. Validation results

Each scenario was set on Assumptions!C11, recalculated in LibreOffice and read back.

| Scenario | Formulas | Formula errors | Integrity checks passing | Overall status |
|---|---|---|---|---|
| Base | 29,580 | 0 | 52 of 52 | OK |
| Downside | 29,580 | 0 | 52 of 52 | OK |
| Upside | 29,580 | 0 | 52 of 52 | OK |

The checks prove: the balance sheet balances every month; the indirect cash flow equals a direct build of every schedule cash line every month; closing cash and accumulated losses link and roll; the opening balance sheet balances; the Developer credit liability equals an independent pack-by-pack schedule every month and at the opening, and every usage curve adds up to one less the expected breakage; the Team bridge explains the customer base; every Enterprise contract position clears at the end of its contract year and the net contract balances move by billing less revenue; revenue by product and the P&L agree with the revenue schedules; GPU scheduler hours agree with units times hours per unit, on-demand hours follow the capacity rule and product compute costs add up to compute in cost of revenue; the onerous provision equals the expected commitment shortfall; gross margin by product and by segment reconcile to the P&L; payroll nets to pay and deductions, URSSAF, withholding and Agirc-Arrco payables equal the month due and the RGDU never exceeds its maximum; the VAT position follows the monthly CA3 with credits carried, and the opening VAT on uncollected invoices and unpaid supplier invoices equals 20/120 of the balances; the research tax credit arithmetic and receivable, the tax losses roll and the corporate tax charge follow the rules; every AR and AP aging group ties to the ledger; the card processor balance is nil; forecast receivables follow the collection rule; USD payables equal the month invoices at the month rate; the 13-week forecast reconciles to the December balance sheet; the scenario snapshot is current; the revenue variance by cause and the EBITDA walk reconcile to the P&L; and sign checks cover receivables, payables, credit packs, every account, leave, headcount, fixed assets, the CIR receivable and the timeline flags. A final sweep found no em dashes, en dashes or unfinished text in the workbook, the JSON files or this guide.

## 3. What the numbers say (Base)

| Measure | Value |
|---|---|
| YTD Aug-26 revenue vs budget | EUR 4,206k against EUR 4,316k; variance (2.5%); 44.1% on the same months of 2025 |
| YTD EBITDA vs budget | (EUR 3,083k) against (EUR 2,970k); gross margin 56.8% against 60.5% budgeted |
| Revenue variance by cause, YTD | Pravenza Retail not renewed (EUR 101k); new accounts later than budgeted (EUR 42k); existing accounts on usage EUR 53k; Team customer numbers (EUR 46k); Team usage above the allowance EUR 25k; Developer credits used EUR 17k |
| FY2026 revenue, gross margin, EBITDA, net result | EUR 6,615k (39.4% on FY2025), 58.5%, (EUR 4,483k), (EUR 4,388k) |
| Research tax credit | EUR 1,138k accrued for FY2026 (17.2% of revenue); EBITDA before the credit (EUR 5,621k); the FY2025 claim of EUR 936k was refunded in July 2026 |
| Revenue mix FY2026 | Enterprise 47%, Team 37%, Developer 16%; pure usage 24% of revenue |
| Price and compute cost per 1,000 units, FY2026 to FY2027 | Document AI EUR 10.13 and EUR 1.34 to EUR 9.05 and EUR 1.21; Voice AI EUR 7.46 and EUR 2.78 to EUR 6.64 and EUR 2.31; Agent workspace EUR 17.56 and EUR 5.45 to EUR 15.60 and EUR 4.39 |
| Gross margin FY2026 by product and segment | Document AI 72%, Voice AI 48%, Agent workspace 54%; Developer 64%, Team 63%, Enterprise 56%; by account 43% (Maltessa Telecom) to 65% (Draxholm Logistik) |
| Contract balances at Aug-26 | Developer credits EUR 249k (face value EUR 342k); Enterprise billed ahead of usage EUR 419k, usage not yet billed EUR 22k; unused Enterprise commitments recognised in FY2026 EUR 326k |
| Enterprise net revenue retention on usage | 117% at Aug-26, 117% at Dec-27 |
| Compute | 25.1% of revenue in FY2026 against 26.1% in FY2025, 23.6% in FY2027; inference at 96% of usable reserved GPU hours in Dec-26 |
| Provider A commitment | USD 780k for 2026, spend USD 666k: shortfall USD 113.5k provided as onerous (EUR 99k in FY2026) |
| Provider concentration | 56% of FY2026 revenue runs on vendor B models; compute spend: vendor B 59%, Provider A 34%, vendor C 7% |
| Cash | EUR 9,337k at Aug-26; 13-week low EUR 7,830k in the week ending 11 Dec 2026; lowest month-end EUR 3,526k in Dec-27, EUR 526k above the EUR 3.0m board buffer |

| Scenario (negatives in brackets) | FY2027 revenue | FY2027 gross margin | FY2027 EBITDA | Lowest month-end cash | Headroom over the buffer |
|---|---|---|---|---|---|
| Base | EUR 8,684k (31.3% growth) | 61.9% | (EUR 4,112k) | EUR 3,526k in Dec-27 | EUR 526k |
| Downside | EUR 6,948k (7.5% growth) | 53.0% | (EUR 4,790k) | EUR 1,918k in Nov-27 | (EUR 1,082k) |
| Upside | EUR 9,599k (43.6% growth) | 65.8% | (EUR 3,344k) | EUR 4,379k in Dec-27 | EUR 1,379k |

The story: revenue grows 39% in FY2026 but lands 3.8% below budget, because Pravenza Retail moved its workload to an in-house model at its March renewal and the new Enterprise accounts came months later than budgeted. Gross margin is 3.7 points under budget year to date (56.8% against 60.5%): list prices fell 8% in January while vendor B kept its model price, and the Provider A commitment will fall USD 114k short, which is provided. FY2027 turns on vendor B: at USD 1.50 per million tokens the cost per unit falls faster than the 10% price cut and gross margin reaches 61.9%; the Downside (20% cut, vendor B at USD 1.80) takes it to 53.0%. Voice, the most model-intensive product, earns the thinnest margin (48%). The research tax credit is worth EUR 1.14m a year, without which the business consumes EUR 5.62m of EBITDA. Cash of EUR 9.34m carries the Base through 2027 EUR 526k above the buffer, but the Downside falls EUR 1,082k below it by Nov-27: the next equity round has to close in 2027 and the process starts in the first quarter.

## 4. How the model works

Inputs_Actuals holds the actual months (credit packs and credits used by pack, Team customers and fees, Enterprise usage and commitments by account, units by product and segment, GPU scheduler hours, supplier invoices in USD and EUR, payroll by department, headcount by band, leave taken, commissions, research time, overheads, receipts and payments) and the opening balance sheet. History holds FY2025 by month, the credit packs live at 31-Dec-25, the 2024 packs that tested the breakage rate and Enterprise usage by account. The Account_Register holds every Enterprise account and pipeline deal with terms, product mix, discount and renewal or win probabilities by scenario. Assumptions holds French tax and payroll rates, pay bands, prices, compute rates, overheads, the timeline and the scenario drivers (selector in Assumptions!C11). Credits, Team and Enterprise run the three revenue models; Revenue consolidates them by segment and product. Usage_Compute turns units into GPU hours, tokens and compute cost; Commitments tests the Provider A commitment; Unit_Costs and Margins allocate the cost to serve. People runs French payroll by band; Research_Credit accrues the CIR. Receivables, Payables, VAT, Tax, Overheads, Fixed_Assets and Treasury roll every flow and balance. PL, BS and CF link only to schedules. BvA, Scenarios, Cash_13W, KPIs, the agings and CFO_Report are reporting layers.

## 5. Methods an AI-company CFO will look for

| Area | Treatment |
|---|---|
| Prepaid credits and breakage | Each Developer pack is a contract liability; credits used earn 1 / (1 - 12%) of revenue, so the expected breakage is recognised in proportion to use (IFRS 15.B46). When a pack expires after 12 months its actual unused credits are trued up. The liability is proved every month against a pack-by-pack schedule, and the breakage rate is tested against the 2024 packs (12.2% expired unused). |
| Usage and hybrid pricing | Team plans: a monthly fee buys an allowance that lapses at month end; usage above it is billed at list price in the month. Enterprise: usage at contracted prices against an annual commitment billed quarterly in advance, usage above the commitment billed monthly; a commitment not used by the contract year end is recognised then, when its use becomes remote (IFRS 15.B46). |
| Contract balances | Each Enterprise account carries a contract liability (billed ahead of usage) or a contract asset (usage ahead of billing) that clears at every contract year end (checked); the disputed invoice carries a refund liability for the expected credit (IFRS 15.55). |
| Price per unit | Realised price per 1,000 units by product and segment against list, after Enterprise discounts; list price changes are scenario drivers, and customers keep their budgets, so a cut buys more units and raises the cost to serve. |
| Cost to serve per unit | GPU hours per unit (falling each quarter with model optimisation), model tokens per unit at vendor prices, hosting fixed plus per unit; Unit_Costs allocates GPU cost by hours, model API cost by tokens and hosting by its drivers, so every product carries its full compute cost per 1,000 units. |
| GPU capacity | Reserved GPUs are billed for every hour; inference above 85% of reserved hours runs on on-demand GPUs at USD 3.40 an hour against USD 1.95 reserved; research uses the reserved hours inference leaves and is charged to research and development. |
| Committed cloud spend | Provider A spend counts against a calendar-year take-or-pay commitment; utilisation is tracked monthly and the expected shortfall is provided as an onerous contract (IAS 37.66 to 69) from the month it becomes expected, released against the December shortfall invoice. |
| Gross margin by product, segment and account | Revenue, compute, card fees and the solutions and support team allocated to products and segments, both reconciled to the P&L gross profit every month; account margins after compute and support on the Account_Register. |
| Provider concentration | Share of compute spend by provider and share of revenue running on vendor B models, with a business warning on Checks. |
| Research tax credit | Eligible personnel costs from the research time records plus the flat 40% for operating costs, at 30%; accrued monthly as other operating income (IAS 20) and refunded in cash after the claim is filed with the return of the following year; EBITDA before the credit shown as a memo. |
| USD costs | Provider A and vendor B invoices booked at the ECB average rate of the month and paid on the 15th of the next month at that month rate; the difference is a realised exchange gain or loss (IAS 21.28). |
| Collections | Card payouts net of fees for Developer and Team; Enterprise receivables in and outside France at the invoicing still inside the collection days, receipts as the balancing figure, so a slower scenario delays cash without collecting an invoice twice; VAT on French invoices is due only when collected. |
| Budget vs actual | Revenue variance by cause (Developer volume and expiries, Team customers, fee and usage, the lost account, new accounts, existing accounts and credit notes), reconciled to the P&L; EBITDA walk from budget to actual. |

## 6. French rules applied (Known: verified 23 Sep 2026)

| Rule | Value used | Source |
|---|---|---|
| VAT standard rate | 20%, charged to customers in France | impots.gouv.fr; CGI art. 278 |
| Services sold to businesses abroad | Other EU states: reverse charged by the customer and declared monthly on the DES; outside the EU: outside the scope. Services bought abroad (compute, models, software, media) self-assessed on the CA3 and deducted at the same time | CGI art. 289 B; impots.gouv.fr |
| When VAT on services is due | On collection of the price, unless the supplier opts for debits: VAT on uncollected French invoices is a separate liability, VAT on French supplier services is deducted when paid | CGI art. 269-2-c; BOFiP BOI-TVA-BASE-20-20 |
| VAT return | Monthly CA3 paid between the 15th and the 24th of the following month on the company date (the 19th used) | impots.gouv.fr |
| E-invoicing | Every company must receive electronic invoices from 1 September 2026; SMEs issue them from 1 September 2027 | impots.gouv.fr, e-invoicing practical guide |
| Corporate income tax | 25%; the 15% SME rate is not available (venture funds hold the majority of the capital) | CGI art. 219 |
| Tax losses | Offset up to EUR 1m plus 50% of the profit above EUR 1m, no time limit | CGI art. 209-I; BOFiP |
| Research tax credit | 30% of eligible spend; operating costs at a flat 40% of eligible personnel costs for expenses from 15 February 2025 (43% before); refunded in cash to an SME under the EU definition; not taxable income | CGI art. 244 quater B and 199 ter B; BOFiP ACTU-2025-00105 (loi de finances pour 2025, art. 55) |
| JEI status | Not available: the company, founded in 2014, is more than eleven years old (the limit for companies created before 2023; eight years for companies created from 2023) | CGI art. 44 sexies-0 A; BOFiP ACTU-2023-00046 |
| General degressive reduction (RGDU) | From 1 January 2026, degressive up to 3 x SMIC: Tmin 0.0200, Tdelta 0.3821, exponent 1.75 for employers with 50 staff or more (maximum 0.4021); the reduced health (7%) and family allowance (3.45%) rates are abolished and folded into it | service-public.gouv.fr F24542; economie.gouv.fr |
| Employer contributions 2026 | Health 13%, old age 8.55% capped and 2.11% uncapped, family allowances 5.25%, CSA 0.30%, FNAL 0.50%, unemployment 4.00%, AGS 0.25%, social dialogue 0.016%, training and apprenticeship 1.68%, transport levy 3.20% in Paris | LégiSocial 2026 URSSAF table; service-public.gouv.fr (transport levy) |
| Agirc-Arrco 2026 | Band 1: 4.72% employer and 3.15% employee, CEG 1.29% and 0.86%; band 2: 12.95% and 8.64%, CEG 1.62% and 1.08%; CET 0.21% and 0.14%; APEC 0.036% and 0.024% | LégiSocial, Agirc-Arrco 2026 |
| Ceiling and minimum wage | Monthly social security ceiling EUR 4,005 in 2026; SMIC EUR 1,823.03 a month from 1 January 2026 and EUR 1,867.02 from 1 June 2026 | Arrêté du 22 décembre 2025 (Légifrance); info.gouv.fr |
| Payment dates | Salaries on the last working day; URSSAF (DSN) and income tax withheld at source by the 5th of the following month for employers with 50 staff or more paying within the month; Agirc-Arrco by the 25th | URSSAF; BOFiP (PAS); agirc-arrco.fr |
| Paid leave | 2.5 working days a month, modelled as 25 working days a year, provision at gross pay plus employer contributions | Code du travail L3141-3 |
| Local business taxes | CFE due 15 December with a 15 June instalment when the prior year was at least EUR 3,000; CVAE instalments on 15 June and 15 September when the prior year exceeded EUR 1,500, balance with the 1329-DEF in May; CVAE rates held at the 2024 level for 2026 and 2027, abolition in 2030 | impots.gouv.fr; loi de finances pour 2026 (LégiFiscal) |
| Accounting framework | Management accounts under IFRS (IFRS 15 for revenue, IAS 37 for the onerous commitment, IAS 20 for the research tax credit, IAS 21 for USD invoices); statutory accounts under French GAAP (PCG), differences not modelled | IFRS 15.B44 to B47, 15.55, 15.94; IAS 37.66 to 69; IAS 20; IAS 21.28 |

## 7. Assumptions (company judgements, labelled in the workbook)

- Revenue drivers are the FY2026 year-to-date experience: Developer purchases growing 3% a month in the Base (1% Downside, 4% Upside); Team 14.9 new customers a month before seasonality and 2.4% lost a month; Enterprise usage growth by account on the Account_Register, renewal probabilities by account and scenario, pipeline wins at their probabilities.
- Breakage 12% of credits, retested every quarter against the packs that expire.
- Prices: list prices cut 10% in January 2027 in the Base (20% Downside, 5% Upside); customers keep their budgets.
- Compute: vendor B at USD 2.00 per million tokens to September, then USD 1.50 in the Base (USD 1.80 Downside, USD 1.40 Upside); GPU hours per unit falling 3% a quarter in the Base; 20 reserved GPUs in 2027 (18 Downside, 22 Upside); Provider A 2027 commitment USD 800k (700k and 850k).
- USD per EUR 1.1463 from September in the Base (1.08 Downside, 1.18 Upside).
- SME status under the EU definition for the cash refund of the research tax credit (the venture funds are treated as not linked); FY2026 claim refunded in September 2027 in the Base (December 2027 Downside, August 2027 Upside).
- AT/MP rate 0.80% until the notified rate is received; health, protection and transport schemes EUR 110 per head a month; 2027: monthly ceiling EUR 4,085 and SMIC EUR 1,900.63 until published, pay review 3% in the Base.
- Research shares of time by band from the time records; attrition by department (10% research and development to 20% sales and marketing); fifteen hires planned from October 2026 to September 2027, leavers replaced after two months.
- Enterprise accounts pay 50 days after invoice on average (45 and 60-day terms); the Downside adds 15 days. The Tervane Assurances disputed invoice: 30% credit expected in the Base, settled in October.
- Opening balances at 31-Dec-25 are fictional FY2025 accounts; share premium and accumulated losses are consistent with about EUR 24.6m raised to date.
- No deferred tax asset on the tax losses; the office lease is expensed as rent (IFRS 16 not applied); CFE and CVAE for 2027 are company estimates.

## 8. Information needed to convert this into a client build

- Billing, metering and credit ledger exports by customer and month for FY2024 to FY2026, with pack expiries and credit notes.
- Enterprise contracts: commitments, contracted prices, true-up and rollover clauses, renewal dates and notice periods; the CRM pipeline.
- Provider A, vendor B and vendor C contracts: reservations, commitments, shortfall and rollover terms, price schedules; the GPU scheduler logs.
- Payroll register by person with contract type, AT/MP notified rate, withholding rates; the 2027 pay review; the research time records and technical files supporting the CIR claims.
- Confirmation of SME status under the EU definition for the immediate CIR refund; the CFE and CVAE notices.

## 9. Using the workbook

- Change the scenario on Assumptions!C11 (1 Base, 2 Downside, 3 Upside); every forecast month, the CFO report and the Cover move with it. The Scenarios sheet holds the three snapshots; the check turns red if the live figures stop matching the stored snapshot.
- Blue on yellow cells are inputs; black are formulas; green link other sheets. Actual data is typed only on Inputs_Actuals, History, the Account_Register and Budget_FY26.
- The month-end procedure is on the Guide sheet: enter the month, move the last actual month on Assumptions, update the Account_Register, the Provider A shortfall estimate and the agings, refresh the snapshots and reread Checks.

## 10. JSON structure

Each scenario file has meta (fictional flag, scenario, validation), timeline (24 month-ends with A/F flags), sheets (every monthly sheet as rows with key, label, basis, format, 24 values and FY totals) and tables (assumptions, account register, history with the credit packs, budget vs actual with the revenue variance by cause and the EBITDA walk, scenarios, 13-week cash, checks, AR and AP agings, CFO report). Ratios are fractions (0.25 = 25%). The summary file is the one sized for a web page.