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"total_rule": "sum" }, { "key": "capex", "label": "Capex: IT equipment", "basis": "asset register", "section": "DELIVERY COSTS, OVERHEADS AND CAPEX", "format": "int", "kind": "input", "bold": false, "values": [ 1800, 3100, 12900, 1800, 1800, 3100, 3100, 1800, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 29400, "fy2027": null, "total_rule": "sum" }, { "key": "rec_pt", "label": "Customer receipts: Portugal (incl. VAT)", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 858639.12, 855237.39, 696752.39, 683693.77, 729320.38, 690855.75, 685015.9, 671031.68, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 5870546.38, "fy2027": null, "total_rule": "sum" }, { "key": "rec_es", "label": "Customer receipts: Spain", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 105400.15, 108208.67, 114932.76, 86944.98, 111199.22, 83272.23, 84401.75, 87160.52, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 781520.28, "fy2027": null, "total_rule": "sum" }, { "key": "rb_rec", "label": "Distributor rebate received", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 19612.92, 0, 0, 7858.52, 0, 0, 8542.93, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 36014.37, "fy2027": null, "total_rule": "sum" }, { "key": "li_rec", "label": "Licence incentive received", "basis": "bank", "section": "RECEIPTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 12530.38, 0, 0, 15825.34, 0, 0, 10711.89, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 39067.61, "fy2027": null, "total_rule": "sum" }, { "key": "pay_hw", "label": "Hardware distributors (incl. 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45140.12, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 408784.58, "fy2027": null, "total_rule": "sum" }, { "key": "pay_irs", "label": "IRS withheld (20th)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 19781.39, 20355.69, 20648.52, 20834.62, 21215.21, 20426.49, 40607.39, 20243.89, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 184113.2, "fy2027": null, "total_rule": "sum" }, { "key": "pay_rwht", "label": "IRC withheld on rent (20th)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 2560.97, 2625, 2625, 2625, 2625, 2625, 2625, 2625, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 20935.97, "fy2027": null, "total_rule": "sum" }, { "key": "pay_vat", "label": "VAT (25th of the second 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null, null, null ], "fy2026": 73084.59, "fy2027": null, "total_rule": "sum" }, { "key": "pay_prin", "label": "Loan principal", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 33333.33, 33333.33, 33333.33, 33333.33, 33333.33, 33333.33, 33333.33, 33333.33, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 266666.64, "fy2027": null, "total_rule": "sum" }, { "key": "pay_int", "label": "Loan interest", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 4752.58, 4640.22, 4699, 4704, 4652.08, 4578.67, 4477.92, 4409.78, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 36914.25, "fy2027": null, "total_rule": "sum" }, { "key": "div_decl", "label": "Dividends declared (general meeting of 30 March 2026)", "basis": "minutes", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 0, 360000, 0, 0, 0, 0, 0, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 360000, "fy2027": null, "total_rule": "sum" }, { "key": "pay_div", "label": "Dividends paid (net of IRS withheld)", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 0, 0, 0, 259200, 0, 0, 0, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 259200, "fy2027": null, "total_rule": "sum" }, { "key": "pay_dwht", "label": "IRS withheld on dividends paid", "basis": "bank", "section": "PAYMENTS (bank)", "format": "int", "kind": "input", "bold": false, "values": [ 0, 0, 0, 0, 0, 100800, 0, 0, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null, null ], "fy2026": 100800, "fy2027": null, "total_rule": "sum" }, { "key": "ob|cash", "label": "Cash at bank", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 950000, "value_d": null }, { "key": "ob|ar_pt", "label": "Receivables: customers in Portugal (incl. VAT)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 1083767.62, "value_d": null }, { "key": "ob|ar_es", "label": "Receivables: customers in Spain", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 193321.41, "value_d": null }, { "key": "ob|inv", "label": "Hardware stock", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 96500, "value_d": null }, { "key": "ob|prepaid_lic", "label": "Prepaid annual licence costs", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 64600, "value_d": null }, { "key": "ob|reb", "label": "Rebates and incentives receivable", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 32143.3, "value_d": null }, { "key": "ob|deposit", "label": "Rent deposit", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 21000, "value_d": null }, { "key": "ob|ca_prj", "label": "Contract assets: projects", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 0, "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)", "format": "int", "kind": "input", "bold": false, "value_c": 186000, "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)", "format": "int", "kind": "input", "bold": false, "value_c": 121000, "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)", "format": "int", "kind": "input", "bold": false, "value_c": 140000, "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)", "format": "int", "kind": "input", "bold": false, "value_c": 84000, "value_d": null }, { "key": "ob|cr_cost", "label": "Customer relationships: cost", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 480000, "value_d": null }, { "key": "ob|cr_amort", "label": "Customer relationships: accumulated amortisation", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 105000, "value_d": null }, { "key": "ob|goodwill", "label": "Goodwill", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 920000, "value_d": null }, { "key": "ob|ap_hw", "label": "Trade payables: hardware distributors", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 265273.96, "value_d": null }, { "key": "ob|ap_lic", "label": "Trade payables: licence distributor", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 193719.66, "value_d": null }, { "key": "ob|ap_usd", "label": "Trade payables: service tooling vendor (USD, at the December rate)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 19311.67, "value_d": null }, { "key": "ob|ap_sup", "label": "Trade payables: other suppliers", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 41041.89, "value_d": null }, { "key": "ob|cl_lic", "label": "Contract liabilities: annual licences billed ahead", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 85000, "value_d": null }, { "key": "ob|cl_prj", "label": "Contract liabilities: projects billed ahead", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 33912.2, "value_d": null }, { "key": "ob|cl_onb", "label": "Contract liabilities: onboarding fees deferred", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 8056.25, "value_d": null }, { "key": "ob|sla", "label": "SLA credits due to customers", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|vat", "label": "VAT payable (November and December returns)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 135513.03, "value_d": null }, { "key": "ob|tsu", "label": "Social security payable (December)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 44038.67, "value_d": null }, { "key": "ob|irs", "label": "IRS withheld payable (December)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 19781.39, "value_d": null }, { "key": "ob|rwht", "label": "IRC withheld on rent payable", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 2560.97, "value_d": null }, { "key": "ob|comm", "label": "Commissions payable (incl. social security)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 1367.24, "value_d": null }, { "key": "ob|hol", "label": "Holiday pay and holiday allowance accrued (vested 1-Jan-26, incl. social security)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 320017.5, "value_d": null }, { "key": "ob|xmas", "label": "Christmas allowance accrued", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|irc", "label": "Corporate income tax payable (FY2025 balance)", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 105752.96, "value_d": null }, { "key": "ob|loan", "label": "Bank term loan", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 1300000, "value_d": null }, { "key": "ob|dwht", "label": "IRS withheld on dividends payable", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|prov", "label": "Onerous project provision", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 0, "value_d": null }, { "key": "ob|sharecap", "label": "Share capital", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 50000, "value_d": null }, { "key": "ob|legal", "label": "Legal reserve", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 10000, "value_d": null }, { "key": "ob|retained", "label": "Retained earnings", "basis": "FY25 accounts", "section": "OPENING BALANCE SHEET AT 31-DEC-25 (FY2025 accounts, fictional)", "format": "int", "kind": "input", "bold": false, "value_c": 1221984.94, "value_d": null } ] }, "Contracts": { "title": "MANAGED SERVICE CONTRACTS: USERS, DEVICES, PRICE INDEX AND FEES BY CONTRACT (EXPECTED VALUES IN THE FORECAST)", "description": "Fees = (users x price per user + devices x price per device) x price index. The index moves by the price review at each anniversary and by the renewal price change at each 36-month renewal. Renewals and pipeline deals are expected values at the probability on the Contract_Register. 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"Service_Desk": { "title": "SERVICE DESK: TICKETS, HOURS, CAPACITY, UTILISATION, SLA ATTAINMENT AND SLA CREDITS", "description": "Demand = tickets x hours by priority + proactive work (patching, monitoring, backups, endpoint management) + onboarding of new users. Capacity = service desk FTE x productive hours x (1 - holiday share). Above the utilisation knee SLA attainment falls; the share of fees in breach earns the customer a credit of 5% of the monthly fee, a variable consideration that reduces revenue in the month of the service (IFRS 15.50 to 59). A: PSA and credit notes; F: rates on Assumptions.", "months": 24, "rows": [ { "key": "users", "label": "Managed users", "basis": "Contracts", "section": "VOLUME", "format": "int", "kind": "calc", "bold": false, "values": [ 3781, 3794, 3882, 3893, 3815, 3824, 3938, 3951, 3959.919, 3943.6114, 4208.7595, 4207.0633, 4267.7778, 4334.4589, 4301.4472, 4341.304, 4346.611, 4356.7388, 4362.887, 4344.3065, 4354.4388, 4361.4622, 4365.5558, 4375.7463 ], "fy2026": 4207.0633, "fy2027": 4375.7463, "total_rule": "last" }, { "key": "devs", "label": "Managed devices", "basis": "Contracts", "section": "VOLUME", "format": "int", "kind": "calc", "bold": false, "values": [ 1174, 1174, 1204, 1206, 1189, 1190, 1223, 1225, 1226.386, 1220.5667, 1296.429, 1293.6026, 1312.2906, 1336.3824, 1328.2698, 1340.5007, 1340.8446, 1342.405, 1342.552, 1335.7496, 1337.3043, 1338.2528, 1336.6816, 1338.2374 ], "fy2026": 1293.6026, "fy2027": 1338.2374, "total_rule": "last" }, { "key": "tick", "label": "Tickets logged", "basis": "A: PSA; F: (users x rate + devices x rate) x seasonality", "section": "VOLUME", "format": "int", "kind": "calc", "bold": false, "values": [ 1903, 1831, 1874, 1844, 1788, 1748, 1792, 1601, 2021.3837, 1957.0038, 2047.7141, 1867.6663, 2136.4895, 2088.6109, 2032.4137, 1989.6958, 2012.4498, 1975.7176, 1957.6141, 1805.4838, 2220.7025, 2162.2829, 2122.5924, 1941.395 ], "fy2026": 22274.7678, "fy2027": 24445.448, "total_rule": "sum" }, { "key": "tick_u", "label": "Tickets per 100 users and devices", "basis": "", "section": "VOLUME", "format": "num1", "kind": "calc", "bold": false, "values": [ 38.4057, 36.8559, 36.8462, 36.164, 35.7314, 34.8624, 34.722, 30.9312, 38.9754, 37.8957, 37.1961, 33.9535, 38.2879, 36.8307, 36.1015, 35.0187, 35.384, 34.6669, 34.3114, 31.7864, 39.0162, 37.9367, 37.2239, 33.9762 ], "fy2026": 36.0449, "fy2027": 35.8784, "total_rule": "avg" }, { "key": "h|P1", "label": "Ticket hours: P1", "basis": "tickets x share x hours per ticket", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 199.815, 192.255, 196.77, 193.62, 187.74, 183.54, 188.16, 168.105, 212.2453, 205.4854, 215.01, 196.105, 224.3314, 219.3041, 213.4034, 208.9181, 211.3072, 207.4503, 205.5495, 189.5758, 233.1738, 227.0397, 222.8722, 203.8465 ], "fy2026": 2338.8506, "fy2027": 2566.772, "total_rule": "sum" }, { "key": "h|P2", "label": "Ticket hours: P2", "basis": "tickets x share x hours per ticket", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 411.048, 395.496, 404.784, 398.304, 386.208, 377.568, 387.072, 345.816, 436.6189, 422.7128, 442.3062, 403.4159, 461.4817, 451.1399, 439.0014, 429.7743, 434.6892, 426.755, 422.8446, 389.9845, 479.6717, 467.0531, 458.48, 419.3413 ], "fy2026": 4811.3499, "fy2027": 5280.2168, "total_rule": "sum" }, { "key": "h|P3", "label": "Ticket hours: P3", "basis": "tickets x share x hours per ticket", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 941.985, 906.345, 927.63, 912.78, 885.06, 865.26, 887.04, 792.495, 1000.5849, 968.7169, 1013.6185, 924.4948, 1057.5623, 1033.8624, 1006.0448, 984.8994, 996.1626, 977.9802, 969.019, 893.7145, 1099.2478, 1070.3301, 1050.6832, 960.9905 ], "fy2026": 11026.0101, "fy2027": 12100.4967, "total_rule": "sum" }, { "key": "h|P4", "label": "Ticket hours: P4", "basis": "tickets x share x hours per ticket", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 256.905, 247.185, 252.99, 248.94, 241.38, 235.98, 241.92, 216.135, 272.8868, 264.1955, 276.4414, 252.1349, 288.4261, 281.9625, 274.3759, 268.6089, 271.6807, 266.7219, 264.2779, 243.7403, 299.7948, 291.9082, 286.55, 262.0883 ], "fy2026": 3007.0937, "fy2027": 3300.1355, "total_rule": "sum" }, { "key": "th", "label": "Ticket hours", "basis": "", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 1809.753, 1741.281, 1782.174, 1753.644, 1700.388, 1662.348, 1704.192, 1522.551, 1922.3359, 1861.1106, 1947.3761, 1776.1506, 2031.8015, 1986.2689, 1932.8254, 1892.2007, 1913.8397, 1878.9074, 1861.691, 1717.0151, 2111.8881, 2056.3311, 2018.5854, 1846.2666 ], "fy2026": 21183.3042, "fy2027": 23247.621, "total_rule": "sum" }, { "key": "pro", "label": "Proactive hours (patching, monitoring, backups, endpoint management)", "basis": "counts x hours x (1 - deferred share x holiday share)", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 2025.1502, 2016.7206, 2066.5991, 2026.3174, 2026.4451, 1996.2929, 1996.6609, 1910.5902, 2072.0999, 2096.5514, 2242.565, 2179.17, 2271.4022, 2298.5672, 2283.3742, 2254.8636, 2293.4099, 2259.7446, 2198.8719, 2089.392, 2266.1284, 2305.6581, 2317.0527, 2258.6191 ], "fy2026": 24655.1627, "fy2027": 27097.0841, "total_rule": "sum" }, { "key": "onb", "label": "Onboarding hours (users of new contracts)", "basis": "new users x hours", "section": "HOURS", "format": "num1", "kind": "calc", "bold": false, "values": [ 0, 0, 160, 0, 132, 0, 216, 0, 0, 0, 528, 0, 120, 126, 0, 80, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 1036, "fy2027": 326, "total_rule": "sum" }, { "key": "dem", "label": "DEMAND HOURS", "basis": "", "section": "HOURS", "format": "num1", "kind": "calc", "bold": true, "values": [ 3834.9032, 3758.0016, 4008.7731, 3779.9614, 3858.8331, 3658.6409, 3916.8529, 3433.1412, 3994.4358, 3957.6619, 4717.9411, 3955.3206, 4423.2037, 4410.8362, 4216.1997, 4227.0644, 4207.2496, 4138.6521, 4060.5629, 3806.4071, 4378.0165, 4361.9892, 4335.6381, 4104.8857 ], "fy2026": 46874.4669, "fy2027": 50670.7052, "total_rule": "sum" }, { "key": "fte", "label": "Service desk FTE (analysts, engineers, field technicians, NOC)", "basis": "People", "section": "CAPACITY, UTILISATION AND SLA", "format": "num1", "kind": "calc", "bold": false, "values": [ 39, 39, 38, 37, 36, 36, 37, 37, 36.5683, 39.1417, 41.1167, 41.0637, 43.0412, 43.0188, 43.996, 44.9848, 44.9619, 45.9506, 45.9394, 45.928, 45.9282, 45.9283, 45.9283, 45.9283 ], "fy2026": 41.0637, "fy2027": 45.9283, "total_rule": "last" }, { "key": "cap", "label": "Capacity hours", "basis": "FTE x productive hours x (1 - holiday share)", "section": "CAPACITY, UTILISATION AND SLA", "format": "num1", "kind": "calc", "bold": false, "values": [ 4708.08, 4656.6, 4537.2, 4222.44, 4250.88, 4108.32, 3978.24, 3587.52, 4221.4484, 4673.5193, 4963.61, 4686.1839, 5195.9372, 5136.4419, 5253.1184, 5133.6686, 5309.1001, 5243.8849, 4939.3993, 4453.1741, 5301.9531, 5483.8444, 5544.4692, 5241.342 ], "fy2026": 52594.0416, "fy2027": 62236.3332, "total_rule": "sum" }, { "key": "util", "label": "UTILISATION", "basis": "demand / capacity", "section": "CAPACITY, UTILISATION AND SLA", "format": "pct", "kind": "calc", "bold": true, "values": [ 0.8145, 0.807, 0.8835, 0.8952, 0.9078, 0.8905, 0.9846, 0.957, 0.9462, 0.8468, 0.9505, 0.844, 0.8513, 0.8587, 0.8026, 0.8234, 0.7925, 0.7892, 0.8221, 0.8548, 0.8257, 0.7954, 0.782, 0.7832 ], "fy2026": 0.8913, "fy2027": 0.8142, "total_rule": "ratio" }, { "key": "att", "label": "SLA attainment (share of tickets inside response and resolution times)", "basis": "A: PSA; F: maximum - slope x (utilisation - knee)", "section": "CAPACITY, UTILISATION AND SLA", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.9734, 0.9803, 0.9318, 0.9181, 0.9122, 0.9265, 0.8639, 0.884, 0.89, 0.9546, 0.8872, 0.9564, 0.9517, 0.9468, 0.9833, 0.9698, 0.985, 0.985, 0.9707, 0.9494, 0.9683, 0.985, 0.985, 0.985 ], "fy2026": 0.9232, "fy2027": 0.9721, "total_rule": "avg" }, { "key": "breach", "label": "Share of fees in breach", "basis": "(target - attainment) / band, between 0 and 100%", "section": "CAPACITY, UTILISATION AND SLA", "format": "pct", "kind": "calc", "bold": false, "values": [ 0, 0, 0.282, 0.419, 0.478, 0.335, 0.961, 0.76, 0.7005, 0.0544, 0.7283, 0.0363, 0.0833, 0.1318, 0, 0, 0, 0, 0, 0.106, 0, 0, 0, 0 ], "fy2026": 0.3962, "fy2027": 0.0268, "total_rule": "avg" }, { "key": "credit", "label": "SLA CREDITS FOR THE MONTH (revenue reduction)", "basis": "A: credit notes; F: fees x breach share x credit rate", "section": "CAPACITY, UTILISATION AND SLA", "format": "int", "kind": "calc", "bold": true, "values": [ 0, 0, 3235.73, 4841.71, 5441.04, 3820.12, 11314.01, 9000.4, 8319.2709, 645.3668, 9176.7481, 456.6435, 1068.3183, 1719.1687, 0, 0, 0, 0, 0, 1408.7132, 0, 0, 0, 0 ], "fy2026": 56251.0392, "fy2027": 4196.2001, "total_rule": "sum" }, { "key": "credited", "label": "Credited on the next invoice (credits of the prior month)", "basis": "", "section": "CAPACITY, UTILISATION AND SLA", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 3235.73, 4841.71, 5441.04, 3820.12, 11314.01, 9000.4, 8319.2709, 645.3668, 9176.7481, 456.6435, 1068.3183, 1719.1687, 0, 0, 0, 0, 0, 1408.7132, 0, 0, 0 ], "fy2026": 55794.3957, "fy2027": 4652.8436, "total_rule": "sum" }, { "key": "sla", "label": "SLA CREDITS DUE TO CUSTOMERS (liability)", "basis": "opening + credits - credited", "section": "CAPACITY, UTILISATION AND SLA", "format": "int", "kind": "calc", "bold": true, "values": [ 0, 0, 3235.73, 4841.71, 5441.04, 3820.12, 11314.01, 9000.4, 8319.2709, 645.3668, 9176.7481, 456.6435, 1068.3183, 1719.1687, 0.0, 0.0, 0.0, 0.0, 0.0, 1408.7132, 0.0, 0.0, 0.0, 0.0 ], "fy2026": 456.6435, "fy2027": 0.0, "total_rule": "last" }, { "key": "sla_chk", "label": "Check: liability equals the credits of the month (must be zero)", "basis": "", "section": "CAPACITY, UTILISATION AND SLA", "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": "credit_pct", "label": "SLA credits, % of managed service fees", "basis": "", "section": "CAPACITY, UTILISATION AND SLA", "format": "pct", "kind": "calc", "bold": false, "values": [ 0, 0, 0.0141, 0.0209, 0.0239, 0.0167, 0.0481, 0.038, 0.035, 0.0027, 0.0364, 0.0018, 0.0042, 0.0066, 0, 0, 0, 0, 0, 0.0053, 0, 0, 0, 0 ], "fy2026": 0.02, "fy2027": 0.0013, "total_rule": "ratio" }, { "key": "tick_fte", "label": "Tickets per service desk FTE", "basis": "", "section": "PRODUCTIVITY", "format": "num1", "kind": "calc", "bold": false, "values": [ 48.7949, 46.9487, 49.3158, 49.8378, 49.6667, 48.5556, 48.4324, 43.2703, 55.2769, 49.9979, 49.8025, 45.4822, 49.6382, 48.5511, 46.1955, 44.2304, 44.759, 42.9965, 42.613, 39.3112, 48.3516, 47.0795, 46.2153, 42.2701 ], "fy2026": 48.7818, "fy2027": 45.1843, "total_rule": "avg" }, { "key": "fte_need", "label": "FTE needed to bring utilisation to the knee", "basis": "demand / (productive hours x (1 - holidays) x knee)", "section": "PRODUCTIVITY", "format": "num1", "kind": "calc", "bold": false, "values": [ 39.7087, 39.3426, 41.9679, 41.4034, 40.8498, 40.0745, 45.5363, 44.2598, 43.2523, 41.4328, 48.8521, 43.3241, 45.8002, 46.1771, 44.1394, 46.3007, 44.5381, 45.3322, 47.2071, 49.0719, 47.4058, 45.6657, 44.8935, 44.9624 ], "fy2026": 42.5003, "fy2027": 45.9578, "total_rule": "avg" }, { "key": "fte_gap", "label": "FTE short (+) or spare (-) against the knee", "basis": "", "section": "PRODUCTIVITY", "format": "num1", "kind": "calc", "bold": false, "values": [ 0.7087, 0.3426, 3.9679, 4.4034, 4.8498, 4.0745, 8.5363, 7.2598, 6.684, 2.2911, 7.7354, 2.2605, 2.759, 3.1583, 0.1435, 1.3158, -0.4238, -0.6184, 1.2677, 3.1439, 1.4775, -0.2626, -1.0348, -0.966 ], "fy2026": 4.4261, "fy2027": 0.83, "total_rule": "avg" } ] }, "Projects": { "title": "PROJECTS: HOURS, PROGRESS, REVENUE, BILLING, CONTRACT BALANCES AND THE ONEROUS PROVISION BY PROJECT", "description": "Fixed fee: revenue = fee x hours to date / hours at completion (input method, IFRS 15.B18 to B19), so a change in the estimate is a cumulative catch-up in the month (IFRS 15.88); milestones 30% at start, 40% at half way, 30% at completion. A loss-making contract carries a provision for the unavoidable loss at standard cost (IAS 37.66 to 69 and 68A). Time and materials: hours x rate, billed monthly. F: remaining hours spread to the planned completion; work not yet identified fills the scenario run-rate.", "months": 24, "rows": [ { "key": "own|J01", "label": "J01 ERP infrastructure and cloud migration (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 160, 175, 170, 160, 160, 165, 150, 100, 245, 245, 245, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 1975, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J02", "label": "J02 Clinic network and Wi-Fi refresh (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 170, 230, 220, 160, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 780, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J03", "label": "J03 Server virtualisation (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 110, 150, 150, 140, 90, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 640, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J04", "label": "J04 Security hardening and SOC onboarding (TM)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 95, 118, 112, 110, 116, 104, 72, 153, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 880, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J05", "label": "J05 Construction site connectivity (TM)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 132, 140, 146, 138, 142, 144, 136, 96, 151.5, 151.5, 151.5, 151.5, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 1680, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J06", "label": "J06 Onboarding and migration (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 120, 160, 130, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 410, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J07", "label": "J07 Productivity suite tenant migration (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 95, 130, 85, 160, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 470, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J08", "label": "J08 Store network upgrade (signed Aug-26) (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 0, 0, 220, 220, 220, 220, 220, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 880, "fy2027": 220, "total_rule": "sum" }, { "key": "own|J09", "label": "J09 Backup and disaster recovery (TM)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 78, 82, 80, 79, 81, 83, 80, 58, 84.75, 84.75, 84.75, 84.75, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 960, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J10", "label": "J10 Onboarding and migration (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 0, 0, 130, 95, 225, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 450, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J11", "label": "J11 ERP hosting move (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 120, 160, 170, 160, 150, 120, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 880, "fy2027": 0, "total_rule": "sum" }, { "key": "own|J12", "label": "J12 Onboarding and migration (FF)", "basis": "", "section": "OWN HOURS BY PROJECT (A: timesheets; F: remaining estimate spread to the planned completion)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, 0, 0, 90, 120, 95, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 305, "fy2027": 0, "total_rule": "sum" }, { "key": "sub|J01", "label": "J01", "basis": "", "section": "SUBCONTRACT HOURS BY PROJECT (A: subcontractor invoices)", "format": "int", "kind": "calc", "bold": false, "values": [ 20, 40, 80, 150, 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REVENUE, MARGIN, STOCK AND PURCHASES (PRINCIPAL)", "description": "The company buys, holds, configures and delivers the hardware and sets the price, so it is principal (IFRS 15.B37) and revenue is recognised on delivery. Distributor rebates reduce the cost (Rebates). A: ledger and stock count; F: run-rate x seasonality x the scenario demand factor, margin before rebates from the scenario, stock at the days of cost on Assumptions.", "months": 24, "rows": [ { "key": "rev", "label": "HARDWARE REVENUE", "basis": "A: ledger; F: run-rate x seasonality x demand factor", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 186000, 197000, 224000, 201000, 212000, 238000, 196000, 121000, 245440, 266240, 222560, 203840, 183040, 191360, 218400, 197600, 208000, 232960, 191360, 124800, 245440, 266240, 222560, 203840 ], "fy2026": 2513080, "fy2027": 2485600, "total_rule": "sum" }, { "key": "cost", "label": "Cost of hardware sold before rebates", "basis": "A: ledger; F: revenue x (1 - margin)", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 161634, 171587, 195328, 175473, 184652, 208012, 170912, 105633, 214023.68, 232161.28, 194072.32, 177748.48, 159610.88, 166865.92, 190444.8, 172307.2, 181376, 203141.12, 166865.92, 108825.6, 214023.68, 232161.28, 194072.32, 177748.48 ], "fy2026": 2191236.76, "fy2027": 2167443.2, "total_rule": "sum" }, { "key": "gm_pre", "label": "Gross margin before rebates", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 24366, 25413, 28672, 25527, 27348, 29988, 25088, 15367, 31416.32, 34078.72, 28487.68, 26091.52, 23429.12, 24494.08, 27955.2, 25292.8, 26624, 29818.88, 24494.08, 15974.4, 31416.32, 34078.72, 28487.68, 26091.52 ], "fy2026": 321843.24, "fy2027": 318156.8, "total_rule": "sum" }, { "key": "gmp_pre", "label": "Margin % before rebates", "basis": "", "section": null, "format": "pct", "kind": "calc", "bold": false, "values": [ 0.131, 0.129, 0.128, 0.127, 0.129, 0.126, 0.128, 0.127, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128, 0.128 ], "fy2026": 0.1281, "fy2027": 0.128, "total_rule": "ratio" }, { "key": "rebate", "label": "Distributor rebate accrued", "basis": "Rebates", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 2085.58, 2609.27, 3163.67, 2553.48, 2662.02, 3327.43, 2326.49, 1214.18, 3917.3814, 3556.9589, 2696.8856, 2511.8236, 2271.2956, 2673.2482, 2895.2875, 2500.6485, 2743.1657, 3240.4285, 2211.383, 1239.2076, 3971.3153, 3556.9589, 2696.8856, 2511.8236 ], "fy2026": 32625.1695, "fy2027": 32511.648, "total_rule": "sum" }, { "key": "cost_net", "label": "COST OF HARDWARE NET OF REBATES", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 159548.42, 168977.73, 192164.33, 172919.52, 181989.98, 204684.57, 168585.51, 104418.82, 210106.2986, 228604.3211, 191375.4344, 175236.6564, 157339.5844, 164192.6718, 187549.5125, 169806.5515, 178632.8343, 199900.6915, 164654.537, 107586.3924, 210052.3647, 228604.3211, 191375.4344, 175236.6564 ], "fy2026": 2158611.5905, "fy2027": 2134931.552, "total_rule": "sum" }, { "key": "gm", "label": "Gross margin after rebates", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 26451.58, 28022.27, 31835.67, 28080.48, 30010.02, 33315.43, 27414.49, 16581.18, 35333.7014, 37635.6789, 31184.5656, 28603.3436, 25700.4156, 27167.3282, 30850.4875, 27793.4485, 29367.1657, 33059.3085, 26705.463, 17213.6076, 35387.6353, 37635.6789, 31184.5656, 28603.3436 ], "fy2026": 354468.4095, "fy2027": 350668.448, "total_rule": "sum" }, { "key": "gmp", "label": "Margin % after rebates", "basis": "", "section": null, "format": "pct", "kind": "calc", "bold": false, "values": [ 0.1422, 0.1422, 0.1421, 0.1397, 0.1416, 0.14, 0.1399, 0.137, 0.144, 0.1414, 0.1401, 0.1403, 0.1404, 0.142, 0.1413, 0.1407, 0.1412, 0.1419, 0.1396, 0.1379, 0.1442, 0.1414, 0.1401, 0.1403 ], "fy2026": 0.141, "fy2027": 0.1411, "total_rule": "ratio" }, { "key": "stock", "label": "STOCK AT MONTH END", "basis": "A: count; F: cost x days / days in month", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 73904.6, 76268.62, 91851.66, 86610.7, 79426.39, 93242.97, 77430.33, 52742.81, 99877.7173, 104847.0297, 90567.0827, 80273.5071, 72082.3329, 83432.96, 86007.329, 80410.0267, 81911.7419, 94799.1893, 75358.8026, 49147.0452, 99877.7173, 104847.0297, 90567.0827, 80273.5071 ], "fy2026": 80273.5071, "fy2027": 80273.5071, "total_rule": "last" }, { "key": "pur", "label": "Purchases", "basis": "cost + closing stock - opening stock", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 139038.6, 173951.02, 210911.04, 170232.04, 177467.69, 221828.58, 155099.36, 80945.48, 261158.5873, 237130.5923, 179792.373, 167454.9044, 151419.7058, 178216.5471, 193019.169, 166709.8976, 182877.7153, 216028.5674, 147425.5332, 82613.8426, 264754.3522, 237130.5923, 179792.373, 167454.9044 ], "fy2026": 2175010.2671, "fy2027": 2167443.2, "total_rule": "sum" }, { "key": "rev_es", "label": "Revenue from customers in Spain (exempt intra-EU supply)", "basis": "revenue x share", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 22320, 23640, 26880, 24120, 25440, 28560, 23520, 14520, 29452.8, 31948.8, 26707.2, 24460.8, 21964.8, 22963.2, 26208, 23712, 24960, 27955.2, 22963.2, 14976, 29452.8, 31948.8, 26707.2, 24460.8 ], "fy2026": 301569.6, "fy2027": 298272, "total_rule": "sum" } ] }, "Licences": { "title": "LICENCES: BUNDLED IN MANAGED CONTRACTS, ANNUAL SUBSCRIPTIONS BILLED A YEAR AHEAD, AND LICENCES RESOLD AS AGENT", "description": "Bundled per-user subscriptions are provisioned and supported inside the managed contract: principal, revenue monthly. Annual security and backup subscriptions are bought in the company name and managed by it: principal; billed a year ahead, so revenue and the prepaid vendor cost are spread over 12 months. Standard licences the manufacturer delivers straight to the customer are never controlled by the company: agent, revenue is the net commission (IFRS 15.B34 to B38; IFRIC agenda decision on software resellers, 2022).", "months": 24, "rows": [ { "key": "licb_rev", "label": "Revenue", "basis": "A: billing; F: users x cover x price", "section": "BUNDLED LICENCES (principal)", "format": "int", "kind": "calc", "bold": false, "values": [ 65799.8, 66325.23, 67699.56, 67751.59, 66519.66, 66724.48, 68703.74, 68767.83, 69001.5886, 68717.4282, 73337.6335, 73308.0784, 76597.0091, 77793.784, 77201.2995, 77916.6386, 78011.8873, 78193.6596, 78304.0056, 77970.5266, 78152.3798, 78278.4327, 78351.9045, 78534.8007 ], "fy2026": 822656.6186, "fy2027": 935306.328, "total_rule": "sum" }, { "key": "licb_cost", "label": "Vendor cost", "basis": "A: distributor invoices; F: users x cover x cost", "section": "BUNDLED LICENCES (principal)", "format": "int", "kind": "calc", "bold": false, "values": [ 55539.59, 55723.08, 57075.79, 57176.08, 56180.58, 56178.4, 57775.93, 58080.45, 58230.6089, 57990.8052, 61889.8078, 61864.8661, 64640.4028, 65650.364, 65150.365, 65754.0414, 65834.422, 65987.82, 66080.9413, 65799.5176, 65952.984, 66059.3602, 66121.3633, 66275.7099 ], "fy2026": 693705.988, "fy2027": 789307.2914, "total_rule": "sum" }, { "key": "lica_b", "label": "Billed to customers", "basis": "A: billing; F: same month a year earlier x (1 + change)", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": false, "values": [ 243500, 13100, 19200, 14900, 9600, 17300, 11600, 6400, 22880, 15600, 12480, 26000, 253240, 13624, 19968, 15496, 9984, 17992, 12064, 6656, 23795.2, 16224, 12979.2, 27040 ], "fy2026": 412560, "fy2027": 429062.4, "total_rule": "sum" }, { "key": "lica_rev", "label": "REVENUE (billings of the last 12 months / 12)", "basis": "", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": true, "values": [ 33625, 33716.6667, 33816.6667, 33891.6667, 33941.6667, 34050, 34100, 34133.3333, 34206.6667, 34256.6667, 34296.6667, 34380, 35191.6667, 35235.3333, 35299.3333, 35349, 35381, 35438.6667, 35477.3333, 35498.6667, 35574.9333, 35626.9333, 35668.5333, 35755.2 ], "fy2026": 408415, "fy2027": 425496.6, "total_rule": "sum" }, { "key": "lica_def", "label": "CONTRACT LIABILITY: ANNUAL LICENCES BILLED AHEAD", "basis": "opening + billed - revenue", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": true, "values": [ 294875, 274258.3333, 259641.6667, 240650, 216308.3333, 199558.3333, 177058.3333, 149325, 137998.3333, 119341.6667, 97525, 89145, 307193.3333, 285582, 270250.6667, 250397.6667, 225000.6667, 207554, 184140.6667, 155298, 143518.2667, 124115.3333, 101426, 92710.8 ], "fy2026": 89145, "fy2027": 92710.8, "total_rule": "last" }, { "key": "lica_sched", "label": "Per billing schedule: billings of the last 11 months x months still to run / 12", "basis": "independent calculation", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": false, "values": [ 294875, 274258.3333, 259641.6667, 240650, 216308.3333, 199558.3333, 177058.3333, 149325, 137998.3333, 119341.6667, 97525, 89145, 307193.3333, 285582, 270250.6667, 250397.6667, 225000.6667, 207554, 184140.6667, 155298, 143518.2667, 124115.3333, 101426, 92710.8 ], "fy2026": 89145, "fy2027": 92710.8, "total_rule": "last" }, { "key": "lica_chk", "label": "Check: roll-forward less schedule (must be zero)", "basis": "", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "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": "lica_vinv", "label": "Vendor cost invoiced (prepaid for the year)", "basis": "billed x (1 - margin)", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": false, "values": [ 185060, 9956, 14592, 11324, 7296, 13148, 8816, 4864, 17388.8, 11856, 9484.8, 19760, 192462.4, 10354.24, 15175.68, 11776.96, 7587.84, 13673.92, 9168.64, 5058.56, 18084.352, 12330.24, 9864.192, 20550.4 ], "fy2026": 313545.6, "fy2027": 326087.424, "total_rule": "sum" }, { "key": "lica_cost", "label": "Vendor cost recognised", "basis": "revenue x (1 - margin)", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": false, "values": [ 25555, 25624.6667, 25700.6667, 25757.6667, 25795.6667, 25878, 25916, 25941.3333, 25997.0667, 26035.0667, 26065.4667, 26128.8, 26745.6667, 26778.8533, 26827.4933, 26865.24, 26889.56, 26933.3867, 26962.7733, 26978.9867, 27036.9493, 27076.4693, 27108.0853, 27173.952 ], "fy2026": 310395.4, "fy2027": 323377.416, "total_rule": "sum" }, { "key": "prepaid", "label": "PREPAID ANNUAL LICENCE COSTS", "basis": "opening + invoiced - recognised", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "format": "int", "kind": "calc", "bold": true, "values": [ 224105, 208436.3333, 197327.6667, 182894, 164394.3333, 151664.3333, 134564.3333, 113487, 104878.7333, 90699.6667, 74119, 67750.2, 233466.9333, 217042.32, 205390.5067, 190302.2267, 171000.5067, 157741.04, 139946.9067, 118026.48, 109073.8827, 94327.6533, 77083.76, 70460.208 ], "fy2026": 67750.2, "fy2027": 70460.208, "total_rule": "last" }, { "key": "prep_chk", "label": "Check: prepaid cost equals the contract liability x (1 - margin) (must be zero)", "basis": "", "section": "ANNUAL LICENCES (principal, billed a year ahead, recognised over 12 months)", "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": "licg_g", "label": "Gross billing to customers (memo: not revenue)", "basis": "A: billing; F: run-rate x seasonality x factor", "section": "LICENCES RESOLD AS AGENT (net)", "format": "int", "kind": "calc", "bold": false, "values": [ 49000, 54000, 66000, 57000, 58000, 61000, 55000, 38000, 61097, 65094, 69662, 75372, 46822, 50248, 61668, 53103, 54816, 58242, 52532, 36544, 61097, 65094, 69662, 75372 ], "fy2026": 709225, "fy2027": 685200, "total_rule": "sum" }, { "key": "licg_vc", "label": "Due to the vendor (gross less commission)", "basis": "", "section": "LICENCES RESOLD AS AGENT (net)", "format": "int", "kind": "calc", "bold": false, "values": [ 43365, 47790, 58410, 50445, 51330, 53985, 48675, 33630, 54070.845, 57608.19, 61650.87, 66704.22, 41437.47, 44469.48, 54576.18, 46996.155, 48512.16, 51544.17, 46490.82, 32341.44, 54070.845, 57608.19, 61650.87, 66704.22 ], "fy2026": 627664.125, "fy2027": 606402, "total_rule": "sum" }, { "key": "licg_comm", "label": "Commission", "basis": "gross x commission rate", "section": "LICENCES RESOLD AS AGENT (net)", "format": "int", "kind": "calc", "bold": false, "values": [ 5635, 6210, 7590, 6555, 6670, 7015, 6325, 4370, 7026.155, 7485.81, 8011.13, 8667.78, 5384.53, 5778.52, 7091.82, 6106.845, 6303.84, 6697.83, 6041.18, 4202.56, 7026.155, 7485.81, 8011.13, 8667.78 ], "fy2026": 81560.875, "fy2027": 78798, "total_rule": "sum" }, { "key": "licg_inc", "label": "Vendor incentive on agent sales", "basis": "Rebates", "section": "LICENCES RESOLD AS AGENT (net)", "format": "int", "kind": "calc", "bold": false, "values": [ 1300.95, 1433.7, 1752.3, 1513.35, 1539.9, 1619.55, 1460.25, 1008.9, 1622.1254, 1728.2457, 1849.5261, 2001.1266, 1243.1241, 1334.0844, 1637.2854, 1409.8846, 1455.3648, 1546.3251, 1394.7246, 970.2432, 1622.1254, 1728.2457, 1849.5261, 2001.1266 ], "fy2026": 18829.9238, "fy2027": 18192.06, "total_rule": "sum" }, { "key": "ag_rev", "label": "AGENT REVENUE (commission + incentive)", "basis": "", "section": "LICENCES RESOLD AS AGENT (net)", "format": "int", "kind": "calc", "bold": true, "values": [ 6935.95, 7643.7, 9342.3, 8068.35, 8209.9, 8634.55, 7785.25, 5378.9, 8648.2804, 9214.0557, 9860.6561, 10668.9066, 6627.6541, 7112.6044, 8729.1054, 7516.7297, 7759.2048, 8244.1551, 7435.9046, 5172.8032, 8648.2804, 9214.0557, 9860.6561, 10668.9066 ], "fy2026": 100390.7988, "fy2027": 96990.06, "total_rule": "sum" }, { "key": "vendor", "label": "Licence distributor invoices, ex VAT (bundled + annual + agent)", "basis": "", "section": "TOTALS", "format": "int", "kind": "calc", "bold": false, "values": [ 283964.59, 113469.08, 130077.79, 118945.08, 114806.58, 123311.4, 115266.93, 96574.45, 129690.2539, 127454.9952, 133025.4778, 148329.0861, 298540.2728, 120474.084, 134902.225, 124527.1564, 121934.422, 131205.91, 121740.4013, 103199.5176, 138108.181, 135997.7902, 137636.4253, 153530.3299 ], "fy2026": 1634915.713, "fy2027": 1721796.7154, "total_rule": "sum" }, { "key": "cost_net", "label": "LICENCE COST NET OF VENDOR INCENTIVES (bundled + annual recognised - incentive on principal licences)", "basis": "", "section": "TOTALS", "format": "int", "kind": "calc", "bold": true, "values": [ 73876.6, 79377.3767, 80626.4267, 80878.7467, 80071.9467, 79976.61, 81694.17, 82133.4533, 81959.0933, 81930.4677, 85814.0362, 85544.9201, 83672.9854, 90149.0792, 89568.077, 90293.3513, 90521.3141, 90531.3545, 90786.2272, 90652.7619, 90468.8132, 90784.1416, 90949.882, 90844.8786 ], "fy2026": 973883.8474, "fy2027": 1079222.866, "total_rule": "sum" } ] }, "Rebates": { "title": "VENDOR REBATES: DISTRIBUTOR VOLUME REBATE BY QUARTERLY TIER AND LICENCE VENDOR INCENTIVES", "description": "Hardware distributor: 1.5% of the quarter purchases from EUR 450k and 2.5% from EUR 650k, on the whole quarter, paid at the end of the second month after it. Accrued monthly at the rate the full quarter is expected to earn, with a catch-up when the expected tier changes; rebates reduce the cost of the hardware (IAS 2.11). Licence vendor: 3% of licence purchases, paid in the second month after the quarter; on licences resold as agent the incentive is part of the agent revenue.", "months": 24, "rows": [ { "key": "pur", "label": "Hardware purchases", "basis": "Hardware", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "int", "kind": "calc", "bold": false, "values": [ 139038.6, 173951.02, 210911.04, 170232.04, 177467.69, 221828.58, 155099.36, 80945.48, 261158.5873, 237130.5923, 179792.373, 167454.9044, 151419.7058, 178216.5471, 193019.169, 166709.8976, 182877.7153, 216028.5674, 147425.5332, 82613.8426, 264754.3522, 237130.5923, 179792.373, 167454.9044 ], "fy2026": 2175010.2671, "fy2027": 2167443.2, "total_rule": "sum" }, { "key": "qpur", "label": "Purchases in the quarter (actual and forecast months)", "basis": "", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "int", "kind": "calc", "bold": false, "values": [ 523900.66, 523900.66, 523900.66, 569528.31, 569528.31, 569528.31, 497203.4273, 497203.4273, 497203.4273, 584377.8698, 584377.8698, 584377.8698, 522655.4219, 522655.4219, 522655.4219, 565616.1803, 565616.1803, 565616.1803, 494793.728, 494793.728, 494793.728, 584377.8698, 584377.8698, 584377.8698 ], "fy2026": null, "fy2027": null, "total_rule": "none" }, { "key": "rate", "label": "Tier rate the quarter earns", "basis": "", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015 ], "fy2026": null, "fy2027": null, "total_rule": "none" }, { "key": "cpur", "label": "Purchases in the quarter to date", "basis": "", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "int", "kind": "calc", "bold": false, "values": [ 139038.6, 312989.62, 523900.66, 170232.04, 347699.73, 569528.31, 155099.36, 236044.84, 497203.4273, 237130.5923, 416922.9653, 584377.8698, 151419.7058, 329636.2529, 522655.4219, 166709.8976, 349587.6129, 565616.1803, 147425.5332, 230039.3758, 494793.728, 237130.5923, 416922.9653, 584377.8698 ], "fy2026": null, "fy2027": null, "total_rule": "none" }, { "key": "rb_acc", "label": "REBATE ACCRUED", "basis": "A: CFO estimate; F: rate x quarter to date - accrued earlier in the quarter", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "int", "kind": "calc", "bold": true, "values": [ 2085.58, 2609.27, 3163.67, 2553.48, 2662.02, 3327.43, 2326.49, 1214.18, 3917.3814, 3556.9589, 2696.8856, 2511.8236, 2271.2956, 2673.2482, 2895.2875, 2500.6485, 2743.1657, 3240.4285, 2211.383, 1239.2076, 3971.3153, 3556.9589, 2696.8856, 2511.8236 ], "fy2026": 32625.1695, "fy2027": 32511.648, "total_rule": "sum" }, { "key": "cum_acc", "label": "Accrued in the quarter to date", "basis": "", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "int", "kind": "calc", "bold": false, "values": [ 2085.58, 4694.85, 7858.52, 2553.48, 5215.5, 8542.93, 2326.49, 3540.67, 7458.0514, 3556.9589, 6253.8445, 8765.668, 2271.2956, 4944.5438, 7839.8313, 2500.6485, 5243.8142, 8484.2427, 2211.383, 3450.5906, 7421.9059, 3556.9589, 6253.8445, 8765.668 ], "fy2026": null, "fy2027": null, "total_rule": "none" }, { "key": "rb_rec", "label": "Rebate received (end of the second month after the quarter)", "basis": "A: bank; F: accrual of the prior quarter", "section": "HARDWARE DISTRIBUTOR REBATE", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 19612.92, 0, 0, 7858.52, 0, 0, 8542.93, 0, 0, 7458.0514, 0, 0, 8765.668, 0, 0, 7839.8313, 0, 0, 8484.2427, 0, 0, 7421.9059, 0 ], "fy2026": 43472.4214, "fy2027": 32511.648, "total_rule": "sum" }, { "key": "li_acc", "label": "Incentive on principal licences (reduces licence cost)", "basis": "A: vendor statement; F: rate x (bundled cost + annual cost invoiced)", "section": "LICENCE VENDOR INCENTIVES", "format": "int", "kind": "calc", "bold": false, "values": [ 7217.99, 1970.37, 2150.03, 2055, 1904.3, 2079.79, 1997.76, 1888.33, 2268.5823, 2095.4042, 2141.2382, 2448.746, 7713.0841, 2280.1381, 2409.7813, 2325.93, 2202.6679, 2389.8522, 2257.4874, 2125.7423, 2521.1201, 2351.688, 2279.5667, 2604.7833 ], "fy2026": 30217.5406, "fy2027": 33461.8415, "total_rule": "sum" }, { "key": "li_b", "label": "of which on bundled licences (managed services)", "basis": "by vendor cost", "section": "LICENCE VENDOR INCENTIVES", "format": "int", "kind": "calc", "bold": false, "values": [ 1666.1882, 1671.6904, 1712.2708, 1715.2804, 1685.4197, 1685.3504, 1733.2797, 1742.4103, 1746.9183, 1739.7242, 1856.6942, 1855.946, 1939.2121, 1969.5109, 1954.5109, 1972.6212, 1975.0327, 1979.6346, 1982.4282, 1973.9855, 1978.5895, 1981.7808, 1983.6409, 1988.2713 ], "fy2026": 20811.1725, "fy2027": 23679.2187, "total_rule": "sum" }, { "key": "li_a", "label": "of which on annual licences (licence resale)", "basis": "", "section": "LICENCE VENDOR INCENTIVES", "format": "int", "kind": "calc", "bold": false, "values": [ 5551.8018, 298.6796, 437.7592, 339.7196, 218.8803, 394.4396, 264.4803, 145.9197, 521.664, 355.68, 284.544, 592.8, 5773.872, 310.6272, 455.2704, 353.3088, 227.6352, 410.2176, 275.0592, 151.7568, 542.5306, 369.9072, 295.9258, 616.512 ], "fy2026": 9406.3682, "fy2027": 9782.6227, "total_rule": "sum" }, { "key": "li_acc_ag", "label": "Incentive on licences resold as agent (agent revenue)", "basis": "A: vendor statement; F: rate x amount due to the vendor", "section": "LICENCE VENDOR INCENTIVES", "format": "int", "kind": "calc", "bold": false, "values": [ 1300.95, 1433.7, 1752.3, 1513.35, 1539.9, 1619.55, 1460.25, 1008.9, 1622.1254, 1728.2457, 1849.5261, 2001.1266, 1243.1241, 1334.0844, 1637.2854, 1409.8846, 1455.3648, 1546.3251, 1394.7246, 970.2432, 1622.1254, 1728.2457, 1849.5261, 2001.1266 ], "fy2026": 18829.9238, "fy2027": 18192.06, "total_rule": "sum" }, { "key": "li_rec", "label": "Incentives received (second month after the quarter)", "basis": "A: bank; F: accruals of the prior quarter", "section": "LICENCE VENDOR INCENTIVES", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 12530.38, 0, 0, 15825.34, 0, 0, 10711.89, 0, 0, 10245.9476, 0, 0, 12264.2868, 0, 0, 16617.4975, 0, 0, 11330.0247, 0, 0, 10891.443, 0 ], "fy2026": 49313.5576, "fy2027": 51103.2519, "total_rule": "sum" }, { "key": "acc_t", "label": "Rebates and incentives accrued", "basis": "", "section": "RECEIVABLE", "format": "int", "kind": "calc", "bold": false, "values": [ 10604.52, 6013.34, 7066, 6121.83, 6106.22, 7026.77, 5784.5, 4111.41, 7808.089, 7380.6087, 6687.6499, 6961.6962, 11227.5038, 6287.4707, 6942.3543, 6236.4632, 6401.1984, 7176.6058, 5863.595, 4335.1932, 8114.5607, 7636.8926, 6825.9784, 7117.7335 ], "fy2026": 81672.6338, "fy2027": 84165.5495, "total_rule": "sum" }, { "key": "rec_t", "label": "Rebates and incentives received", "basis": "", "section": "RECEIVABLE", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 32143.3, 0, 0, 23683.86, 0, 0, 19254.82, 0, 0, 17703.999, 0, 0, 21029.9548, 0, 0, 24457.3288, 0, 0, 19814.2674, 0, 0, 18313.3489, 0 ], "fy2026": 92785.979, "fy2027": 83614.8999, "total_rule": "sum" }, { "key": "reb", "label": "REBATES AND INCENTIVES RECEIVABLE", "basis": "opening + accrued - received", "section": "RECEIVABLE", "format": "int", "kind": "calc", "bold": true, "values": [ 42747.82, 16617.86, 23683.86, 29805.69, 12228.05, 19254.82, 25039.32, 9895.91, 17703.999, 25084.6078, 14068.2587, 21029.9548, 32257.4586, 17514.9745, 24457.3288, 30693.7919, 12637.6615, 19814.2674, 25677.8624, 10198.7882, 18313.3489, 25950.2415, 14462.8709, 21580.6044 ], "fy2026": 21029.9548, "fy2027": 21580.6044, "total_rule": "last" }, { "key": "chk", "label": "Check: receivable equals the accruals of quarters not yet paid (must be zero)", "basis": "", "section": "RECEIVABLE", "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": "rate_eff", "label": "Hardware rebate earned, % of purchases", "basis": "", "section": "RECEIVABLE", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015 ], "fy2026": 0.015, "fy2027": 0.015, "total_rule": "ratio" } ] }, "Revenue": { "title": "REVENUE BY STREAM AND SERVICE LINE, RECURRING REVENUE AND GROWTH", "description": "Consolidates Contracts, Service_Desk, Licences, Hardware and Projects. 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"section": "REVENUE BY STREAM (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 0, 0, -3235.73, -4841.71, -5441.04, -3820.12, -11314.01, -9000.4, -8319.2709, -645.3668, -9176.7481, -456.6435, -1068.3183, -1719.1687, 0, 0, 0, 0, 0, -1408.7132, 0, 0, 0, 0 ], "fy2026": -56251.0392, "fy2027": -4196.2001, "total_rule": "sum" }, { "key": "onb", "label": "Managed services: onboarding fees recognised", "basis": "Contracts", "section": "REVENUE BY STREAM (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 293.75, 293.75, 393.75, 393.75, 476.25, 476.25, 611.25, 611.25, 611.25, 611.25, 941.25, 941.25, 1016.25, 1095, 1095, 1145, 1145, 1145, 1145, 1145, 1145, 1145, 1145, 1145 ], "fy2026": 6655, "fy2027": 13511.25, "total_rule": "sum" }, { "key": "licb", "label": "Licences bundled in managed contracts (principal)", "basis": "Licences", "section": "REVENUE BY STREAM (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 65799.8, 66325.23, 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(IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 6935.95, 7643.7, 9342.3, 8068.35, 8209.9, 8634.55, 7785.25, 5378.9, 8648.2804, 9214.0557, 9860.6561, 10668.9066, 6627.6541, 7112.6044, 8729.1054, 7516.7297, 7759.2048, 8244.1551, 7435.9046, 5172.8032, 8648.2804, 9214.0557, 9860.6561, 10668.9066 ], "fy2026": 100390.7988, "fy2027": 96990.06, "total_rule": "sum" }, { "key": "hw", "label": "Hardware (principal)", "basis": "Hardware", "section": "REVENUE BY STREAM (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 186000, 197000, 224000, 201000, 212000, 238000, 196000, 121000, 245440, 266240, 222560, 203840, 183040, 191360, 218400, 197600, 208000, 232960, 191360, 124800, 245440, 266240, 222560, 203840 ], "fy2026": 2513080, "fy2027": 2485600, "total_rule": "sum" }, { "key": "prj", "label": "Projects", "basis": "Projects", "section": "REVENUE BY STREAM (IFRS 15)", "format": "int", "kind": "calc", "bold": false, "values": [ 50552.08, 68641.43, 91670.16, 96051.3, 88649.11, 29853.61, 71123.71, 38771.77, 90081.7919, 104400, 99000, 94500, 85500, 89100, 95400, 91800, 87300, 99000, 83700, 54000, 94500, 104400, 99000, 94500 ], "fy2026": 923294.9619, "fy2027": 1078200, "total_rule": "sum" }, { "key": "T_rev", "label": "REVENUE", "basis": "", "section": "REVENUE BY STREAM (IFRS 15)", "format": "int", "kind": "calc", "bold": true, "values": [ 565487.86, 596889.5867, 653538.0567, 633432.8067, 632143.3767, 602238.1, 602404.58, 496657.4933, 677209.0095, 720170.6033, 682827.8793, 669111.8286, 643317.3306, 660913.1196, 696378.4564, 674790.0495, 681706.1412, 719723.0808, 663122.5151, 563079.6702, 729981.9191, 762517.1185, 715172.6931, 693736.4013 ], "fy2026": 7532111.1807, "fy2027": 8204438.4955, "total_rule": "sum" }, { "key": "sl_ms", "label": "Managed services (fees, SLA credits, onboarding, bundled licences)", "basis": "", "section": "BY SERVICE LINE", "format": "int", "kind": "calc", "bold": false, "values": [ 288374.83, 289887.79, 294708.93, 294421.49, 289342.7, 291699.94, 293395.62, 297373.49, 298832.2706, 306059.8809, 317110.5565, 325722.922, 332958.0099, 338105.1818, 338550.0176, 342524.3198, 343265.9364, 344080.259, 345149.2772, 343608.2004, 345818.7055, 347036.1295, 348083.5037, 348972.2947 ], "fy2026": 3586930.42, "fy2027": 4118151.8355, "total_rule": "sum" }, { "key": "sl_lic", "label": "Licence resale (annual and agent)", "basis": "", "section": "BY SERVICE LINE", "format": "int", "kind": "calc", "bold": false, "values": [ 40560.95, 41360.3667, 43158.9667, 41960.0167, 42151.5667, 42684.55, 41885.25, 39512.2333, 42854.947, 43470.7224, 44157.3228, 45048.9066, 41819.3208, 42347.9377, 44028.4387, 42865.7297, 43140.2048, 43682.8218, 42913.2379, 40671.4699, 44223.2137, 44840.989, 45529.1894, 46424.1066 ], "fy2026": 508805.7988, "fy2027": 522486.66, "total_rule": "sum" }, { "key": "sl_hw", "label": "Hardware", "basis": "", "section": "BY SERVICE LINE", "format": "int", "kind": "calc", "bold": false, "values": [ 186000, 197000, 224000, 201000, 212000, 238000, 196000, 121000, 245440, 266240, 222560, 203840, 183040, 191360, 218400, 197600, 208000, 232960, 191360, 124800, 245440, 266240, 222560, 203840 ], "fy2026": 2513080, "fy2027": 2485600, "total_rule": "sum" }, { "key": "sl_prj", "label": "Projects", "basis": "", "section": "BY SERVICE LINE", "format": "int", "kind": "calc", "bold": false, "values": [ 50552.08, 68641.43, 91670.16, 96051.3, 88649.11, 29853.61, 71123.71, 38771.77, 90081.7919, 104400, 99000, 94500, 85500, 89100, 95400, 91800, 87300, 99000, 83700, 54000, 94500, 104400, 99000, 94500 ], "fy2026": 923294.9619, "fy2027": 1078200, "total_rule": "sum" }, { "key": "recur", "label": "Recurring revenue (managed services and annual licences)", "basis": "", "section": "BY SERVICE LINE", "format": "int", "kind": "calc", "bold": false, "values": [ 321999.83, 323604.4567, 328525.5967, 328313.1567, 323284.3667, 325749.94, 327495.62, 331506.8233, 333038.9373, 340316.5476, 351407.2232, 360102.922, 368149.6765, 373340.5152, 373849.351, 377873.3198, 378646.9364, 379518.9257, 380626.6105, 379106.867, 381393.6388, 382663.0628, 383752.037, 384727.4947 ], "fy2026": 3995345.42, "fy2027": 4543648.4355, "total_rule": "sum" }, { "key": "recur_sh", "label": "Recurring revenue, share of revenue", "basis": "", "section": "BY SERVICE LINE", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.5694, 0.5422, 0.5027, 0.5183, 0.5114, 0.5409, 0.5436, 0.6675, 0.4918, 0.4725, 0.5146, 0.5382, 0.5723, 0.5649, 0.5368, 0.56, 0.5554, 0.5273, 0.574, 0.6733, 0.5225, 0.5018, 0.5366, 0.5546 ], "fy2026": 0.5304, "fy2027": 0.5538, "total_rule": "ratio" }, { "key": "yoy", "label": "Revenue growth on the same month a year earlier", "basis": "History for 2025", "section": "BY SERVICE LINE", "format": "pct", "kind": "calc", "bold": false, "values": [ -0.1012, -0.0875, -0.0811, -0.0722, -0.0864, -0.206, -0.1055, -0.0912, -0.1145, -0.1052, -0.0871, -0.0763, 0.1376, 0.1073, 0.0656, 0.0653, 0.0784, 0.1951, 0.1008, 0.1337, 0.0779, 0.0588, 0.0474, 0.0368 ], "fy2026": null, "fy2027": null, "total_rule": "none" }, { "key": "ms_yoy", "label": "Managed services growth on the same month a year earlier", "basis": "History for 2025", "section": "BY SERVICE LINE", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.1248, 0.1028, 0.0931, 0.0871, 0.0647, 0.0542, 0.0569, 0.0742, 0.0579, 0.0792, 0.1144, 0.1422, 0.1546, 0.1663, 0.1488, 0.1634, 0.1864, 0.1796, 0.1764, 0.1555, 0.1572, 0.1339, 0.0977, 0.0714 ], "fy2026": null, "fy2027": null, "total_rule": "none" }, { "key": "licg_g", "label": "Gross billing of licences resold as agent (memo: not revenue)", "basis": "Licences", "section": "BY SERVICE LINE", "format": "int", "kind": "calc", "bold": false, "values": [ 49000, 54000, 66000, 57000, 58000, 61000, 55000, 38000, 61097, 65094, 69662, 75372, 46822, 50248, 61668, 53103, 54816, 58242, 52532, 36544, 61097, 65094, 69662, 75372 ], "fy2026": 709225, "fy2027": 685200, "total_rule": "sum" } ] }, "People": { "title": "PEOPLE: HEADCOUNT, PORTUGUESE PAYROLL (14 SALARIES), SOCIAL SECURITY, IRS WITHHOLDING, HOLIDAY AND CHRISTMAS ACCRUALS, COMMISSIONS (EUR)", "description": "Bands on Assumptions. Salaries are paid 14 times: 12 months, the holiday allowance with the June payroll and the Christmas allowance with the November payroll. Holiday pay and both allowances accrue as the work is done (IAS 19). TSU 23.75% employer and 11% employee on what is paid; IRS withheld at the Tabela I rate of the band. 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"values": [ 3255.03, 3233.46, 3246.93, 3103.37, 3316.44, 3255.01, 3174.36, 3156.39, 3200, 3200, 3200, 3200, 3280, 3280, 3280, 3280, 3280, 3280, 3280, 3280, 3280, 3280, 3280, 3280 ], "fy2026": 38540.99, "fy2027": 39360, "total_rule": "sum" }, { "key": "ox_telco", "label": "Telecoms and internal IT", "basis": "Portuguese VAT 23% recovered", "section": "OVERHEADS", "format": "int", "kind": "calc", "bold": false, "values": [ 4317.95, 4386.24, 4056.41, 3876.23, 4219.65, 4256.38, 4126.14, 4313.73, 4200, 4200, 4200, 4200, 4305, 4305, 4305, 4305, 4305, 4305, 4305, 4305, 4305, 4305, 4305, 4305 ], "fy2026": 50352.73, "fy2027": 51660, "total_rule": "sum" }, { "key": "ox_office", "label": "Office services and utilities", "basis": "Portuguese VAT 23% recovered", "section": "OVERHEADS", "format": "int", "kind": "calc", "bold": false, "values": [ 2842.61, 2764.22, 2772.09, 2659.64, 2737.06, 2713.85, 2662.66, 2769.61, 2700, 2700, 2700, 2700, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5, 2767.5 ], "fy2026": 32721.74, "fy2027": 33210, "total_rule": "sum" }, { "key": "ox_ohs", "label": "Occupational health and safety", "basis": "no VAT or not recovered", "section": "OVERHEADS", "format": "int", "kind": "calc", "bold": false, "values": [ 425.58, 453.22, 441.7, 436.67, 451.04, 454.52, 427.67, 447.76, 450, 450, 450, 450, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25, 461.25 ], "fy2026": 5338.16, "fy2027": 5535, "total_rule": "sum" }, { "key": "ox_tot", "label": "TOTAL OVERHEADS", "basis": "", "section": "OVERHEADS", "format": "int", "kind": "calc", "bold": true, "values": [ 37366.3, 39850.69, 47787.57, 37083.68, 43022.47, 39660.37, 39176.7, 34553.19, 37371, 49626, 43301.8333, 38885.2676, 48680.1623, 39930.9659, 49657.2582, 42226.2475, 45821.5491, 42249.7644, 40075.1563, 37209.6979, 40099.9502, 45896.0359, 40099.3682, 40099.375 ], "fy2026": 487685.071, "fy2027": 512045.531, "total_rule": "sum" }, { "key": "endpoints", "label": "Endpoints under management (users x endpoints per user + devices)", "basis": "", "section": "DELIVERY COSTS (cost of revenue)", "format": "int", "kind": "calc", "bold": false, "values": [ 5333.1, 5347.4, 5474.2, 5488.3, 5385.5, 5396.4, 5554.8, 5571.1, 5582.2969, 5558.5392, 5926.0644, 5921.3722, 6006.8462, 6104.2871, 6059.8618, 6115.9351, 6122.1166, 6134.8177, 6141.7277, 6114.4867, 6127.1871, 6135.8612, 6138.793, 6151.5584 ], "fy2026": 5921.3722, "fy2027": 6151.5584, "total_rule": "last" }, { "key": "tool_usd", "label": "Service tooling invoice (USD): RMM, PSA, endpoint security, backup", "basis": "A: invoice; F: endpoints x price + platform fee", "section": "DELIVERY COSTS (cost of revenue)", "format": "int", "kind": "calc", "bold": false, "values": [ 22632.54, 22681.16, 23112.28, 23160.22, 22810.7, 22847.76, 23386.32, 23441.74, 23479.8095, 23399.0332, 24648.6189, 24632.6656, 24923.2772, 25254.5762, 25103.5301, 25294.1795, 25315.1966, 25358.3801, 25381.8743, 25289.2548, 25332.4361, 25361.928, 25371.8962, 25415.2984 ], "fy2026": 280232.8471, "fy2027": 303401.8273, "total_rule": "sum" }, { "key": "tool_eur", "label": "SERVICE TOOLING (EUR at the rate of the month)", "basis": "USD / rate", "section": "DELIVERY COSTS (cost of revenue)", "format": "int", "kind": "calc", "bold": true, "values": [ 19340.7452, 19237.6251, 19903.7892, 20060.8229, 19856.1107, 19742.2967, 20113.8041, 20113.033, 20483.1279, 20412.6609, 21502.7645, 21488.8472, 21742.3686, 22031.3846, 21899.6162, 22065.9334, 22084.2682, 22121.9403, 22142.4359, 22061.6372, 22099.3074, 22125.0353, 22133.7313, 22171.5942 ], "fy2026": 242255.6273, "fy2027": 264679.2527, "total_rule": "sum" }, { "key": "coloc", "label": "COLOCATION AND BACKUP STORAGE", "basis": "A: invoice; F: fixed + per device, x inflation", "section": "DELIVERY COSTS (cost of revenue)", "format": "int", "kind": "calc", "bold": true, "values": [ 8856.6, 8856.6, 8883.6, 8885.4, 8870.1, 8871, 8900.7, 8902.5, 8903.7474, 8898.51, 8966.7861, 8964.2423, 9205.5881, 9227.8127, 9220.3289, 9231.6119, 9231.9291, 9233.3686, 9233.5042, 9227.229, 9228.6633, 9229.5382, 9228.0888, 9229.524 ], "fy2026": 106759.7858, "fy2027": 110727.1868, "total_rule": "sum" }, { "key": "vans", "label": "FIELD VANS (rental, fuel, tolls)", "basis": "A: direct debits; F: (field technicians + pool van) x cost", "section": "DELIVERY COSTS (cost of revenue)", "format": "int", "kind": "calc", "bold": true, "values": [ 5636.01, 5397.13, 4560.78, 4836.18, 4674.39, 5555.41, 5465.7, 5641.87, 5474.7, 5420.0452, 5421.328, 5421.9506, 5557.4766, 5557.4694, 5557.4698, 6367.2199, 6357.7728, 6348.4359, 6348.6551, 6348.7614, 6348.7576, 6348.7564, 6348.7565, 6348.7565 ], "fy2026": 63505.4938, "fy2027": 73838.2881, "total_rule": "sum" }, { "key": "rent_paid", "label": "Rent paid to the landlord, net of the IRC withheld (in the month)", "basis": "rent x (1 - 25%)", "section": "RENT AND IRC WITHHELD ON RENT", "format": "int", "kind": "calc", "bold": false, "values": [ 7875, 7875, 7875, 7875, 7875, 7875, 7875, 7875, 7875, 7875, 7875, 7875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875, 8071.875 ], "fy2026": 94500, "fy2027": 96862.5, "total_rule": "sum" }, { "key": "rwht_acc", "label": "IRC withheld on rent", "basis": "rent x 25%", "section": "RENT AND IRC WITHHELD ON RENT", "format": "int", "kind": "calc", "bold": false, "values": [ 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625 ], "fy2026": 31500, "fy2027": 32287.5, "total_rule": "sum" }, { "key": "rwht_paid", "label": "IRC withheld paid to the State (20th of the following month)", "basis": "A: bank; F: prior month", "section": "RENT AND IRC WITHHELD ON RENT", "format": "int", "kind": "calc", "bold": false, "values": [ 2560.97, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625 ], "fy2026": 31435.97, "fy2027": 32221.875, "total_rule": "sum" }, { "key": "rwht", "label": "IRC WITHHELD ON RENT PAYABLE", "basis": "", "section": "RENT AND IRC WITHHELD ON RENT", "format": "int", "kind": "calc", "bold": true, "values": [ 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625, 2690.625 ], "fy2026": 2625, "fy2027": 2690.625, "total_rule": "last" }, { "key": "dd", "label": "Insurance, travel, telecoms incl. VAT and field vans", "basis": "", "section": "DIRECT DEBITS (paid in the month)", "format": "int", "kind": "calc", "bold": false, "values": [ 16102.1185, 15925.6652, 14697.0943, 14607.3129, 15080.9995, 15945.7674, 15615.2122, 16004.1479, 15740.7, 15686.0452, 15687.328, 15687.9506, 16080.1266, 16080.1194, 16080.1198, 16889.8699, 16880.4228, 16871.0859, 16871.3051, 16871.4114, 16871.4076, 16871.4064, 16871.4065, 16871.4065 ], "fy2026": 186780.3417, "fy2027": 200110.0881, "total_rule": "sum" } ] }, "Fixed_Assets": { "title": "FIXED ASSETS, CUSTOMER RELATIONSHIPS AND GOODWILL (EUR)", "description": "IT equipment over 36 months and the office fit-out over 10 years, straight line. Customer relationships from the April 2024 acquisition of a Braga managed services business are amortised over 8 years (IFRS 3, IAS 38); goodwill is not amortised and is tested for impairment each year (IAS 36). A: asset register; F: equipment for each hire plus the replacement cycle; additions depreciated 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": [ 1800, 3100, 12900, 1800, 1800, 3100, 3100, 1800, 1800, 5700, 5304.5833, 2694.7945, 7930.6152, 2760.6355, 4059.8628, 4116.9383, 2816.304, 4130.8347, 2845.8389, 2845.4942, 2860.4899, 2860.3189, 2860.146, 2860.15 ], "fy2026": 44899.3778, "fy2027": 42947.6285, "total_rule": "sum" }, { "key": "dep_old", "label": "Depreciation of IT equipment held at 31-Dec-25", "basis": "register", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3100, 3000, 0, 0, 0 ], "fy2026": 37200, "fy2027": 27800, "total_rule": "sum" }, { "key": "dep_new", "label": "Depreciation of additions (36 months)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 0, 50, 136.1111, 494.4444, 544.4444, 594.4444, 680.5556, 766.6667, 816.6667, 866.6667, 1025, 1172.3495, 1247.2049, 1467.4998, 1544.1841, 1656.9581, 1771.3175, 1849.5482, 1964.2936, 2043.3446, 2122.3862, 2201.8442, 2281.2975, 2360.746 ], "fy2026": 7147.3495, "fy2027": 22510.6247, "total_rule": "sum" }, { "key": "dep_fit", "label": "Depreciation of the office fit-out", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67, 1166.67 ], "fy2026": 14000.04, "fy2027": 14000.04, "total_rule": "sum" }, { "key": "dep", "label": "DEPRECIATION", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 4266.67, 4316.67, 4402.7811, 4761.1144, 4811.1144, 4861.1144, 4947.2256, 5033.3367, 5083.3367, 5133.3367, 5291.67, 5439.0195, 5513.8749, 5734.1698, 5810.8541, 5923.6281, 6037.9875, 6116.2182, 6230.9636, 6310.0146, 6289.0562, 3368.5142, 3447.9675, 3527.416 ], "fy2026": 58347.3895, "fy2027": 64310.6647, "total_rule": "sum" }, { "key": "amort", "label": "AMORTISATION: CUSTOMER RELATIONSHIPS", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000, 5000 ], "fy2026": 60000, "fy2027": 60000, "total_rule": "sum" }, { "key": "da", "label": "DEPRECIATION AND AMORTISATION", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 9266.67, 9316.67, 9402.7811, 9761.1144, 9811.1144, 9861.1144, 9947.2256, 10033.3367, 10083.3367, 10133.3367, 10291.67, 10439.0195, 10513.8749, 10734.1698, 10810.8541, 10923.6281, 11037.9875, 11116.2182, 11230.9636, 11310.0146, 11289.0562, 8368.5142, 8447.9675, 8527.416 ], "fy2026": 118347.3895, "fy2027": 124310.6647, "total_rule": "sum" }, { "key": "nbv", "label": "IT EQUIPMENT AND FIT-OUT, NET BOOK VALUE", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 118533.33, 117316.66, 125813.8789, 122852.7644, 119841.65, 118080.5356, 116233.31, 112999.9733, 109716.6367, 110283.3, 110296.2133, 107551.9883, 109968.7286, 106995.1943, 105244.203, 103437.5132, 100215.8297, 98230.4462, 94845.3216, 91380.8012, 87952.2349, 87444.0397, 86856.2181, 86188.9521 ], "fy2026": 107551.9883, "fy2027": 86188.9521, "total_rule": "last" }, { "key": "cr", "label": "CUSTOMER RELATIONSHIPS, NET BOOK VALUE", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 370000, 365000, 360000, 355000, 350000, 345000, 340000, 335000, 330000, 325000, 320000, 315000, 310000, 305000, 300000, 295000, 290000, 285000, 280000, 275000, 270000, 265000, 260000, 255000 ], "fy2026": 315000, "fy2027": 255000, "total_rule": "last" }, { "key": "goodwill", "label": "GOODWILL (not amortised; impairment test each year)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000, 920000 ], "fy2026": 920000, "fy2027": 920000, "total_rule": "last" } ] }, "Payables": { "title": "TRADE PAYABLES, SUPPLIER PAYMENTS AND FOREIGN EXCHANGE ON THE USD TOOLING VENDOR (EUR)", "description": "Hardware and licence distributors and other Portuguese suppliers invoice incl. 23% VAT and are paid at 30 days. 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VAT, 30 days)", "format": "int", "kind": "calc", "bold": true, "values": [ 171017.478, 213959.7526, 259420.5818, 209385.411, 218285.2597, 272849.1531, 190772.2159, 99562.9463, 321225.0624, 291670.6286, 221144.6188, 205969.5324, 186246.2381, 219206.3529, 237413.5779, 205053.1741, 224939.5898, 265715.1379, 181333.4059, 101615.0264, 325647.8532, 291670.6286, 221144.6188, 205969.5324 ], "fy2026": 205969.5324, "fy2027": 205969.5324, "total_rule": "last" }, { "key": "lic_inv", "label": "Invoices incl. VAT", "basis": "bundled + annual + agent vendor cost x 1.23", "section": "LICENCE DISTRIBUTOR (incl. 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VAT (and the VAT-exempt OHS provider)", "basis": "", "section": "OTHER SUPPLIERS: ADVISERS, MARKETING, TRAINING, RECRUITMENT, OFFICE, OHS, COLOCATION, SUBCONTRACTORS, IT EQUIPMENT (30 days)", "format": "int", "kind": "calc", "bold": false, "values": [ 38265.7182, 44873.8951, 71149.6399, 51792.6263, 61416.5312, 60928.0358, 59626.6229, 45069.4663, 48958.8393, 77078.4948, 68096.4398, 48810.3062, 67847.4849, 53898.6934, 68385.3156, 58795.2888, 60950.6638, 59911.3971, 53386.9012, 45449.0361, 55031.3581, 63629.8124, 55696.9686, 55031.2913 ], "fy2026": 676066.6158, "fy2027": 698014.2113, "total_rule": "sum" }, { "key": "sup_paid", "label": "Paid", "basis": "A: bank; F: prior balance", "section": "OTHER SUPPLIERS: ADVISERS, MARKETING, TRAINING, RECRUITMENT, OFFICE, OHS, COLOCATION, SUBCONTRACTORS, IT EQUIPMENT (30 days)", "format": "int", "kind": "calc", "bold": false, "values": [ 41041.89, 38265.72, 44873.9, 71149.64, 51792.63, 61416.53, 60928.04, 59626.62, 45069.4557, 48958.8393, 77078.4948, 68096.4398, 48810.3062, 67847.4849, 53898.6934, 68385.3156, 58795.2888, 60950.6638, 59911.3971, 53386.9012, 45449.0361, 55031.3581, 63629.8124, 55696.9686 ], "fy2026": 668298.1996, "fy2027": 691793.2262, "total_rule": "sum" }, { "key": "sup_close", "label": "Payable: other suppliers", "basis": "", "section": "OTHER SUPPLIERS: ADVISERS, MARKETING, TRAINING, RECRUITMENT, OFFICE, OHS, COLOCATION, SUBCONTRACTORS, IT EQUIPMENT (30 days)", "format": "int", "kind": "calc", "bold": true, "values": [ 38265.7182, 44873.8933, 71149.6332, 51792.6195, 61416.5207, 60928.0265, 59626.6094, 45069.4557, 48958.8393, 77078.4948, 68096.4398, 48810.3062, 67847.4849, 53898.6934, 68385.3156, 58795.2888, 60950.6638, 59911.3971, 53386.9012, 45449.0361, 55031.3581, 63629.8124, 55696.9686, 55031.2913 ], "fy2026": 48810.3062, "fy2027": 55031.2913, "total_rule": "last" }, { "key": "T_ap", "label": "TOTAL TRADE PAYABLES", "basis": "", "section": "OTHER SUPPLIERS: ADVISERS, MARKETING, TRAINING, RECRUITMENT, OFFICE, OHS, COLOCATION, SUBCONTRACTORS, IT EQUIPMENT (30 days)", "format": "int", "kind": "calc", "bold": true, "values": [ 577900.3871, 417638.2351, 510469.68, 427541.2976, 440769.9787, 505192.4959, 412290.9529, 283532.012, 550186.0419, 545931.4284, 474365.1608, 458713.4618, 643040.6272, 443319.5542, 493628.2464, 439082.7986, 457953.8608, 509131.7447, 406603.4366, 296061.1063, 572651.5813, 544702.7583, 468268.1218, 472014.7237 ], "fy2026": 458713.4618, "fy2027": 472014.7237, "total_rule": "last" } ] }, "VAT": { "title": "VAT (IVA): MONTHLY RETURN, PAYMENT IN THE SECOND MONTH AND CROSS-BORDER MEMOS (EUR)", "description": "Output VAT on invoices to customers in Portugal, due on invoicing; input VAT on Portuguese supplier invoices. Monthly regime: the return for a month is filed by the 20th and paid by the 25th of the second month after it, and the June and July returns are both filed and paid in September. Services bought from the USD vendor are self-assessed and deducted on the same return, so they net to zero.", "months": 24, "rows": [ { "key": "out", "label": "Output VAT: invoices to customers in Portugal", "basis": "Receivables", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 160670.7831, 119238.3974, 130974.9139, 138341.3701, 125854.6039, 128906.1504, 124230.6746, 100403.6886, 139849.4727, 143095.425, 161154.9953, 140378.6727, 184111.6224, 137254.5968, 146515.6461, 139524.9265, 140141.851, 149980.5466, 136470.334, 112694.4448, 153470.2207, 159413.7224, 150028.8811, 149535.4586 ], "fy2026": 1613099.1477, "fy2027": 1759142.2509, "total_rule": "sum" }, { "key": "in_hw", "label": "Input VAT: hardware purchases", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -31978.878, -40008.7346, -48509.5392, -39153.3692, -40817.5687, -51020.5734, -35672.8528, -18617.4604, -60066.4751, -54540.0362, -41352.2458, -38514.628, -34826.5323, -40989.8058, -44394.4089, -38343.2765, -42061.8745, -49686.5705, -33907.8726, -19001.1838, -60893.501, -54540.0362, -41352.2458, -38514.628 ], "fy2026": -500252.3614, "fy2027": -498511.936, "total_rule": "sum" }, { "key": "in_lic", "label": "Input VAT: licence distributor", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -65311.8557, -26097.8884, -29917.8917, -27357.3684, -26405.5134, -28361.622, -26511.3939, -22212.1235, -29828.7584, -29314.6489, -30595.8599, -34115.6898, -68664.2627, -27709.0393, -31027.5117, -28641.246, -28044.9171, -30177.3593, -28000.2923, -23735.889, -31764.8816, -31279.4918, -31656.3778, -35311.9759 ], "fy2026": -376030.614, "fy2027": -396013.2445, "total_rule": "sum" }, { "key": "in_sup", "label": "Input VAT: other suppliers and telecoms", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ -8068.9267, -9315.1403, -14154.7842, -10494.6792, -12370.5707, -12287.0232, -12018.7351, -9336.0542, -10036.7586, -15294.9055, -13615.3343, -10008.9841, -13590.8281, -10982.5175, -13691.398, -11898.141, -12301.1786, -12106.8442, -10886.8165, -9402.5002, -11194.3166, -12802.1576, -11318.7803, -11194.3041 ], "fy2026": -137001.8961, "fy2027": -141369.7826, "total_rule": "sum" }, { "key": "net", "label": "NET VAT FOR THE MONTH", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 55311.1227, 43816.6341, 38392.6988, 61335.9533, 46260.9511, 37236.9318, 50027.6928, 50238.0505, 39917.4807, 43945.8343, 75591.5554, 57739.3708, 67029.9993, 57573.2342, 57402.3275, 60642.2631, 57733.8808, 58009.7726, 63675.3526, 60554.8717, 49617.5215, 60792.0368, 65701.4772, 64514.5506 ], "fy2026": 599814.2762, "fy2027": 723247.2878, "total_rule": "sum" }, { "key": "paid", "label": "VAT paid (25th of the second month; June and July in September)", "basis": "A: bank; F: the return due", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 72032.56, 63480.47, 55311.12, 43816.63, 38392.7, 61335.95, 46260.95, 0, 87264.6245, 50238.0505, 39917.4807, 43945.8343, 75591.5554, 57739.3708, 67029.9993, 57573.2342, 57402.3275, 60642.2631, 57733.8808, 0, 121685.1252, 60554.8717, 49617.5215, 60792.0368 ], "fy2026": 601996.3701, "fy2027": 726362.1862, "total_rule": "sum" }, { "key": "close", "label": "VAT PAYABLE", "basis": "opening + net - paid", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 118791.5927, 99127.7568, 82209.3356, 99728.6589, 107596.91, 83497.8917, 87264.6345, 137502.685, 90155.5412, 83863.3249, 119537.3996, 133330.9361, 124769.38, 124603.2434, 114975.5716, 118044.6005, 118376.1538, 115743.6634, 121685.1352, 182240.0069, 110172.4032, 110409.5682, 126493.5239, 130216.0377 ], "fy2026": 133330.9361, "fy2027": 130216.0377, "total_rule": "last" }, { "key": "chk", "label": "Check: payable equals the returns not yet paid (must be zero)", "basis": "this month and last; three months at August", "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": "rc", "label": "Reverse charge on the USD tooling vendor (self-assessed and deducted: nets to zero)", "basis": "memo", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 4448.3714, 4424.6538, 4577.8715, 4613.9893, 4566.9055, 4540.7282, 4626.1749, 4625.9976, 4711.1194, 4694.912, 4945.6358, 4942.4349, 5000.7448, 5067.2185, 5036.9117, 5075.1647, 5079.3817, 5088.0463, 5092.7603, 5074.1766, 5082.8407, 5088.7581, 5090.7582, 5099.4667 ], "fy2026": 55718.7943, "fy2027": 60876.2281, "total_rule": "sum" }, { "key": "es_srv", "label": "Services to Spanish businesses (recapitulative statement, by the 20th)", "basis": "memo", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 99404.4578, 57334.2251, 89918.7627, 59081.5023, 58185.8501, 81321.2466, 58036.8924, 52758.8533, 62980.9058, 60778.286, 61273.9762, 63370.712, 90205.3198, 65105.7157, 67939.3006, 70836.2047, 67948.5408, 71084.7258, 67347.7989, 60920.0666, 71382.5631, 72797.1888, 72133.0208, 73964.327 ], "fy2026": 804445.6702, "fy2027": 851664.7728, "total_rule": "sum" }, { "key": "es_gds", "label": "Hardware delivered to Spanish businesses (exempt intra-EU supply)", "basis": "memo", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 22320, 23640, 26880, 24120, 25440, 28560, 23520, 14520, 29452.8, 31948.8, 26707.2, 24460.8, 21964.8, 22963.2, 26208, 23712, 24960, 27955.2, 22963.2, 14976, 29452.8, 31948.8, 26707.2, 24460.8 ], "fy2026": 301569.6, "fy2027": 298272, "total_rule": "sum" } ] }, "Tax": { "title": "CORPORATE INCOME TAX (IRC), MUNICIPAL SURCHARGE (DERRAMA) AND PAYMENTS ON ACCOUNT (EUR)", "description": "IRC on taxable profit at 15% on the first EUR 50,000 (SME) and the general rate above (19% for 2026, 18% for 2027), plus the Porto derrama of 1.5%. Charged on the year-to-date profit. Payments on account of 95% of the prior-year IRC in July, September and by 15 December; the third may be limited when the payments already made cover the tax (switch on Assumptions). The balance is paid with the Modelo 22 in May; an overpayment is refunded in the month on Assumptions.", "months": 24, "rows": [ { "key": "pbt", "label": "Profit before tax", "basis": "PL", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 31963.5996, 43133.9524, 62391.0208, 75497.446, 55155.1549, 372.3181, 57547.3151, 38158.4445, 84477.4322, 79900.7707, 74003.8888, 88543.1963, 54041.5966, 66068.9462, 66392.3303, 74560.3508, 63374.0259, 85538.6151, 78308.2131, 58608.761, 86647.369, 90183.0634, 84584.0822, 90169.8925 ], "fy2026": 691144.5394, "fy2027": 898477.2462, "total_rule": "sum" }, { "key": "tp", "label": "Taxable profit year to date (no tax adjustments modelled)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 31963.5996, 75097.552, 137488.5728, 212986.0188, 268141.1738, 268513.4918, 326060.8069, 364219.2514, 448696.6837, 528597.4544, 602601.3431, 691144.5394, 54041.5966, 120110.5428, 186502.8731, 261063.2239, 324437.2499, 409975.865, 488284.0781, 546892.839, 633540.2081, 723723.2715, 808307.3537, 898477.2462 ], "fy2026": 691144.5394, "fy2027": 898477.2462, "total_rule": "last" }, { "key": "rate", "label": "IRC general rate", "basis": "timeline", "section": null, "format": "pct", "kind": "calc", "bold": false, "values": [ 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.19, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18, 0.18 ], "fy2026": 0.19, "fy2027": 0.18, "total_rule": "avg" }, { "key": "coleta", "label": "IRC year to date (SME rate on the first EUR 50,000)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 4794.5399, 12268.5349, 24122.8288, 38467.3436, 48946.823, 49017.5634, 59951.5533, 67201.6578, 83252.3699, 98433.5163, 112494.2552, 129317.4625, 8227.4874, 20119.8977, 32070.5172, 45491.3803, 56898.705, 72295.6557, 86391.1341, 96940.711, 112537.2375, 128770.1889, 143995.3237, 160225.9043 ], "fy2026": 129317.4625, "fy2027": 160225.9043, "total_rule": "last" }, { "key": "derr", "label": "Derrama year to date", "basis": "taxable profit x 1.5%", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 479.454, 1126.4633, 2062.3286, 3194.7903, 4022.1176, 4027.7024, 4890.9121, 5463.2888, 6730.4503, 7928.9618, 9039.0201, 10367.1681, 810.6239, 1801.6581, 2797.5431, 3915.9484, 4866.5587, 6149.638, 7324.2612, 8203.3926, 9503.1031, 10855.8491, 12124.6103, 13477.1587 ], "fy2026": 10367.1681, "fy2027": 13477.1587, "total_rule": "last" }, { "key": "tax_ytd", "label": "Tax year to date", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": false, "values": [ 5273.9939, 13394.9982, 26185.1574, 41662.1339, 52968.9406, 53045.2658, 64842.4654, 72664.9465, 89982.8202, 106362.4781, 121533.2753, 139684.6306, 9038.1113, 21921.5559, 34868.0603, 49407.3287, 61765.2637, 78445.2937, 93715.3952, 105144.1036, 122040.3406, 139626.0379, 156119.934, 173703.063 ], "fy2026": 139684.6306, "fy2027": 173703.063, "total_rule": "last" }, { "key": "charge", "label": "CHARGE FOR THE MONTH (P&L)", "basis": "", "section": null, "format": "int", "kind": "calc", "bold": true, "values": [ 5273.9939, 8121.0042, 12790.1593, 15476.9764, 11306.8068, 76.3252, 11797.1996, 7822.4811, 17317.8736, 16379.658, 15170.7972, 18151.3552, 9038.1113, 12883.4445, 12946.5044, 14539.2684, 12357.9351, 16680.0299, 15270.1016, 11428.7084, 16896.237, 17585.6974, 16493.896, 17583.129 ], "fy2026": 139684.6306, "fy2027": 173703.063, "total_rule": "sum" }, { "key": "ppc", "label": "Payments on account (July, September, December)", "basis": "A: bank; 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Revenue positive, costs negative. 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0.4055, 0.4093, 0.4162, 0.4331, 0.4985, 0.375, 0.401, 0.3815, 0.382, 0.3928, 0.3781, 0.3404, 0.4009, 0.4044, 0.4111, 0.4279 ], "fy2026": 0.4084, "fy2027": 0.3998, "total_rule": "ratio" }, { "key": "pj_gmp", "label": "Gross margin %: projects", "basis": "Margins", "section": "MARGINS AND SERVICE LINES", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.0712, 0.2472, 0.4005, 0.3844, 0.292, -1.4579, 0.2166, -0.2552, 0.377, 0.3907, 0.3601, 0.4106, 0.2851, 0.2904, 0.3296, 0.3265, 0.2834, 0.3667, 0.2984, 0.0419, 0.3378, 0.377, 0.3453, 0.3423 ], "fy2026": 0.2505, "fy2027": 0.3133, "total_rule": "ratio" }, { "key": "rb_rate", "label": "Distributor rebate, % of purchases", "basis": "Rebates", "section": "MARGINS AND SERVICE LINES", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015, 0.015 ], "fy2026": 0.015, "fy2027": 0.015, "total_rule": "ratio" }, { "key": "pj_util", "label": "Project team utilisation", "basis": "Projects", "section": "MARGINS AND SERVICE LINES", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.4556, 0.5682, 0.7306, 0.7543, 0.6599, 0.6626, 0.6546, 0.4014, 0.8327, 0.942, 0.8853, 0.8785, 0.6721, 0.7168, 0.768, 0.7732, 0.7106, 0.8338, 0.7482, 0.5353, 0.7868, 0.8404, 0.7882, 0.7959 ], "fy2026": 0.7021, "fy2027": 0.7474, "total_rule": "avg" }, { "key": "backlog", "label": "Signed project backlog", "basis": "Projects", "section": "MARGINS AND SERVICE LINES", "format": "int", "kind": "calc", "bold": false, "values": [ 722040.12, 653398.69, 561728.53, 465677.23, 377028.12, 347174.51, 276050.8, 237279.03, 147197.2381, 98455.619, 49714, 17600, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ], "fy2026": 17600, "fy2027": 0, "total_rule": "last" }, { "key": "cash", "label": "Cash at bank", "basis": "BS", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": true, "values": [ 1081285.7015, 1191256.1735, 1285102.2266, 1255629.5897, 1151241.0654, 880479.6874, 719668.2707, 842052.8828, 805903.2175, 747498.1932, 689023.0115, 704225.5232, 774924.957, 843337.6067, 973624.4029, 1013620.0447, 1122811.4059, 1067687.9955, 997915.306, 1190957.8757, 1267478.3334, 1207475.5981, 1198311.3367, 1204217.4696 ], "fy2026": 704225.5232, "fy2027": 1204217.4696, "total_rule": "last" }, { "key": "floor", "label": "Minimum cash buffer (board policy)", "basis": "Assumptions", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000, 400000 ], "fy2026": 400000, "fy2027": 400000, "total_rule": "last" }, { "key": "headroom", "label": "Headroom over the buffer", "basis": "", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 681285.7015, 791256.1735, 885102.2266, 855629.5897, 751241.0653, 480479.6874, 319668.2707, 442052.8828, 405903.2175, 347498.1932, 289023.0115, 304225.5232, 374924.957, 443337.6067, 573624.4029, 613620.0447, 722811.4059, 667687.9955, 597915.306, 790957.8757, 867478.3334, 807475.5981, 798311.3367, 804217.4696 ], "fy2026": 304225.5232, "fy2027": 804217.4696, "total_rule": "last" }, { "key": "loan", "label": "Bank loan", "basis": "Financing", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 1266666.67, 1233333.34, 1200000.01, 1166666.68, 1133333.35, 1100000.02, 1066666.69, 1033333.36, 1000000.03, 966666.7, 933333.37, 900000.04, 866666.71, 833333.38, 800000.05, 766666.72, 733333.39, 700000.06, 666666.73, 633333.4, 600000.07, 566666.74, 533333.41, 500000.08 ], "fy2026": 900000.04, "fy2027": 500000.08, "total_rule": "last" }, { "key": "nd", "label": "Net debt", "basis": "Financing", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 185380.9685, 42077.1665, -85102.2166, -88962.9097, -17907.7153, 219520.3326, 346998.4193, 191280.4772, 194096.8125, 219168.5068, 244310.3585, 195774.5168, 91741.753, -10004.2267, -173624.3529, -246953.3247, -389478.0159, -367687.9355, -331248.576, -557624.4757, -667478.2634, -640808.8581, -664977.9267, -704217.3896 ], "fy2026": 195774.5168, "fy2027": -704217.3896, "total_rule": "last" }, { "key": "nd_eb", "label": "Net debt / EBITDA, last twelve months", "basis": "Financing", "section": "CASH, DEBT AND PEOPLE", "format": "x", "kind": "calc", "bold": false, "values": [ 0.1418, 0.033, -0.0681, -0.0722, -0.0149, 0.2019, 0.3313, 0.1871, 0.1964, 0.2322, 0.2718, 0.2268, 0.1036, -0.011, -0.1902, -0.2709, -0.4236, -0.366, -0.3231, -0.5335, -0.6377, -0.6083, -0.627, -0.6652 ], "fy2026": 0.2268, "fy2027": -0.6652, "total_rule": "last" }, { "key": "dscr", "label": "Debt service cover, last twelve months", "basis": "Financing", "section": "CASH, DEBT AND PEOPLE", "format": "x", "kind": "calc", "bold": false, "values": [ 2.3887, 2.3276, 2.2567, 2.2245, 2.2213, 1.7387, 1.5985, 1.5492, 1.4238, 1.3224, 1.2209, 1.0883, 1.1265, 1.1818, 1.2133, 1.209, 1.2283, 1.6583, 1.7834, 1.8331, 2.0941, 2.1242, 2.154, 2.2311 ], "fy2026": 1.0883, "fy2027": 2.2311, "total_rule": "last" }, { "key": "dso", "label": "Debtor days", "basis": "Receivables", "section": "CASH, DEBT AND PEOPLE", "format": "num1", "kind": "calc", "bold": false, "values": [ 40.8929, 36.4222, 37.7171, 41.7719, 39.2766, 40.1042, 40.964, 37.2791, 44.5695, 45.328, 42.3074, 39.6909, 43.6909, 38.4531, 36.9076, 39.5207, 40.2427, 41.4961, 40.0696, 36.36, 43.5442, 45.3329, 39.7976, 39.8644 ], "fy2026": 39.6909, "fy2027": 39.8644, "total_rule": "last" }, { "key": "ebitda", "label": "EBITDA", "basis": "PL", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 45992.7496, 56946.4873, 76787.6968, 90078.0713, 69717.8865, 14666.2618, 71880.7739, 52553.2371, 99203.2087, 94200.7741, 88323.3367, 102871.1048, 68305.4718, 80414.2273, 80675.4069, 88817.3124, 77606.4581, 99710.3891, 92455.8436, 72696.5536, 100575.3144, 101051.5779, 95393.1611, 100919.5311 ], "fy2026": 863221.5886, "fy2027": 1058621.2472, "total_rule": "sum" }, { "key": "ebitdap", "label": "EBITDA % of revenue", "basis": "PL", "section": "CASH, DEBT AND PEOPLE", "format": "pct", "kind": "calc", "bold": false, "values": [ 0.0813, 0.0954, 0.1175, 0.1422, 0.1103, 0.0244, 0.1193, 0.1058, 0.1465, 0.1308, 0.1293, 0.1537, 0.1062, 0.1217, 0.1158, 0.1316, 0.1138, 0.1385, 0.1394, 0.1291, 0.1378, 0.1325, 0.1334, 0.1455 ], "fy2026": 0.1146, "fy2027": 0.129, "total_rule": "ratio" }, { "key": "fcf", "label": "Free cash flow (before financing)", "basis": "CF", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 164619.0315, 143303.802, 127179.3831, 3860.6931, 188144.8056, -136628.0479, -127478.0867, 155717.9421, -2816.3354, -25071.6943, -25141.8517, 48535.8417, 104032.7639, 101745.9797, 163620.1262, 73328.9718, 142524.6912, -21790.0804, -36439.3595, 226375.8997, 109853.7878, -26669.4053, 24169.0685, 39239.463 ], "fy2026": 514225.4832, "fy2027": 899991.9065, "total_rule": "sum" }, { "key": "hc", "label": "Headcount", "basis": "People", "section": "CASH, DEBT AND PEOPLE", "format": "num1", "kind": "calc", "bold": false, "values": [ 68, 69, 69, 68, 67, 67, 68, 68, 67.3042, 69.6159, 71.5958, 71.5452, 75.5227, 75.4794, 76.436, 77.4253, 77.4026, 78.3913, 78.38, 78.3686, 78.3689, 78.369, 78.369, 78.369 ], "fy2026": 71.5452, "fy2027": 78.369, "total_rule": "last" }, { "key": "rev_fte", "label": "Revenue per employee, annualised", "basis": "", "section": "CASH, DEBT AND PEOPLE", "format": "int", "kind": "calc", "bold": false, "values": [ 99791.9753, 103806.8846, 113658.7925, 111782.26, 113219.7093, 107863.5403, 106306.6906, 87645.44, 120743.0166, 124139.0517, 114447.0783, 112227.555, 102218.3876, 105074.4857, 109327.3462, 104584.4563, 105687.3807, 110173.947, 101524.2274, 86220.1864, 111776.3046, 116757.9663, 109508.5108, 106226.1498 ], "fy2026": 112227.555, "fy2027": 106226.1498, "total_rule": "last" } ] } }, "tables": { "assumptions": [ { "row": 6, "type": "scalar", "label": "Company name", "unit": null, "value": "Quelvora Sistemas, Lda (fictional demonstration company)", "note": "All figures fictional. Portuguese private limited company (Lda) in Porto, founded 2009, owned by its two founders; financial year = calendar year; EUR. Management accounts under IFRS; statutory accounts under SNC, 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. Base = management case; Downside = worst case; Upside = best case." }, { "row": 12, "type": "scalar", "label": "Scenario name", "unit": "calc", "value": "Base", "note": null }, { "row": 13, "type": "scalar", "label": "Minimum cash buffer (board policy)", "unit": "EUR", "value": 400000, "note": "Board policy: one month of payroll, social security and supplier runs; used by the 13-week cash forecast and the CFO report" }, { "row": 14, "type": "scalar", "label": "Undrawn overdraft facility available", "unit": "EUR", "value": 300000, "note": "Committed credit line (conta caucionada) with the lending bank, undrawn" }, { "row": 15, "type": "scalar", "label": "Aged receivables and payables: as-at date", "unit": "calc", "value": "2026-08-31", "note": null }, { "row": 18, "type": "scalar", "label": "VAT (IVA): standard rate, mainland", "unit": "rate", "value": 0.23, "note": "C\u00f3digo do IVA art. 18; charged to customers in Portugal" }, { "row": 22, "type": "scalar", "label": "Corporate income tax (IRC): general rate FY2026", "unit": "rate", "value": 0.19, "note": "CIRC art. 87 as amended by Lei 64/2025: 19% for 2026, 18% for 2027, 17% from 2028" }, { "row": 23, "type": "scalar", "label": "IRC: general rate FY2027", "unit": "rate", "value": 0.18, "note": null }, { "row": 24, "type": "scalar", "label": "IRC: SME rate on the first EUR 50,000 of taxable profit", "unit": "rate", "value": 0.15, "note": "CIRC art. 87(2): 15% from 2026 (FY2025: 20% and 16%, Lei 45-A/2024). The company is an SME" }, { "row": 25, "type": "scalar", "label": "IRC: SME band", "unit": "EUR", "value": 50000, "note": null }, { "row": 26, "type": "scalar", "label": "Municipal surcharge (derrama), Porto", "unit": "rate", "value": 0.015, "note": "Of\u00edcio Circulado 20288/2026 (rates for collection in 2026): Porto 1.5% (0.75% only below EUR 150,000 of turnover). State surcharge starts at EUR 1.5m of taxable profit: not reached" }, { "row": 27, "type": "scalar", "label": "IRC assessed for FY2025 (before derrama), base for the FY2026 payments on account", "unit": "EUR", "value": 230793.45, "note": "FY2025 return (fictional)" }, { "row": 28, "type": "scalar", "label": "Payments on account: share of the prior-year tax (turnover above EUR 500,000)", "unit": "rate", "value": 0.95, "note": "CIRC art. 105: 95%, in three instalments due in July, September and by 15 December (art. 104)" }, { "row": 29, "type": "scalar", "label": "Limit the third FY2026 payment on account (1 = yes, 0 = pay in full)", "unit": "switch", "value": 0, "note": "CIRC art. 107: the third instalment may be stopped or limited when the payments made already cover the tax due; compensatory interest applies if the tax proves more than 20% higher" }, { "row": 30, "type": "scalar", "label": "IRC balance for FY2025 (paid with the Modelo 22)", "unit": "EUR", "value": 105752.96, "note": "Filing and payment deadline extended to 19 June 2026 (Despacho n.\u00ba 68/2026-XXV of 12 May 2026)" }, { "row": 31, "type": "scalar", "label": "Month an IRC overpayment for FY2026 is refunded", "unit": "month", "value": "2027-09-30", "note": "Assumption: about three months after the May filing; information needed: the tax authority refund date" }, { "row": 32, "type": "scalar", "label": "IRC withheld on rent paid to the landlord company", "unit": "rate", "value": 0.25, "note": "CIRC art. 94(1)(c) and (4): 25%; paid to the State by the 20th of the following month (art. 94(6))" }, { "row": 33, "type": "scalar", "label": "IRS withheld on dividends paid to the resident individual shareholders", "unit": "rate", "value": 0.28, "note": "CIRS art. 71(1)(a): 28% final withholding; paid by the 20th of the following month (CIRS art. 98(3))" }, { "row": 37, "type": "scalar", "label": "Social security (TSU): employer", "unit": "rate", "value": 0.2375, "note": "C\u00f3digo Contributivo: 23.75% employer, 11% employee, on salaries and both allowances" }, { "row": 38, "type": "scalar", "label": "Social security (TSU): employee", "unit": "rate", "value": 0.11, "note": null }, { "row": 41, "type": "scalar", "label": "Meal allowance on card per working day", "unit": "EUR", "value": 10, "note": "Below the 2026 exempt limit of EUR 10.455 on a meal card (idealista.pt, public sector allowance EUR 6.15 + 70%): no TSU, no IRS" }, { "row": 42, "type": "scalar", "label": "Working days a month", "unit": "days", "value": 21, "note": null }, { "row": 43, "type": "scalar", "label": "Holiday entitlement (working days a year)", "unit": "days", "value": 22, "note": null }, { "row": 44, "type": "scalar", "label": "Work accident insurance premium on remuneration", "unit": "rate", "value": 0.009, "note": "Mandatory insurance (assumption: 0.90% for office and field IT staff); 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goodwill of EUR 920k is not amortised and is tested for impairment each year (IAS 36)" }, { "row": 177, "type": "scalar", "label": "Driver", "unit": "Unit", "value": "Base", "note": "Downside" }, { "row": 178, "type": "scenario_driver", "key": "gf", "label": "Users and devices: growth (x contract rates on the register)", "unit": "x", "base": 1, "downside": 0.5, "upside": 1.3, "selected": 1, "ytd_actual_reference": null, "note": "FY2026 year to date 0.2% a month on average" }, { "row": 179, "type": "scenario_driver", "key": "idx", "label": "Price review at anniversaries from Sep-26", "unit": "rate", "base": 0.03, "downside": 0.015, "upside": 0.035, "selected": 0.03, "ytd_actual_reference": 0.026, "note": "Actual 2026 reviews: 2.6%" }, { "row": 180, "type": "scenario_driver", "key": "ren_chg", "label": "Price change at the 36-month renewal", "unit": "rate", "base": 0, "downside": -0.05, "upside": 0.02, "selected": 0, "ytd_actual_reference": null, "note": "On top of the anniversary review; renewal probabilities by contract sit on the Contract_Register" }, { "row": 181, "type": "scenario_driver", "key": "dly", "label": "Pipeline contracts: start delay", "unit": "months", "base": 0, "downside": 2, "upside": 0, "selected": 0, "ytd_actual_reference": null, "note": null }, { "row": 182, "type": "scenario_driver", "key": "hw_f", "label": "Hardware demand (x run-rate)", "unit": "x", "base": 1, "downside": 0.85, "upside": 1.1, "selected": 1, "ytd_actual_reference": 1.0178, "note": "Jan to Jul 2026 average EUR 208k a month before seasonality" }, { "row": 183, "type": "scenario_driver", "key": "hw_m", "label": "Hardware margin before rebates", "unit": "share", "base": 0.128, "downside": 0.115, "upside": 0.133, "selected": 0.128, "ytd_actual_reference": 0.1281, "note": "FY2026 year to date 12.8%" }, { "row": 184, "type": "scenario_driver", "key": "lica_g", "label": "Annual licence billings: change on the same month a year earlier", "unit": "rate", "base": 0.04, "downside": 0, "upside": 0.06, "selected": 0.04, "ytd_actual_reference": 0.0688, "note": null }, { "row": 185, "type": "scenario_driver", "key": "licg_f", "label": "Licences resold as agent (x run-rate)", "unit": "x", "base": 1, "downside": 0.85, "upside": 1.1, "selected": 1, "ytd_actual_reference": 1.058, "note": null }, { "row": 186, "type": "scenario_driver", "key": "newp", "label": "Project revenue run-rate a month: signed projects topped up with work not yet identified (from Oct-26)", "unit": "EUR", "base": 90000, "downside": 65000, "upside": 110000, "selected": 90000, "ytd_actual_reference": null, "note": "FY2025: EUR 103k a month; Jan to Aug 2026: EUR 67k a month; x the FY2025 seasonal profile" }, { "row": 187, "type": "scenario_driver", "key": "j01_x", "label": "J01: extra hours to complete (share of the remaining estimate)", "unit": "share", "base": 0, "downside": 0.2, "upside": 0, "selected": 0, "ytd_actual_reference": null, "note": "Downside: the data migration needs more specialist time" }, { "row": 188, "type": "scenario_driver", "key": "hires", "label": "Planned hires made (share of the hiring plan on People)", "unit": "share", "base": 1, "downside": 0.75, "upside": 1, "selected": 1, "ytd_actual_reference": null, "note": "Downside response: a quarter of the plan held back" }, { "row": 189, "type": "scenario_driver", "key": "repl", "label": "Leavers replaced (share)", "unit": "share", "base": 1, "downside": 0.75, "upside": 1, "selected": 1, "ytd_actual_reference": null, "note": null }, { "row": 190, "type": "scenario_driver", "key": "attr_f", "label": "Attrition (x base rates)", "unit": "x", "base": 1, "downside": 0.8, "upside": 1, "selected": 1, "ytd_actual_reference": null, "note": null }, { "row": 191, "type": "scenario_driver", "key": "pay_inc", "label": "Pay review January 2027", "unit": "rate", "base": 0.03, "downside": 0.02, "upside": 0.035, "selected": 0.03, "ytd_actual_reference": null, "note": "The accrued holiday entitlement is revalued in December for the review" }, { "row": 192, "type": "scenario_driver", "key": "slip", "label": "Extra days to collect from customers", "unit": "days", "base": 0, "downside": 15, "upside": 0, "selected": 0, "ytd_actual_reference": null, "note": null }, { "row": 193, "type": "scenario_driver", "key": "eur", "label": "Euribor 3M from Sep-26", "unit": "rate", "base": 0.0275, "downside": 0.0325, "upside": 0.024, "selected": 0.0275, "ytd_actual_reference": 0.0244, "note": "Monthly averages Jan to Aug 2026: 2.14% rising to 2.71% (EMMI data, idealista.pt)" }, { "row": 194, "type": "scenario_driver", "key": "fx_f", "label": "USD per EUR, forecast", "unit": "rate", "base": 1.1463, "downside": 1.08, "upside": 1.18, "selected": 1.1463, "ytd_actual_reference": 1.1624, "note": "Base: ECB reference rate of 22-Sep-26" }, { "row": 195, "type": "scenario_driver", "key": "payout", "label": "Dividend on FY2026 profit, paid May 2027 (share of net profit)", "unit": "share", "base": 0.4, "downside": 0, "upside": 0.45, "selected": 0.4, "ytd_actual_reference": null, "note": "Loan agreement cap 50% of the prior-year net profit" }, { "row": 196, "type": "scenario_driver", "key": "od_month", "label": "Disputed J11 milestone: month collected", "unit": "month", "base": "2026-10-31", "downside": "2026-12-31", "upside": "2026-10-31", "selected": "2026-10-31", "ytd_actual_reference": null, "note": null }, { "row": 197, "type": "scenario_driver", "key": "od_credit", "label": "Disputed J11 milestone: share credited", "unit": "share", "base": 0, "downside": 0.25, "upside": 0, "selected": 0, "ytd_actual_reference": null, "note": null } ], "contract_register": { "columns": [ "Code", "Customer (fictional)", "Country", "Sector", "VAT on invoices", "First contract start (month)", "Start month no.", "Status", "Users at 31-Dec-25 (live) or at signature", "Devices at 31-Dec-25 or at signature", "Price per user a month (31-Dec-25 or signature)", "Price per device a month", "User growth a month", "Payment terms (days)", "SLA tier", "Probability Base (renewal or win)", "Probability Downside", "Probability Upside", "Probability selected", "Effective start month no.", "Anniversary month", "Next renewal after the last actual month", "Onboarding fee (starts from Jan-25)", "Expected onboarding fee (pipeline x win probability)", "Users at the last actual month", "Devices at the last actual month", "Fees at the last actual month", "Managed services revenue FY2026 (fees and licences)", "Managed services revenue FY2027", "Share of FY2026 managed services revenue", "Delivery cost allocated FY2026 (desk hours, tooling, licences)", "Contribution FY2026", "Contribution % FY2026", "Contract note (fictional)" ], "rows": [ [ "C01", "Brevanor T\u00eaxteis, S.A.", "PT", "Textiles", 0.23, "2021-03-31", -57, "Live", 420, 95, 38.5, 64, 0.002, 45, "Premium", 0.9, 0.5, 0.95, 0.9, -57, "March", "2027-03-31", 0, 0, 425, 96, 23091.67, 364385.7218, 350650.3305, 0.1002, 229550.9581, 134834.7637, 0.37, "Largest contract: 420 users across two plants and the head office. Renews in March 2027; a regional competitor has approached the IT director. ERP infrastructure project J01 overran (Projects)." ], [ "C02", "Cl\u00ednicas Almedra, Lda", "PT", "Healthcare", 0.23, "2022-04-30", -44, "Live", 260, 70, 44, 58, 0.004, 30, "Premium", 0.94, 0.85, 0.97, 0.94, -44, "April", "2028-04-30", 0, 0, 269, 70, 16309.3, 249144.1509, 268038.0661, 0.0685, 150152.4758, 98991.6752, 0.3973, null ], [ "C03", "Solvinha Cal\u00e7ado, Lda", "PT", "Footwear", 0.23, "2023-10-31", -26, "Live", 150, 38, 40, 55, 0.001, 45, "Standard", 0.92, 0.8, 0.95, 0.92, -26, "October", "2026-10-31", 0, 0, 153, 38, 8210, 128282.1914, 125562.5941, 0.0353, 82924.426, 45357.7654, 0.3536, null ], [ "C04", "Valcorra Advogados", "PT", "Legal services", 0.23, "2020-03-31", -69, "Live", 95, 22, 52, 72, 0.002, 30, "Premium", 0.95, 0.88, 0.97, 0.95, -69, "March", "2029-03-31", 0, 0, 96, 22, 6746.98, 100573.3262, 105654.2653, 0.0277, 52045.8219, 48527.5043, 0.4825, null ], [ "C05", "Col\u00e9gios Maravel", "PT", "Education", 0.23, "2021-08-31", -52, "Live", 310, 85, 29, 48, 0.002, 30, "Standard", 0.93, 0.85, 0.96, 0.93, -52, "August", "2027-08-31", 0, 0, 314, 87, 13627.33, 225949.2054, 230547.3139, 0.0621, 178662.2923, 47286.9131, 0.2093, null ], [ "C06", "Metal\u00fargica Vaurinho, Lda", "PT", "Metalworking", 0.23, "2023-01-31", -35, "Live", 120, 40, 41, 60, 0.001, 45, "Standard", 0.93, 0.85, 0.96, 0.93, -35, "January", "2029-01-31", 0, 0, 122, 40, 7594.45, 116557.6351, 121250.0755, 0.0321, 73372.516, 43185.1191, 0.3705, null ], [ "C07", "Quintas Delvara, S.A.", "PT", "Wine exports", 0.23, "2024-02-29", -22, "Live", 85, 30, 45, 62, 0.003, 30, "Standard", 0.93, 0.85, 0.96, 0.93, -22, "February", "2027-02-28", 0, 0, 88, 31, 6034.93, 90111.2027, 89784.8531, 0.0248, 53888.5647, 36222.638, 0.402, null ], [ "C08", "Farm\u00e1cias Oliveda", "PT", "Pharmacy retail", 0.23, "2022-01-31", -47, "Live", 180, 90, 39, 45, 0.003, 30, "Standard", 0.94, 0.86, 0.97, 0.94, -47, "January", "2028-01-31", 0, 0, 185, 91, 11604.06, 177372.525, 188298.5616, 0.0488, 129145.5664, 48226.9586, 0.2719, null ], [ "C09", "Moldivel Pl\u00e1sticos, S.A.", "PT", "Plastics", 0.23, "2023-07-31", -29, "Live", 140, 45, 40, 63, 0.002, 60, "Standard", 0.93, 0.85, 0.96, 0.93, -29, "July", "2029-07-31", 0, 0, 143, 45, 8777.43, 133238.889, 140260.3406, 0.0366, 84545.1382, 48693.7508, 0.3655, null ], [ "C10", "Pravel Contabilidade, Lda", "PT", "Accounting", 0.23, "2024-10-31", -14, "Live", 60, 12, 50, 70, 0.002, 30, "Standard", 0.95, 0.88, 0.97, 0.95, -14, "October", "2027-10-31", 0, 0, 61, 12, 3890, 59544.5296, 61972.0766, 0.0164, 31802.3423, 27742.1873, 0.4659, null ], [ "C11", "Hot\u00e9is Alvenosa", "PT", "Hotels", 0.23, "2022-08-31", -40, "Live", 130, 60, 37, 52, 0.002, 30, "Standard", 0.93, 0.85, 0.96, 0.93, -40, "August", "2028-08-31", 0, 0, 132, 60, 8212.1, 124440.9767, 130519.5369, 0.0342, 89296.0871, 35144.8895, 0.2824, null ], [ "C12", "Cer\u00e2micas Lovredo, S.A.", "PT", "Ceramics", 0.23, "2023-11-30", -25, "Live", 110, 36, 41, 61, 0.001, 45, "Standard", 0.93, 0.84, 0.96, 0.93, -25, "November", "2026-11-30", 0, 0, 111, 36, 6747, 103181.5601, 101100.9972, 0.0284, 65699.5797, 37481.9804, 0.3633, null ], [ "C13", "Castelvi Imobili\u00e1ria", "PT", "Real estate", 0.23, "2025-03-31", -9, "Live", 70, 15, 47, 66, 0.003, 30, "Standard", 0.94, 0.86, 0.97, 0.94, -9, "March", "2028-03-31", 3150, 3150, 71, 15, 4439.5, 67860.4896, 71936.6829, 0.0187, 37757.5678, 30102.9219, 0.4436, null ], [ "C14", "Agr\u00edcola Vinhedal", "PT", "Agrifood", 0.23, "2023-05-31", -31, "Live", 90, 28, 39, 58, 0.002, 45, "Standard", 0.93, 0.85, 0.96, 0.93, -31, "May", "2029-05-31", 0, 0, 92, 28, 5347.51, 82711.395, 86864.4622, 0.0227, 53980.2745, 28731.1204, 0.3474, null ], [ "C15", "Engenharia Morvelo, Lda", "PT", "Engineering", 0.23, "2024-05-31", -19, "Live", 75, 20, 49, 70, 0.003, 30, "Premium", 0.94, 0.86, 0.97, 0.94, -19, "May", "2027-05-31", 0, 0, 78, 20, 5357.77, 79510.7143, 81304.2368, 0.0219, 43329.4461, 36181.2682, 0.455, null ], [ "C16", "Cooperativa Leiteira Bravanha", "PT", "Dairy", 0.23, "2020-10-31", -62, "Live", 160, 52, 36, 57, 0.001, 60, "Standard", 0.92, 0.8, 0.95, 0.92, -62, "October", "2026-10-31", 0, 0, 162, 52, 8796, 136941.0342, 134096.1423, 0.0377, 94632.9653, 42308.069, 0.309, null ], [ "C17", "Laborat\u00f3rios Cendral, Lda", "PT", "Clinical laboratories", 0.23, "2024-08-31", -16, "Live", 115, 42, 46, 68, 0.004, 30, "Premium", 0.95, 0.88, 0.97, 0.95, -16, "August", "2027-08-31", 0, 0, 119, 43, 8616.35, 126288.6669, 132246.2795, 0.0347, 73717.915, 52570.7519, 0.4163, null ], [ "C18", "Mediavir Seguros", "PT", "Insurance broking", 0.23, "2025-06-30", -6, "Live", 55, 10, 48, 65, 0.003, 30, "Standard", 0.94, 0.86, 0.97, 0.94, -6, "June", "2028-06-30", 2475, 2475, 56, 10, 3424.79, 52171.8099, 55475.7282, 0.0143, 28594.5345, 23577.2753, 0.4519, null ], [ "C19", "Construtora Arvedo, S.A.", "PT", "Construction", 0.23, "2023-02-28", -34, "Live", 145, 38, 38, 60, 0.002, 60, "Standard", 0.92, 0.82, 0.95, 0.92, -34, "February", "2029-02-28", 0, 0, 147, 38, 8070.52, 127015.8887, 133647.9879, 0.0349, 82146.9834, 44868.9053, 0.3533, null ], [ "C20", "Distribuidora Pellano, Lda", "PT", "Wholesale", 0.23, "2024-01-31", -23, "Live", 125, 40, 39, 58, 0.002, 45, "Standard", 0.93, 0.84, 0.96, 0.93, -23, "January", "2027-01-31", 0, 0, 128, 40, 7502.11, 116394.7667, 113955.8427, 0.032, 75625.0649, 40769.7019, 0.3503, null ], [ "C21", "Gr\u00e1fica Tornavel, Lda", "PT", "Printing", 0.23, "2022-07-31", -41, "Live", 65, 24, 42, 60, 0, 45, "Standard", 0.92, 0.82, 0.95, 0.92, -41, "July", "2028-07-31", 0, 0, 65, 24, 4278.42, 64286.0316, 66110.4006, 0.0177, 40727.4759, 23558.5557, 0.3665, null ], [ "C22", "\u00d3ticas Lumarel", "PT", "Optical retail", 0.23, "2024-11-30", -13, "Live", 95, 50, 37, 44, 0.003, 30, "Standard", 0.94, 0.86, 0.97, 0.94, -13, "November", "2027-11-30", 0, 0, 97, 51, 5833, 90273.2117, 94900.3792, 0.0248, 69565.352, 20707.8598, 0.2294, null ], [ "C23", "Salmeira Arquitetos", "PT", "Architecture", 0.23, "2025-09-30", -3, "Live", 40, 9, 52, 72, 0.003, 30, "Standard", 0.94, 0.86, 0.97, 0.94, -3, "September", "2028-09-30", 1800, 1800, 41, 9, 2780, 42158.5468, 44801.4135, 0.0116, 21963.3513, 20195.1955, 0.479, null ], [ "C24", "Traslovia Transportes, Lda", "PT", "Logistics", 0.23, "2023-05-31", -31, "Not renewed Apr-26", 150, 40, 39, 60, 0.001, 45, "Standard", 0, 0, 0, 0, -31, "May", "2029-05-31", 0, 0, 0, 0, 0, 43570.9461, 0, 0.012, 28327.6558, 15243.2904, 0.3498, "Not renewed at the April 2026 term end: moved to a competitor offering a lower price per user with a remote-only service desk." ], [ "C25", "Conservas Brelmar, S.L.", "ES", "Seafood canning", 0, "2024-04-30", -20, "Live", 140, 45, 43, 64, 0.002, 60, "Premium", 0.93, 0.85, 0.96, 0.93, -20, "April", "2027-04-30", 0, 0, 143, 47, 9395.08, 140895.2568, 140902.6746, 0.0387, 85445.4245, 55449.8324, 0.3936, null ], [ "C26", "Talleres Bra\u00f1oso, S.L.", "ES", "Industrial engineering", 0, "2023-08-31", -28, "Live", 90, 34, 44, 66, 0.002, 60, "Standard", 0.93, 0.85, 0.96, 0.93, -28, "August", "2029-08-31", 0, 0, 92, 34, 6455.59, 95088.9399, 100042.305, 0.0261, 57404.7272, 37684.2127, 0.3963, "Final milestone of project J11 (ERP hosting move) invoiced in June and disputed pending the performance acceptance test." ], [ "C27", "Cl\u00ednica Veigadal, S.L.", "ES", "Healthcare", 0, "2025-02-28", -10, "Live", 70, 18, 47, 64, 0.003, 45, "Standard", 0.94, 0.86, 0.97, 0.94, -10, "February", "2028-02-29", 3150, 3150, 73, 18, 4702.16, 70887.7096, 75825.8281, 0.0195, 40030.3121, 30857.3975, 0.4353, null ], [ "C28", "Maderas Ouri\u00f1al, S.L.", "ES", "Timber", 0, "2022-10-31", -38, "Live", 80, 30, 41, 59, 0.001, 60, "Standard", 0.92, 0.82, 0.95, 0.92, -38, "October", "2028-10-31", 0, 0, 80, 30, 5050, 78136.3591, 80846.7929, 0.0215, 50605.8769, 27530.4821, 0.3523, null ], [ "C29", "Pesqueras Morazal, S.L.", "ES", "Fishing", 0, "2023-12-31", -24, "Live", 95, 36, 42, 60, 0.001, 60, "Standard", 0.88, 0.75, 0.93, 0.88, -24, "December", "2026-12-31", 0, 0, 95, 36, 6150, 92901.2131, 85838.8042, 0.0255, 59481.7285, 33419.4846, 0.3597, "Renews December 2026; the owner has asked for a price reduction after two SLA breaches in the summer." ], [ "C30", "Bodegas Quenlla, S.L.", "ES", "Winery", 0, "2024-07-31", -17, "Live", 55, 20, 45, 62, 0.002, 45, "Standard", 0.93, 0.85, 0.96, 0.93, -17, "July", "2027-07-31", 0, 0, 56, 20, 3857.76, 57378.8658, 57999.3159, 0.0158, 34663.522, 22715.3438, 0.3959, null ], [ "C31", "Ferroval Automa\u00e7\u00e3o, Lda", "PT", "Industrial automation", 0.23, "2026-03-31", 3, "Won in 2026", 80, 28, 44, 62, 0.004, 30, "Standard", 0.95, 0.88, 0.97, 0.95, 3, "March", "2029-03-31", 3600, 3600, 81, 29, 5362, 67541.419, 86502.1273, 0.0186, 41663.2694, 25878.1496, 0.3831, null ], [ "C32", "Cl\u00ednica Dent\u00e1ria Rosmel", "PT", "Dental clinics", 0.23, "2026-05-31", 5, "Won in 2026", 66, 20, 46, 60, 0.004, 30, "Standard", 0.95, 0.88, 0.97, 0.95, 5, "May", "2029-05-31", 2970, 2970, 67, 20, 4282, 43666.4186, 69398.4511, 0.012, 26140.0555, 17526.3631, 0.4014, null ], [ "C33", "Mobili\u00e1rio Tarvela, Lda", "PT", "Furniture", 0.23, "2026-07-31", 7, "Won in 2026", 108, 33, 41, 60, 0.003, 45, "Standard", 0.95, 0.88, 0.97, 0.95, 7, "July", "2029-07-31", 4860, 4860, 109, 33, 6449, 50256.2686, 104910.1171, 0.0138, 32082.1162, 18174.1525, 0.3616, null ], [ "P01", "Grupo Hospitalar Venara", "PT", "Hospitals", 0.23, "2026-11-30", 11, "Pipeline", 480, 140, 36, 62, 0.003, 60, "Premium", 0.55, 0.35, 0.7, 0.55, 11, "November", "2026-11-30", 21600, 11880, 0, 0, 0, 37808.5932, 233619.1833, 0.0104, 25559.6288, 12248.9644, 0.324, "Hospital group tender: shortlisted with two competitors; decision expected in October for a November start." ], [ "P02", "Exportadora Linhelo, S.A.", "PT", "Food exports", 0.23, "2027-01-31", 13, "Pipeline", 120, 40, 42, 60, 0.003, 45, "Standard", 0.5, 0.3, 0.65, 0.5, 13, "January", "2027-01-31", 5400, 2700, 0, 0, 0, 0, 58401.1254, 0, 0, 0, 0, null ], [ "P03", "Log\u00edstica Crastova, Lda", "PT", "Logistics", 0.23, "2027-02-28", 14, "Pipeline", 140, 55, 40, 55, 0.002, 45, "Standard", 0.45, 0.25, 0.6, 0.45, 14, "February", "2027-02-28", 6300, 2835, 0, 0, 0, 0, 55610.6316, 0, 0, 0, 0, null ], [ "P04", "Conservas Galmira, S.L.", "ES", "Seafood canning", 0, "2027-04-30", 16, "Pipeline", 100, 35, 43, 62, 0.002, 60, "Standard", 0.4, 0.25, 0.55, 0.4, 16, "April", "2027-04-30", 4500, 1800, 0, 0, 0, 0, 29960.8621, 0, 0, 0, 0, null ], [ "TOTAL", null, null, null, null, null, null, null, 3775, 1174, null, null, null, null, null, null, null, null, null, null, null, null, 59805, 41220, 3951, 1225, 236994.81, 3636526.4592, 4108836.7856, 1, 2324531.016, 1311995.4433, 0.3608, null ] ] }, "project_register": { "columns": [ "Code", "Contract", "Customer (fictional)", "Project", "Type", "Fee (fixed fee) or rate per hour (T&M)", "Start", "Planned completion", "Start no.", "End no.", "Own hours at completion (estimate)", "Subcontract hours at completion", "Own hours to 31-Dec-25", "Subcontract hours to 31-Dec-25", "Revenue to 31-Dec-25", "Billed to 31-Dec-25", "Downside overrun applies (1)", "Country", "Own hours to the last actual month", "Subcontract hours to the last actual month", "Own hours at completion, forecast (incl. scenario overrun)", "Subcontract hours at completion, forecast", "Progress at the last actual month", "Revenue FY2026", "Billed FY2026", "Billed less revenue at the last actual month (+ ahead)", "Onerous provision at the last actual month", "Cost at completion (standard)", "Margin at completion (standard cost)", "Margin %", "Note (fictional)" ], "rows": [ [ "J01", "C01", "Brevanor T\u00eaxteis, S.A.", "ERP infrastructure and cloud migration", "FF", 158000, "2025-11-30", "2026-11-30", -1, 11, 2150, 1350, 175, 0, 13487.8, 47400, 1, "PT", 1415, 980, 2150, 1350, 0.6843, 144512.2, 110600, 2482.86, 2507.14, 175200, -17200, -0.1089, "Estimate at completion raised in June from 1,900 own + 150 subcontract hours to 2,150 + 1,350: the ERP data migration needed a specialist subcontractor. Loss-making at completion: provision under IAS 37." ], [ "J02", "C02", "Cl\u00ednicas Almedra, Lda", "Clinic network and Wi-Fi refresh", "FF", 64000, "2026-01-31", "2026-04-30", 1, 4, 780, 0, 0, 0, 0, 0, 0, "PT", 780, 0, 780, 0, 1, 64000, 64000, 0, 0, 23400, 40600, 0.6344, null ], [ "J03", "C12", "Cer\u00e2micas Lovredo, S.A.", "Server virtualisation", "FF", 52000, "2026-03-31", "2026-07-31", 3, 7, 640, 0, 0, 0, 0, 0, 0, "PT", 640, 0, 640, 0, 1, 52000, 52000, 0, 0, 19200, 32800, 0.6308, null ], [ "J04", "C25", "Conservas Brelmar, S.L.", "Security hardening and SOC onboarding", "TM", 68, "2026-02-28", "2026-09-30", 2, 9, 880, 0, 0, 0, 0, 0, 0, "ES", 727, 0, 880, 0, 0.8261, 59840, 59840, 0, 0, 26400, 33440, 0.5588, null ], [ "J05", "C19", "Construtora Arvedo, S.A.", "Construction site connectivity", "TM", 60, "2026-01-31", "2026-12-31", 1, 12, 1680, 0, 0, 0, 0, 0, 0, "PT", 1074, 0, 1680, 0, 0.6393, 100800, 100800, 0, 0, 50400, 50400, 0.5, null ], [ "J06", "C31", "Ferroval 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2813869.8407, "fy_budget": 2893810.65, "fy_variance": -79940.8093, "fy_variance_pct": -0.0276, "commentary": "Traslovia Transportes lost at its April renewal; three new contracts from March against four budgeted." }, { "key": "rev_sla", "label": "Managed services: SLA credits (variable consideration)", "ytd_actual": -37653.01, "ytd_budget": -7505.91, "ytd_variance": -30147.1, "ytd_variance_pct": -4.0164, "fy_outlook": -56251.0392, "fy_budget": -11575.24, "fy_variance": -44675.7992, "fy_variance_pct": -3.8596, "commentary": "Desk short of staff after four leavers; utilisation 98% in July." }, { "key": "rev_onb", "label": "Managed services: onboarding fees recognised", "ytd_actual": 3550, "ytd_budget": 3700, "ytd_variance": -150, "ytd_variance_pct": -0.0405, "fy_outlook": 6655, "fy_budget": 6675, "fy_variance": -20, "fy_variance_pct": -0.003, "commentary": null }, { "key": "rev_licb", "label": "Licences bundled in managed contracts (principal)", "ytd_actual": 538291.89, "ytd_budget": 550086.25, "ytd_variance": -11794.36, "ytd_variance_pct": -0.0214, "fy_outlook": 822656.6186, "fy_budget": 844203.58, "fy_variance": -21546.9614, "fy_variance_pct": -0.0255, "commentary": null }, { "key": "rev_lica", "label": "Annual security and backup licences (principal, over 12 months)", "ytd_actual": 271275, "ytd_budget": 267825, "ytd_variance": 3450, "ytd_variance_pct": 0.0129, "fy_outlook": 408415, "fy_budget": 403149.99, "fy_variance": 5265.01, "fy_variance_pct": 0.0131, "commentary": null }, { "key": "rev_licg", "label": "Licences resold as agent: commission and vendor incentive (net)", "ytd_actual": 61998.9, "ytd_budget": 64829.9, "ytd_variance": -2831.0, "ytd_variance_pct": -0.0437, "fy_outlook": 100390.7988, "fy_budget": 108993.5, "fy_variance": -8602.7013, "fy_variance_pct": -0.0789, "commentary": null }, { "key": "rev_hw", "label": "Hardware (principal)", "ytd_actual": 1575000, "ytd_budget": 1708135.41, "ytd_variance": -133135.41, "ytd_variance_pct": -0.0779, "fy_outlook": 2513080, "fy_budget": 2750000.02, "fy_variance": -236920.02, "fy_variance_pct": -0.0862, "commentary": "No refresh cycle this year; demand below the 2025 base." }, { "key": "rev_prj", "label": "Projects", "ytd_actual": 535313.17, "ytd_budget": 775635.76, "ytd_variance": -240322.59, "ytd_variance_pct": -0.3098, "fy_outlook": 923294.9619, "fy_budget": 1220000, "fy_variance": -296705.0381, "fy_variance_pct": -0.2432, "commentary": "J01 catch-up in June and a slower pipeline." }, { "key": "T_rev", "label": "REVENUE", "ytd_actual": 4782791.86, "ytd_budget": 5239185.34, "ytd_variance": -456393.48, "ytd_variance_pct": -0.0871, "fy_outlook": 7532111.1807, "fy_budget": 8215257.5, "fy_variance": -683146.3193, "fy_variance_pct": -0.0832, "commentary": "Revenue by cause: see the table below." }, { "key": "c_hw", "label": "Hardware cost net of distributor rebates", "ytd_actual": -1353288.88, "ytd_budget": -1443929.55, "ytd_variance": 90640.67, "ytd_variance_pct": 0.0628, "fy_outlook": 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"fy_variance": 363.3742, "fy_variance_pct": 0.0034, "commentary": null }, { "key": "c_veh", "label": "Field vans", "ytd_actual": -41767.47, "ytd_budget": -44240, "ytd_variance": 2472.53, "ytd_variance_pct": 0.0559, "fy_outlook": -63505.4938, "fy_budget": -66360, "fy_variance": 2854.5062, "fy_variance_pct": 0.043, "commentary": null }, { "key": "c_sub", "label": "Subcontractors (specialists and cabling)", "ytd_actual": -92360, "ytd_budget": -24300, "ytd_variance": -68060, "ytd_variance_pct": -2.8008, "fy_outlook": -148995.3331, "fy_budget": -30300, "fy_variance": -118695.3331, "fy_variance_pct": -3.9173, "commentary": "J01 data migration specialist subcontractor." }, { "key": "c_prov", "label": "Onerous project provision: movement (IAS 37)", "ytd_actual": -2507.14, "ytd_budget": 0, "ytd_variance": -2507.14, "ytd_variance_pct": 0, "fy_outlook": 0, "fy_budget": 0, "fy_variance": 0, "fy_variance_pct": 0, "commentary": "J01 onerous contract provision (IAS 37)." }, { "key": "c_pay_svc", 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"fy_variance": -359.4592, "fy_variance_pct": -0.0009, "commentary": null }, { "key": "ox_rent", "label": "Office rent, Porto", "ytd_actual": -84000, "ytd_budget": -84000, "ytd_variance": 0, "ytd_variance_pct": 0, "fy_outlook": -126000, "fy_budget": -126000, "fy_variance": 0, "fy_variance_pct": 0, "commentary": null }, { "key": "ox_prof", "label": "Statutory audit, legal and tax advisers", "ytd_actual": -41074.99, "ytd_budget": -40752, "ytd_variance": -322.99, "ytd_variance_pct": -0.0079, "fy_outlook": -57778.99, "fy_budget": -57456, "fy_variance": -322.99, "fy_variance_pct": -0.0056, "commentary": null }, { "key": "ox_ins", "label": "Insurance", "ytd_actual": -15200, "ytd_budget": -15200, "ytd_variance": 0, "ytd_variance_pct": 0, "fy_outlook": -22800, "fy_budget": -22800, "fy_variance": 0, "fy_variance_pct": 0, "commentary": null }, { "key": "ox_mkt", "label": "Marketing and events", "ytd_actual": -51333.87, "ytd_budget": -51220, "ytd_variance": -113.87, "ytd_variance_pct": -0.0022, "fy_outlook": -81168.87, "fy_budget": -81055, "fy_variance": -113.87, "fy_variance_pct": -0.0014, "commentary": null }, { "key": "ox_train", "label": "Training and certifications", "ytd_actual": -30255.42, "ytd_budget": -30400, "ytd_variance": 144.58, "ytd_variance_pct": 0.0048, "fy_outlook": -45455.42, "fy_budget": -45600, "fy_variance": 144.58, "fy_variance_pct": 0.0032, "commentary": null }, { "key": "ox_recruit", "label": "Recruitment", "ytd_actual": -11883.07, "ytd_budget": -16400, "ytd_variance": 4516.93, "ytd_variance_pct": 0.2754, "fy_outlook": -27528.171, "fy_budget": -18000, "fy_variance": -9528.171, "fy_variance_pct": -0.5293, "commentary": "Recruitment follows the hires." }, { "key": "ox_travel", "label": "Travel", "ytd_actual": -25740.99, "ytd_budget": -25600, "ytd_variance": -140.99, "ytd_variance_pct": -0.0055, "fy_outlook": -38540.99, "fy_budget": -38400, "fy_variance": -140.99, "fy_variance_pct": -0.0037, "commentary": null }, { "key": "ox_telco", "label": "Telecoms and internal IT", "ytd_actual": -33552.73, "ytd_budget": -33600, "ytd_variance": 47.27, "ytd_variance_pct": 0.0014, "fy_outlook": -50352.73, "fy_budget": -50400, "fy_variance": 47.27, "fy_variance_pct": 0.0009, "commentary": null }, { "key": "ox_office", "label": "Office services and utilities", "ytd_actual": -21921.74, "ytd_budget": -21600, "ytd_variance": -321.74, "ytd_variance_pct": -0.0149, "fy_outlook": -32721.74, "fy_budget": -32400, "fy_variance": -321.74, "fy_variance_pct": -0.0099, "commentary": null }, { "key": "ox_ohs", "label": "Occupational health and safety", "ytd_actual": -3538.16, "ytd_budget": -3600, "ytd_variance": 61.84, "ytd_variance_pct": 0.0172, "fy_outlook": -5338.16, "fy_budget": -5400, "fy_variance": 61.84, "fy_variance_pct": 0.0115, "commentary": null }, { "key": "T_opex", "label": "TOTAL OPERATING EXPENSES", "ytd_actual": -781703.7226, "ytd_budget": -786729.62, "ytd_variance": 5025.8974, "ytd_variance_pct": 0.0064, "fy_outlook": -1192752.4555, "fy_budget": -1185135.71, "fy_variance": -7616.7455, "fy_variance_pct": -0.0064, "commentary": null }, { "key": "ebitda", "label": "EBITDA", "ytd_actual": 478623.1642, "ytd_budget": 812719.88, "ytd_variance": -334096.7158, "ytd_variance_pct": -0.4111, "fy_outlook": 863221.5886, "fy_budget": 1357367.35, "fy_variance": -494145.7614, "fy_variance_pct": -0.364, "commentary": "EUR 334k behind budget YTD; EUR 494k behind on the full-year outlook." }, { "key": "ebitdap", "label": "EBITDA % of revenue", "ytd_actual": 0.1001, "ytd_budget": 0.1551, "ytd_variance": -0.0551, "ytd_variance_pct": null, "fy_outlook": 0.1146, "fy_budget": 0.1652, "fy_variance": -0.0506, "fy_variance_pct": null, "commentary": null }, { "key": "da", "label": "Depreciation and amortisation", "ytd_actual": -77400.0267, "ytd_budget": -77633.36, "ytd_variance": 233.3333, "ytd_variance_pct": 0.003, "fy_outlook": -118347.3895, "fy_budget": -119450.04, "fy_variance": 1102.6505, "fy_variance_pct": 0.0092, "commentary": null }, { "key": "int", "label": "Interest on the bank loan", "ytd_actual": -36914.25, "ytd_budget": -35105.56, "ytd_variance": -1808.69, "ytd_variance_pct": -0.0515, "fy_outlook": -53303.1394, "fy_budget": -49691.66, "fy_variance": -3611.4794, "fy_variance_pct": -0.0727, "commentary": null }, { "key": "fxd", "label": "Exchange differences", "ytd_actual": -89.6361, "ytd_budget": 0, "ytd_variance": -89.6361, "ytd_variance_pct": 0, "fy_outlook": -426.5202, "fy_budget": 0, "fy_variance": -426.5202, "fy_variance_pct": 0, "commentary": null }, { "key": "tax", "label": "Corporate income tax (IRC) and derrama", "ytd_actual": -72664.9465, "ytd_budget": -142317.9, "ytd_variance": 69652.9535, "ytd_variance_pct": 0.4894, "fy_outlook": -139684.6306, "fy_budget": -241586.25, "fy_variance": 101901.6194, "fy_variance_pct": 0.4218, "commentary": "Lower profit; FY2026 rates 19% and 15% on the first EUR 50,000." }, { "key": "np", "label": "NET PROFIT", "ytd_actual": 291554.3049, "ytd_budget": 557663.06, "ytd_variance": -266108.7551, "ytd_variance_pct": -0.4772, "fy_outlook": 551459.9088, "fy_budget": 946639.4, "fy_variance": -395179.4912, "fy_variance_pct": -0.4175, "commentary": null }, { "key": "b_users", "label": "Managed users", "ytd_actual": 3951, "ytd_budget": 4109.37, "ytd_variance": -158.37, "ytd_variance_pct": -0.0385, "fy_outlook": 4207.0633, "fy_budget": 4232.04, "fy_variance": -24.9767, "fy_variance_pct": -0.0059, "commentary": null }, { "key": "b_mrr", "label": "Managed service fees (MRR) in the month", "ytd_actual": 236994.81, "ytd_budget": 246681, "ytd_variance": -9686.19, "ytd_variance_pct": -0.0393, "fy_outlook": 251930.2371, "fy_budget": 255419.05, "fy_variance": -3488.8129, "fy_variance_pct": -0.0137, "commentary": null }, { "key": "b_ncon", "label": "Contracts billing", "ytd_actual": 32, "ytd_budget": 33, "ytd_variance": -1, "ytd_variance_pct": -0.0303, "fy_outlook": 33, "fy_budget": 34, "fy_variance": -1, "fy_variance_pct": -0.0294, "commentary": null }, { "key": "b_util", "label": "Service desk utilisation", "ytd_actual": 0.8925, "ytd_budget": 0.81, "ytd_variance": 0.0825, "ytd_variance_pct": 0.1019, "fy_outlook": 0.8913, "fy_budget": 0.815, "fy_variance": 0.0763, "fy_variance_pct": 0.0936, "commentary": null }, { "key": "b_rb", "label": "Distributor rebate earned, % of purchases", "ytd_actual": 0.015, "ytd_budget": 0.03, "ytd_variance": -0.015, "ytd_variance_pct": -0.5, "fy_outlook": 0.015, "fy_budget": 0.03, "fy_variance": -0.015, "fy_variance_pct": -0.5, "commentary": null }, { "key": "b_desk", "label": "Service desk FTE", "ytd_actual": 37, "ytd_budget": 43, "ytd_variance": -6, "ytd_variance_pct": -0.1395, "fy_outlook": 41.0637, "fy_budget": 43, "fy_variance": -1.9363, "fy_variance_pct": -0.045, "commentary": null }, { "key": "b_hc", "label": "Headcount", "ytd_actual": 68, "ytd_budget": 74, "ytd_variance": -6, "ytd_variance_pct": -0.0811, "fy_outlook": 71.5452, "fy_budget": 74, "fy_variance": -2.4548, "fy_variance_pct": -0.0332, "commentary": null }, 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Hold the hires planned for the first quarter of 2027 by one month if the low point falls below the buffer; keep the October service desk hires, which stop the SLA credits." ] }, "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": 0.05, "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": "Retained earnings roll: closing = opening + net profit - dividends declared", "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": "P&L revenue equals the revenue schedule, every month", "proves": "Link integrity", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Register counts and prices reproduce the Dec-25 fees in History", "proves": "Contract_Register agrees with the FY2025 billing", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Onboarding fees deferred equal the contract schedule, every month", "proves": "IFRS 15.B48 to B51 over the 36-month term", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Annual licences billed ahead equal the billing schedule, every month", "proves": "Twelve months of recognition per billing", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Prepaid licence cost equals the licence liability x (1 - margin), every month", "proves": "Vendor cost follows the revenue", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "SLA credits due equal the credits of the month, every month", "proves": "Credited on the next invoice", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Project positions: change in contract liabilities less assets equals billing less revenue", "proves": "Every project, every month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Opening project contract balances agree with the Project_Register at 31-Dec-25", "proves": "Billed less revenue to date", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Rebates receivable equal the accruals of quarters not yet paid, every month", "proves": "Quarterly tiers and payment timing", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Gross margin by service line reconciles to the P&L gross profit, every month", "proves": "Revenue and cost of revenue fully allocated", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Contract contributions + onboarding + SLA credits equal the managed services margin (FY2026)", "proves": "Allocation by desk hours, endpoints, users and devices is complete", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Remuneration equals net pay plus employee social security and IRS, every month", "proves": "Payroll journal integrity", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Social security payable at each forecast month end equals the month due", "proves": "Paid by the 20th of the following month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "IRS withheld payable at each forecast month end equals the month due", "proves": "Paid by the 20th of the following month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Christmas allowance accrual is nil at each December", "proves": "Paid with the November payroll, trued up in December", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Opening holiday accrual equals two months of Dec-25 pay by band, incl. TSU", "proves": "22 days and the holiday allowance vested on 1 January", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Every band salary is at or above the national minimum wage", "proves": "EUR 920 from January 2026", "value": 230, "tolerance": 0, "status": "OK" }, { "check": "VAT payable equals the returns not yet paid, every month", "proves": "Monthly regime, payment in the second month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "IRC payable at Dec-26 equals FY2026 tax less its payments on account", "proves": "Tax roll-forward", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "IRC payable at Dec-27 equals FY2027 tax less its payments on account (FY2026 settled)", "proves": "Balance and refund of FY2026 in 2027", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "FY2026 and FY2027 tax = SME rate to EUR 50,000 + general rate + derrama on taxable profit", "proves": "IRC arithmetic", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Payments on account: September 2026 = 95% x FY2025 IRC / 3; FY2027 = 95% x FY2026 IRC", "proves": "CIRC art. 104 and 105", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "IRC withheld on rent payable at each forecast month end equals 25% of the month rent", "proves": "Paid by the 20th of the following month", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AR aging: customers in Portugal tie 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: customers in Spain tie 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: Hardware distributors tie to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: Licence distributor tie to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: Tooling vendor (USD) tie to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "AP aging: Other suppliers tie to the Payables schedule", "proves": null, "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Forecast 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 invoice at the month rate", "proves": "Exchange differences taken on settlement (IAS 21)", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Loan balance at Dec-27 = opening less principal repaid", "proves": "Loan roll-forward", "value": 0, "tolerance": 0.5, "status": "OK" }, { "check": "Dividends and the IRS withheld on them are fully paid by each year end", "proves": "Declared, paid, withholding paid to the State", "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": "Contract groups and revenue streams explain the full 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": "Customer receivables never negative", "proves": null, "value": 151155.2324, "tolerance": 0.5, "status": "OK" }, { "check": "Trade payables never negative", "proves": null, "value": 19237.6251, "tolerance": 0.5, "status": "OK" }, { "check": "Users, devices and fees never negative (every contract, every month)", "proves": null, "value": 0, "tolerance": 0.001, "status": "OK" }, { "check": "Project hours and provisions never negative", "proves": null, "value": 0, "tolerance": 0.001, "status": "OK" }, { "check": "Contract liabilities, prepaid licences and stock never negative", "proves": null, "value": 7468.75, "tolerance": 0.5, "status": "OK" }, { "check": "Headcount never negative", "proves": null, "value": 0.9752, "tolerance": 0, "status": "OK" }, { "check": "Fixed assets, customer relationships and the loan never negative", "proves": null, "value": 86188.9521, "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": 689023.0115 }, { "item": "Headroom over the buffer at the lowest point", "note": "Negative = below the board buffer", "value": 289023.0115 }, { "item": "Lowest 13-week closing cash", "note": null, "value": 742457.4405 }, { "item": "Debt service cover at the December 2026 test", "note": "Covenant at least 1.2x; a breach also blocks the 2027 dividend", "value": 1.0883 }, { "item": "Net debt / EBITDA at the December 2026 test", "note": "Covenant at most 2.5x", "value": 0.2268 }, { "item": "Highest forecast service desk utilisation", "note": "Above the knee on Assumptions SLA credits start", "value": 0.9505 }, { "item": "Net revenue retention at Dec-27", "note": "Below 100% the contract base shrinks without new sales", "value": 1.0277 }, { "item": "Largest contract share of FY2026 managed services revenue", "note": "Above 10% is a concentration risk", "value": 0.1002 }, { "item": "Disputed J11 milestone open at the last actual month (EUR)", "note": "Month and credit share are scenario drivers", "value": 21600 }, { "item": "Onerous project provision at the last actual month (EUR)", "note": "J01 ERP migration", "value": 2507.14 }, { "item": "Distributor rebate tier expected for Q3-26", "note": "2.5% budgeted", "value": 0.015 } ] }, "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": [ [ "Brevanor T\u00eaxteis, S.A.", "July invoice: managed services and licences (incl. 23% VAT)", "Portugal", 36978.38, "2026-09-14", 0, 36978.38, 0, 0, 0, 0, "45-day terms." ], [ "Cer\u00e2micas Lovredo, S.A.", "July invoice: hardware (incl. 23% VAT)", "Portugal", 14404.46, "2026-09-14", 0, 14404.46, 0, 0, 0, 0, "45-day terms; EUR 14,885.90 received on 28-Aug-26, balance due." ], [ "Farm\u00e1cias Oliveda", "July invoice: hardware (incl. 23% VAT)", "Portugal", 37915.8, "2026-09-14", 0, 37915.8, 0, 0, 0, 0, "45-day terms." ], [ "Moldivel Pl\u00e1sticos, S.A.", "July invoice: hardware (incl. 23% VAT)", "Portugal", 37246.43, "2026-09-14", 0, 37246.43, 0, 0, 0, 0, "45-day terms." ], [ "Construtora Arvedo, S.A.", "July invoice: managed services and licences (incl. 23% VAT)", "Portugal", 12915.93, "2026-09-29", 0, 12915.93, 0, 0, 0, 0, "60-day terms." ], [ "Construtora Arvedo, S.A.", "July invoice: project time and materials (J05 Construction site connectivity) (incl. 23% VAT)", "Portugal", 10036.8, "2026-09-29", 0, 10036.8, 0, 0, 0, 0, "60-day terms." ], [ "Cooperativa Leiteira Bravanha", "July invoice: managed services and licences (incl. 23% VAT)", "Portugal", 14048.25, "2026-09-29", 0, 14048.25, 0, 0, 0, 0, "60-day terms." ], [ "Moldivel Pl\u00e1sticos, S.A.", "July invoice: managed services and licences (incl. 23% VAT)", "Portugal", 13617.7, "2026-09-29", 0, 13617.7, 0, 0, 0, 0, "60-day terms." ], [ "Castelvi Imobili\u00e1ria", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 6718.12, "2026-09-30", 0, 6718.12, 0, 0, 0, 0, "30-day terms." ], [ "Cl\u00ednica Dent\u00e1ria Rosmel", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 6448.07, "2026-09-30", 0, 6448.07, 0, 0, 0, 0, "30-day terms." ], [ "Cl\u00ednicas Almedra, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 24860.44, "2026-09-30", 0, 24860.44, 0, 0, 0, 0, "30-day terms." ], [ "Col\u00e9gios Maravel", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 22703.18, "2026-09-30", 0, 22703.18, 0, 0, 0, 0, "30-day terms." ], [ "Engenharia Morvelo, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 7946.14, "2026-09-30", 0, 7946.14, 0, 0, 0, 0, "30-day terms." ], [ "Engenharia Morvelo, Lda", "August invoice: software licences resold as agent, gross (incl. 23% VAT)", "Portugal", 8345.78, "2026-09-30", 0, 8345.78, 0, 0, 0, 0, "30-day terms." ], [ "Farm\u00e1cias Oliveda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 17547.52, "2026-09-30", 0, 17547.52, 0, 0, 0, 0, "30-day terms." ], [ "Ferroval Automa\u00e7\u00e3o, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 8016.01, "2026-09-30", 0, 8016.01, 0, 0, 0, 0, "30-day terms." ], [ "Hot\u00e9is Alvenosa", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 12455.79, "2026-09-30", 0, 12455.79, 0, 0, 0, 0, "30-day terms." ], [ "Laborat\u00f3rios Cendral, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 12649.23, "2026-09-30", 0, 12649.23, 0, 0, 0, 0, "30-day terms." ], [ "Laborat\u00f3rios Cendral, Lda", "August invoice: annual security and backup licences (incl. 23% VAT)", "Portugal", 6927.36, "2026-09-30", 0, 6927.36, 0, 0, 0, 0, "30-day terms." ], [ "Laborat\u00f3rios Cendral, Lda", "August invoice: project time and materials (J09 Backup and disaster recovery) (incl. 23% VAT)", "Portugal", 4565.76, "2026-09-30", 0, 4565.76, 0, 0, 0, 0, "30-day terms." ], [ "Mediavir Seguros", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 5208.89, "2026-09-30", 0, 5208.89, 0, 0, 0, 0, "30-day terms." ], [ "Mobili\u00e1rio Tarvela, Lda", "August invoice: project milestone (J10 Onboarding and migration) (incl. 23% VAT)", "Portugal", 17712, "2026-09-30", 0, 17712, 0, 0, 0, 0, "30-day terms." ], [ "Pravel Contabilidade, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 5860.64, "2026-09-30", 0, 5860.64, 0, 0, 0, 0, "30-day terms." ], [ "Pravel Contabilidade, Lda", "August invoice: software licences resold as agent, gross (incl. 23% VAT)", "Portugal", 14312.49, "2026-09-30", 0, 14312.49, 0, 0, 0, 0, "30-day terms." ], [ "Quintas Delvara, S.A.", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 8950.12, "2026-09-30", 0, 8950.12, 0, 0, 0, 0, "30-day terms." ], [ "Quintas Delvara, S.A.", "August invoice: project milestone (J07 Productivity suite tenant migration) (incl. 23% VAT)", "Portugal", 18696, "2026-09-30", 0, 18696, 0, 0, 0, 0, "30-day terms." ], [ "Salmeira Arquitetos", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 4132.79, "2026-09-30", 0, 4132.79, 0, 0, 0, 0, "30-day terms." ], [ "Salmeira Arquitetos", "August invoice: software licences resold as agent, gross (incl. 23% VAT)", "Portugal", 12700.57, "2026-09-30", 0, 12700.57, 0, 0, 0, 0, "30-day terms." ], [ "Valcorra Advogados", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 9958.27, "2026-09-30", 0, 9958.27, 0, 0, 0, 0, "30-day terms." ], [ "Valcorra Advogados", "August invoice: software licences resold as agent, gross (incl. 23% VAT)", "Portugal", 6707.15, "2026-09-30", 0, 6707.15, 0, 0, 0, 0, "30-day terms." ], [ "\u00d3ticas Lumarel", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 8906.36, "2026-09-30", 0, 8906.36, 0, 0, 0, 0, "30-day terms." ], [ "Agr\u00edcola Vinhedal", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 8230.87, "2026-10-15", 0, 8230.87, 0, 0, 0, 0, "45-day terms." ], [ "Brevanor T\u00eaxteis, S.A.", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 36138.5, "2026-10-15", 0, 36138.5, 0, 0, 0, 0, "45-day terms." ], [ "Cer\u00e2micas Lovredo, S.A.", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 10276.26, "2026-10-15", 0, 10276.26, 0, 0, 0, 0, "45-day terms." ], [ "Cer\u00e2micas Lovredo, S.A.", "August invoice: hardware (incl. 23% VAT)", "Portugal", 16607.88, "2026-10-15", 0, 16607.88, 0, 0, 0, 0, "45-day terms." ], [ "Cl\u00ednicas Almedra, Lda", "August invoice: hardware (incl. 23% VAT)", "Portugal", 11831.09, "2026-10-15", 0, 11831.09, 0, 0, 0, 0, "45-day terms." ], [ "Col\u00e9gios Maravel", "August invoice: hardware (incl. 23% VAT)", "Portugal", 24686.58, "2026-10-15", 0, 24686.58, 0, 0, 0, 0, "45-day terms." ], [ "Distribuidora Pellano, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 11524.35, "2026-10-15", 0, 11524.35, 0, 0, 0, 0, "45-day terms." ], [ "Distribuidora Pellano, Lda", "August invoice: hardware (incl. 23% VAT)", "Portugal", 14571.43, "2026-10-15", 0, 14571.43, 0, 0, 0, 0, "45-day terms." ], [ "Farm\u00e1cias Oliveda", "August invoice: hardware (incl. 23% VAT)", "Portugal", 13413.05, "2026-10-15", 0, 13413.05, 0, 0, 0, 0, "45-day terms." ], [ "Ferroval Automa\u00e7\u00e3o, Lda", "August invoice: hardware (incl. 23% VAT)", "Portugal", 13057.53, "2026-10-15", 0, 13057.53, 0, 0, 0, 0, "45-day terms." ], [ "Gr\u00e1fica Tornavel, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 6401.07, "2026-10-15", 0, 6401.07, 0, 0, 0, 0, "45-day terms." ], [ "Metal\u00fargica Vaurinho, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 11504.02, "2026-10-15", 0, 11504.02, 0, 0, 0, 0, "45-day terms." ], [ "Mobili\u00e1rio Tarvela, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 9886.95, "2026-10-15", 0, 9886.95, 0, 0, 0, 0, "45-day terms." ], [ "Mobili\u00e1rio Tarvela, Lda", "August invoice: hardware (incl. 23% VAT)", "Portugal", 10900.24, "2026-10-15", 0, 10900.24, 0, 0, 0, 0, "45-day terms." ], [ "Moldivel Pl\u00e1sticos, S.A.", "August invoice: hardware (incl. 23% VAT)", "Portugal", 25902.61, "2026-10-15", 0, 25902.61, 0, 0, 0, 0, "45-day terms." ], [ "Solvinha Cal\u00e7ado, Lda", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 12888.41, "2026-10-15", 0, 12888.41, 0, 0, 0, 0, "45-day terms." ], [ "Construtora Arvedo, S.A.", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 12596.65, "2026-10-30", 0, 12596.65, 0, 0, 0, 0, "60-day terms." ], [ "Construtora Arvedo, S.A.", "August invoice: project time and materials (J05 Construction site connectivity) (incl. 23% VAT)", "Portugal", 7084.8, "2026-10-30", 0, 7084.8, 0, 0, 0, 0, "60-day terms." ], [ "Cooperativa Leiteira Bravanha", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 13769.35, "2026-10-30", 0, 13769.35, 0, 0, 0, 0, "60-day terms." ], [ "Moldivel Pl\u00e1sticos, S.A.", "August invoice: managed services and licences (incl. 23% VAT)", "Portugal", 13341.15, "2026-10-30", 0, 13341.15, 0, 0, 0, 0, "60-day terms." ], [ "Talleres Bra\u00f1oso, S.L.", "June invoice: project J11 ERP hosting move, final milestone (30%)", "Spain", 21600, "2026-07-30", 32, 0, 0, 21600, 0, 0, "Disputed: the customer is withholding payment until the performance acceptance test is signed off. Test rerun booked for September; no credit expected." ], [ "Cl\u00ednica Veigadal, S.L.", "July invoice: managed services and licences", "Spain", 3903.24, "2026-09-14", 0, 3903.24, 0, 0, 0, 0, "45-day terms; EUR 1,928.97 received on 28-Aug-26, balance due." ], [ "Conservas Brelmar, S.L.", "July invoice: managed services and licences", "Spain", 11673.72, "2026-09-29", 0, 11673.72, 0, 0, 0, 0, "60-day terms." ], [ "Conservas Brelmar, S.L.", "July invoice: hardware (intra-EU supply, exempt)", "Spain", 10878.21, "2026-09-29", 0, 10878.21, 0, 0, 0, 0, "60-day terms." ], [ "Conservas Brelmar, S.L.", "July invoice: project time and materials (J04 Security hardening and SOC onboarding)", "Spain", 7072, "2026-09-29", 0, 7072, 0, 0, 0, 0, "60-day terms." ], [ "Maderas Ouri\u00f1al, S.L.", "July invoice: hardware (intra-EU supply, exempt)", "Spain", 12641.79, "2026-09-29", 0, 12641.79, 0, 0, 0, 0, "60-day terms." ], [ "Maderas Ouri\u00f1al, S.L.", "July invoice: managed services and licences", "Spain", 6418.97, "2026-09-29", 0, 6418.97, 0, 0, 0, 0, "60-day terms." ], [ "Pesqueras Morazal, S.L.", "July invoice: managed services and licences", "Spain", 7645.06, "2026-09-29", 0, 7645.06, 0, 0, 0, 0, "60-day terms." ], [ "Talleres Bra\u00f1oso, S.L.", "July invoice: managed services and licences", "Spain", 7731.08, "2026-09-29", 0, 7731.08, 0, 0, 0, 0, "60-day terms." ], [ "Bodegas Quenlla, S.L.", "August invoice: managed services and licences", "Spain", 4647.03, "2026-10-15", 0, 4647.03, 0, 0, 0, 0, "45-day terms." ], [ "Bodegas Quenlla, S.L.", "August invoice: annual security and backup licences", "Spain", 768, "2026-10-15", 0, 768, 0, 0, 0, 0, "45-day terms." ], [ "Cl\u00ednica Veigadal, S.L.", "August invoice: managed services and licences", "Spain", 5749.05, "2026-10-15", 0, 5749.05, 0, 0, 0, 0, "45-day terms." ], [ "Cl\u00ednica Veigadal, S.L.", "August invoice: software licences resold as agent, gross", "Spain", 3800, "2026-10-15", 0, 3800, 0, 0, 0, 0, "45-day terms." ], [ "Conservas Brelmar, S.L.", "August invoice: managed services and licences", "Spain", 11434.57, "2026-10-30", 0, 11434.57, 0, 0, 0, 0, "60-day terms." ], [ "Conservas Brelmar, S.L.", "August invoice: hardware (intra-EU supply, exempt)", "Spain", 5492.21, "2026-10-30", 0, 5492.21, 0, 0, 0, 0, "60-day terms." ], [ "Conservas Brelmar, S.L.", "August invoice: project time and materials (J04 Security hardening and SOC onboarding)", "Spain", 4896, "2026-10-30", 0, 4896, 0, 0, 0, 0, "60-day terms." ], [ "Maderas Ouri\u00f1al, S.L.", "August invoice: managed services and licences", "Spain", 6197.72, "2026-10-30", 0, 6197.72, 0, 0, 0, 0, "60-day terms." ], [ "Maderas Ouri\u00f1al, S.L.", "August invoice: hardware (intra-EU supply, exempt)", "Spain", 9027.79, "2026-10-30", 0, 9027.79, 0, 0, 0, 0, "60-day terms." ], [ "Pesqueras Morazal, S.L.", "August invoice: managed services and licences", "Spain", 7509.92, "2026-10-30", 0, 7509.92, 0, 0, 0, 0, "60-day terms." ], [ "Talleres Bra\u00f1oso, S.L.", "August invoice: managed services and licences", "Spain", 7756.56, "2026-10-30", 0, 7756.56, 0, 0, 0, 0, "60-day terms." ] ] }, "totals": [ "TOTAL", null, null, 870948.14, null, null, 849348.14, 0, 21600, 0, 0, null ], "tie_outs": [ { "label": "Customers in Portugal: aging vs ledger", "values": [ null, null, 714105.22, "Ledger balance", 714105.2217, "Difference", 0, null ] }, { "label": "Customers in Spain: aging vs ledger", "values": [ null, null, 156842.92, "Ledger balance", 156842.9203, "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": [ [ "Hardware distributor A (laptops and desktops)", "August invoices: hardware purchases (incl. 23% VAT)", "Hardware distributors", 61729.02, "2026-09-30", 0, 61729.02, 0, 0, 0, 0, "Paid by transfer at 30 days." ], [ "Hardware distributor B (servers and networking)", "August invoices: hardware purchases (incl. 23% VAT)", "Hardware distributors", 37833.92, "2026-09-30", 0, 37833.92, 0, 0, 0, 0, "Paid by transfer at 30 days." ], [ "Licence distributor", "August invoice: bundled, annual and resold licences (incl. 23% VAT)", "Licence distributor", 118786.57, "2026-09-30", 0, 118786.57, 0, 0, 0, 0, "Paid by transfer at 30 days." ], [ "Service tooling vendor (USD)", "August invoice: RMM, PSA, endpoint security and backup platforms (USD 23,442 at the August average rate)", "Tooling vendor (USD)", 20113.03, "2026-09-15", 0, 20113.03, 0, 0, 0, 0, "Paid by wire on the 15th; reverse charge." ], [ "Colocation and backup storage provider", "August invoice: rack space, power and backup storage (incl. 23% VAT)", "Other suppliers", 10950.08, "2026-09-30", 0, 10950.08, 0, 0, 0, 0, "30-day terms." ], [ "Specialist ERP data migration subcontractor", "August invoice: J01 subcontract hours (incl. 23% VAT)", "Other suppliers", 12103.2, "2026-09-30", 0, 12103.2, 0, 0, 0, 0, "30-day terms." ], [ "Cabling and electrical subcontractor", "August invoice: site cabling (incl. 23% VAT)", "Other suppliers", 1845, "2026-09-30", 0, 1845, 0, 0, 0, 0, "30-day terms." ], [ "Statutory auditor and legal advisers", "August invoices: fees (incl. 23% VAT)", "Other suppliers", 4956.3, "2026-09-30", 0, 4956.3, 0, 0, 0, 0, "30-day terms." ], [ "Marketing agency", "August invoice: campaigns and events (incl. 23% VAT)", "Other suppliers", 3968.56, "2026-09-30", 0, 3968.56, 0, 0, 0, 0, "30-day terms." ], [ "Training provider", "August invoice: certifications (incl. 23% VAT)", "Other suppliers", 4688.93, "2026-09-30", 0, 4688.93, 0, 0, 0, 0, "30-day terms." ], [ "Recruitment agency and job boards", "August invoice (incl. 23% VAT)", "Other suppliers", 489.02, "2026-09-30", 0, 489.02, 0, 0, 0, 0, "30-day terms." ], [ "Office services", "August invoice: cleaning, utilities and supplies (incl. 23% VAT)", "Other suppliers", 3406.62, "2026-09-30", 0, 3406.62, 0, 0, 0, 0, "30-day terms." ], [ "Occupational health provider", "August invoice (VAT exempt)", "Other suppliers", 447.76, "2026-09-30", 0, 447.76, 0, 0, 0, 0, "30-day terms." ], [ "IT equipment reseller", "August invoice: laptops and replacements (incl. 23% VAT)", "Other suppliers", 2214, "2026-09-30", 0, 2214, 0, 0, 0, 0, "30-day terms." ] ] }, "totals": [ "TOTAL", null, null, 283532.01, null, null, 283532.01, 0, 0, 0, 0, null ], "tie_outs": [ { "label": "Hardware distributors: aging vs schedule", "values": [ null, null, 99562.94, "Ledger balance", 99562.9463, "Difference", 0, null ] }, { "label": "Licence distributor: aging vs schedule", "values": [ null, null, 118786.57, "Ledger balance", 118786.577, "Difference", 0, null ] }, { "label": "Tooling vendor (USD): aging vs schedule", "values": [ null, null, 20113.03, "Ledger balance", 20113.033, "Difference", 0, null ] }, { "label": "Other suppliers: aging vs schedule", "values": [ null, null, 45069.47, "Ledger balance", 45069.4557, "Difference", 0, null ] } ] }, "cfo_report": { "reporting_line": "Reporting month: Aug-26 actuals, Base scenario for the outlook. Amounts in EUR. 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 4,783k, down 10.6% on the same months of 2025 and 8.7% below budget, with EBITDA of EUR 479k against EUR 813k budgeted. Four things explain it. Hardware and projects are EUR 133k and EUR 240k of revenue below budget, after a strong 2025. Traslovia Transportes left at its April renewal (EUR 34k). Four people left the service desk between March and June and only two were replaced, so utilisation hit 98% in July and SLA credits cost EUR 38k against EUR 8k budgeted. And the J01 ERP migration needed a specialist subcontractor: subcontractors cost EUR 68k more than budgeted and the project turned loss-making in June.", "Full-year outlook (Base): revenue EUR 7,532k, 8.3% below budget and down 10.2% on FY2025; EBITDA EUR 863k against EUR 1,357k budgeted and EUR 1,340k in FY2025. Managed service fees are EUR 237k a month at Aug-26 and EUR 252k by December, with the Venara hospital group tender included at its 55% win probability. Recurring revenue (managed services and annual licences) is 53% of FY2026 revenue.", "Cash is EUR 842k at Aug-26 (EUR 36k less than budgeted) and the 13-week low is EUR 742k in the week ending 4 December, EUR 342k above the EUR 400k buffer. The pressure point is the loan covenant, not liquidity. At the December test, debt service cover is 1.09x if the December IRC payment on account is paid in full, against a 1.20x minimum, because 2026 pays both the FY2025 IRC balance and payments on account set on the strong FY2025 profit. The July and September payments already exceed the FY2026 IRC now expected, so CIRC art. 107 lets the company limit the December payment: cover then rises to 1.25x, inside the covenant, and EUR 73k stays in the bank.", "Three decisions for this quarter: elect to limit the 15 December payment on account (EUR 73k) and brief the bank before the test; confirm the 5 service desk hires for October and November and phase the Venara onboarding over two months; and agree the renewal terms for Brevanor T\u00eaxteis, 10.0% of managed services revenue, which renews in March 2027 while a competitor is courting its IT director." ], "rows": [] }, { "title": "2. WHAT HAPPENED YEAR TO DATE (BvA: revenue by cause and the EBITDA walk)", "paragraphs": [ "Revenue against budget by cause: Traslovia Transportes cost EUR 34k; the three contracts won in March, May and July, against four budgeted, cost EUR 8k; the contracts live at the start of the year added EUR 1k (users, devices and price reviews on plan); SLA credits cost EUR 30k; bundled licences cost EUR 12k; annual licences added EUR 3k; licences resold as agent cost EUR 3k; hardware cost EUR 133k; projects cost EUR 240k.", "EBITDA is EUR 334k behind budget. Hardware revenue is EUR 133k lower and its cost EUR 91k lower, a net EUR 42k that includes the distributor rebate at tier 1 (1.5%) instead of the 2.5% budgeted. Projects are EUR 240k lower in revenue with subcontractors EUR 68k higher, almost all on J01. The service delivery payroll is EUR 82k under budget because the leavers were not replaced and the budgeted desk hires were not made (37 desk FTE at Aug-26 against 43 budgeted): that saving produced the SLA credits and two summer breaches at Pesqueras Morazal, which renews in December." ], "rows": [] }, { "title": "3. MANAGED SERVICES: CONTRACTS, RENEWALS AND RETENTION (Contracts, Contract_Register)", "paragraphs": [ "The contract base bills EUR 237k a month at Aug-26 across 32 contracts, 3,951 users and 1,225 devices, EUR 59.98 a month per user with devices included. Net revenue retention over the last twelve months is 100.9% and gross retention 96.2%: price reviews of 2.6% at the anniversaries and user growth made up for Traslovia Transportes, which moved to a remote-only competitor at a lower price per user. Ferroval Automa\u00e7\u00e3o, Cl\u00ednica Dent\u00e1ria Rosmel and Mobili\u00e1rio Tarvela started in March, May and July and bill EUR 16k a month.", "Renewals are the exposure: EUR 1,304k of annual fees reach their 36-month renewal in the next twelve months. They include Pesqueras Morazal in December (renewal probability 88% in this case, after two SLA breaches and a request for a lower price) and Brevanor T\u00eaxteis in March 2027 (EUR 277k a year, 90%), where a regional competitor has approached the IT director while the J01 migration runs over. This case expects EUR 103k of those annual fees to be lost at renewal; net revenue retention is 102.8% at December 2027.", "Pipeline: the Venara hospital group (480 users and 140 devices, EUR 312k of first-year fees at full value) decides in October for a November start and is in this case at 55%; three smaller opportunities follow in the first half of 2027. New contracts pay an onboarding fee of EUR 45 per user, recognised over the 36-month term (EUR 16k deferred at Aug-26). The 6% sales commission on each new contract is capitalised with its social security and amortised over the same term (EUR 13k on the balance sheet)." ], "rows": [] }, { "title": "4. SERVICE DESK CAPACITY AND SLA PERFORMANCE (Service_Desk, People)", "paragraphs": [ "Utilisation reached 98% in July against about 81% budgeted. Above 80% utilisation, SLA attainment falls: it was 86.4% in July against the 96% target, and SLA credits cost EUR 38k to Aug-26, 2.1% of managed service fees. At Aug-26 the desk has 37 FTE against about 44 needed to bring utilisation back to 80%.", "The plan adds 5 service desk hires in October and November and 5 more in 2027 (12 hires across the company). A service desk analyst costs about EUR 24k a year with social security, meal card and insurance; in this case SLA credits fall to EUR 4k in FY2027 at 81% utilisation. The pinch point is November 2026, when the Venara hospital group would start: its onboarding adds about 528 expected hours and utilisation reaches 95%. Phasing the onboarding over two months, or two contract engineers for the month, keeps the desk close to its SLA." ], "rows": [] }, { "title": "5. PROJECTS (Projects, Project_Register)", "paragraphs": [ "J01, the ERP infrastructure and cloud migration for Brevanor T\u00eaxteis (fixed fee EUR 158k), needed a specialist data migration subcontractor. In June the estimate at completion rose from 2,050 to 3,500 hours, and the cumulative catch-up turned J01 revenue for the month into a reversal of EUR 30k (IFRS 15.88). At completion the project loses EUR 17k at standard cost; the loss still ahead is provided under IAS 37 (EUR 2,507 at Aug-26). This case completes it on the revised estimate in November.", "The J11 ERP hosting move for Talleres Bra\u00f1oso is complete, but the customer is withholding the final milestone (EUR 21,600) until the performance acceptance test is signed off; the rerun is booked for September. This case collects it in October in full.", "Project revenue was EUR 535k to Aug-26 against EUR 776k budgeted, and the utilisation of the project team averaged 61% of its productive hours. Signed backlog is EUR 237k at Aug-26, mostly J08 (the store network upgrade signed in August) and the J01 remainder. From October this case tops signed work up to EUR 90k a month on the FY2025 seasonal profile, against EUR 103k a month in FY2025. That assumption carries the FY2027 project margin (EUR 338k): each EUR 10k a month of project revenue is worth about EUR 106k a year of margin, because the project team is already on the payroll." ], "rows": [] }, { "title": "6. HARDWARE, LICENCES AND REBATES (Hardware, Licences, Rebates)", "paragraphs": [ "Hardware: EUR 1,575k to Aug-26 against EUR 1,708k budgeted; 2025 was lifted by a desktop refresh cycle that has not repeated. The margin before rebates is 12.8% (13.3% budgeted). The distributor rebate is tiered on quarterly purchases and applies to the whole quarter: the first and second quarters reached only tier 1 (1.5%) against the 2.5% budgeted, and the third is on course for tier 1 with EUR 497k of purchases. The fourth quarter is forecast at EUR 584k, EUR 66k short of tier 2: bringing confirmed January orders into December would lift the whole quarter to 2.5% and add about EUR 7k of rebate.", "Licences: bundled per-user subscriptions and the annual security and backup subscriptions are sold as principal, because the company integrates, provisions and supports them; standard licences the manufacturer delivers directly are sold as agent, so EUR 438k billed to customers to Aug-26 produced EUR 62k of revenue. Annual subscriptions are billed a year ahead: EUR 149k of revenue sits in contract liabilities at Aug-26, matched by EUR 113k of prepaid vendor cost. January is the heavy month (EUR 244k billed in January 2026)." ], "rows": [] }, { "title": "7. MARGINS BY SERVICE LINE AND CONTRACT (Margins, Contract_Register)", "paragraphs": [ "Gross margin by service line, FY2026: managed services 35%, hardware after rebates 14%, licence resale 41%, projects 25%. Managed services earn 61% of gross profit on 48% of revenue; hardware brings 33% of revenue but 17% of gross profit. In FY2027 the lines move to 35%, 14%, 40% and 31%.", "By contract, FY2026 contribution after the service desk, tooling, licences, colocation and vans runs from 21% (Col\u00e9gios Maravel) to 48% (Valcorra Advogados). Contribution follows price: the desk hours a user needs do not fall with the price per user, so the contracts priced lowest earn the least and are the first to reprice at renewal. Brevanor T\u00eaxteis is the largest contract at 10.0% of managed services revenue with a contribution of 37%." ], "rows": [] }, { "title": "8. CASH, TAX, THE LOAN AND THE 13 WEEKS (Cash_13W, VAT, Tax, Financing)", "paragraphs": [ "The 13 weeks from 12 September: opening cash EUR 957k, receipts EUR 2,397k, payments EUR 2,523k, closing EUR 830k on 11 December. The low point is EUR 742k in the week ending 4 December, EUR 342k above the EUR 400k buffer, with the EUR 300k credit line undrawn. September pays two VAT returns on the 25th (June and July, EUR 87k) and the second IRC payment on account on the 30th (EUR 73k); November pays the Christmas allowance with the payroll (net pay EUR 196k against EUR 97k in October) and its social security falls on 21 December.", "Tax: the FY2025 IRC balance of EUR 106k was paid on 19 June under the extended Modelo 22 deadline. FY2026 IRC is EUR 129k plus EUR 10k of derrama (19%, 15% on the first EUR 50,000, Porto 1.5%), against payments on account of EUR 219k in this case; any overpayment comes back around September 2027. VAT is monthly, with June and July both paid in September. From 1 January 2027 PDF invoices need a qualified electronic signature and social security moves to the new payment window from the 1st to the 25th: both changes must be live in the billing and payroll systems before January.", "The bank loan is EUR 1,033k at Aug-26 and falls to EUR 500k by December 2027; net debt is 0.23x EBITDA at December, well inside 2.5x, so debt service cover is the covenant that binds. Dividends may go out only when both covenants are met at the December test: this case pays no dividend in 2027 because the December test fails." ], "rows": [] }, { "title": "9. SCENARIOS (Scenarios sheet; snapshot values from three full model runs)", "paragraphs": [ "Base: FY2027 revenue EUR 8,204k (8.9% growth), EBITDA EUR 1,059k, cash EUR 1,204k at December 2027, debt service cover 1.09x at December 2026 with the December payment on account paid in full. Downside (hardware demand x0.85 with the margin at 11.5%, projects at EUR 65k a month, price reviews of 1.5% and 5% off at renewal, renewals at lower probabilities including a 50% chance of losing Brevanor T\u00eaxteis, the pipeline 2 months later, J01 20% over its remaining hours, customers 15 days slower, the dollar at 1.08; response: a quarter of the hiring plan and of replacements held back): revenue EUR 6,995k, EBITDA EUR 443k, lowest cash EUR 208k in Feb-27 (EUR 192k below the EUR 400k buffer), debt service cover 0.77x at December 2026 and 0.96x at December 2027. Upside: revenue EUR 8,915k, EBITDA EUR 1,478k, cash EUR 1,330k, a dividend of EUR 202k in 2027.", "The Downside breaks the debt service covenant at both December tests and its lowest cash is EUR 192k below the EUR 400k buffer, so the waiver conversation with the bank starts before the December test. Triggers, reviewed monthly: service desk utilisation above 90% for two months; SLA credits above 2% of fees; a renewal lost among the ten largest contracts; hardware purchases in a quarter below EUR 450k (the rebate falls to nil); project revenue below EUR 70k in a month outside August; headroom over the buffer below EUR 200k on the 13-week forecast." ], "rows": [] }, { "title": "10. RISK REGISTER (scored 1 to 5; score = likelihood x impact)", "paragraphs": [], "rows": [ [ "Covenant: debt service cover at the December test is 1.09x with the December payment on account paid in full and 1.25x if it is limited, against 1.20x; a breach lets the bank call the loan and blocks the 2027 dividend", 4, 4, 16, "Election under CIRC art. 107 with the tax adviser; bank briefed before the test; waiver request drafted for the Downside; CEO and BriQs CFO" ], [ "Renewal of Brevanor T\u00eaxteis in March 2027: 10.0% of managed services revenue, EUR 277k a year, approached by a competitor during the J01 overrun", 3, 5, 15, "J01 closed on the revised estimate; executive sponsor meetings monthly; renewal proposal by November; CEO and account manager" ], [ "Service desk capacity: utilisation 98% in July, SLA credits EUR 38k year to date; Pesqueras Morazal renews in December after two breaches", 4, 3, 12, "October and November hires; Venara onboarding phased over two months; SLA recovery plan for Pesqueras Morazal; Service delivery director" ], [ "Project delivery: J01 lost EUR 17k at standard cost; estimates at completion are reviewed monthly, not weekly", 3, 3, 9, "Weekly estimate review on fixed-fee projects above EUR 50k; subcontractor caps in the statement of work; Project director" ], [ "Project pipeline: this case needs EUR 90k a month of project revenue against EUR 67k a month so far this year", 3, 3, 9, "Pipeline review every two weeks; presales capacity on the three largest renewals; Sales director" ], [ "Hardware and rebates: demand below 2025 and the distributor rebate at tier 1 all year (EUR 66k short of tier 2 in the fourth quarter)", 3, 2, 6, "Quarterly purchasing plan against the tiers; consolidated January orders; Procurement lead" ], [ "Collections: Spanish customers pay at about 55 days and the J11 milestone is disputed", 2, 2, 4, "Direct debit mandates on renewal; acceptance criteria signed before the final milestone; Finance lead" ], [ "Key people: service desk attrition of 14% a year in a tight Porto market", 4, 3, 12, "Retention review for engineers; certification path; salary benchmark before the January pay review; Directors" ], [ "Regulation from January 2027: qualified electronic signature on PDF invoices and the new social security payment window", 2, 2, 4, "System changes tested in November; Finance lead" ], [ "USD tooling cost: platforms billed in dollars (a 10% stronger dollar costs about EUR 26k a year)", 2, 1, 2, "Budget at a prudent rate; review the vendor contract currency at renewal; Finance lead" ] ], "columns": [ "Risk", "Likelihood", "Impact", "Score", "Mitigation and owner" ] }, { "title": "11. ACTIONS (owner, due date, status)", "paragraphs": [], "rows": [ [ "Elect to limit the 15 December IRC payment on account under CIRC art. 107 (EUR 73k), with the tax adviser confirming the FY2026 estimate", "Finance lead with the tax adviser", "2026-11-30", "Open", "Payment of 15 December limited; December covenant test met" ], [ "Brief the bank on the December covenant test, with this forecast and the Downside waiver request ready", "CEO and BriQs CFO", "2026-10-31", "Open", "Meeting held; bank position in writing" ], [ "Service desk hiring: three hires in October, two in November; the Venara onboarding phased over two months if the tender is won", "Service delivery director", "2026-10-15", "In progress", "Offers accepted; onboarding plan signed off" ], [ "Brevanor T\u00eaxteis renewal plan: J01 close-out, service review and renewal proposal", "CEO and account manager", "2026-11-30", "Open", "Proposal presented; renewal signed by February" ], [ "Pesqueras Morazal: SLA recovery report and renewal price position", "Account manager", "2026-10-31", "Open", "Recovery report sent; renewal signed before December" ], [ "J01: weekly estimate at completion review and a cap on the data migration subcontractor", "Project director", "2026-10-15", "In progress", "Weekly review minuted; subcontractor hours capped" ], [ "J11: acceptance test rerun and collection of the final milestone", "Project manager and Finance lead", "2026-10-31", "In progress", "Acceptance signed; final milestone received" ], [ "Fourth-quarter hardware purchasing plan against the distributor tiers", "Procurement lead and Finance lead", "2026-10-31", "Open", "Plan agreed; tier position reviewed monthly" ], [ "Qualified electronic signature on invoices and the social security payment window from January 2027", "Finance lead", "2026-11-30", "Open", "Test invoices signed; payroll calendar updated" ], [ "Monthly contract margin review from the Contract_Register, with a repricing list for the 2027 renewals", "BriQs CFO", "2026-10-15", "Open", "Repricing list approved by the directors" ] ], "columns": [ "Action", "Owner", "Due", "Status", "Measure of done" ] }, { "title": "12. INFORMATION NEEDED BEFORE THE SEPTEMBER CLOSE", "paragraphs": [ "The September billing, RMM counts of users and devices by contract, the PSA export (tickets and SLA attainment) and credit notes.", "Timesheets and subcontractor invoices by project, the J01 estimate at completion review and the J11 acceptance test outcome.", "Distributor and vendor statements for September: purchases, the third-quarter rebate tier and licence incentives.", "The September payroll journal, the status of the October hires and the Venara tender decision date.", "The tax adviser view on limiting the December payment on account, and the covenant definitions in the loan agreement.", "The renewal positions of Pesqueras Morazal and Brevanor T\u00eaxteis.", "Prepared by BriQs Group for the board of Quelvora Sistemas, Lda (fictional demonstration company). Model status at the time of preparation: OK." ], "rows": [] } ] } } }