# Quelvora Sistemas, Lda: IT services finance pack, model guide

FICTIONAL DEMONSTRATION. Quelvora Sistemas, Lda, its customers, contracts, projects, suppliers, staff, invoices and every number in this pack are invented by BriQs Group to show the structure, depth and controls of a monthly finance pack. The hardware and licence distributors, the tooling vendor and every customer name are fictional. Tax, social security, accounting and filing rules are real and sourced below.

## 1. What the pack is

A founder-led managed IT services provider in Porto (Lda, founded 2009, owned by its two founders) serving businesses in Portugal and Spain. It sells managed services per user and per device on 36-month contracts with SLA credits, projects (fixed fee and time and materials), hardware and licence resale, and annual security and backup subscriptions. 68 people at Aug-26 and EUR 7.53m of FY2026 revenue in the Base outlook, funded by its own cash flow and a bank loan taken for the April 2024 acquisition of a Braga managed services business. The service tooling vendor bills in USD. Reporting in EUR. Actuals Jan-26 to Aug-26, forecast Sep-26 to Dec-27, three scenarios.

| File | What it is |
|---|---|
| Quelvora_IT_Services_Finance_Pack_Aug26_FICTIONAL.xlsx | Editable workbook, 35 sheets, 29,738 formulas, recalculated with cached values (Base selected) |
| Quelvora_IT_Services_Finance_Pack_Aug26_FICTIONAL_Base.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Base scenario |
| Quelvora_IT_Services_Finance_Pack_Aug26_FICTIONAL_Downside.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Downside scenario |
| Quelvora_IT_Services_Finance_Pack_Aug26_FICTIONAL_Upside.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Upside scenario |
| Quelvora_IT_Services_Finance_Pack_Aug26_FICTIONAL_Summary.json | Web-sized summary: scenarios, checks, budget vs actual, 13-week control, contract and project registers, CFO report, headline series (recurring revenue, retention, service desk, margins by service line, cash and covenants) |
| Quelvora_IT_Services_Finance_Pack_Aug26_FICTIONAL_Model_Guide.md | This guide |

## 2. Validation results

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

| Scenario | Formulas | Formula errors | Integrity checks passing | Overall status |
|---|---|---|---|---|
| Base | 29,738 | 0 | 50 of 50 | OK |
| Downside | 29,738 | 0 | 50 of 50 | OK |
| Upside | 29,738 | 0 | 50 of 50 | OK |

The checks prove: the balance sheet balances every month; the indirect cash flow equals a direct build of every schedule cash line every month; closing cash and retained earnings link and roll (net profit less dividends declared); the opening balance sheet balances; the Contract_Register reproduces the Dec-25 fees in History; onboarding fees deferred, annual licences billed ahead and prepaid licence costs each equal an independent schedule every month; SLA credits due equal the credits of the month; every project position moves by billing less revenue and the opening positions agree with the Project_Register; rebates receivable equal the accruals of quarters not yet paid; gross margin by service line reconciles to the P&L and the contract contributions plus onboarding and SLA credits equal the managed services margin; payroll nets to pay and deductions, social security and IRS payables equal the month due, the Christmas accrual is nil every December, the opening holiday accrual equals two months of pay by band and every salary is above the minimum wage; the VAT payable equals the returns not yet paid; the IRC payable at each year end equals tax less payments on account, the IRC arithmetic and the payments on account follow the rules and the rent withholding is paid on time; every AR and AP aging group ties to the ledger; forecast receivables follow the collection rule; USD payables equal the month invoice at the month rate; the loan and dividends roll; the 13-week forecast reconciles to the December balance sheet; the scenario snapshot is current; the revenue variance by cause and the EBITDA walk reconcile to the P&L; and sign checks cover receivables, payables, every contract, every project, contract liabilities, stock, headcount, fixed assets, the loan and the timeline flags. A final sweep found no em dashes, en dashes or unfinished text in the workbook, the JSON files or this guide.

## 3. What the numbers say (Base)

| Measure | Value |
|---|---|
| YTD Aug-26 revenue vs budget | EUR 4,783k against EUR 5,239k; 8.7% below budget and 10.6% below the same months of 2025 |
| YTD EBITDA vs budget | EUR 479k against EUR 813k |
| Revenue variance by cause, YTD | Traslovia Transportes not renewed (EUR 34k); contracts won against budget (EUR 8k); existing contracts EUR 1k; SLA credits (EUR 30k); licences (EUR 11k); hardware (EUR 133k); projects (EUR 240k) |
| FY2026 revenue, gross margin, EBITDA, net profit | EUR 7,532k (10.2% below FY2025), 27.3%, EUR 863k against EUR 1,357k budgeted and EUR 1,340k in FY2025, EUR 551k |
| Managed services | Fees EUR 237k a month at Aug-26 (3,951 users, 1,225 devices, 32 contracts); net revenue retention 100.9%, gross 96.2%; EUR 1,304k of annual fees reach renewal in the next twelve months |
| Service desk | Utilisation 98% in July; SLA credits EUR 38k to Aug-26 against EUR 8k budgeted; 37 FTE against about 44 needed at the knee |
| Projects | J01 estimate at completion raised in June to 3,500 hours, June catch-up (EUR 30k), loss at completion (EUR 17k) at standard cost; signed backlog EUR 237k |
| Margins FY2026 by service line | Managed services 35%, hardware after rebates 14%, licence resale 41%, projects 25%; by contract 21% (Colégios Maravel) to 48% (Valcorra Advogados) |
| Covenant at the December 2026 test | Debt service cover 1.09x with the December IRC payment on account paid in full, 1.25x if it is limited under CIRC art. 107 (minimum 1.20x); net debt 0.23x EBITDA |
| Cash | EUR 842k at Aug-26; 13-week low EUR 742k in the week ending 4 Dec 2026; lowest month-end EUR 689k in Nov-26, EUR 289k above the EUR 400k board buffer |

| Scenario (negatives in brackets) | FY2027 revenue | FY2027 EBITDA | Debt service cover Dec-26 / Dec-27 | Lowest month-end cash | Headroom over the buffer |
|---|---|---|---|---|---|
| Base | EUR 8,204k (8.9% above FY2026) | EUR 1,059k | 1.09x / 2.23x | EUR 689k in Nov-26 | EUR 289k |
| Downside | EUR 6,995k (3.4% below FY2026) | EUR 443k | 0.77x / 0.96x | EUR 208k in Feb-27 | (EUR 192k) |
| Upside | EUR 8,915k (15.7% above FY2026) | EUR 1,478k | 1.29x / 3.13x | EUR 697k in Nov-26 | EUR 297k |

The story: FY2025 was a hardware refresh year; FY2026 lands 8.3% below budget with EBITDA of EUR 863k against EUR 1,357k budgeted. Traslovia Transportes left at its April renewal for a remote-only competitor. Four people left the service desk in the spring and two were replaced, so utilisation reached 98% in July and SLA credits reached EUR 38k against EUR 8k budgeted. The J01 ERP migration needed a specialist subcontractor and turned loss-making in June, and the distributor rebate stayed at tier 1. The binding constraint is the loan covenant: 2026 pays the FY2025 IRC balance and payments on account set on the strong FY2025 profit, so the December test fails at 1.09x unless the December payment on account is limited under CIRC art. 107, which lifts cover to 1.25x and keeps EUR 73k in the bank. The Downside (50% chance of losing Brevanor Têxteis at its March 2027 renewal, weaker hardware and projects, customers 15 days slower) breaks the covenant at both December tests and takes cash EUR 192k below the buffer in Feb-27.

## 4. How the model works

Inputs_Actuals holds the actual months (users, devices and fees by contract, bundled licences, tickets, SLA attainment and credits, annual and agent licence billings, hardware revenue, cost and stock, rebates and incentives, project hours, revenue, billing and provisions, payroll by department, headcount by band, commissions, delivery costs, overheads, capex, receipts and payments) and the opening balance sheet. History holds FY2025 by month and the fees by contract. The Contract_Register holds every contract and pipeline deal with terms, prices, growth and renewal or win probabilities by scenario; the Project_Register holds every project with fee or rate, dates and the estimate at completion. Assumptions holds Portuguese tax and payroll rates, pay bands, the IRS withholding table, service desk rates, prices, overheads, the timeline and the scenario drivers (selector in Assumptions!C11). Contracts, Service_Desk, Projects, Hardware, Licences and Rebates run the operations; Revenue consolidates. People runs Portuguese payroll by band. Receivables, Payables, VAT, Tax, Overheads, Fixed_Assets and Financing roll every flow and balance. PL, BS and CF link only to schedules. BvA, Scenarios, Cash_13W, KPIs, Margins, the agings and CFO_Report are reporting layers.

## 5. Methods an IT services CFO will look for

| Area | Treatment |
|---|---|
| Managed service contracts | Fees = (users x price per user + devices x price per device) x a price index that moves at each anniversary by the price review and at each 36-month renewal by the renewal price change; renewals and pipeline deals are expected values at their probability. Net and gross revenue retention on a trailing twelve months by contract. |
| SLA credits | Variable consideration (IFRS 15.50 to 59): estimated from the SLA attainment of the month, reducing revenue then, deducted from the next invoice; the liability equals the credits of the month (checked). |
| Service desk capacity | Tickets from users and devices x seasonality, hours by priority, proactive work and onboarding hours against FTE x productive hours; SLA attainment falls above an 80% utilisation knee (fitted to the PSA data), which drives the credits; FTE needed at the knee shown every month. |
| Onboarding fees | Not a distinct service: recognised over the 36-month term (IFRS 15.B48 to B51), checked against a contract-by-contract schedule. |
| Principal or agent | Hardware (bought, held, configured, priced by the company) and bundled and annual licences (integrated, provisioned and supported by the company) as principal; standard licences delivered by the manufacturer as agent at the net commission (IFRS 15.B34 to B38; IFRIC agenda decision on software resellers, 2022). |
| Annual licence deferrals | Billed a year ahead; revenue and the prepaid vendor cost over 12 months, each proved against a billing schedule. |
| Vendor rebates | Distributor rebate tiered on quarterly purchases for the whole quarter, accrued at the rate the quarter is expected to earn with a catch-up when the tier changes, reducing the cost of hardware (IAS 2.11); licence incentives reduce licence cost or add to agent revenue. |
| Projects | Fixed fee over time on hours to date over hours at completion (IFRS 15.B18 to B19) with the cumulative catch-up when the estimate changes (IFRS 15.88); milestone billing and contract assets and liabilities by project; onerous contract provision for the unavoidable loss at standard cost (IAS 37.66 to 69 and 68A). |
| Commissions | 6% of the first-year fees of a new contract capitalised with its social security and amortised over the 36-month term (IFRS 15.91 and 99). The IFRS 15.94 expedient is not available because the amortisation period exceeds one year; with no commission on renewals the asset could also relate to expected renewals, and the model uses the initial term as the more prudent period. The hardware commission is expensed. |
| Payroll | 14 salaries; holiday pay, holiday allowance and Christmas allowance accrued as the work is done (IAS 19), with the holiday accrual revalued for the January pay review; TSU and IRS on what is paid; meal card and insurance. |
| Covenants and dividends | Net debt to EBITDA and debt service cover on the last twelve months with FY2025 from History, tested at June and December; dividends only when the December test is met, capped at 50% of the prior-year profit. |
| Budget vs actual | Revenue variance by cause (the lost contract, contracts won, existing contracts, SLA credits and each resale and project stream), reconciled to the P&L; EBITDA walk from budget to actual. |

## 6. Portuguese rules applied (Known: verified against primary sources, September 2026)

| Rule | Value used | Source |
|---|---|---|
| VAT standard rate | 23% on customers in Portugal | Código do IVA art. 18 |
| Cross-border | Services to Spanish businesses taxed in Spain by the customer, reported on the recapitulative statement; hardware delivered to them an exempt intra-EU supply; services from the USD vendor self-assessed | CIVA art. 6(6)(a); RITI art. 14 and 30 |
| VAT returns and payment | Monthly regime (turnover of EUR 650,000 or more): return by the 20th and payment by the 25th of the second month; the June return is due by 20 September, so the June and July returns are both filed by 21 September 2026 (the 20th is a Sunday) and paid by 25 September | CIVA art. 41 (no. 10 added by Decreto-Lei 49/2025, in force 1 July 2025) and art. 27; Portal das Finanças; APCMC fiscal calendar September 2026 |
| Rent | VAT exempt; 25% IRC withheld on rent paid to a company landlord, paid by the 20th of the following month | CIVA art. 9(29); CIRC art. 94(1)(c), (4) and (6) |
| IRC | 19% for 2026, 18% for 2027 (17% from 2028); 15% on the first EUR 50,000 of taxable profit for an SME from 2026 | CIRC art. 87 as amended by Lei 64/2025 of 7 November 2025 |
| Derrama | Porto 1.5%; the state surcharge starts at EUR 1.5m of taxable profit (not reached) | Ofício Circulado 20288/2026 |
| Payments on account | 95% of the prior-year IRC (turnover above EUR 500,000) in three instalments: July, 30 September and 15 December; the third may be limited when the payments made cover the tax | CIRC art. 104, 105 and 107; APCMC fiscal calendar September 2026 |
| FY2025 Modelo 22 | Filing and payment deadline extended to 19 June 2026 | Despacho n.º 68/2026-XXV |
| Dividends | 28% IRS withheld on dividends paid to resident individuals, paid by the 20th of the following month | CIRS art. 71(1)(a) and 98(3) |
| Legal reserve | At least 5% of profit until the reserve reaches one fifth of the share capital, minimum EUR 2,500 for an Lda: complete at EUR 10,000 on EUR 50,000 of capital | Código das Sociedades Comerciais art. 218 and 295 |
| Social security | TSU 23.75% employer and 11% employee on salaries and both allowances; paid between the 10th and the 20th of the following month in 2026, between the 1st and the 25th from January 2027 | Código Contributivo; Decreto-Lei 127/2025 |
| IRS withholding | 2026 Tabela I (mainland, single without dependants) by band, applied to salaries and allowances; paid by the 20th | Despacho n.º 233-A/2026; CIRS art. 98(3) |
| Salaries and allowances | Christmas allowance of one month by 15 December; holiday allowance of one month before the holidays; 22 working days of holidays vesting on 1 January | Código do Trabalho art. 263, 264, 238 and 237 |
| Meal allowance | EUR 10.00 a day on a card, below the EUR 10.455 exempt limit for 2026 | idealista.pt (public sector allowance EUR 6.15 x 1.7) |
| Minimum wage | EUR 920 a month from January 2026 | Decreto-Lei 139/2025 |
| Work compensation funds | No contributions: the FCT ended and the FGCT remains suspended | Decreto-Lei 115/2023; Lei 13/2023 |
| Invoicing | PDF invoices valid until 31 December 2026, then a qualified electronic signature or seal; SAF-T PT monthly | Lei 73-A/2025 (State Budget 2026) |
| Accounting framework | Management accounts under IFRS (IFRS 15, IAS 2, IAS 19, IAS 21, IAS 37, IAS 38); statutory accounts under SNC, differences not modelled | IFRS 15.22, 15.35, 15.50 to 59, 15.88, 15.91 to 99, 15.B18 to B19, 15.B34 to B38, 15.B48 to B51; IAS 2.11; IAS 37.66 to 69; IAS 21.28 |

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

- Contracts: user growth by contract on the register x 1.0 in the Base (0.5 Downside, 1.3 Upside); price reviews of 3.0% at anniversaries from September (1.5% and 3.5%); renewal probabilities by contract and scenario; the Venara hospital group at 55% from November 2026 in the Base.
- Service desk: 0.42 tickets per user and 0.17 per device a month, 0.951 hours per ticket on average, 126 productive hours per FTE a month, SLA attainment 98.5% up to 80% utilisation falling 0.65 points per point above; credits of 5% of the fee on the share of fees in breach.
- Hiring: twelve hires from October 2026 to June 2027 (five on the service desk in October and November), attrition by department (14% a year on the service desk), leavers replaced after two months; pay review 3.0% in January 2027.
- Hardware at a run-rate of EUR 208k a month before seasonality and a 12.8% margin before rebates; project revenue topped up to EUR 90k a month from October (EUR 65k Downside, EUR 110k Upside); annual licence billings 4% above the same month a year earlier.
- Collections at 38 days in Portugal and 55 in Spain (15 more in the Downside); the disputed J11 milestone collected in October in the Base.
- USD per EUR 1.1463 from September in the Base; Euribor 3M 2.75% (the Base driver from September).
- The December 2026 IRC payment on account is paid in full in the Base as built (switch on Assumptions); the report quantifies the limit under CIRC art. 107. An FY2026 overpayment is assumed refunded in September 2027.
- Work accident insurance at 0.90% of pay until the policy rate is received; 2027 IRS tables assumed equal to 2026.
- Opening balances at 31-Dec-25 are fictional FY2025 accounts. Taxable profit equals profit before tax; no deferred tax; the office lease is expensed as rent (IFRS 16 not applied).

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

- Billing and RMM exports by contract and month for FY2024 to FY2026, with credit notes and the SLA terms of each contract; the PSA ticket history.
- Signed contracts: terms, notice periods, price review clauses, renewal dates; the CRM pipeline with stages and dates.
- Distributor and vendor programmes: rebate tiers, incentive rates, payment terms; the tooling vendor contract.
- Project files: contracts, estimates at completion, timesheets, subcontractor agreements, acceptance terms.
- Payroll register by person with contract type and IRS situation; the work accident insurance rate; the 2027 pay review.
- The loan agreement (covenant definitions, dividend clause), the FY2025 Modelo 22 and the latest tax computation.

## 9. Using the workbook

- Change the scenario on Assumptions!C11 (1 Base, 2 Downside, 3 Upside); every forecast month, the CFO report and the Cover move with it. The Scenarios sheet holds the three snapshots; the check turns red if the live figures stop matching the stored snapshot.
- Set the art. 107 switch on Assumptions to 1 to limit the December 2026 payment on account; the covenant test, the dividend and the cash forecast follow (refresh the snapshots afterwards).
- Blue on yellow cells are inputs; black are formulas; green link other sheets. Actual data is typed only on Inputs_Actuals, History, the two registers and Budget_FY26.
- The month-end procedure is on the Guide sheet: enter the month, move the last actual month on Assumptions, update the registers and the agings, refresh the snapshots and reread Checks.

## 10. JSON structure

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