# Turnoval Software S.L.: SaaS finance pack, model guide

FICTIONAL DEMONSTRATION. Turnoval Software S.L., its customers, accounts, suppliers, lender, 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. Tax, social security, accounting and filing rules are real and sourced below.

## 1. What the pack is

A founder-led SaaS company in Valencia (S.L.) selling operations software to restaurants, hotels and retailers in Spain and the rest of Europe, about 88 people and EUR 6.40m of ARR at Aug-26. Three segments: Essentials (self-serve, monthly card billing), Professional (annual contracts paid in advance) and Enterprise (named accounts on annual contracts). Funded by equity and a EUR 2.0m venture loan with a EUR 1.0m minimum cash covenant. Every customer is invoiced in EUR. Actuals Jan-26 to Aug-26, forecast Sep-26 to Dec-27, three scenarios.

| File | What it is |
|---|---|
| Turnoval_Software_SaaS_Finance_Pack_Aug26_FICTIONAL.xlsx | Editable workbook, 34 sheets, 30,396 formulas, recalculated with cached values (Base selected) |
| Turnoval_Software_SaaS_Finance_Pack_Aug26_FICTIONAL_Base.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Base scenario |
| Turnoval_Software_SaaS_Finance_Pack_Aug26_FICTIONAL_Downside.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Downside scenario |
| Turnoval_Software_SaaS_Finance_Pack_Aug26_FICTIONAL_Upside.json | Every monthly sheet as keyed rows plus all tables, evaluated under the Upside scenario |
| Turnoval_Software_SaaS_Finance_Pack_Aug26_FICTIONAL_Summary.json | Web-sized summary: scenarios, checks, budget vs actual, 13-week control, account register, cohort retention, CFO report, headline series |
| Turnoval_Software_SaaS_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 | 30,396 | 0 | 46 of 46 | OK |
| Downside | 30,396 | 0 | 46 of 46 | OK |
| Upside | 30,396 | 0 | 46 of 46 | 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, EBITDA and accumulated losses link and roll; the opening balance sheet balances; the MRR and customer bridges of every segment close to the cohort and account totals every month; subscription revenue equals MRR; deferred revenue and deferred onboarding fees equal independent contract schedules every month and at the opening; the cohort triangles add up to total MRR and customers; the 2025 history ties between its monthly and quarterly extracts; salaries accrued equal regular pay plus extra payments accrued, the extra payments clear in June and December, social security and commissions payable equal the month; the VAT, IRPF and rent withholding balances equal the unpaid returns per the calendar (quarterly in 2026, monthly from 2027 once a large company); the corporate income tax charges follow the rate and the loss offset rules; every AR and AP aging group ties to the ledger; the card processor balance is nil; forecast receivables follow the collection rule; the 13-week forecast reconciles to the December balance sheet; the scenario snapshot is current; the revenue variance by MRR movement and the EBITDA walk reconcile to the P&L; and sign checks cover receivables, payables, deferred revenue, every cohort and account, headcount, capitalised costs, 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 4,129k against EUR 4,341k; variance (4.9%) |
| YTD EBITDA vs budget | (EUR 600k) ((14.5%) of revenue) against (EUR 475k) ((10.9%)) |
| FY2026 revenue, EBITDA, net result | EUR 6,426k, (EUR 670k), (EUR 1,443k); EBITDA after the EUR 664k of development capitalised: (EUR 1,335k) |
| ARR | EUR 6.40m at Aug-26 (25.5% year on year); EUR 6.89m at Dec-26 against EUR 7.59m budgeted; EUR 8.52m at Dec-27 |
| Retention, trailing 12 months to Aug-26 | Net 92.4%, gross 77.8%; net by segment: Enterprise 103.1%, Professional 93.6%, Essentials 83.0% |
| Unit economics at Aug-26 | CAC EUR 6,093 per new customer; payback 17 months; LTV / CAC 4.2x; burn multiple 1.31x; Rule of 40 7.7% |
| Billings and deferred revenue | FY2026 billings EUR 6,891k against revenue EUR 6,426k; deferred revenue EUR 1,926k at Aug-26, 3.6 months of MRR |
| 13-week low | EUR 3,880k in the week ending 06 Nov 2026 |
| Lowest forecast month-end cash | EUR 2,041k in Dec-27: EUR 1,041k above the EUR 1.0m covenant floor |
| Large company from January 2027 | FY2026 invoicing EUR 6,891k against the EUR 6,010,121.04 threshold: monthly VAT and withholding returns and the SII |

| Scenario (negatives in brackets) | ARR Dec-27 | FY2027 revenue | FY2027 EBITDA | Lowest month-end cash | Headroom over the covenant |
|---|---|---|---|---|---|
| Base | EUR 8.52m | EUR 8,029k | (EUR 139k); margin (1.7%) | EUR 2,041k | EUR 1,041k |
| Downside | EUR 6.38m | EUR 6,479k | (EUR 452k); margin (7.0%) | EUR 1,136k | EUR 136k |
| Upside | EUR 9.55m | EUR 8,736k | EUR 380k; margin 4.4% | EUR 2,784k | EUR 1,784k |

The story: the subscription book grows about a quarter a year, but slower than the budget. Fewer new Essentials customers, more churn in Essentials and at Professional renewals, and the loss of Osterna Retail Group at its February renewal explain most of the revenue gap; payroll savings from late hiring cover part of it while marketing overspent and CAC rose. Annual prepayments keep deferred revenue at about three and a half months of MRR, which funds the business. The binding constraint is the venture debt covenant: in the Base cash ends 2027 EUR 1,041k above the EUR 1.0m floor and still falling; the Downside, even with a hiring cut and eight roles removed, ends only EUR 136k above it. FY2026 invoicing crosses the large-company threshold, so monthly returns and the SII start in January 2027. The funding decision belongs in the first half of 2027.

## 4. How the model works

Inputs_Actuals holds the actual months (MRR and customers by cohort and by account, MRR movements by segment, fees, receipts, payroll by department, headcount by band, overheads, payments) and the opening balance sheet. History holds FY2025 by month, the subscription book at 31-Dec-25 by cohort and the quarterly cohorts of 2024 and 2025. The Account_Register holds every Enterprise account and pipeline deal with renewal and win probabilities by scenario. Assumptions holds tax and social security rates, pay bands, revenue drivers, overheads, the timeline and the scenario drivers (selector in C11). Subscriptions runs Essentials and Professional by monthly cohort; Enterprise runs each account, the pipeline and a labelled run-rate of accounts not yet identified; New_Business feeds the new cohorts. ARR_Bridge consolidates and measures retention. Billings turns MRR into billings, revenue, deferred revenue and output VAT. Receivables, People, Capitalised_Costs, Overheads, Payables, VAT, Tax, Fixed_Assets and Financing roll every flow and balance. PL, BS and CF link only to schedules. BvA, Scenarios, Cash_13W, Cohorts, Unit_Economics, KPIs, the agings and CFO_Report are reporting layers.

## 5. Methods a SaaS CFO will look for

| Area | Treatment |
|---|---|
| MRR and ARR bridge | Every month split into new customers, expansion, price, contraction and churn by segment, closing to the cohort and account totals (checked). ARR = 12 x MRR; net new ARR by month. |
| Essentials engine | Monthly cohorts; churn, customer churn, expansion and contraction rates by age band (months 1 to 3, 4 to 12, 13 onwards) from the FY2026 experience; January list price increase. |
| Professional engine | Monthly cohorts on annual contracts: churn, downsell, price uplift and location growth on the anniversary (first renewal weaker than later ones); locations added in the year billed pro rata to the anniversary. |
| Enterprise | Account by account: renewal at the probability of the scenario with indexation and location growth; pipeline deals at their win probability from a start month that moves with the scenario delay; a labelled run-rate of accounts not yet identified from Jun-27. |
| Billings vs revenue | Revenue = MRR each month; annual invoices in advance go to deferred revenue, reconciled every month to an independent contract schedule (MRR x unexpired prepaid months); onboarding fees recognised over 12 months (IFRS 15.B48 to B51). |
| Retention | NRR and GRR over the trailing 12 months by the bridge method, total and by segment; Essentials customer churn a month; logo and revenue cohorts by acquisition quarter with retention triangles. |
| Unit economics | CAC (sales and marketing spend incl. commissions earned, per new customer, trailing three months), CAC payback on new and expansion MRR after gross margin, LTV / CAC, burn multiple and Rule of 40 (trailing 12 months, FY2025 from History), ARR per employee, runway to the covenant floor. |
| Cost of revenue | Hosting (fixed platform cost plus a share of MRR), third-party services, card processing and the support, onboarding and customer success teams; functional view of R&D, sales and marketing, and G&A. |
| Capitalised costs | Development meeting IAS 38.57 capitalised from engineering time (36 months); commissions and their employer social security capitalised as costs of obtaining contracts and amortised over 48 months (IFRS 15.91 to 15.99). |
| Collections | Card payouts net of fees for Essentials; Professional and Enterprise receivables set at the invoicing still inside the collection days, receipts as the balancing figure, so a slower scenario delays cash without collecting any invoice twice; the disputed Brandelo invoice on its own drivers. |
| Budget vs actual | Subscription revenue variance split by MRR movement and segment, each movement weighted by the months it has earned revenue (reconciles exactly to the P&L); EBITDA walk from budget to actual. |

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

| Rule | Value used | Source |
|---|---|---|
| VAT standard rate | 21%, charged to customers in Spain | AEAT, Tipos impositivos en el IVA 2026; Ley 37/1992 art. 90.Uno |
| Subscriptions sold to businesses abroad | Other EU states: not subject to Spanish VAT, reverse charged by the customer and reported in the modelo 349 (key S); United Kingdom: outside the scope | AEAT, place of supply of services and modelo 349 |
| Services bought from suppliers not established in Spain | Self-assessed in the modelo 303 | AEAT |
| Returns calendar | Quarterly 303, 111 and 115: 1 to 20 April, July and October; the fourth quarter by 30 January (303) or 20 January (111, 115) | AEAT tax calendar |
| Large company (gran empresa) | Volume of operations above EUR 6,010,121.04 in the prior year: from the next 1 January monthly 303 (1 to 30 of the next month, January by the end of February) and monthly 111 and 115 (first 20 days), SII mandatory; services not subject to Spanish VAT under the place-of-supply rules count towards the volume | AEAT; DGT V0959-04; TEAC 00/266/2006 |
| Corporate income tax | 23% in FY2026 and 22% in FY2027 for an entity of reduced size (turnover below EUR 10m); general rate 25% | Ley 7/2024; AEAT, tipos de gravamen |
| Tax losses | Offset up to 70% of the base, EUR 1m always allowed, no time limit | Ley 27/2014 art. 26 |
| Payments on account and annual return | Modelo 202 in the first 20 days of April, October and December (nil while the last assessed tax is nil); modelo 200 within 25 days after six months from the year end | AEAT |
| Rent withholding | 19% on rents of urban property, modelo 115 | AEAT |
| Social security 2026 | Common contingencies 23.60% employer and 4.70% employee; intergenerational equity (MEI) 0.75% and 0.15%; unemployment on permanent contracts 5.50% and 1.55%; FOGASA 0.20%; vocational training 0.60% and 0.10%; maximum base EUR 5,101.20 a month; solidarity contribution 1.15%, 1.25% and 1.46% on pay above the maximum base (employer 0.96%, 1.04%, 1.22%) | BOE, Orden PJC/297/2026; mutua guidance on the 2026 order |
| MEI path | 1.0% in 2027 | Real Decreto-ley 2/2023 |
| AT/EP premium | Tariff by CNAE-2025 activity code from 1 January 2026 | Real Decreto-ley 16/2025 (1.50% used: Assumption) |
| Pay and payment dates | Two extra payments a year (June and December); social security for a month paid in the following month; IRPF withheld on the modelo 111 | Estatuto de los Trabajadores art. 31; Orden TAS/1562/2005; AEAT |
| Severance | Objective dismissal: 20 days of salary per year of service, capped at 12 months; collective procedure from 10 dismissals in 90 days below 100 staff | Estatuto de los Trabajadores art. 53.1.b and art. 51.1 |
| Upfront fees | Not a distinct service: recognised over the period of the service | IFRS 15.B48 to B51 |
| Costs of obtaining a contract | Capitalised and amortised over the expected customer life; Spanish GAAP charges them to profit or loss systematically as the service is delivered | IFRS 15.91 to 15.99; ICAC resolution of 10 February 2021, art. 21 |
| Development costs | Capitalised when the IAS 38.57 tests are met | IAS 38.57 |
| Card processing | Blended for the card mix from the published Spain prices: EEA standard cards 1.5% + EUR 0.25, premium EEA cards 2.8% + EUR 0.25, UK cards 2.5% + EUR 0.25, plus Billing at 0.7% of recurring volume | Stripe, pricing page for Spain |

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

- Churn, expansion and renewal rates are the FY2026 year-to-date experience by segment and age band; scenario drivers scale them (Downside churn 30% to 35% higher, expansion 30% lower).
- Enterprise renewal probabilities by account (Marvessa Hotels 75% in the Base, 50% Downside, 90% Upside); pipeline win probabilities by deal; accounts not yet identified at 0.5 a month from Jun-27 at EUR 7,000 of MRR (Base).
- 2027: pay review 3.5% (Base), MEI 1.0% split 0.83% and 0.17%, maximum base EUR 5,290 a month, solidarity rates 1.38%, 1.50% and 1.75%, AT/EP 1.50%, until the 2027 order is published.
- Development capitalised at 32% of engineering payroll cost from time records; commissions at 10% of first-year contract value and 5% of expansion value.
- Professional customers pay 35 days after invoice and Enterprise accounts 50 days; the Downside adds 15 days. Expected credit losses 0.5% of receivables (Base).
- Hosting EUR 11,000 a month fixed plus 3.2% of MRR; third-party services 1.6% of MRR; overheads grow 3% from FY2027.
- Downside response: half the hiring plan, half of leavers replaced, eight roles cut in April 2027 by individual objective dismissals (below the collective threshold), marketing programmes 20% lower.
- No deferred tax asset on the tax losses; the office lease is expensed as rent (IFRS 16 not applied); no Spanish R&D tax credit (LIS art. 35) is modelled.

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

- Billing system exports by customer and month for FY2024 to FY2026: plan, locations, MRR, invoices, renewals, cancellations and credit notes.
- Enterprise contracts with renewal dates, notice periods, indexation clauses and termination rights; the CRM pipeline with stages and close dates.
- Payroll register by person with contract type, contribution group and IRPF rate; the 2027 pay review; the AT/EP rate for the company activity code from the mutua.
- Engineering time records supporting the IAS 38 capitalisation; the commission plan and statements; the loan agreement and covenant certificates.
- Technical reports and any certification for Spanish R&D and innovation tax credits (LIS art. 35), which the model does not include.

## 9. Using the workbook

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

## 10. JSON structure

Each scenario file has meta (fictional flag, scenario, validation), timeline (24 month-ends with A/F flags), sheets (every monthly sheet as rows with key, label, basis, format, 24 values and FY totals) and tables (assumptions, account register, history, cohorts with retention triangles, budget vs actual with the revenue variance by MRR movement 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.