Explore the finance pack / AI businesses

AI businesses.
The numbers behind the decisions.

Does additional usage improve contribution after model and infrastructure costs, and which pricing or provider decisions protect the margin?

Northstar Applied Intelligence — fictional

AI businesses · 31 August 2026 · EUR

Download the full Excel model ↓

Fictional company, records and figures. Real platform names identify example systems, without implying client relationships or partnerships.

CFO review

August usage revenue is €173,250 against €86,178 in model costs. Usage contribution before shared costs is 50.3%.

August EBITDA is €-1,988. The Base case closes December with €1,384,423 cash.

The lowest daily cash stays €989,714 above the reserve.

August revenue€409,215Fictional actuals

August gross margin56.0%After cost of revenue

August EBITDA−€1,988Before depreciation, interest and tax

Lowest daily cash€1,239,7142026-11-25 · Base

Financial performance
Metric	August actual	YTD actual	Full-year actual + forecast
Total revenue	€409,215	€2,513,630	€4,477,440
Gross profit	€229,212	€1,368,313	€2,447,067
EBITDA	−€1,988	−€307,687	−€215,733
Net profit	−€8,266	−€350,495	−€301,302

Entirely fictional. €171,000 opening AR is overdue; €27,500 of AP awaits approval, review or hold release.

Performance and budget

The original budget remains fixed when the case changes. Variance is actual minus budget. Positive expense variances are favourable because expenses are negative.

Actual versus fixed original budget
Metric	August actual	August budget	Variance	YTD actual	YTD budget
Subscription revenue	€132,765	€144,500	−€11,735	€861,780	€918,000
Usage / onboarding revenue	€173,250	€205,000	−€31,750	€1,002,550	€1,220,000
Enterprise platform revenue	€103,200	€101,500	€1,700	€649,300	€658,000
Total revenue	€409,215	€451,000	−€41,785	€2,513,630	€2,796,000
Support payroll	−€46,375	−€48,100	€1,725	−€333,900	−€348,400
Hosting / model costs	−€86,178	−€114,600	€28,422	−€496,267	−€698,400
Cloud commitments and platform costs	−€47,450	−€48,600	€1,150	−€315,150	−€338,400
Total cost of revenue	−€180,003	−€211,300	€31,297	−€1,145,317	−€1,385,200
Gross profit	€229,212	€239,700	−€10,488	€1,368,313	€1,410,800
Gross margin	56.0%	53.1%	2.9%	54.4%	50.5%
Product development payroll	−€113,850	−€108,200	−€5,650	−€814,200	−€792,800
Sales payroll	−€41,850	−€40,800	−€1,050	−€291,400	−€287,200
Acquisition and brand spend	−€32,400	−€31,000	−€1,400	−€225,600	−€220,000
Administration payroll	−€23,600	−€23,600	€0	−€188,800	−€188,800
Office and administration	−€13,000	−€13,000	€0	−€104,000	−€104,000
Professional fees	−€6,500	−€6,500	€0	−€52,000	−€52,000
Operating expenses	−€231,200	−€223,100	−€8,100	−€1,676,000	−€1,644,800
EBITDA	−€1,988	€16,600	−€18,588	−€307,687	−€234,000
EBITDA margin	-0.5%	3.7%	-4.2%	-12.2%	-8.4%
Depreciation	−€5,167	−€4,902	−€265	−€33,167	−€32,496
Operating profit	−€7,155	€11,698	−€18,853	−€340,853	−€266,496
Interest	−€1,110	−€1,110	€0	−€9,642	−€9,642
Profit before tax	−€8,266	€10,588	−€18,853	−€350,495	−€276,138
Illustrative current tax	€0	−€2,118	€2,118	€0	−€2,118
Net profit	−€8,266	€8,470	−€16,736	−€350,495	−€278,255

Monthly profit and loss
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Subscription revenue	€82,680	€89,835	€96,990	€104,145	€111,300	€118,455	€125,610	€132,765	€139,920	€147,075	€154,230	€161,385
Usage / onboarding revenue	€92,800	€98,600	€107,300	€114,000	€125,400	€137,200	€154,000	€173,250	€189,000	€210,600	€233,200	€259,700
Enterprise platform revenue	€60,200	€64,500	€73,100	€77,400	€86,000	€90,300	€94,600	€103,200	€107,500	€116,100	€120,400	€124,700
Total revenue	€235,680	€252,935	€277,390	€295,545	€322,700	€345,955	€374,210	€409,215	€436,420	€473,775	€507,830	€545,785
Support payroll	−€37,100	−€38,425	−€39,750	−€41,075	−€42,400	−€43,725	−€45,050	−€46,375	−€47,700	−€49,025	−€50,350	−€51,675
Hosting / model costs	−€46,028	−€48,562	−€52,475	−€56,327	−€61,517	−€68,014	−€77,167	−€86,178	−€95,049	−€105,127	−€117,719	−€130,110
Cloud commitments and platform costs	−€34,500	−€35,350	−€36,200	−€37,050	−€37,900	−€40,100	−€46,600	−€47,450	−€58,300	−€59,150	−€60,000	−€60,850
Total cost of revenue	−€117,628	−€122,337	−€128,425	−€134,452	−€141,817	−€151,839	−€168,817	−€180,003	−€201,049	−€213,302	−€228,069	−€242,635
Gross profit	€118,052	€130,598	€148,965	€161,093	€180,883	€194,116	€205,393	€229,212	€235,371	€260,473	€279,761	€303,150
Gross margin	50.1%	51.6%	53.7%	54.5%	56.1%	56.1%	54.9%	56.0%	53.9%	55.0%	55.1%	55.5%
Product development payroll	−€89,700	−€93,150	−€96,600	−€100,050	−€103,500	−€106,950	−€110,400	−€113,850	−€117,300	−€120,750	−€124,200	−€127,650
Sales payroll	−€31,000	−€32,550	−€34,100	−€35,650	−€37,200	−€38,750	−€40,300	−€41,850	−€43,400	−€44,950	−€46,500	−€48,050
Acquisition and brand spend	−€24,000	−€25,200	−€26,400	−€27,600	−€28,800	−€30,000	−€31,200	−€32,400	−€33,600	−€34,800	−€36,000	−€37,200
Administration payroll	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600
Office and administration	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000
Professional fees	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500
Operating expenses	−€187,800	−€194,000	−€200,200	−€206,400	−€212,600	−€218,800	−€225,000	−€231,200	−€237,400	−€243,600	−€249,800	−€256,000
EBITDA	−€69,748	−€63,402	−€51,235	−€45,307	−€31,717	−€24,684	−€19,607	−€1,988	−€2,029	€16,873	€29,961	€47,150
EBITDA margin	-29.6%	-25.1%	-18.5%	-15.3%	-9.8%	-7.1%	-5.2%	-0.5%	-0.5%	3.6%	5.9%	8.6%
Depreciation	−€3,222	−€3,458	−€3,708	−€3,972	−€4,250	−€4,542	−€4,847	−€5,167	−€5,500	−€5,847	−€6,208	−€6,583
Operating profit	−€72,970	−€66,860	−€54,943	−€49,279	−€35,967	−€29,226	−€24,454	−€7,155	−€7,529	€11,026	€23,752	€40,566
Interest	−€1,300	−€1,273	−€1,246	−€1,219	−€1,192	−€1,165	−€1,138	−€1,110	−€1,083	−€1,056	−€1,029	−€1,002
Profit before tax	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€8,613	€9,969	€22,723	€39,564
Illustrative current tax	€0	€0	€0	€0	€0	€0	€0	€0	€0	−€1,994	−€4,545	−€7,913
Net profit	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€8,613	€7,976	€18,179	€31,651

Integrated financial statements

The operating build feeds all three statements. Retained earnings follow profit; closing cash reconciles to the indirect cash-flow statement.

Negative forecast cash means a funding requirement. Figures exclude VAT/sales tax and foreign exchange; current-tax assumptions are illustrative.

Monthly profit and loss
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Subscription revenue	€82,680	€89,835	€96,990	€104,145	€111,300	€118,455	€125,610	€132,765	€139,920	€147,075	€154,230	€161,385
Usage / onboarding revenue	€92,800	€98,600	€107,300	€114,000	€125,400	€137,200	€154,000	€173,250	€189,000	€210,600	€233,200	€259,700
Enterprise platform revenue	€60,200	€64,500	€73,100	€77,400	€86,000	€90,300	€94,600	€103,200	€107,500	€116,100	€120,400	€124,700
Total revenue	€235,680	€252,935	€277,390	€295,545	€322,700	€345,955	€374,210	€409,215	€436,420	€473,775	€507,830	€545,785
Support payroll	−€37,100	−€38,425	−€39,750	−€41,075	−€42,400	−€43,725	−€45,050	−€46,375	−€47,700	−€49,025	−€50,350	−€51,675
Hosting / model costs	−€46,028	−€48,562	−€52,475	−€56,327	−€61,517	−€68,014	−€77,167	−€86,178	−€95,049	−€105,127	−€117,719	−€130,110
Cloud commitments and platform costs	−€34,500	−€35,350	−€36,200	−€37,050	−€37,900	−€40,100	−€46,600	−€47,450	−€58,300	−€59,150	−€60,000	−€60,850
Total cost of revenue	−€117,628	−€122,337	−€128,425	−€134,452	−€141,817	−€151,839	−€168,817	−€180,003	−€201,049	−€213,302	−€228,069	−€242,635
Gross profit	€118,052	€130,598	€148,965	€161,093	€180,883	€194,116	€205,393	€229,212	€235,371	€260,473	€279,761	€303,150
Gross margin	50.1%	51.6%	53.7%	54.5%	56.1%	56.1%	54.9%	56.0%	53.9%	55.0%	55.1%	55.5%
Product development payroll	−€89,700	−€93,150	−€96,600	−€100,050	−€103,500	−€106,950	−€110,400	−€113,850	−€117,300	−€120,750	−€124,200	−€127,650
Sales payroll	−€31,000	−€32,550	−€34,100	−€35,650	−€37,200	−€38,750	−€40,300	−€41,850	−€43,400	−€44,950	−€46,500	−€48,050
Acquisition and brand spend	−€24,000	−€25,200	−€26,400	−€27,600	−€28,800	−€30,000	−€31,200	−€32,400	−€33,600	−€34,800	−€36,000	−€37,200
Administration payroll	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600
Office and administration	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000
Professional fees	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500
Operating expenses	−€187,800	−€194,000	−€200,200	−€206,400	−€212,600	−€218,800	−€225,000	−€231,200	−€237,400	−€243,600	−€249,800	−€256,000
EBITDA	−€69,748	−€63,402	−€51,235	−€45,307	−€31,717	−€24,684	−€19,607	−€1,988	−€2,029	€16,873	€29,961	€47,150
EBITDA margin	-29.6%	-25.1%	-18.5%	-15.3%	-9.8%	-7.1%	-5.2%	-0.5%	-0.5%	3.6%	5.9%	8.6%
Depreciation	−€3,222	−€3,458	−€3,708	−€3,972	−€4,250	−€4,542	−€4,847	−€5,167	−€5,500	−€5,847	−€6,208	−€6,583
Operating profit	−€72,970	−€66,860	−€54,943	−€49,279	−€35,967	−€29,226	−€24,454	−€7,155	−€7,529	€11,026	€23,752	€40,566
Interest	−€1,300	−€1,273	−€1,246	−€1,219	−€1,192	−€1,165	−€1,138	−€1,110	−€1,083	−€1,056	−€1,029	−€1,002
Profit before tax	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€8,613	€9,969	€22,723	€39,564
Illustrative current tax	€0	€0	€0	€0	€0	€0	€0	€0	€0	−€1,994	−€4,545	−€7,913
Net profit	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€8,613	€7,976	€18,179	€31,651

Monthly balance sheet
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Cash / (unfunded requirement)	€1,811,977	€1,727,902	€1,646,747	€1,579,822	€1,529,238	€1,471,990	€1,429,346	€1,407,072	€1,391,999	€1,380,597	€1,376,399	€1,384,423
Receivables	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€366,371	€387,278	€425,879	€442,750
Prepayments	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000
Tax prepayment	€0	€0	€0	€0	€0	€4,000	€4,000	€4,000	€16,000	€14,006	€9,461	€13,549
Current assets	€2,004,477	€1,937,902	€1,874,247	€1,824,822	€1,791,738	€1,755,990	€1,730,846	€1,726,072	€1,804,370	€1,811,881	€1,841,740	€1,870,722
Fixed assets at cost	€188,000	€196,500	€205,500	€215,000	€225,000	€235,500	€246,500	€258,000	€270,000	€282,500	€295,500	€309,000
Accumulated depreciation	€51,222	€54,681	€58,389	€62,361	€66,611	€71,153	€76,000	€81,167	€86,667	€92,514	€98,722	€105,306
Net fixed assets	€136,778	€141,819	€147,111	€152,639	€158,389	€164,347	€170,500	€176,833	€183,333	€189,986	€196,778	€203,694
Total assets	€2,141,255	€2,079,722	€2,021,358	€1,977,461	€1,950,127	€1,920,337	€1,901,346	€1,902,905	€1,987,704	€2,001,867	€2,038,518	€2,074,416
Payables	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€220,186	€224,925	€245,171	€251,193
Payroll accruals	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000
Deferred revenue	€45,150	€48,375	€54,825	€58,050	€64,500	€67,725	€70,950	€77,400	€80,625	€87,075	€90,300	€93,525
Tax payable	€18,000	€18,000	€6,000	€6,000	€6,000	€0	€0	€0	€0	€0	€0	€0
Current operating liabilities	€161,525	€173,125	€175,950	€187,550	€202,375	€207,975	€219,575	€234,400	€332,811	€344,000	€367,471	€376,718
Debt	€235,000	€230,000	€225,000	€220,000	€215,000	€210,000	€205,000	€200,000	€195,000	€190,000	€185,000	€180,000
Total liabilities	€396,525	€403,125	€400,950	€407,550	€417,375	€417,975	€424,575	€434,400	€527,811	€534,000	€552,471	€556,718
Share capital	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000
Retained earnings	€1,244,730	€1,176,597	€1,120,408	€1,069,911	€1,032,752	€1,002,362	€976,771	€968,505	€959,892	€967,868	€986,046	€1,017,698
Equity	€1,744,730	€1,676,597	€1,620,408	€1,569,911	€1,532,752	€1,502,362	€1,476,771	€1,468,505	€1,459,892	€1,467,868	€1,486,046	€1,517,698
Liabilities and equity	€2,141,255	€2,079,722	€2,021,358	€1,977,461	€1,950,127	€1,920,337	€1,901,346	€1,902,905	€1,987,704	€2,001,867	€2,038,518	€2,074,416

Monthly indirect cash flow
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Net profit	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€8,613	€7,976	€18,179	€31,651
Depreciation add-back	€3,222	€3,458	€3,708	€3,972	€4,250	€4,542	€4,847	€5,167	€5,500	€5,847	€6,208	€6,583
Receivables cash effect	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€81,371	−€20,907	−€38,601	−€16,871
Prepayment cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Payable cash effect	€8,375	€8,375	€8,375	€8,375	€8,375	€8,375	€8,375	€8,375	€95,186	€4,738	€20,247	€6,022
Accrual cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Deferred-revenue cash effect	−€44,850	€3,225	€6,450	€3,225	€6,450	€3,225	€3,225	€6,450	€3,225	€6,450	€3,225	€3,225
Current-tax balance cash effect	€0	€0	−€12,000	€0	€0	−€10,000	€0	€0	−€12,000	€1,994	€4,545	−€4,087
Operating cash flow	−€125,023	−€70,575	−€67,155	−€52,425	−€35,583	−€41,749	−€26,644	−€5,774	€1,928	€6,098	€13,802	€26,524
Capital expenditure	−€8,000	−€8,500	−€9,000	−€9,500	−€10,000	−€10,500	−€11,000	−€11,500	−€12,000	−€12,500	−€13,000	−€13,500
Investing cash flow	−€8,000	−€8,500	−€9,000	−€9,500	−€10,000	−€10,500	−€11,000	−€11,500	−€12,000	−€12,500	−€13,000	−€13,500
Principal repayment	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000
Financing cash flow	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000
Net cash change	−€138,023	−€84,075	−€81,155	−€66,925	−€50,583	−€57,249	−€42,644	−€22,274	−€15,072	−€11,402	−€4,198	€8,024
Opening cash	€1,950,000	€1,811,977	€1,727,902	€1,646,747	€1,579,822	€1,529,238	€1,471,990	€1,429,346	€1,407,072	€1,391,999	€1,380,597	€1,376,399
Closing cash	€1,811,977	€1,727,902	€1,646,747	€1,579,822	€1,529,238	€1,471,990	€1,429,346	€1,407,072	€1,391,999	€1,380,597	€1,376,399	€1,384,423

Usage, pricing and product contribution

Subscriptions, metered usage and enterprise fees have separate economics. Token price, model mix, caching and output-token costs determine usage contribution.

Cloud expense includes the greater of consumption and minimum commitment. Higher usage can reduce profitability if realised price falls faster than unit costs.

Industry operating build
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Subscription accounts	520	565	610	655	700	745	790	835	880	925	970	1,015
Subscription monthly price	€159	€159	€159	€159	€159	€159	€159	€159	€159	€159	€159	€159
Subscription revenue	€82,680	€89,835	€96,990	€104,145	€111,300	€118,455	€125,610	€132,765	€139,920	€147,075	€154,230	€161,385
Metered million tokens	16,000	17,000	18,500	20,000	22,000	24,500	28,000	31,500	35,000	39,000	44,000	49,000
Realised revenue / million tokens	5.8	5.8	5.8	5.7	5.7	5.6	5.5	5.5	5.4	5.4	5.3	5.3
Usage revenue	€92,800	€98,600	€107,300	€114,000	€125,400	€137,200	€154,000	€173,250	€189,000	€210,600	€233,200	€259,700
Enterprise workspaces	14	15	17	18	20	21	22	24	25	27	28	29
Monthly platform fee	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300
Enterprise revenue	€60,200	€64,500	€73,100	€77,400	€86,000	€90,300	€94,600	€103,200	€107,500	€116,100	€120,400	€124,700
Total recognised revenue	€235,680	€252,935	€277,390	€295,545	€322,700	€345,955	€374,210	€409,215	€436,420	€473,775	€507,830	€545,785
Input million tokens	11,840	12,580	13,690	14,800	16,280	18,130	20,720	23,310	25,900	28,860	32,560	36,260
Output million tokens	4,160	4,420	4,810	5,200	5,720	6,370	7,280	8,190	9,100	10,140	11,440	12,740
Cached input million tokens	2,368	2,767.6	3,285.6	3,848	4,558.4	5,439	6,630.4	7,925.4	9,324	10,966.8	13,024	15,229.2
Uncached input million tokens	9,472	9,812.4	10,404.4	10,952	11,721.6	12,691	14,089.6	15,384.6	16,576	17,893.2	19,536	21,030.8
Uncached input cost	€16,102	€16,681	€17,687	€18,618	€19,927	€21,575	€23,952	€26,154	€28,179	€30,418	€33,211	€35,752
Cached input cost	€805	€941	€1,117	€1,308	€1,550	€1,849	€2,254	€2,695	€3,170	€3,729	€4,428	€5,178
Output model cost	€29,120	€30,940	€33,670	€36,400	€40,040	€44,590	€50,960	€57,330	€63,700	€70,980	€80,080	€89,180
Total model costs	€46,028	€48,562	€52,475	€56,327	€61,517	€68,014	€77,167	€86,178	€95,049	€105,127	€117,719	€130,110
Model cost / million tokens	2.88	2.86	2.84	2.82	2.8	2.78	2.76	2.74	2.72	2.7	2.68	2.66
Usage contribution before shared costs	€46,772	€50,038	€54,825	€57,673	€63,883	€69,186	€76,833	€87,072	€93,951	€105,473	€115,481	€129,590
Usage contribution margin	50.4%	50.7%	51.1%	50.6%	50.9%	50.4%	49.9%	50.3%	49.7%	50.1%	49.5%	49.9%
Consumed compute cost	€15,500	€17,670	€19,840	€22,010	€24,180	€26,350	€28,520	€30,690	€32,860	€35,030	€37,200	€39,370
Minimum cloud commitment	€25,000	€25,000	€25,000	€25,000	€25,000	€25,000	€32,000	€32,000	€42,000	€42,000	€42,000	€42,000
Cloud expense	€25,000	€25,000	€25,000	€25,000	€25,000	€26,350	€32,000	€32,000	€42,000	€42,000	€42,000	€42,000
Unused cloud commitment	€9,500	€7,330	€5,160	€2,990	€820	€0	€3,480	€1,310	€9,140	€6,970	€4,800	€2,630
Storage security and observability	€9,500	€10,350	€11,200	€12,050	€12,900	€13,750	€14,600	€15,450	€16,300	€17,150	€18,000	€18,850
Invoiced billings	€190,830	€256,160	€283,840	€298,770	€329,150	€349,180	€377,435	€415,665	€439,645	€480,225	€511,055	€549,010
Opening deferred revenue	€90,000	€45,150	€48,375	€54,825	€58,050	€64,500	€67,725	€70,950	€77,400	€80,625	€87,075	€90,300
Closing deferred revenue	€45,150	€48,375	€54,825	€58,050	€64,500	€67,725	€70,950	€77,400	€80,625	€87,075	€90,300	€93,525

August product contribution
Product	Revenue	Model costs	Shared costs	Contribution	Margin	Allocation
Subscription	€132,765	€0	−€30,440	€102,325	77.1%	Revenue share
Usage API	€173,250	−€86,178	−€39,723	€47,349	27.3%	Revenue share
Enterprise	€103,200	€0	−€23,662	€79,538	77.1%	Revenue share

Loaded payroll and staffing
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Support FTE	7	7.25	7.5	7.75	8	8.25	8.5	8.75	9	9.25	9.5	9.75
Monthly loaded support pay	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300
Support payroll	€37,100	€38,425	€39,750	€41,075	€42,400	€43,725	€45,050	€46,375	€47,700	€49,025	€50,350	€51,675
Development FTE	13	13.5	14	14.5	15	15.5	16	16.5	17	17.5	18	18.5
Monthly loaded development pay	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900
Development payroll	€89,700	€93,150	€96,600	€100,050	€103,500	€106,950	€110,400	€113,850	€117,300	€120,750	€124,200	€127,650
Sales FTE	5	5.25	5.5	5.75	6	6.25	6.5	6.75	7	7.25	7.5	7.75
Monthly loaded sales pay	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200
Sales payroll	€31,000	€32,550	€34,100	€35,650	€37,200	€38,750	€40,300	€41,850	€43,400	€44,950	€46,500	€48,050
Administration FTE	4	4	4	4	4	4	4	4	4	4	4	4
Monthly loaded administration pay	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900
Administration payroll	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600
Total FTE	29	30	31	32	33	34	35	36	37	38	39	40
Total payroll	€181,400	€187,725	€194,050	€200,375	€206,700	€213,025	€219,350	€225,675	€232,000	€238,325	€244,650	€250,975

Active period assumptions
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Support FTE	7	7.25	7.5	7.75	8	8.25	8.5	8.75	9	9.25	9.5	9.75
Loaded support pay per month	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300
Product development FTE	13	13.5	14	14.5	15	15.5	16	16.5	17	17.5	18	18.5
Loaded development pay per month	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900
Sales FTE	5	5.25	5.5	5.75	6	6.25	6.5	6.75	7	7.25	7.5	7.75
Loaded sales pay per month	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200
Administration FTE	4	4	4	4	4	4	4	4	4	4	4	4
Loaded administration pay per month	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900
Acquisition and brand spend	€24,000	€25,200	€26,400	€27,600	€28,800	€30,000	€31,200	€32,400	€33,600	€34,800	€36,000	€37,200
Office and administration	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000
Professional fees	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500
Capital expenditure	€8,000	€8,500	€9,000	€9,500	€10,000	€10,500	€11,000	€11,500	€12,000	€12,500	€13,000	€13,500
Illustrative current tax paid	€0	€0	€12,000	€0	€0	€10,000	€0	€0	€12,000	€0	€0	€12,000
Target receivable days	25	25	25	25	25	25	25	25	25	25	25	25
New vendor payable days	28	28	28	28	28	28	28	28	28	28	28	28
Opening receivable delay (days)	0	0	0	0	0	0	0	0	0	0	0	0
Subscription accounts	520	565	610	655	700	745	790	835	880	925	970	1,015
Subscription monthly price	€159	€159	€159	€159	€159	€159	€159	€159	€159	€159	€159	€159
Metered million tokens	16,000	17,000	18,500	20,000	22,000	24,500	28,000	31,500	35,000	39,000	44,000	49,000
Realised revenue / million tokens	5.8	5.8	5.8	5.7	5.7	5.6	5.5	5.5	5.4	5.4	5.3	5.3
Input share of metered tokens	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%
Input cost / million tokens	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
Output cost / million tokens	7	7	7	7	7	7	7	7	7	7	7	7
Input token cache share	20.0%	22.0%	24.0%	26.0%	28.0%	30.0%	32.0%	34.0%	36.0%	38.0%	40.0%	42.0%
Cached input discount	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%
Enterprise workspaces	14	15	17	18	20	21	22	24	25	27	28	29
Enterprise monthly platform fee	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300
Compute hours	5,000	5,700	6,400	7,100	7,800	8,500	9,200	9,900	10,600	11,300	12,000	12,700
Compute hourly cost	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
Monthly cloud commitment	€25,000	€25,000	€25,000	€25,000	€25,000	€25,000	€32,000	€32,000	€42,000	€42,000	€42,000	€42,000
Storage security and observability	€9,500	€10,350	€11,200	€12,050	€12,900	€13,750	€14,600	€15,450	€16,300	€17,150	€18,000	€18,850

December usage contribution margin sensitivity
Token price (EUR)	Input costs	Output costs −10%	Selected output costs	Output costs +10%
4.24	€40,930	41.7%	37.4%	33.1%
4.77	€40,930	48.1%	44.3%	40.5%
5.3	€40,930	53.3%	49.9%	46.5%
5.83	€40,930	57.6%	54.5%	51.3%
6.36	€40,930	61.1%	58.2%	55.4%

Receivables and payment controls

Opening AR totals €285,000; overdue AR is €171,000. Receipt promises feed the dated cash schedule.

Opening AP totals €125,000. €27,500 remains unscheduled until approval, review and hold conditions are satisfied.

Opening receivables
Record	Invoice	Due	Outstanding	Overdue days	Receipt
AR-001	2026-06-05	2026-07-05	€25,650	57	2026-09-04
AR-002	2026-06-07	2026-07-07	€34,200	55	2026-09-11
AR-003	2026-06-09	2026-07-09	€37,050	53	2026-09-18
AR-004	2026-07-11	2026-08-11	€39,900	20	2026-09-04
AR-005	2026-07-13	2026-08-13	€34,200	18	2026-09-11
AR-006	2026-08-15	2026-09-15	€39,900	0	2026-09-18
AR-007	2026-08-17	2026-09-17	€37,050	0	2026-09-25
AR-008	2026-08-19	2026-09-19	€37,050	0	2026-09-25

Payables and approval prerequisites
Record	Invoice total	Paid	Outstanding	Approval	Review	Hold	Payment date	Next action
AP-001	€11,250	€0	€11,250	Pending	Complete	Yes	Unscheduled	Approval required
AP-002	€18,750	€3,750	€15,000	Approved	Complete	No	2026-09-11	Ready
AP-003	€16,250	€0	€16,250	Approved	Pending	No	Unscheduled	Review required
AP-004	€17,500	€0	€17,500	Approved	Complete	No	2026-09-04	Ready
AP-005	€17,250	€2,250	€15,000	Approved	Complete	No	2026-09-11	Ready
AP-006	€17,500	€0	€17,500	Approved	Complete	No	2026-09-18	Ready
AP-007	€16,250	€0	€16,250	Approved	Complete	No	2026-09-25	Ready
AP-008	€16,250	€0	€16,250	Approved	Complete	No	2026-09-25	Ready

Working-capital roll-forwards
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Opening receivables	€145,000	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€366,371	€387,278	€425,879
Invoiced billings	€190,830	€256,160	€283,840	€298,770	€329,150	€349,180	€377,435	€415,665	€439,645	€480,225	€511,055	€549,010
Customer receipts	€173,330	€238,660	€266,340	€281,270	€311,650	€331,680	€359,935	€398,165	€358,274	€459,318	€472,454	€532,139
Closing receivables	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€366,371	€387,278	€425,879	€442,750
Implied AR / billings × month days	26.4	19.68	21.57	21.59	21.9	21.48	21.97	21.26	25	25	25	25
Opening payables	€58,000	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€220,186	€224,925	€245,171
Vendor expenses	€124,028	€128,612	€134,575	€140,477	€147,717	€157,614	€174,467	€185,528	€206,449	€218,577	€233,219	€247,660
Vendor payments	€115,653	€120,237	€126,200	€132,102	€139,342	€149,239	€166,092	€177,153	€111,263	€213,839	€212,972	€241,639
Closing payables	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€220,186	€224,925	€245,171	€251,193
Prepayments	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000
Payroll accruals	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000

13-week cash and daily exposure

The lowest scheduled end-of-day cash is €1,239,714 on 2026-11-25. The lowest daily cash stays €989,714 above the reserve.

Opening cash includes the complete 31 August bank close. Week 1 covers 1–6 September and week 13 ends 29 November. Cash dates are explicit planning assumptions.

Scheduled weekly closing cash · EUR

Closing cashMinimum cash reserve €250,000

Weekly cash forecast
Week	Start	End	Opening	Receipts	Vendors	Payroll	Tax	Interest	Capex	Principal	Closing	Headroom
W1	2026-09-01	2026-09-06	€1,407,072	€65,550	−€17,500	€0	€0	€0	€0	€0	€1,455,122	€1,205,122
W2	2026-09-07	2026-09-13	€1,455,122	€68,400	−€30,000	€0	€0	€0	−€12,000	€0	€1,481,522	€1,231,522
W3	2026-09-14	2026-09-20	€1,481,522	€109,923	−€23,693	€0	€0	€0	€0	€0	€1,567,752	€1,317,752
W4	2026-09-21	2026-09-27	€1,567,752	€74,100	−€32,500	−€232,000	−€12,000	€0	€0	€0	€1,365,352	€1,115,352
W5	2026-09-28	2026-10-04	€1,365,352	€40,301	−€7,570	€0	€0	−€1,083	€0	−€5,000	€1,391,999	€1,141,999
W6	2026-10-05	2026-10-11	€1,391,999	€0	€0	€0	€0	€0	−€12,500	€0	€1,379,499	€1,129,499
W7	2026-10-12	2026-10-18	€1,379,499	€206,693	−€96,227	€0	€0	€0	€0	€0	€1,489,965	€1,239,965
W8	2026-10-19	2026-10-25	€1,489,965	€0	€0	−€238,325	€0	€0	€0	€0	€1,251,640	€1,001,640
W9	2026-10-26	2026-11-01	€1,251,640	€252,625	−€117,611	€0	€0	−€1,056	€0	−€5,000	€1,380,597	€1,130,597
W10	2026-11-02	2026-11-08	€1,380,597	€0	€0	€0	€0	€0	−€13,000	€0	€1,367,597	€1,117,597
W11	2026-11-09	2026-11-15	€1,367,597	€212,604	−€95,838	€0	€0	€0	€0	€0	€1,484,364	€1,234,364
W12	2026-11-16	2026-11-22	€1,484,364	€0	€0	€0	€0	€0	€0	€0	€1,484,364	€1,234,364
W13	2026-11-23	2026-11-29	€1,484,364	€259,850	−€117,135	−€244,650	€0	−€1,029	€0	−€5,000	€1,376,399	€1,126,399

Daily cash on transaction dates
Date	Opening	Receipts	Payments	Closing	Headroom
2026-09-04	€1,407,072	€65,550	−€17,500	€1,455,122	€1,205,122
2026-09-08	€1,455,122	€0	−€12,000	€1,443,122	€1,193,122
2026-09-11	€1,443,122	€68,400	−€30,000	€1,481,522	€1,231,522
2026-09-15	€1,481,522	€32,973	−€6,193	€1,508,302	€1,258,302
2026-09-18	€1,508,302	€76,950	−€17,500	€1,567,752	€1,317,752
2026-09-21	€1,567,752	€0	−€12,000	€1,555,752	€1,305,752
2026-09-25	€1,555,752	€74,100	−€264,500	€1,365,352	€1,115,352
2026-09-28	€1,365,352	€40,301	−€13,653	€1,391,999	€1,141,999
2026-10-08	€1,391,999	€0	−€12,500	€1,379,499	€1,129,499
2026-10-15	€1,379,499	€206,693	−€96,227	€1,489,965	€1,239,965
2026-10-25	€1,489,965	€0	−€238,325	€1,251,640	€1,001,640
2026-10-28	€1,251,640	€252,625	−€123,668	€1,380,597	€1,130,597
2026-11-08	€1,380,597	€0	−€13,000	€1,367,597	€1,117,597
2026-11-15	€1,367,597	€212,604	−€95,838	€1,484,364	€1,234,364
2026-11-25	€1,484,364	€0	−€244,650	€1,239,714	€989,714
2026-11-28	€1,239,714	€259,850	−€123,164	€1,376,399	€1,126,399

Supporting schedules and checks

Checks compare the financial statements, dated cash schedule and opening invoice balances. Business calculations do not depend on check results.

All demonstration records are fictional and do not establish client performance.

Financial reconciliation checks
Check	Difference	Result
Balance sheet equation	€0.000000	Pass
Cash flow ties to balance sheet	€0	Pass
Direct to indirect cash	€0.000000	Pass
Revenue / cohort reconciliation	€0	Pass
Deferred revenue roll-forward	€0	Pass
Receivables roll-forward	€0	Pass
Payables roll-forward	€0	Pass
Monthly event cash to statements	€0.000000	Pass
Opening AR records tie to August balance	€0	Pass
Opening AP records tie to August balance	€0	Pass
Daily closing cash to week 13	€0	Pass
November 30 bridge	€0.000000	Pass

Assets, debt and tax schedules
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Opening asset cost	€180,000	€188,000	€196,500	€205,500	€215,000	€225,000	€235,500	€246,500	€258,000	€270,000	€282,500	€295,500
Capital expenditure	€8,000	€8,500	€9,000	€9,500	€10,000	€10,500	€11,000	€11,500	€12,000	€12,500	€13,000	€13,500
Closing asset cost	€188,000	€196,500	€205,500	€215,000	€225,000	€235,500	€246,500	€258,000	€270,000	€282,500	€295,500	€309,000
Opening accumulated depreciation	€48,000	€51,222	€54,681	€58,389	€62,361	€66,611	€71,153	€76,000	€81,167	€86,667	€92,514	€98,722
Depreciation charge	€3,222	€3,458	€3,708	€3,972	€4,250	€4,542	€4,847	€5,167	€5,500	€5,847	€6,208	€6,583
Closing accumulated depreciation	€51,222	€54,681	€58,389	€62,361	€66,611	€71,153	€76,000	€81,167	€86,667	€92,514	€98,722	€105,306
Net fixed assets	€136,778	€141,819	€147,111	€152,639	€158,389	€164,347	€170,500	€176,833	€183,333	€189,986	€196,778	€203,694
Opening debt	€240,000	€235,000	€230,000	€225,000	€220,000	€215,000	€210,000	€205,000	€200,000	€195,000	€190,000	€185,000
Principal repayment	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000
Closing debt	€235,000	€230,000	€225,000	€220,000	€215,000	€210,000	€205,000	€200,000	€195,000	€190,000	€185,000	€180,000
Interest	€1,300	€1,273	€1,246	€1,219	€1,192	€1,165	€1,138	€1,110	€1,083	€1,056	€1,029	€1,002
Opening net tax balance	€18,000	€18,000	€18,000	€6,000	€6,000	€6,000	−€4,000	−€4,000	−€4,000	−€16,000	−€14,006	−€9,461
Current tax charge	€0	€0	€0	€0	€0	€0	€0	€0	€0	€1,994	€4,545	€7,913
Current tax paid	€0	€0	€12,000	€0	€0	€10,000	€0	€0	€12,000	€0	€0	€12,000
Net tax liability / (prepayment)	€18,000	€18,000	€6,000	€6,000	€6,000	−€4,000	−€4,000	−€4,000	−€16,000	−€14,006	−€9,461	−€13,549

Working-capital schedules
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Opening receivables	€145,000	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€366,371	€387,278	€425,879
Invoiced billings	€190,830	€256,160	€283,840	€298,770	€329,150	€349,180	€377,435	€415,665	€439,645	€480,225	€511,055	€549,010
Customer receipts	€173,330	€238,660	€266,340	€281,270	€311,650	€331,680	€359,935	€398,165	€358,274	€459,318	€472,454	€532,139
Closing receivables	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€366,371	€387,278	€425,879	€442,750
Implied AR / billings × month days	26.4	19.68	21.57	21.59	21.9	21.48	21.97	21.26	25	25	25	25
Opening payables	€58,000	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€220,186	€224,925	€245,171
Vendor expenses	€124,028	€128,612	€134,575	€140,477	€147,717	€157,614	€174,467	€185,528	€206,449	€218,577	€233,219	€247,660
Vendor payments	€115,653	€120,237	€126,200	€132,102	€139,342	€149,239	€166,092	€177,153	€111,263	€213,839	€212,972	€241,639
Closing payables	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€220,186	€224,925	€245,171	€251,193
Prepayments	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000
Payroll accruals	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000

CFO decisions and follow-through

December usage contribution before shared costs is €129,590 in this case. Review pricing, routing and cloud commitments together.

The lowest daily cash stays €989,714 above the reserve.

Illustrative action register
Topic	Action	Owner	Due	Status
Usage margin	Review realised pricing, cache performance and model routing by workload.	Product lead	2026-09-04	Open
Cloud capacity	Compare consumed capacity with minimum commitments before expansion.	Engineering lead	2026-09-07	Open
Enterprise billing	Separate platform fees, usage charges and advances in contracts.	Commercial lead	2026-09-08	Open
Collections	Confirm receipt promises and resolve disputed balances.	Credit control	2026-09-03	Open
Liquidity	Review the Downside cash path before hiring or committing capacity.	CFO	2026-09-07	Open

CFO review

August usage revenue is €173,250 against €86,178 in model costs. Usage contribution before shared costs is 50.3%.

August EBITDA is €-1,988. The Downside case closes December with €868,327 cash.

The lowest daily cash stays €652,981 above the reserve.

August revenue€409,215Fictional actuals

August gross margin56.0%After cost of revenue

August EBITDA−€1,988Before depreciation, interest and tax

Lowest daily cash€902,9812026-11-25 · Downside

Financial performance
Metric	August actual	YTD actual	Full-year actual + forecast
Total revenue	€409,215	€2,513,630	€4,254,005
Gross profit	€229,212	€1,368,313	€2,095,386
EBITDA	−€1,988	−€307,687	−€531,814
Net profit	−€8,266	−€350,495	−€602,016

Entirely fictional. €171,000 opening AR is overdue; €27,500 of AP awaits approval, review or hold release.

Performance and budget

The original budget remains fixed when the case changes. Variance is actual minus budget. Positive expense variances are favourable because expenses are negative.

Actual versus fixed original budget
Metric	August actual	August budget	Variance	YTD actual	YTD budget
Subscription revenue	€132,765	€144,500	−€11,735	€861,780	€918,000
Usage / onboarding revenue	€173,250	€205,000	−€31,750	€1,002,550	€1,220,000
Enterprise platform revenue	€103,200	€101,500	€1,700	€649,300	€658,000
Total revenue	€409,215	€451,000	−€41,785	€2,513,630	€2,796,000
Support payroll	−€46,375	−€48,100	€1,725	−€333,900	−€348,400
Hosting / model costs	−€86,178	−€114,600	€28,422	−€496,267	−€698,400
Cloud commitments and platform costs	−€47,450	−€48,600	€1,150	−€315,150	−€338,400
Total cost of revenue	−€180,003	−€211,300	€31,297	−€1,145,317	−€1,385,200
Gross profit	€229,212	€239,700	−€10,488	€1,368,313	€1,410,800
Gross margin	56.0%	53.1%	2.9%	54.4%	50.5%
Product development payroll	−€113,850	−€108,200	−€5,650	−€814,200	−€792,800
Sales payroll	−€41,850	−€40,800	−€1,050	−€291,400	−€287,200
Acquisition and brand spend	−€32,400	−€31,000	−€1,400	−€225,600	−€220,000
Administration payroll	−€23,600	−€23,600	€0	−€188,800	−€188,800
Office and administration	−€13,000	−€13,000	€0	−€104,000	−€104,000
Professional fees	−€6,500	−€6,500	€0	−€52,000	−€52,000
Operating expenses	−€231,200	−€223,100	−€8,100	−€1,676,000	−€1,644,800
EBITDA	−€1,988	€16,600	−€18,588	−€307,687	−€234,000
EBITDA margin	-0.5%	3.7%	-4.2%	-12.2%	-8.4%
Depreciation	−€5,167	−€4,902	−€265	−€33,167	−€32,496
Operating profit	−€7,155	€11,698	−€18,853	−€340,853	−€266,496
Interest	−€1,110	−€1,110	€0	−€9,642	−€9,642
Profit before tax	−€8,266	€10,588	−€18,853	−€350,495	−€276,138
Illustrative current tax	€0	−€2,118	€2,118	€0	−€2,118
Net profit	−€8,266	€8,470	−€16,736	−€350,495	−€278,255

Monthly profit and loss
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Subscription revenue	€82,680	€89,835	€96,990	€104,145	€111,300	€118,455	€125,610	€132,765	€119,945	€123,670	€128,140	€131,120
Usage / onboarding revenue	€92,800	€98,600	€107,300	€114,000	€125,400	€137,200	€154,000	€173,250	€182,400	€197,800	€213,400	€226,800
Enterprise platform revenue	€60,200	€64,500	€73,100	€77,400	€86,000	€90,300	€94,600	€103,200	€98,900	€103,200	€107,500	€107,500
Total revenue	€235,680	€252,935	€277,390	€295,545	€322,700	€345,955	€374,210	€409,215	€401,245	€424,670	€449,040	€465,420
Support payroll	−€37,100	−€38,425	−€39,750	−€41,075	−€42,400	−€43,725	−€45,050	−€46,375	−€47,700	−€47,700	−€47,700	−€47,700
Hosting / model costs	−€46,028	−€48,562	−€52,475	−€56,327	−€61,517	−€68,014	−€77,167	−€86,178	−€113,395	−€130,551	−€149,772	−€169,564
Cloud commitments and platform costs	−€34,500	−€35,350	−€36,200	−€37,050	−€37,900	−€40,100	−€46,600	−€47,450	−€58,500	−€60,500	−€66,070	−€74,150
Total cost of revenue	−€117,628	−€122,337	−€128,425	−€134,452	−€141,817	−€151,839	−€168,817	−€180,003	−€219,595	−€238,751	−€263,542	−€291,414
Gross profit	€118,052	€130,598	€148,965	€161,093	€180,883	€194,116	€205,393	€229,212	€181,650	€185,919	€185,498	€174,006
Gross margin	50.1%	51.6%	53.7%	54.5%	56.1%	56.1%	54.9%	56.0%	45.3%	43.8%	41.3%	37.4%
Product development payroll	−€89,700	−€93,150	−€96,600	−€100,050	−€103,500	−€106,950	−€110,400	−€113,850	−€117,300	−€117,300	−€117,300	−€117,300
Sales payroll	−€31,000	−€32,550	−€34,100	−€35,650	−€37,200	−€38,750	−€40,300	−€41,850	−€43,400	−€43,400	−€43,400	−€43,400
Acquisition and brand spend	−€24,000	−€25,200	−€26,400	−€27,600	−€28,800	−€30,000	−€31,200	−€32,400	−€34,000	−€34,000	−€34,000	−€34,000
Administration payroll	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600
Office and administration	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000
Professional fees	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500
Operating expenses	−€187,800	−€194,000	−€200,200	−€206,400	−€212,600	−€218,800	−€225,000	−€231,200	−€237,800	−€237,800	−€237,800	−€237,800
EBITDA	−€69,748	−€63,402	−€51,235	−€45,307	−€31,717	−€24,684	−€19,607	−€1,988	−€56,150	−€51,881	−€52,302	−€63,794
EBITDA margin	-29.6%	-25.1%	-18.5%	-15.3%	-9.8%	-7.1%	-5.2%	-0.5%	-14.0%	-12.2%	-11.6%	-13.7%
Depreciation	−€3,222	−€3,458	−€3,708	−€3,972	−€4,250	−€4,542	−€4,847	−€5,167	−€5,472	−€5,694	−€5,917	−€6,139
Operating profit	−€72,970	−€66,860	−€54,943	−€49,279	−€35,967	−€29,226	−€24,454	−€7,155	−€61,622	−€57,576	−€58,219	−€69,933
Interest	−€1,300	−€1,273	−€1,246	−€1,219	−€1,192	−€1,165	−€1,138	−€1,110	−€1,083	−€1,056	−€1,029	−€1,002
Profit before tax	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€62,706	−€58,632	−€59,248	−€70,935
Illustrative current tax	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Net profit	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€62,706	−€58,632	−€59,248	−€70,935

Integrated financial statements

The operating build feeds all three statements. Retained earnings follow profit; closing cash reconciles to the indirect cash-flow statement.

Negative forecast cash means a funding requirement. Figures exclude VAT/sales tax and foreign exchange; current-tax assumptions are illustrative.

Monthly profit and loss
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Subscription revenue	€82,680	€89,835	€96,990	€104,145	€111,300	€118,455	€125,610	€132,765	€119,945	€123,670	€128,140	€131,120
Usage / onboarding revenue	€92,800	€98,600	€107,300	€114,000	€125,400	€137,200	€154,000	€173,250	€182,400	€197,800	€213,400	€226,800
Enterprise platform revenue	€60,200	€64,500	€73,100	€77,400	€86,000	€90,300	€94,600	€103,200	€98,900	€103,200	€107,500	€107,500
Total revenue	€235,680	€252,935	€277,390	€295,545	€322,700	€345,955	€374,210	€409,215	€401,245	€424,670	€449,040	€465,420
Support payroll	−€37,100	−€38,425	−€39,750	−€41,075	−€42,400	−€43,725	−€45,050	−€46,375	−€47,700	−€47,700	−€47,700	−€47,700
Hosting / model costs	−€46,028	−€48,562	−€52,475	−€56,327	−€61,517	−€68,014	−€77,167	−€86,178	−€113,395	−€130,551	−€149,772	−€169,564
Cloud commitments and platform costs	−€34,500	−€35,350	−€36,200	−€37,050	−€37,900	−€40,100	−€46,600	−€47,450	−€58,500	−€60,500	−€66,070	−€74,150
Total cost of revenue	−€117,628	−€122,337	−€128,425	−€134,452	−€141,817	−€151,839	−€168,817	−€180,003	−€219,595	−€238,751	−€263,542	−€291,414
Gross profit	€118,052	€130,598	€148,965	€161,093	€180,883	€194,116	€205,393	€229,212	€181,650	€185,919	€185,498	€174,006
Gross margin	50.1%	51.6%	53.7%	54.5%	56.1%	56.1%	54.9%	56.0%	45.3%	43.8%	41.3%	37.4%
Product development payroll	−€89,700	−€93,150	−€96,600	−€100,050	−€103,500	−€106,950	−€110,400	−€113,850	−€117,300	−€117,300	−€117,300	−€117,300
Sales payroll	−€31,000	−€32,550	−€34,100	−€35,650	−€37,200	−€38,750	−€40,300	−€41,850	−€43,400	−€43,400	−€43,400	−€43,400
Acquisition and brand spend	−€24,000	−€25,200	−€26,400	−€27,600	−€28,800	−€30,000	−€31,200	−€32,400	−€34,000	−€34,000	−€34,000	−€34,000
Administration payroll	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600	−€23,600
Office and administration	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000	−€13,000
Professional fees	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500	−€6,500
Operating expenses	−€187,800	−€194,000	−€200,200	−€206,400	−€212,600	−€218,800	−€225,000	−€231,200	−€237,800	−€237,800	−€237,800	−€237,800
EBITDA	−€69,748	−€63,402	−€51,235	−€45,307	−€31,717	−€24,684	−€19,607	−€1,988	−€56,150	−€51,881	−€52,302	−€63,794
EBITDA margin	-29.6%	-25.1%	-18.5%	-15.3%	-9.8%	-7.1%	-5.2%	-0.5%	-14.0%	-12.2%	-11.6%	-13.7%
Depreciation	−€3,222	−€3,458	−€3,708	−€3,972	−€4,250	−€4,542	−€4,847	−€5,167	−€5,472	−€5,694	−€5,917	−€6,139
Operating profit	−€72,970	−€66,860	−€54,943	−€49,279	−€35,967	−€29,226	−€24,454	−€7,155	−€61,622	−€57,576	−€58,219	−€69,933
Interest	−€1,300	−€1,273	−€1,246	−€1,219	−€1,192	−€1,165	−€1,138	−€1,110	−€1,083	−€1,056	−€1,029	−€1,002
Profit before tax	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€62,706	−€58,632	−€59,248	−€70,935
Illustrative current tax	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Net profit	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€62,706	−€58,632	−€59,248	−€70,935

Monthly balance sheet
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Cash / (unfunded requirement)	€1,811,977	€1,727,902	€1,646,747	€1,579,822	€1,529,238	€1,471,990	€1,429,346	€1,407,072	€1,212,323	€1,084,557	€968,358	€868,327
Receivables	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€504,159	€579,729	€663,322	€690,623
Prepayments	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000
Tax prepayment	€0	€0	€0	€0	€0	€4,000	€4,000	€4,000	€16,000	€16,000	€16,000	€28,000
Current assets	€2,004,477	€1,937,902	€1,874,247	€1,824,822	€1,791,738	€1,755,990	€1,730,846	€1,726,072	€1,762,482	€1,710,286	€1,677,680	€1,616,950
Fixed assets at cost	€188,000	€196,500	€205,500	€215,000	€225,000	€235,500	€246,500	€258,000	€269,000	€277,000	€285,000	€293,000
Accumulated depreciation	€51,222	€54,681	€58,389	€62,361	€66,611	€71,153	€76,000	€81,167	€86,639	€92,333	€98,250	€104,389
Net fixed assets	€136,778	€141,819	€147,111	€152,639	€158,389	€164,347	€170,500	€176,833	€182,361	€184,667	€186,750	€188,611
Total assets	€2,141,255	€2,079,722	€2,021,358	€1,977,461	€1,950,127	€1,920,337	€1,901,346	€1,902,905	€1,944,843	€1,894,953	€1,864,430	€1,805,561
Payables	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€237,869	€248,385	€278,886	€295,952
Payroll accruals	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000
Deferred revenue	€45,150	€48,375	€54,825	€58,050	€64,500	€67,725	€70,950	€77,400	€74,175	€77,400	€80,625	€80,625
Tax payable	€18,000	€18,000	€6,000	€6,000	€6,000	€0	€0	€0	€0	€0	€0	€0
Current operating liabilities	€161,525	€173,125	€175,950	€187,550	€202,375	€207,975	€219,575	€234,400	€344,044	€357,785	€391,511	€408,577
Debt	€235,000	€230,000	€225,000	€220,000	€215,000	€210,000	€205,000	€200,000	€195,000	€190,000	€185,000	€180,000
Total liabilities	€396,525	€403,125	€400,950	€407,550	€417,375	€417,975	€424,575	€434,400	€539,044	€547,785	€576,511	€588,577
Share capital	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000	€500,000
Retained earnings	€1,244,730	€1,176,597	€1,120,408	€1,069,911	€1,032,752	€1,002,362	€976,771	€968,505	€905,800	€847,167	€787,920	€716,984
Equity	€1,744,730	€1,676,597	€1,620,408	€1,569,911	€1,532,752	€1,502,362	€1,476,771	€1,468,505	€1,405,800	€1,347,167	€1,287,920	€1,216,984
Liabilities and equity	€2,141,255	€2,079,722	€2,021,358	€1,977,461	€1,950,127	€1,920,337	€1,901,346	€1,902,905	€1,944,843	€1,894,953	€1,864,430	€1,805,561

Monthly indirect cash flow
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Net profit	−€74,270	−€68,133	−€56,189	−€50,498	−€37,158	−€30,390	−€25,591	−€8,266	−€62,706	−€58,632	−€59,248	−€70,935
Depreciation add-back	€3,222	€3,458	€3,708	€3,972	€4,250	€4,542	€4,847	€5,167	€5,472	€5,694	€5,917	€6,139
Receivables cash effect	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€17,500	−€219,159	−€75,570	−€83,593	−€27,301
Prepayment cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Payable cash effect	€8,375	€8,375	€8,375	€8,375	€8,375	€8,375	€8,375	€8,375	€112,869	€10,516	€30,501	€17,066
Accrual cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Deferred-revenue cash effect	−€44,850	€3,225	€6,450	€3,225	€6,450	€3,225	€3,225	€6,450	−€3,225	€3,225	€3,225	€0
Current-tax balance cash effect	€0	€0	−€12,000	€0	€0	−€10,000	€0	€0	−€12,000	€0	€0	−€12,000
Operating cash flow	−€125,023	−€70,575	−€67,155	−€52,425	−€35,583	−€41,749	−€26,644	−€5,774	−€178,748	−€114,766	−€103,199	−€87,032
Capital expenditure	−€8,000	−€8,500	−€9,000	−€9,500	−€10,000	−€10,500	−€11,000	−€11,500	−€11,000	−€8,000	−€8,000	−€8,000
Investing cash flow	−€8,000	−€8,500	−€9,000	−€9,500	−€10,000	−€10,500	−€11,000	−€11,500	−€11,000	−€8,000	−€8,000	−€8,000
Principal repayment	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000
Financing cash flow	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000	−€5,000
Net cash change	−€138,023	−€84,075	−€81,155	−€66,925	−€50,583	−€57,249	−€42,644	−€22,274	−€194,748	−€127,766	−€116,199	−€100,032
Opening cash	€1,950,000	€1,811,977	€1,727,902	€1,646,747	€1,579,822	€1,529,238	€1,471,990	€1,429,346	€1,407,072	€1,212,323	€1,084,557	€968,358
Closing cash	€1,811,977	€1,727,902	€1,646,747	€1,579,822	€1,529,238	€1,471,990	€1,429,346	€1,407,072	€1,212,323	€1,084,557	€968,358	€868,327

Usage, pricing and product contribution

Subscriptions, metered usage and enterprise fees have separate economics. Token price, model mix, caching and output-token costs determine usage contribution.

Cloud expense includes the greater of consumption and minimum commitment. Higher usage can reduce profitability if realised price falls faster than unit costs.

Industry operating build
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Subscription accounts	520	565	610	655	700	745	790	835	805	830	860	880
Subscription monthly price	€159	€159	€159	€159	€159	€159	€159	€159	€149	€149	€149	€149
Subscription revenue	€82,680	€89,835	€96,990	€104,145	€111,300	€118,455	€125,610	€132,765	€119,945	€123,670	€128,140	€131,120
Metered million tokens	16,000	17,000	18,500	20,000	22,000	24,500	28,000	31,500	38,000	43,000	48,500	54,000
Realised revenue / million tokens	5.8	5.8	5.8	5.7	5.7	5.6	5.5	5.5	4.8	4.6	4.4	4.2
Usage revenue	€92,800	€98,600	€107,300	€114,000	€125,400	€137,200	€154,000	€173,250	€182,400	€197,800	€213,400	€226,800
Enterprise workspaces	14	15	17	18	20	21	22	24	23	24	25	25
Monthly platform fee	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300
Enterprise revenue	€60,200	€64,500	€73,100	€77,400	€86,000	€90,300	€94,600	€103,200	€98,900	€103,200	€107,500	€107,500
Total recognised revenue	€235,680	€252,935	€277,390	€295,545	€322,700	€345,955	€374,210	€409,215	€401,245	€424,670	€449,040	€465,420
Input million tokens	11,840	12,580	13,690	14,800	16,280	18,130	20,720	23,310	28,120	31,820	35,890	39,960
Output million tokens	4,160	4,420	4,810	5,200	5,720	6,370	7,280	8,190	9,880	11,180	12,610	14,040
Cached input million tokens	2,368	2,767.6	3,285.6	3,848	4,558.4	5,439	6,630.4	7,925.4	8,436	9,546	10,767	11,988
Uncached input million tokens	9,472	9,812.4	10,404.4	10,952	11,721.6	12,691	14,089.6	15,384.6	19,684	22,274	25,123	27,972
Uncached input cost	€16,102	€16,681	€17,687	€18,618	€19,927	€21,575	€23,952	€26,154	€33,463	€37,866	€42,709	€47,552
Cached input cost	€805	€941	€1,117	€1,308	€1,550	€1,849	€2,254	€2,695	€2,868	€3,246	€3,661	€4,076
Output model cost	€29,120	€30,940	€33,670	€36,400	€40,040	€44,590	€50,960	€57,330	€77,064	€89,440	€103,402	€117,936
Total model costs	€46,028	€48,562	€52,475	€56,327	€61,517	€68,014	€77,167	€86,178	€113,395	€130,551	€149,772	€169,564
Model cost / million tokens	2.88	2.86	2.84	2.82	2.8	2.78	2.76	2.74	2.98	3.04	3.09	3.14
Usage contribution before shared costs	€46,772	€50,038	€54,825	€57,673	€63,883	€69,186	€76,833	€87,072	€69,005	€67,249	€63,628	€57,236
Usage contribution margin	50.4%	50.7%	51.1%	50.6%	50.9%	50.4%	49.9%	50.3%	37.8%	34.0%	29.8%	25.2%
Consumed compute cost	€15,500	€17,670	€19,840	€22,010	€24,180	€26,350	€28,520	€30,690	€34,720	€40,300	€45,570	€51,150
Minimum cloud commitment	€25,000	€25,000	€25,000	€25,000	€25,000	€25,000	€32,000	€32,000	€42,000	€42,000	€42,000	€42,000
Cloud expense	€25,000	€25,000	€25,000	€25,000	€25,000	€26,350	€32,000	€32,000	€42,000	€42,000	€45,570	€51,150
Unused cloud commitment	€9,500	€7,330	€5,160	€2,990	€820	€0	€3,480	€1,310	€7,280	€1,700	€0	€0
Storage security and observability	€9,500	€10,350	€11,200	€12,050	€12,900	€13,750	€14,600	€15,450	€16,500	€18,500	€20,500	€23,000
Invoiced billings	€190,830	€256,160	€283,840	€298,770	€329,150	€349,180	€377,435	€415,665	€398,020	€427,895	€452,265	€465,420
Opening deferred revenue	€90,000	€45,150	€48,375	€54,825	€58,050	€64,500	€67,725	€70,950	€77,400	€74,175	€77,400	€80,625
Closing deferred revenue	€45,150	€48,375	€54,825	€58,050	€64,500	€67,725	€70,950	€77,400	€74,175	€77,400	€80,625	€80,625

August product contribution
Product	Revenue	Model costs	Shared costs	Contribution	Margin	Allocation
Subscription	€132,765	€0	−€30,440	€102,325	77.1%	Revenue share
Usage API	€173,250	−€86,178	−€39,723	€47,349	27.3%	Revenue share
Enterprise	€103,200	€0	−€23,662	€79,538	77.1%	Revenue share

Loaded payroll and staffing
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Support FTE	7	7.25	7.5	7.75	8	8.25	8.5	8.75	9	9	9	9
Monthly loaded support pay	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300
Support payroll	€37,100	€38,425	€39,750	€41,075	€42,400	€43,725	€45,050	€46,375	€47,700	€47,700	€47,700	€47,700
Development FTE	13	13.5	14	14.5	15	15.5	16	16.5	17	17	17	17
Monthly loaded development pay	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900
Development payroll	€89,700	€93,150	€96,600	€100,050	€103,500	€106,950	€110,400	€113,850	€117,300	€117,300	€117,300	€117,300
Sales FTE	5	5.25	5.5	5.75	6	6.25	6.5	6.75	7	7	7	7
Monthly loaded sales pay	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200
Sales payroll	€31,000	€32,550	€34,100	€35,650	€37,200	€38,750	€40,300	€41,850	€43,400	€43,400	€43,400	€43,400
Administration FTE	4	4	4	4	4	4	4	4	4	4	4	4
Monthly loaded administration pay	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900
Administration payroll	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600	€23,600
Total FTE	29	30	31	32	33	34	35	36	37	37	37	37
Total payroll	€181,400	€187,725	€194,050	€200,375	€206,700	€213,025	€219,350	€225,675	€232,000	€232,000	€232,000	€232,000

Active period assumptions
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Support FTE	7	7.25	7.5	7.75	8	8.25	8.5	8.75	9	9	9	9
Loaded support pay per month	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300	€5,300
Product development FTE	13	13.5	14	14.5	15	15.5	16	16.5	17	17	17	17
Loaded development pay per month	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900	€6,900
Sales FTE	5	5.25	5.5	5.75	6	6.25	6.5	6.75	7	7	7	7
Loaded sales pay per month	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200	€6,200
Administration FTE	4	4	4	4	4	4	4	4	4	4	4	4
Loaded administration pay per month	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900	€5,900
Acquisition and brand spend	€24,000	€25,200	€26,400	€27,600	€28,800	€30,000	€31,200	€32,400	€34,000	€34,000	€34,000	€34,000
Office and administration	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000	€13,000
Professional fees	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500	€6,500
Capital expenditure	€8,000	€8,500	€9,000	€9,500	€10,000	€10,500	€11,000	€11,500	€11,000	€8,000	€8,000	€8,000
Illustrative current tax paid	€0	€0	€12,000	€0	€0	€10,000	€0	€0	€12,000	€0	€0	€12,000
Target receivable days	25	25	25	25	25	25	25	25	38	42	44	46
New vendor payable days	28	28	28	28	28	28	28	28	28	28	28	28
Opening receivable delay (days)	0	0	0	0	0	0	0	0	14	14	14	14
Subscription accounts	520	565	610	655	700	745	790	835	805	830	860	880
Subscription monthly price	€159	€159	€159	€159	€159	€159	€159	€159	€149	€149	€149	€149
Metered million tokens	16,000	17,000	18,500	20,000	22,000	24,500	28,000	31,500	38,000	43,000	48,500	54,000
Realised revenue / million tokens	5.8	5.8	5.8	5.7	5.7	5.6	5.5	5.5	4.8	4.6	4.4	4.2
Input share of metered tokens	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%	74.0%
Input cost / million tokens	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
Output cost / million tokens	7	7	7	7	7	7	7	7	7.8	8	8.2	8.4
Input token cache share	20.0%	22.0%	24.0%	26.0%	28.0%	30.0%	32.0%	34.0%	30.0%	30.0%	30.0%	30.0%
Cached input discount	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%	80.0%
Enterprise workspaces	14	15	17	18	20	21	22	24	23	24	25	25
Enterprise monthly platform fee	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300	€4,300
Compute hours	5,000	5,700	6,400	7,100	7,800	8,500	9,200	9,900	11,200	13,000	14,700	16,500
Compute hourly cost	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
Monthly cloud commitment	€25,000	€25,000	€25,000	€25,000	€25,000	€25,000	€32,000	€32,000	€42,000	€42,000	€42,000	€42,000
Storage security and observability	€9,500	€10,350	€11,200	€12,050	€12,900	€13,750	€14,600	€15,450	€16,500	€18,500	€20,500	€23,000

December usage contribution margin sensitivity
Token price (EUR)	Input costs	Output costs −10%	Selected output costs	Output costs +10%
3.3600000000000003	€51,628	13.0%	6.5%	0.0%
3.7800000000000002	€51,628	22.7%	16.9%	11.2%
4.2	€51,628	30.4%	25.2%	20.0%
4.620000000000001	€51,628	36.8%	32.0%	27.3%
5.040000000000001	€51,628	42.0%	37.7%	33.4%

Receivables and payment controls

Opening AR totals €285,000; overdue AR is €171,000. Receipt promises feed the dated cash schedule.

Opening AP totals €125,000. €27,500 remains unscheduled until approval, review and hold conditions are satisfied.

Opening receivables
Record	Invoice	Due	Outstanding	Overdue days	Receipt
AR-001	2026-06-05	2026-07-05	€25,650	57	2026-09-18
AR-002	2026-06-07	2026-07-07	€34,200	55	2026-09-25
AR-003	2026-06-09	2026-07-09	€37,050	53	2026-10-02
AR-004	2026-07-11	2026-08-11	€39,900	20	2026-09-18
AR-005	2026-07-13	2026-08-13	€34,200	18	2026-09-25
AR-006	2026-08-15	2026-09-15	€39,900	0	2026-10-02
AR-007	2026-08-17	2026-09-17	€37,050	0	2026-10-09
AR-008	2026-08-19	2026-09-19	€37,050	0	2026-10-09

Payables and approval prerequisites
Record	Invoice total	Paid	Outstanding	Approval	Review	Hold	Payment date	Next action
AP-001	€11,250	€0	€11,250	Pending	Complete	Yes	Unscheduled	Approval required
AP-002	€18,750	€3,750	€15,000	Approved	Complete	No	2026-09-11	Ready
AP-003	€16,250	€0	€16,250	Approved	Pending	No	Unscheduled	Review required
AP-004	€17,500	€0	€17,500	Approved	Complete	No	2026-09-04	Ready
AP-005	€17,250	€2,250	€15,000	Approved	Complete	No	2026-09-11	Ready
AP-006	€17,500	€0	€17,500	Approved	Complete	No	2026-09-18	Ready
AP-007	€16,250	€0	€16,250	Approved	Complete	No	2026-09-25	Ready
AP-008	€16,250	€0	€16,250	Approved	Complete	No	2026-09-25	Ready

Working-capital roll-forwards
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Opening receivables	€145,000	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€504,159	€579,729	€663,322
Invoiced billings	€190,830	€256,160	€283,840	€298,770	€329,150	€349,180	€377,435	€415,665	€398,020	€427,895	€452,265	€465,420
Customer receipts	€173,330	€238,660	€266,340	€281,270	€311,650	€331,680	€359,935	€398,165	€178,861	€352,325	€368,672	€438,119
Closing receivables	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€504,159	€579,729	€663,322	€690,623
Implied AR / billings × month days	26.4	19.68	21.57	21.59	21.9	21.48	21.97	21.26	38	42	44	46
Opening payables	€58,000	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€237,869	€248,385	€278,886
Vendor expenses	€124,028	€128,612	€134,575	€140,477	€147,717	€157,614	€174,467	€185,528	€225,395	€244,551	€269,342	€297,214
Vendor payments	€115,653	€120,237	€126,200	€132,102	€139,342	€149,239	€166,092	€177,153	€112,526	€234,035	€238,841	€280,148
Closing payables	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€237,869	€248,385	€278,886	€295,952
Prepayments	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000
Payroll accruals	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000

13-week cash and daily exposure

The lowest scheduled end-of-day cash is €902,981 on 2026-11-25. The lowest daily cash stays €652,981 above the reserve.

Opening cash includes the complete 31 August bank close. Week 1 covers 1–6 September and week 13 ends 29 November. Cash dates are explicit planning assumptions.

Scheduled weekly closing cash · EUR

Closing cashMinimum cash reserve €250,000

Weekly cash forecast
Week	Start	End	Opening	Receipts	Vendors	Payroll	Tax	Interest	Capex	Principal	Closing	Headroom
W1	2026-09-01	2026-09-06	€1,407,072	€0	−€17,500	€0	€0	€0	€0	€0	€1,389,572	€1,139,572
W2	2026-09-07	2026-09-13	€1,389,572	€0	−€30,000	€0	€0	€0	−€11,000	€0	€1,348,572	€1,098,572
W3	2026-09-14	2026-09-20	€1,348,572	€85,760	−€24,262	€0	€0	€0	€0	€0	€1,410,070	€1,160,070
W4	2026-09-21	2026-09-27	€1,410,070	€68,400	−€32,500	−€232,000	−€12,000	€0	€0	€0	€1,201,970	€951,970
W5	2026-09-28	2026-10-04	€1,201,970	€101,651	−€8,264	€0	€0	−€1,083	€0	−€5,000	€1,289,273	€1,039,273
W6	2026-10-05	2026-10-11	€1,289,273	€74,100	€0	€0	€0	€0	−€8,000	€0	€1,355,373	€1,105,373
W7	2026-10-12	2026-10-18	€1,355,373	€90,574	−€105,316	€0	€0	€0	€0	€0	€1,340,631	€1,090,631
W8	2026-10-19	2026-10-25	€1,340,631	€0	€0	−€232,000	€0	€0	€0	€0	€1,108,631	€858,631
W9	2026-10-26	2026-11-01	€1,108,631	€110,701	−€128,719	€0	€0	−€1,056	€0	−€5,000	€1,084,557	€834,557
W10	2026-11-02	2026-11-08	€1,084,557	€0	€0	€0	€0	€0	−€8,000	€0	€1,076,557	€826,557
W11	2026-11-09	2026-11-15	€1,076,557	€165,902	−€107,479	€0	€0	€0	€0	€0	€1,134,981	€884,981
W12	2026-11-16	2026-11-22	€1,134,981	€0	€0	€0	€0	€0	€0	€0	€1,134,981	€884,981
W13	2026-11-23	2026-11-29	€1,134,981	€202,769	−€131,363	−€232,000	€0	−€1,029	€0	−€5,000	€968,358	€718,358

Daily cash on transaction dates
Date	Opening	Receipts	Payments	Closing	Headroom
2026-09-04	€1,407,072	€0	−€17,500	€1,389,572	€1,139,572
2026-09-08	€1,389,572	€0	−€11,000	€1,378,572	€1,128,572
2026-09-11	€1,378,572	€0	−€30,000	€1,348,572	€1,098,572
2026-09-15	€1,348,572	€20,210	−€6,762	€1,362,020	€1,112,020
2026-09-18	€1,362,020	€65,550	−€17,500	€1,410,070	€1,160,070
2026-09-21	€1,410,070	€0	−€12,000	€1,398,070	€1,148,070
2026-09-25	€1,398,070	€68,400	−€264,500	€1,201,970	€951,970
2026-09-28	€1,201,970	€24,701	−€14,348	€1,212,323	€962,323
2026-10-02	€1,212,323	€76,950	€0	€1,289,273	€1,039,273
2026-10-08	€1,289,273	€0	−€8,000	€1,281,273	€1,031,273
2026-10-09	€1,281,273	€74,100	€0	€1,355,373	€1,105,373
2026-10-15	€1,355,373	€90,574	−€105,316	€1,340,631	€1,090,631
2026-10-25	€1,340,631	€0	−€232,000	€1,108,631	€858,631
2026-10-28	€1,108,631	€110,701	−€134,775	€1,084,557	€834,557
2026-11-08	€1,084,557	€0	−€8,000	€1,076,557	€826,557
2026-11-15	€1,076,557	€165,902	−€107,479	€1,134,981	€884,981
2026-11-25	€1,134,981	€0	−€232,000	€902,981	€652,981
2026-11-28	€902,981	€202,769	−€137,392	€968,358	€718,358

Supporting schedules and checks

Checks compare the financial statements, dated cash schedule and opening invoice balances. Business calculations do not depend on check results.

All demonstration records are fictional and do not establish client performance.

Financial reconciliation checks
Check	Difference	Result
Balance sheet equation	€0.000000	Pass
Cash flow ties to balance sheet	€0	Pass
Direct to indirect cash	€0.000000	Pass
Revenue / cohort reconciliation	€0	Pass
Deferred revenue roll-forward	€0	Pass
Receivables roll-forward	€0	Pass
Payables roll-forward	€0	Pass
Monthly event cash to statements	€0.000000	Pass
Opening AR records tie to August balance	€0	Pass
Opening AP records tie to August balance	€0	Pass
Daily closing cash to week 13	€0	Pass
November 30 bridge	€0.000000	Pass

Assets, debt and tax schedules
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Opening asset cost	€180,000	€188,000	€196,500	€205,500	€215,000	€225,000	€235,500	€246,500	€258,000	€269,000	€277,000	€285,000
Capital expenditure	€8,000	€8,500	€9,000	€9,500	€10,000	€10,500	€11,000	€11,500	€11,000	€8,000	€8,000	€8,000
Closing asset cost	€188,000	€196,500	€205,500	€215,000	€225,000	€235,500	€246,500	€258,000	€269,000	€277,000	€285,000	€293,000
Opening accumulated depreciation	€48,000	€51,222	€54,681	€58,389	€62,361	€66,611	€71,153	€76,000	€81,167	€86,639	€92,333	€98,250
Depreciation charge	€3,222	€3,458	€3,708	€3,972	€4,250	€4,542	€4,847	€5,167	€5,472	€5,694	€5,917	€6,139
Closing accumulated depreciation	€51,222	€54,681	€58,389	€62,361	€66,611	€71,153	€76,000	€81,167	€86,639	€92,333	€98,250	€104,389
Net fixed assets	€136,778	€141,819	€147,111	€152,639	€158,389	€164,347	€170,500	€176,833	€182,361	€184,667	€186,750	€188,611
Opening debt	€240,000	€235,000	€230,000	€225,000	€220,000	€215,000	€210,000	€205,000	€200,000	€195,000	€190,000	€185,000
Principal repayment	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000	€5,000
Closing debt	€235,000	€230,000	€225,000	€220,000	€215,000	€210,000	€205,000	€200,000	€195,000	€190,000	€185,000	€180,000
Interest	€1,300	€1,273	€1,246	€1,219	€1,192	€1,165	€1,138	€1,110	€1,083	€1,056	€1,029	€1,002
Opening net tax balance	€18,000	€18,000	€18,000	€6,000	€6,000	€6,000	−€4,000	−€4,000	−€4,000	−€16,000	−€16,000	−€16,000
Current tax charge	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Current tax paid	€0	€0	€12,000	€0	€0	€10,000	€0	€0	€12,000	€0	€0	€12,000
Net tax liability / (prepayment)	€18,000	€18,000	€6,000	€6,000	€6,000	−€4,000	−€4,000	−€4,000	−€16,000	−€16,000	−€16,000	−€28,000

Working-capital schedules
Metric	Jan-26 A	Feb-26 A	Mar-26 A	Apr-26 A	May-26 A	Jun-26 A	Jul-26 A	Aug-26 A	Sept-26 F	Oct-26 F	Nov-26 F	Dec-26 F
Opening receivables	€145,000	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€504,159	€579,729	€663,322
Invoiced billings	€190,830	€256,160	€283,840	€298,770	€329,150	€349,180	€377,435	€415,665	€398,020	€427,895	€452,265	€465,420
Customer receipts	€173,330	€238,660	€266,340	€281,270	€311,650	€331,680	€359,935	€398,165	€178,861	€352,325	€368,672	€438,119
Closing receivables	€162,500	€180,000	€197,500	€215,000	€232,500	€250,000	€267,500	€285,000	€504,159	€579,729	€663,322	€690,623
Implied AR / billings × month days	26.4	19.68	21.57	21.59	21.9	21.48	21.97	21.26	38	42	44	46
Opening payables	€58,000	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€237,869	€248,385	€278,886
Vendor expenses	€124,028	€128,612	€134,575	€140,477	€147,717	€157,614	€174,467	€185,528	€225,395	€244,551	€269,342	€297,214
Vendor payments	€115,653	€120,237	€126,200	€132,102	€139,342	€149,239	€166,092	€177,153	€112,526	€234,035	€238,841	€280,148
Closing payables	€66,375	€74,750	€83,125	€91,500	€99,875	€108,250	€116,625	€125,000	€237,869	€248,385	€278,886	€295,952
Prepayments	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000	€30,000
Payroll accruals	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000	€32,000

CFO decisions and follow-through

December usage contribution before shared costs is €57,236 in this case. Review pricing, routing and cloud commitments together.

The lowest daily cash stays €652,981 above the reserve.

Illustrative action register
Topic	Action	Owner	Due	Status
Usage margin	Review realised pricing, cache performance and model routing by workload.	Product lead	2026-09-04	Open
Cloud capacity	Compare consumed capacity with minimum commitments before expansion.	Engineering lead	2026-09-07	Open
Enterprise billing	Separate platform fees, usage charges and advances in contracts.	Commercial lead	2026-09-08	Open
Collections	Confirm receipt promises and resolve disputed balances.	Credit control	2026-09-03	Open
Liquidity	Review the Downside cash path before hiring or committing capacity.	CFO	2026-09-07	Open

Inspect the formulas behind the review.

Download the linked statements, assumptions, operating schedules and controls. Change the model inputs to examine the forecast.

Download the Excel model ↓

This example shows the depth available across our finance work. Your engagement defines the models, reports and strategic deliverables included; every advanced module is not automatically included in either starting fee. Compare engagement scope.

Start with a conversation

Build the finance function
your next stage needs.

Tell us where the business stands. We’ll show you how we would run the finance function, the priorities we would address and the team behind the work.

Book a free introduction Explore the engagement and pricing

AI businesses.The numbers behind the decisions.

CFO review

Performance and budget

Integrated financial statements

Usage, pricing and product contribution

Receivables and payment controls

13-week cash and daily exposure

Supporting schedules and checks

CFO decisions and follow-through

CFO review

Performance and budget

Integrated financial statements

Usage, pricing and product contribution

Receivables and payment controls

13-week cash and daily exposure

Supporting schedules and checks

CFO decisions and follow-through

Inspect the formulas behind the review.

Build the finance functionyour next stage needs.

AI businesses.
The numbers behind the decisions.

Build the finance function
your next stage needs.