Explore the finance pack / Construction & renovation
Construction & renovation.
The numbers behind the decisions.
Which projects are losing margin, what remains committed, and will collections fund the next phase of delivery?
Fictional company, records and figures. Real platform names identify example systems, without implying client relationships or partnerships.
Base forecast selected. Historical figures and the original budget stay unchanged.
Project earnings, billing and cash
August revenue is €469,596, with 26.6% gross margin. Earned work and bank receipts diverge: €330,495 sits in contract assets and €105,009 is retained by customers.
Base scheduled cash reaches €95,946 on 2026-10-26. The reserve is €125,000. The reserve shortfall is €29,054.
August revenue€469,596Invented actuals
August EBITDA€72,596After payroll and operating overheads
Contract assets€330,495At 31 August
Lowest daily cash€95,9462026-10-26
| Metric | Actual | Original budget | Variance |
|---|---|---|---|
| Revenue | €469,596 | €462,968 | €6,627 |
| Gross profit | €125,096 | €118,468 | €6,627 |
| EBITDA | €72,596 | €67,793 | €4,802 |
| Net profit | €53,587 | €49,745 | €3,842 |
| Project | Work type | Approved contract | Earned to date | Cost to date | Cost to complete | Open commitments | Contract asset | Retention |
|---|---|---|---|---|---|---|---|---|
| CW-01 | Residential refurbishment | €425,600 | €283,733 | €200,000 | €100,000 | €72,000 | €38,915 | €12,241 |
| CW-02 | Retail fit-out | €862,000 | €535,034 | €360,000 | €220,000 | €158,400 | €72,434 | €23,130 |
| CW-03 | Workplace redevelopment | €1,199,200 | €892,738 | €670,000 | €230,000 | €165,600 | €123,758 | €38,449 |
| CW-04 | Hospitality renovation | €567,200 | €249,838 | €185,000 | €235,000 | €169,200 | €33,001 | €10,842 |
| CW-05 | Residential extension | €628,800 | €129,861 | €95,000 | €365,000 | €262,800 | €16,882 | €5,649 |
| CW-06 | Commercial energy upgrade | €760,400 | €339,464 | €250,000 | €310,000 | €223,200 | €45,504 | €14,698 |
All businesses, records and figures are fictional. The example demonstrates reporting method, not client results.
Performance against the original plan
Year-to-date revenue is €2,430,669 versus €2,395,562 budget. The full-year base outlook is €4,538,000 revenue and €634,500 EBITDA.
A forecast cost increase changes cumulative earnings through the cost-to-cost calculation. Approved variations increase contract value; unapproved requests remain outside revenue.
| Metric | YTD actual | YTD budget | YTD variance | Full-year outlook | Full-year budget | FY variance |
|---|---|---|---|---|---|---|
| Revenue | €2,430,669 | €2,395,562 | €35,107 | €4,538,000 | €4,380,000 | €158,000 |
| Gross profit | €634,669 | €599,562 | €35,107 | €1,262,000 | €1,104,000 | €158,000 |
| EBITDA | €228,669 | €207,462 | €21,207 | €634,500 | €498,075 | €136,425 |
| Net profit | €138,945 | €122,984 | €15,960 | €442,105 | €333,970 | €108,135 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €126,778 | €139,889 | €212,393 | €287,175 | €347,866 | €397,330 | €449,643 | €469,596 | €552,639 | €507,114 | €520,067 | €527,511 |
| Direct payroll | −€21,900 | −€24,100 | −€35,550 | −€46,950 | −€57,850 | −€62,500 | −€76,800 | −€81,300 | −€85,700 | −€87,600 | −€91,100 | −€93,050 |
| Materials | −€44,100 | −€48,900 | −€72,000 | −€99,000 | −€117,800 | −€126,600 | −€146,200 | −€151,700 | −€157,300 | −€158,700 | −€161,900 | −€163,400 |
| Subcontractors | −€29,000 | −€32,000 | −€47,450 | −€64,050 | −€79,350 | −€85,900 | −€102,000 | −€107,000 | −€112,000 | −€113,700 | −€117,000 | −€118,550 |
| Direct systems and software | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€5,000 | −€5,000 | −€5,000 | −€5,000 |
| Unbilled recoverability charge / (release) | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Direct costs | −€99,500 | −€109,500 | −€159,500 | −€214,500 | −€259,500 | −€279,500 | −€329,500 | −€344,500 | −€360,000 | −€365,000 | −€375,000 | −€380,000 |
| Gross profit | €27,278 | €30,389 | €52,893 | €72,675 | €88,366 | €117,830 | €120,143 | €125,096 | €192,639 | €142,114 | €145,067 | €147,511 |
| Gross margin | 21.5% | 21.7% | 24.9% | 25.3% | 25.4% | 29.7% | 26.7% | 26.6% | 34.9% | 28.0% | 27.9% | 28.0% |
| Management and administration payroll | −€33,000 | −€33,500 | −€34,000 | −€34,500 | −€35,000 | −€35,500 | −€36,000 | −€36,500 | −€37,500 | −€38,000 | −€39,000 | −€39,000 |
| Business development | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€7,000 | −€7,000 | −€7,000 | −€7,000 |
| Office, insurance and general costs | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€10,000 | −€10,000 | −€10,000 | −€10,000 |
| Operating expenses | −€49,000 | −€49,500 | −€50,000 | −€50,500 | −€51,000 | −€51,500 | −€52,000 | −€52,500 | −€54,500 | −€55,000 | −€56,000 | −€56,000 |
| EBITDA | −€21,722 | −€19,111 | €2,893 | €22,175 | €37,366 | €66,330 | €68,143 | €72,596 | €138,139 | €87,114 | €89,067 | €91,511 |
| EBITDA margin | -17.1% | -13.7% | 1.4% | 7.7% | 10.7% | 16.7% | 15.2% | 15.5% | 25.0% | 17.2% | 17.1% | 17.3% |
| Depreciation | −€3,625 | −€3,708 | −€3,875 | −€4,000 | −€4,188 | −€4,292 | −€4,458 | −€4,583 | −€5,458 | −€5,646 | −€5,896 | −€6,062 |
| EBIT | −€25,347 | −€22,819 | −€982 | €18,175 | €33,178 | €62,038 | €63,685 | €68,013 | €132,681 | €81,468 | €83,171 | €85,449 |
| Interest | −€1,238 | −€1,208 | −€1,178 | −€1,148 | −€1,118 | −€1,089 | −€1,059 | −€1,029 | −€999 | −€969 | −€940 | −€910 |
| Profit before tax | −€26,585 | −€24,027 | −€2,160 | €17,027 | €32,060 | €60,950 | €62,626 | €66,984 | €131,682 | €80,498 | €82,232 | €84,539 |
| Illustrative current tax | €0 | €0 | €0 | −€3,405 | −€6,412 | −€12,190 | −€12,525 | −€13,397 | −€26,336 | −€16,100 | −€16,446 | −€16,908 |
| Net profit | −€26,585 | −€24,027 | −€2,160 | €13,621 | €25,648 | €48,760 | €50,101 | €53,587 | €105,345 | €64,399 | €65,785 | €67,631 |
Linked financial statements
Project earnings feed the P&L. Earned-but-unbilled work, customer advances and retentions sit separately on the balance sheet. Their changes reconcile operating cash flow.
December closing cash is €454,942. No new borrowing is assumed.
| 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 cash requirement) | €797,859 | €698,786 | €607,265 | €523,605 | €457,077 | €389,455 | €331,533 | €298,008 | €345,334 | €359,619 | €425,600 | €454,942 |
| Trade receivables | €104,782 | €165,169 | €226,507 | €316,467 | €370,982 | €419,481 | €479,523 | €500,801 | €573,850 | €587,434 | €605,228 | €894,863 |
| Contract asset / net unbilled work | €16,481 | €34,667 | €62,278 | €99,610 | €144,833 | €210,994 | €269,447 | €330,495 | €358,156 | €332,800 | €306,797 | €0 |
| Retention receivables | €5,515 | €11,600 | €20,839 | €33,331 | €48,463 | €65,022 | €84,581 | €105,009 | €131,258 | €157,881 | €185,185 | €226,900 |
| Prepayments | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 |
| Current tax prepayment | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Current assets | €942,637 | €928,221 | €934,888 | €991,013 | €1,039,355 | €1,102,952 | €1,183,084 | €1,252,313 | €1,426,597 | €1,455,734 | €1,540,810 | €1,594,705 |
| Fixed assets at cost | €226,000 | €230,000 | €238,000 | €244,000 | €253,000 | €258,000 | €266,000 | €272,000 | €314,000 | €323,000 | €335,000 | €343,000 |
| Accumulated depreciation | €69,625 | €73,333 | €77,208 | €81,208 | €85,396 | €89,688 | €94,146 | €98,729 | €104,187 | €109,833 | €115,729 | €121,792 |
| Net fixed assets | €156,375 | €156,667 | €160,792 | €162,792 | €167,604 | €168,312 | €171,854 | €173,271 | €209,812 | €213,167 | €219,271 | €221,208 |
| Total assets | €1,099,012 | €1,084,888 | €1,095,680 | €1,153,805 | €1,206,960 | €1,271,264 | €1,354,939 | €1,425,584 | €1,636,410 | €1,668,901 | €1,760,080 | €1,815,913 |
| Trade payables | €75,097 | €91,500 | €119,952 | €167,550 | €195,145 | €217,000 | €244,548 | €254,710 | €358,354 | €316,846 | €332,295 | €326,088 |
| Payroll accruals | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 |
| Contract liabilities / customer advances | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Current tax payable | €10,000 | €10,000 | €1,000 | €4,405 | €10,817 | €11,007 | €23,532 | €36,929 | €45,266 | €61,365 | €77,812 | €78,719 |
| Current operating liabilities | €107,097 | €123,500 | €142,952 | €193,955 | €227,962 | €250,007 | €290,081 | €313,639 | €425,620 | €400,212 | €432,106 | €426,808 |
| Debt | €263,500 | €257,000 | €250,500 | €244,000 | €237,500 | €231,000 | €224,500 | €218,000 | €211,500 | €205,000 | €198,500 | €192,000 |
| Total liabilities | €370,597 | €380,500 | €393,452 | €437,955 | €465,462 | €481,007 | €514,581 | €531,639 | €637,120 | €605,212 | €630,606 | €618,808 |
| Share capital | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 |
| Retained earnings | €678,415 | €654,388 | €652,228 | €665,849 | €691,497 | €740,257 | €790,358 | €843,945 | €949,290 | €1,013,689 | €1,079,474 | €1,147,105 |
| Equity | €728,415 | €704,388 | €702,228 | €715,849 | €741,497 | €790,257 | €840,358 | €893,945 | €999,290 | €1,063,689 | €1,129,474 | €1,197,105 |
| Liabilities and equity | €1,099,012 | €1,084,888 | €1,095,680 | €1,153,805 | €1,206,960 | €1,271,264 | €1,354,939 | €1,425,584 | €1,636,410 | €1,668,901 | €1,760,080 | €1,815,913 |
| 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 | −€26,585 | −€24,027 | −€2,160 | €13,621 | €25,648 | €48,760 | €50,101 | €53,587 | €105,345 | €64,399 | €65,785 | €67,631 |
| Depreciation add-back | €3,625 | €3,708 | €3,875 | €4,000 | €4,188 | €4,292 | €4,458 | €4,583 | €5,458 | €5,646 | €5,896 | €6,062 |
| Change in trade receivables | −€104,782 | −€60,387 | −€61,338 | −€89,960 | −€54,515 | −€48,499 | −€60,041 | −€21,279 | −€73,048 | −€13,584 | −€17,794 | −€289,635 |
| Change in contract assets / net unbilled work | −€16,481 | −€18,186 | −€27,611 | −€37,333 | −€45,223 | −€66,161 | −€58,454 | −€61,047 | −€27,661 | €25,356 | €26,003 | €306,797 |
| Change in retentions | −€5,515 | −€6,085 | −€9,239 | −€12,492 | −€15,132 | −€16,558 | −€19,559 | −€20,427 | −€26,249 | −€26,623 | −€27,304 | −€41,715 |
| Change in trade payables | €10,097 | €16,403 | €28,452 | €47,598 | €27,595 | €21,855 | €27,548 | €10,161 | €103,645 | −€41,508 | €15,448 | −€6,206 |
| Change in customer advances | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Change in net current tax | €0 | €0 | −€9,000 | €3,405 | €6,412 | €190 | €12,525 | €13,397 | €8,336 | €16,100 | €16,446 | €908 |
| Operating cash flow | −€139,641 | −€88,573 | −€77,021 | −€71,160 | −€51,027 | −€56,122 | −€43,422 | −€21,025 | €95,826 | €29,784 | €84,482 | €43,842 |
| Capital expenditure | −€6,000 | −€4,000 | −€8,000 | −€6,000 | −€9,000 | −€5,000 | −€8,000 | −€6,000 | −€42,000 | −€9,000 | −€12,000 | −€8,000 |
| Investing cash flow | −€6,000 | −€4,000 | −€8,000 | −€6,000 | −€9,000 | −€5,000 | −€8,000 | −€6,000 | −€42,000 | −€9,000 | −€12,000 | −€8,000 |
| Debt principal repayment | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 |
| Financing cash flow | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 |
| Net cash change | −€152,141 | −€99,073 | −€91,521 | −€83,660 | −€66,527 | −€67,622 | −€57,922 | −€33,525 | €47,326 | €14,284 | €65,982 | €29,342 |
| Opening cash | €950,000 | €797,859 | €698,786 | €607,265 | €523,605 | €457,077 | €389,455 | €331,533 | €298,008 | €345,334 | €359,619 | €425,600 |
| Closing cash | €797,859 | €698,786 | €607,265 | €523,605 | €457,077 | €389,455 | €331,533 | €298,008 | €345,334 | €359,619 | €425,600 | €454,942 |
Contract value, delivery cost and commitments
Each project carries its own contract value, approved variations, cost estimate, billing plan, retentions and commitments. Cost-to-cost progress uses cumulative cost divided by the latest total estimate.
Unapproved requests total €133,000. They contribute no forecast revenue. Open commitments are modelled using the explicitly selected share of remaining cost, not a purchase-order ledger.
| Project | Base contract | Approved variations | Unapproved requests | Original cost budget | Forecast total cost | Expected lifetime margin | Cost to complete | Remaining commitments |
|---|---|---|---|---|---|---|---|---|
| CW-01 | €420,000 | €14,000 | €8,000 | €300,000 | €300,000 | €134,000 | €0 | €0 |
| CW-02 | €850,000 | €30,000 | €24,000 | €580,000 | €580,000 | €300,000 | €0 | €0 |
| CW-03 | €1,180,000 | €48,000 | €36,000 | €900,000 | €900,000 | €328,000 | €0 | €0 |
| CW-04 | €560,000 | €18,000 | €22,000 | €420,000 | €420,000 | €158,000 | €0 | €0 |
| CW-05 | €620,000 | €22,000 | €15,000 | €460,000 | €460,000 | €182,000 | €0 | €0 |
| CW-06 | €750,000 | €26,000 | €28,000 | €560,000 | €560,000 | €216,000 | €0 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Estimated total cost | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 |
| Cost-to-cost progress | 8.3% | 16.7% | 25.0% | 33.3% | 41.7% | 50.0% | 58.3% | 66.7% | 75.0% | 83.3% | 91.7% | 100.0% |
| Revenue recognised | €35,000 | €35,000 | €35,000 | €35,000 | €35,000 | €37,800 | €35,467 | €35,467 | €41,767 | €36,167 | €36,167 | €36,167 |
| Gross billing | €30,450 | €30,450 | €30,450 | €30,450 | €30,450 | €30,856 | €30,856 | €30,856 | €37,975 | €37,975 | €37,975 | €75,257 |
| Cost to complete | €275,000 | €250,000 | €225,000 | €200,000 | €175,000 | €150,000 | €125,000 | €100,000 | €75,000 | €50,000 | €25,000 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €45,000 | €55,000 | €60,000 | €65,000 | €70,000 | €65,000 | €60,000 | €60,000 | €50,000 | €50,000 |
| Estimated total cost | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 |
| Cost-to-cost progress | 0.0% | 0.0% | 7.8% | 17.2% | 27.6% | 38.8% | 50.9% | 62.1% | 72.4% | 82.8% | 91.4% | 100.0% |
| Revenue recognised | €0 | €0 | €65,948 | €80,603 | €87,931 | €99,914 | €104,034 | €96,603 | €102,207 | €91,034 | €75,862 | €75,862 |
| Gross billing | €0 | €0 | €57,375 | €70,125 | €76,500 | €84,045 | €90,510 | €84,045 | €95,586 | €95,586 | €79,655 | €146,572 |
| Cost to complete | €580,000 | €580,000 | €535,000 | €480,000 | €420,000 | €355,000 | €285,000 | €220,000 | €160,000 | €100,000 | €50,000 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €70,000 | €80,000 | €85,000 | €90,000 | €90,000 | €90,000 | €85,000 | €80,000 | €70,000 | €65,000 | €55,000 | €40,000 |
| Estimated total cost | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 |
| Cost-to-cost progress | 7.8% | 16.7% | 26.1% | 36.1% | 46.1% | 56.1% | 65.6% | 74.4% | 82.2% | 89.4% | 95.6% | 100.0% |
| Revenue recognised | €91,778 | €104,889 | €111,444 | €118,000 | €118,000 | €128,773 | €113,258 | €106,596 | €116,951 | €88,689 | €75,044 | €54,578 |
| Gross billing | €79,847 | €91,253 | €96,957 | €102,660 | €102,660 | €104,330 | €98,534 | €92,738 | €100,287 | €93,123 | €78,797 | €186,814 |
| Cost to complete | €830,000 | €750,000 | €665,000 | €575,000 | €485,000 | €395,000 | €310,000 | €230,000 | €160,000 | €95,000 | €40,000 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €0 | €0 | €35,000 | €45,000 | €50,000 | €55,000 | €60,000 | €60,000 | €60,000 | €55,000 |
| Estimated total cost | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 |
| Cost-to-cost progress | 0.0% | 0.0% | 0.0% | 0.0% | 8.3% | 19.0% | 31.0% | 44.0% | 58.3% | 72.6% | 86.9% | 100.0% |
| Revenue recognised | €0 | €0 | €0 | €0 | €46,667 | €61,371 | €67,524 | €74,276 | €87,329 | €82,571 | €82,571 | €75,690 |
| Gross billing | €0 | €0 | €0 | €0 | €40,600 | €52,871 | €58,746 | €64,620 | €86,700 | €86,700 | €86,700 | €101,063 |
| Cost to complete | €420,000 | €420,000 | €420,000 | €420,000 | €385,000 | €340,000 | €290,000 | €235,000 | €175,000 | €115,000 | €55,000 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €0 | €0 | €0 | €0 | €40,000 | €55,000 | €70,000 | €80,000 | €100,000 | €115,000 |
| Estimated total cost | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 |
| Cost-to-cost progress | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.7% | 20.7% | 35.9% | 53.3% | 75.0% | 100.0% |
| Revenue recognised | €0 | €0 | €0 | €0 | €0 | €0 | €54,678 | €75,183 | €100,422 | €111,652 | €139,565 | €160,500 |
| Gross billing | €0 | €0 | €0 | €0 | €0 | €0 | €47,570 | €65,409 | €102,580 | €117,235 | €146,543 | €162,662 |
| Cost to complete | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €420,000 | €365,000 | €295,000 | €215,000 | €115,000 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €0 | €40,000 | €45,000 | €50,000 | €55,000 | €60,000 | €70,000 | €70,000 | €80,000 | €90,000 |
| Estimated total cost | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 |
| Cost-to-cost progress | 0.0% | 0.0% | 0.0% | 7.1% | 15.2% | 24.1% | 33.9% | 44.6% | 57.1% | 69.6% | 83.9% | 100.0% |
| Revenue recognised | €0 | €0 | €0 | €53,571 | €60,268 | €69,471 | €74,682 | €81,471 | €103,964 | €97,000 | €110,857 | €124,714 |
| Gross billing | €0 | €0 | €0 | €46,607 | €52,433 | €59,067 | €64,973 | €70,880 | €101,850 | €101,850 | €116,400 | €161,939 |
| Cost to complete | €560,000 | €560,000 | €560,000 | €520,000 | €475,000 | €425,000 | €370,000 | €310,000 | €240,000 | €170,000 | €90,000 | €0 |
Receivables, payables and cash conversion
€255,409 of August trade receivables is overdue. €48,395 of supplier invoices remains pending approval, review or hold release. The liabilities remain on the balance sheet even when excluded from scheduled payments.
Retentions and contract assets are separate from ordinary overdue invoices. They need evidence of billing entitlement, certification and release conditions.
| Age bucket | Outstanding |
|---|---|
| Current | €245,393 |
| 1–30 | €125,200 |
| 31–60 | €70,112 |
| 61–90 | €60,096 |
| 90+ | €0 |
| Invoice | Customer | Issued | Due | Outstanding | Planned receipt | Case receipt | Days overdue |
|---|---|---|---|---|---|---|---|
| AR-01 | Fictional customer 01 | 2026-05-20 | 2026-06-19 | €60,096 | 2026-09-04 | 2026-09-04 | 73 |
| AR-02 | Fictional customer 02 | 2026-06-18 | 2026-07-18 | €70,112 | 2026-09-08 | 2026-09-08 | 44 |
| AR-03 | Fictional customer 03 | 2026-07-06 | 2026-08-05 | €45,072 | 2026-09-11 | 2026-09-11 | 26 |
| AR-04 | Fictional customer 04 | 2026-07-20 | 2026-08-19 | €80,128 | 2026-09-15 | 2026-09-15 | 12 |
| AR-05 | Fictional customer 05 | 2026-08-02 | 2026-09-01 | €50,080 | 2026-09-18 | 2026-09-18 | 0 |
| AR-06 | Fictional customer 06 | 2026-08-10 | 2026-09-09 | €65,104 | 2026-09-22 | 2026-09-22 | 0 |
| AR-07 | Fictional customer 07 | 2026-08-18 | 2026-09-17 | €55,088 | 2026-09-25 | 2026-09-25 | 0 |
| AR-08 | Fictional customer 08 | 2026-08-25 | 2026-09-24 | €75,120 | 2026-10-02 | 2026-10-02 | 0 |
| Invoice | Supplier | Original invoice | Paid to date | Outstanding | Approval | Review | Hold | Payment date |
|---|---|---|---|---|---|---|---|---|
| AP-01 | Fictional supplier 01 | €35,512 | €2,400 | €33,112 | Approved | Complete | No | 2026-09-04 |
| AP-02 | Fictional supplier 02 | €22,924 | €0 | €22,924 | Pending | Complete | Yes | Awaiting prerequisites |
| AP-03 | Fictional supplier 03 | €39,406 | €1,200 | €38,206 | Approved | Complete | No | 2026-09-11 |
| AP-04 | Fictional supplier 04 | €25,471 | €0 | €25,471 | Approved | Pending | No | Awaiting prerequisites |
| AP-05 | Fictional supplier 05 | €43,954 | €3,200 | €40,754 | Approved | Complete | No | 2026-09-18 |
| AP-06 | Fictional supplier 06 | €30,565 | €0 | €30,565 | Approved | Complete | No | 2026-09-22 |
| AP-07 | Fictional supplier 07 | €28,018 | €0 | €28,018 | Approved | Complete | No | 2026-09-25 |
| AP-08 | Fictional supplier 08 | €37,459 | €1,800 | €35,659 | Approved | Complete | No | 2026-10-02 |
| Item | Amount |
|---|---|
| Original invoice totals | €263,310 |
| Paid to date | €8,600 |
| Outstanding payables | €254,710 |
| Pending, held or not reviewed | €48,395 |
| Eligible for scheduled payment | €206,315 |
| Project | Earned to date | Billed to date | Contract asset | Contract liability | Retentions |
|---|---|---|---|---|---|
| CW-01 | €283,733 | €244,818 | €38,915 | €0 | €12,241 |
| CW-02 | €535,034 | €462,600 | €72,434 | €0 | €23,130 |
| CW-03 | €892,738 | €768,979 | €123,758 | €0 | €38,449 |
| CW-04 | €249,838 | €216,837 | €33,001 | €0 | €10,842 |
| CW-05 | €129,861 | €112,979 | €16,882 | €0 | €5,649 |
| CW-06 | €339,464 | €293,961 | €45,504 | €0 | €14,698 |
Dated cash forecast and funding exposure
Lowest scheduled daily cash is €95,946 on 2026-10-26. Lowest weekly closing cash is €251,733. Later-week receipts can conceal a cash need earlier in the week.
Opening cash is the completed 31 August close. The first week covers 1–6 September and the period ends 29 November. Dated cash reconciles to the monthly statements. No automatic funding is assumed.
Closing cashMinimum cash reserve €125,000
| Metric | 1–6 Sep | 07 Sept | 14 Sept | 21 Sept | 28 Sept | 05 Oct | 12 Oct | 19 Oct | 26 Oct | 02 Nov | 09 Nov | 16 Nov | 23 Nov |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening cash | €298,008 | €324,992 | €342,970 | €432,425 | €352,834 | €384,795 | €358,795 | €377,333 | €251,733 | €359,619 | €347,619 | €385,156 | €385,156 |
| Customer receipts | €60,096 | €115,184 | €130,208 | €120,192 | €75,120 | €0 | €145,999 | €0 | €271,142 | €0 | €175,340 | €0 | €325,632 |
| Supplier payments | −€33,112 | −€38,206 | −€40,754 | −€58,583 | −€35,659 | €0 | −€127,462 | €0 | −€155,787 | €0 | −€120,803 | €0 | −€147,648 |
| Payroll | €0 | €0 | €0 | −€123,200 | €0 | €0 | €0 | −€125,600 | €0 | €0 | €0 | €0 | −€130,100 |
| Operating overheads | €0 | −€17,000 | €0 | €0 | €0 | −€17,000 | €0 | €0 | €0 | €0 | −€17,000 | €0 | €0 |
| Current tax | €0 | €0 | €0 | −€18,000 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Interest | €0 | €0 | €0 | €0 | −€999 | €0 | €0 | €0 | −€969 | €0 | €0 | €0 | −€940 |
| Capital expenditure | €0 | −€42,000 | €0 | €0 | €0 | −€9,000 | €0 | €0 | €0 | −€12,000 | €0 | €0 | €0 |
| Debt repayment | €0 | €0 | €0 | €0 | −€6,500 | €0 | €0 | €0 | −€6,500 | €0 | €0 | €0 | −€6,500 |
| Net cash change | €26,984 | €17,978 | €89,455 | −€79,591 | €31,962 | −€26,000 | €18,538 | −€125,600 | €107,886 | −€12,000 | €37,537 | €0 | €40,444 |
| Closing cash | €324,992 | €342,970 | €432,425 | €352,834 | €384,795 | €358,795 | €377,333 | €251,733 | €359,619 | €347,619 | €385,156 | €385,156 | €425,600 |
| Minimum reserve | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 |
| Reserve headroom / (shortfall) | €199,992 | €217,970 | €307,425 | €227,834 | €259,795 | €233,795 | €252,333 | €126,733 | €234,619 | €222,619 | €260,156 | €260,156 | €300,600 |
| Date | Opening cash | Receipts | Payments | Net change | Closing cash | Reserve headroom |
|---|---|---|---|---|---|---|
| 2026-09-04 | €298,008 | €60,096 | −€33,112 | €26,984 | €324,992 | €199,992 |
| 2026-09-08 | €324,992 | €70,112 | −€42,000 | €28,112 | €353,104 | €228,104 |
| 2026-09-10 | €353,104 | €0 | −€17,000 | −€17,000 | €336,104 | €211,104 |
| 2026-09-11 | €336,104 | €45,072 | −€38,206 | €6,866 | €342,970 | €217,970 |
| 2026-09-15 | €342,970 | €80,128 | €0 | €80,128 | €423,098 | €298,098 |
| 2026-09-18 | €423,098 | €50,080 | −€40,754 | €9,327 | €432,425 | €307,425 |
| 2026-09-21 | €432,425 | €0 | −€18,000 | −€18,000 | €414,425 | €289,425 |
| 2026-09-22 | €414,425 | €65,104 | −€30,565 | €34,539 | €448,964 | €323,964 |
| 2026-09-25 | €448,964 | €55,088 | −€151,218 | −€96,130 | €352,834 | €227,834 |
| 2026-09-28 | €352,834 | €0 | −€7,499 | −€7,499 | €345,334 | €220,334 |
| 2026-10-02 | €345,334 | €75,120 | −€35,659 | €39,461 | €384,795 | €259,795 |
| 2026-10-08 | €384,795 | €0 | −€9,000 | −€9,000 | €375,795 | €250,795 |
| 2026-10-10 | €375,795 | €0 | −€17,000 | −€17,000 | €358,795 | €233,795 |
| 2026-10-12 | €358,795 | €0 | −€127,462 | −€127,462 | €231,333 | €106,333 |
| 2026-10-15 | €231,333 | €145,999 | €0 | €145,999 | €377,333 | €252,333 |
| 2026-10-25 | €377,333 | €0 | −€125,600 | −€125,600 | €251,733 | €126,733 |
| 2026-10-26 | €251,733 | €0 | −€155,787 | −€155,787 | €95,946 | −€29,054 |
| 2026-10-28 | €95,946 | €271,142 | −€7,469 | €263,673 | €359,619 | €234,619 |
| 2026-11-08 | €359,619 | €0 | −€12,000 | −€12,000 | €347,619 | €222,619 |
| 2026-11-10 | €347,619 | €0 | −€17,000 | −€17,000 | €330,619 | €205,619 |
| 2026-11-12 | €330,619 | €0 | −€120,803 | −€120,803 | €209,816 | €84,816 |
| 2026-11-15 | €209,816 | €175,340 | €0 | €175,340 | €385,156 | €260,156 |
| 2026-11-25 | €385,156 | €0 | −€130,100 | −€130,100 | €255,056 | €130,056 |
| 2026-11-26 | €255,056 | €0 | −€147,648 | −€147,648 | €107,408 | −€17,592 |
| 2026-11-28 | €107,408 | €325,632 | −€7,440 | €318,193 | €425,600 | €300,600 |
Reserve: €125,000. Funding to avoid negative cash: €0. Funding to restore the reserve at the trough: €29,054.
Reconciliations and accounting assumptions
Financial totals connect to operating schedules. Reconciliation differences are evaluated in each case and shown at cent precision in the workbook.
Indirect taxes, FX and jurisdiction-specific tax rules are excluded explicitly. The illustrative tax calculation is not a local filing calculation.
| Check | Difference | Tolerance | Result |
|---|---|---|---|
| Balance sheet equation | €0.000000 | €0.01 | Pass |
| Direct cash versus indirect cash flow | €0.000000 | €0.01 | Pass |
| Monthly cash schedule reconciliation | €0.000000 | €0.01 | Pass |
| August AR detail reconciliation | €0 | €0.01 | Pass |
| August AP detail reconciliation | €0 | €0.01 | Pass |
| Daily versus weekly final cash | €0.000000 | €0.01 | Pass |
| Cost / asset consistency | €0 | €0.01 | Pass |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed assets at cost | €226,000 | €230,000 | €238,000 | €244,000 | €253,000 | €258,000 | €266,000 | €272,000 | €314,000 | €323,000 | €335,000 | €343,000 |
| Accumulated depreciation | €69,625 | €73,333 | €77,208 | €81,208 | €85,396 | €89,688 | €94,146 | €98,729 | €104,187 | €109,833 | €115,729 | €121,792 |
| Net fixed assets | €156,375 | €156,667 | €160,792 | €162,792 | €167,604 | €168,312 | €171,854 | €173,271 | €209,812 | €213,167 | €219,271 | €221,208 |
| Debt principal | €263,500 | €257,000 | €250,500 | €244,000 | €237,500 | €231,000 | €224,500 | €218,000 | €211,500 | €205,000 | €198,500 | €192,000 |
| Interest expense | −€1,238 | −€1,208 | −€1,178 | −€1,148 | −€1,118 | −€1,089 | −€1,059 | −€1,029 | −€999 | −€969 | −€940 | −€910 |
| Current tax payable | €10,000 | €10,000 | €1,000 | €4,405 | €10,817 | €11,007 | €23,532 | €36,929 | €45,266 | €61,365 | €77,812 | €78,719 |
| Current tax prepayment | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Area | Convention |
|---|---|
| Assumption 1 | January–August 2026 are invented actuals. September–December use one Base/Downside selector. Original budget is a separate fixed plan. |
| Assumption 2 | Amounts are EUR. Expenses and cash outflows are negative. Assets and liabilities are positive; accumulated depreciation is subtracted. |
| Assumption 3 | Project revenue uses cumulative cost-to-cost progress multiplied by base contract plus approved variations. Monthly revenue is the change in cumulative earned revenue; revised cost estimates cause catch-up adjustments. These fictional contracts are assumed to qualify for recognition over time. |
| Assumption 4 | Unapproved variation requests are excluded from contract value and revenue. Open commitments are an explicit committed share of estimated remaining cost. They are not purchase-order-level records. |
| Assumption 5 | Five percent of gross billing is retained. Retention is shown separately and released into ordinary receivables only through the input release schedule. No release is assumed in this horizon. |
| Assumption 6 | Forecast receivables use target days, subject to a floor for unpaid opening invoices and a cap preventing negative new receipts. Implied days may differ from the target. AP includes new vendor expense × days plus unpaid opening invoices. |
| Assumption 7 | Opening supplier invoices require approval, completed review and no hold before payment. Pending invoices remain liabilities but are not scheduled. |
| Assumption 8 | Ledger and cash both exclude VAT and other indirect taxes. Tax is a fictional 20% of positive monthly profit before tax, without loss carry-forward or deferred tax. This is not jurisdiction-specific tax advice. |
| Assumption 9 | Opening assets depreciate over a remaining 44 months. New additions depreciate over 48 months from the full purchase month. Principal is capped at debt outstanding. Annual interest is 5.5% on opening monthly debt. |
| Assumption 10 | The 13-week period starts 1 September after the 31 August close and ends 29 November. Daily cash groups receipts and payments by date, not intraday execution order. Full monthly statements include all month-end activity. |
| Assumption 11 | Residual new collections occur 35% on day 15 and 65% on day 28. Vendor payments split 45% on day 12 and 55% on day 26. Payroll is day 25 and overheads day 10. Dates are fictional schedule assumptions. |
| Assumption 12 | Negative forecast cash is an unfunded requirement, not an authorised overdraft. No automatic borrowing, interest on cash, FX or dividends are modelled. |
| Assumption 13 | Blue numbers in amber cells are editable. Missing selected forecast drivers produce unavailable results; zero remains valid. JSON is an evaluated case snapshot and needs regeneration after edits. |
CFO review and accountable actions
The review connects earned margin, certification, commitments and cash. A profitable project can consume cash when billing and retention terms lag delivery.
Each action has a financial basis, owner and date. The operating reserve is €125,000.
| Priority | Financial finding | Action | Owner | Target date | Status |
|---|---|---|---|---|---|
| High | €95,946 lowest scheduled cash | Confirm milestone receipts and defer commitments if the reserve cannot be maintained. | CFO | 4 September 2026 | Open |
| High | €330,495 contract assets | Obtain certification and issue progress invoices by project. | Commercial lead | 7 September 2026 | In progress |
| High | €133,000 unapproved requests | Secure written approvals and exclude speculative claims from revenue. | Project director | 8 September 2026 | Open |
| Medium | €105,009 retentions | Record release conditions and practical-completion evidence. | Project managers | 11 September 2026 | Open |
| High | €48,395 pending supplier invoices | Resolve approval, review and hold conditions. | Finance lead | 3 September 2026 | Awaiting review |
Project earnings, billing and cash
August revenue is €469,596, with 26.6% gross margin. Earned work and bank receipts diverge: €330,495 sits in contract assets and €105,009 is retained by customers.
Downside scheduled cash reaches €-429,683 on 2026-11-26. The reserve is €125,000. The unfunded requirement is €429,683 before providing the reserve.
August revenue€469,596Invented actuals
August EBITDA€72,596After payroll and operating overheads
Contract assets€330,495At 31 August
Lowest daily cash−€429,6832026-11-26
| Metric | Actual | Original budget | Variance |
|---|---|---|---|
| Revenue | €469,596 | €462,968 | €6,627 |
| Gross profit | €125,096 | €118,468 | €6,627 |
| EBITDA | €72,596 | €67,793 | €4,802 |
| Net profit | €53,587 | €49,745 | €3,842 |
| Project | Work type | Approved contract | Earned to date | Cost to date | Cost to complete | Open commitments | Contract asset | Retention |
|---|---|---|---|---|---|---|---|---|
| CW-01 | Residential refurbishment | €425,600 | €283,733 | €200,000 | €100,000 | €72,000 | €38,915 | €12,241 |
| CW-02 | Retail fit-out | €862,000 | €535,034 | €360,000 | €220,000 | €158,400 | €72,434 | €23,130 |
| CW-03 | Workplace redevelopment | €1,199,200 | €892,738 | €670,000 | €230,000 | €165,600 | €123,758 | €38,449 |
| CW-04 | Hospitality renovation | €567,200 | €249,838 | €185,000 | €235,000 | €169,200 | €33,001 | €10,842 |
| CW-05 | Residential extension | €628,800 | €129,861 | €95,000 | €365,000 | €262,800 | €16,882 | €5,649 |
| CW-06 | Commercial energy upgrade | €760,400 | €339,464 | €250,000 | €310,000 | €223,200 | €45,504 | €14,698 |
All businesses, records and figures are fictional. The example demonstrates reporting method, not client results.
Performance against the original plan
Year-to-date revenue is €2,430,669 versus €2,395,562 budget. The full-year downside outlook is €4,474,800 revenue and €355,300 EBITDA.
A forecast cost increase changes cumulative earnings through the cost-to-cost calculation. Approved variations increase contract value; unapproved requests remain outside revenue.
| Metric | YTD actual | YTD budget | YTD variance | Full-year outlook | Full-year budget | FY variance |
|---|---|---|---|---|---|---|
| Revenue | €2,430,669 | €2,395,562 | €35,107 | €4,474,800 | €4,380,000 | €94,800 |
| Gross profit | €634,669 | €599,562 | €35,107 | €988,300 | €1,104,000 | −€115,700 |
| EBITDA | €228,669 | €207,462 | €21,207 | €355,300 | €498,075 | −€142,775 |
| Net profit | €138,945 | €122,984 | €15,960 | €202,065 | €333,970 | −€131,906 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €126,778 | €139,889 | €212,393 | €287,175 | €347,866 | €397,330 | €449,643 | €469,596 | €389,422 | €532,049 | €570,764 | €551,897 |
| Direct payroll | −€21,900 | −€24,100 | −€35,550 | −€46,950 | −€57,850 | −€62,500 | −€76,800 | −€81,300 | −€98,227 | −€100,275 | −€104,032 | −€105,938 |
| Materials | −€44,100 | −€48,900 | −€72,000 | −€99,000 | −€117,800 | −€126,600 | −€146,200 | −€151,700 | −€180,773 | −€182,139 | −€185,323 | −€186,370 |
| Subcontractors | −€29,000 | −€32,000 | −€47,450 | −€64,050 | −€79,350 | −€85,900 | −€102,000 | −€107,000 | −€128,450 | −€130,236 | −€133,695 | −€135,042 |
| Direct systems and software | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€4,500 | −€5,000 | −€5,000 | −€5,000 | −€5,000 |
| Unbilled recoverability charge / (release) | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Direct costs | −€99,500 | −€109,500 | −€159,500 | −€214,500 | −€259,500 | −€279,500 | −€329,500 | −€344,500 | −€412,450 | −€417,650 | −€428,050 | −€432,350 |
| Gross profit | €27,278 | €30,389 | €52,893 | €72,675 | €88,366 | €117,830 | €120,143 | €125,096 | −€23,028 | €114,399 | €142,714 | €119,547 |
| Gross margin | 21.5% | 21.7% | 24.9% | 25.3% | 25.4% | 29.7% | 26.7% | 26.6% | -5.9% | 21.5% | 25.0% | 21.7% |
| Management and administration payroll | −€33,000 | −€33,500 | −€34,000 | −€34,500 | −€35,000 | −€35,500 | −€36,000 | −€36,500 | −€39,000 | −€40,000 | −€41,000 | −€41,000 |
| Business development | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 |
| Office, insurance and general costs | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€9,500 | −€10,000 | −€10,000 | −€10,000 | −€10,000 |
| Operating expenses | −€49,000 | −€49,500 | −€50,000 | −€50,500 | −€51,000 | −€51,500 | −€52,000 | −€52,500 | −€55,500 | −€56,500 | −€57,500 | −€57,500 |
| EBITDA | −€21,722 | −€19,111 | €2,893 | €22,175 | €37,366 | €66,330 | €68,143 | €72,596 | −€78,528 | €57,899 | €85,214 | €62,047 |
| EBITDA margin | -17.1% | -13.7% | 1.4% | 7.7% | 10.7% | 16.7% | 15.2% | 15.5% | -20.2% | 10.9% | 14.9% | 11.2% |
| Depreciation | −€3,625 | −€3,708 | −€3,875 | −€4,000 | −€4,188 | −€4,292 | −€4,458 | −€4,583 | −€5,458 | −€5,583 | −€5,750 | −€5,875 |
| EBIT | −€25,347 | −€22,819 | −€982 | €18,175 | €33,178 | €62,038 | €63,685 | €68,013 | −€83,987 | €52,315 | €79,464 | €56,172 |
| Interest | −€1,238 | −€1,208 | −€1,178 | −€1,148 | −€1,118 | −€1,089 | −€1,059 | −€1,029 | −€999 | −€969 | −€940 | −€910 |
| Profit before tax | −€26,585 | −€24,027 | −€2,160 | €17,027 | €32,060 | €60,950 | €62,626 | €66,984 | −€84,986 | €51,346 | €78,525 | €55,262 |
| Illustrative current tax | €0 | €0 | €0 | −€3,405 | −€6,412 | −€12,190 | −€12,525 | −€13,397 | €0 | −€10,269 | −€15,705 | −€11,052 |
| Net profit | −€26,585 | −€24,027 | −€2,160 | €13,621 | €25,648 | €48,760 | €50,101 | €53,587 | −€84,986 | €41,077 | €62,820 | €44,209 |
Linked financial statements
Project earnings feed the P&L. Earned-but-unbilled work, customer advances and retentions sit separately on the balance sheet. Their changes reconcile operating cash flow.
December closing cash is €-531,284. The negative amount is an unfunded requirement, not an available overdraft.
| 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 cash requirement) | €797,859 | €698,786 | €607,265 | €523,605 | €457,077 | €389,455 | €331,533 | €298,008 | €161,535 | −€75,751 | −€209,183 | −€531,284 |
| Trade receivables | €104,782 | €165,169 | €226,507 | €316,467 | €370,982 | €419,481 | €479,523 | €500,801 | €654,351 | €776,065 | €850,778 | €1,349,964 |
| Contract asset / net unbilled work | €16,481 | €34,667 | €62,278 | €99,610 | €144,833 | €210,994 | €269,447 | €330,495 | €289,434 | €384,858 | €507,844 | €325,550 |
| Retention receivables | €5,515 | €11,600 | €20,839 | €33,331 | €48,463 | €65,022 | €84,581 | €105,009 | €126,533 | €148,364 | €170,753 | €207,462 |
| Prepayments | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 |
| Current tax prepayment | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Current assets | €942,637 | €928,221 | €934,888 | €991,013 | €1,039,355 | €1,102,952 | €1,183,084 | €1,252,313 | €1,249,853 | €1,251,536 | €1,338,192 | €1,369,693 |
| Fixed assets at cost | €226,000 | €230,000 | €238,000 | €244,000 | €253,000 | €258,000 | €266,000 | €272,000 | €314,000 | €320,000 | €328,000 | €334,000 |
| Accumulated depreciation | €69,625 | €73,333 | €77,208 | €81,208 | €85,396 | €89,688 | €94,146 | €98,729 | €104,187 | €109,771 | €115,521 | €121,396 |
| Net fixed assets | €156,375 | €156,667 | €160,792 | €162,792 | €167,604 | €168,312 | €171,854 | €173,271 | €209,812 | €210,229 | €212,479 | €212,604 |
| Total assets | €1,099,012 | €1,084,888 | €1,095,680 | €1,153,805 | €1,206,960 | €1,271,264 | €1,354,939 | €1,425,584 | €1,459,665 | €1,461,766 | €1,550,671 | €1,582,297 |
| Trade payables | €75,097 | €91,500 | €119,952 | €167,550 | €195,145 | €217,000 | €244,548 | €254,710 | €398,277 | €355,532 | €372,413 | €364,277 |
| Payroll accruals | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 | €22,000 |
| Contract liabilities / customer advances | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Current tax payable | €10,000 | €10,000 | €1,000 | €4,405 | €10,817 | €11,007 | €23,532 | €36,929 | €18,929 | €29,198 | €44,903 | €46,956 |
| Current operating liabilities | €107,097 | €123,500 | €142,952 | €193,955 | €227,962 | €250,007 | €290,081 | €313,639 | €439,206 | €406,730 | €439,316 | €433,233 |
| Debt | €263,500 | €257,000 | €250,500 | €244,000 | €237,500 | €231,000 | €224,500 | €218,000 | €211,500 | €205,000 | €198,500 | €192,000 |
| Total liabilities | €370,597 | €380,500 | €393,452 | €437,955 | €465,462 | €481,007 | €514,581 | €531,639 | €650,706 | €611,730 | €637,816 | €625,233 |
| Share capital | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 |
| Retained earnings | €678,415 | €654,388 | €652,228 | €665,849 | €691,497 | €740,257 | €790,358 | €843,945 | €758,959 | €800,035 | €862,855 | €907,065 |
| Equity | €728,415 | €704,388 | €702,228 | €715,849 | €741,497 | €790,257 | €840,358 | €893,945 | €808,959 | €850,035 | €912,855 | €957,065 |
| Liabilities and equity | €1,099,012 | €1,084,888 | €1,095,680 | €1,153,805 | €1,206,960 | €1,271,264 | €1,354,939 | €1,425,584 | €1,459,665 | €1,461,766 | €1,550,671 | €1,582,297 |
| 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 | −€26,585 | −€24,027 | −€2,160 | €13,621 | €25,648 | €48,760 | €50,101 | €53,587 | −€84,986 | €41,077 | €62,820 | €44,209 |
| Depreciation add-back | €3,625 | €3,708 | €3,875 | €4,000 | €4,188 | €4,292 | €4,458 | €4,583 | €5,458 | €5,583 | €5,750 | €5,875 |
| Change in trade receivables | −€104,782 | −€60,387 | −€61,338 | −€89,960 | −€54,515 | −€48,499 | −€60,041 | −€21,279 | −€153,549 | −€121,715 | −€74,712 | −€499,186 |
| Change in contract assets / net unbilled work | −€16,481 | −€18,186 | −€27,611 | −€37,333 | −€45,223 | −€66,161 | −€58,454 | −€61,047 | €41,061 | −€95,424 | −€122,987 | €182,294 |
| Change in retentions | −€5,515 | −€6,085 | −€9,239 | −€12,492 | −€15,132 | −€16,558 | −€19,559 | −€20,427 | −€21,524 | −€21,831 | −€22,389 | −€36,710 |
| Change in trade payables | €10,097 | €16,403 | €28,452 | €47,598 | €27,595 | €21,855 | €27,548 | €10,161 | €143,568 | −€42,745 | €16,881 | −€8,136 |
| Change in customer advances | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Change in net current tax | €0 | €0 | −€9,000 | €3,405 | €6,412 | €190 | €12,525 | €13,397 | −€18,000 | €10,269 | €15,705 | €2,052 |
| Operating cash flow | −€139,641 | −€88,573 | −€77,021 | −€71,160 | −€51,027 | −€56,122 | −€43,422 | −€21,025 | −€87,973 | −€224,786 | −€118,932 | −€309,601 |
| Capital expenditure | −€6,000 | −€4,000 | −€8,000 | −€6,000 | −€9,000 | −€5,000 | −€8,000 | −€6,000 | −€42,000 | −€6,000 | −€8,000 | −€6,000 |
| Investing cash flow | −€6,000 | −€4,000 | −€8,000 | −€6,000 | −€9,000 | −€5,000 | −€8,000 | −€6,000 | −€42,000 | −€6,000 | −€8,000 | −€6,000 |
| Debt principal repayment | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 |
| Financing cash flow | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 | −€6,500 |
| Net cash change | −€152,141 | −€99,073 | −€91,521 | −€83,660 | −€66,527 | −€67,622 | −€57,922 | −€33,525 | −€136,473 | −€237,286 | −€133,432 | −€322,101 |
| Opening cash | €950,000 | €797,859 | €698,786 | €607,265 | €523,605 | €457,077 | €389,455 | €331,533 | €298,008 | €161,535 | −€75,751 | −€209,183 |
| Closing cash | €797,859 | €698,786 | €607,265 | €523,605 | €457,077 | €389,455 | €331,533 | €298,008 | €161,535 | −€75,751 | −€209,183 | −€531,284 |
Contract value, delivery cost and commitments
Each project carries its own contract value, approved variations, cost estimate, billing plan, retentions and commitments. Cost-to-cost progress uses cumulative cost divided by the latest total estimate.
Unapproved requests total €133,000. They contribute no forecast revenue. Open commitments are modelled using the explicitly selected share of remaining cost, not a purchase-order ledger.
| Project | Base contract | Approved variations | Unapproved requests | Original cost budget | Forecast total cost | Expected lifetime margin | Cost to complete | Remaining commitments |
|---|---|---|---|---|---|---|---|---|
| CW-01 | €420,000 | €8,400 | €8,000 | €300,000 | €313,000 | €115,400 | €0 | €0 |
| CW-02 | €850,000 | €18,000 | €24,000 | €580,000 | €608,600 | €259,400 | €0 | €0 |
| CW-03 | €1,180,000 | €28,800 | €36,000 | €900,000 | €950,600 | €258,200 | €0 | €0 |
| CW-04 | €560,000 | €10,800 | €22,000 | €420,000 | €450,550 | €120,250 | €0 | €0 |
| CW-05 | €620,000 | €13,200 | €15,000 | €460,000 | €507,450 | €125,750 | €0 | €0 |
| CW-06 | €750,000 | €15,600 | €28,000 | €560,000 | €600,300 | €165,300 | €0 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €28,250 | €28,250 | €28,250 | €28,250 |
| Estimated total cost | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | €313,000 | €313,000 | €313,000 | €313,000 |
| Cost-to-cost progress | 8.3% | 16.7% | 25.0% | 33.3% | 41.7% | 50.0% | 58.3% | 66.7% | 72.9% | 81.9% | 91.0% | 100.0% |
| Revenue recognised | €35,000 | €35,000 | €35,000 | €35,000 | €35,000 | €37,800 | €35,467 | €35,467 | €26,628 | €38,413 | €40,960 | €38,665 |
| Gross billing | €30,450 | €30,450 | €30,450 | €30,450 | €30,450 | €30,856 | €30,856 | €30,856 | €31,140 | €31,140 | €31,140 | €66,226 |
| Cost to complete | €275,000 | €250,000 | €225,000 | €200,000 | €175,000 | €150,000 | €125,000 | €100,000 | €84,750 | €56,500 | €28,250 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €45,000 | €55,000 | €60,000 | €65,000 | €70,000 | €65,000 | €67,800 | €67,800 | €56,500 | €56,500 |
| Estimated total cost | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €580,000 | €608,600 | €608,600 | €608,600 | €608,600 |
| Cost-to-cost progress | 0.0% | 0.0% | 7.8% | 17.2% | 27.6% | 38.8% | 50.9% | 62.1% | 70.3% | 81.4% | 90.7% | 100.0% |
| Revenue recognised | €0 | €0 | €65,948 | €80,603 | €87,931 | €99,914 | €104,034 | €96,603 | €70,887 | €96,030 | €85,468 | €80,582 |
| Gross billing | €0 | €0 | €57,375 | €70,125 | €76,500 | €84,045 | €90,510 | €84,045 | €78,381 | €78,381 | €65,317 | €128,984 |
| Cost to complete | €580,000 | €580,000 | €535,000 | €480,000 | €420,000 | €355,000 | €285,000 | €220,000 | €180,800 | €113,000 | €56,500 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €70,000 | €80,000 | €85,000 | €90,000 | €90,000 | €90,000 | €85,000 | €80,000 | €85,400 | €79,300 | €67,100 | €48,800 |
| Estimated total cost | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 | €950,600 | €950,600 | €950,600 | €950,600 |
| Cost-to-cost progress | 7.8% | 16.7% | 26.1% | 36.1% | 46.1% | 56.1% | 65.6% | 74.4% | 79.5% | 87.8% | 94.9% | 100.0% |
| Revenue recognised | €91,778 | €104,889 | €111,444 | €118,000 | €118,000 | €128,773 | €113,258 | €106,596 | €60,214 | €100,038 | €93,755 | €62,055 |
| Gross billing | €79,847 | €91,253 | €96,957 | €102,660 | €102,660 | €104,330 | €98,534 | €92,738 | €82,235 | €76,361 | €64,613 | €164,396 |
| Cost to complete | €830,000 | €750,000 | €665,000 | €575,000 | €485,000 | €395,000 | €310,000 | €230,000 | €195,200 | €115,900 | €48,800 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €0 | €0 | €35,000 | €45,000 | €50,000 | €55,000 | €67,800 | €67,800 | €67,800 | €62,150 |
| Estimated total cost | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | €450,550 | €450,550 | €450,550 | €450,550 |
| Cost-to-cost progress | 0.0% | 0.0% | 0.0% | 0.0% | 8.3% | 19.0% | 31.0% | 44.0% | 56.1% | 71.2% | 86.2% | 100.0% |
| Revenue recognised | €0 | €0 | €0 | €0 | €46,667 | €61,371 | €67,524 | €74,276 | €68,413 | €85,354 | €88,457 | €78,738 |
| Gross billing | €0 | €0 | €0 | €0 | €40,600 | €52,871 | €58,746 | €64,620 | €71,094 | €71,094 | €71,094 | €88,935 |
| Cost to complete | €420,000 | €420,000 | €420,000 | €420,000 | €385,000 | €340,000 | €290,000 | €235,000 | €197,750 | €129,950 | €62,150 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €0 | €0 | €0 | €0 | €40,000 | €55,000 | €79,100 | €90,400 | €113,000 | €129,950 |
| Estimated total cost | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €507,450 | €507,450 | €507,450 | €507,450 |
| Cost-to-cost progress | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.7% | 20.7% | 34.3% | 52.1% | 74.4% | 100.0% |
| Revenue recognised | €0 | €0 | €0 | €0 | €0 | €0 | €54,678 | €75,183 | €85,873 | €112,018 | €143,296 | €162,153 |
| Gross billing | €0 | €0 | €0 | €0 | €0 | €0 | €47,570 | €65,409 | €84,116 | €96,133 | €120,166 | €143,143 |
| Cost to complete | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €460,000 | €420,000 | €365,000 | €333,350 | €242,950 | €129,950 | €0 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost incurred | €0 | €0 | €0 | €40,000 | €45,000 | €50,000 | €55,000 | €60,000 | €79,100 | €79,100 | €90,400 | €101,700 |
| Estimated total cost | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €560,000 | €600,300 | €600,300 | €600,300 | €600,300 |
| Cost-to-cost progress | 0.0% | 0.0% | 0.0% | 7.1% | 15.2% | 24.1% | 33.9% | 44.6% | 54.8% | 68.0% | 83.1% | 100.0% |
| Revenue recognised | €0 | €0 | €0 | €53,571 | €60,268 | €69,471 | €74,682 | €81,471 | €77,407 | €100,196 | €118,829 | €129,704 |
| Gross billing | €0 | €0 | €0 | €46,607 | €52,433 | €59,067 | €64,973 | €70,880 | €83,517 | €83,517 | €95,448 | €142,507 |
| Cost to complete | €560,000 | €560,000 | €560,000 | €520,000 | €475,000 | €425,000 | €370,000 | €310,000 | €271,200 | €192,100 | €101,700 | €0 |
Receivables, payables and cash conversion
€255,409 of August trade receivables is overdue. €48,395 of supplier invoices remains pending approval, review or hold release. The liabilities remain on the balance sheet even when excluded from scheduled payments.
Retentions and contract assets are separate from ordinary overdue invoices. They need evidence of billing entitlement, certification and release conditions.
| Age bucket | Outstanding |
|---|---|
| Current | €245,393 |
| 1–30 | €125,200 |
| 31–60 | €70,112 |
| 61–90 | €60,096 |
| 90+ | €0 |
| Invoice | Customer | Issued | Due | Outstanding | Planned receipt | Case receipt | Days overdue |
|---|---|---|---|---|---|---|---|
| AR-01 | Fictional customer 01 | 2026-05-20 | 2026-06-19 | €60,096 | 2026-09-04 | 2026-09-18 | 73 |
| AR-02 | Fictional customer 02 | 2026-06-18 | 2026-07-18 | €70,112 | 2026-09-08 | 2026-09-22 | 44 |
| AR-03 | Fictional customer 03 | 2026-07-06 | 2026-08-05 | €45,072 | 2026-09-11 | 2026-09-25 | 26 |
| AR-04 | Fictional customer 04 | 2026-07-20 | 2026-08-19 | €80,128 | 2026-09-15 | 2026-09-29 | 12 |
| AR-05 | Fictional customer 05 | 2026-08-02 | 2026-09-01 | €50,080 | 2026-09-18 | 2026-10-02 | 0 |
| AR-06 | Fictional customer 06 | 2026-08-10 | 2026-09-09 | €65,104 | 2026-09-22 | 2026-10-06 | 0 |
| AR-07 | Fictional customer 07 | 2026-08-18 | 2026-09-17 | €55,088 | 2026-09-25 | 2026-10-09 | 0 |
| AR-08 | Fictional customer 08 | 2026-08-25 | 2026-09-24 | €75,120 | 2026-10-02 | 2026-10-16 | 0 |
| Invoice | Supplier | Original invoice | Paid to date | Outstanding | Approval | Review | Hold | Payment date |
|---|---|---|---|---|---|---|---|---|
| AP-01 | Fictional supplier 01 | €35,512 | €2,400 | €33,112 | Approved | Complete | No | 2026-09-04 |
| AP-02 | Fictional supplier 02 | €22,924 | €0 | €22,924 | Pending | Complete | Yes | Awaiting prerequisites |
| AP-03 | Fictional supplier 03 | €39,406 | €1,200 | €38,206 | Approved | Complete | No | 2026-09-11 |
| AP-04 | Fictional supplier 04 | €25,471 | €0 | €25,471 | Approved | Pending | No | Awaiting prerequisites |
| AP-05 | Fictional supplier 05 | €43,954 | €3,200 | €40,754 | Approved | Complete | No | 2026-09-18 |
| AP-06 | Fictional supplier 06 | €30,565 | €0 | €30,565 | Approved | Complete | No | 2026-09-22 |
| AP-07 | Fictional supplier 07 | €28,018 | €0 | €28,018 | Approved | Complete | No | 2026-09-25 |
| AP-08 | Fictional supplier 08 | €37,459 | €1,800 | €35,659 | Approved | Complete | No | 2026-10-02 |
| Item | Amount |
|---|---|
| Original invoice totals | €263,310 |
| Paid to date | €8,600 |
| Outstanding payables | €254,710 |
| Pending, held or not reviewed | €48,395 |
| Eligible for scheduled payment | €206,315 |
| Project | Earned to date | Billed to date | Contract asset | Contract liability | Retentions |
|---|---|---|---|---|---|
| CW-01 | €283,733 | €244,818 | €38,915 | €0 | €12,241 |
| CW-02 | €535,034 | €462,600 | €72,434 | €0 | €23,130 |
| CW-03 | €892,738 | €768,979 | €123,758 | €0 | €38,449 |
| CW-04 | €249,838 | €216,837 | €33,001 | €0 | €10,842 |
| CW-05 | €129,861 | €112,979 | €16,882 | €0 | €5,649 |
| CW-06 | €339,464 | €293,961 | €45,504 | €0 | €14,698 |
Dated cash forecast and funding exposure
Lowest scheduled daily cash is €-429,683 on 2026-11-26. Lowest weekly closing cash is €-209,183. Later-week receipts can conceal a cash need earlier in the week.
Opening cash is the completed 31 August close. The first week covers 1–6 September and the period ends 29 November. Dated cash reconciles to the monthly statements. No automatic funding is assumed.
Closing cashMinimum cash reserve €125,000
| Metric | 1–6 Sep | 07 Sept | 14 Sept | 21 Sept | 28 Sept | 05 Oct | 12 Oct | 19 Oct | 26 Oct | 02 Nov | 09 Nov | 16 Nov | 23 Nov |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening cash | €298,008 | €264,896 | €168,189 | €187,532 | €88,906 | €175,956 | €273,648 | €219,451 | €79,176 | −€75,751 | −€83,751 | −€115,726 | −€115,726 |
| Customer receipts | €0 | €0 | €60,096 | €115,184 | €130,208 | €120,192 | €91,810 | €0 | €30,996 | €0 | €122,737 | €0 | €227,940 |
| Supplier payments | −€33,112 | −€38,206 | −€40,754 | −€58,583 | −€35,659 | €0 | −€146,007 | €0 | −€178,453 | €0 | −€138,212 | €0 | −€168,925 |
| Payroll | €0 | €0 | €0 | −€137,227 | €0 | €0 | €0 | −€140,275 | €0 | €0 | €0 | €0 | −€145,032 |
| Operating overheads | €0 | −€16,500 | €0 | €0 | €0 | −€16,500 | €0 | €0 | €0 | €0 | −€16,500 | €0 | €0 |
| Current tax | €0 | €0 | €0 | −€18,000 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Interest | €0 | €0 | €0 | €0 | −€999 | €0 | €0 | €0 | −€969 | €0 | €0 | €0 | −€940 |
| Capital expenditure | €0 | −€42,000 | €0 | €0 | €0 | −€6,000 | €0 | €0 | €0 | −€8,000 | €0 | €0 | €0 |
| Debt repayment | €0 | €0 | €0 | €0 | −€6,500 | €0 | €0 | €0 | −€6,500 | €0 | €0 | €0 | −€6,500 |
| Net cash change | −€33,112 | −€96,706 | €19,343 | −€98,626 | €87,050 | €97,692 | −€54,197 | −€140,275 | −€154,927 | −€8,000 | −€31,975 | €0 | −€93,457 |
| Closing cash | €264,896 | €168,189 | €187,532 | €88,906 | €175,956 | €273,648 | €219,451 | €79,176 | −€75,751 | −€83,751 | −€115,726 | −€115,726 | −€209,183 |
| Minimum reserve | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 | €125,000 |
| Reserve headroom / (shortfall) | €139,896 | €43,189 | €62,532 | −€36,094 | €50,956 | €148,648 | €94,451 | −€45,824 | −€200,751 | −€208,751 | −€240,726 | −€240,726 | −€334,183 |
| Date | Opening cash | Receipts | Payments | Net change | Closing cash | Reserve headroom |
|---|---|---|---|---|---|---|
| 2026-09-04 | €298,008 | €0 | −€33,112 | −€33,112 | €264,896 | €139,896 |
| 2026-09-08 | €264,896 | €0 | −€42,000 | −€42,000 | €222,896 | €97,896 |
| 2026-09-10 | €222,896 | €0 | −€16,500 | −€16,500 | €206,396 | €81,396 |
| 2026-09-11 | €206,396 | €0 | −€38,206 | −€38,206 | €168,189 | €43,189 |
| 2026-09-18 | €168,189 | €60,096 | −€40,754 | €19,343 | €187,532 | €62,532 |
| 2026-09-21 | €187,532 | €0 | −€18,000 | −€18,000 | €169,532 | €44,532 |
| 2026-09-22 | €169,532 | €70,112 | −€30,565 | €39,547 | €209,079 | €84,079 |
| 2026-09-25 | €209,079 | €45,072 | −€165,245 | −€120,173 | €88,906 | −€36,094 |
| 2026-09-28 | €88,906 | €0 | −€7,499 | −€7,499 | €81,407 | −€43,593 |
| 2026-09-29 | €81,407 | €80,128 | €0 | €80,128 | €161,535 | €36,535 |
| 2026-10-02 | €161,535 | €50,080 | −€35,659 | €14,421 | €175,956 | €50,956 |
| 2026-10-06 | €175,956 | €65,104 | €0 | €65,104 | €241,060 | €116,060 |
| 2026-10-08 | €241,060 | €0 | −€6,000 | −€6,000 | €235,060 | €110,060 |
| 2026-10-09 | €235,060 | €55,088 | €0 | €55,088 | €290,148 | €165,148 |
| 2026-10-10 | €290,148 | €0 | −€16,500 | −€16,500 | €273,648 | €148,648 |
| 2026-10-12 | €273,648 | €0 | −€146,007 | −€146,007 | €127,641 | €2,641 |
| 2026-10-15 | €127,641 | €16,690 | €0 | €16,690 | €144,331 | €19,331 |
| 2026-10-16 | €144,331 | €75,120 | €0 | €75,120 | €219,451 | €94,451 |
| 2026-10-25 | €219,451 | €0 | −€140,275 | −€140,275 | €79,176 | −€45,824 |
| 2026-10-26 | €79,176 | €0 | −€178,453 | −€178,453 | −€99,277 | −€224,277 |
| 2026-10-28 | −€99,277 | €30,996 | −€7,469 | €23,527 | −€75,751 | −€200,751 |
| 2026-11-08 | −€75,751 | €0 | −€8,000 | −€8,000 | −€83,751 | −€208,751 |
| 2026-11-10 | −€83,751 | €0 | −€16,500 | −€16,500 | −€100,251 | −€225,251 |
| 2026-11-12 | −€100,251 | €0 | −€138,212 | −€138,212 | −€238,462 | −€363,462 |
| 2026-11-15 | −€238,462 | €122,737 | €0 | €122,737 | −€115,726 | −€240,726 |
| 2026-11-25 | −€115,726 | €0 | −€145,032 | −€145,032 | −€260,758 | −€385,758 |
| 2026-11-26 | −€260,758 | €0 | −€168,925 | −€168,925 | −€429,683 | −€554,683 |
| 2026-11-28 | −€429,683 | €227,940 | −€7,440 | €220,500 | −€209,183 | −€334,183 |
Reserve: €125,000. Funding to avoid negative cash: €429,683. Funding to restore the reserve at the trough: €554,683.
Reconciliations and accounting assumptions
Financial totals connect to operating schedules. Reconciliation differences are evaluated in each case and shown at cent precision in the workbook.
Indirect taxes, FX and jurisdiction-specific tax rules are excluded explicitly. The illustrative tax calculation is not a local filing calculation.
| Check | Difference | Tolerance | Result |
|---|---|---|---|
| Balance sheet equation | €0.000000 | €0.01 | Pass |
| Direct cash versus indirect cash flow | €0.000000 | €0.01 | Pass |
| Monthly cash schedule reconciliation | €0.000000 | €0.01 | Pass |
| August AR detail reconciliation | €0 | €0.01 | Pass |
| August AP detail reconciliation | €0 | €0.01 | Pass |
| Daily versus weekly final cash | −€0.000000 | €0.01 | Pass |
| Cost / asset consistency | €0 | €0.01 | Pass |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fixed assets at cost | €226,000 | €230,000 | €238,000 | €244,000 | €253,000 | €258,000 | €266,000 | €272,000 | €314,000 | €320,000 | €328,000 | €334,000 |
| Accumulated depreciation | €69,625 | €73,333 | €77,208 | €81,208 | €85,396 | €89,688 | €94,146 | €98,729 | €104,187 | €109,771 | €115,521 | €121,396 |
| Net fixed assets | €156,375 | €156,667 | €160,792 | €162,792 | €167,604 | €168,312 | €171,854 | €173,271 | €209,812 | €210,229 | €212,479 | €212,604 |
| Debt principal | €263,500 | €257,000 | €250,500 | €244,000 | €237,500 | €231,000 | €224,500 | €218,000 | €211,500 | €205,000 | €198,500 | €192,000 |
| Interest expense | −€1,238 | −€1,208 | −€1,178 | −€1,148 | −€1,118 | −€1,089 | −€1,059 | −€1,029 | −€999 | −€969 | −€940 | −€910 |
| Current tax payable | €10,000 | €10,000 | €1,000 | €4,405 | €10,817 | €11,007 | €23,532 | €36,929 | €18,929 | €29,198 | €44,903 | €46,956 |
| Current tax prepayment | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Area | Convention |
|---|---|
| Assumption 1 | January–August 2026 are invented actuals. September–December use one Base/Downside selector. Original budget is a separate fixed plan. |
| Assumption 2 | Amounts are EUR. Expenses and cash outflows are negative. Assets and liabilities are positive; accumulated depreciation is subtracted. |
| Assumption 3 | Project revenue uses cumulative cost-to-cost progress multiplied by base contract plus approved variations. Monthly revenue is the change in cumulative earned revenue; revised cost estimates cause catch-up adjustments. These fictional contracts are assumed to qualify for recognition over time. |
| Assumption 4 | Unapproved variation requests are excluded from contract value and revenue. Open commitments are an explicit committed share of estimated remaining cost. They are not purchase-order-level records. |
| Assumption 5 | Five percent of gross billing is retained. Retention is shown separately and released into ordinary receivables only through the input release schedule. No release is assumed in this horizon. |
| Assumption 6 | Forecast receivables use target days, subject to a floor for unpaid opening invoices and a cap preventing negative new receipts. Implied days may differ from the target. AP includes new vendor expense × days plus unpaid opening invoices. |
| Assumption 7 | Opening supplier invoices require approval, completed review and no hold before payment. Pending invoices remain liabilities but are not scheduled. |
| Assumption 8 | Ledger and cash both exclude VAT and other indirect taxes. Tax is a fictional 20% of positive monthly profit before tax, without loss carry-forward or deferred tax. This is not jurisdiction-specific tax advice. |
| Assumption 9 | Opening assets depreciate over a remaining 44 months. New additions depreciate over 48 months from the full purchase month. Principal is capped at debt outstanding. Annual interest is 5.5% on opening monthly debt. |
| Assumption 10 | The 13-week period starts 1 September after the 31 August close and ends 29 November. Daily cash groups receipts and payments by date, not intraday execution order. Full monthly statements include all month-end activity. |
| Assumption 11 | Residual new collections occur 35% on day 15 and 65% on day 28. Vendor payments split 45% on day 12 and 55% on day 26. Payroll is day 25 and overheads day 10. Dates are fictional schedule assumptions. |
| Assumption 12 | Negative forecast cash is an unfunded requirement, not an authorised overdraft. No automatic borrowing, interest on cash, FX or dividends are modelled. |
| Assumption 13 | Blue numbers in amber cells are editable. Missing selected forecast drivers produce unavailable results; zero remains valid. JSON is an evaluated case snapshot and needs regeneration after edits. |
CFO review and accountable actions
The review connects earned margin, certification, commitments and cash. A profitable project can consume cash when billing and retention terms lag delivery.
Each action has a financial basis, owner and date. The operating reserve is €125,000.
| Priority | Financial finding | Action | Owner | Target date | Status |
|---|---|---|---|---|---|
| High | €-429,683 lowest scheduled cash | Confirm milestone receipts and defer commitments if the reserve cannot be maintained. | CFO | 4 September 2026 | Open |
| High | €330,495 contract assets | Obtain certification and issue progress invoices by project. | Commercial lead | 7 September 2026 | In progress |
| High | €133,000 unapproved requests | Secure written approvals and exclude speculative claims from revenue. | Project director | 8 September 2026 | Open |
| Medium | €105,009 retentions | Record release conditions and practical-completion evidence. | Project managers | 11 September 2026 | Open |
| High | €48,395 pending supplier invoices | Resolve approval, review and hold conditions. | Finance lead | 3 September 2026 | Awaiting review |
Inspect the formulas behind the review.
Download the linked statements, assumptions, operating schedules and controls. Change the model inputs to examine the forecast.
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