Explore the finance pack / SaaS

SaaS.
The numbers behind the decisions.

Is growth coming from acquisition or retention, how long does acquisition spend take to pay back, and what does that mean for runway?

Meridian Cloud Software — fictional

SaaS · 31 August 2026 · EUR

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

CFO review

August closing MRR is €291,167 and monthly NRR is 98.1%. Growth needs to be reviewed alongside retention and acquisition costs.

August EBITDA is €18,372. The Base case closes December with €1,492,393 cash.

The lowest daily cash stays €1,020,533 above the reserve.

August revenue€327,783Fictional actuals

August gross margin76.1%After cost of revenue

August EBITDA€18,372Before depreciation, interest and tax

Lowest daily cash€1,220,5332026-10-25 · Base

Financial performance
Metric	August actual	YTD actual	Full-year actual + forecast
Total revenue	€327,783	€2,213,742	€3,705,812
Gross profit	€249,572	€1,660,549	€2,810,934
EBITDA	€18,372	−€15,451	€148,134
Net profit	€9,676	−€62,449	€45,771

Entirely fictional. €132,000 opening AR is overdue; €14,080 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	€284,583	€306,500	−€21,917	€1,904,142	€2,046,000
Usage / onboarding revenue	€43,200	€47,200	−€4,000	€309,600	€332,800
Enterprise platform revenue	€0	€0	€0	€0	€0
Total revenue	€327,783	€353,700	−€25,917	€2,213,742	€2,378,800
Support payroll	−€46,375	−€48,100	€1,725	−€333,900	−€348,400
Hosting / model costs	−€27,035	−€31,100	€4,065	−€180,894	−€212,400
Cloud commitments and platform costs	−€4,800	−€4,800	€0	−€38,400	−€38,400
Total cost of revenue	−€78,210	−€84,000	€5,790	−€553,194	−€599,200
Gross profit	€249,572	€269,700	−€20,128	€1,660,549	€1,779,600
Gross margin	76.1%	76.3%	-0.1%	75.0%	74.8%
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	€18,372	€46,600	−€28,228	−€15,451	€134,800
EBITDA margin	5.6%	13.2%	-7.6%	-0.7%	5.7%
Depreciation	−€5,167	−€4,902	−€265	−€33,167	−€32,496
Operating profit	€13,206	€41,698	−€28,492	−€48,618	€102,304
Interest	−€1,110	−€1,110	€0	−€9,642	−€9,642
Profit before tax	€12,095	€40,588	−€28,492	−€58,259	€92,662
Illustrative current tax	−€2,419	−€8,118	€5,698	−€4,190	−€24,013
Net profit	€9,676	€32,470	−€22,794	−€62,449	€68,649

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	€193,722	€205,274	€217,340	€230,304	€243,948	€257,702	€271,270	€284,583	€299,340	€316,134	€334,004	€352,992
Usage / onboarding revenue	€33,600	€36,000	€36,000	€38,400	€38,400	€40,800	€43,200	€43,200	€45,600	€45,600	€48,000	€50,400
Enterprise platform revenue	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Total revenue	€227,322	€241,274	€253,340	€268,704	€282,348	€298,502	€314,470	€327,783	€344,940	€361,734	€382,004	€403,392
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	−€18,404	−€19,501	−€20,647	−€21,879	−€23,175	−€24,482	−€25,771	−€27,035	−€28,437	−€30,033	−€31,730	−€33,534
Cloud commitments and platform costs	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800
Total cost of revenue	−€60,304	−€62,726	−€65,197	−€67,754	−€70,375	−€73,007	−€75,621	−€78,210	−€80,937	−€83,858	−€86,880	−€90,009
Gross profit	€167,018	€178,548	€188,142	€200,950	€211,973	€225,495	€238,849	€249,572	€264,003	€277,876	€295,123	€313,383
Gross margin	73.5%	74.0%	74.3%	74.8%	75.1%	75.5%	76.0%	76.1%	76.5%	76.8%	77.3%	77.7%
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	−€20,782	−€15,452	−€12,058	−€5,450	−€627	€6,695	€13,849	€18,372	€26,603	€34,276	€45,323	€57,383
EBITDA margin	-9.1%	-6.4%	-4.8%	-2.0%	-0.2%	2.2%	4.4%	5.6%	7.7%	9.5%	11.9%	14.2%
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	−€24,004	−€18,910	−€15,766	−€9,422	−€4,877	€2,154	€9,002	€13,206	€21,103	€28,429	€39,115	€50,799
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	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€989	€7,865	€12,095	€20,019	€27,373	€38,086	€49,797
Illustrative current tax	€0	€0	€0	€0	€0	−€198	−€1,573	−€2,419	−€4,004	−€5,475	−€7,617	−€9,959
Net profit	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€791	€6,292	€9,676	€16,015	€21,898	€30,469	€39,838

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	€193,722	€205,274	€217,340	€230,304	€243,948	€257,702	€271,270	€284,583	€299,340	€316,134	€334,004	€352,992
Usage / onboarding revenue	€33,600	€36,000	€36,000	€38,400	€38,400	€40,800	€43,200	€43,200	€45,600	€45,600	€48,000	€50,400
Enterprise platform revenue	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Total revenue	€227,322	€241,274	€253,340	€268,704	€282,348	€298,502	€314,470	€327,783	€344,940	€361,734	€382,004	€403,392
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	−€18,404	−€19,501	−€20,647	−€21,879	−€23,175	−€24,482	−€25,771	−€27,035	−€28,437	−€30,033	−€31,730	−€33,534
Cloud commitments and platform costs	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800
Total cost of revenue	−€60,304	−€62,726	−€65,197	−€67,754	−€70,375	−€73,007	−€75,621	−€78,210	−€80,937	−€83,858	−€86,880	−€90,009
Gross profit	€167,018	€178,548	€188,142	€200,950	€211,973	€225,495	€238,849	€249,572	€264,003	€277,876	€295,123	€313,383
Gross margin	73.5%	74.0%	74.3%	74.8%	75.1%	75.5%	76.0%	76.1%	76.5%	76.8%	77.3%	77.7%
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	−€20,782	−€15,452	−€12,058	−€5,450	−€627	€6,695	€13,849	€18,372	€26,603	€34,276	€45,323	€57,383
EBITDA margin	-9.1%	-6.4%	-4.8%	-2.0%	-0.2%	2.2%	4.4%	5.6%	7.7%	9.5%	11.9%	14.2%
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	−€24,004	−€18,910	−€15,766	−€9,422	−€4,877	€2,154	€9,002	€13,206	€21,103	€28,429	€39,115	€50,799
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	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€989	€7,865	€12,095	€20,019	€27,373	€38,086	€49,797
Illustrative current tax	€0	€0	€0	€0	€0	−€198	−€1,573	−€2,419	−€4,004	−€5,475	−€7,617	−€9,959
Net profit	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€791	€6,292	€9,676	€16,015	€21,898	€30,469	€39,838

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)	€1,581,940	€1,525,625	€1,472,583	€1,451,554	€1,405,048	€1,362,102	€1,351,814	€1,363,220	€1,330,683	€1,386,413	€1,422,093	€1,492,393
Receivables	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€326,115	€315,431	€352,850	€395,914
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	€3,802	€2,229	€0	€7,806	€2,332	€0	€0
Current assets	€1,757,565	€1,711,875	€1,669,458	€1,659,054	€1,623,173	€1,594,654	€1,593,418	€1,613,220	€1,694,604	€1,734,176	€1,804,943	€1,918,308
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	€1,894,343	€1,853,694	€1,816,570	€1,811,693	€1,781,562	€1,759,001	€1,763,918	€1,790,053	€1,877,938	€1,924,162	€2,001,721	€2,122,002
Payables	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€94,661	€94,587	€99,975	€99,917
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	€414,022	€394,931	€388,194	€395,333	€372,646	€356,668	€356,668	€374,312	€420,710	€450,111	€491,527	€579,069
Tax payable	€18,000	€18,000	€6,000	€6,000	€6,000	€0	€0	€190	€0	€0	€5,285	€3,245
Current operating liabilities	€502,647	€487,181	€472,069	€482,833	€463,771	€445,418	€449,043	€470,502	€547,372	€576,698	€628,787	€714,231
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	€737,647	€717,181	€697,069	€702,833	€678,771	€655,418	€654,043	€670,502	€742,372	€766,698	€813,787	€894,231
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	€656,696	€636,513	€619,501	€608,860	€602,791	€603,583	€609,874	€619,551	€635,566	€657,464	€687,933	€727,771
Equity	€1,156,696	€1,136,513	€1,119,501	€1,108,860	€1,102,791	€1,103,583	€1,109,874	€1,119,551	€1,135,566	€1,157,464	€1,187,933	€1,227,771
Liabilities and equity	€1,894,343	€1,853,694	€1,816,570	€1,811,693	€1,781,562	€1,759,001	€1,763,918	€1,790,053	€1,877,938	€1,924,162	€2,001,721	€2,122,002

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	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€791	€6,292	€9,676	€16,015	€21,898	€30,469	€39,838
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	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€106,115	€10,684	−€37,419	−€43,064
Prepayment cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Payable cash effect	€3,625	€3,625	€3,625	€3,625	€3,625	€3,625	€3,625	€3,625	€30,661	−€74	€5,388	−€58
Accrual cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Deferred-revenue cash effect	€24,022	−€19,090	−€6,738	€7,139	−€22,687	−€15,978	€0	€17,644	€46,398	€29,400	€41,416	€87,542
Current-tax balance cash effect	€0	€0	−€12,000	€0	€0	−€9,802	€1,573	€2,419	−€7,996	€5,475	€7,617	−€2,041
Operating cash flow	−€5,060	−€42,815	−€39,041	−€6,529	−€31,506	−€27,447	€5,712	€27,906	−€15,536	€73,230	€53,680	€88,801
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	−€18,060	−€56,315	−€53,041	−€21,029	−€46,506	−€42,947	−€10,288	€11,406	−€32,536	€55,730	€35,680	€70,301
Opening cash	€1,600,000	€1,581,940	€1,525,625	€1,472,583	€1,451,554	€1,405,048	€1,362,102	€1,351,814	€1,363,220	€1,330,683	€1,386,413	€1,422,093
Closing cash	€1,581,940	€1,525,625	€1,472,583	€1,451,554	€1,405,048	€1,362,102	€1,351,814	€1,363,220	€1,330,683	€1,386,413	€1,422,093	€1,492,393

Revenue, retention and acquisition

New accounts, expansion, churn and contraction determine MRR. Recognised revenue, annual-plan billings, deferred revenue and cash are kept distinct.

CAC includes sales payroll and acquisition/brand spend. The cohort schedule uses the active monthly retention assumptions. NRR shown here is monthly, not annual.

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
Opening accounts	390	405	421	437	455	474	493	513	534	556	579	603
New accounts	22	23	24	26	27	28	29	30	32	33	34	35
Lost accounts	7	7	8	8	8	9	9	9	10	10	10	11
Closing accounts	405	421	437	455	474	493	513	534	556	579	603	627
Opening MRR	€188,000	€199,444	€211,104	€223,575	€237,033	€250,863	€264,541	€277,999	€291,167	€307,513	€324,755	€343,252
New MRR	€12,760	€13,455	€14,160	€15,470	€16,200	€16,940	€17,690	€18,450	€19,840	€20,625	€21,420	€22,225
Expansion MRR	€2,256	€2,393	€2,533	€2,683	€2,844	€3,010	€3,174	€3,336	€3,494	€3,690	€3,897	€4,119
Churned MRR	−€3,008	−€3,590	−€3,589	−€4,024	−€4,504	−€5,519	−€6,614	−€7,784	−€6,115	−€6,150	−€5,846	−€5,835
Contracted MRR	−€564	−€598	−€633	−€671	−€711	−€753	−€794	−€834	−€874	−€923	−€974	−€1,030
Closing MRR	€199,444	€211,104	€223,575	€237,033	€250,863	€264,541	€277,999	€291,167	€307,513	€324,755	€343,252	€362,731
Closing ARR	€2,393,328	€2,533,248	€2,682,902	€2,844,396	€3,010,352	€3,174,497	€3,335,985	€3,494,002	€3,690,154	€3,897,062	€4,119,028	€4,352,776
Recognised subscription revenue	€193,722	€205,274	€217,340	€230,304	€243,948	€257,702	€271,270	€284,583	€299,340	€316,134	€334,004	€352,992
Recognised annual-plan revenue	€120,108	€127,270	€134,751	€142,789	€151,248	€159,775	€168,187	€176,441	€185,591	€196,003	€207,082	€218,855
Annual-plan billings	€144,129	€108,179	€128,013	€149,928	€128,561	€143,798	€168,187	€194,085	€231,988	€225,404	€248,499	€306,397
Monthly-plan billings	€73,614	€78,004	€82,589	€87,516	€92,700	€97,927	€103,083	€108,141	€113,749	€120,131	€126,921	€134,137
Onboarding revenue	€33,600	€36,000	€36,000	€38,400	€38,400	€40,800	€43,200	€43,200	€45,600	€45,600	€48,000	€50,400
Total recognised revenue	€227,322	€241,274	€253,340	€268,704	€282,348	€298,502	€314,470	€327,783	€344,940	€361,734	€382,004	€403,392
Total invoiced billings	€251,344	€222,184	€246,602	€275,844	€259,661	€282,525	€314,470	€345,427	€391,337	€391,134	€423,420	€490,934
Opening deferred revenue	€390,000	€414,022	€394,931	€388,194	€395,333	€372,646	€356,668	€356,668	€374,312	€420,710	€450,111	€491,527
Closing deferred revenue	€414,022	€394,931	€388,194	€395,333	€372,646	€356,668	€356,668	€374,312	€420,710	€450,111	€491,527	€579,069
Monthly NRR	99.3%	99.1%	99.2%	99.1%	99.0%	98.7%	98.4%	98.1%	98.8%	98.9%	99.1%	99.2%
Monthly GRR	98.1%	97.9%	98.0%	97.9%	97.8%	97.5%	97.2%	96.9%	97.6%	97.7%	97.9%	98.0%
Closing MRR per account	€492	€501	€512	€521	€529	€537	€542	€545	€553	€561	€569	€579
Sales payroll + acquisition spend	€55,000	€57,750	€60,500	€63,250	€66,000	€68,750	€71,500	€74,250	€77,000	€79,750	€82,500	€85,250
Blended CAC / new account	€2,500	€2,511	€2,521	€2,433	€2,444	€2,455	€2,466	€2,475	€2,406	€2,417	€2,426	€2,436
CAC payback (months)	6.26	6.18	6.1	5.79	5.73	5.66	5.6	5.55	5.32	5.26	5.21	5.15

Closing MRR by acquisition cohort
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
Accounts active before 2026	€186,684	€185,004	€183,524	€181,872	€180,053	€177,713	€174,869	€171,547	€169,488	€167,624	€166,115	€164,786
Jan-26 cohort	€12,760	€12,645	€12,544	€12,431	€12,307	€12,147	€11,952	€11,725	€11,585	€11,457	€11,354	€11,263
Feb-26 cohort	€0	€13,455	€13,347	€13,227	€13,095	€12,925	€12,718	€12,476	€12,327	€12,191	€12,081	€11,985
Mar-26 cohort	€0	€0	€14,160	€14,033	€13,892	€13,712	€13,492	€13,236	€13,077	€12,933	€12,817	€12,714
Apr-26 cohort	€0	€0	€0	€15,470	€15,315	€15,116	€14,874	€14,592	€14,417	€14,258	€14,130	€14,017
May-26 cohort	€0	€0	€0	€0	€16,200	€15,989	€15,734	€15,435	€15,249	€15,082	€14,946	€14,826
Jun-26 cohort	€0	€0	€0	€0	€0	€16,940	€16,669	€16,352	€16,156	€15,978	€15,835	€15,708
Jul-26 cohort	€0	€0	€0	€0	€0	€0	€17,690	€17,354	€17,146	€16,957	€16,804	€16,670
Aug-26 cohort	€0	€0	€0	€0	€0	€0	€0	€18,450	€18,229	€18,028	€17,866	€17,723
Sept-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€19,840	€19,622	€19,445	€19,290
Oct-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€0	€20,625	€20,439	€20,276
Nov-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€21,420	€21,249
Dec-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€22,225

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
New accounts	22	23	24	26	27	28	29	30	32	33	34	35
New account monthly price	€580	€585	€590	€595	€600	€605	€610	€615	€620	€625	€630	€635
Monthly expansion on opening MRR	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%
Monthly churn on opening MRR	1.6%	1.8%	1.7%	1.8%	1.9%	2.2%	2.5%	2.8%	2.1%	2.0%	1.8%	1.7%
Monthly contraction on opening MRR	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%
Monthly account churn	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%
Annual-plan revenue share	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%
Annual-plan billing season factor	1.2	0.85	0.95	1.05	0.85	0.9	1	1.1	1.25	1.15	1.2	1.4
Completed onboardings	14	15	15	16	16	17	18	18	19	19	20	21
Onboarding fee	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400
Hosting cost / recurring revenue	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%

Receivables and payment controls

Opening AR totals €220,000; overdue AR is €132,000. Receipt promises feed the dated cash schedule.

Opening AP totals €64,000. €14,080 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	€19,800	57	2026-09-04
AR-002	2026-06-07	2026-07-07	€26,400	55	2026-09-11
AR-003	2026-06-09	2026-07-09	€28,600	53	2026-09-18
AR-004	2026-07-11	2026-08-11	€30,800	20	2026-09-04
AR-005	2026-07-13	2026-08-13	€26,400	18	2026-09-11
AR-006	2026-08-15	2026-09-15	€30,800	0	2026-09-18
AR-007	2026-08-17	2026-09-17	€28,600	0	2026-09-25
AR-008	2026-08-19	2026-09-19	€28,600	0	2026-09-25

Payables and approval prerequisites
Record	Invoice total	Paid	Outstanding	Approval	Review	Hold	Payment date	Next action
AP-001	€5,760	€0	€5,760	Pending	Complete	Yes	Unscheduled	Approval required
AP-002	€9,600	€1,920	€7,680	Approved	Complete	No	2026-09-11	Ready
AP-003	€8,320	€0	€8,320	Approved	Pending	No	Unscheduled	Review required
AP-004	€8,960	€0	€8,960	Approved	Complete	No	2026-09-04	Ready
AP-005	€8,832	€1,152	€7,680	Approved	Complete	No	2026-09-11	Ready
AP-006	€8,960	€0	€8,960	Approved	Complete	No	2026-09-18	Ready
AP-007	€8,320	€0	€8,320	Approved	Complete	No	2026-09-25	Ready
AP-008	€8,320	€0	€8,320	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	€135,000	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€326,115	€315,431	€352,850
Invoiced billings	€251,344	€222,184	€246,602	€275,844	€259,661	€282,525	€314,470	€345,427	€391,337	€391,134	€423,420	€490,934
Customer receipts	€240,719	€211,559	€235,977	€265,219	€249,036	€271,900	€303,845	€334,802	€285,223	€401,818	€386,001	€447,870
Closing receivables	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€326,115	€315,431	€352,850	€395,914
Implied AR / billings × month days	17.96	19.69	20.98	19.3	22.46	21.1	20.64	19.74	25	25	25	25
Opening payables	€35,000	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€94,661	€94,587	€99,975
Vendor expenses	€66,704	€69,001	€71,347	€73,779	€76,275	€78,782	€81,271	€83,735	€86,337	€89,133	€92,030	€95,034
Vendor payments	€63,079	€65,376	€67,722	€70,154	€72,650	€75,157	€77,646	€80,110	€55,676	€89,207	€86,642	€95,092
Closing payables	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€94,661	€94,587	€99,975	€99,917
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 €1,220,533 on 2026-10-25. The lowest daily cash stays €1,020,533 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 €200,000

Weekly cash forecast
Week	Start	End	Opening	Receipts	Vendors	Payroll	Tax	Interest	Capex	Principal	Closing	Headroom
W1	2026-09-01	2026-09-06	€1,363,220	€50,600	−€8,960	€0	€0	€0	€0	€0	€1,404,860	€1,204,860
W2	2026-09-07	2026-09-13	€1,404,860	€52,800	−€15,360	€0	€0	€0	−€12,000	€0	€1,430,300	€1,230,300
W3	2026-09-14	2026-09-20	€1,430,300	€88,750	−€11,550	€0	€0	€0	€0	€0	€1,507,500	€1,307,500
W4	2026-09-21	2026-09-27	€1,507,500	€57,200	−€16,640	−€232,000	−€12,000	€0	€0	€0	€1,304,060	€1,104,060
W5	2026-09-28	2026-10-04	€1,304,060	€35,873	−€3,166	€0	€0	−€1,083	€0	−€5,000	€1,330,683	€1,130,683
W6	2026-10-05	2026-10-11	€1,330,683	€0	€0	€0	€0	€0	−€12,500	€0	€1,318,183	€1,118,183
W7	2026-10-12	2026-10-18	€1,318,183	€180,818	−€40,143	€0	€0	€0	€0	€0	€1,458,858	€1,258,858
W8	2026-10-19	2026-10-25	€1,458,858	€0	€0	−€238,325	€0	€0	€0	€0	€1,220,533	€1,020,533
W9	2026-10-26	2026-11-01	€1,220,533	€221,000	−€49,064	€0	€0	−€1,056	€0	−€5,000	€1,386,413	€1,186,413
W10	2026-11-02	2026-11-08	€1,386,413	€0	€0	€0	€0	€0	−€13,000	€0	€1,373,413	€1,173,413
W11	2026-11-09	2026-11-15	€1,373,413	€173,700	−€38,989	€0	€0	€0	€0	€0	€1,508,124	€1,308,124
W12	2026-11-16	2026-11-22	€1,508,124	€0	€0	€0	€0	€0	€0	€0	€1,508,124	€1,308,124
W13	2026-11-23	2026-11-29	€1,508,124	€212,301	−€47,653	−€244,650	€0	−€1,029	€0	−€5,000	€1,422,093	€1,222,093

Daily cash on transaction dates
Date	Opening	Receipts	Payments	Closing	Headroom
2026-09-04	€1,363,220	€50,600	−€8,960	€1,404,860	€1,204,860
2026-09-08	€1,404,860	€0	−€12,000	€1,392,860	€1,192,860
2026-09-11	€1,392,860	€52,800	−€15,360	€1,430,300	€1,230,300
2026-09-15	€1,430,300	€29,350	−€2,590	€1,457,060	€1,257,060
2026-09-18	€1,457,060	€59,400	−€8,960	€1,507,500	€1,307,500
2026-09-21	€1,507,500	€0	−€12,000	€1,495,500	€1,295,500
2026-09-25	€1,495,500	€57,200	−€248,640	€1,304,060	€1,104,060
2026-09-28	€1,304,060	€35,873	−€9,249	€1,330,683	€1,130,683
2026-10-08	€1,330,683	€0	−€12,500	€1,318,183	€1,118,183
2026-10-15	€1,318,183	€180,818	−€40,143	€1,458,858	€1,258,858
2026-10-25	€1,458,858	€0	−€238,325	€1,220,533	€1,020,533
2026-10-28	€1,220,533	€221,000	−€55,120	€1,386,413	€1,186,413
2026-11-08	€1,386,413	€0	−€13,000	€1,373,413	€1,173,413
2026-11-15	€1,373,413	€173,700	−€38,989	€1,508,124	€1,308,124
2026-11-25	€1,508,124	€0	−€244,650	€1,263,474	€1,063,474
2026-11-28	€1,263,474	€212,301	−€53,682	€1,422,093	€1,222,093

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	€0.000000	Pass
Deferred revenue roll-forward	€0.000000	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	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	−€3,802	−€2,229	€190	−€7,806	−€2,332	€5,285
Current tax charge	€0	€0	€0	€0	€0	€198	€1,573	€2,419	€4,004	€5,475	€7,617	€9,959
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	−€3,802	−€2,229	€190	−€7,806	−€2,332	€5,285	€3,245

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	€135,000	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€326,115	€315,431	€352,850
Invoiced billings	€251,344	€222,184	€246,602	€275,844	€259,661	€282,525	€314,470	€345,427	€391,337	€391,134	€423,420	€490,934
Customer receipts	€240,719	€211,559	€235,977	€265,219	€249,036	€271,900	€303,845	€334,802	€285,223	€401,818	€386,001	€447,870
Closing receivables	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€326,115	€315,431	€352,850	€395,914
Implied AR / billings × month days	17.96	19.69	20.98	19.3	22.46	21.1	20.64	19.74	25	25	25	25
Opening payables	€35,000	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€94,661	€94,587	€99,975
Vendor expenses	€66,704	€69,001	€71,347	€73,779	€76,275	€78,782	€81,271	€83,735	€86,337	€89,133	€92,030	€95,034
Vendor payments	€63,079	€65,376	€67,722	€70,154	€72,650	€75,157	€77,646	€80,110	€55,676	€89,207	€86,642	€95,092
Closing payables	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€94,661	€94,587	€99,975	€99,917
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 closing MRR is €362,731 in this case. Separate revenue gained from new accounts from revenue retained before approving acquisition commitments.

The lowest daily cash stays €1,020,533 above the reserve.

Illustrative action register
Topic	Action	Owner	Due	Status
Retention	Review cancellation reasons by cohort and assign retention actions.	Customer success	2026-09-04	Open
Acquisition	Review blended CAC against subscription gross-margin payback.	Commercial lead	2026-09-08	Open
Annual billing	Confirm renewal dates, billings and receipt ownership.	Finance lead	2026-09-03	Open
Collections	Secure receipt dates for overdue invoices and track exceptions.	Credit control	2026-09-04	Open
Liquidity	Review hiring commitments against the daily cash reserve.	CFO	2026-09-07	Open

CFO review

August closing MRR is €291,167 and monthly NRR is 98.1%. Growth needs to be reviewed alongside retention and acquisition costs.

August EBITDA is €18,372. The Downside case closes December with €1,015,333 cash.

The lowest daily cash stays €782,007 above the reserve.

August revenue€327,783Fictional actuals

August gross margin76.1%After cost of revenue

August EBITDA€18,372Before depreciation, interest and tax

Lowest daily cash€982,0072026-11-25 · Downside

Financial performance
Metric	August actual	YTD actual	Full-year actual + forecast
Total revenue	€327,783	€2,213,742	€3,532,114
Gross profit	€249,572	€1,660,549	€2,638,925
EBITDA	€18,372	−€15,451	€11,725
Net profit	€9,676	−€62,449	−€62,944

Entirely fictional. €132,000 opening AR is overdue; €14,080 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	€284,583	€306,500	−€21,917	€1,904,142	€2,046,000
Usage / onboarding revenue	€43,200	€47,200	−€4,000	€309,600	€332,800
Enterprise platform revenue	€0	€0	€0	€0	€0
Total revenue	€327,783	€353,700	−€25,917	€2,213,742	€2,378,800
Support payroll	−€46,375	−€48,100	€1,725	−€333,900	−€348,400
Hosting / model costs	−€27,035	−€31,100	€4,065	−€180,894	−€212,400
Cloud commitments and platform costs	−€4,800	−€4,800	€0	−€38,400	−€38,400
Total cost of revenue	−€78,210	−€84,000	€5,790	−€553,194	−€599,200
Gross profit	€249,572	€269,700	−€20,128	€1,660,549	€1,779,600
Gross margin	76.1%	76.3%	-0.1%	75.0%	74.8%
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	€18,372	€46,600	−€28,228	−€15,451	€134,800
EBITDA margin	5.6%	13.2%	-7.6%	-0.7%	5.7%
Depreciation	−€5,167	−€4,902	−€265	−€33,167	−€32,496
Operating profit	€13,206	€41,698	−€28,492	−€48,618	€102,304
Interest	−€1,110	−€1,110	€0	−€9,642	−€9,642
Profit before tax	€12,095	€40,588	−€28,492	−€58,259	€92,662
Illustrative current tax	−€2,419	−€8,118	€5,698	−€4,190	−€24,013
Net profit	€9,676	€32,470	−€22,794	−€62,449	€68,649

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	€193,722	€205,274	€217,340	€230,304	€243,948	€257,702	€271,270	€284,583	€292,711	€295,155	€296,533	€297,172
Usage / onboarding revenue	€33,600	€36,000	€36,000	€38,400	€38,400	€40,800	€43,200	€43,200	€36,000	€33,600	€33,600	€33,600
Enterprise platform revenue	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Total revenue	€227,322	€241,274	€253,340	€268,704	€282,348	€298,502	€314,470	€327,783	€328,711	€328,755	€330,133	€330,772
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	−€18,404	−€19,501	−€20,647	−€21,879	−€23,175	−€24,482	−€25,771	−€27,035	−€30,735	−€32,467	−€32,619	−€34,175
Cloud commitments and platform costs	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800
Total cost of revenue	−€60,304	−€62,726	−€65,197	−€67,754	−€70,375	−€73,007	−€75,621	−€78,210	−€83,235	−€84,967	−€85,119	−€86,675
Gross profit	€167,018	€178,548	€188,142	€200,950	€211,973	€225,495	€238,849	€249,572	€245,476	€243,788	€245,015	€244,098
Gross margin	73.5%	74.0%	74.3%	74.8%	75.1%	75.5%	76.0%	76.1%	74.7%	74.2%	74.2%	73.8%
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	−€20,782	−€15,452	−€12,058	−€5,450	−€627	€6,695	€13,849	€18,372	€7,676	€5,988	€7,215	€6,298
EBITDA margin	-9.1%	-6.4%	-4.8%	-2.0%	-0.2%	2.2%	4.4%	5.6%	2.3%	1.8%	2.2%	1.9%
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	−€24,004	−€18,910	−€15,766	−€9,422	−€4,877	€2,154	€9,002	€13,206	€2,204	€293	€1,298	€159
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	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€989	€7,865	€12,095	€1,121	−€763	€269	−€843
Illustrative current tax	€0	€0	€0	€0	€0	−€198	−€1,573	−€2,419	−€224	€0	−€54	€0
Net profit	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€791	€6,292	€9,676	€896	−€763	€215	−€843

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	€193,722	€205,274	€217,340	€230,304	€243,948	€257,702	€271,270	€284,583	€292,711	€295,155	€296,533	€297,172
Usage / onboarding revenue	€33,600	€36,000	€36,000	€38,400	€38,400	€40,800	€43,200	€43,200	€36,000	€33,600	€33,600	€33,600
Enterprise platform revenue	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Total revenue	€227,322	€241,274	€253,340	€268,704	€282,348	€298,502	€314,470	€327,783	€328,711	€328,755	€330,133	€330,772
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	−€18,404	−€19,501	−€20,647	−€21,879	−€23,175	−€24,482	−€25,771	−€27,035	−€30,735	−€32,467	−€32,619	−€34,175
Cloud commitments and platform costs	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800	−€4,800
Total cost of revenue	−€60,304	−€62,726	−€65,197	−€67,754	−€70,375	−€73,007	−€75,621	−€78,210	−€83,235	−€84,967	−€85,119	−€86,675
Gross profit	€167,018	€178,548	€188,142	€200,950	€211,973	€225,495	€238,849	€249,572	€245,476	€243,788	€245,015	€244,098
Gross margin	73.5%	74.0%	74.3%	74.8%	75.1%	75.5%	76.0%	76.1%	74.7%	74.2%	74.2%	73.8%
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	−€20,782	−€15,452	−€12,058	−€5,450	−€627	€6,695	€13,849	€18,372	€7,676	€5,988	€7,215	€6,298
EBITDA margin	-9.1%	-6.4%	-4.8%	-2.0%	-0.2%	2.2%	4.4%	5.6%	2.3%	1.8%	2.2%	1.9%
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	−€24,004	−€18,910	−€15,766	−€9,422	−€4,877	€2,154	€9,002	€13,206	€2,204	€293	€1,298	€159
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	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€989	€7,865	€12,095	€1,121	−€763	€269	−€843
Illustrative current tax	€0	€0	€0	€0	€0	−€198	−€1,573	−€2,419	−€224	€0	−€54	€0
Net profit	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€791	€6,292	€9,676	€896	−€763	€215	−€843

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)	€1,581,940	€1,525,625	€1,472,583	€1,451,554	€1,405,048	€1,362,102	€1,351,814	€1,363,220	€1,181,044	€1,137,817	€1,078,877	€1,015,333
Receivables	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€404,873	€420,617	€457,231	€518,163
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	€3,802	€2,229	€0	€11,586	€11,586	€11,532	€23,532
Current assets	€1,757,565	€1,711,875	€1,669,458	€1,659,054	€1,623,173	€1,594,654	€1,593,418	€1,613,220	€1,627,504	€1,600,019	€1,577,640	€1,587,029
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	€1,894,343	€1,853,694	€1,816,570	€1,811,693	€1,781,562	€1,759,001	€1,763,918	€1,790,053	€1,809,865	€1,784,686	€1,764,390	€1,775,640
Payables	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€97,179	€96,063	€98,937	€97,606
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	€414,022	€394,931	€388,194	€395,333	€372,646	€356,668	€356,668	€374,312	€365,238	€346,939	€328,554	€346,978
Tax payable	€18,000	€18,000	€6,000	€6,000	€6,000	€0	€0	€190	€0	€0	€0	€0
Current operating liabilities	€502,647	€487,181	€472,069	€482,833	€463,771	€445,418	€449,043	€470,502	€494,417	€475,002	€459,491	€476,584
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	€737,647	€717,181	€697,069	€702,833	€678,771	€655,418	€654,043	€670,502	€689,417	€665,002	€644,491	€656,584
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	€656,696	€636,513	€619,501	€608,860	€602,791	€603,583	€609,874	€619,551	€620,447	€619,684	€619,899	€619,056
Equity	€1,156,696	€1,136,513	€1,119,501	€1,108,860	€1,102,791	€1,103,583	€1,109,874	€1,119,551	€1,120,447	€1,119,684	€1,119,899	€1,119,056
Liabilities and equity	€1,894,343	€1,853,694	€1,816,570	€1,811,693	€1,781,562	€1,759,001	€1,763,918	€1,790,053	€1,809,865	€1,784,686	€1,764,390	€1,775,640

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	−€25,304	−€20,183	−€17,012	−€10,641	−€6,069	€791	€6,292	€9,676	€896	−€763	€215	−€843
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	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€10,625	−€184,873	−€15,743	−€36,614	−€60,933
Prepayment cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Payable cash effect	€3,625	€3,625	€3,625	€3,625	€3,625	€3,625	€3,625	€3,625	€33,179	−€1,116	€2,874	−€1,332
Accrual cash effect	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0
Deferred-revenue cash effect	€24,022	−€19,090	−€6,738	€7,139	−€22,687	−€15,978	€0	€17,644	−€9,074	−€18,300	−€18,385	€18,425
Current-tax balance cash effect	€0	€0	−€12,000	€0	€0	−€9,802	€1,573	€2,419	−€11,776	€0	€54	−€12,000
Operating cash flow	−€5,060	−€42,815	−€39,041	−€6,529	−€31,506	−€27,447	€5,712	€27,906	−€166,175	−€30,227	−€45,939	−€50,544
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	−€18,060	−€56,315	−€53,041	−€21,029	−€46,506	−€42,947	−€10,288	€11,406	−€182,175	−€43,227	−€58,939	−€63,544
Opening cash	€1,600,000	€1,581,940	€1,525,625	€1,472,583	€1,451,554	€1,405,048	€1,362,102	€1,351,814	€1,363,220	€1,181,044	€1,137,817	€1,078,877
Closing cash	€1,581,940	€1,525,625	€1,472,583	€1,451,554	€1,405,048	€1,362,102	€1,351,814	€1,363,220	€1,181,044	€1,137,817	€1,078,877	€1,015,333

Revenue, retention and acquisition

New accounts, expansion, churn and contraction determine MRR. Recognised revenue, annual-plan billings, deferred revenue and cash are kept distinct.

CAC includes sales payroll and acquisition/brand spend. The cohort schedule uses the active monthly retention assumptions. NRR shown here is monthly, not annual.

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
Opening accounts	390	405	421	437	455	474	493	513	534	542	549	555
New accounts	22	23	24	26	27	28	29	30	23	23	24	24
Lost accounts	7	7	8	8	8	9	9	9	15	16	18	18
Closing accounts	405	421	437	455	474	493	513	534	542	549	555	561
Opening MRR	€188,000	€199,444	€211,104	€223,575	€237,033	€250,863	€264,541	€277,999	€291,167	€294,255	€296,055	€297,012
New MRR	€12,760	€13,455	€14,160	€15,470	€16,200	€16,940	€17,690	€18,450	€13,570	€13,570	€14,280	€14,280
Expansion MRR	€2,256	€2,393	€2,533	€2,683	€2,844	€3,010	€3,174	€3,336	€2,038	€1,766	€1,480	€1,485
Churned MRR	−€3,008	−€3,590	−€3,589	−€4,024	−€4,504	−€5,519	−€6,614	−€7,784	−€10,191	−€11,182	−€11,842	−€12,475
Contracted MRR	−€564	−€598	−€633	−€671	−€711	−€753	−€794	−€834	−€2,329	−€2,354	−€2,961	−€2,970
Closing MRR	€199,444	€211,104	€223,575	€237,033	€250,863	€264,541	€277,999	€291,167	€294,255	€296,055	€297,012	€297,333
Closing ARR	€2,393,328	€2,533,248	€2,682,902	€2,844,396	€3,010,352	€3,174,497	€3,335,985	€3,494,002	€3,531,058	€3,552,655	€3,564,146	€3,567,991
Recognised subscription revenue	€193,722	€205,274	€217,340	€230,304	€243,948	€257,702	€271,270	€284,583	€292,711	€295,155	€296,533	€297,172
Recognised annual-plan revenue	€120,108	€127,270	€134,751	€142,789	€151,248	€159,775	€168,187	€176,441	€181,481	€182,996	€183,851	€184,247
Annual-plan billings	€144,129	€108,179	€128,013	€149,928	€128,561	€143,798	€168,187	€194,085	€172,407	€164,696	€165,466	€202,672
Monthly-plan billings	€73,614	€78,004	€82,589	€87,516	€92,700	€97,927	€103,083	€108,141	€111,230	€112,159	€112,683	€112,926
Onboarding revenue	€33,600	€36,000	€36,000	€38,400	€38,400	€40,800	€43,200	€43,200	€36,000	€33,600	€33,600	€33,600
Total recognised revenue	€227,322	€241,274	€253,340	€268,704	€282,348	€298,502	€314,470	€327,783	€328,711	€328,755	€330,133	€330,772
Total invoiced billings	€251,344	€222,184	€246,602	€275,844	€259,661	€282,525	€314,470	€345,427	€319,637	€310,455	€311,748	€349,197
Opening deferred revenue	€390,000	€414,022	€394,931	€388,194	€395,333	€372,646	€356,668	€356,668	€374,312	€365,238	€346,939	€328,554
Closing deferred revenue	€414,022	€394,931	€388,194	€395,333	€372,646	€356,668	€356,668	€374,312	€365,238	€346,939	€328,554	€346,978
Monthly NRR	99.3%	99.1%	99.2%	99.1%	99.0%	98.7%	98.4%	98.1%	96.4%	96.0%	95.5%	95.3%
Monthly GRR	98.1%	97.9%	98.0%	97.9%	97.8%	97.5%	97.2%	96.9%	95.7%	95.4%	95.0%	94.8%
Closing MRR per account	€492	€501	€512	€521	€529	€537	€542	€545	€543	€539	€535	€530
Sales payroll + acquisition spend	€55,000	€57,750	€60,500	€63,250	€66,000	€68,750	€71,500	€74,250	€77,400	€77,400	€77,400	€77,400
Blended CAC / new account	€2,500	€2,511	€2,521	€2,433	€2,444	€2,455	€2,466	€2,475	€3,365	€3,365	€3,225	€3,225
CAC payback (months)	6.26	6.18	6.1	5.79	5.73	5.66	5.6	5.55	7.97	8.01	7.6	7.65

Closing MRR by acquisition cohort
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
Accounts active before 2026	€186,684	€185,004	€183,524	€181,872	€180,053	€177,713	€174,869	€171,547	€165,371	€158,756	€151,612	€144,486
Jan-26 cohort	€12,760	€12,645	€12,544	€12,431	€12,307	€12,147	€11,952	€11,725	€11,303	€10,851	€10,363	€9,876
Feb-26 cohort	€0	€13,455	€13,347	€13,227	€13,095	€12,925	€12,718	€12,476	€12,027	€11,546	€11,026	€10,508
Mar-26 cohort	€0	€0	€14,160	€14,033	€13,892	€13,712	€13,492	€13,236	€12,759	€12,249	€11,698	€11,148
Apr-26 cohort	€0	€0	€0	€15,470	€15,315	€15,116	€14,874	€14,592	€14,066	€13,504	€12,896	€12,290
May-26 cohort	€0	€0	€0	€0	€16,200	€15,989	€15,734	€15,435	€14,879	€14,284	€13,641	€13,000
Jun-26 cohort	€0	€0	€0	€0	€0	€16,940	€16,669	€16,352	€15,764	€15,133	€14,452	€13,773
Jul-26 cohort	€0	€0	€0	€0	€0	€0	€17,690	€17,354	€16,729	€16,060	€15,337	€14,616
Aug-26 cohort	€0	€0	€0	€0	€0	€0	€0	€18,450	€17,786	€17,074	€16,306	€15,540
Sept-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€13,570	€13,027	€12,441	€11,856
Oct-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€0	€13,570	€12,959	€12,350
Nov-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€14,280	€13,609
Dec-26 cohort	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€0	€14,280

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
New accounts	22	23	24	26	27	28	29	30	23	23	24	24
New account monthly price	€580	€585	€590	€595	€600	€605	€610	€615	€590	€590	€595	€595
Monthly expansion on opening MRR	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	0.7%	0.6%	0.5%	0.5%
Monthly churn on opening MRR	1.6%	1.8%	1.7%	1.8%	1.9%	2.2%	2.5%	2.8%	3.5%	3.8%	4.0%	4.2%
Monthly contraction on opening MRR	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.8%	0.8%	1.0%	1.0%
Monthly account churn	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	1.8%	2.8%	3.0%	3.2%	3.2%
Annual-plan revenue share	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%	62.0%
Annual-plan billing season factor	1.2	0.85	0.95	1.05	0.85	0.9	1	1.1	0.95	0.9	0.9	1.1
Completed onboardings	14	15	15	16	16	17	18	18	15	14	14	14
Onboarding fee	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400	€2,400
Hosting cost / recurring revenue	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	9.5%	10.5%	11.0%	11.0%	11.5%

Receivables and payment controls

Opening AR totals €220,000; overdue AR is €132,000. Receipt promises feed the dated cash schedule.

Opening AP totals €64,000. €14,080 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	€19,800	57	2026-09-18
AR-002	2026-06-07	2026-07-07	€26,400	55	2026-09-25
AR-003	2026-06-09	2026-07-09	€28,600	53	2026-10-02
AR-004	2026-07-11	2026-08-11	€30,800	20	2026-09-18
AR-005	2026-07-13	2026-08-13	€26,400	18	2026-09-25
AR-006	2026-08-15	2026-09-15	€30,800	0	2026-10-02
AR-007	2026-08-17	2026-09-17	€28,600	0	2026-10-09
AR-008	2026-08-19	2026-09-19	€28,600	0	2026-10-09

Payables and approval prerequisites
Record	Invoice total	Paid	Outstanding	Approval	Review	Hold	Payment date	Next action
AP-001	€5,760	€0	€5,760	Pending	Complete	Yes	Unscheduled	Approval required
AP-002	€9,600	€1,920	€7,680	Approved	Complete	No	2026-09-11	Ready
AP-003	€8,320	€0	€8,320	Approved	Pending	No	Unscheduled	Review required
AP-004	€8,960	€0	€8,960	Approved	Complete	No	2026-09-04	Ready
AP-005	€8,832	€1,152	€7,680	Approved	Complete	No	2026-09-11	Ready
AP-006	€8,960	€0	€8,960	Approved	Complete	No	2026-09-18	Ready
AP-007	€8,320	€0	€8,320	Approved	Complete	No	2026-09-25	Ready
AP-008	€8,320	€0	€8,320	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	€135,000	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€404,873	€420,617	€457,231
Invoiced billings	€251,344	€222,184	€246,602	€275,844	€259,661	€282,525	€314,470	€345,427	€319,637	€310,455	€311,748	€349,197
Customer receipts	€240,719	€211,559	€235,977	€265,219	€249,036	€271,900	€303,845	€334,802	€134,764	€294,712	€275,134	€288,265
Closing receivables	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€404,873	€420,617	€457,231	€518,163
Implied AR / billings × month days	17.96	19.69	20.98	19.3	22.46	21.1	20.64	19.74	38	42	44	46
Opening payables	€35,000	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€97,179	€96,063	€98,937
Vendor expenses	€66,704	€69,001	€71,347	€73,779	€76,275	€78,782	€81,271	€83,735	€89,035	€90,767	€90,919	€92,475
Vendor payments	€63,079	€65,376	€67,722	€70,154	€72,650	€75,157	€77,646	€80,110	€55,856	€91,883	€88,044	€93,807
Closing payables	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€97,179	€96,063	€98,937	€97,606
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 €982,007 on 2026-11-25. The lowest daily cash stays €782,007 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 €200,000

Weekly cash forecast
Week	Start	End	Opening	Receipts	Vendors	Payroll	Tax	Interest	Capex	Principal	Closing	Headroom
W1	2026-09-01	2026-09-06	€1,363,220	€0	−€8,960	€0	€0	€0	€0	€0	€1,354,260	€1,154,260
W2	2026-09-07	2026-09-13	€1,354,260	€0	−€15,360	€0	€0	€0	−€11,000	€0	€1,327,900	€1,127,900
W3	2026-09-14	2026-09-20	€1,327,900	€64,714	−€11,631	€0	€0	€0	€0	€0	€1,380,982	€1,180,982
W4	2026-09-21	2026-09-27	€1,380,982	€52,800	−€16,640	−€232,000	−€12,000	€0	€0	€0	€1,173,142	€973,142
W5	2026-09-28	2026-10-04	€1,173,142	€76,650	−€3,265	€0	€0	−€1,083	€0	−€5,000	€1,240,444	€1,040,444
W6	2026-10-05	2026-10-11	€1,240,444	€57,200	€0	€0	€0	€0	−€8,000	€0	€1,289,644	€1,089,644
W7	2026-10-12	2026-10-18	€1,289,644	€80,150	−€41,347	€0	€0	€0	€0	€0	€1,328,447	€1,128,447
W8	2026-10-19	2026-10-25	€1,328,447	€0	€0	−€232,000	€0	€0	€0	€0	€1,096,447	€896,447
W9	2026-10-26	2026-11-01	€1,096,447	€97,961	−€50,536	€0	€0	−€1,056	€0	−€5,000	€1,137,817	€937,817
W10	2026-11-02	2026-11-08	€1,137,817	€0	€0	€0	€0	€0	−€8,000	€0	€1,129,817	€929,817
W11	2026-11-09	2026-11-15	€1,129,817	€123,810	−€39,620	€0	€0	€0	€0	€0	€1,214,007	€1,014,007
W12	2026-11-16	2026-11-22	€1,214,007	€0	€0	€0	€0	€0	€0	€0	€1,214,007	€1,014,007
W13	2026-11-23	2026-11-29	€1,214,007	€151,324	−€48,424	−€232,000	€0	−€1,029	€0	−€5,000	€1,078,877	€878,877

Daily cash on transaction dates
Date	Opening	Receipts	Payments	Closing	Headroom
2026-09-04	€1,363,220	€0	−€8,960	€1,354,260	€1,154,260
2026-09-08	€1,354,260	€0	−€11,000	€1,343,260	€1,143,260
2026-09-11	€1,343,260	€0	−€15,360	€1,327,900	€1,127,900
2026-09-15	€1,327,900	€14,114	−€2,671	€1,339,342	€1,139,342
2026-09-18	€1,339,342	€50,600	−€8,960	€1,380,982	€1,180,982
2026-09-21	€1,380,982	€0	−€12,000	€1,368,982	€1,168,982
2026-09-25	€1,368,982	€52,800	−€248,640	€1,173,142	€973,142
2026-09-28	€1,173,142	€17,250	−€9,348	€1,181,044	€981,044
2026-10-02	€1,181,044	€59,400	€0	€1,240,444	€1,040,444
2026-10-08	€1,240,444	€0	−€8,000	€1,232,444	€1,032,444
2026-10-09	€1,232,444	€57,200	€0	€1,289,644	€1,089,644
2026-10-15	€1,289,644	€80,150	−€41,347	€1,328,447	€1,128,447
2026-10-25	€1,328,447	€0	−€232,000	€1,096,447	€896,447
2026-10-28	€1,096,447	€97,961	−€56,592	€1,137,817	€937,817
2026-11-08	€1,137,817	€0	−€8,000	€1,129,817	€929,817
2026-11-15	€1,129,817	€123,810	−€39,620	€1,214,007	€1,014,007
2026-11-25	€1,214,007	€0	−€232,000	€982,007	€782,007
2026-11-28	€982,007	€151,324	−€54,454	€1,078,877	€878,877

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	€0.000000	Pass
Deferred revenue roll-forward	€0.000000	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	−€3,802	−€2,229	€190	−€11,586	−€11,586	−€11,532
Current tax charge	€0	€0	€0	€0	€0	€198	€1,573	€2,419	€224	€0	€54	€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	−€3,802	−€2,229	€190	−€11,586	−€11,586	−€11,532	−€23,532

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	€135,000	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€404,873	€420,617	€457,231
Invoiced billings	€251,344	€222,184	€246,602	€275,844	€259,661	€282,525	€314,470	€345,427	€319,637	€310,455	€311,748	€349,197
Customer receipts	€240,719	€211,559	€235,977	€265,219	€249,036	€271,900	€303,845	€334,802	€134,764	€294,712	€275,134	€288,265
Closing receivables	€145,625	€156,250	€166,875	€177,500	€188,125	€198,750	€209,375	€220,000	€404,873	€420,617	€457,231	€518,163
Implied AR / billings × month days	17.96	19.69	20.98	19.3	22.46	21.1	20.64	19.74	38	42	44	46
Opening payables	€35,000	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€97,179	€96,063	€98,937
Vendor expenses	€66,704	€69,001	€71,347	€73,779	€76,275	€78,782	€81,271	€83,735	€89,035	€90,767	€90,919	€92,475
Vendor payments	€63,079	€65,376	€67,722	€70,154	€72,650	€75,157	€77,646	€80,110	€55,856	€91,883	€88,044	€93,807
Closing payables	€38,625	€42,250	€45,875	€49,500	€53,125	€56,750	€60,375	€64,000	€97,179	€96,063	€98,937	€97,606
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 closing MRR is €297,333 in this case. Separate revenue gained from new accounts from revenue retained before approving acquisition commitments.

The lowest daily cash stays €782,007 above the reserve.

Illustrative action register
Topic	Action	Owner	Due	Status
Retention	Review cancellation reasons by cohort and assign retention actions.	Customer success	2026-09-04	Open
Acquisition	Review blended CAC against subscription gross-margin payback.	Commercial lead	2026-09-08	Open
Annual billing	Confirm renewal dates, billings and receipt ownership.	Finance lead	2026-09-03	Open
Collections	Secure receipt dates for overdue invoices and track exceptions.	Credit control	2026-09-04	Open
Liquidity	Review hiring commitments against the daily cash reserve.	CFO	2026-09-07	Open

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CFO review

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Integrated financial statements

Revenue, retention and acquisition

Receivables and payment controls

13-week cash and daily exposure

Supporting schedules and checks

CFO decisions and follow-through

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