VeriCasa Financial Overview

2025 Deals Closed

€222,912

47 deals · ~€18,576/mo avg

Total Monthly Cost

€34,789

People €28,651 + other €6,138

Real Burn

€16,213

Cost €34,789 - income €18,576

Cash in Bank

€51,197

Bankinter €33,991 · Revolut €17,206

Monthly Client Revenue — Bankinter (Mar 2025 – Feb 2026)

Source: Bankinter extractos. Shows actual client payments received each month. Last 3 months highlighted.

Estimated Runway

3.2 months

Cash in bank / real monthly burn

Cash in bank	€51,197
Total monthly cost	€34,789
Average monthly income (2025)	€18,576
Real burn (cost − income)	€16,213/mo

Team Cost Breakdown — per person

Based on 2025 full-year averages (Balancete Dec 2025 + bank statements)

Person	Type	Role	€/mo
Úrsula Maplehurst	contractor	CTO	€4,147
João Baião	FT employee	Head of Sales	€3,293
↳ payroll €2,139 + bonuses €1,154
Mandy Spaan	contractor	Senior Engineer	€2,627
Yago Oliveira Pais	contractor	Ops / Reporting	€1,300
Vinicius Benini	freelancer	Dev/tech	€1,201
Nelson Agostinho	contractor	TBC	€1,083
Internal team subtotal			€13,651

ProtoQ OOD (Bulgaria)	outsource	Dev team	€15,000
↳ ProtoQ P&L shows €5,535 — true cost is €15K/mo
Outsource subtotal (true)			€15,000

Total people cost (true)			€28,651/mo

Iryna departed — finance/ops unfilled.

Non-People Costs — €6,138/mo

Based on 2025 full-year averages (Balancete Dec 2025)

Category	€/mo
Travel — hotels, flights, meals	€1,719
Strategic consulting & advisors	€1,542
IT services	€1,250
Advisory fees	€629
Sales commissions	€298
Software licences	€275
Bookkeeping	€160
Advertising & marketing	€155
Materials & sundry	€88
Banking charges	€22
Non-people subtotal	€6,138

Key subs: WorldCheck €1,350 · Google Workspace €360 · Kamatera €74 · GitHub €36

Total monthly cost	€34,789
People (true)	€28,651
Non-people	€6,138

ProtoQ OOD — Outstanding Liability

Invoice #57 (Jul-Dec 2025)	€104,000
2,438 dev hrs x €40 + 180 design hrs x €36
Paid to date	-€15,000
Outstanding	€89,000

Current rate: €15,000/mo · ~6 months behind
Open: What is the long-term rate once debt is cleared?

Monthly Cash P&L — Income & Outflows (Revolut + Bankinter combined)

Month	Source	Income	Founder Loans	Outflows	P/L	Cash (combined)
Mar 2026	Both	€1,845	—	€6,727	-€4,882	€51,197
Feb 2026	Both	€43,387	€17,502	€50,477	-€7,090	€53,579
Jan 2026	Both	€16,778	€2,000	€39,384	-€22,606	€20,664
Dec 2025	Both	€53,919	—	€39,230	€14,689	€32,483
Nov 2025	Both	€21,779	—	€20,780	€999	€17,791
Oct 2025	Both	€18,772	€1,503	€34,118	-€15,346	€16,792
Sep 2025	Both	€13,422	€18	€49,368	-€35,946	€30,633
Aug 2025	Both	€13,958	€59	€44,266	-€30,308	€66,558
Jul 2025	Both	€14,724	—	€29,269	-€14,545	€97,960
Jun 2025	Both	€3,543	€109,000	€26,335	-€22,792	€104,502
May 2025	Both	€6,769	€14,000	€28,462	-€21,693	€18,294
Apr 2025	Both	€18,507	€14,000	€18,326	€181	€25,985
Mar 2025	Both	€1,873	€14,000	€24,013	-€22,140	€11,802
Feb 2025	Rev only	pending	€37,346	€21,535	—	€17,135
Jan 2025	Rev only	pending	€1,246	€6,578	—	€1,324

Jan–Feb 2026 have full data from both accounts. Bankinter 2025 statements pending.
"Income" = client payments (Bankinter). "Outflows" = all costs across both accounts.
2025 months show Revolut only — understate total cash (Bankinter balance was ~€30K at Dec 31).
P/L = Income minus Outflows (excludes director loans — those are founder injections, not revenue).

Revenue vs Costs vs P/L — Monthly (Mar 2025 – Feb 2026)

Revenue (green) = client payments received. Costs (red) = all operational outflows. P/L (blue dashed) = revenue minus costs.
Director loans excluded from both revenue and costs — this is pure operating performance.

Client Income Detail — Who Paid

December 2025

Client	Amount
EXP GLOBAL PORTUGAL LDA	€6,913
SENTIR L MEDIACAO	€6,150
MATLAW, MESTRE	€4,852
RESERVICE MEDIACAO IMOBIL	€4,098
FREITAS PIRES, LDA	€3,688
CASTELHANA SOC MEDIACAO	€3,383
UM SEIS UM LDA	€3,213
BARCOVEZ MEDIACAO IMOB	€3,196
Prestigio Global	€3,187
GOLDENLOFT LDA	€2,374
PORTAL RUMO SOC MEDIACAO	€1,845
NEW CYCLE MEDIACAO IMO	€1,845
REALWISE, LDA	€1,845
RITA SOARES (FT 69.2025)	€1,845
MAXOCIDENTE MEDIACAO	€1,688
FOCAGEM MEDIACAO IMOBI	€1,688
MENTES POSITIVAS-M	€1,688
ASSOC. INOVACAO E EMPREEND	€420
Total	€53,918

18 client payments

January 2026

Client	Amount
PORTAL RUMO SOC MEDIACAO	€3,376
Prestígio Global	€2,701
DESAFIO ACEITE SOL	€2,149
CCPT COMPRARCASA R	€1,845
HBRN MEDIACAO IMOB	€1,752
MENTES POSITIVAS-M	€1,688
CMV SOCIEDADE (FT202)	€804
VANTAGEM ALTRUISTA LDA	€804
LUXUS-SOCIEDADE DE	€672
CANARIO FO LDA	€615
LOFT AO QUADRADO	€372
Total	€16,778

11 client payments

February 2026

Client	Amount
THE OITAVOS S (Trend Har)	€7,995
IMANT - MEDIACAO I	€7,995
CCPT COMPRARCASA R	€7,221
Pre-Feb-2 clients	€7,002
EXP GLOBAL PORTUGAL LDA	€5,068
DESAFIO ACEITE SOL	€2,149
MY PT REAL ESTATE	€1,845
HBRN MEDIACAO IMOB	€1,752
MENTES POSITIVAS-M	€1,688
LUXUS-SOCIEDADE DE	€672
Total	€43,387

10 client payments

March 2026 (partial)

Client	Amount
VE IMOVEIS (VeriCasa credit)	€1,845
Total	€1,845

1 client payments

Flagged: REEMBOLSOS A RESID (€8,634 Jan) excluded — confirmed as VAT rebate, not client revenue.
Coverage: Dec 2025 – Feb 2026 from Bankinter extractos.

Cash-Basis Projection — if 2025 income rate continues (€18,576/mo)

Month	Income	Total Cost	Real Burn	Cash Balance
Apr 2026	€18,576	€34,789	-€16,213	€34,984
May 2026	€18,576	€34,789	-€16,213	€18,771
Jun 2026	€18,576	€34,789	-€16,213	€2,558
Jul 2026	€18,576	€34,789	-€16,213	€-13,655	CASH OUT
Aug 2026	€18,576	€34,789	-€16,213	€-29,868	NEGATIVE
Sep 2026	€18,576	€34,789	-€16,213	€-46,081	NEGATIVE
Oct 2026	€18,576	€34,789	-€16,213	€-62,294	NEGATIVE
Nov 2026	€18,576	€34,789	-€16,213	€-78,507	NEGATIVE
Dec 2026	€18,576	€34,789	-€16,213	€-94,720	NEGATIVE
Jan 2027	€18,576	€34,789	-€16,213	€-110,933	NEGATIVE
Feb 2027	€18,576	€34,789	-€16,213	€-127,146	NEGATIVE
Mar 2027	€18,576	€34,789	-€16,213	€-143,359	NEGATIVE

Assumption: Income at 2025 average of €18,576/mo. Cost held at €34,789/mo. No founder injections.
Real burn: €16,213/mo — without founder support, cash runs out in ~3 months.

Income Summary — 2025

	Amount	Monthly avg
Deals closed (sales dashboard)	€222,912	€18,576
Revenue recognised (P&L)	€123,010	€10,251
Gap (deferred / prepaid credits)	~€99,902
Full year 2024 (pre-commercial)	€15,549	€1,295
Dec 2025 actual (Bankinter)	€53,918	18 clients
Jan 2026 actual (Bankinter)	€16,778	11 clients
Feb 2026 actual (Bankinter)	€43,387	10 clients

Director Loans — Full History

Phil — Transfers to Trendy Harmony

Date	Amount	Description
13/02/2026	€17,502	Transferred to Trendy Harmony (Revolut)
10/01/2026	€12,800	Transferred to Trendy Harmony (Bankinter)
12/10/2025	€1,503	Paid iPhone cost on behalf of TH
27/06/2025	€95,000	Transferred to Trendy Harmony (incl. PS restructure)
13/06/2025	€14,000	Transferred to Trendy Harmony (Revolut)
21/05/2025	€14,000	Transferred to Trendy Harmony
15/04/2025	€14,000	Transferred to Trendy Harmony
11/03/2025	€14,000	Transferred to Trendy Harmony
04/02/2025	€28,000	Transferred to Trendy Harmony (Revolut)
16/12/2024	€2,000	Transferred to Trendy Harmony
16/12/2024	€20,000	Transferred to Trendy Harmony
12/12/2024	€43,050	Transferred to Trendy Harmony
10/12/2024	€3,000	Transferred to Trendy Harmony
27/11/2024	€1,000	Transferred to Trendy Harmony
15/11/2024	€1,000	Transferred to Trendy Harmony
11/11/2024	€2,515	Transferred to Trendy Harmony
28/10/2024	€17,123	Paid Kangatronix Limited VC-001 from personal account
28/10/2024	€65,113	Paid Úrsula Maplehurst Invoice 2024.3 from personal account
21/10/2024	€479	Transferred to Trendy Harmony
15/10/2024	€10,000	Transferred to Trendy Harmony
10/10/2024	€1,000	Transferred to Trendy Harmony
18/09/2024	€1,000	Transferred to Trendy Harmony
28/08/2024	€2,000	Transferred to Trendy Harmony
01/08/2024	€300	Transferred to Trendy Harmony
31/07/2024	€25,030	Paid ProtoQ Invoice 21 from personal account
22/05/2024	€2,000	Transferred to Trendy Harmony
05/04/2024	€17,144	Paid ProtoQ Invoice 19 from personal account
01/04/2024	€2,000	Transferred to Trendy Harmony
01/01/2024	€963	Transferred to Trendy Harmony
28/12/2023	€4,000	Paid ProtoQ Invoice 17 from personal account
27/11/2023	€2,500	Transferred to Trendy Harmony (Bankinter)

Phil — tracked transactions

€434,022

Rodolfo — All contributions

Date	Amount	Description
03/03/2026	€2,500	Empréstimo to TH (Bankinter)
19/02/2026	€2,500	Empréstimo to TH (Bankinter)
18/02/2026	€2,500	Empréstimo to TH (Bankinter)
16/02/2026	€2,500	Empréstimo to TH (Bankinter)
15/02/2026	€2,500	Empréstimo to TH (Bankinter)
14/02/2026	€2,500	Empréstimo to TH (Bankinter)
13/02/2026	€7,500	Transfer to TH (Bankinter)
13/02/2026	€2,500	Empréstimo to TH (Bankinter)
15/11/2025	€10,000	Websummit 2025 (paid by Rodolfo)
31/07/2025	€7,000	Nelson Tiago Berna — 2025 Jan–Jul salary (paid by Rodolfo, period total)
31/12/2024	€14,000	Nelson Tiago Berna — 2024 salary (paid by Rodolfo, annual total)
19/06/2025	€19	McDonalds
18/06/2025	€31	Carruagem Bar
17/06/2025	€200	João Baião
13/06/2025	€67	Musos Aristocratas
09/06/2025	€19	Transfer to TH
07/06/2025	€436	Transavia
30/05/2025	€494	Mytrip
30/05/2025	€34	Uber x2
27/05/2025	€74	Transfer to TH
26/05/2025	€5	Auchan
16/05/2025	€70	American Club of Lisbon
14/05/2025	€16	DIGI payment
11/04/2025	€16	DIGI payment
14/03/2025	€15	DIGI payment
14/02/2025	€11	DIGI payment
11/03/2025	€500	Transfer to TH
24/02/2025	€346	Transfer to TH
22/01/2025	€1,246	Transfer to TH
25/10/2024	€74	Transfer to TH
06/09/2024	€250	Transfer to TH
25/05/2024	€409	Unknown transaction (debit — needs clarification)

Rodolfo — tracked transactions

€60,332

Summary — Total Shareholder Investment

Phil — transfers + personal (spreadsheet through Jun 2025)	€394,440
Phil — post-Jun 2025 (from company statements)	€31,805
Phil total	€426,245
Rodolfo — cash + Nelson + Websummit (pre-2026)	€34,512
Rodolfo — Feb 2026 loans (Bankinter)	€22,500
Rodolfo total	€60,332
Combined shareholder investment	€486,577

Key Metrics

Enterprise value (10x ARR)	€656,880
2025 income / annual cost	0.53x
Cash / total monthly cost	1.5 months
Cash / real burn	3.2 months

ARR	€65,688
Internal people as % of cost	39%
ProtoQ + outsource as % of cost	43%
Active clients	40 +2/mo

CFO Assessment — March 2026

~€486,577 invested · 40 clients · €222,912 deals closed 2025 · €34,789/mo total cost

CRITICALProtoQ is the biggest financial risk

True dev cost ~€15,000/mo — 3x the P&L. Outstanding: €89,000. If they call this debt or stop work, there is no product team. Needs a formal payment plan and investor disclosure. Open question: what is the long-term rate once the backlog is cleared?

CRITICALTotal monthly cost is €34,789/mo (P&L shows €25,324)

People cost €28,651/mo + non-people €6,138 = €34,789 total cost. Cash (~€51,197) covers 1.5 months at this rate.

CRITICALBridge to fundraise is not optional

At ~€16,213/mo real burn (cost minus income), cash runs out within 3 months without founder injections.

HIGHRevenue concentration is existential

Remax Vantagem alone = ~67% of all transactions. Pipeline thin at €8K under proposal.

ACTION€222,912 closed vs €123,010 recognised

~€99,902 gap = likely prepaid credits not yet consumed. Confirm with Bankinter.

ACTIONWhere to cut if needed

Travel (€1,719/mo) + advisory (€2,171/mo) + João bonuses (€1,154/mo) = ~€5-7K/mo addressable savings.

Accrual Revenue (LTM)

€79,777

€7,252/mo avg · 11 months data

Gross Margin

-145%

Rev €79,777 − COGS €195,411

Net P/L (LTM)

-€320,102

-€29,101/mo avg

Collection Rate

283%

Cash €225,558 / Accrual €79,777

Monthly Accrual P&L — Apr 2025 to Feb 2026

Month	Txns	Tx Revenue	Setup (amort)	Total Revenue	COGS	Gross Profit	GP%	OpEx	Net P/L	Cash Revenue	Cash P/L
Apr 2025	334	€1,833	€3,125	€4,958	€16,401	-€11,443	-231%	€18,588	-€30,031	€18,507	-€16,482
May 2025	962	€5,282	€3,125	€8,407	€16,401	-€7,994	-95%	€18,588	-€26,582	€6,769	-€28,220
Jun 2025	472	€2,592	€3,125	€5,717	€16,401	-€10,684	-187%	€18,588	-€29,272	€3,543	-€31,446
Jul 2025	544	€2,987	€3,125	€6,112	€16,401	-€10,289	-168%	€18,588	-€28,877	€14,724	-€20,265
Aug 2025	1,101	€6,046	€3,125	€9,171	€16,401	-€7,230	-79%	€18,588	-€25,818	€13,958	-€21,031
Sep 2025	643	€3,530	€3,125	€6,655	€16,401	-€9,746	-146%	€18,588	-€28,334	€13,422	-€21,567
Oct 2025	925	€5,077	€3,125	€8,202	€16,401	-€8,199	-100%	€18,588	-€26,787	€18,772	-€16,217
Nov 2025	729	€4,001	€3,125	€7,126	€16,401	-€9,275	-130%	€18,588	-€27,863	€21,779	-€13,210
Dec 2025	542	€2,975	€3,125	€6,100	€21,401	-€15,301	-251%	€18,588	-€33,889	€53,919	€13,930
Jan 2026	1,021	€5,605	€3,125	€8,730	€21,401	-€12,671	-145%	€18,588	-€31,259	€16,778	-€23,211
Feb 2026	997	€5,474	€3,125	€8,599	€21,401	-€12,802	-149%	€18,588	-€31,390	€43,387	€3,398
TOTAL (11 mo)	8,270	€45,402	€34,375	€79,777	€195,411	-€115,634	-145%	€204,468	-€320,102	€225,558	-€174,321
MONTHLY AVG	751	€4,127	€3,125	€7,252	€17,764	-€10,513	-145%	€18,588	-€29,101

Accrual revenue = platform transactions × €5.49 blended rate + amortised setup fees (€3,125/mo).
Cash revenue = actual Bankinter inflows (where available — Mar–Nov 2025 pending).
COGS = true contractual rates: ProtoQ €15K, WorldCheck €5K (from Dec 25), dev freelancers, hosting.
Note: P&L-basis costs are lower because ProtoQ P&L shows €5.5K (true: €15K), WorldCheck shows €1.4K (true: €5K). CodeCare contract cancelled (confirmed Mar 2026).

Accrual Revenue vs Cash Revenue — Monthly

Green = accrual revenue (usage-based). Blue = cash received (Bankinter). Cash often exceeds accrual due to prepaid credit bundles & setup fees. Where cash is zero, Bankinter data is not yet available.

Accrual Net P/L — Monthly Trend

Net P/L = Total Revenue − COGS − OpEx. All months are negative because the business is pre-breakeven.
The trend shows improvement as transaction volumes grow while costs are relatively fixed.

COGS — Direct Service Costs (current: €21,401/mo)

Item	€/mo	%	Note
ProtoQ OOD — platform dev team	€15,000	70%	Framework agreement Dec 2023. True cost, P&L shows only €5.5K
WorldCheck / Refinitiv — KYC data	€5,000	23%	WC1 API, up to 100K screens/yr. From Dec 2025
Vinicius Benini — dev/tech	€1,201	6%	Freelancer
Infrastructure (hosting)	€200	1%	Kamatera, AWS, DigitalOcean, GitHub
Total COGS	€21,401/mo

COGS = costs directly tied to delivering the VeriCasa service. These must be covered by gross profit.
ProtoQ is the largest single vendor dependency.

Operating Expenses — €18,588/mo

Item	€/mo
Úrsula Maplehurst — CTO	€4,147
João Baião — Sales (payroll + bonus)	€3,293
Mandy Spaan — Senior Engineer	€2,627
Strategic consulting & advisors	€1,542
Travel — hotels, flights, meals	€1,719
Yago Oliveira — Ops / Reporting	€1,300
IT services	€1,250
Nelson Agostinho	€1,083
Advisory fees	€629
Software licences	€275
Sales commissions	€298
Advertising & marketing	€155
Bookkeeping	€160
Banking & materials	€110
Total OpEx	€18,588/mo

Based on 2025 full-year averages from Balancete Dec 2025 + bank statements.

True Total Cost — Accrual Basis vs P&L Basis

Accrual basis (true contractual)

COGS	€21,401/mo
OpEx	€18,588/mo
Total Accrual Cost	€39,989/mo
Annualised	€479,868/yr

P&L basis (what accounts show)

Total from P&L	€25,324/mo
With ProtoQ true rate	€34,789/mo
True vs P&L gap	+€5,200/mo
Annualised gap	€62,400/yr

Gap from: ProtoQ P&L €5.5K→true €15K (+€9.5K) + WorldCheck P&L €1.4K→true €5K (+€3.6K)

Supplier Contracts — Key Terms

Supplier	Monthly Cost	Term	Billing	Key Risk
ProtoQ OOD (Bulgaria)	€15,000	Framework, no fixed term	Monthly (per Work Order)	€89K outstanding ~6 months behind on payments
WorldCheck / Refinitiv (LSEG)	€5,000	27 months (24 + 3 grace)	Quarterly in advance	ISO 27001 contractual obligation

ProtoQ: Time & material basis. IBAN: Lithuanian bank. Payment within 5 working days.
WorldCheck: Up to 100K screens/yr included. Territory: Canada, Europe, UK. Auto-renews 24 months. 90-day notice to exit.
CodeCare OÜ: Contract cancelled (confirmed by Rodolfo, Mar 2026). Was €4,800/mo — no longer active.

Methodology & Assumptions

Revenue recognition: Transaction revenue accrued when credits are consumed (analysis processed). Blended rate of €5.49/tx based on Vantagem contract rate (Vantagem = ~69% of all transactions). Other clients pay €4.99–€9.88 per credit — blended rate is conservative.

Setup fees: Amortised over 12 months per IFRS 15 (setup is not a distinct performance obligation). Estimated €37.5K total 2025 setup fees ÷ 12 = €3,125/mo.

Cost basis: COGS use true contractual rates, not P&L-recognised amounts. ProtoQ has €89K outstanding. WorldCheck billed quarterly in advance. CodeCare contract cancelled (excluded from COGS).

To refine: Map per-client transaction data to per-client pricing for precise blended rate. Currently using Vantagem rate as proxy.