VeriCasa — Financial Overview
Trendy Harmony Lda · February 28, 2026 · Cash basis
Cash: ~€40,334 · Total cost: €35,989/mo · Real burn: €17,413/mo
2025 Deals Closed
€222,912
47 deals · ~€18,576/mo avg
Total Monthly Cost
€35,989
People €29,851 + other €6,138
Real Burn
€17,413
Cost €35,989 - income €18,576
Cash in Bank
€40,334
~2.3 months at real burn

Estimated Runway

2.3 months
Cash in bank / real monthly burn
Cash in bank€40,334
Total monthly cost€35,989
Average monthly income (2025)€18,576
Real burn (cost − income)€17,413/mo

Team Cost Breakdown — per person

Based on 2025 full-year averages (Balancete Dec 2025 + bank statements)
PersonTypeRole€/mo
Úrsula MaplehurstcontractorCTO€4,147
João BaiãoFT employeeHead of Sales€3,293
↳ payroll €2,139 + bonuses €1,154
Mandy SpaancontractorSenior Engineer€2,627
Yago Oliveira PaiscontractorOps / Reporting€1,300
Vinicius BeninifreelancerDev/tech€1,201
Nelson AgostinhocontractorTBC€1,083
Internal team subtotal€13,651
ProtoQ OOD (Bulgaria)outsourceDev team€15,000
CodeCare OÜ (Estonia)outsourceDev€1,200
↳ ProtoQ P&L shows €5,535 — true cost is €15K/mo
Outsource subtotal (true)€16,200
Total people cost (true)€29,851/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€35,989
People (true)€29,851
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)

MonthSourceIncomeFounder LoansOutflowsCash (combined)
Mar 2026Rev onlypending—€226€17,274
Feb 2026Both€7,002€17,502€4,608€40,560
Jan 2026Both€16,778€2,000€39,384€20,664
Dec 2025Both€53,919—€39,230€32,483
Nov 2025Both€21,779—€20,780€17,791
Oct 2025Both€18,772€1,503€34,118€16,792
Sep 2025Both€13,422€18€49,368€30,633
Aug 2025Both€13,958€59€44,266€66,558
Jul 2025Both€14,724—€29,269€97,960
Jun 2025Both€3,543€109,000€26,335€104,502
May 2025Both€6,769€14,000€28,462€18,294
Apr 2025Both€18,507€14,000€18,326€25,985
Mar 2025Both€1,873€14,000€24,013€11,802
Feb 2025Rev onlypending€37,346€21,535€17,135
Jan 2025Rev onlypending€1,246€6,578€1,324
Jan 2026 is the first month with 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).
Sep/Oct 2025: internal transfers (Bankinter→Revolut) netted out in combined view.

Client Income Detail — Who Paid

December 2025

ClientAmount
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

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

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

MonthIncomeTotal CostReal BurnCash Balance
Mar 2026€18,576€35,989-€17,413€22,921
Apr 2026€18,576€35,989-€17,413€5,508
May 2026€18,576€35,989-€17,413€-11,905CASH OUT
Jun 2026€18,576€35,989-€17,413€-29,318NEGATIVE
Jul 2026€18,576€35,989-€17,413€-46,731NEGATIVE
Aug 2026€18,576€35,989-€17,413€-64,144NEGATIVE
Sep 2026€18,576€35,989-€17,413€-81,557NEGATIVE
Oct 2026€18,576€35,989-€17,413€-98,970NEGATIVE
Nov 2026€18,576€35,989-€17,413€-116,383NEGATIVE
Dec 2026€18,576€35,989-€17,413€-133,796NEGATIVE
Jan 2027€18,576€35,989-€17,413€-151,209NEGATIVE
Feb 2027€18,576€35,989-€17,413€-168,622NEGATIVE
Assumption: Income continues at 2025 average of €18,576/mo (€222,912 / 12 months).
Total cost held constant at €35,989/mo (includes ProtoQ at €15K). No founder injections modelled.
Real burn: €17,413/mo (cost minus avg income) — without founder support, cash runs out in ~2 months.

Income Summary — 2025

AmountMonthly 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)€53,91818 clients
Jan 2026 actual (Bankinter)€16,77811 clients

Director Loans — Full History

Phil — All transfers to Trendy Harmony

DateAmountDescription
27/11/2023€2,500Transferred to Trendy Harmony (Bankinter)
28/12/2023€4,000Paid ProtoQ Invoice 17 from personal account
01/01/2024€963Transferred to Trendy Harmony
01/04/2024€2,000Transferred to Trendy Harmony
05/04/2024€17,144Paid ProtoQ Invoice 19 from personal account
22/05/2024€2,000Transferred to Trendy Harmony
31/07/2024€25,030Paid ProtoQ Invoice 21 from personal account
01/08/2024€300Transferred to Trendy Harmony
28/08/2024€2,000Transferred to Trendy Harmony
18/09/2024€1,000Transferred to Trendy Harmony
10/10/2024€1,000Transferred to Trendy Harmony
15/10/2024€10,000Transferred to Trendy Harmony
21/10/2024€479Transferred to Trendy Harmony
28/10/2024€65,113Paid Úrsula Maplehurst Invoice 2024.3 from personal account
28/10/2024€17,123Paid Kangatronix Limited VC-001 from personal account
11/11/2024€2,515Transferred to Trendy Harmony
15/11/2024€1,000Transferred to Trendy Harmony
27/11/2024€1,000Transferred to Trendy Harmony
10/12/2024€3,000Transferred to Trendy Harmony
12/12/2024€43,050Transferred to Trendy Harmony
16/12/2024€20,000Transferred to Trendy Harmony
16/12/2024€2,000Transferred to Trendy Harmony
04/02/2025€28,000Transferred to Trendy Harmony (Revolut)
11/03/2025€14,000Transferred to Trendy Harmony
15/04/2025€14,000Transferred to Trendy Harmony
21/05/2025€14,000Transferred to Trendy Harmony
13/06/2025€14,000Transferred to Trendy Harmony (Revolut)
27/06/2025€95,000Transferred to Trendy Harmony (incl. PS restructure)
12/10/2025€1,503Paid iPhone cost on behalf of TH
10/01/2026€12,800Transferred to Trendy Harmony (Bankinter)
13/02/2026€17,502Transferred to Trendy Harmony (Revolut)
Phil — total from tracked transactions €434,022

Summary

Phil — transfers + personal payments (spreadsheet through Jun 2025)€394,440
Phil — post-Jun 2025 (from company statements)€31,805
Phil total (tracked)€426,245
Rodolfo cash contributions€3,512
Rodolfo — Nelson payments (14mo 2024 + 7mo 2025)€21,000
Rodolfo — Websummit + SouthSummit€10,000
Rodolfo total€34,512
Combined shareholder investment €460,757

Key Ratios

2025 income / annual cost0.52x
Cash / total monthly cost1.1 months
Cash / real burn2.3 months
People as % of total cost83%
ProtoQ as % of total cost42%
Active clients40 +2/mo

CFO Assessment — March 2026

~€460,757 invested · 40 clients · €222,912 deals closed 2025 · €35,989/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 €35,989/mo (P&L shows €26,524)
People cost €29,851/mo + non-people €6,138 = €35,989 total cost. Cash (~€40,334) covers 1.1 months at this rate.
CRITICALBridge to fundraise is not optional
At ~€17,413/mo real burn (cost minus income), cash runs out within 2 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.