VeriCasa — Financial Overview
Updated 23 Oct 2026
Accrual Revenue (LTM)
€146,714
€7,721/mo avg · 19 months data
Gross Margin
60%
COGS €58,800 (WorldCheck + infra only)
Net P/L (LTM)
-€749,247
-€39,435/mo avg
Collection Rate
281%
Cash €412,333 / Accrual €146,714

Monthly Accrual P&L — Apr 2025 to Feb 2026

MonthTxnsTotal Revenue COGSGross Profit GP% R&D Sales G&A Net P/L Cash Rev Cash P/L
Apr 2025334€4,958€200€4,75896%€22,800€9,344€11,598-€38,984€18,507-€25,435
May 2025962€8,407€200€8,20798%€22,800€8,170€11,598-€34,361€6,769-€35,999
Jun 2025472€5,717€200€5,51797%€22,800€7,847€11,598-€36,728€3,543-€38,902
Jul 2025544€6,112€200€5,91297%€22,800€8,965€11,598-€37,451€14,724-€28,839
Aug 20251,101€9,171€200€8,97198%€22,800€8,889€11,598-€34,316€13,958-€29,529
Sep 2025643€6,655€200€6,45597%€22,800€8,835€11,598-€36,778€13,422-€30,011
Oct 2025925€8,202€200€8,00298%€22,800€9,370€11,598-€35,766€18,772-€25,196
Nov 2025729€7,126€200€6,92697%€22,800€9,671€11,598-€37,143€21,779-€22,490
Dec 2025542€6,100€5,200€90015%€22,800€12,885€11,598-€46,383€53,919€1,436
Jan 20261,021€8,730€5,200€3,53040%€22,800€9,171€11,598-€40,039€16,778-€31,991
Feb 2026996€8,593€5,200€3,39339%€22,800€12,447€11,598-€43,452€49,537-€2,508
Mar 2026945€8,313€5,200€3,11337%€22,800€10,024€11,598-€41,309€25,309-€24,313
Apr 2026917€8,159€5,200€2,95936%€22,800€10,727€11,598-€42,166€32,343-€17,982
May 20261,255€10,014€5,200€4,81448%€22,800€8,989€11,598-€38,573€14,961-€33,626
Jun 2026850€7,791€5,200€2,59133%€22,800€8,851€11,598-€40,658€13,581-€34,868
Jul 20261,161€9,499€5,200€4,29945%€22,800€9,781€11,598-€39,880€22,882-€26,497
Aug 2026715€7,051€5,200€1,85126%€22,800€9,831€11,598-€42,378€23,383-€26,046
Sep 2026914€8,143€5,200€2,94336%€22,800€11,784€11,598-€43,239€42,914-€8,468
Oct 2026883€7,973€5,200€2,77335%€22,800€8,018€11,598-€39,643€5,252-€42,364
TOTAL (19 mo)15,909€146,714€58,800€87,91460%€433,200€183,599€220,362-€749,247€412,333-€483,628
MONTHLY AVG837€7,721€3,094€4,62760%€22,800€9,663€11,598-€39,435
Revenue = transactions × €5.49 blended rate + amortised setup fees (€3,125/mo).
COGS = WorldCheck €5K (from Dec 25) + hosting €200 — costs that persist even if we stop building.
R&D = ProtoQ + developers — discretionary platform-building costs.
Sales & Support = Nelson + João + Vinicius + commissions — must continue for client operations.
G&A = consulting, travel, IT, advisory, software, bookkeeping, marketing, banking.

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 (€5,200/mo)

Item€/mo%Note
WorldCheck / Refinitiv — KYC data€5,00096%WC1 API, up to 100K screens/yr. From Dec 2025
Infrastructure (hosting)€2004%Kamatera, AWS, DigitalOcean, GitHub
Total COGS€5,200/mo
COGS = costs that persist even if we stop building. Only WorldCheck (ongoing contract) + infrastructure.

R&D — Platform Development (€22,800/mo)

Item€/moNote
ProtoQ OOD — platform dev team€15,000Framework agreement. True cost, P&L shows €5.5K
Mandy Spaan — Senior Engineer€3,500€3,500/mo × 12
Úrsula Maplehurst — R&D Advisory€1,500€1,500/mo, 11.5 hrs/mo
Yago Oliveira Pais — Developer€1,400€1,200 × 14/12
Carolina — Developer€1,400€1,200 × 14/12
Total R&D€22,800/mo
Discretionary — could stop paying if we stopped building. ProtoQ is the largest vendor dependency (€134,000 outstanding).

Sales & Support (€8,018/mo)

Item€/moNote
Nelson Agostinho — Sales & Support€2,333€2,000 × 14/12
João Baião — Sales (payroll)€3,760€2,200 + 23.75% SS + €500 × 14/12
João Baião — 10% commission€52510% of €5,252 cash rev
Vinicius Benini — Sales & Support€1,400€1,200 × 14/12
Total Sales & Support€8,018/mo
Client-facing — must continue for operations. João commission varies with cash revenue (10% of Bankinter inflows).

G&A — General & Admin (€11,598/mo)

Item€/mo
Travel — hotels, flights, meals€1,719
Strategic consulting & advisors€1,542
IT services€1,250
Advisory fees€629
Software licences€775
Bookkeeping€160
Advertising & marketing€155
Banking charges€22
Materials & sundry€88
Isha Umar — recurring, no contract line€3,083
Joao Fernando Oliv — recurring, no contract line€1,242
Godaddy Godaddy — recurring, no contract line€639
Alaska Airlines Alaska Airlines — recurring, no contract line€293
Total G&A€11,598/mo
Admin overhead. Rates from 2025 Balancete Dec 2025 averages.

Total Cost Summary — Accrual Basis (True Contractual Rates)

Cost by category

COGS€5,200/mo
R&D€22,800/mo
Sales & Support€8,018/mo
G&A€11,598/mo
Total Accrual Cost €47,616/mo
Annualised€571,392/yr
This is the fixed gross operating cost base of €47,090/mo plus João's variable 10% commission on that month's client cash. The forward model and both runway figures use the fixed €47,090 base.

Cost structure insight

R&D as % of total48%
Sales as % of total17%
COGS as % of total11%
G&A as % of total24%
ProtoQ (€15K) is 43% of total cost. ProtoQ P&L shows €5.5K — true cost is €15K.
WorldCheck P&L shows €1.4K — true cost is €5K (quarterly billing).

Supplier Contracts — Key Terms

SupplierMonthly CostTermBillingKey Risk
ProtoQ OOD (Bulgaria)€15,000 Framework, no fixed termMonthly (per Work Order) €134,000 outstanding 13 months behind at the current rate
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.

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 = ~65% of transactions, 4-week basis). 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 categories (verified Mar 2026):
• COGS (€5,200/mo): Only costs that persist if we stop building — WorldCheck + hosting.
• R&D (€22,800/mo): Platform dev — ProtoQ, Mandy, Úrsula, Yago, Carolina. Discretionary.
• Sales & Support (€8,018/mo): Client-facing — Nelson, João (payroll + 10% commission), Vinicius. Must continue.
• G&A (€11,598/mo): Admin — consulting, travel, IT, advisory, software, bookkeeping, marketing, banking.

Personnel rates: Verified by Rodolfo (Mar 2026). Portuguese ×14 contracts converted: rate × 14 / 12 for monthly cost. João commission = 10% of cash revenue (per contract).

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

Burn: forward commitment vs cash actually consumed

Two different questions. Forward is what the business is committed to cost each month, less the revenue it can realistically expect. Recent actual is what genuinely left the bank between 1 Jul 2026 and 30 Sep 2026, measured across all five accounts: Bankinter, Revolut EU, Revolut USA, SVB and Banc of California. The two now sit €5,760/mo apart, with measured burn the lower of the two.

Connecting Revolut USA on 14 Sep raised measured burn by roughly half. VeriCasa Inc's own Revolut organisation was spending real money that no ledger here could see — €75,004 in Jul 2026–Sep 2026 alone, including €35,000 to ProtoQ. Cash opex is now €60,929/mo against a €47,090/mo accrual base, a gap of €13,839/mo. The measured window still carries ProtoQ at the old €15,000 rate, which is why it runs above the forward base — the restructure to €10,000 only took effect in August. Plan on the forward figure. The gap is itemised below, not smoothed away.

Forward expected operating burn
€38,568/mo
Gross cost base €47,090 − forward revenue €8,522
Forward runway 1.4 months
Recent actual operating burn — average per month
€32,808/mo
Measured from bank ledgers, net of client receipts and excluding the $208,326 Haverhill related-party funding
Recent actual runway 1.7 months
One-off items inside the window (excluded from recurring)€When
Social Security arrears — Instituto Gestão Financeira
Bankinter — excluded from the recurring rate.
8,4972026-07
US immigration — USCIS / Immivisa
SVB — excluded from the recurring rate.
7,3882026-07 / 2026-08
Total exceptional15,885≈ €5,295/mo
Unreconciled: $5,000 (€4,467)
Of $170,020 wired from SVB to VeriCasa Inc payees, $140,010 is confirmed delivered into the Revolut USA account, $10,010 bounced back to SVB, $15,000 is held in Banc of California ***3421 (counted at last known), and $5,000 reached no account we can see: $5,000 on 2026-07-09 to Wire out to VeriCasa Inc. That $5,000 is NOT counted as cash, because its destination balance is unconfirmed and counting it could double-count. It is NOT counted as burn either: it was moved, not spent.

Monthly Client Revenue + Rolling 12-Month Total — Bankinter

Source: Bankinter extractos. Green bars = monthly revenue. Yellow line = rolling 12-month total (right axis). Last 3 months highlighted.

Client Income Detail — Who Paid

October 2026 (to 23 Oct)

DateClientAmount
15 OctRE/MAX Latina (Sold Fast)€3,001
15 OctVintage Patamar Me€2,251
Total€5,252
Credits that are NOT client revenue — excluded from the total above
1 OctFrom Rodolfo S Reimbursing Excess FINANCING€13
7 OctRodolfo Santos FINANCING€3,250
11 OctRefund From Amazon Mktplace Pmts Amazon SUPPLIER REFUND€27
12 OctRodolfo Santos FINANCING€4,000
13 OctPayment From Vericasa, Inc. INTERCOMPANY€26,802
2 client payments

September 2026

DateClientAmount
4 SepRE/MAX Latina (Sold Fast)€3,001
11 SepLince Capital — contract instalment€7,174
17 SepLegatum Gest Ges Org Inv€23,564
22 SepVintage Patamar Me€4,096
24 SepRE/MAX Vantagem — metered usage€3,235
24 SepRecordbehavior Mediacao I€1,845
Total€42,915
Credits that are NOT client revenue — excluded from the total above
3 SepPayment From Vericasa, Inc. INTERCOMPANY€26,802
4 SepTrendy Harmony Lda — intercompany INTERCOMPANY€550
22 SepPayment From Vericasa, Inc. INTERCOMPANY€8,934
23 SepTrendy Harmony Lda — intercompany INTERCOMPANY€1,000
23 SepHaverhill Holdings Ltd — related-party corpo FINANCING€62,039
30 SepRefund From Alaska Air 0272160669266 Alaska SUPPLIER REFUND€253
30 SepRefund From Alaska Air 0272160669267 Alaska SUPPLIER REFUND€253
30 SepRefund From Alaska Air 0274440716646 Alaska SUPPLIER REFUND€87
30 SepRefund From Alaska Air 0274440716647 Alaska SUPPLIER REFUND€87
30 SepPayment From Vericasa, Inc. INTERCOMPANY€13,401
6 client payments

August 2026

DateClientAmount
6 AugRE/MAX Latina (Sold Fast)€3,001
6 AugRE/MAX Vantagem — metered usage€3,930
14 AugLince Capital — contract instalment€15,169
21 AugCaminhada Promissora€11,070
25 AugColdwell Banker Luxus€1,283
Total€34,453
Credits that are NOT client revenue — excluded from the total above
11 AugReturned wire (pairs with its original) RETURNED€8,934
12 AugPayment From Vericasa, Inc. INTERCOMPANY€8,934
13 AugHaverhill Holdings Ltd — related-party corpo FINANCING€26,802
17 AugHaverhill Holdings Ltd — related-party corpo FINANCING€35,237
20 AugPayment From Vericasa, Inc. INTERCOMPANY€13,401
5 client payments

July 2026

DateClientAmount
1 JulCasas & Properties (Imant)€369
6 JulDraft-In Homes€1,845
9 JulRE/MAX Latina (Sold Fast)€3,001
13 JulUCI — Unión de Créditos€2,534
14 JulJohn Taylor (TMP Real Estate)€7,995
23 JulRE/MAX Vantagem — metered usage€7,138
Total€22,882
Credits that are NOT client revenue — excluded from the total above
6 JulHaverhill Holdings Ltd — related-party corpo FINANCING€62,039
9 JulUsd RETURNED€9
10 JulPayment From Vericasa, Inc. INTERCOMPANY€9
13 JulPayment From Vericasa, Inc. INTERCOMPANY€17,868
17 JulRefund From Enf*Tracers Informatio Enf Trace SUPPLIER REFUND€0
21 JulRodolfo Santos - 20016441 FINANCING€11,930
28 JulPayment From Vericasa, Inc. INTERCOMPANY€8,934
29 JulVeriCasa Inc — intercompany INTERCOMPANY€8,715
29 JulVeriCasa Inc — intercompany INTERCOMPANY€4,463
6 client payments

June 2026

DateClientAmount
1 JunFast Approval€1,845
8 JunMy Portugal Real Estate€3,513
9 JunZome Time (Flatspot) — refund€-1,845
12 JunNa'morada€1,845
16 JunRE/MAX Rumo€3,376
18 JunRE/MAX Latina (Sold Fast)€3,001
26 JunComprarCasa — refund€-922
Total€10,813
Credits that are NOT client revenue — excluded from the total above
9 JunRefund From Cursor, Ai Powered Ide SUPPLIER REFUND€331
25 JunRefund From Enf*Tracers Informatio Enf Trace SUPPLIER REFUND€0
7 client payments

May 2026

DateClientAmount
6 MayZome Time (Flatspot) — refund€1,845
12 MayJ.C.Leao - Med - Fatura N€1,845
14 MayRE/MAX Latina (Sold Fast)€3,001
21 MayRE/MAX Vantagem — metered usage€3,971
28 MayRE/MAX Rumo€3,376
28 MayUm Seis Um Lda - Trandy H€922
Total€14,960
Credits that are NOT client revenue — excluded from the total above
15 MayRefund From Spothero 844-356-8054 Spothero SUPPLIER REFUND€23
21 MayFrom Phil Silgwyn W FINANCING€10,000
22 MayRodolfo Jose Teixeira Fon FINANCING€10,000
6 client payments

April 2026

DateClientAmount
16 AprRE/MAX Rumo€3,376
23 AprRE/MAX Vantagem — metered usage€4,241
24 AprCobertura - Socied€22,881
29 AprCosta Freitas E Ass Soc A€1,845
Total€32,343
Credits that are NOT client revenue — excluded from the total above
1 AprRodolfo Santos FINANCING€15,000
2 AprRodolfo Santos FINANCING€10,000
30 AprFrom Phil Silgwyn W FINANCING€13,000
4 client payments

March 2026

DateClientAmount
3 MarVontade E Empenho€1,845
13 MarMy Portugal Real Estate€1,757
20 MarOrdem Dos Notarios€6,148
20 MarRE/MAX Rumo€3,376
20 MarRE/MAX Rumo€3,376
26 MarRE/MAX Vantagem — metered usage€6,962
Total€23,464
Credits that are NOT client revenue — excluded from the total above
3 MarRodolfo Jose T - Empresti FINANCING€2,500
6 client payments

February 2026

DateClientAmount
4 FebMy Portugal Real Estate€1,845
5 FebThe Oitavos S - Trend Har€7,995
5 FebExp Global Portugal Lda€5,068
12 FebComprarCasa — refund€7,221
13 FebCasas & Properties (Imant)€7,995
19 FebDesafio Aceite Sol€2,149
25 FebHbrn Mediacao Imob€1,752
26 FebRE/MAX Team€1,688
27 FebColdwell Banker Luxus€672
Total€36,385
Credits that are NOT client revenue — excluded from the total above
11 FebRefund From Loom Subscription SUPPLIER REFUND€429
13 FebRodolfo Jose T - Empestim FINANCING€2,500
13 FebRodolfo Jose Teixeira Fon FINANCING€7,500
13 FebFrom Phil Silgwyn W FINANCING€17,502
14 FebRodolfo Jose T - Empestim FINANCING€2,500
15 FebRodolfo Jose T - Empresti FINANCING€2,500
16 FebRodolfo Jose T - Empresti FINANCING€2,500
18 FebRodolfo Jose T - Empresti FINANCING€2,500
19 FebRodolfo Jose T - Empresti FINANCING€2,500
9 client payments

December 2025

DateClientAmount
15 DecRealwise, Lda€1,845
22 DecRE/MAX Team€1,688
22 DecUm Seis Um Lda - Trendy H€3,213
23 DecGoldenloft Lda€2,374
24 DecSentir L Mediacao€6,150
29 DecFreitas Pires, Lda€3,688
29 DecRita Soares - Ft 69.2025€1,845
29 DecExp Global Portugal Lda€6,913
29 DecMatlaw, Mestre - Fatura N€4,852
30 DecReservice Mediacao Imobil€4,098
31 DecRE/MAX Vantagem — metered usage€3,187
Total€39,853
11 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.

Team Cost Breakdown — per person

Verified rates (confirmed by Rodolfo, Mar 2026)
PersonCategoryRole€/mo
Mandy SpaanR&DSenior Engineer€3,500
Nelson AgostinhoSalesSales & Support€2,333
João BaiãoSalesHead of Sales€3,760
↳ €2,200 + 23.75% SS + €500 meal × 14/12 = €3,760 + 10% commission on cash revenue
Úrsula MaplehurstR&DR&D Advisory€1,500
Vinicius BeniniSalesSales & Support€1,400
Yago Oliveira PaisR&DDeveloper€1,400
CarolinaR&DDeveloper€1,400
Internal team subtotal€15,293
ProtoQ OOD (Bulgaria)outsourceDev team€15,000
↳ ProtoQ P&L shows €5,535 — true cost is €15K/mo
Outsource subtotal (true)€15,000
Total people cost (true)€30,293/mo
Iryna departed — finance/ops unfilled.

Non-People Costs — €11,540/mo

Based on 2025 full-year averages (Balancete Dec 2025)
Category€/mo
WorldCheck / Refinitiv — KYC data€5,000
Travel — hotels, flights, meals€1,719
Strategic consulting & advisors€1,542
IT services€1,250
Software licences€775
Advisory fees€629
Infrastructure (hosting)€200
Bookkeeping€160
Advertising & marketing€155
Materials & sundry€88
Banking charges€22
Non-people subtotal€11,540
Total monthly cost€47,090
People (true)€30,293
Non-people€11,540

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
Feb 2026 actual (Bankinter)€49,53711 clients
Mar 2026 actual (Bankinter)€24,1367 clients
Apr 2026 actual (Bankinter)€32,3434 clients
May 2026 actual (Bankinter)€14,9616 clients
Jun 2026 actual (Bankinter)€13,5805 clients
Jul 2026 actual (Bankinter)€22,8826 clients
Aug 2026 (Bankinter — to 14 Aug)€22,1003 clients
Includes €15,169 from Lince (paid via LINCE CAPITAL SCR SA, 14 Aug) — a customer prepayment for credits. Counted as client cash income, but excluded from MRR/ARR because MRR is measured from credit usage, not cash received.
Reclassified: €11,070 from “CAMINHADA PROM - PRR” (21 Aug) is a customer receipt, not a grant — VeriCasa invoiced it (FT A/00129, 18 Aug, €9,000 + IVA). The PRR in the bank line is how the customer is funded.
Total Cash
€55,340
All accounts · $61,943
Current Revenue
€33,416
Cash receipts / month · MRR €6,335
Monthly Cost Base
€47,090
Gross recurring
Forward Burn
€38,568
Cost base less forward revenue
Actual Burn
€32,808
Measured, Jul 2026–Sep 2026
Runway
1.7 months
Forward runway 1.4 months
Runway including pledged funds
18.7 months · forward 15.9 months
Cash €55,340 + pledged, not yet paid €558,355 ($624,978, funding schedule B18) · $305,030 paid of $930,008 · 2 instalment(s) past due, $138,884 · next $69,442 due 2026-11-08. A pledge is not cash and is not in the total above.

Bank Balances

AccountBalanceEUR Equivalent UpdatedStatus
Bankinter (EUR)€6,678€6,67815 Oct 2026Verified
Revolut EU — Trendy Harmony (EUR)€36€3623 Oct 2026Live / verified
Revolut EU — Trendy Harmony (USD)$0€023 Oct 2026Live / verified
Silicon Valley Bank Go (USD)$26,289€23,4872026-10-21Verified
Banc of California (USD)$0€02026-08-17Last known
Banc of California ***3421 (USD)$15,000.00€13,4012026-10-14Last known
Revolut USA — VeriCasa Inc (USD)$6,526.23€5,8312026-10-23Live / verified
Revolut USA — VeriCasa Inc (EUR)€5,907.45€5,9072026-10-23Live / verified
Total €55,340

Cash In vs Cash Out — Monthly

Monthly Cash Flow Summary

MonthSourceOpeningRevenueFounder LoansOutflowsNet ChangeClosing
Oct 2026Both€10,191€5,252—-€15,979-€3,477€6,714
Sep 2026Both€5,135€42,914—-€38,494+€5,056€10,191
Aug 2026Both€9,082€23,383—-€38,450-€3,947€5,135
Jul 2026Both€14,935€22,882—-€53,771-€5,853€9,082
Jun 2026Both€29,290€13,581—-€28,267-€14,355€14,935
May 2026Both€66,495€14,961€10,000-€72,168-€37,205€29,290
Apr 2026Both€28,148€32,343€13,000-€32,002+€38,347€66,495
Mar 2026Both€53,541€25,309—-€53,205-€25,393€28,148
Feb 2026Both€20,220€49,537€17,502-€44,327+€33,321€53,541
Jan 2026Both€32,038€16,778€2,000-€36,968-€11,818€20,220
Dec 2025Both€17,347€53,919—-€39,231+€14,691€32,038
Nov 2025Both€16,348€21,779—-€20,780+€999€17,347
Oct 2025Both€30,188€18,772€1,503-€34,117-€13,840€16,348
Sep 2025Both€66,114€13,422€18-€49,369-€35,926€30,188
Aug 2025Both€97,516€13,958€59-€44,266-€31,402€66,114
Jul 2025Both€104,058€14,724—-€29,269-€6,542€97,516
Jun 2025Both€17,850€3,543€109,000-€26,335+€86,208€104,058
May 2025Both€25,541€6,769€14,000-€28,462-€7,691€17,850
Apr 2025Both€11,357€18,507€14,000-€18,325+€14,184€25,541
Mar 2025Both€18,999€1,873€14,000-€24,014-€7,642€11,357
Feb 2025Rev only€880—€37,346-€21,535+€15,811€16,691
Jan 2025Rev only€6,212—€1,246-€6,578-€5,332€880
Total Known Cash — all accounts
€55,340 / $61,943
Bankinter €6,678 · Revolut EU €36 · Revolut USA €11,738 · BoC ***3421 €13,401 (last known) · SVB €23,487 · @ 0.8934 USD→EUR · per-account status on the Cash Flow tab
Cash in Bank (EUR)
€6,714
Bankinter €6,678 (to 15 Oct 2026) · Revolut €36 (live) · SVB $26,289 · $0 in BoC
Runway
1.7 mo
Total known cash / actual burn €32,808/mo · forward 1.4 mo
ProtoQ Outstanding
€134,000
Invoice #57 · ~13 months behind
Shareholder Investment
€761,257
Phil €665,925 + Rodolfo €95,332

Balance Sheet — October 23, 2026

Assets

Cash & equivalents (all banks)€55,340 / $61,943
Bankinter (statement to 15 Oct 2026)€6,678
Revolut€36
Silicon Valley Bank (VeriCasa Inc — USD $26,289, last confirmed 2026-10-21)€23,487
Banc of California ***3421 (USD $15,000 @ 0.8934, last known 2026-10-14)€13,401
Banc of California (USD $0 @ 0.8934, to 2026-08-17)€0
Accounts receivable€0
Total Assets €55,340

Liabilities & Equity

ProtoQ outstanding€134,000
Other accounts payable€2,602
Total Liabilities €136,602
 
Director loans — Phil€665,925
Director loans — Rodolfo€95,332
Prestações suplementares€400,000
Accumulated lossesnegative
Total L + E —
Note: This is a simplified balance sheet from available data. Formal accounts from bookkeeper needed for precise equity figure.
Accounts receivable from Balancete Account 21 (€912 at Dec 2025). ProtoQ liability is the largest single payable.

Runway — two measures, one cash number

1.7 mo
A. Recent actual · measured burn €32,808/mo
1.4 mo
B. Forward operating · forward burn €38,568/mo
TOTAL KNOWN CASH (numerator for both)€55,340
Every connected account, stale feeds included. See the Reconciliation tab.
Gross operating cost base€47,090/mo
Customer cash receipts (trailing 3-mo avg)€33,416/mo
Measured operating outflows (trailing 3-mo avg)€60,929/mo
A. Recent actual operating burn€32,808/mo
B. Forward expected operating burn€38,568/mo
Pledged funding not yet paid (schedule B18, $624,978)€558,355
Runway including pledged funds · A / B18.7 / 15.9 mo
B is higher because the cost base is the full accrual structure — ProtoQ at €15,000/mo — while cash opex has been €-13,839/mo lower through deferred ProtoQ invoices (€134,000 outstanding).

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-€151,420
Outstanding€134,000
Current rate: €15,000/mo · ~13 months behind
Open: What is the long-term rate once debt is cleared?

Director Loans — Full History

Phil — Transfers to Trendy Harmony

DateAmountDescription
17/08/2026€34,022FILLED DIRECTOR LOAN — Haverhill Holdings Ltd -> VeriCasa Inc (SVB). $39,442 @ 0.86259
13/08/2026€26,010FILLED DIRECTOR LOAN — Haverhill Holdings Ltd -> VeriCasa Inc (SVB). $30,000 @ 0.867
06/07/2026€60,834FILLED DIRECTOR LOAN — Haverhill Holdings Ltd -> VeriCasa Inc (SVB). $69,442 @ 0.87604
04/06/2026€83,814Paid Rodolfo via Solana USDC (96,604 USDC @ 0.8676 EUR/USD). Tx: 49JXmN6zofCd...3bXzHMv
21/05/2026€10,000Transferred to Trendy Harmony (Revolut) — directors loan
30/04/2026€13,000Transferred to Trendy Harmony (Revolut)
01/01/2026€12,000.24Tesla IVA reimbursement — company received €12,000.24 VAT refund on car Phil paid personally; allocated as director loan
13/02/2026€17,502Transferred to Trendy Harmony (Revolut)
10/01/2026€12,800Transferred to Trendy Harmony (Bankinter)
12/10/2025€1,503Paid iPhone cost on behalf of TH
27/06/2025€95,000Transferred to Trendy Harmony (incl. PS restructure)
13/06/2025€14,000Transferred to Trendy Harmony (Revolut)
21/05/2025€14,000Transferred to Trendy Harmony
15/04/2025€14,000Transferred to Trendy Harmony
11/03/2025€14,000Transferred to Trendy Harmony
04/02/2025€28,000Transferred to Trendy Harmony (Revolut)
16/12/2024€2,000Transferred to Trendy Harmony
16/12/2024€20,000Transferred to Trendy Harmony
12/12/2024€43,050Transferred to Trendy Harmony
10/12/2024€3,000Transferred to Trendy Harmony
27/11/2024€1,000Transferred to Trendy Harmony
15/11/2024€1,000Transferred to Trendy Harmony
11/11/2024€2,515Transferred to Trendy Harmony
28/10/2024€17,123Paid Kangatronix Limited VC-001 from personal account
28/10/2024€65,113Paid Úrsula Maplehurst Invoice 2024.3 from personal account
21/10/2024€479Transferred to Trendy Harmony
15/10/2024€10,000Transferred to Trendy Harmony
10/10/2024€1,000Transferred to Trendy Harmony
18/09/2024€1,000Transferred to Trendy Harmony
28/08/2024€2,000Transferred to Trendy Harmony
01/08/2024€300Transferred to Trendy Harmony
31/07/2024€25,030Paid ProtoQ Invoice 21 from personal account
22/05/2024€2,000Transferred to Trendy Harmony
05/04/2024€17,144Paid ProtoQ Invoice 19 from personal account
01/04/2024€2,000Transferred to Trendy Harmony
01/01/2024€963Transferred to Trendy Harmony
28/12/2023€4,000Paid ProtoQ Invoice 17 from personal account
27/11/2023€2,500Transferred to Trendy Harmony (Bankinter)
Phil — tracked transactions €673,702.24

Rodolfo — All contributions

DateAmountDescription
22/05/2026€10,000Empréstimo to TH (Bankinter)
02/04/2026€10,000Empréstimo to TH (Bankinter)
01/04/2026€15,000Empréstimo to TH (Bankinter)
03/03/2026€2,500Empréstimo to TH (Bankinter)
19/02/2026€2,500Empréstimo to TH (Bankinter)
18/02/2026€2,500Empréstimo to TH (Bankinter)
16/02/2026€2,500Empréstimo to TH (Bankinter)
15/02/2026€2,500Empréstimo to TH (Bankinter)
14/02/2026€2,500Empréstimo to TH (Bankinter)
13/02/2026€7,500Transfer to TH (Bankinter)
13/02/2026€2,500Empréstimo to TH (Bankinter)
15/11/2025€10,000Websummit 2025 (paid by Rodolfo)
31/07/2025€7,000Nelson Tiago Berna — 2025 Jan–Jul salary (paid by Rodolfo, period total)
31/12/2024€14,000Nelson Tiago Berna — 2024 salary (paid by Rodolfo, annual total)
19/06/2025€19McDonalds
18/06/2025€31Carruagem Bar
17/06/2025€200João Baião
13/06/2025€67Musos Aristocratas
09/06/2025€19Transfer to TH
07/06/2025€436Transavia
30/05/2025€494Mytrip
30/05/2025€34Uber x2
27/05/2025€74Transfer to TH
26/05/2025€5Auchan
16/05/2025€70American Club of Lisbon
14/05/2025€16DIGI payment
11/04/2025€16DIGI payment
14/03/2025€15DIGI payment
14/02/2025€11DIGI payment
11/03/2025€500Transfer to TH
24/02/2025€346Transfer to TH
22/01/2025€1,246Transfer to TH
25/10/2024€74Transfer to TH
06/09/2024€250Transfer to TH
25/05/2024€409Unknown transaction (debit — needs clarification)
Rodolfo — tracked transactions €95,332

Summary — Total Shareholder Investment

Phil — transfers + personal (spreadsheet through Jun 2025)€394,440
Phil — post-Jun 2025 (from company statements)€31,805
Phil total€665,925
Rodolfo — cash + Nelson + Websummit (pre-2026)€34,512
Rodolfo — Feb 2026 loans (Bankinter)€22,500
Rodolfo total€95,332
Combined shareholder investment €761,257

Key Metrics

Enterprise value (10x ARR)€760,200
2025 income / annual cost0.39x
Cash / total monthly cost1.2 months
Recent actual runway1.7 months
Forward operating runway1.4 months
ARR€76,020
Internal people as % of cost32%
ProtoQ + outsource as % of cost32%
Active clients40 +2/mo

CFO Assessment — March 2026

~€761,257 invested · 40 clients · €222,912 deals closed 2025 · €47,090/mo total cost
CRITICALProtoQ is the biggest financial risk
True dev cost ~€15,000/mo — 3x the P&L. Outstanding: €134,000. 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 €47,090/mo (P&L shows €37,625)
People cost €30,293/mo + non-people €11,540 = €47,090 total cost. Cash (~€55,340 all banks) covers 1.2 months at this rate.
CRITICALBridge to fundraise is not optional
At €32,808/mo measured operating burn, total known cash lasts 1.7 months. On the forward cost base (€38,568/mo) it lasts 1.4 months, cash out Dec 2026.
HIGHRevenue concentration is existential
Remax Vantagem alone = ~65% of all transactions (4-week basis, 749 of 1,154). All other clients combined = ~35%. Losing this one account would remove most transaction revenue.
HIGHMRR is rising, but it is not revenue at scale
MRR €6,335 (w/e 16 Oct) — +32.0% vs the prior 4 weeks and a new high. At €6,335/mo it covers 13% of the cost base. The 6% MoM growth used in projections is a planning assumption, not observed performance.
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.
Latest Week
289
w/e 16 Oct · €1,587 value
4-Week Avg
288
+37.7% vs prior 4 weeks
Peak Week
313
w/e 2 Oct
Vantagem Share
59%
171 of 289 txns this week

Weekly Paid Transactions — Trend

Transaction Split — Latest Week (w/e 16 Oct)

171 Vantagem · 31 Team · 87 Other · 289 total

Transaction Composition — Weekly

Monthly Recurring Revenue (MRR) — from Weekly Dashboard

1 · Bank balances and freshness

TOTAL KNOWN CASH is the sum of every known balance, stale feeds included. Freshness is metadata attached to each row — it never removes money from the total.
AccountBalanceEURAs ofStatus
Bankinter (EUR)€6,678€6,67815 Oct 2026LIVE / VERIFIED Statement export, emailed weekly
Revolut EU — Trendy Harmony (EUR)€36€3623 Oct 2026LIVE / VERIFIED Business API, live
Revolut EU — Trendy Harmony (USD)$0€023 Oct 2026LIVE / VERIFIED Business API, live
Silicon Valley Bank Go (USD)$26,289€23,4872026-10-21LIVE / VERIFIED SimpleFIN balance, no movement since
Banc of California (USD)$0€02026-08-17LAST KNOWN Dropped out of the SimpleFIN feed after 17 Aug — last observed $0.00, not re-verified since
Banc of California ***3421 (USD)$15,000.00€13,4012026-10-14LAST KNOWN Last known — $15,000 from SVB on 2026-10-14 (SVB Go payment notification). No feed; no later movement evidenced
Revolut USA — VeriCasa Inc (USD)$6,526.23€5,8312026-10-23LIVE / VERIFIED Business API, live — separate organisation and separate legal entity
Revolut USA — VeriCasa Inc (EUR)€5,907.45€5,9072026-10-23LIVE / VERIFIED Business API, live
TOTAL KNOWN CASH€55,340/ $61,943 @ 0.8934 USD→EUR
Includes €23,487 of SVB cash last verified 2026-10-21. The balance is retained in full — a stale feed means the figure may have moved, not that the money is gone.

Banc of California ***3421 is carried at $15,000.00, last known 2026-10-14: the SVB wire into it is a confirmed internal transfer, and no feed reaches the account. Lack of a feed is freshness, not absence — the money stays counted until evidence shows it moved.

Banc of California stopped appearing in the SimpleFIN feed after 2026-08-17. The $0.00 shown is the last balance actually observed, not one confirmed today — an institution absent from a feed has not been verified at all.

Revolut USA (VeriCasa Inc) is connected as of 2026-10-23 — a separate legal entity with its own Revolut organisation, certificate, credentials and ledger. It holds $6,526.23 and €5,907.45, both now inside TOTAL KNOWN CASH and counted once. Connecting it also brought €90,174 of real operating spend into view that no ledger here could previously see, including €35,000 paid to ProtoQ. The import refuses to run if the credentials return accounts that already belong to Trendy Harmony, so the two entities cannot be merged by accident.

2–4 · Revenue bridge — MRR vs recognised revenue vs customer cash receipts

Three different numbers that must never be used interchangeably. MRR is a subscription run-rate KPI. Recognised revenue is what was economically earned (VAT-exclusive), from the contracted billing schedule plus metered credit usage. Customer cash receipts are what hit Bankinter, VAT-inclusive.
MonthMRR (KPI)ContractedUsageRecognisedVAT collectedTiming diffCash receipts
2026-07€5,007€12,500€5,803€18,303€4,279€300€22,882
2026-08€3,925€14,772€3,195€17,968€6,442€10,043€34,453
2026-09€5,018€8,272€2,630€10,902€8,025€23,988€42,914
2026-10 PARTIAL · to 15 Oct€6,335€8,272€0€8,272€982€-4,002€5,252
Why cash receipts are ~5× MRR. Three reasons, in order of size: (1) Composition — most cash is non-recurring: upfront setup fees, multi-payment contracts and metered credit usage from RE/MAX Vantagem. MRR counts only the recurring subscription line. Lince Capital is the clearest case: €15,168.98 on 14 Aug (€12,332.50 net of IVA) and a second instalment of €7,173.98 on 11 Sep (€5,832.50 net). Lince is a customer, not an investor — the SCR in its name is its own legal form, and the classifier tests it as a known customer before any venture-capital rule can reach it. (2) VAT — receipts arrive with 23% IVA on top, which is collected for the state, not revenue. (3) Timing — cash lands when an invoice is paid, not when revenue is earned. July's €300 was June's Imant invoice; August's €1,043 from Luxus is not tied to any 2026 schedule line and is the one unmatched receipt in the window.

October 2026 to date — receipts, revenue and burn

An incomplete month, reported on its own so it is never averaged into a monthly rate. Customer receipts are bounded by the Bankinter statement, which runs to 15 Oct.

Customer cash receipts

DateClientEUR (VAT-incl)
15 OctRE/MAX Latina (Sold Fast)€3,001
15 OctVintage Patamar Me€2,251
Total receipts to 15 Oct €5,252
Net of 23% IVA€4,270
Recognised operating revenue (contracted + usage)€8,272
MRR (KPI, w/e 16 Oct)€6,335

Non-revenue credits

DateCounterpartyEURType
1 OctFrom Rodolfo S Reimbursing Excess€13financing
7 OctRodolfo Santos€3,250financing
11 OctRefund From Amazon Mktplace Pmts Amazon€27supplier refund
12 OctRodolfo Santos€4,000financing
13 OctPayment From Vericasa, Inc.€26,802intercompany

Operating position so far

Operating outflows€30,686
Customer receipts€5,252
Operating burn to 15 Oct €25,434
Do not read the October burn as a run-rate. The month is incomplete and the Bankinter statement only runs to 15 Oct; payroll and contractors land in the last week. October's three revenue numbers: €5,252 received, €4,270 net of IVA, against €8,272 recognised on the contracted schedule. The gap is timing: Lince Capital €7,174, Insula Capital €9,225, RE/MAX Vantagem (usage) €3,749 due this month have not yet been received, and the month's invoices are only final once the SAF-T export for October is filed on the 1st. US spending this month runs through Revolut USA, which is live; SVB is visible only through its payment notifications.

Cost-base audit — recurring payees with no contract line

The modelled cost structure is contract-derived and maintained by hand, so a contractor can appear on the bank statement for months before a line exists for them. This is measured from the ledgers over 2026-08 – 2026-10: every recurring payee that no modelled cost line accounts for.
PayeeMonthly meanMonths paidLatest paymentLatest date
Isha Umar€3,0833 of 3€3,2502026-10-08
Joao Fernando Oliv€1,2422 of 3€1,9772026-09-03
Godaddy Godaddy€6392 of 3€8882026-10-23
Alaska Airlines Alaska Airlines€2932 of 3€2932026-10-11
Added to the cost base €5,258/mo at latest rates this would be €6,409/mo
Modelled contractual cost base €41,833/mo + measured unmodelled recurring €5,258/mo = gross operating cost base €47,090/mo, which is what both the forward burn and the projections run on.

The window mean is used, not the latest payment, so a contractor who started mid-window is not annualised at their peak rate. Their function is undocumented, so they sit in G&A rather than being assumed into R&D or Sales — but they are counted. Resolve what each of these is: if any is a one-off or already covered by an existing line, the cost base falls by that amount.

5–9 · Monthly operating cash flows and actual burn

Computed transactionally from every ledger, so financing and internal movements cannot distort it. Burn = operating outflows + exceptional outflows − customer receipts.
MonthCustomer receiptsOperating outExceptional outFinancing inFinancing outIntercompanyOperating burn
2026-07€22,882€53,830€13,795€73,970€-18,512€-444€44,743
2026-08€34,453€51,570€2,090€62,039€0€-8,934€19,207
2026-09€42,914€77,388€-0€62,039€-4,635€-451€34,474
2026-10 PARTIAL€5,252€30,686€-0€7,263€-7,392€-13,401€25,434
Average / month
1 Jul 2026 – 30 Sep 2026 only — the partial month is excluded
€33,416 €60,929 €5,295 €32,808
€32,808/mo is an average monthly rate over 3 months (1 Jul 2026 – 30 Sep 2026), not a window total. Excluding one-off items it is €27,513/mo. The six-month corroboration (Mar–Aug) gives €25,522/mo.
One caveat that flatters the 3-month figure: IVA is remitted quarterly and this window contains no remittance. The last two were €13,898 (Feb 2026) and €8,858 (May 2026) — roughly €3,793/mo equivalent, and the next one is due.

11 · Cash reconciliation — opening + movements = closing

Account-monthOpeningMovementsComputed closeStatement closeDifference
2026-07 Bankinter€9,028.43€-7,775.16€1,253.27€1,253.27€-0.00
2026-08 Bankinter€1,253.27€811.98€2,065.25€2,065.25€0.00
2026-09 Bankinter€2,065.25€6,500.54€8,565.79€8,565.79€-0.00
2026-10 Bankinter to 15 Oct€8,565.79€-1,887.57€6,678.22€6,678.22€0.00
Bankinter reconciles to the statement balance column to within a few cents each month (withholding tax on interest, rounded at source). Revolut is anchored on the live API balance. SVB does not reconcile — see below.

10 · Unresolved bank movements — SVB → VeriCasa Inc / Revolut USA

SVB dateUSDOutcomeMatched againstSVB reference
2026-07-09$5,000.00UNMATCHEDno matching arrival anywhere in the perimeterWIRE OUT 260709L1B77D1C0031442026190001074600;BNF VE
2026-07-09$10.00RETURNEDSVB · 2026-07-09WIRE OUT 260709L1B77D1C0013182026190000416700;BNF RE
2026-07-10$10.00DELIVEREDRevolut USA USD · 2026-07-10WIRE OUT 260710L1B77D1C0015672026191000463000;BNF VE
2026-07-13$20,000.00DELIVEREDRevolut USA USD · 2026-07-13WIRE OUT 260713L1B77D1C0016512026194000481200;BNF VE
2026-07-28$10,000.00DELIVEREDRevolut USA USD · 2026-07-28WIRE OUT 260728L1B77D1C0016722026209000690900;BNF VE
2026-08-11$10,000.00RETURNEDSVB · 2026-08-11WIRE OUT 260811L1B77D1C001036;BNF REVOLUT USA VERICA
2026-08-12$10,000.00DELIVEREDRevolut USA USD · 2026-08-12WIRE OUT 260812L1B77D1C001293;BNF VERICASA INC ***45
2026-08-20$15,000.00DELIVEREDRevolut USA USD · 2026-08-20WIRE OUT 260820L1B77D1C002119;BNF VERICASA INC ***45
2026-09-03$30,000.00DELIVEREDRevolut USA USD · 2026-09-03WIRE OUT 260903L1B77D1C001323;BNF VERICASA INC ***45
2026-09-22$10,000.00DELIVEREDRevolut USA USD · 2026-09-22WIRE OUT 260922L1B77D1C001274;BNF VERICASA INC ***45
2026-09-30$15,000.00DELIVEREDRevolut USA USD · 2026-09-30WIRE OUT 260930L1B77D1C003891;BNF VERICASA INC ***45
2026-10-13$30,000.00DELIVEREDRevolut USA USD · 2026-10-13WIRE OUT 261013L1B77D1C002654;BNF VERICASA INC ***45
2026-10-14$15,000.00HELD — LAST KNOWNBanc of California ***3421 · no feed; carried at last knownWIRE OUT 261014L1B77D1C002414;BNF BANC OF CALIFORNIA
Total wired $170,020 delivered $140,010 · returned $10,010 · held $15,000 · unmatched $5,000
Every wire is now matched to what actually happened to it. Revolut USA was connected on 14 Sep 2026, so the destination of these transfers is no longer an assumption. Each SVB outflow is paired either with an SVB credit of the same amount on the same day (the wire bounced) or with a Revolut USA topup of the same amount, same day or the next. Each arrival is consumed by at most one outflow, so two wires of the same size cannot both claim it.

Of $170,020 wired to VeriCasa Inc payees, $140,010 is confirmed delivered into Revolut USA, $10,010 bounced straight back to SVB, $15,000 sits in Banc of California ***3421 at its last-known balance, and $5,000 cannot be matched to any arrival. Unresolved has fallen from $75,025 to $5,000.
The one wire that does not reconcile: $5,000 on 9 Jul. It left SVB for a payee labelled BNF VERICASA INC and no Revolut USA topup of that amount exists on any date. It is excluded from cash and from burn.

A previous match has been withdrawn. Earlier work paired this wire with the $4,995 that reached the Trendy Harmony USD wallet on 29 Jul, on the strength of the amount and a $5 fee. The Revolut data does not support it. That credit carries a GPI UETR of 5ff41801-8acf-4e30-8221-60dfd07a6993 and names its beneficiary as TRENDY HARMONY, LDA, not VeriCasa Inc; it landed 20 days after the wire left, which no GPI wire takes; and the SVB ledger now reconciles to $0.00 unexplained, so no second $5,000 left SVB near that date. The two are consistent with money having sat in a VeriCasa Inc account we still cannot see before moving on, but there is no shared reference, and amount similarity alone is not evidence. Recorded as unresolved, not as matched.
Two smaller items closed at the same time. The $10 credit to SVB on 9 Jul, which sat unclassified for weeks, is the $10 test wire to BNF REVOLUT USA VERICASA bouncing the same day; the replacement sent on 10 Jul to the corrected payee is the $10 that arrived. And the 11 Aug $10,000 return is confirmed by First Citizens in writing — "the creditor name specified does not match the name of the receiving entity" — with the re-send on 12 Aug landing in Revolut USA that same day.

Revolut USA — VeriCasa Inc: what arrived and where it went

The trail does not stop at the inbound wire. Every movement out of the organisation is classified, so the question "where is the money now" has an answer rather than an inference.

Entity

Legal entityVeriCasa Inc
JurisdictionUS
Organisationseparate from Trendy Harmony Lda
Wallets3 · USD, EUR, GBP
Receiving account***4556 (per SVB notifications)
Ledger249 transactions, 2026-07-10 → 2026-10-23
Last sync2026-10-23 15:54 UTC

Balances

USD$6,526.23
EUR€5,907.45
GBP£0.00
In TOTAL KNOWN CASH €11,738

Where the money went

UseEUR
Supplier — ProtoQ (dev team)€35,000
Travel and legal, reimbursed via founders€21,049
Payroll and contractors€17,451
Other operating spend€15,175
Moved to another VeriCasa account (Bankinter)€8,715
Software, cards and subscriptions€1,499
Still held €11,738
$140,010 arrived from SVB and €90,174 of it has been spent. The largest single use is €35,000 to ProtoQ — the dev-team supplier whose deferred invoices were the model's biggest stated risk. That spend was invisible until this organisation was connected, which is why measured burn rose from €19,671 to €32,808/mo the moment it came into view. The €8,715 moved to Bankinter on 29 Jul is an internal transfer: it nets to zero across the perimeter and is not revenue on either side.

SVB rebuilt from primary evidence — balance $26,289

Every movement since the last balance a bank or aggregator actually confirmed, with where it went and what proves it. The running balance is not floored: when it goes below zero the roll-forward has failed, because money arrived that no source shows.
DateDescriptionInflowOutflowCounterpartyDestination / sourceReferenceEvidenceConfidenceRunning
2026-09-02Confirmed balance—— SimpleFIN balance-date 2026-09-02VERIFIED $56,954.52
2026-09-03Wire out$30,000.00VeriCasa Inc ***4556Revolut USA (VeriCasa Inc) — arrived 2026-09-0320260903L1B77D1C001323SVB Go payment notification (phil@vericasa.com); Revolut USA API topupVERIFIED — both sides$26,954.52
2026-09-09Payment$108.00Cogency Global ***2994External payee — operating costpayment 70640591SVB Go payment notification (phil@vericasa.com)VERIFIED$26,846.52
2026-09-22Wire out$10,000.00VeriCasa Inc ***4556Revolut USA (VeriCasa Inc) — arrived 2026-09-2220260922L1B77D1C001274SVB Go payment notification (phil@vericasa.com); Revolut USA API topupVERIFIED — both sides$16,846.52
2026-09-23Payment$69,442.00Haverhill Holdings Ltd — related-party corporate fundingInto SVBSimpleFIN (SVB Go via MX)VERIFIED$86,288.52
2026-09-30Wire out$15,000.00VeriCasa Inc ***4556Revolut USA (VeriCasa Inc) — arrived 2026-09-3020260930L1B77D1C003891SVB Go payment notification (phil@vericasa.com); Revolut USA API topupVERIFIED — both sides$71,288.52
2026-10-13Wire out$30,000.00VeriCasa Inc ***4556Revolut USA (VeriCasa Inc) — arrived 2026-10-1320261013L1B77D1C002654SVB Go payment notification (phil@vericasa.com); Revolut USA API topupVERIFIED — both sides$41,288.52
2026-10-14Wire out$15,000.00Banc of California VeriCasa INC ***3421Banc of California ***3421 — held at last known20261014L1B77D1C002414SVB Go payment notification (phil@vericasa.com)VERIFIED — source side; destination has no feed$26,288.52
Since 2026-09-02 $69,442.00 $100,108.00 net $-30,666.00 $26,289
Last confirmed $26,288.52 on 2026-10-21, rolled forward on payment notifications. Notifications see outflows only, so an unseen inbound would make the true balance higher, never lower.

Money that left SVB for another VeriCasa account is not lost with it. Wires to Revolut USA are matched to the arrival in that account; the wire to Banc of California ***3421 is carried there at its last-known balance ($15,000.00). Every one of these is zero for consolidated cash and zero for burn.

Where the unseen inbound could have come from

DateMovementUSDFindingEvidenceStatus
2026-10-05Haverhill Management — Saxo USD withdrawal$75,000Destination confirmed: Phil Williams' personal Revolut USD, credited 7 Oct (“Payment from Haverhill Management Limited”). No onward payment from that account to any VeriCasa account through 19 Oct.Saxo account statement (5 Oct); Revolut personal feed via Enable Banking (7 Oct)RULED OUT — did not reach SVB
2026-09-23Haverhill Holdings Ltd — wire into SVB$69,442$69,442.00 WIRE IN on 2026-09-23, ORG HAVERHILLHOLDINGS LIMITED. This is the inbound the payment notifications could not see. Phil funded HHL $70,000 the same day; HHL wired $69,442, the monthly instalment on the funding schedule.SimpleFIN (SVB Go via MX) bank transaction; Revolut personal feed (23 Sep)CONFIRMED — on the bank's own record
Resolved. SVB's own feed shows the Haverhill Holdings wire; with it the rebuilt ledger lands at $26,288.52 against a bank balance of $26,289. Funding from Haverhill is financing: it is not revenue and it does not reduce burn.

US aggregator health — why SimpleFIN was demoted

Last genuinely fresh response2026-10-21 15:15
Balance-date frozen at2026-10-21 (2 days old)
“Auth required” first reappeared2026-10-23 15:20
Last imported transaction2026-10-14
Accounts returned now1 · ACT-2fb1f5dd…0953b
Longest session ever observed3.0 days

Measured session lifetimes

Fresh fromFresh untilLasted
31 Aug 08:1503 Sep 08:193.0 days
19 Oct 18:5321 Oct 15:151.8 days
This is the connector, not our code and not a stale account id. The relink on 31 Aug worked: fresh data arrived and the balance-date advanced daily for three days. The upstream SVB session then expired on its own. The 10 Aug setup lasted under two days and then returned zero accounts for thirteen consecutive days (18–30 Aug).

SimpleFIN did issue a new account id at the relink — the pre-relink account ACT-b8cc1cb5…9f97 was replaced by ACT-2fb1f5dd…0953b. The sync does not pin an account id, and its supersede pass collapsed the duplicated rows correctly (27 → 20) on the day it happened. Nothing is reading an old feed.

Freshness is now judged on balance-date movement, not the error string. On 3 Sep the connection had already stopped advancing while reporting no error at all; only on 4 Sep did it admit “Auth required”. Every sync now records an observation to boc_state.health_history, so session lifetime is measured rather than guessed.

The durable fix is to stop depending on this feed. vericasa/svb_ingest.py ingests an SVB Go CSV/OFX statement export into the same ledger, idempotently, and a statement row always supersedes the SimpleFIN row for the same transaction — the identical pattern that has run Bankinter without intervention for months. It now also has a --from-gmail mode that pulls the statement straight out of the mailbox, exactly as Bankinter does.

What was checked on 23 Oct 2026, and what is still missing. phil@vericasa.com is authorised, and SVB Go (now sending as First Citizens) writes payment notifications there; svb_ingest.py --from-notifications reads them daily. What SVB does not email is a statement or any notice of money arriving: the monthly “statement is ready” mail is a link into SVB Go with no attachment. So outflows are complete and inflows are blind. Either of these closes it:
  1. Download one CSV/OFX export from SVB Go to ~/Downloads — svb_ingest.py --scan ~/Downloads --update-cfo supersedes every other source with a real balance.
  2. Turn on scheduled statement delivery in SVB Go to an authorised mailbox; --from-gmail then runs unattended.
Until then SVB is carried at the figure the evidence supports, and labelled as such.

Data quality — what is not yet explained

DateAccountAmountEURDescription as the bank wrote it
Every 2026 movement is classified.
Unclassified, 2026 to date €0 Excluded from burn, from receipts and from revenue — never silently absorbed into one of them.
Known gaps, stated rather than smoothed.
• SVB is carried from its last verified balance (2026-10-21) on payment notifications to 2026-10-21. Notifications see outflows only.
• Banc of California — the original account has not been returned by the feed since 2026-08-17 (last observed $0.00). A new account ***3421 received $15,000 from SVB on 2026-10-14 and has no feed; it is carried at that last-known balance, inside TOTAL KNOWN CASH.
• Revolut USA (VeriCasa Inc) is connected and live as of 2026-10-23. The Revolut US API exposes no account-details endpoint, so the account's last four cannot be read from the API — it is evidenced instead by the SVB payment notifications naming ***4556, and by every inbound topup matching an SVB wire one for one.
• Jan 2026 is the one gap in the Bankinter ledger — €6,981 unexplained between 31 Dec and 2 Feb. Months touching that gap are never restated from the ledger.
• October is incomplete. Bankinter runs to 15 Oct; it is reported on its own and excluded from every averaged rate.
• Quarterly IVA is inside the burn window (the Q2 remittance, 18 Sep), so the measured rate carries one quarter's IVA — about €3,963/mo of it.

All Bank Activity — April 2026

Combined: +€13,580 in / -€17,315 out · 20 Bankinter + 24 Revolut transactions

Bankinter (20 transactions)

DateDescriptionAmountBalance
1 JunMARINA APOLINSKAIA (client) REVENUE+€1,845€19,688
3 JunDD DIGI PORTUGAL-€11€19,677
5 JunIMPROVE VECTORLDA (vendor)-€201€19,476
5 JunJoão Fernando Oliv (salary)-€1,346€18,130
5 JunSIBS FORWARD PAYMENTS-€580€17,551
5 JunMULTICERT SERV CER (digital certs)-€246€17,305
8 JunMY PT REAL ESTATE (client) REVENUE+€3,513€20,818
9 JunPAG. IMPOSTOS (taxes)-€427€20,391
9 JunPAG. TSU (social security — João)-€892€19,499
9 JunFLATSPOT UNIPESSOA (refund/credit return)-€1,845€17,654
12 JunNAMORADA MEDIA (client) REVENUE+€1,845€19,499
16 JunPORTAL RUMO SOC MEDIACAO (client) REVENUE+€3,376€22,875
18 JunSOLD FAST MEDIACAO (client) REVENUE+€3,001€25,877
22 JunIMOEDICOES (vendor)-€3,690€22,187
22 JunNelson Tiago Berna (salary)-€2,000€20,187
24 JunJoão Venc. Junho (salary)-€1,857€18,329
26 JunAPEMIP ASSOCIACAO (association)-€308€18,022
26 JunIMPROVE VECTORLDA (vendor)-€201€17,821
26 JunCarolina do Amaral (salary)-€1,200€16,621
26 JunCCPT COMPRARCASA (vendor)-€923€15,698
Subtotal+€13,580 / -€15,727€15,698

Revolut (24 transactions)

DateDescriptionAmountBalance
1 OctBolt-€9€1,615
1 OctDigitalOcean-€5€1,610
1 OctGoogle Workspace-€275€1,335
1 OctPmusa Pm Pro-€4€1,331
1 OctAmazon Web Services-€36€1,295
1 OctAmazon Web Services-€142€1,153
4 OctNew Relic-€9€1,144
6 OctMartim Moniz-€40€1,104
6 OctPrimaprix-€16€1,088
7 OctBolt Food-€26€1,062
7 OctRailway-€4€1,058
8 OctCanva-€110€948
10 OctCeleiro-€95€853
11 OctCeleiro-€13€840
12 OctHubSpot-€665€175
13 OctKamatera-€34€141
13 OctMetaschool-€18€123
16 OctFrontier Airlines+€0€123
17 OctExpenses app charges-€8€115
17 OctCompany Pro plan fee-€35€80
19 OctBolt Food-€10€70
20 OctALDI-€27€43
23 OctBolt-€4€39
23 OctBolt-€3€36
Subtotal+€0 / -€1,588€36
REVENUE = client payments   LOAN = director loan (excluded from revenue/costs)
Bankinter statement includes late-Feb items that settled in the Mar cycle. Revolut synced live via API.

Basis of preparation

Consolidation perimeterBankinter, Revolut EU (Trendy Harmony Lda, all wallets), Revolut USA (VeriCasa Inc, all wallets), SVB, Banc of California. Trendy Harmony and VeriCasa Inc are separate legal entities with separate Revolut organisations and separate ledgers; they are consolidated for cash and burn and never merged as records.
Actual burn basisCash, VAT-inclusive receipts, measured transactionally
Forward model basisVAT-exclusive on both sides, so IVA is neutral except for timing
Excluded from burnCapital injections, director/shareholder loans, intercompany transfers, internal FX, returned payments
Included in burnPayroll, suppliers, tax and social-security payments, immigration/legal, customer receipts
FXSingle rate 0.8934 USD→EUR applied to USD movements; intra-window rate drift is not modelled
Financing received 2026$208,326 from Haverhill Holdings Ltd (4 wires: 6 Jul, 13 Aug, 17 Aug, 23 Sep) — related-party corporate funding. Haverhill is the creditor, not Phil personally; treat it as a director loan only if an assignment exists. Never revenue.
Founder / shareholder loans 2026€74,712 net across Phil and Rodolfo personally — a separate creditor from Haverhill and reported separately.
Public grant 2026€0. Caminhada Promissora's €11,070 was invoiced (FT A/00129) and is a customer receipt.

13-week cash forecast — 19 Oct to 17 Jan 2027

This tab is a FORECAST. Everything in it is an assumption. The reconciled actuals live on the other tabs and are not affected by anything here. The only figure the two share is opening cash: week 1 opens at €55,340, which is TOTAL KNOWN CASH exactly. Receipts banked before 19 Oct are inside that opening balance and are never forecast again.
Base-case cash out
16 Nov
week 5 · no new funding
13-week receipts
€31,338
€10,482/mo · contracted book only
13-week expenditure
€143,241
€46,538/mo incl. quarterly items
Funding to hold €25K
€98,396
conservative collections · €220,563 if ProtoQ demands its arrears

Weekly cash curve — all four scenarios

Every scenario breaks in the same week, and it is not payroll that does it. The week of 16 Nov carries €35,685 of quarterly obligations in a single week — WorldCheck €15,975 on ~21 Nov and the Q3 IVA remittance of €19,710 on 20 Nov. Smoothing those into a monthly average is exactly what makes a runway look survivable right up until the quarter lands.

Scenarios

ScenarioReceiptsSpend Cash outMinimum cash Fund to €0€20K €25K€50K
A · Base
Every confirmed obligation paid on its contractual date
€31,338€143,24116 Nov 2026€-56,563 (W13)€56,563€76,563€81,563€106,563
B · Conservative
Receipts delayed and reduced by the variation already in the record
€14,505€143,24116 Nov 2026€-73,396 (W13)€73,396€93,396€98,396€123,396
C · Negotiated
Only reductions the contract or payment record supports
€31,338€132,65816 Nov 2026€-45,980 (W13)€45,980€65,980€70,980€95,980
D · Stress
ProtoQ demands its full arrears, on conservative collections
€14,505€282,24109 Nov 2026€-212,396 (W13)€212,396€232,396€237,396€262,396
The old 6% MoM growth case is deliberately absent. There is no observed growth to project: the contracted book falls to €2,440/month net from November, which is one customer.

The requirement is a range, and ProtoQ is what sets it. Holding a €25,000 floor through 13 weeks needs €98,396 on conservative collections. That figure assumes ProtoQ never asks for its arrears. It is owed €134,000, was last paid €10,000 on 2026-09-22, is owed October's €10,000 now, and is being paid €10,000 a month against an agreed €15,000. If it asks for the arrears on the instalments it proposed in January, the requirement is €126,563; if it calls the balance in full, €220,563. Every lever the company holds without raising a euro takes the floor to €52,045.

Base case — week by week

WkFromOpeningReceipts PayrollContractorsProtoQ ArrearsSoftwareOffice Tax/IVA/SSExcept.Financing Closing
W119 Oct€55,340——————————€55,340
W226 Oct€55,340€12,585—€8,642€10,000—€1,185————€48,098
W302 Nov€48,098——€5,227——€506€111———€42,254
W409 Nov€42,254€4,127——€10,000—€661—€1,319——€34,401
W516 Nov€34,401—€7,357———€15,975—€19,710——€-8,641
W623 Nov€-8,641€3,187—€6,500——€201————€-12,156
W730 Nov€-12,156——€7,369——€506€111———€-20,142
W807 Dec€-20,142€3,001————€211—€1,319——€-18,671
W914 Dec€-18,671€1,125€5,357—€10,000—€450————€-33,352
W1021 Dec€-33,352€3,187€3,857€2,900——€201————€-37,124
W1128 Dec€-37,124——€5,742——€260€111———€-43,237
W1204 Jan€-43,237€3,001—€5,227——€246—€1,319——€-47,027
W1311 Jan€-47,027€1,125——€10,000—€661————€-56,563

B · Conservative — week by week

WkFromOpenRecv PayCtrPQ ArrSWOff TaxExcFin Close
W119 Oct€55,340——————————€55,340
W226 Oct€55,340——€8,642€10,000—€1,185————€35,513
W302 Nov€35,513——€5,227——€506€111———€29,669
W409 Nov€29,669———€10,000—€661—€1,319——€17,689
W516 Nov€17,689€4,304€7,357———€15,975—€19,710——€-21,049
W623 Nov€-21,049€2,851—€6,500——€201————€-24,898
W730 Nov€-24,898——€7,369——€506€111———€-32,884
W807 Dec€-32,884—————€211—€1,319——€-34,414
W914 Dec€-34,414€2,249€5,357—€10,000—€450————€-47,972
W1021 Dec€-47,972€2,851€3,857€2,900——€201————€-52,079
W1128 Dec€-52,079——€5,742——€260€111———€-58,192
W1204 Jan€-58,192——€5,227——€246—€1,319——€-64,984
W1311 Jan€-64,984€2,249——€10,000—€661————€-73,396

C · Negotiated — week by week

WkFromOpenRecv PayCtrPQ ArrSWOff TaxExcFin Close
W119 Oct€55,340——————————€55,340
W226 Oct€55,340€12,585—€8,642€10,000—€1,185————€48,098
W302 Nov€48,098——€5,227——€506€111———€42,254
W409 Nov€42,254€4,127——€10,000—€436—€1,319——€34,626
W516 Nov€34,626—€7,357———€15,975—€19,710——€-8,416
W623 Nov€-8,416€3,187—€6,500———————€-11,730
W730 Nov€-11,730——€5,227——€506————€-17,463
W807 Dec€-17,463€3,001————€211—€1,319——€-15,992
W914 Dec€-15,992€1,125€5,357—€7,500—€225————€-27,948
W1021 Dec€-27,948€3,187€3,857€2,900———————€-31,519
W1128 Dec€-31,519——€3,600——€260————€-35,379
W1204 Jan€-35,379€3,001—€5,227——€246—€1,319——€-39,169
W1311 Jan€-39,169€1,125——€7,500—€436————€-45,980

Expected customer receipts — customer by customer

Built from contracted instalments and observed payment behaviour, gross of IVA because that is what reaches the bank. MRR is not used anywhere in this forecast. MRR is €6,335 a month; the contracted book produces €10,482 a month of cash. They are different questions.
CustomerExpectedGross ConfidenceBasis
Lince Capital30 Oct€7,173.98MEDIUMOVERDUE — due 12 Oct, not yet received. third and final instalment of a €23,997.51 net contract; the first two were paid on schedule
Insula Capital30 Oct€9,225.00LOWOVERDUE — due 04 Oct, not yet received. FT A/00134 of 4 Sep, €7,500 + IVA; not yet received
RE/MAX Vantagem (usage)30 Oct€3,749.00LOWOVERDUE — due 23 Oct, not yet received. metered usage billed in arrears; Mar–Aug mean, nil in one of six months
RE/MAX Latina (Sold Fast)10 Nov€3,001.20HIGH€3,001.20/mo, paid in each of the last five months
Vintage Patamar15 Nov€2,250.90LOW€4,095.90 on 22 Sep, €2,250.90 on 15 Oct; no contract
RE/MAX Vantagem (usage)23 Nov€3,749.00MEDIUMmetered usage billed in arrears; Mar–Aug mean, nil in one of six months
RE/MAX Latina (Sold Fast)10 Dec€3,001.20HIGH€3,001.20/mo, paid in each of the last five months
Vintage Patamar15 Dec€2,250.90LOW€4,095.90 on 22 Sep, €2,250.90 on 15 Oct; no contract
RE/MAX Vantagem (usage)23 Dec€3,749.00MEDIUMmetered usage billed in arrears; Mar–Aug mean, nil in one of six months
RE/MAX Latina (Sold Fast)10 Jan€3,001.20HIGH€3,001.20/mo, paid in each of the last five months
Vintage Patamar15 Jan€2,250.90LOW€4,095.90 on 22 Sep, €2,250.90 on 15 Oct; no contract
The contracted book runs out in October. Lince Capital's final instalment was due on 12 Oct and has not arrived; with it the contract ends. Overdue now: Lince Capital €7,174, Insula Capital €9,225, RE/MAX Vantagem (usage) €3,749, carried at one confidence notch lower rather than assumed banked. From November the signed schedule is €2,440/month net — RE/MAX Latina alone; Vintage Patamar has paid twice since September without a contract and is carried at low confidence. RE/MAX Rumo paid €3,376/month from March to June and nothing since; it is forecast at zero. RE/MAX Vantagem usage is real but irregular — nil in one of the last six months.

ProtoQ — reconciled against the figures the supplier gave us

Invoice #57 (Jul–Dec 2025)€104,000
2026 work, Feb–Sep @ €15,000 agreed€135,000
Total accrued€239,000
Paid in 2026−€105,000
OUTSTANDING €134,000
band, if €10,000 is accepted from Aug €124,000 – €134,000
Of which billed and overdue€104,000
Repayment plan agreed?No — none was ever set
Next payment€10,000 on 14 Nov 2026
SourceProtoQ figures relayed by Rodolfo Santos, 15 Sep 2026

Their statement vs our ledger

OursTheirsDiff
2025 payments€58,153€66,420 €8,268
2026 payments€85,002€85,000 €2
Total paid to date €163,155 €151,420 €8,266
Unexplained €0
Both differences are explained. The €8,268 is a November 2025 payment against Invoice 48, made from Bankinter before our Bankinter ledger begins on 8 Dec 2025 — exactly the gap flagged as possible while the balance was still a reconstruction. The €2.00 is four €0.50 transfer fees we record and the supplier does not. Their list is by invoice month and ours by the date cash left the bank, so the months differ while the totals agree. Neither record has been adjusted to match the other.
Three things are now settled that were assumptions. The old bill is €104,000. No repayment schedule for it was ever agreed — so the company is not in arrears on a plan, and the €15,000/month instalments ProtoQ asked for in January are a scenario, not an obligation. And €15,000/month remains the agreed rate: the €10,000 being paid since August is a reduction VeriCasa applied, not one ProtoQ has confirmed.

That last point splits cash from liability, and the model now splits them too. The 13-week forecast pays €10,000 a month, because that is what leaves the bank. The accrual cost base carries €15,000, because that is what was agreed — booking it at €10,000 would quietly write off €5,000 a month that is still owed. The difference builds at €5,000 a month and is the whole width of the band above.

Where the balance stands today: €134,000. The last payment of €0 on 2026-09-22 took €10,000 off it; the accrual gap puts €5,000 a month back on. The next contractual payment is €10,000 on 14 Nov 2026.

This is not a creditor-confirmed balance. ProtoQ figures relayed by Rodolfo Santos, 15 Sep 2026 — ProtoQ itself has issued no statement of account, and the request drafted for Mykola was never sent. Two things therefore remain genuinely open: whether the 2026 payments were applied to the old bill or to current work, and whether current work has been billed on top at all. Only ProtoQ's own statement settles them.

ProtoQ — every payment on record

DateEURAccount
2025-08-08€12,544.00Revolut EUR
2025-08-21€4,376.00Revolut EUR
2025-09-16€10,776.00Revolut EUR
2025-10-17€14,934.00Revolut EUR
2025-12-28€15,522.00Bankinter
2025-12-28€0.50Bankinter
2026-02-16€15,000.00Bankinter
2026-02-16€0.50Bankinter
2026-03-27€15,000.00Bankinter
2026-03-27€0.50Bankinter
2026-05-14€15,000.00Bankinter
2026-05-14€0.50Bankinter
2026-07-13€15,000.00Revolut USA EUR
2026-07-17€15,000.00Bankinter
2026-07-17€0.50Bankinter
2026-08-12€10,000.00Revolut USA EUR
2026-09-18€10,000.00Revolut USA EUR
2026-09-22€10,000.00Bankinter
2026-09-22€0.50Bankinter
Total paid, all years €151,420.00

Treatment in the model

Current work (operating cost)€10,000/mo
Arrears (balance-sheet liability)€134,000
The arrears are never added to the recurring cost base or to operating burn. They are a liquidity obligation whose timing is a negotiation, so each treatment below is an explicit payment schedule carried on its own line. Only the €10,000/mo of current work is opex.

Funding requirement by ProtoQ treatment

The arrears are the swing factor, and they swing by more than €140,000. Every row opens at the same €55,340 and differs only in when the old balance is paid.
TreatmentTo €0To €25K floor To €50KCash out
A · Operating only — arrears untouched
What the business costs to run if ProtoQ keeps waiting, as it has since 12 Aug
€56,563€81,563€106,56316 Nov 2026
B · Current arrangement — €15,000/mo arrears
The instalment plan VeriCasa itself proposed in January 2026
€101,563€126,563€151,56316 Nov 2026
B′ · Current arrangement, conservative collections
The same, with receipts delayed as they have been before
€118,396€143,396€168,39616 Nov 2026
C · Immediate demand for the full balance
ProtoQ calls the debt. No demand has been made
€195,563€220,563€245,56309 Nov 2026
D · Negotiated — arrears over 24 months
€5,375/mo against the old balance, alongside €10,000/mo current work
€73,313€98,313€123,31316 Nov 2026
D′ · Negotiated + cuts + WorldCheck deferred
Every lever except new money, short of a tax instalment plan
€46,755€71,755€96,75523 Nov 2026
D″ · D′ plus a statutory IVA instalment plan
The floor: everything the company can do without raising a euro
€27,045€52,045€77,04514 Dec 2026
How much to raise depends entirely on ProtoQ, and on nothing else. To hold a €25,000 floor through the 13 weeks:
• €81,563 if the arrears stay where they are (A).
• €126,563 on the €15,000/mo instalments VeriCasa itself proposed (B), or €98,313 spread over 24 months (D).
• €220,563 if ProtoQ calls the whole balance (C).
• €52,045 is the floor — every lever the company holds without raising a euro (D″).

C is a tail risk, not a forecast: ProtoQ has carried this balance for a year, has never issued a demand, and the August conversation was cordial. But it is the creditor's choice, not VeriCasa's, and it is the only scenario where the company cannot pay its way through the quarter.

The levers that are not "raise or shrink"

An earlier version of this page said there was no third option. That was wrong — there are at least six levers, they combine, and together they take the new money required from €76,388 down to €52,045. What they cannot do is close the gap.
LeverWorthTypeConstraint
Arrears rescheduled over 24 monthsremoves a €134,000 demand risk DEFERRAL Needs ProtoQ's agreement. Costs €16,125 of cash inside the 13 weeks — paying something is dearer than paying nothing, which is the status quo
Evidence-supported cost reductions€5,179/mo PERMANENT The only permanent lever on the list
WorldCheck deferred 60 days€15,975 DEFERRAL Needs LSEG's agreement; improves the trough, not the cash-out date
IVA on a statutory instalment plan€19,710 inside the window DEFERRAL Portuguese law allows payment in prestações. Q3 is €19,710 on 20 Nov — the full output IVA per SAF-T
Chasing overdue receivables€20,148 COLLECTION Lince Capital €7,174, Insula Capital €9,225, RE/MAX Vantagem (usage) €3,749. Already in the forecast at reduced confidence; collecting in full is worth the difference
Founder / Haverhill funding€138,884 precedent NEW MONEY Three wires in 2026, most recently 17 Aug. The fastest available source
Stacking every non-funding lever takes the requirement from €76,388 to €52,045 — a €18,756 improvement, and worth taking. But note what the stack is made of: one permanent saving of €5,179/month and a series of deferrals. Forward burn after the cuts is still €30,877/month against €10,482/month of receipts.

So the honest correction is this: there are several options for how much to raise and when to pay, and they are worth roughly €19,000 of new money plus the removal of a €134,000 demand risk. There is no combination of them that removes the need to raise money, because the company spends about three and a half times what it collects.

Funding requirement

When the floor is crossed (base case)

Cash falls below €30,000W5 · 16 Nov€-8,641
Cash falls below €20,000W5 · 16 Nov€-8,641
Cash falls below €10,000W5 · 16 Nov€-8,641
Cash runs outW5 · 16 Nov€-8,641

Funding to hold a floor, by scenario

Scenario€0€20K €25K€50K
A · Base€56,563€76,563€81,563€106,563
B · Conservative€73,396€93,396€98,396€123,396
C · Negotiated€45,980€65,980€70,980€95,980
D · Stress€212,396€232,396€237,396€262,396

Funding to buy runway

RunwayAt €36,056/moAfter cuts, €30,877/mo
3 months€52,828€37,291
6 months€160,996€129,922
12 months€377,332€315,184
Net of the €55,340 already held. Forward burn is the recurring cost base (€46,538/mo, quarterly items included at a third each) less realistic receipts (€10,482/mo) — not a historical average.

Cost reduction — the cheapest credible route

Ordered by damage, not by size. Unexplained spend first, discretionary second, capability last. Nothing here touches the two client-facing people or the AML data the product runs on — cutting those to save cash removes the ability to earn it.
StepMonthly savingCumulative EffectiveRationale
Úrsula Maplehurst — advisory€2,142€2,142ACTUAL SAVING23 NovPaid again for September (€2,141.58, 30 Sep) — the engagement is live, not lapsed. Advisory rather than delivery, so it can stop on notice.
ProtoQ OOD — dev team (current work)€2,500€4,642RENEGOTIATION01 DecAlready restructured from €15,000 to €10,000 on 4 Aug. A further step to €7,500 is a second negotiation with a supplier that is owed a six-figure balance — plausible, but not free, and not before November.
Other software and cards€225€4,867ACTUAL SAVING25 OctAI tooling, LinkedIn, miscellaneous card spend. No contract, immediate.
Improve Vector€201€5,068ACTUAL SAVING23 NovMinor tooling, one month's notice.
WeWork€111€5,179ACTUAL SAVING23 NovDesk space; the team is distributed.
€5,000/mo is reached on the third step, from unexplained contractor spend alone, effective mid-October. €10,000/mo needs the ProtoQ renegotiation and cannot land before November. €15,000/mo is not reachable without cutting engineering, sales or the AML data licence — the maximum credible near-term reduction is €5,179/mo.

Cost cutting alone cannot reach breakeven. After every step above, the cost base is €41,359/mo against €10,482/mo of receipts — a residual gap of €30,877/mo. Closing that by cuts alone would mean removing roughly three quarters of what remains, which is the product team, the sales team and the data licence. This is a revenue and funding problem, and cuts buy time rather than solve it.

Costs investigated — and deliberately NOT cut

The previous pass recommended stopping four payees because their roles were undocumented in the cost model. Investigating them changed two of those recommendations. A payee being absent from cfo.py is a fact about cfo.py, not about whether the person is doing useful work.
CostMonthlyClassificationWhat the evidence shows
Isha Umar€3,250/moE · INSUFFICIENT EVIDENCE€3,250/mo, started August, rising. No contract in any mailbox or Drive, no vericasa.com address, no calendar presence, paid by non-SEPA wire. That is a reason to ASK, not a reason to stop — stopping someone who turns out to be delivering would cost more than the €3,250.
João Fernando Oliveira€1,977/moE · INSUFFICIENT EVIDENCEMonthly since April, €1,346 → €1,977. No contract located. Same reasoning: establish the role first.
İsmail Lambacıoğlu€1,200/moD · NECESSARYHolds ismail@vericasa.com and accepted the weekly team meeting on 25 Aug 2026. Active team, not an unexplained payee. The earlier recommendation to stop this was wrong.
Mandy Spaan€3,500/moD · NECESSARYSole in-house engineer. Cutting it while also cutting ProtoQ would leave no one able to ship.
Nelson Agostinho€2,000/moD · NECESSARYClient-facing sales and support.
João Baião — salary€1,857/moC · COMMITTEDSole full-time employee; statutory notice and severance apply.
WorldCheck / Refinitiv — KYC data€5,325/moD · NECESSARYThe AML data the product is built on. Cutting it ends the service.
İsmail Lambacıoğlu was wrongly listed as an unexplained payee. He holds ismail@vericasa.com and accepted the weekly team meeting invitation on 25 August 2026. He is current team. The €1,200/mo previously counted as a saving is removed.

Isha Umar and João Fernando Oliveira remain unexplained — no contract in any of the three mailboxes or in Drive, no company address, no calendar presence. Between them that is €5,227/month. That is a reason to ask a direct question this week, not a reason to stop paying: if either turns out to be delivering, stopping them costs more than the money saved.

Collections — what can actually be banked, and when

Within 7 days (by 26 Oct)€0
Within 14 days (by 02 Nov)€12,585
Within 30 days (by 18 Nov)€16,712
Overdue today €20,148
Overdue: Lince Capital €7,174, Insula Capital €9,225, RE/MAX Vantagem (usage) €3,749. A receipt past its due date stays in the forecast until a ledger shows it, at one confidence notch lower; it is never assumed to be inside opening cash.

WorldCheck — what deferral is worth

OptionMinimum cashImprovementCash out
Pay on schedule (21 Nov)€-56,563—16 Nov 2026
Defer 30 days€-56,563—30 Nov 2026
Defer 60 days€-40,588+€15,97530 Nov 2026
Three instalments from 21 Nov€-51,238+€5,32523 Nov 2026
Deferring WorldCheck improves the depth of the hole by its full €15,975 but does not move the cash-out date at all — the money runs out on 16 November, before the payment is due. It is worth doing, and it is not a solution.

30-day action plan, ranked by euro impact

#ActionLiquidityTypeByDepends on
1Secure funding — €98,396 to hold a €25K floor, €220,563 if ProtoQ calls its balance €98,396–220,563 NEW FUNDING cash by 16 Nov Haverhill or external; nothing else closes the gap
2Get ProtoQ's statement of account and agree an arrears schedule in writing €134,000 at risk RENEGOTIATION this week One email. Removes the single largest unknown in the model
3Provide for Q3 IVA — €19,710 output IVA per SAF-T, due 20 Nov, or request prestações €19,710 timing STATUTORY before 20 Nov Q2 settled 18 Sep: €11,887.84 against €11,800.89 SAF-T output IVA, the difference interest
4Defer WorldCheck to 21 Dec or split into three €15,975 timing PAYMENT DEFERRAL before 21 Nov Improves the trough, does not move cash-out
5Establish what Isha Umar and João Fernando Oliveira do €5,227/mo contingent POSSIBLE SAVING this week Ask Rodolfo. Do not stop payment before the answer
6Decide on the Úrsula Maplehurst advisory engagement €2,142/mo POSSIBLE SAVING this month Paid again for September on 30 Sep from Revolut USA; live, not lapsed. Advisory, stoppable on notice
7Collect the overdue receivables €20,148 COLLECTION this week Lince Capital €7,174, Insula Capital €9,225, RE/MAX Vantagem (usage) €3,749
Only items 5, 6 and 7 change cash permanently. Items 2 and 4 move payments in time and are counted as such — a deferral is not a saving, and treating it as one is how a plan produces a number that never arrives. Evidence-supported permanent savings total €5,179/month, which is roughly a seventh of the forward burn.

Every recurring cost, ranked

Cost€/monthStatusNotice to reduceWhat breaks if cut
ProtoQ OOD — dev team (current work)€10,000COMMITTEDrestructured 4 Aug 2026; further change needs a negotiationthe entire product team; there is no in-house replacement
IVA — Q3 remittance€6,570COMMITTEDstatutorynon-negotiable
WorldCheck / Refinitiv — KYC data€5,325COMMITTEDcontractual — annual licencethe AML screening the product is built on; cannot be dropped
Mandy Spaan€3,500DISCRETIONARY1 monthsenior engineer — sole in-house engineering
Isha Umar€3,250DISCRETIONARYunknown — no contract locatedrole undocumented; paid by non-SEPA wire, so based outside the EU
Úrsula Maplehurst — advisory€2,142DISCRETIONARYimmediateadvisory — paid again for September
Nelson Agostinho€2,000DISCRETIONARY1 monthsales & support — client-facing
João Fernando Oliveira€1,977DISCRETIONARYunknown — no contract locatedrole undocumented; paid monthly by SEPA transfer since April
João Baião — salary€1,857COMMITTEDstatutory notice + severancesole full-time employee; head of sales
Yago Oliveira Pais€1,800DISCRETIONARY1 monthdeveloper
Vinicius Benini€1,800DISCRETIONARY1 monthsales & support — client-facing
Carolina€1,700DISCRETIONARY1 monthdeveloper
İsmail Lambacıoğlu€1,200DISCRETIONARY1 monthactive team member — attends the weekly team meeting
Social security (TSU)€892COMMITTEDstatutorynon-negotiable while anyone is employed
João Baião — Christmas subsidy€619COMMITTEDstatutorynon-negotiable while employed
Other software and cards€450DISCRETIONARYimmediateAI tooling, GitHub, LinkedIn, misc
Monthly tax (Pag. Impostos)€427COMMITTEDstatutorynon-negotiable
Google Workspace€260DISCRETIONARYimmediateemail and docs — cannot realistically stop
Multicert (certificates)€246COMMITTEDannual termqualified signatures — product dependency
Improve Vector€201DISCRETIONARY1 monthminor tooling
HubSpot€133DISCRETIONARYannual termCRM — pipeline and customer records
WeWork€111DISCRETIONARY1 monthdesk space
Revolut plan fees€78DISCRETIONARYimmediateboth organisations' plan fees

Why the business burns €32,808 a month

Recurring costs exceed receipts by €27,513/mo 84%
Exceptional / one-off costs €5,295/mo 16%
Measured operating burn €32,808/mo
MRR (subscription KPI)€6,335/mo
Recognised operating revenue€15,724/mo
Customer cash receipts (measured)€33,416/mo
Forecast cash receipts (forward)€10,482/mo
Recurring cost base€46,538/mo
This is overwhelmingly a revenue problem, not a cost spike. 84% of the burn is simply that recurring costs are 1.8 times receipts. Only €5,295/mo is one-off — social-security arrears and US immigration fees — and those will stop. The forward picture is worse than the measured one, because measured receipts of €33,416/mo included the Lince contract, which finishes in October.

24-Month Forecast — Base Case (flat revenue)

Built from gross lines. Opening cash €55,340 (total known cash, all accounts) + operating revenue − gross operating cost base €47,090/mo = closing cash. Revenue is added once and once only. No founder injections, no growth assumption.
Base-case revenue: €8,522/mo — the 13-week forecast's base-case receipts, net of IVA, per month: the signed book, observed usage and overdue receivables at their confidence weights. Held flat. VAT-exclusive on both sides. The trailing quarter (€15,724/mo) is not used: it carries Lince and one-off setup fees that do not recur.
MonthGross operating costsOperating revenueNet operating burnClosing cash
Nov 2026€47,090€8,522-€38,568€16,772
Dec 2026€47,090€8,522-€38,568€-21,796CASH OUT
Cash out: Dec 2026 on flat revenue with no further funding.

Contracted-Book Case — no new sales

Revenue follows only the signed instalment schedule from the sales sheet (Oct €8,272 · Nov €2,440 · Dec €2,440 · Jan €0) plus observed metered usage of €3,876/mo. This is what happens if nothing new is closed. It is an observation of the contract book, not an assumption.
MonthGross operating costsOperating revenueNet operating burnClosing cash
Nov 2026€47,090€6,316-€40,774€14,566
Dec 2026€47,090€6,316-€40,774€-26,208CASH OUT
Cash out: Dec 2026

Planning-Growth Case — 6% MoM (ASSUMPTION)

This is an assumption, not an observation. Revenue starts at the trailing run-rate €8,522/mo and compounds at 6% per month. Actual MRR has been flat to down over the last four weeks. Shown for planning only.
MonthGross operating costsOperating revenueNet operating burnClosing cash
Nov 2026€47,090€9,033-€38,057€17,283
Dec 2026€47,090€9,575-€37,515€-20,231CASH OUT
Cash out: Dec 2026 · Breakeven requires revenue of €47,090/mo — 5.5× the current run-rate.

Assumptions, stated so they can be argued with

Opening cash€55,340 — TOTAL KNOWN CASH, identical in all four scenarios
Receipts basisContracted instalments and observed payment behaviour, gross of IVA. No new sales assumed in any scenario.
Confidence flexingBase: high 100%, medium 85%, low 50%. Downside: high 95% and two weeks late, medium 60% and three weeks late, low nil.
Cost timingDay of month reconstructed from actual payments, not monthly ÷ 4. Payroll and contractors land in the last week of the month.
Quarterly itemsWorldCheck €15,975 on ~21 Nov (paid 28 May and 21 Aug); Q3 IVA €19,710 on 20 Nov — Q3 output IVA per the SAF-T exports, payable in full as Q2 was (€14,827 if Q1's input-IVA offset recurs).
ProtoQ€10,000/mo, the rate actually leaving the bank, against an agreed €15,000. Arrears are excluded from the base, conservative and negotiated cases and priced separately.
Q2 IVASettled on 18 Sep — €11,887.84 (“PAG. IMPOSTOS”) against Q2 output IVA of €11,800.89 in the SAF-T exports; the €86.95 difference is late-payment interest. Nothing further is forecast for Q2.
FXUSD and GBP balances converted at the rates in the cash table; no FX movement is forecast.
FinancingNil in all four scenarios. No Haverhill or founder funding is assumed.
Not modelledThe $5,000 of unresolved SVB transfers. Both are upside to opening cash. Banc of California ***3421 is in opening cash at its last-known $15,000.