FLŌ — 24-Month Business Case

Raise

€750,000

trough €615,000 + €135,000 reserve

MRR month 24

€41,750

50 offices · 205 seats

Break-even

Month 25

cumulative positive in year 4

LTV / CAC

8×

NRR ±115% · margin ±85%

Revenue — flat seats, self-service modules, signed document files, student licences

R1. The revenue model — four layers, all modular

1. Base licence

What the office pays for: Full CRM per agent: properties, leads, matching, agenda, mail, documents
Price: €150 per seat / month
Behaviour: Grows with the number of agents

2. Modules

What the office pays for: Capabilities the office activates itself, per office, per module
Price: €45 – €95 per module / month
Behaviour: Grows with usage maturity

3. Document fee

What the office pays for: Legally signed transaction file: generated documents signed digitally through DocuSign
Price: €75 sale · €35 rental
Behaviour: Grows with production

4. Student licences (FLŌ Academy)

What the office pays for: Trainee agents and real-estate students learn on the real platform
Price: €25 per student / month
Behaviour: From year 2 — feeds the seat base

Never charged

What the office pays for: No percentage of the brokerage fee, no lead sales, no per-buyer pricing
Price: —
Behaviour: Deliberate, permanent choice

Blended revenue per office at month 24

What the office pays for: Seats + active modules + signed documents
Price: €835 / month

Layer	What the office pays for	Price	Behaviour
1. Base licence	Full CRM per agent: properties, leads, matching, agenda, mail, documents	€150 per seat / month	Grows with the number of agents
2. Modules	Capabilities the office activates itself, per office, per module	€45 – €95 per module / month	Grows with usage maturity
3. Document fee	Legally signed transaction file: generated documents signed digitally through DocuSign	€75 sale · €35 rental	Grows with production
4. Student licences (FLŌ Academy)	Trainee agents and real-estate students learn on the real platform	€25 per student / month	From year 2 — feeds the seat base
Never charged	No percentage of the brokerage fee, no lead sales, no per-buyer pricing	—	Deliberate, permanent choice
Blended revenue per office at month 24	Seats + active modules + signed documents	€835 / month

R2. Layer 1 — flat base licence of €150 per seat

Price per seat

Value: €150 / month
Note: One price, no tiers, no negotiation table

Included

Value: CRM, properties, leads, buyer matching, agenda, mail, document engine, ImmoFlō publication
Note: Everything an office needs to work daily

Average office size

Value: 4.1 agents
Note: Belgian market average

Base revenue per average office

Value: €615 / month

Reference point: existing CRMs

Value: €120 – €180 per seat for less functionality
Note: The price is familiar, the scope is not

Annual commitment

Value: 12 months, monthly invoicing
Note: Predictable, cancellable at term

Item	Value	Note
Price per seat	€150 / month	One price, no tiers, no negotiation table
Included	CRM, properties, leads, buyer matching, agenda, mail, document engine, ImmoFlō publication	Everything an office needs to work daily
Average office size	4.1 agents	Belgian market average
Base revenue per average office	€615 / month
Reference point: existing CRMs	€120 – €180 per seat for less functionality	The price is familiar, the scope is not
Annual commitment	12 months, monthly invoicing	Predictable, cancellable at term

R3. Layer 2 — the modules an office switches on itself

Documents and contracts (compromis, mandates, leases)

Price / office / month: €95
Attach year 2: 55%
What it replaces: Manual drafting and external templates

Valuations and reporting

Price / office / month: €75
Attach year 2: 45%
What it replaces: Paid valuation tooling

Communication and campaigns (mailings, flows, social)

Price / office / month: €75
Attach year 2: 40%
What it replaces: Mailing platform plus agency work

Developer projects and mandates portal

Price / office / month: €95
Attach year 2: 20%
What it replaces: Spreadsheets and manual reporting

Rentals (leases, inventories, deposits)

Price / office / month: €45
Attach year 2: 30%
What it replaces: Separate rental software

Reporting and market analysis

Price / office / month: €65
Attach year 2: 25%
What it replaces: Manual reporting

Average module revenue per active office at month 24

Price / office / month: €165
What it replaces: Roughly 2.2 modules per office

Net revenue retention effect

Price / office / month: ±115%
What it replaces: Revenue per office rises without new seats

Module	Price / office / month	Attach year 2	What it replaces
Documents and contracts (compromis, mandates, leases)	€95	55%	Manual drafting and external templates
Valuations and reporting	€75	45%	Paid valuation tooling
Communication and campaigns (mailings, flows, social)	€75	40%	Mailing platform plus agency work
Developer projects and mandates portal	€95	20%	Spreadsheets and manual reporting
Rentals (leases, inventories, deposits)	€45	30%	Separate rental software
Reporting and market analysis	€65	25%	Manual reporting
Average module revenue per active office at month 24	€165		Roughly 2.2 modules per office
Net revenue retention effect	±115%		Revenue per office rises without new seats

R4. Layer 3 — the document fee (digitally signed via DocuSign)

What is charged

Value: The document file of one transaction: compromis or lease generated in FLŌ and signed digitally through DocuSign
Note: Charged per signed file, not per document

Fee on a sale file

Value: €75
Note: Below the cost of drafting and chasing signatures manually

Fee on a rental file

Value: €35

Signed files per average office

Value: ±0.9 / month
Note: Belgian production average per office

Document revenue per average office at month 24

Value: ±€55 / month

Why the office accepts it

Value: It is only charged once the file is signed, and it covers the signature cost they pay elsewhere today
Note: Cost follows the deal, never precedes it

Why it is not a commission

Value: A fixed amount per signed file, not a percentage — never a share of the broker’s income
Note: Structurally different from portal economics

Item	Value	Note
What is charged	The document file of one transaction: compromis or lease generated in FLŌ and signed digitally through DocuSign	Charged per signed file, not per document
Fee on a sale file	€75	Below the cost of drafting and chasing signatures manually
Fee on a rental file	€35
Signed files per average office	±0.9 / month	Belgian production average per office
Document revenue per average office at month 24	±€55 / month
Why the office accepts it	It is only charged once the file is signed, and it covers the signature cost they pay elsewhere today	Cost follows the deal, never precedes it
Why it is not a commission	A fixed amount per signed file, not a percentage — never a share of the broker’s income	Structurally different from portal economics

R4b. Layer 4 — student licences through FLŌ Academy (from year 2)

Price per student

Value: €25 / month
Note: Own account on the real platform, no client data

Who pays

Value: The trainee agent, the school, or the office that hosts the trainee
Note: Billed per student, annual course cycle

Addressable in Belgium

Value: ±2,000 trainees and real-estate students at any time
Note: BIV traineeship plus real-estate degree programmes

Students on the platform (end of year)

Value: Y2 120 · Y3 300 · Y4 500 · Y5 800
Note: Up to ±40% of the Belgian cohort by year 5

Student revenue (Belgium)

Value: Y2 €18,000 · Y3 €72,000 · Y4 €135,000 · Y5 €216,000
Note: Included in the 5-year plan

Why it matters beyond the revenue

Value: Every trainee who qualifies already works in FLŌ and brings it into the office that hires them
Note: Lowest-cost acquisition channel in the model

Marginal cost per student

Value: ±€0
Note: Same platform, no extra build, no support-heavy usage

Item	Value	Note
Price per student	€25 / month	Own account on the real platform, no client data
Who pays	The trainee agent, the school, or the office that hosts the trainee	Billed per student, annual course cycle
Addressable in Belgium	±2,000 trainees and real-estate students at any time	BIV traineeship plus real-estate degree programmes
Students on the platform (end of year)	Y2 120 · Y3 300 · Y4 500 · Y5 800	Up to ±40% of the Belgian cohort by year 5
Student revenue (Belgium)	Y2 €18,000 · Y3 €72,000 · Y4 €135,000 · Y5 €216,000	Included in the 5-year plan
Why it matters beyond the revenue	Every trainee who qualifies already works in FLŌ and brings it into the office that hires them	Lowest-cost acquisition channel in the model
Marginal cost per student	±€0	Same platform, no extra build, no support-heavy usage

R5. Growth — offices, seats and MRR (billing starts month 8)

Months 1-7 — build phase, selling and signing only

Offices: 5 signed
Seats: 20 signed
MRR base: €0
MRR modules: €0
MRR documents: €0
MRR students: €0
MRR total: €0 (invoicing deferred)

Month 8 — platform live, first invoices go out

Offices: 7
Seats: 28
MRR base: €4,200
MRR modules: €600
MRR documents: €250
MRR students: €0
MRR total: €5,050

Month 12

Offices: 15
Seats: 58
MRR base: €8,700
MRR modules: €1,500
MRR documents: €700
MRR students: €0
MRR total: €10,900

Month 18 — first student cohort (60 students)

Offices: 32
Seats: 128
MRR base: €19,200
MRR modules: €4,300
MRR documents: €1,600
MRR students: €1,500
MRR total: €26,600

Month 24 — 120 students on FLŌ Academy

Offices: 50
Seats: 205
MRR base: €30,750
MRR modules: €8,250
MRR documents: €2,750
MRR students: €3,000
MRR total: €44,750

Month-24 MRR from offices only (figure used throughout this plan)

Offices: 50
Seats: 205
MRR base: €30,750
MRR modules: €8,250
MRR documents: €2,750
MRR students: —
MRR total: €41,750

Recurring share of month-24 MRR

MRR total: 93% (€39,000)

Period	Offices	Seats	MRR base	MRR modules	MRR documents	MRR students	MRR total
Months 1-7 — build phase, selling and signing only	5 signed	20 signed	€0	€0	€0	€0	€0 (invoicing deferred)
Month 8 — platform live, first invoices go out	7	28	€4,200	€600	€250	€0	€5,050
Month 12	15	58	€8,700	€1,500	€700	€0	€10,900
Month 18 — first student cohort (60 students)	32	128	€19,200	€4,300	€1,600	€1,500	€26,600
Month 24 — 120 students on FLŌ Academy	50	205	€30,750	€8,250	€2,750	€3,000	€44,750
Month-24 MRR from offices only (figure used throughout this plan)	50	205	€30,750	€8,250	€2,750	—	€41,750
Recurring share of month-24 MRR							93% (€39,000)

R6. The 24-month cash view — no invoiced revenue before month 8

Q1 (M1–3) — build, selling starts

Offices: 2 signed
Revenue: €0
Cost: −€93,000
Result: −€93,000
Cumulative: −€93,000

Q2 (M4–6) — build, pipeline grows

Offices: 5 signed
Revenue: €0
Cost: −€93,000
Result: −€93,000
Cumulative: −€186,000

Q3 (M7–9) — live in month 8, first invoices

Offices: 10
Revenue: €9,000
Cost: −€111,000
Result: −€102,000
Cumulative: −€288,000

Q4 (M10–12)

Offices: 15
Revenue: €27,000
Cost: −€152,750
Result: −€125,750
Cumulative: −€413,750

Q5 (M13–15)

Offices: 23
Revenue: €40,000
Cost: −€125,050
Result: −€85,050
Cumulative: −€498,800

Q6 (M16–18)

Offices: 32
Revenue: €61,000
Cost: −€125,050
Result: −€64,050
Cumulative: −€562,850

Q7 (M19–21)

Offices: 41
Revenue: €87,000
Cost: −€125,050
Result: −€38,050
Cumulative: −€600,900

Q8 (M22–24)

Offices: 50
Revenue: €112,000
Cost: −€125,050
Result: −€13,050
Cumulative: −€613,950

Total over 24 months (offices only)

Offices: 50
Revenue: €336,000
Cost: −€949,950
Result: −€613,950

Student licences over months 13-24 (year 2, €25/student)

Offices: 120 students
Revenue: €18,000
Cost: —
Result: +€18,000
Cumulative: −€595,950

Total including student licences

Offices: 50
Revenue: €354,000
Cost: −€949,950
Result: −€595,950

Quarter	Offices	Revenue	Cost	Result	Cumulative
Q1 (M1–3) — build, selling starts	2 signed	€0	−€93,000	−€93,000	−€93,000
Q2 (M4–6) — build, pipeline grows	5 signed	€0	−€93,000	−€93,000	−€186,000
Q3 (M7–9) — live in month 8, first invoices	10	€9,000	−€111,000	−€102,000	−€288,000
Q4 (M10–12)	15	€27,000	−€152,750	−€125,750	−€413,750
Q5 (M13–15)	23	€40,000	−€125,050	−€85,050	−€498,800
Q6 (M16–18)	32	€61,000	−€125,050	−€64,050	−€562,850
Q7 (M19–21)	41	€87,000	−€125,050	−€38,050	−€600,900
Q8 (M22–24)	50	€112,000	−€125,050	−€13,050	−€613,950
Total over 24 months (offices only)	50	€336,000	−€949,950	−€613,950
Student licences over months 13-24 (year 2, €25/student)	120 students	€18,000	—	+€18,000	−€595,950
Total including student licences	50	€354,000	−€949,950	−€595,950

R7. Unit economics

Revenue per office at month 24 (blended)

Value: €835 / month
Note: €615 seats + €165 modules + €55 signed documents

Gross margin

Value: ±85%
Note: Own stack, no licence cost per seat

Cost of acquiring an office

Value: ±€1,900
Note: Freelance sales plus content and events

Payback on an office

Value: ±4 months

Monthly churn assumed

Value: 2%
Note: Conservative for an operational CRM

Lifetime value (36 months)

Value: ±€14,900

LTV / CAC

Value: 8×

Net revenue retention

Value: ±115%
Note: Module attach and seat growth inside existing offices

Break-even MRR

Value: ±€43,000
Note: Reached in month 25 — development stays flat at €204,000/year

Metric	Value	Note
Revenue per office at month 24 (blended)	€835 / month	€615 seats + €165 modules + €55 signed documents
Gross margin	±85%	Own stack, no licence cost per seat
Cost of acquiring an office	±€1,900	Freelance sales plus content and events
Payback on an office	±4 months
Monthly churn assumed	2%	Conservative for an operational CRM
Lifetime value (36 months)	±€14,900
LTV / CAC	8×
Net revenue retention	±115%	Module attach and seat growth inside existing offices
Break-even MRR	±€43,000	Reached in month 25 — development stays flat at €204,000/year

R8. Funding requirement — €750,000

Operating cost over 24 months (incl. office from month 8)

Amount: €949,950

Revenue over 24 months (first invoices in month 8)

Amount: €336,000

NET cash consumed over 24 months

Amount: €613,950

Deepest point of the cash curve (month 25)

Amount: ±€615,000

Contingency and growth reserve inside the raise

Amount: €135,000

TOTAL RAISE — the ask

Amount: €750,000

Break-even

Amount: Month 25 — first profitable full year is year 3

MRR at month 24

Amount: €41,750

Offices at month 24

Amount: 50 (205 seats)

Cash left at month 24 (before reinvestment)

Amount: ±€136,050

Second raise needed to reach break-even

Amount: No

Item	Amount
Operating cost over 24 months (incl. office from month 8)	€949,950
Revenue over 24 months (first invoices in month 8)	€336,000
NET cash consumed over 24 months	€613,950
Deepest point of the cash curve (month 25)	±€615,000
Contingency and growth reserve inside the raise	€135,000
TOTAL RAISE — the ask	€750,000
Break-even	Month 25 — first profitable full year is year 3
MRR at month 24	€41,750
Offices at month 24	50 (205 seats)
Cash left at month 24 (before reinvestment)	±€136,050
Second raise needed to reach break-even	No

R9. What the €750,000 buys

Native platform build and maintenance (€204,000/year, 24 months)

Amount: €408,000
Share: 43%

Founder income (2 × €3,000 months 1-8, 2 × €6,500 months 9-24)

Amount: €256,000
Share: 27%

Commercial execution (freelance sales at €4,500/month, recruitment)

Amount: €105,000
Share: 11%

Marketing and market development

Amount: €42,000
Share: 4%

Platform, AI, security and native app delivery

Amount: €74,800
Share: 8%

Structure, legal, compliance and office (from month 8)

Amount: €64,150
Share: 7%

Total deployed

Amount: €949,950
Share: 100%

Covered by revenue over the same period (from month 8)

Amount: −€336,000

Net cash consumed

Amount: €613,950

Raised

Amount: €750,000

Reserve for contingency and accelerating sales in year 2

Amount: €135,000

Use of funds	Amount	Share
Native platform build and maintenance (€204,000/year, 24 months)	€408,000	43%
Founder income (2 × €3,000 months 1-8, 2 × €6,500 months 9-24)	€256,000	27%
Commercial execution (freelance sales at €4,500/month, recruitment)	€105,000	11%
Marketing and market development	€42,000	4%
Platform, AI, security and native app delivery	€74,800	8%
Structure, legal, compliance and office (from month 8)	€64,150	7%
Total deployed	€949,950	100%
Covered by revenue over the same period (from month 8)	−€336,000
Net cash consumed	€613,950
Raised	€750,000
Reserve for contingency and accelerating sales in year 2	€135,000

Costs — a native build, commercial execution, two founders, office from month 8

C1. Team — €664,000 over 24 months

Senior developer, full-time — native build of the whole platform

Period: Months 1-12
Cost / month: €17,000
24-month total: €204,000

Same developer — roadmap, releases and 24/7 cover on our own stack

Period: Months 13-24
Cost / month: €17,000
24-month total: €204,000

Founder income (2 × €3,000) — build phase

Period: Months 1-8
Cost / month: €6,000
24-month total: €48,000

Founder income (2 × €6,500) — once the platform is live and invoicing

Period: Months 9-24
Cost / month: €13,000
24-month total: €208,000

Subtotal team

24-month total: €664,000

Role	Period	Cost / month	24-month total
Senior developer, full-time — native build of the whole platform	Months 1-12	€17,000	€204,000
Same developer — roadmap, releases and 24/7 cover on our own stack	Months 13-24	€17,000	€204,000
Founder income (2 × €3,000) — build phase	Months 1-8	€6,000	€48,000
Founder income (2 × €6,500) — once the platform is live and invoicing	Months 9-24	€13,000	€208,000
Subtotal team			€664,000

C2. Platform, AI and tooling — €74,800 over 24 months

Cloud infrastructure and databases (own stack)

Basis: €250/month from month 7
24-month total: €4,500

AI usage inside the product

Basis: Metered, from month 7
24-month total: €24,000

Integrations (mail, e-signing, storage, maps)

Basis: €350/month from month 7
24-month total: €6,300

AI development credits (agentic coding alongside the developer)

Basis: €1,000/month for 24 months
24-month total: €24,000

Security review and penetration test

Basis: One-off, at first native release
24-month total: €12,000

Native iOS/Android builds and store accounts

Basis: One-off
24-month total: €4,000

Subtotal platform

24-month total: €74,800

Item	Basis	24-month total
Cloud infrastructure and databases (own stack)	€250/month from month 7	€4,500
AI usage inside the product	Metered, from month 7	€24,000
Integrations (mail, e-signing, storage, maps)	€350/month from month 7	€6,300
AI development credits (agentic coding alongside the developer)	€1,000/month for 24 months	€24,000
Security review and penetration test	One-off, at first native release	€12,000
Native iOS/Android builds and store accounts	One-off	€4,000
Subtotal platform		€74,800

C3. Market, growth and commercial execution — €147,000 over 24 months

Freelance sales / business developer

Basis: Months 4-24, €4,500/month
24-month total: €94,500

Recruitment and onboarding of the freelancers

Basis: One-off
24-month total: €10,500

Brand and public website

Basis: One-off
24-month total: €8,000

Content and campaigns

Basis: €400/month months 1-8, €800/month after
24-month total: €16,000

Fairs and broker events

Basis: From month 9
24-month total: €12,000

Student and BIV programme

Basis: From month 9
24-month total: €6,000

Subtotal market and commercial execution

24-month total: €147,000

Item	Basis	24-month total
Freelance sales / business developer	Months 4-24, €4,500/month	€94,500
Recruitment and onboarding of the freelancers	One-off	€10,500
Brand and public website	One-off	€8,000
Content and campaigns	€400/month months 1-8, €800/month after	€16,000
Fairs and broker events	From month 9	€12,000
Student and BIV programme	From month 9	€6,000
Subtotal market and commercial execution		€147,000

C4. Structure and compliance — €64,150 over 24 months

Company and accounting

Basis: €300/month months 1-8, €600/month after
24-month total: €12,000

Office

Basis: €950/month from month 8 (17 months)
24-month total: €16,150

Legal: contracts, DPA, terms of use

Basis: One-off plus revisions
24-month total: €12,000

GDPR and security file / audit

Basis: At first release plus yearly review
24-month total: €10,000

Professional liability and cyber insurance

Basis: €200/month months 1-8, €400/month after
24-month total: €8,000

Legal content maintenance (BIV, decrees)

Basis: Yearly
24-month total: €6,000

Subtotal structure

24-month total: €64,150

Item	Basis	24-month total
Company and accounting	€300/month months 1-8, €600/month after	€12,000
Office	€950/month from month 8 (17 months)	€16,150
Legal: contracts, DPA, terms of use	One-off plus revisions	€12,000
GDPR and security file / audit	At first release plus yearly review	€10,000
Professional liability and cyber insurance	€200/month months 1-8, €400/month after	€8,000
Legal content maintenance (BIV, decrees)	Yearly	€6,000
Subtotal structure		€64,150

C5. Total cost of 24 months

Team (developer at €17,000/month, 2 founders)

24-month total: €664,000
Share: 70%

Platform, AI and tooling

24-month total: €74,800
Share: 8%

Market, growth and commercial execution (incl. freelance sales)

24-month total: €147,000
Share: 15%

Structure and compliance (incl. office from month 8)

24-month total: €64,150
Share: 7%

Total operating cost over 24 months

24-month total: €949,950
Share: 100%

Average monthly cost months 1-12 (build year)

24-month total: €37,500

Average monthly cost months 13-24

24-month total: €41,700

Block	24-month total	Share
Team (developer at €17,000/month, 2 founders)	€664,000	70%
Platform, AI and tooling	€74,800	8%
Market, growth and commercial execution (incl. freelance sales)	€147,000	15%
Structure and compliance (incl. office from month 8)	€64,150	7%
Total operating cost over 24 months	€949,950	100%
Average monthly cost months 1-12 (build year)	€37,500
Average monthly cost months 13-24	€41,700

5-year plan — revenue, costs and result

Revenue — year 1 to year 5 (Belgium)

Offices on the platform (end of year)

Year 1: 18
Year 2: 50
Year 3: 98
Year 4: 160
Year 5: 262

Paying seats (end of year)

Year 1: 62
Year 2: 205
Year 3: 400
Year 4: 660
Year 5: 1,100

Share of the 11,000 Belgian brokers

Year 1: 0.6%
Year 2: 1.9%
Year 3: 3.6%
Year 4: 6.0%
Year 5: 10.0%

Seat licences (€150/seat) — first invoices in month 8

Year 1: €25,000
Year 2: €268,000
Year 3: €540,000
Year 4: €980,000
Year 5: €1,690,000

Modules (self-service)

Year 1: €8,000
Year 2: €112,000
Year 3: €226,000
Year 4: €410,000
Year 5: €706,000

Signed document files (€75 / €35)

Year 1: €3,000
Year 2: €68,000
Year 3: €130,000
Year 4: €235,000
Year 5: €406,000

Student licences (€25/student, FLŌ Academy — from year 2)

Year 1: —
Year 2: €18,000
Year 3: €72,000
Year 4: €135,000
Year 5: €216,000

Students on the platform (end of year)

Year 1: —
Year 2: 120
Year 3: 300
Year 4: 500
Year 5: 800

Total revenue

Year 1: €36,000
Year 2: €466,000
Year 3: €968,000
Year 4: €1,760,000
Year 5: €3,018,000

MRR (end of year)

Year 1: €13,900
Year 2: €44,750
Year 3: €106,500
Year 4: €176,500
Year 5: €292,500

Line	Year 1	Year 2	Year 3	Year 4	Year 5
Offices on the platform (end of year)	18	50	98	160	262
Paying seats (end of year)	62	205	400	660	1,100
Share of the 11,000 Belgian brokers	0.6%	1.9%	3.6%	6.0%	10.0%
Seat licences (€150/seat) — first invoices in month 8	€25,000	€268,000	€540,000	€980,000	€1,690,000
Modules (self-service)	€8,000	€112,000	€226,000	€410,000	€706,000
Signed document files (€75 / €35)	€3,000	€68,000	€130,000	€235,000	€406,000
Student licences (€25/student, FLŌ Academy — from year 2)	—	€18,000	€72,000	€135,000	€216,000
Students on the platform (end of year)	—	120	300	500	800
Total revenue	€36,000	€466,000	€968,000	€1,760,000	€3,018,000
MRR (end of year)	€13,900	€44,750	€106,500	€176,500	€292,500

Costs — year 1 to year 5 (Belgium)

Development — fixed at €204,000 every year (€17,000/month)

Year 1: €204,000
Year 2: €204,000
Year 3: €204,000
Year 4: €204,000
Year 5: €204,000

Founders (€3,000 each months 1-8, €6,500 each after)

Year 1: €100,000
Year 2: €156,000
Year 3: €156,000
Year 4: €180,000
Year 5: €204,000

Sales & business development (freelance €4,500 from month 4)

Year 1: €51,000
Year 2: €54,000
Year 3: €145,000
Year 4: €215,000
Year 5: €360,000

Support & onboarding

Year 1: —
Year 2: €18,000
Year 3: €60,000
Year 4: €115,000
Year 5: €200,000

Platform, AI & tooling

Year 1: €43,600
Year 2: €31,200
Year 3: €80,000
Year 4: €120,000
Year 5: €185,000

Marketing

Year 1: €20,400
Year 2: €14,600
Year 3: €70,000
Year 4: €115,000
Year 5: €170,000

Office & overhead (from month 8)

Year 1: €4,750
Year 2: €11,400
Year 3: €35,000
Year 4: €52,000
Year 5: €80,000

Legal, accounting & compliance

Year 1: €26,000
Year 2: €11,000
Year 3: €24,000
Year 4: €30,000
Year 5: €40,000

Total costs

Year 1: €449,750
Year 2: €500,200
Year 3: €774,000
Year 4: €1,031,000
Year 5: €1,443,000

Line	Year 1	Year 2	Year 3	Year 4	Year 5
Development — fixed at €204,000 every year (€17,000/month)	€204,000	€204,000	€204,000	€204,000	€204,000
Founders (€3,000 each months 1-8, €6,500 each after)	€100,000	€156,000	€156,000	€180,000	€204,000
Sales & business development (freelance €4,500 from month 4)	€51,000	€54,000	€145,000	€215,000	€360,000
Support & onboarding	—	€18,000	€60,000	€115,000	€200,000
Platform, AI & tooling	€43,600	€31,200	€80,000	€120,000	€185,000
Marketing	€20,400	€14,600	€70,000	€115,000	€170,000
Office & overhead (from month 8)	€4,750	€11,400	€35,000	€52,000	€80,000
Legal, accounting & compliance	€26,000	€11,000	€24,000	€30,000	€40,000
Total costs	€449,750	€500,200	€774,000	€1,031,000	€1,443,000

Result — year 1 to year 5 (Belgium)

Revenue

Year 1: €36,000
Year 2: €466,000
Year 3: €968,000
Year 4: €1,760,000
Year 5: €3,018,000

Costs

Year 1: €449,750
Year 2: €500,200
Year 3: €774,000
Year 4: €1,031,000
Year 5: €1,443,000

Net result

Year 1: −€413,750
Year 2: −€34,200
Year 3: +€194,000
Year 4: +€729,000
Year 5: +€1,575,000

Cumulative net result

Year 1: −€413,750
Year 2: −€447,950
Year 3: −€253,950
Year 4: +€475,050
Year 5: +€2,050,050

Operating margin

Year 1: —
Year 2: —
Year 3: 20%
Year 4: 41%
Year 5: 52%

Line	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	€36,000	€466,000	€968,000	€1,760,000	€3,018,000
Costs	€449,750	€500,200	€774,000	€1,031,000	€1,443,000
Net result	−€413,750	−€34,200	+€194,000	+€729,000	+€1,575,000
Cumulative net result	−€413,750	−€447,950	−€253,950	+€475,050	+€2,050,050
Operating margin	—	—	20%	41%	52%

International expansion — France year 3, Spain & Germany year 4, Netherlands year 5

Seats per market — Belgium first, then France, Spain, Germany, the Netherlands

🇧🇪 Belgium (home market)

Agents in market: 11,000
Entry: Year 1
Year 3: 400
Year 4: 660
Year 5: 1,100
% of market (Y5): 10.0%

🇫🇷 France

Agents in market: 50,000
Entry: Year 3
Year 3: 200
Year 4: 900
Year 5: 2,500
% of market (Y5): 5.0%

🇪🇸 Spain

Agents in market: 35,000
Entry: Year 4
Year 3: —
Year 4: 250
Year 5: 1,050
% of market (Y5): 3.0%

🇩🇪 Germany (pilot Y4, roll-out Y5-6)

Agents in market: 70,000
Entry: Year 4
Year 3: —
Year 4: 200
Year 5: 1,400
% of market (Y5): 2.0%

🇳🇱 Netherlands

Agents in market: 14,000
Entry: Year 5
Year 3: —
Year 4: —
Year 5: 420
% of market (Y5): 3.0%

Total seats on the platform

Agents in market: 180,000
Entry: —
Year 3: 600
Year 4: 2,010
Year 5: 6,470
% of market (Y5): 3.6%

Market	Agents in market	Entry	Year 3	Year 4	Year 5	% of market (Y5)
🇧🇪 Belgium (home market)	11,000	Year 1	400	660	1,100	10.0%
🇫🇷 France	50,000	Year 3	200	900	2,500	5.0%
🇪🇸 Spain	35,000	Year 4	—	250	1,050	3.0%
🇩🇪 Germany (pilot Y4, roll-out Y5-6)	70,000	Year 4	—	200	1,400	2.0%
🇳🇱 Netherlands	14,000	Year 5	—	—	420	3.0%
Total seats on the platform	180,000	—	600	2,010	6,470	3.6%

Group revenue and result with expansion

🇧🇪 Belgium revenue (incl. student licences)

Year 3: €968,000
Year 4: €1,760,000
Year 5: €3,018,000

🇫🇷 France revenue

Year 3: €300,000
Year 4: €1,650,000
Year 5: €5,100,000

🇪🇸 Spain revenue

Year 3: —
Year 4: €375,000
Year 5: €1,950,000

🇩🇪 Germany revenue

Year 3: —
Year 4: €300,000
Year 5: €2,400,000

🇳🇱 Netherlands revenue

Year 3: —
Year 4: —
Year 5: €630,000

🇫🇷 France student licences (entry Y3 → students from Y4)

Year 3: —
Year 4: €60,000
Year 5: €240,000

🇪🇸 Spain student licences (entry Y4 → students from Y5)

Year 3: —
Year 4: —
Year 5: €45,000

🇩🇪 Germany student licences (pilot Y4 → students from Y5)

Year 3: —
Year 4: —
Year 5: €30,000

🇳🇱 Netherlands student licences (entry Y5 → students from Y6)

Year 3: —
Year 4: —
Year 5: —

Students in expansion markets (end of year)

Year 3: —
Year 4: 200
Year 5: 1,050

Total student licences outside Belgium

Year 3: —
Year 4: €60,000
Year 5: €315,000

Total group revenue

Year 3: €1,268,000
Year 4: €4,145,000
Year 5: €13,413,000

Belgian cost base (see 5-year plan)

Year 3: €774,000
Year 4: €1,031,000
Year 5: €1,443,000

Expansion cost (local sales, marketing, entity, support) — ±33% of local revenue

Year 3: €300,000
Year 4: €1,300,000
Year 5: €3,300,000

Total group costs

Year 3: €1,074,000
Year 4: €2,331,000
Year 5: €4,743,000

Group net result

Year 3: +€194,000
Year 4: +€1,814,000
Year 5: +€8,670,000

Line	Year 3	Year 4	Year 5
🇧🇪 Belgium revenue (incl. student licences)	€968,000	€1,760,000	€3,018,000
🇫🇷 France revenue	€300,000	€1,650,000	€5,100,000
🇪🇸 Spain revenue	—	€375,000	€1,950,000
🇩🇪 Germany revenue	—	€300,000	€2,400,000
🇳🇱 Netherlands revenue	—	—	€630,000
🇫🇷 France student licences (entry Y3 → students from Y4)	—	€60,000	€240,000
🇪🇸 Spain student licences (entry Y4 → students from Y5)	—	—	€45,000
🇩🇪 Germany student licences (pilot Y4 → students from Y5)	—	—	€30,000
🇳🇱 Netherlands student licences (entry Y5 → students from Y6)	—	—	—
Students in expansion markets (end of year)	—	200	1,050
Total student licences outside Belgium	—	€60,000	€315,000
Total group revenue	€1,268,000	€4,145,000	€13,413,000
Belgian cost base (see 5-year plan)	€774,000	€1,031,000	€1,443,000
Expansion cost (local sales, marketing, entity, support) — ±33% of local revenue	€300,000	€1,300,000	€3,300,000
Total group costs	€1,074,000	€2,331,000	€4,743,000
Group net result	+€194,000	+€1,814,000	+€8,670,000