Finance check methodology
All formulas and thresholds are public. Until milestone M7 Bilanzbert scores with RELACON rules of thumb, not with industry averages.
RELACON rules of thumb
| Figure | Weight | Green | Yellow | Red |
|---|---|---|---|---|
| Revenue growth | 10 | ≥ 5 % | ≥ 0 % | < 0 % |
| Revenue per employee | — | Industry classification follows (M7). | ||
| Gross margin | — | Industry classification follows (M7). | ||
| Personnel cost ratio | — | Industry classification follows (M7). | ||
| EBITDA margin | 10 | ≥ 10 % | ≥ 5 % | < 5 % |
| EBIT margin | 20 | ≥ 8 % | ≥ 3 % | < 3 % |
| Cash runway | 25 | ≥ 3 months | ≥ 1 months | < 1 months |
| Days sales outstanding (DSO) | 10 | ≤ 30 days | ≤ 60 days | > 60 days |
| Debt payback | 15 | ≤ 3 years | ≤ 5 years | > 5 years |
| Customer concentration | 10 | ≤ 20 % | ≤ 40 % | > 40 % |
Ruleset: 2026-10-faustregeln-1
Formulas
- Revenue growth
(revenue / revenuePrev − 1) × 100 - Revenue per employee
revenue / fte - Gross margin
(revenue − cogs) / revenue × 100 - Personnel cost ratio
personnel / revenue × 100 - EBITDA margin
(revenue − cogs − personnel − otherOpex) / revenue × 100 - EBIT margin
(EBITDA − depreciation) / revenue × 100 - Cash runway
cash / ((personnel + otherOpex) / 12) - Days sales outstanding (DSO)
receivables / revenue × 365 - Debt payback
(debt − cash) / EBITDA - Customer concentration
topCustomerShare
Grade
Points = sum of weight × (green 1 / yellow 0.5 / red 0) ÷ sum of weights × 100. A from 85, B from 70, C from 55, D from 40, otherwise F. Boundaries belong to the better level.
If a severe rule is red, the grade is at most D. Severe means cash runway below one month and debt payback above five years or not repayable.
Where the thresholds come from
The thresholds are RELACON experience values, not statistics. The owner reviews them before go-live. Every change bumps the ruleset version; stored reports keep their version.
No tax, legal or investment advice. The assessment does not replace advice from a tax adviser, auditor or bank.