As at 1 September 2026, La Forge had 353 members, following €9,000 in advertising expenditure since opening. The club represents a total investment of €1,200,000, including construction work, equipment and launch costs. This was financed through contributions from the founders, a €400,000 professional loan and a leased equipment portfolio.

According to the financial model included in the documentation, break-even will be reached in November 2026, five months after opening. It will temporarily be lost again in January 2027 due to the increase in costs associated with recruitment. Break-even will be achieved on a sustainable basis from February 2027, once the January increase in costs has been absorbed. As 70% of costs are fixed beyond this point, each additional member will contribute almost entirely to earnings.

2027: consolidate the break-even point reached in November 2026, fill the first location to its capacity of 1,568 members and subsequently increase its capacity to 2,138 members through the expansion financed by the fundraising round, which is foreseen to become operational by September 2027 at the latest. Preparations for the opening of the second location will also begin.

2028: fill the extension during the January peak and open the second location in September. Consolidated operating capacity will reach between 3,850 and 4,500 members.

2029 to 2031: fill both locations and grow the corporate channel to a maximum of 20% of the membership base. This ceiling is intended to preserve pricing and the experience offered to individual members. The model projects revenue of €3.68 million and EBITDA of €1.49 million in 2030, representing a margin of 40.4%. A net cash position free of debt is expected from 2029 onwards, based on only two locations.

Consolidated projected income statement, in euros and excluding VAT. The 2026 financial year covers the company’s first accounting period, from incorporation to 31 December 2026, representing fifteen months.

The projections are based on the €250,000 target fundraising scenario and do not assume any subsequent financing round. The round is open with three thresholds: €150,000, €250,000 and €400,000.

Operating revenue: €289,000 in 2026; €1.25 million in 2027, as the first location reaches capacity and is subsequently expanded; €2.06 million in 2028, following the opening of the second location in September; €3.17 million in 2029; €3.68 million in 2030; and €3.74 million in 2031, when both locations are fully occupied.

The membership base increases from 708 members at the end of 2026 to 1,901 at the end of 2027, 2,795 at the end of 2028, 3,802 at the end of 2029 and 3,848 in both 2030 and 2031.

EBITDA: negative during the launch year (-€112,000 in 2026), followed by €390,000 in 2027 (31% of revenue), €702,000 in 2028 (34%), €1.15 million in 2029 (36%), €1.49 million in 2030 (40%) and €1.52 million in 2031 (41%).

After depreciation, interest expenses and corporate income tax, net profit amounts to -€189,000 in 2026, €264,000 in 2027, €375,000 in 2028, €648,000 in 2029, €899,000 in 2030 and €917,000 in 2031.

Cash position, including VAT: €17,554 as at 31 August 2026. Receipt of the funds raised in October 2026 brings the year-end 2026 cash position to €273,000.

In 2027, operations generate €472,000 and finance the expansion works for the first location. The year-end cash position reaches €465,000. In 2028, construction of the second location is financed by the expanded first location, independently of the fundraising round. The year-end cash position reaches €503,000.

From 2029 to 2031, operations generate between €0.94 million and €1.16 million per year after tax. The year-end cash position increases to €1.26 million in 2029, €2.22 million in 2030 and €3.14 million in 2031.

Cash remains positive in every month throughout the entire period. The lowest point is reached in April 2027, at €234,095, during the first month of expenditure relating to the expansion.

Individual memberships represent 78% of revenue in 2026. The model reduces their share to 66% by 2031, not by decreasing this revenue stream, but by developing four additional sources of revenue around the same infrastructure.

The Réseau des Forgerons is our internal social and business club. It provides self-employed professionals with facilities and a network sharing the values of sport and well-being, as an alternative to traditional business clubs. It currently accounts for 11% of the membership base, with a target of 15%.

The B2B channel brings in groups of members under framework agreements.

Coaching is sold through monitoring subscriptions and packages of individual coaching hours.

Finally, other ancillary income includes merchandising, drinks – and soon prepared meals – while two areas are sublet to a physiotherapist and an EMS operator.

These revenue streams reduce the business model’s dependence on individual memberships alone – which, by comparison, account for approximately 95% of Basic-Fit’s revenue – without requiring additional floor space or equipment. They are administered through our internal management system, which handles billing, access control and the independent monitoring of each group.

We use four channels: referrals from existing members; spontaneous visits supported by local awareness and word of mouth; geographically targeted online campaigns; and, soon, framework agreements with companies in the area.

January and February represent the most important acquisition period of the year due to the impact of New Year’s resolutions.

A fifth and least expensive driver is added to these channels: retaining existing members. Our system detects declining attendance several weeks before a potential cancellation, enabling us to take action to reduce churn risk.

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