Villa stays & events · 2026 · Prepared by TMG Books · operating margin, before financing and tax (EUR)
Highlights · Jan to Sep 2026 · Original property
Revenue of €109,605 YTD, gross margin €98,894 (90%) after platform commissions, operating margin €32,324 (29%).
September revenue was €15,277 for the month; accommodation is the core driver, experiences a growing second line.
Platform commissions are treated as cost of sales (they scale with bookings); personnel and property are the main operating blocks.
Operating view: the Chiesa loan (financing) and tax are not included, in line with the source accounts.
Profit & Loss — Casa Bada (Original)
P&L (Operating)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
YTD 2026
Accommodation revenue
€698
€3,677
€4,155
€9,439
€13,372
€16,124
€16,457
€17,981
€14,359
€96,262
Experiences revenue
€0
€434
€1,757
€581
€632
€1,055
€1,614
€822
€918
€7,813
Other income
€0
€5,530
€0
€0
€0
€0
€0
€0
€0
€5,530
Total Revenue
€698
€9,641
€5,912
€10,020
€14,004
€17,179
€18,071
€18,803
€15,277
€109,605
COST OF SALES
€270
€454
€616
€36
€1,401
€1,569
€725
€3,989
€1,651
€10,711
Platform commissions
€270
€454
€616
€36
€1,401
€1,569
€725
€3,989
€1,651
€10,711
GROSS MARGIN
€428
€9,187
€5,296
€9,984
€12,603
€15,610
€17,346
€14,814
€13,626
€98,894
Gross Margin %
61%
95%
90%
100%
90%
91%
96%
79%
89%
90%
PERSONNEL
€401
€559
€727
€1,137
€1,696
€1,809
€1,479
€1,435
€1,083
€10,326
Personnel
€401
€559
€727
€1,137
€1,696
€1,809
€1,479
€1,435
€1,083
€10,326
PROPERTY & OPERATIONS
€498
€3,207
€2,467
€4,143
€4,370
€4,425
€4,773
€4,612
€6,370
€34,865
Rent & leases
€261
€1,637
€1,732
€2,186
€2,287
€2,193
€2,340
€1,950
€2,243
€16,829
Electricity
€194
€186
€0
€121
€517
€393
€536
€916
€1,019
€3,882
Gas & heating
€0
€181
€0
€540
€0
€0
€0
€432
€0
€1,153
Maintenance
€0
€824
€200
€0
€250
€300
€1,205
€285
€2,308
€5,372
Supplies & cleaning
€0
€340
€492
€1,246
€873
€1,297
€401
€603
€758
€6,010
Fuel
€0
€0
€0
€8
€60
€200
€120
€383
€0
€771
Waste
€0
€0
€0
€0
€340
€0
€0
€0
€0
€340
Insurance
€43
€39
€43
€42
€43
€42
€171
€43
€42
€508
PROFESSIONAL & ADMIN
€0
€1,182
€1,238
€3,881
€1,517
€1,745
€3,377
€1,210
€1,145
€15,295
Accounting & admin advisory
€0
€1,145
€1,145
€1,675
€1,145
€1,145
€1,540
€1,145
€1,145
€10,085
Other consulting
€0
€0
€0
€1,945
€0
€0
€1,716
€0
€0
€3,661
Software licenses
€0
€0
€0
€42
€145
€600
€121
€0
€0
€908
Telephone
€0
€37
€93
€219
€227
€0
€0
€65
€0
€641
OTHER COSTS
€1,136
€248
€934
€1,038
€577
€1,713
€93
€39
€306
€6,084
Bank charges
€1,028
€50
€245
€46
€149
€202
€54
€27
€138
€1,939
Stamp duty
€39
€8
€8
€39
€10
€10
€39
€0
€0
€153
Entertainment & representation
€0
€0
€0
€22
€44
€0
€0
€12
€0
€78
Non-deductible charges
€69
€190
€681
€931
€374
€1,501
€0
€0
€168
€3,914
TOTAL OPERATING COSTS
€2,035
€5,196
€5,366
€10,199
€8,160
€9,692
€9,722
€7,296
€8,904
€66,570
OPERATING MARGIN
-€1,607
€3,991
-€70
-€215
€4,443
€5,918
€7,624
€7,518
€4,722
€32,324
Operating Margin %
-230%
41%
-1%
-2%
32%
34%
42%
40%
31%
29%
Highlights · Jan to Sep 2026 · Church (Chiesa)
The Church (Chiesa) is a property in build-out: no revenue booked in 2026 yet, with €9,290 of setup costs YTD and an operating loss of €9,290 while it is prepared.
Main costs are notary and administrative advisory, property tax (IMU) and renovation-related services.
Financing (the Chiesa loan) and tax sit outside this P&L, in line with the source accounts.
Profit & Loss — Casa Bada (Church)
P&L (Operating)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
YTD 2026
Total Revenue
€0
€0
€0
€0
€0
€0
€0
€0
€0
€0
PROPERTY & OPERATIONS
€111
€100
€216
€215
€111
€107
€0
€123
€0
€983
Electricity
€0
€0
€0
€0
€0
€0
€0
€123
€0
€123
Rentals & hire
€0
€0
€105
€108
€0
€0
€0
€0
€0
€213
Property tax (IMU)
€111
€100
€111
€107
€111
€107
€0
€0
€0
€647
PROFESSIONAL & ADMIN
€1,407
€1,117
€987
€987
€3,061
€600
€0
€0
€0
€8,159
Accounting & admin advisory
€1,407
€1,117
€987
€987
€987
€0
€0
€0
€0
€5,485
Notary fees
€0
€0
€0
€0
€2,074
€0
€0
€0
€0
€2,074
Software licenses
€0
€0
€0
€0
€0
€600
€0
€0
€0
€600
OTHER COSTS
€0
€0
€0
€0
€148
€0
€0
€0
€0
€148
Other services
€0
€0
€0
€0
€148
€0
€0
€0
€0
€148
TOTAL OPERATING COSTS
€1,518
€1,217
€1,203
€1,202
€3,320
€707
€0
€123
€0
€9,290
OPERATING MARGIN
-€1,518
-€1,217
-€1,203
-€1,202
-€3,320
-€707
€0
-€123
€0
-€9,290
Operating Margin %
—
—
—
—
—
—
—
—
—
—
Highlights · Jan to Sep 2026 · Consolidated (Original + Church)
Group revenue of €109,605 YTD, gross margin €98,894 (90%) after platform commissions, operating margin €23,032 (21%).
The Original property carries the group; the Church build-out reduces the consolidated margin while it is still pre-revenue.
Operating view: the Chiesa loan (financing) and tax are not included, in line with the source accounts.
Profit & Loss — Casa Bada (Consolidated)
P&L (Operating)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
YTD 2026
Accommodation revenue
€698
€3,677
€4,155
€9,439
€13,372
€16,124
€16,457
€17,981
€14,359
€96,262
Experiences revenue
€0
€434
€1,757
€581
€632
€1,055
€1,614
€822
€918
€7,813
Other income
€0
€5,530
€0
€0
€0
€0
€0
€0
€0
€5,530
Total Revenue
€698
€9,641
€5,912
€10,020
€14,004
€17,179
€18,071
€18,803
€15,277
€109,605
COST OF SALES
€270
€454
€616
€36
€1,401
€1,569
€725
€3,989
€1,651
€10,711
Platform commissions
€270
€454
€616
€36
€1,401
€1,569
€725
€3,989
€1,651
€10,711
GROSS MARGIN
€428
€9,187
€5,296
€9,984
€12,603
€15,610
€17,346
€14,814
€13,626
€98,894
Gross Margin %
61%
95%
90%
100%
90%
91%
96%
79%
89%
90%
PERSONNEL
€401
€559
€727
€1,137
€1,696
€1,809
€1,479
€1,435
€1,083
€10,326
Personnel
€401
€559
€727
€1,137
€1,696
€1,809
€1,479
€1,435
€1,083
€10,326
PROPERTY & OPERATIONS
€609
€3,307
€2,683
€4,358
€4,481
€4,532
€4,773
€4,736
€6,370
€35,849
Rent & leases
€261
€1,637
€1,732
€2,186
€2,287
€2,193
€2,340
€1,950
€2,243
€16,829
Electricity
€194
€186
€0
€121
€517
€393
€536
€1,040
€1,019
€4,006
Gas & heating
€0
€181
€0
€540
€0
€0
€0
€432
€0
€1,153
Maintenance
€0
€824
€200
€0
€250
€300
€1,205
€285
€2,308
€5,372
Supplies & cleaning
€0
€340
€492
€1,246
€873
€1,297
€401
€603
€758
€6,010
Fuel
€0
€0
€0
€8
€60
€200
€120
€383
€0
€771
Waste
€0
€0
€0
€0
€340
€0
€0
€0
€0
€340
Insurance
€43
€39
€43
€42
€43
€42
€171
€43
€42
€508
Rentals & hire
€0
€0
€105
€108
€0
€0
€0
€0
€0
€213
Property tax (IMU)
€111
€100
€111
€107
€111
€107
€0
€0
€0
€647
PROFESSIONAL & ADMIN
€1,407
€2,299
€2,225
€4,868
€4,578
€2,346
€3,377
€1,210
€1,145
€23,455
Accounting & admin advisory
€1,407
€2,262
€2,132
€2,662
€2,132
€1,145
€1,540
€1,145
€1,145
€15,570
Other consulting
€0
€0
€0
€1,945
€0
€0
€1,716
€0
€0
€3,661
Notary fees
€0
€0
€0
€0
€2,074
€0
€0
€0
€0
€2,074
Software licenses
€0
€0
€0
€42
€145
€1,201
€121
€0
€0
€1,509
Telephone
€0
€37
€93
€219
€227
€0
€0
€65
€0
€641
OTHER COSTS
€1,136
€248
€934
€1,038
€725
€1,713
€93
€39
€306
€6,232
Bank charges
€1,028
€50
€245
€46
€149
€202
€54
€27
€138
€1,939
Stamp duty
€39
€8
€8
€39
€10
€10
€39
€0
€0
€153
Entertainment & representation
€0
€0
€0
€22
€44
€0
€0
€12
€0
€78
Non-deductible charges
€69
€190
€681
€931
€374
€1,501
€0
€0
€168
€3,914
Other services
€0
€0
€0
€0
€148
€0
€0
€0
€0
€148
TOTAL OPERATING COSTS
€3,553
€6,413
€6,569
€11,401
€11,480
€10,400
€9,722
€7,420
€8,904
€75,862
OPERATING MARGIN
-€3,125
€2,774
-€1,273
-€1,417
€1,123
€5,210
€7,624
€7,394
€4,722
€23,032
Operating Margin %
-448%
29%
-22%
-14%
8%
30%
42%
39%
31%
21%
Prepared by TMG Books. Figures reconciled to the source accounts (Conto Economico per centro di costo, Biemme). Operating margin shown before financing and tax. Consolidated = Original + Church. Updated: September 2026.
Highlights · Jan to Sep 2026 · Original property