For investors & Kanzlei partners · 2026

Beleggo

The provably-local engine for Europe's e-invoicing mandates — validate, fix and generate compliant invoices without a single byte leaving the device.

Beleggo · beleggo.de · Seed

Reading this as a tax practice (Steuerkanzlei)? Section 05 answers the three questions first: the business, the value, and what you sell your own clients. Every figure carries its source address at the foot of its own slide; the full list is at the end.

01

Why now

Europe is being legally forced onto structured e-invoicing.

The legislator sets the demand, on a fixed schedule, country by country. Nobody can opt out.

The demand clock is already ticking

🇩🇪
20251
Germany — receive obligation, every B2B
🇫🇷
2026-092
France: receive for all, issue for large & mid-size
🇩🇪
20271
Germany issue — prior-year turnover > €800k
🇩🇪
20281
Germany issue — everyone
🇪🇺
20303
ViDA — intra-EU B2B, EN 16931

Two German purchase-urgency waves and France are ahead of us, not behind. Every euro invested in the EN 16931 core keeps compounding toward 2030.

Sources: 1 bundesfinanzministerium.de/Content/DE/FAQ/e-rechnung.html · 2 impots.gouv.fr/facturation-electronique-entre-entreprises-tout-savoir-sur-la-reforme · 3 eur-lex.europa.eu/eli/dir/2025/516/oj/eng

Total addressable market

$8.9B→$23.7B

The global e-invoicing & compliance market, 2024 → 2028 — compounding at ~28% a year.4

Billentis puts the 2024 market at $8.9bn and projects ~$23.7bn by 20284. A rounding-error share of this is a real business.

Sources: 4 europe.thomsonreuters.com/newsroom/global-e-invoicing-market-growing-28-per-year-according-to-new-report

02

The problem

Structured invoices are brittle — and confidential.

Two problems in one file. Both are getting worse as volume mandates land.

One malformed field → silent rejection

An XRechnung ZUGFeRD Peppol file sits under 1,783 Schematron rules; our engine runs 1,818 checks per invoice7. Miss one and the invoice is silently rejected by the buyer's system — or the tax authority's.

The rules change on legally-mandated dates, several times a year. A validator with stale rules gives wrong compliance verdicts — the product silently failing.

The other half of the problem

The invoice carries customer names, bank details, revenue.

48%5
of German firms name data-protection requirements among the biggest obstacles to using AI (Bitkom 2025, n = 604)

Sources: 5 bitkom.org/Presse/Presseinformation/Durchbruch-Kuenstliche-Intelligenz · 7 beleggo.de/#conformance

The dirty secret of the "local" tools

The obvious fix is a desktop validator. So we opened the leading paid one and read its own docs.

"the software utilizes an external validation service, operated on a secure server by 7-PDF in Germany."6

The paid "desktop" competitor uploads every invoice — its own product page says so6. A genuinely on-device validator is far rarer than the market looks — and unlike a claim, this is checkable: open DevTools, pull the network cable, it still works.

Sources: 6 7-pdf.com/products/pdf-e-invoice-validator

03

The solution

Beleggo runs the whole compliance engine on the device.

Validate · auto-fix · generate · convert — browser, desktop, CLI, or AI agent. Nothing uploaded, ever. Verifiable by anyone.

What it does today

VALIDATE

5 layers deep

XSD → EN 16931 Schematron → PDF/A-3 container → page↔XML reconciliation → B2G preflight. 1,818 checks7.

FIX

Invalid → valid

One-click safe repairs, a guided editor, and a normalize tier — without changing a monetary value.

GENERATE

Create & convert

UBL ↔ CII ↔ ZUGFeRD/Factur-X PDF, validated before download.

FORMATS

8, one engine

XRechnung · Peppol BIS 3 · NL / RO / HR / PT CIUS · EN 16931 core.

SURFACES

Everywhere you work

Offline web PWA · desktop app (mac/win/linux) · CLI · a local MCP server.

LANGUAGES

DE · EN · FR

Invoices generate in the seller's language; the binding XML is identical.

Sources: 7 beleggo.de/#conformance

It's real, and it's proven

$ beleggo validate rechnung.xml
  ✗ invalid · XRechnung UBL · EN 16931
  BR-DE-15  Buyer reference (BT-10) missing
  → auto-fixable

$ beleggo fix rechnung.xml --validate
  invalid → valid
  wrote rechnung.fixed.xml

Cross-checked against the officials

Verdicts asserted against the KoSIT jar, Service-BW, the EU ITB and VeraPDF — the same engines behind the government routers.

1,8187
checks per invoice · 1,783 from the official Schematron
7227
samples checked against the official validators · 0 open disagreements, documented

Both figures, with the pinned ruleset versions, are public at beleggo.de/#conformance and generated from the repository — they cannot drift from the product.

Sources: 7 beleggo.de/#conformance

04

Defensibility

Three moats you can't decompile.

The rules are public and the engine can be rebuilt. These can't be copied.

Why we win

01

Provably local

The one claim server-side incumbents structurally cannot make — aligned with the data-protection objection nearly half the market names5, and checkable by anyone.

02

The freshness treadmill

Rules change on legal dates. We ship the updates so the customer doesn't watch six national feeds. Recurring by construction.

03

The referee

The data kit (722 samples, 157 of them ZUGFeRD hybrids; 722 cross-checked against the official validators7) + the cross-validator report = we sell the proof your software is right. Vendor-neutral trust compounds.

Sources: 5 bitkom.org/Presse/Presseinformation/Durchbruch-Kuenstliche-Intelligenz · 7 beleggo.de/#conformance

Business model — a ladder, not a price

Entry
Studio · CLI · MCP
The funnel & agent-discovery channel.
Single seat
Desktop
SMB & Kleinunternehmer — batch, watch folders, branding.
Multi-seat
Kanzlei & data kit
Tax practices, QA & data-kit teams.
License
OEM / white-label
Vendors & partners who embed or resell.

The ladder climbs by reach, not by usage: you buy the edition, you subscribe to the ruleset. The artefactsUntil license claim turns that into recurring revenue on a renewal cycle the legislator sets1. Terms are discussed, not picked from a cart.

Sources: 1 bundesfinanzministerium.de/Content/DE/FAQ/e-rechnung.html

Distribution — the channel incumbents can't follow

The agent channel

The MCP Tier-1 SDKs are at close to half a billion downloads a month8. Beleggo is a local MCP server an AI agent calls to validate & fix invoices inside the workflow.

A surface Google can't disintermediate and server-side rivals can't enter without breaking their own architecture. Classic programmatic-SEO is dying — Snyk sunset its flagship SEO tool Advisor in January 20269.

White-label & OEM

Client-side architecture = each partner deployment is a static bundle — near-zero to operate, no per-tenant data liability.

A partner is the sales channel a small team can't build: Kammern, Steuerberater networks, ERP vendors. Server-side competitors can't white-label without hosting the data.

Sources: 8 blog.modelcontextprotocol.io/posts/2026-07-28 · 9 snyk.io/blog/snyk-advisor-security-database

Competition

 
Free Java
Hosted SaaS
7-PDF
Beleggo
Provably local (no upload)
server-side
uploads
uploads
✓
Product surface · UI/CLI/MCP
library
✓
thin client
✓
Auto-fix · container · page↔XML
✗
partial
✗
✓
Runs in the browser / on device
JVM
✗
✗
✓ WASM
Multi-country · one engine
manual
✓
DE only
✓ ×8

Mustang and phive-rules are excellent and open source — but Java libraries for integrators, not a product: no surface, no auto-fix, no container or page↔XML reconciliation. Distribution is the bottleneck we solve.

05

For tax practices

Your brand, our engine — and an offer your clients cannot get anywhere else.

Three slides: the business, the value to the practice, and what you sell your own clients out of it.

The business — what a partnership actually is

INSIDE THE PRACTICE

A multi-seat licence

Clients as folders, several watch folders, a per-client stocktake, a handover bundle — on your letterhead, on your machines.

FACING OUTWARD

Under your own name

App, reports, process documentation and test data rebranded to your practice — name, logo, accent colour, per view and per language.

WHAT YOU OPERATE

Nothing

A branded build is a folder of files on the webspace you already have. No server, no database, no client data at our end — and therefore no processing agreement.

Rebranding and shipping run on an OEM licence; multi-seat use inside the practice on a Kanzlei licence. The shape is discussed. In full: beleggo.de/en/tax-practices

The value — why a tax practice in particular wins

NO AVV, NO § 203

The documents stay in the house

Art. 28 GDPR presupposes somebody processing data on your behalf. Here nobody does: no server, no account. The professional-secrecy questions (§ 203 StGB, § 30 AO) do not arise either10 — and it is checkable, not merely warranted.

THE WAVE COMES TO YOU

2027 and 2028

From 2027 businesses above €800k prior-year turnover must issue e-invoices, from 2028 everyone1. The small clients send the result to their tax practice — and expect it sorted out.

RIVALS CANNOT MATCH IT

Everyone else uploads

A vendor whose validation runs server-side cannot let your clients check an invoice on your site without its data centre seeing the document6.

THE VERDICT HOLDS

Evidenced, not asserted

1,818 checks per invoice, 722 samples against KoSIT, Service-BW and the EU ITB, no open disagreements — public, with the pinned ruleset versions7.

Sources: 1 bundesfinanzministerium.de/Content/DE/FAQ/e-rechnung.html · 6 7-pdf.com/products/pdf-e-invoice-validator · 7 beleggo.de/#conformance · 10 gesetze-im-internet.de/stgb/__203.html

The sale — six services you offer your clients

01 · ON YOUR SITE

"Check it with us."

Your own validation app under your name. The client drops the file in and gets a verdict at once — you never see the document.

02 · NO ERP NEEDED

He issues it himself

Fill a form, download a valid XRechnung or ZUGFeRD PDF. Saves him a software purchase and saves you the query.

03 · BILLABLE

Readiness report

Dated, on your letterhead: which defects his software failed to catch — tested with invoices carrying his real company details.

04 · BILLABLE

Inbound review

The complete inbound as a stocktake: who still sends wrongly, and how much input VAT is at risk per currency.

05 · RECURRING

Chase the suppliers

The list from 04 becomes a service: write to them, re-check the corrected document, measure again four weeks later.

06 · BILLABLE

Process documentation

The e-invoicing chapter as a draft, plus the check log and the sealed document set.

Plus the two that never bill directly and work anyway: the client seminar where everyone drops in their own documents without one leaving the room — and the onboarding check that opens a first meeting with figures instead of a questionnaire.

Let the AI write the invoice — locally, we're the one who checks it.

The deterministic guardrail for a probabilistic AI-accounting wave — a position the incumbents cannot copy.

The ask

We've built the engine, the proof and the channel.

Fund the go-to-market to own the provably-local layer of EU e-invoicing — while the legislature keeps scheduling demand for 2026-09, 2027, 2028 and 2030.

Beleggo · [email protected] · beleggo.de

Sources

Every figure on the preceding slides carries a number and, at the foot of its own slide, the address. Retrieved September 2026.

1German Federal Ministry of Finance, FAQ "Elektronische Rechnung" — receive obligation since 2025-01-01; issue obligation from 2027-01-01 above €800,000 prior-year turnover, from 2028-01-01 for all.bundesfinanzministerium.de/Content/DE/FAQ/e-rechnung.html
2DGFiP / impots.gouv.fr — receive obligation for all from 2026-09-01; issue obligation for large and mid-size firms from 2026-09-01, for SMEs from 2027-09-01.impots.gouv.fr/facturation-electronique-entre-entreprises-tout-savoir-sur-la-reforme
3Council Directive (EU) 2025/516 (ViDA), OJ 2025-03-25 — EN 16931 e-invoicing for intra-EU B2B from 2030-07-01.eur-lex.europa.eu/eli/dir/2025/516/oj/eng
4Billentis, "The Global E-Invoicing and Tax Compliance Report: Watch the Tornado!" (2024) — market value $8.9bn (2024) → ~$23.7bn (2028), ~28 % a year.europe.thomsonreuters.com/newsroom/global-e-invoicing-market-growing-28-per-year-according-to-new-report
5Bitkom, "Künstliche Intelligenz in Deutschland", press conference 2025-09-15 — n = 604 German firms with 20+ employees: 48 % name data-protection requirements among the biggest obstacles, 53 % legal uncertainty.bitkom.org/Presse/Presseinformation/Durchbruch-Kuenstliche-Intelligenz
67-PDF, product page "PDF E-Invoice Validator" — the vendor's own wording.7-pdf.com/products/pdf-e-invoice-validator
7Our own figures — checks per invoice, rule count, samples, disagreements and pinned ruleset versions. Public, and generated from the repository (scripts/build-conformance.mjs).beleggo.de/#conformance
8Model Context Protocol Blog, "The 2026-07-28 Specification", 2026-07-28 — "close to half-a-billion downloads a month" across the Tier 1 SDKs.blog.modelcontextprotocol.io/posts/2026-07-28/
9Snyk — sunset of Snyk Advisor (advisor.snyk.io) in January 2026.snyk.io/blog/snyk-advisor-security-database/
10Art. 28 GDPR, § 203 StGB, § 30 AO — statutory texts; the reading for tax practices in full at beleggo.de/en/tax-practices.gesetze-im-internet.de/stgb/__203.html · gesetze-im-internet.de/ao_1977/__30.html