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A Horizon Europe coordinator with a €1,500,000 grant and 40% pre-financing will see €205,000 held back until the final payment, up to 150 days after the project ends. Here is the whole schedule, worked from the rules in the EU Annotated Grant Agreement (AGA V2.0, 01.04.2025):
| Line | Amount |
|---|---|
| Initial pre-financing (40%) | €600,000 |
| Retained for the Mutual Insurance Mechanism (5%) | €75,000 |
| Cash paid on day one | €525,000 |
| Interim payment after period 1 (€800,000 accepted) | €750,000 |
| Accepted but pushed back by the 90% ceiling | €50,000 |
| Withheld until the final payment (balance €130,000 + MIM €75,000) | €205,000 |
| Cost of carrying it at a 6% borrowing rate for 150 days | €5,054.79 |
Why the money arrives late
Two rules do it. First, for Horizon Europe the contribution to the Mutual Insurance Mechanism, 5% of the maximum grant, is deducted from the initial pre-financing and released only at the end of the action. The AGA's own example: on a €1,000,000 grant with 40% pre-financing, €50,000 is retained from €400,000. Second, pre-financing plus interim payments may not exceed the interim payment ceiling in your Data Sheet, usually 90% of the maximum grant. In our case the ceiling is €1,350,000; with €600,000 of pre-financing already counted, the period 1 payment stops at €750,000 even though €800,000 was accepted.
When the last payment comes
The final periodic report is due 60 days after the last reporting period ends. The granting authority then has the payment deadline in your Data Sheet, 90 or 60 days, to pay. If both run to the last day, the balance plus the MIM release reaches the coordinator 150 days after the project ends (120 days with a 60-day deadline). If the authority suspends the deadline because a report needs fixing (Art. 29), the clock stops and the wait gets longer.
Three grants, three answers
- €1,500,000, 40% pre-financing, €800,000 + €680,000 accepted, 90-day deadline: €205,000 withheld, €5,054.79 carrying cost at 6%.
- €800,000, 60% pre-financing, €400,000 + €390,000 accepted, 60-day deadline: the ceiling cuts the interim payment to €240,000, €160,000 is pushed back and €110,000 is withheld for up to 120 days, €2,169.86 at 6%.
- €1,500,000 where both periods claim €900,000: the final grant is capped at €1,500,000 and €225,000 is withheld, €5,547.95 at 6%.
What the free calculator does
Type your maximum grant, pre-financing rate, the accepted EU contribution per period, the payment deadline and your own borrowing rate. Twelve lines update as you type, in your browser, with nothing uploaded. The MIM rate and the ceiling stay filled in with the Horizon Europe defaults; change them if your Data Sheet says otherwise.
What the spreadsheet adds
The .xlsx has the same twelve formulas plus a dated Payment Calendar: enter the starting date, the date the agreement entered into force and up to four reporting periods, and you get each period end date, report due date, latest payment date, interim payment and cumulative cash, with a check that the total equals the final grant amount. It is a one-time payment, not a subscription.
If the EU pays after the deadline, the AGA grants late-payment interest at the ECB main refinancing rate plus 3.5 points; amounts of €200 or less are paid only on request within two months. Check your own Data Sheet before you plan: pre-financing rate, ceiling and deadline are set per grant.
15 seconds — what it actually does
Questions people ask
What does this project funding disbursement schedule calculator do?
It turns your Horizon Europe Data Sheet numbers into a payment schedule. Example: a €1,500,000 grant with 40% pre-financing and €800,000 + €680,000 accepted pays €525,000 on day one and €750,000 after period 1, and withholds €205,000 until the final payment, up to 150 days after the project ends.
Who is this for?
Coordinators and grant managers of Horizon Europe projects at universities, research institutes and SMEs who must tell their finance office when EU money arrives and how much the organisation carries until the final payment: 60 days for the final report plus the 90- or 60-day payment deadline in the Data Sheet.
Why not use a free cash-flow template?
A generic template treats the grant as paid when costs are accepted. Horizon Europe does not: 5% of the maximum grant is retained from the initial pre-financing for the Mutual Insurance Mechanism, and pre-financing plus interim payments stop at the interim ceiling, usually 90%. Everything above that arrives only with the final payment.
What is free on the web page?
The whole schedule for one grant with two reporting periods: day-one cash, the interim payment, the amount the 90% ceiling pushes back, the final balance, the MIM release, the days until the final payment and your cost of carrying it. Nothing is blocked and no sign-up is needed; it runs in your browser.
What does the paid file add?
A one-time $21 .xlsx with a dated Payment Calendar for up to 4 reporting periods: period end dates, report due dates, latest payment dates, each interim payment and cumulative cash received, with a check that the total equals the final grant. It is a one-off payment, not a subscription, and every formula stays visible.
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