There is no compensation under EC 261/2004. However, there is reimbursement for your reasonable necessities purchased during this short delay. At EUR 523 for 4 people, your claim has likely triggered a first and possibly more extensive review for reasonableness. Without knowing what you purchased, hard to give an opinion, but in 2-3 months you should hear back. Whether all of it gets paid is a different question.
For the benefit of others, the vast majority of bag delays are resolved in 24-36 hours. It is generally a good idea to use generous cabin baggage allowances to pack the first 2-3 days (or more) of items and thus avoid this issue entirely.