39739569 2024-04-01 2025-03-31 39739569 2024-04-01 2025-03-31 39739569 2024-04-01 2025-03-31 1 39739569 2024-04-01 2025-03-31 1 39739569 2024-04-01 2025-03-31 2 39739569 2024-04-01 2025-03-31 3 39739569 2024-04-01 2025-03-31 4 39739569 2024-04-01 2025-03-31 5 39739569 2024-04-01 2025-03-31 1 39739569 2024-04-01 2025-03-31 2 39739569 2023-04-01 2024-03-31 39739569 2025-03-31 39739569 2024-03-31 iso4217:DKK xbrli:pure 2024-04-01 2025-03-31 2025-09-12 inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Buddingevej 312 2023-04-01 2024-03-31 Cerebriu A/S 39739569 Annual report Jens Folker Bruun Cerebriu A/S 39739569 Robert Megraw Lauritzen Peter George Savas Claudia Maria Colciago Homer Hung Pien Jonathan Paull Gertler Ulrik Spork Sten Pedersen State Authorised Public Accountant Mette Schüsler State Authorised Public Accountant Cerebriu A/S's primary activ­it­ies is to operate in the research and devel­op­ment, ser­vice, and sale of tech­no­logy-based products in the health­care sec­tor, includ­ing activ­it­ies related to enhan­cing radi­o­lo­gical pro­ductiv­ity, effi­ci­ency, work­flow and qual­ity through integ­ra­tion and auto­mated brain ima­ging. The Com­pany’s fin­an­cial per­form­ance in the fin­an­cial year amoun­ted to a loss of DKK -20.190.326 in line with budget. The equity at the bal­ance sheet date amoun­ted to DKK 104.381.594 com­pared to DKK 42.695.410 in the pre­vi­ous fin­an­cial year. Man­age­ment con­siders the Com­pany's fin­an­cial per­form­ance sat­is­fact­ory and in line with the budget and stra­tegic dir­ec­tions. Dur­ing the fin­an­cial year, the Com­pany suc­ceeded in rais­ing fin­an­cing from exist­ing and new invest­ors. The fin­an­cing covers cap­ital require­ments for devel­op­ment and opera­tion dur­ing the next fin­an­cial year. Based on this, it is Man­age­ment’s assess­ment that the Com­pany’s Annual Report may be presen­ted under the going con­cern assump­tion. Research and devel­op­ment costs and col­lab­or­a­tion with the health­care sec­tor are uncer­tain and dif­fi­cult to pre­dict when devel­op­ing deep tech med­ical devices. The cost and rais­ing of cap­ital for the con­tin­ued jour­ney depends on the invest­ment cli­mate, which is rel­at­ively risk averse, and there­fore real­istic. The Com­pany has so far been, and will con­tinue to be, cost-con­scious and con­ser­vat­ive.In pre­par­a­tion for com­mer­cial launch in the United States, the Com­pany has ini­ti­ated the build-up of a stra­tegic sales and part­ner pipeline. These ini­ti­at­ives are led in coordin­a­tion with the Com­pany’s US sub­si­di­ary and have res­ul­ted in the cre­a­tion of a receiv­able from group enter­prises at approx­im­ately USD 1 mil­lion. This asset is expec­ted to be cap­it­al­ized and depre­ci­ated over the com­ing fiscal years in line with account­ing prin­ciples and the anti­cip­ated real­iz­a­tion of rev­enue in the US mar­ket. The Com­pany expects to fur­ther intensify and expand its activ­it­ies and organ­iz­a­tion espe­ci­ally within Sales and Mar­ket­ing, but also in Research and Devel­op­ment. In par­tic­u­lar, the Com­pany will con­tinue to invest in inter­n­a­tional com­mer­cial read­i­ness, includ­ing fur­ther devel­op­ment of dis­tri­bu­tion part­n­er­ships and opera­tional cap­ab­il­it­ies for the anti­cip­ated US launch. The Board of Dir­ect­ors and The Exec­ut­ive Board have today con­sidered and adop­ted the annual report for 1 April 2024 - 31 March 2025 for Cerebriu A/S. Cerebriu A/S The annual report is pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the fin­an­cial state­ments give a true and fair view of the the com­pany's fin­an­cial pos­i­tion at 31 March 2025 and of the res­ults of its opera­tions for the fin­an­cial year 1 April 2024 - 31 March 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the annual report be adop­ted at the Annual Gen­eral Meet­ing. Robert Megraw Lauritzen CEO Peter George Savas Chairman Claudia Maria Colciago Board member Homer Hung Pien Board member Jonathan Paull Gertler Board member Ulrik Spork Board member To the share­holder's in Cerebriu A/S Cerebriu A/S Opinion We have audited the fin­an­cial state­ments of Cerebriu A/S for the fin­an­cial year 1 April 2024 - 31 March 2025, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity and notes. The fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the fin­an­cial state­ments give a true and fair view of the com­pany's fin­an­cial pos­i­tion as at 31 March 2025 and of the res­ults of the com­pany's opera­tions for the fin­an­cial year 1 April 2024 - 31 March 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. Cerebriu A/S Basis for Opinion We con­duc­ted our audit in accord­ance with Inter­n­a­tional Stand­ards on Audit­ing (ISAs) and addi­tional require­ments applic­able in Den­mark. Our respons­ib­il­it­ies under those stand­ards and require­ments are fur­ther described in the "Aud­itor’s respons­ib­il­it­ies for the audit of the fin­an­cial state­ments" sec­tion of this aud­itor’s report. We are inde­pend­ent of the com­pany in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and IESBA Code. We believe that the audit evid­ence we have obtained is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. Man­age­ment is respons­ible for the pre­par­a­tion of fin­an­cial state­ments that give a true and fair view in accord­ance with the Dan­ish Fin­an­cial State­ments Act, and for such internal con­trol as Man­age­ment determ­ines is neces­sary to enable the pre­par­a­tion of fin­an­cial state­ments that are free from mater­ial mis­state­ment, whether due to fraud or error. In pre­par­ing the fin­an­cial state­ments, Man­age­ment is respons­ible for assess­ing the com­pany's abil­ity to con­tinue as a going con­cern, for dis­clos­ing, as applic­able, mat­ters related to going con­cern, and for using the going con­cern basis of account­ing in pre­par­ing the fin­an­cial state­ments unless Man­age­ment either intends to liquid­ate the com­pany or to cease opera­tions, or has no real­istic altern­at­ive but to do so. Our object­ives are to obtain reas­on­able assur­ance about whether the fin­an­cial state­ments as a whole are free from mater­ial mis­state­ment, whether due to fraud or error, and to issue an aud­itor’s report that includes our opin­ion. Reas­on­able assur­ance is a high level of assur­ance, but is not a guar­an­tee that an audit con­duc­ted in accord­ance with ISAs and the addi­tional require­ments applic­able in Den­mark will always detect a mater­ial mis­state­ment when it exists. Mis­state­ments can arise from fraud or error and are con­sidered mater­ial if, indi­vidu­ally or in the aggreg­ate, they could reas­on­ably be expec­ted to influ­ence the eco­nomic deci­sions of users taken on the basis of these fin­an­cial state­ments. As part of an audit con­duc­ted in accord­ance with ISAs and the addi­tional require­ments applic­able in Den­mark, we exer­cise pro­fes­sional judge­ment and main­tain pro­fes­sional scep­ti­cism through­out the audit. We also: Identify and assess the risks of mater­ial mis­state­ment of the fin­an­cial state­ments, whether due to fraud or error, design and per­form audit pro­ced­ures respons­ive to those risks, and obtain audit evid­ence that is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. The risk of not detect­ing a mater­ial mis­state­ment res­ult­ing from fraud is higher than for one res­ult­ing from error as fraud may involve col­lu­sion, for­gery, inten­tional omis­sions, mis­rep­res­ent­a­tions, or the over­ride of internal con­trol. Obtain an under­stand­ing of internal con­trol rel­ev­ant to the audit in order to design audit pro­ced­ures that are appro­pri­ate in the cir­cum­stances, but not for the pur­pose of express­ing an opin­ion on the effect­ive­ness of the com­pany's internal con­trol.Evalu­ate the appro­pri­ate­ness of account­ing policies used and the reas­on­able­ness of account­ing estim­ates and related dis­clos­ures made by Man­age­ment.Con­clude on the appro­pri­ate­ness of Man­age­ment’s use of the going con­cern basis of account­ing in pre­par­ing the fin­an­cial state­ments, and, based on the audit evid­ence obtained, whether a mater­ial uncer­tainty exists related to events or condi­tions that may cast sig­ni­fic­ant doubt on the com­pany's abil­ity to con­tinue as a going con­cern. If we con­clude that a mater­ial uncer­tainty exists, we are required to draw atten­tion in our aud­itor’s report to the related dis­clos­ures in the fin­an­cial state­ments or, if such dis­clos­ures are inad­equate, to modify our opin­ion. Our con­clu­sions are based on the audit evid­ence obtained up to the date of our aud­itor’s report. How­ever, future events or condi­tions may cause the com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and con­tent of the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, and whether the fin­an­cial state­ments rep­res­ent the underly­ing trans­ac­tions and events in a man­ner that gives a true and fair view.We com­mu­nic­ate with those charged with govern­ance regard­ing, among other mat­ters, the planned scope and tim­ing of the audit and sig­ni­fic­ant audit find­ings, includ­ing any sig­ni­fic­ant defi­ci­en­cies in internal con­trol that we identify dur­ing our audit. Man­age­ment is respons­ible for Man­age­ment’s Review.Our opin­ion on the fin­an­cial state­ments does not cover Man­age­ment’s Review, and we do not express any form of assur­ance con­clu­sion thereon.In con­nec­tion with our audit of the fin­an­cial state­ments, our respons­ib­il­ity is to read Man­age­ment’s Review and, in doing so, con­sider whether Man­age­ment’s Review is mater­i­ally incon­sist­ent with the fin­an­cial state­ments or our know­ledge obtained dur­ing the audit, or other­wise appears to be mater­i­ally mis­stated.Moreover, it is our respons­ib­il­ity to con­sider whether Man­age­ment’s Review provides the inform­a­tion required under the Dan­ish Fin­an­ci­als State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the fin­an­cial state­ments and has been pre­pared in accord­ance with the require­ments of the Dan­ish Fin­an­cial State­ments Act.We did not identify any mater­ial mis­state­ment in Man­age­ment’s Review. Søborg 2025-08-25 inforevision statsautoriseret revisionsaktieselskab inforevision statsautoriseret revisionsaktieselskab 19263096 19263096 Sten Pedersen State Authorised Public Accountant mne23408 Mette Schüsler State Authorised Public Accountant mne51605 The annual report has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The annual report has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class B.Some pro­vi­sions from report­ing class C has been adop­ted.The account­ing policies have not been changed from last year. Reporting class B Con­sol­id­ated fin­an­cial state­ments has not been pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ment Act sec­tion 110. The fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is recog­n­ised in the income state­ment as earned. Fur­ther­more, value adjust­ments of fin­an­cial assets and liab­il­it­ies meas­ured at fair value or amort­ised cost are recog­n­ised. Moreover, all expenses incurred to achieve the earn­ings for the year are recog­n­ised in the income state­ment, includ­ing depre­ci­a­tion, amort­isa­tion, impair­ment losses and pro­vi­sions as well as reversals due to changed account­ing estim­ates of amounts that have pre­vi­ously been recog­n­ised in the income state­ment.Assets are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits attrib­ut­able to the asset will flow to the com­pany, and the value of the asset can be meas­ured reli­ably. Liab­il­it­ies are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits will flow out of the com­pany, and the value of the liab­il­ity can be meas­ured reli­ably.Assets and liab­il­it­ies are ini­tially meas­ured at cost. Sub­sequently, assets and liab­il­it­ies are meas­ured as described for each item below.Cer­tain fin­an­cial assets and liab­il­it­ies are meas­ured at amort­ised cost, which involves the recog­n­i­tion of a con­stant effect­ive interest rate over the matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the annual report which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. Gross profit/loss includes "Rev­enue""Cost of sales""Own work cap­it­al­ised""Other operat­ing income""External expenses". As income recog­n­i­tion cri­terion, the com­pleted con­tract method is applied so that rev­enue com­prises invoiced rev­enue for the year. Rev­enue from the sale of man­u­fac­tured goods and goods for resale is recog­n­ised in the income state­ment when deliv­ery is made and risk has passed to the buyer before the end of the fin­an­cial year. Rev­enue is meas­ured at fair value excl. VAT and less gran­ted goods and cus­tomer dis­counts. Own work cap­it­al­ised com­prises work per­formed in the fin­an­cial year on own assets which is cap­it­al­ised as intan­gible assets. The basis of meas­ure­ment is cost and com­prise staff costs. Cost of sales com­prise expenses incurred to earn rev­enue for the year includ­ing dir­ect costs, con­sult­ants etc. in the year. Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing pay­ments received from public author­it­ies as well as profit on sale of fixed assets. External expenses com­prises Selling costsCost of premises Admin­is­trat­ive expenses. In addi­tion, the item includes research and devel­op­ment costs not meet­ing the cri­teria for cap­it­al­isa­tion. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest, real­ised and unreal­ised exchange gains as well as interest reim­burse­ments under the Dan­ish Tax Pre­pay­ment Scheme. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest, real­ised and unreal­ised exchange losses as well as interest sur­charge under the Dan­ish Tax Pre­pay­ment Scheme. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Intan­gible assets are meas­ured at cost less accu­mu­late amort­isa­tion. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion.Devel­op­ment pro­jects in pro­gress are trans­ferred to com­pleted devel­op­ment pro­jects when the asset is ready to be put into opera­tion. Assets are amort­ised on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Acquired other sim­ilar rights 5 years Devel­op­ment pro­jects in pro­gress are not amort­ised.As the intan­gible assets are not being traded in an act­ive and effect­ive mar­ket, no resid­ual val­ues after end of use are included when determ­in­ing the amort­isa­tion period.Profit/loss on sale has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of intan­gible assets are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual amort­isa­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment are meas­ured at cost less accu­mu­late depre­ci­a­tion. The basis of depre­ci­a­tion is cost less estim­ated resid­ual value after the end of use­ful life. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives with fol­low­ing resid­ual val­ues: Cat­egory Period Resid­ual value Fix­tures, fit­t­ings, tools and equip­ment 3 years 0% Minor pur­chases with use­ful lives below one year have been recog­n­ised as an expense in the income state­ment in external expenses.Profit/loss on sale or retire­ment has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Invest­ments in group enter­prises have been meas­ured at cost. In the event, the cost exceeds the recover­able amount, a write­down is made to this lower value. Indic­a­tions of impair­ment exists for example when dividends exceed the accu­mu­lated earn­ings since the acquis­i­tion or when the cost exceeds the net asset value of the invest­ments in group enter­prises. Recover­able amount used is the highest value of the expec­ted net sales price and cap­ital value. Cap­ital value is determ­ined as the present value of the expec­ted net cash flow from the pos­ses­sion of the indi­vidual invest­ments.Impair­ment for losses for the year are recog­n­ised in the income state­ment as income from invest­ments in group enter­prise. Depos­its recog­n­ised as fixed assets are meas­ured at amort­ised cost, which usu­ally cor­responds to nom­inal amount. Receiv­ables are meas­ured in the bal­ance sheet at the lower of amort­ised cost and net real­is­able value, which cor­responds to nom­inal value less pro­vi­sions for bad debts. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Increases of the the share cap­ital is recog­n­ised dir­ectly into equity less related trans­ac­tion cost. Reserve for devel­op­ment expendit­ure com­prise cap­it­al­ised devel­op­ment expenses from 1 Janu­ary 2016. The reserve can­not be used for dividends or for elim­in­a­tion of neg­at­ive retained earn­ings. The reserve is reduced or dis­solved due to amort­isa­tion or divest­ment by trans­fer­ring the amount from the reserve to retained earn­ings. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.Deferred tax assets which are not expec­ted util­ised within a few years have been dis­closed in notes under con­tin­gent assets.Cor­por­a­tion tax relat­ing to the the fin­an­cial year which has not been settled at the bal­ance sheet date is clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Pro­vi­sions are recog­n­ised when - as a con­sequence of an event occurred before or on the bal­ance sheet date - a legal or con­struct­ive oblig­a­tion exist and it is prob­able that eco­nomic bene­fits must be given up to settle the oblig­a­tion. Pro­vi­sions are meas­ured at net present value. Fin­an­cial debts are recog­n­ised ini­tially at the pro­ceeds received net of trans­ac­tion expenses incurred, which are dir­ectly related with the loan. In sub­sequent years, fin­an­cial debts are meas­ured at amort­ised cost equal to the cap­it­al­ised value using the effect­ive interest rate. The dif­fer­ence between the pro­ceeds and the nom­inal value is recog­n­ised in the income state­ment over the loan period. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. Deferred income com­prises income received grants for devel­op­ment pro­jects and recog­n­ized as rev­enue as amort­iz­a­tion and impair­ment of devel­op­ment pro­jects are car­ried out. -401101 6050473 23222597 21790878 2092240 91922 -25715938 -15832327 322729 13171 983210 904540 -26376419 -16723696 -6186093 -4044794 -20190326 -12678902 -20190326 -12678902 0 0 77709292 56386102 77709292 56386102 361233 128214 361233 128214 731 731 8163760 0 192000 192000 8356491 192731 86427016 56707047 123939 0 0 3764458 941386 627566 5416434 5096530 671089 114475 7152848 9603029 42914822 8264756 50067670 17867785 136494686 74574832 3108620 1804438 60613248 43981160 40659726 -3090188 104381594 42695410 764540 1534451 608749 441312 1373289 1975763 8778254 8060840 348773 338286 9127027 8399126 2051819 3241189 3653364 2135230 15907593 16128114 21612776 21504533 30739803 29903659 136494686 74574832  Con­trib­uted cap­italReserve for devel­op­ment expendit­ureRetained earn­ingsTotal DKKDKKDKKDKK     Equity at 1 April 20231.577.81325.911.64513.658.66141.148.119Cap­ital increase226.625 13.999.56814.226.193Dis­trib­uted profit/loss for the year  -12.678.902-12.678.902Trans­ferred to reserve for devel­op­ment expendit­ure for the year 18.069.515-18.069.5150Equity at 1 April 20241.804.43843.981.160-3.090.18842.695.410Cap­ital increase1.304.182 80.572.32881.876.510Dis­trib­uted profit/loss for the year  -20.190.326-20.190.326Trans­ferred to reserve for devel­op­ment expendit­ure for the year 16.632.088-16.632.0880Equity at 31 March 20253.108.62060.613.24840.659.726104.381.594     2024/252023/24 DKKDKK   Wages and salar­ies22.458.09621.086.645Other social secur­ity costs226.107347.419Other staff cost538.394356.814Total23.222.59721.790.878   Average num­ber of full-time employ­ees2727       22458096 21086645 226107 347419 538394 356814 27 27  2024/252023/24 DKKDKK   Amort­isa­tion of intan­gible assets016.667Impair­ment losses of intan­gible assets2.024.1110Depre­ci­a­tion of prop­erty, plant and equip­ment68.12975.255Total2.092.24091.922  2024/252023/24 DKKDKK   Other fin­an­cial income322.72913.171Total322.72913.171 322729 13171  2024/252023/24 DKKDKK   Other fin­an­cial expenses983.210904.540Total983.210904.540 983210 904540       Cor­por­a­tion taxDeferred taxTax on profit/loss for the year2023/24 DKKDKKDKKDKK     Pay­ables at 1 April 2024-5.096.5301.534.451  Paid in respect of pre­vi­ous years5.096.278   Tax on profit/loss for the year-5.416.182-769.911-6.186.093-4.044.794Pay­ables at 31 March 2025-5.416.434764.540  Tax on profit/loss for the year recog­n­ised in the income state­ment  -6.186.093-4.044.794     Recog­n­i­tion in bal­ance sheet:    Short-term receiv­ables (cur­rent asset)-5.416.4340  Pro­vi­sions 764.540  Total-5.416.434764.540    Acquired other sim­ilar rightsDevel­op­ment pro­jects in pro­gressTotal2023/24 DKKDKKDKKDKK     Cost at 1 April 2024250.00056.386.10256.636.10233.470.058Addi­tions for the year023.347.30123.347.30123.166.044Cost at 31 March 2025250.00079.733.40379.983.40356.636.102     Amort­isa­tion and impair­ment losses at 1 April 2024-250.0000-250.000-233.333Amort­isa­tion for the year0 0-16.667Impair­ment losses for the year0-2.024.111-2.024.1110Amort­isa­tion and impair­ment losses at 31 March 2025-250.000-2.024.111-2.274.111-250.000     Car­ry­ing amount at 31 March 2025077.709.29277.709.29256.386.102  Fix­tures, fit­t­ings, tools and equip­mentTotal2023/24 DKKDKKDKK    Cost at 1 April 2024373.612373.612229.160Addi­tions for the year301.148301.148144.452Cost at 31 March 2025674.760674.760373.612    Depre­ci­a­tion and impair­ment losses at 1 April 2024-245.398-245.398-170.143Depre­ci­a­tion for the year-68.129-68.129-75.255Depre­ci­a­tion and impair­ment losses at 31 March 2025-313.527-313.527-245.398    Car­ry­ing amount at 31 March 2025361.233361.233128.214  Invest­ments in group enter­prisesReceiv­ables from group enter­prisesDepos­itsTotal2023/24 DKKDKKDKKDKKDKK      Cost at 1 April 20247310192.000192.731731Addi­tions for the year08.163.76008.163.760192.000Cost at 31 March 20257318.163.760192.0008.356.491192.731      Car­ry­ing amount at 31 March 20257318.163.760192.0008.356.491192.731   2024/252023/24  DKKDKK    Contributed capital beginning of the year 1.804.4381.577.813Capital increase 1.304.182226.625Total 3.108.6201.804.438    The share cap­ital is in the fin­an­cial year increased with 130,418,135 shares of DKK 0.01.    The share cap­ital con­sist of 310,861,957 shares cer­ti­fic­ates of DKK 0.01 at 31 March 2025. The share cap­ital is divided into classes.     The share cap­ital at 31 March 2025 con­sist of:SharesDenom­in­a­tionNom­inal value    A- shares73.251.0480732.510B- shares15.008.3260150.084C- shares222.602.58302.226.026Total310.861.95703.108.620     31‑03‑202531‑03‑2024 DKKDKK   Liab­il­it­ies in total:  Debt to credit insti­tu­tions8.778.2548.060.840Other pay­ables348.773338.286Total9.127.0278.399.126  2024/25 DKK  The com­pany has entered into rental com­mit­ment regard­ing rent of premises. The rental con­tract has a termin­a­tion period on 6 months. The total com­mit­ment rep­res­ents615.478Total rental and lease oblig­a­tions615.478 Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2025-09-12 2024-04-01 2025-03-31 2023-04-01 2024-03-31