379904852024-01-012024-12-31379904852024-12-31379904852023-12-31fsa:ContributedCapitalMember379904852023-12-31fsa:SharePremiumMember379904852023-12-31fsa:ReserveForDevelopmentExpenditureMember379904852023-12-31fsa:RetainedEarningsMember379904852023-12-31379904852024-01-012024-12-31fsa:ContributedCapitalMember379904852024-01-012024-12-31fsa:SharePremiumMember379904852024-01-012024-12-31fsa:RetainedEarningsMember379904852024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember379904852024-12-31fsa:ContributedCapitalMember379904852024-12-31fsa:SharePremiumMember379904852024-12-31fsa:ReserveForDevelopmentExpenditureMember379904852024-12-31fsa:RetainedEarningsMember379904852024-01-012024-12-31fsa:OtherShorttermPayablesMember379904852024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember379904852024-01-012024-12-31cmn:ConsolidatedMember379904852024-01-012024-12-31cmn:ConsolidatedMember1379904852024-01-012024-12-31cmn:ConsolidatedMember1379904852024-01-012024-12-31cmn:ConsolidatedMember2379904852024-01-012024-12-31cmn:ConsolidatedMember3379904852024-01-012024-12-31cmn:ConsolidatedMember4379904852024-01-012024-12-31cmn:ConsolidatedMember5379904852024-01-012024-12-31cmn:ConsolidatedMember1379904852024-01-012024-12-31cmn:ConsolidatedMember2379904852024-12-31cmn:ConsolidatedMember379904852023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember379904852023-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember379904852023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember379904852023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember379904852023-12-31cmn:ConsolidatedMember379904852024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember379904852024-01-012024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember379904852024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember379904852024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember379904852024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember379904852024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember379904852024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember379904852024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember379904852024-01-012024-12-31cmn:ConsolidatedMember1379904852024-01-012024-12-31cmn:ConsolidatedMemberfsa:OtherShorttermPayablesMember379904852023-01-012023-12-31379904852023-01-012023-12-31cmn:ConsolidatedMember379904852023-01-012023-12-31cmn:ConsolidatedMember1379904852022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure37990485ÅrsrapportThis statutory report on gender distribution covers the period 1 January 2024 – 31 December 2024 and is prepared pursuant to section 99b of the Danish Financial Statements Act, which requires Worksome to set quantitative targets for the share of the underrepresented gender in Worksome ApS’ Board of Directors (the Board) and the two management layers beneath the board and to implement a diversity policy to increase the share of the underrepresented gender at all management levels. Furthermore, Worksome is required to report in the annual report on the status of these targets, including whether a given target has been achieved, and if not, why not, as well as on its diversity policy and key actions and initiatives taken to increase the share of the underrepresented gender.
The table below summarises the development in the underrepresented gender share of the three top management layers as well as our targets for each management layer.
Board of Directors
The target remains a minimum of 25% women on the board by 2025. In 2024, the share increased from 17% to 20%, following the resignation of a male board member.
Executive Management
The executive team includes the company’s four founders (one woman) and the CFO (a man). No changes were made in 2024, nor were any specific gender diversity initiatives introduced at this level. Increasing female representation remains a long-term objective as the team grows.
204111655201504579101037553151-6311284The Board of Directors and the Executive Board have today considered and approved the annual report of Worksome ApS for the financial year 01.01.2024 - 31.12.2024.-8360989-8360989226090The annual report is presented in accordance with the Danish Financial Statements Act.401612143860193992387In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.14125357499675366012319402We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.12533688250085644337240We recommend the annual report for adoption at the Annual General Meeting.54332492429577622944763Copenhagen280107616048982812428148Morten Petersen7054281705428121561135CEO227793140-52596806Gorm Sig Rasmussen-52411107-43248333384980chairman1684113168607313871742Hans Peter Galouzis Nielsen679311214695217-66083568Morten Petersen-57520106-562574770Christina Brun Petersen42689444392399-66083568David Bøgevang Køster Christensen-61789050-6064987629771008To the shareholders of Worksome ApS15840707158407070We have audited the consolidated financial statements and the parent financial statements of Worksome ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.160306381603063829771008We 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.3187134531871345599367Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.360000360000251048Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot 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 Group's and the Entity’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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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.60675160675185041596675196675138954109Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.389518501293703595916579865129370339550025Copenhagen395317153413179970171448Claus Jorch Andersen7236981111023498523597932mne3371227807122010996594State Authorised Public Accountant951456615182470009Rasmus Christiansen359135932530mne5063231391111088975637064535State Authorised Public Accountant291084025709976117454747Financial highlights2024DKK'0002023DKK'0002022DKK'0002021DKK'0002020DKK'000Key figuresRevenue1,320,0181,037,553904,725664,379147,726Gross profit/loss22,65324,29611,3978,4523,802Operating profit/loss(44,718)(43,248)(75,947)(33,258)(13,975)Net financials(20,762)(13,009)(11,316)(2,229)(420)Profit/loss for the year(65,731)(60,650)(82,995)(33,599)(13,044)Balance sheet total176,022202,121198,777141,99760,219Investments in property, plant and equipment3704201221,23125Equity27,87932,38658,37051,07214,190Cash flows from operating activities(53,648)(26,122)(57,054)(53,775)(24,940)Cash flows from investing activities(10,474)(12,017)(20,655)(10,460)(4,010)Cash flows from financing activities41,12622,843139,87370,28929,537RatiosGross margin (%)1.722.341.261.272.57Net margin (%)(4.98)(5.85)(9.17)(5.06)(8.83)Return on equity (%)(218.14)(133.66)(151.67)(102.97)Equity ratio (%)15.8416.0229.3635.9723.56Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet total367466661679895175451928265855068202121316124690730Primary activitiesWorksome provides a comprehensive software solution designed to manage external contractor and freelance workforces. Organizations rely on Worksome to build high-performing internal talent pools, automate contract compliance and payroll, manage third-party recruiters and vendors, and gain full visibility and control over their contingent workforce spend.138224879132182180198Development in activities and finances2024 was another strong year for business momentum and top-line growth. We experienced robust demand across both new and existing clients in multiple geographies. Group revenue reached DKK 1,319 million—a 27% increase compared to 2023.
The UK and US remained our primary growth drivers, expanding by 19% and 83% respectively. The Nordics also delivered solid results, growing by 11% year-over-year. Australia, while still a small market for us, demonstrated impressive progress with 73% growth.
132182-33917929771008Profit/loss for the year in relation to expected developmentsWhile growth was strong, revenue landed below our target range of DKK 1.4–1.5 billion. The net loss for 2024 amounted to DKK (67) million, exceeding our expected range of DKK 40–50 million. This underperformance was driven by i) revenue shortfall, ii) elevated interest expenses, and iii) extraordinary items on expenses.
Throughout 2024, we remained committed to disciplined cost management, reducing operating expenses by 2% to DKK 72.6 million. At the same time, we made substantial investments in brand development, product innovation, and foundational systems to support long-term scalability. In December, we secured DKK 60 million in additional funding from existing investors to fuel these growth initiatives. Despite missing headline financial targets, Management is overall satisfied with the financial progress made in 2024.
3187134532592688-2808308Uncertainty relating to recognition and measurementAs the Group continues to rely on the development of its main product to generate future income, the costs associated with its development activities are capitalized. There is natural uncertainty associated with the measurement and estimation of the Group’s development activities and future earnings. At 31 December 2024, the Group has recognized DKK 29,771 thousand regarding development projects.
The value of the development projects depends on the Group’s ability to develop, market, and attract enough customers to generate positive earnings. Based on the Company’s current growth plans, Management has deemed the valuation sound. If the Group’s sales and growth deviate significantly from current plans, there may be uncertainty associated with the valuation.
12277403238569127142898OutlookWe anticipate revenue growth of 35–45% in 2025, corresponding to expected gross revenue in the DKK 1.8–1.9 billion range. Our growth strategy remains centered on deepening market penetration in the US and UK, driven by both expansion within existing accounts and acquisition of new clients.
We will continue to pursue cost efficiency while investing meaningfully in commercial capacity, product advancement, and brand equity. For 2025, we project a net loss of DKK 40–50 million.
Management plans to carry out a capital increase at the end of the year to re-establish equity.332312675586752354474186Research and development activitiesIn 2024, we accelerated product innovation to further strengthen our platform’s value proposition and improve client satisfaction. We invested DKK 9.9 million in new features, including:
- functionality for staffing agencies,
- expanded US worker classification and payroll support,
- enhanced third-party integrations, and
- core infrastructure upgrades for better usability and navigation.
These initiatives are expected to contribute materially to client efficiency and satisfaction, reinforcing our competitive position in the evolving contingent workforce ecosystem.
558675236410966705266410965650861955144712Group relationsThere were no changes to our group structure in 2024. Worksome ApS continues to serve as the parent entity, with full ownership of distribution subsidiaries in our primary markets.
The group structure consists of the below. All subsidiaries are owned with 100% by the parent company.
• Worksome ApS (Parent) Denmark
• Worksome USA, Inc. USA
• Worksome AS Norway
• Worksome Ireland Ltd. Ireland
• Worksome France SAS France
• Worksome Germany GmbH Germany
• Worksome Australia Pty Ltd Australia
• Worksome Singapore Pte Ltd Singapore
• Worksome FZCO Dubai5650861929070322194799Statutory report on corporate social responsibility
Business Model
Worksome is a cloud-based software company operating in the HR space, offering an end-to-end platform that streamlines hiring processes for businesses and freelancers.Key Elements of Worksome’s Business Model
1. Research and Development: Our product is developed entirely in-house at our headquarters in Copenhagen, Denmark. This includes all stages from design to coding, testing, and debugging.
2. Sales and Distribution: Worksome sells directly to clients and distributes its product via cloud access.
3. Maintenance and Support: We provide in-house maintenance and customer support services.
We rely on a range of suppliers, including hardware vendors (e.g. laptops and phones), cloud infrastructure providers, and third-party software tools.
Key ESG Risks
Our operations expose us to certain ESG-related risks, primarily in the areas of workplace diversity and ethics in technology.
Workplace Diversity and Inclusion: As a tech company, we recognize the historical lack of diversity in the industry. Worksome has a formal diversity and inclusion policy to foster a culture that is equitable and inclusive.
Ethical Innovation and Technology Use: Innovation in software can sometimes overlook ethical implications. At Worksome, we embed ethical considerations into our product development cycle, addressing issues like algorithmic bias, privacy, and discrimination. Our Code of Conduct and operational culture reflect a commitment to integrity.
Environmental Impact: Due to the digital nature of our business, our environmental footprint is minimal. We remain committed to responsible operations but do not consider dedicated environmental policies central to our business model. Our ESG focus is predominantly on our social impact.
Social Impact
We are dedicated to creating a supportive, inclusive workplace that enables employees to reach their full potential. Worksome promotes a culture free from harassment, bias, and discrimination.
As a people-first company, we actively build a culture rooted in trust, transparency, and inclusion. We continuously launch initiatives that embody and promote these values across the organization.
We also embrace the evolving expectations around flexibility, well-being, and diversity, equity, and inclusion (DEI), which we consider integral to our identity and operational approach.
Company Culture
We believe that fostering a culture grounded in belonging, fairness, and respect leads to higher engagement, creativity, and performance. Trust is central to both our people strategy and business success.This philosophy is embedded into our HR processes and allows us to work with our values and DEI priorities in a structured, measurable way. A diverse workforce is essential to Worksome’s long-term growth, and we continue to work strategically with DEI awareness to help the company succeed in an increasingly competitive market.
Our mission to create a flexible global workforce is strengthened by bringing together people from varied backgrounds. We embed DEI into our hiring, product development, employee experiences, and customer support.
We promote belonging, fairness, and respect by:
• Encouraging a collaborative environment where all employees feel empowered to contribute.
• Creating safe spaces where team members can express themselves and feel heard.
• Promoting openness to diverse perspectives and mutual respect throughout the organization.
Performance Management and Engagement
We apply a data-driven approach to culture and leadership. One of our goals is to maintain continuity in HR practices that reinforce our values and support ongoing feedback loops.
Our biannual performance management process takes a holistic view of individual contributions. Inspired by 360-degree feedback, our system supports candid conversations and is aligned with our leadership principles. This approach nurtures our “one team attitude” and ensures we grow with the right people, mindset, and skills to fulfill our mission.
29070328112818440736160820506715008318365504
Statutory report on the underrepresented genderThis statutory report on gender distribution covers the period 1 January 2024 – 31 December 2024 and is prepared pursuant to section 99b of the Danish Financial Statements Act, which requires Worksome to set quantitative targets for the share of the underrepresented gender in Worksome ApS’ Board of Directors (the Board) and the two management layers beneath the board and to implement a diversity policy to increase the share of the underrepresented gender at all management levels. Furthermore, Worksome is required to report in the annual report on the status of these targets, including whether a given target has been achieved, and if not, why not, as well as on its diversity policy and key actions and initiatives taken to increase the share of the underrepresented gender.
The table below summarises the development in the underrepresented gender share of the three top management layers as well as our targets for each management layer.
Board of Directors
The target remains a minimum of 25% women on the board by 2025. In 2024, the share increased from 17% to 20%, following the resignation of a male board member.
Executive Management
The executive team includes the company’s four founders (one woman) and the CFO (a man). No changes were made in 2024, nor were any specific gender diversity initiatives introduced at this level. Increasing female representation remains a long-term objective as the team grows.
Middle Management
Women represented 25% of middle management in 2024. The long-term target is equal gender representation. The team consists of 12 individuals and saw no changes in 2024. Company-wide, female representation increased
from 44% in 2023 to 46% in 2024, aligning with our long-term goal of gender parity.
263597051169953402081Statutory report on data ethics policyWorksome handles large volumes of data and is committed to maintaining trust through ethical data practices. We comply with relevant regulations, including GDPR, and employ appropriate technical and organizational safeguards to ensure data confidentiality, integrity, and availability.
By prioritizing ethical data use, we strengthen our relationships with clients and stakeholders and demonstrate our ongoing commitment to responsible data governance.
31362064297176842403120Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date that would influence the annual report.48484993113227006975478321320018370104993612169735625124690730-6311284138224879202121316132182-251319636705428101276490325-61789050100789093187134524672947-26115143122774022653186646055138851-2612160348016124281481250902459947183-1961434200000-447176700599951991443426911973-5994718322205672-1201705159947183-654799163813865402509308476610-657308460-2100337297710083500478421003370-1300914402977100822843301-66083568599367-1529535325104872734293180198850415-339179015390005709976129771008153900074-280830832160423-60649876101861807For the purpose of offering incentive pay in the form of share options, the Group’s Board of
Directors is authorised for the period until 22 June 2027 once or several times to increase
the Group’s share capital with up to nominally 5,721 shares in total without pre-emption
right for the the Group’s shareholders. The authorisation empowers the Board of Directors
to determine the terms for the granted share options, including the exercise price.1348381 Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date, which would
influence the annual report.65316302 Uncertainty relating to recognition and measurement
As the Company is in a development phase, there is a natural uncertainty associated
with the measurement of the Company’s development activities and future earnings. At
31 December 2024, the Company has recognised DKK 9,859 thousand regarding completed developments
projects. The value of the development projects depends on the Company’s ability to
develop, market and attracting enough customers who, through the software solution,
generate positive earnings that could yield the total investment. Accordingly, Management
has deemed the valuation sound. If the Company’s sales and growth deviate significantly
from the current plans, there may be uncertainty associated with the valuation.03 Revenue2024
DKK2023
DKKNordics204,111,655147,780,908Rest of the world02,677,002Total revenue by geographical market204,111,655150,457,910All revenue for the group is reported in the same activity, for which reason only division by geographical market is made.1085282754 Other operating incomeOther operating income consists of payroll
compensations.353329755 Staff costs2024
DKK2023
DKKWages and salaries20,661,84125,425,972Pension costs2,078,3242,264,375Other social security costs204,598320,41422,944,76328,010,761Average number of full-time employees2736With reference to section 98b (3)(2) of the Danish Financial Statements Act, the
remuneration to Management has
not been disclosed separately.143861250271760216736 Depreciation, amortisation and impairment losses2024DKK2023DKKAmortisation of intangible assets11,959,3206,656,076Depreciation on property, plant and equipment468,828398,20512,428,1487,054,2811801987 Other operating expensesThe parent company serves as the main risk taker in the group, and has entered into transfer pricing agreements with the subsidiaries of the group. Other Operating expenses consists of transfer pricing adjustments against subsidiaries.8898458 Other financial income2024
DKK2023
DKKFinancial income from group enterprises174,227318,229Other interest income206,062344,668Exchange rate adjustments8351,021,216Other financial income3,8560384,9801,684,113268090259 Other financial expenses2024
DKK2023
DKKFinancial expenses from group enterprises2,821,283677,723Other interest expenses6,044,1465,999,926Exchange rate adjustments4,020,920(223,756)Other financial expenses985,393339,21913,871,7426,793,1122787906810 Tax on profit/loss for the year2024
DKK2023
DKKAdjustment concerning previous years04,268,94404,268,9445447418611 Proposed distribution of profit and loss2024
DKK2023
DKKRetained earnings(66,083,568)(61,789,050)(66,083,568)(61,789,050)670526-6608356855144712219479912 Intangible assetsCompleted development projects
DKKDevelopment projects in progressDKKCost beginning of year33,354,86016,030,638Transfers16,030,638(16,030,638)Additions9,858,9830Cost end of year59,244,4810Amortisation and impairment losses beginning of year(17,514,153)0Amortisation for the year(11,959,320)0Amortisation and impairment losses end of year(29,473,473)0Carrying amount end of year29,771,00802013613 Development projectsThe development projects comprise digital development of a digital market place, which
the Group uses in its operations. The software solution is used by the Group’s customers
and employees. The product is continuously further developed and the projects are
continuously completed and put to use, after which amortisation is commenced.6775447514 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year420,0001,352,819Additions369,9900Disposals0(168,740)Cost end of year789,9901,184,079Depreciation and impairment losses beginning of year(60,000)(746,068)Depreciation for the year(130,623)(338,205)Reversal regarding disposals0151,242Depreciation and impairment losses end of year(190,623)(933,031)Carrying amount end of year599,367251,0487554115 Financial assetsInvestments in group enterprisesDKKDepositsDKKCost beginning of year38,983,368579,865Additions2,25916,051Cost end of year38,985,627595,916Impairment losses beginning of year(31,518)0Impairment losses end of year(31,518)0Carrying amount end of year38,954,109595,916A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.2295294216 PrepaymentsPrepayments comprise of prepaid costs, primarily insurances, membership
fees, rent, and lease payments relating to the next financial year. 9299789317 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue within 12
months
2023
DKKDue after
more than 12
months
2024
DKKOutstanding
after 5 years
2024
DKKDebt to other credit institutions2,194,7992,907,03254,474,1860Other payables00670,526641,0962,194,7992,907,03255,144,712641,096Other payables consists of frozen holiday payment. 14814260518 Other payables2024
DKK2023
DKKVAT and duties3,046,3251,353,333Wages and salaries, personal income taxes, social security costs, etc. payable34,4521,016,782Holiday pay obligation317,709397,666Other costs payable3,595368,4253,402,0813,136,20617602167319 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 394,855311,61813218220 Contingent assetsThe company has a deferred tax asset that amounts to DKK 57,418 thousands which has not been
capitalized due to the uncertainty of when the group is able to use the asset.021 Assets charged and collateralAs security for debt obtained from The export and investment fund of Denmark, a company charge amounting to DKK
50,000 thousand has been provided. The security includes goodwill,
operating equipment and fixtures and trade receivables.
The carrying amount is DKK 23.947 thousand (2023: 26,799 thousand)-33917922 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.32592688Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.4801659947183059995199-5994718359947183000-12290240-12290240-6573084618019808898452680902512428148-21065686-53355208292384-5364759298589833699902452970-10474270641218620210557059995199Financial income and expenses-1676357741126052-229958101229024353329751 Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date, which would
influence the annual report.2 Uncertainty relating to recognition and measurement
As the Group is in a development phase, there is a natural uncertainty associated with the
measurement of the Group’s development activities and future earnings. At 31 December
2024, the Group has recognised DKK 29,771 thousand regarding completed developments projects. The
value of the development projects depends on the Group’s ability to develop, market and
attracting enough customers who, through the product, generate positive earnings that
could yield the total investment. Accordingly, Management has deemed the valuation
sound. If the Group’s sales and growth deviate significantly from the current plans, there
may be uncertainty associated with the valuation.3 Revenue2024
DKK2023
DKKNordics174,784,687148,154,522UK872,963,522748,375,126US237,905,705127,935,671Rest of the world34,364,45613,087,832Total revenue by geographical market1,320,018,3701,037,553,1514 Fees to the auditor appointed by the Annual General Meeting2024
DKK2023
DKKStatutory audit services413,100365,000Tax services25,40029,000Other services175,400167,000613,900561,0005 Staff costs2024DKK2023DKKWages and salaries52,360,79958,610,703Pension costs2,573,4541,558,711Other social security costs204,598320,41455,138,85160,489,828Average number of full-time employees6274With reference to section 98b (3)(2) of the Danish Financial Statements Act, the
remuneration to Management hasnot been disclosed separately.626 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets11,959,3206,656,076Depreciation on property, plant and equipment468,828398,20512,428,1487,054,2817 Other financial income2024
DKK2023
DKKOther interest income523,421659,591Exchange rate adjustments912,7491,023,129Other financial income7,2563,3531,443,4261,686,0738 Other financial expenses2024
DKK2023
DKKOther interest expenses6,096,7146,240,069Exchange rate adjustments4,911,418309,896Other financial expenses11,197,5408,145,25222,205,67214,695,2179 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax250,930123,455Adjustment concerning previous years04,268,944250,9304,392,39910 Proposed distribution of profit/loss2024DKK2023DKKRetained earnings(65,730,846)(60,649,876)(65,730,846)(60,649,876)-6573084611 Intangible assetsCompleted development projects
DKKDevelopment projects in progress
DKKCost beginning of year33,354,86016,030,638Transfers16,030,638(16,030,638)Additions9,858,9830Cost end of year59,244,4810Amortisation and impairment losses beginning of year(17,514,153)0Amortisation for the year(11,959,320)0Amortisation and impairment losses end of year(29,473,473)0Carrying amount end of year29,771,008012 Development projectsThe development projects comprise development of Worksome’s cloud-based software product. The software is used by the Group’s customers and employees. The product is continuously developed, and projects are continuously completed and taken into use, after which amortisation is commenced.13 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year420,0001,352,819Additions369,9900Disposals0(168,740)Cost end of year789,9901,184,079Depreciation and impairment losses beginning of year(60,000)(746,068)Depreciation for the year(130,623)(338,205)Reversal regarding disposals0151,242Depreciation and impairment losses end of year(190,623)(933,031)Carrying amount end of year599,367251,04814 Financial assetsDepositsDKKCost beginning of year1,293,703Additions245,297Cost end of year1,539,000Carrying amount end of year1,539,00015 Deferred tax
Changes during the year2024
DKKRecognised in the income statement134,838End of year134,838Deferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions.Deferred tax assetsAs per 31 December 2024 the company has recognized a deferred tax asset with a carrying amount of
DKK 134.838 for the UK subsidiary. On basis of the expectations for the next 1-3 years, Management expects the taxable profit to be
sufficient enough to use the deferred tax asset.
In addition, the group has a deferred tax asset that amounts to DKK 57.418 thousands, related to the Danish taxable income, which has not been
capitalized due
to the uncertainty of when the group is able to use the asset.16 PrepaymentsPrepayments comprise of prepaid costs, primarily insurances, membership
fees, rent, and lease payments relating to the next financial year. 17 Other payables2024
DKK2023
DKKHoliday pay obligation670,526641,096670,526641,09618 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue within 12
months
2023
DKKDue after
more than 12
months
2024
DKKOutstanding
after 5 years
2024
DKKDebt to other credit institutions2,194,7992,907,03254,474,1860Other payables00670,526641,0962,194,7992,907,03255,144,712641,09619 Other payables2024DKK2023DKKVAT and duties12,217,55830,446,196Wages and salaries, personal income taxes, social security costs, etc. payable10,189,35011,036,463Holiday pay obligation317,709397,666Other costs payable228,3251,091,44322,952,94242,971,76820 Changes in working capital2024
DKK2023
DKKIncrease/decrease in receivables2,546,989(18,285,030)Increase/decrease in trade payables etc.(19,614,006)27,650,706Other changes(3,998,669)713,233(21,065,686)10,078,90921 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 1,096,979954,43322 Contingent assetsThe group has a deferred tax asset that amounts to DKK 57.418 thousands which has not been
capitalized due
to the uncertainty of when the group is able to use the asset.23 Assets charged and collateralAs security for debt obtained from The export and investment fund of Denmark, a company charge amounting to DKK
50,000 thousand has been provided. The security includes goodwill,
operating equipment and fixtures and trade receivables.
The carrying amount is DKK 23.947 thousand (2023: 26,799 thousand)24 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.25 SubsidiariesRegistered inOwnership
%Worksome Ltd. UK100.00Worksome USA, Inc.United States100.00Worksome ASNorway100.00Worksome Ireland Ltd. Ireland100.00Worksome France SASFrance100.00Worksome Germany GmbHGermany100.00Worksome Australia Pty LtdAustralia100.00Worksome Singapore Pte. Ltd.Singapore100.00Worksome FZCODubai100.00Worksome Payroll Services Inc.United States100.00This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (large).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.The presentation of Other staff costs, which in previous years were recognised under staff costs, has changed and is from 2024 recognized under external costs. The comparative figure has been adjusted accordingly. The changed presentation has had no effect on the loss for the year, the balance sheet total or the total equity.
In addition, Finance income and expenses are now reported as part of the cash flow from financing
activities (was cash flow from operating activities in 2023).The presentation of Other staff costs, which in previous years were recognised under staff costs, has changed and is from 2024 recognized under external costs. The comparative figure has been adjusted accordingly. The changed presentation has had no effect on the loss for the year, the balance sheet total or the total equity.
In addition, Finance income and expenses are now reported as part of the cash flow from financing
activities (was cash flow from operating activities in 2023).Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,with net assets having been calculated at fair value.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Property, plant and equipment, intangible assets, inventories and
other non-monetary assets that have been
purchased in foreign currencies are translated using historical
rates.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.RevenueRevenue 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. Revenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in
cost for proprietary intangible assets and property, plant and equipment.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds .Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities, including loss from the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group enterprises, payables
and transactions in foreign currencies, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets and depreciation on property, plant and equipment used in the development process are recognised
in
cost based on time spent on each project.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods
used are 4 years.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation. For assets held under
finance
leases, cost is the lower of the asset’s fair value and present value of future lease payments.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful lifeOther fixtures and fittings, tools and equipment3-5 YearsLeasehold improvements3-5 YearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary
differences arising at the date of acquisition that do not result from a business combination and
that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
trueGrundlag for konklusionKonklusion2025-07-022025-07-0233963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Worksome ApS37990485ÅrsrapportKøbenhavn S23006WeidekampsgadeKøbenhavnKøbenhavn K1253135Toldbodgade2025-07-02Gorm Stig Rasmussen