ÅrsrapportAndre erklæringer uden sikkerhedRegnskabsklasse BBeierholmLangagervej 19220 Aalborg Ø2025-05-16Josefine Louise Schwarz Bonde2025-05-162023-06-262023-12-312024-01-012024-12-3144143127Insutex ApSRosenvej104800Nykøbing FGuldborgsundBeierholm32895468Herningvej344800Nykøbing FDanmarktrueWe have on this day presented the annual report for the financial year 01.01.24 - 31.12.24 for Insutex ApS.The annual report is presented in accordance with the Danish Financial Statements Act.The financial statements have not been audited, and we declare that the relevant conditions have been met.In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.24 and of the results of the company's activities for the financial year 01.01.24 - 31.12.24.We believe that the management's review includes a fair review of the matters dealt with in the management's review.The annual report is submitted for adoption by the general meeting.Nykøbing F2025-05-16Josefine Louise Schwarz BondeThomas AspenMatti GrauTo the management of Insutex ApS Based on the company's accounting material and other information provided by management, we have compiled the financial statements of Insutex ApS for the financial year 01.01.24 - 31.12.24. The financial statements comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information. We performed this compilation engagement in accordance with ISRS 4410, Engagements to Compile Financial Statements. We have applied our professional expertise to assist management with the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Act on Approved Auditors and Audit Firms and the code of ethics of International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile them are management's responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by management for the compilation of the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. Ole Olsen State Authorised Public Accountant MNE-no. mne9539 To the management of Insutex ApSNykøbing FJonas Søren Due HaustrømOle OlsenState Authorised Public Accountantmne49077State Authorised Public Accountantmne9539Primary activities Purpose Insutex's purpose is to make the construction industry more sustainable. By developing and selling insulation materials made of textile waste, we are contributing to that purpose and inspiring positive change within the industry. Key Activities 2024 marked the second financial year of Insutex. The company achieved significant milestones in product development, with competitive lambda values and indicative fire classifications positioning the product as a strong sustainable alternative. Strategic partnerships were established across the value chain, including with leading European manufacturers and distributors. These activities have laid the groundwork for Insutex’s first pilot projects and accelerated the path to market entry. Capital During the second financial year, Insutex secured 1 million DKK in soft funding and initiated a convertible loan note round to ensure continued momentum. The company is in a focused growth phase, investing in product validation, supply chain establishment, and team expansion. Management is actively working to raise additional capital to support certifications and scale the business toward commercial launch. Objectives and Expectations for the Coming Year In 2024, the company strengthened its strategic position through strong test results, funding, and partnerships. Insutex anticipates entering the market in 2025 through one or more pilot projects and aims to convert early traction into commercial contracts. The company will maintain its focus on sustainability, scalability, and long-term value creation. -14285-73592332450-47530-735922021020-49630-73592-15023-15814-34607-57778-34607-577785635230945563523094556352309451844090065589680826553213226026910190271030795851512998977542186341108487604160414395524137129896741462985975926810502893209703709115108953784013420026319108951233561089518634110848725407-25407-55895589-34607604143955129892872903990411701030945254075635256352The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for enterprises in reporting class B with application of provisions for a higher reporting class. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The annual report is presented in Euro (EUR). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. GRANTS Grants are recognised when there is reasonable certainty that the grant conditions have been met and that the grant will be received. Grants received for the production or construction of assets are recognised as deferred income under payables. For depreciable and amortisable assets, the grant is recognised as the asset is depreciated or amortised. Gross loss comprises revenue, other operating income and raw materials and consumables and other external expenses. Revenue Income from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating income Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consumables Costs of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs Staff costs comprise wages and salaries as well as other staff-related costs. Other net financials Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Development projects in progress Development projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred. Development projects in progress are transferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses. Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Prepayments Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash includes deposits in bank account. An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Convertible debt instruments are issued on terms that entitle the lender to convert the loan into equity interests in the company. Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Deferred income Deferred income under liabilities comprises payments received in respect of income in subsequent financial years. Figures in EUR Contributed capital Reserve for development costs Retained earnings Total equity Statement of changes in equity for 01.01.24 - 31.12.24 Balance as at 01.01.24 6,041 24,137 67,414 97,592 Other changes in equity 0 25,407 -25,407 0 Tax on changes in equity 0 -5,589 5,589 0 Net profit/loss for the year 0 0 -34,607 -34,607 Balance as at 31.12.24 6,041 43,955 12,989 62,985 Other contingent liabilities The company is taxed jointly with the other companies in the group and is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The maximum liability totals an amount corresponding to the share of the capital in the company which is owned directly or indirectly by the ultimate parent. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 441431272024-01-012024-12-31441431272023-06-262023-12-31441431272023-12-31441431272024-12-31441431272024-01-012024-12-311441431272024-01-012024-12-312441431272024-01-012024-12-313441431272024-12-31e:ContributedCapitalMember441431272024-01-012024-12-31e:RetainedEarningsMember441431272024-12-31e:RetainedEarningsMember441431272024-01-01e:DevelopmentProjectsInProgressMember441431272024-01-012024-12-31e:DevelopmentProjectsInProgressMember441431272024-12-31e:DevelopmentProjectsInProgressMember441431272024-01-012024-12-311441431272024-01-012024-12-312441431272024-01-012024-12-31e:ReserveForDevelopmentExpenditureMember441431272024-12-31e:ReserveForDevelopmentExpenditureMemberiso4217:EURxbrli:pure