37445290 2025-01-01 2025-12-31 37445290 2025-01-01 2025-12-31 1 37445290 2025-01-01 2025-12-31 2 37445290 2024-01-01 2024-12-31 37445290 2025-12-31 37445290 2024-12-31 37445290 2025-01-01 d:CompletedDevelopmentProjectsMember 37445290 2025-12-31 d:CompletedDevelopmentProjectsMember 37445290 2025-01-01 d:DevelopmentProjectsInProgressMember 37445290 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 37445290 2025-12-31 d:DevelopmentProjectsInProgressMember 37445290 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 37445290 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 37445290 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 37445290 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 37445290 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 37445290 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 37445290 2025-01-01 d:ContributedCapitalMember 37445290 2024-01-01 d:ContributedCapitalMember 37445290 2025-12-31 d:ContributedCapitalMember 37445290 2024-12-31 d:ContributedCapitalMember 37445290 2025-01-01 d:ReserveForDevelopmentExpenditureMember 37445290 2024-01-01 d:ReserveForDevelopmentExpenditureMember 37445290 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 37445290 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 37445290 2025-12-31 d:ReserveForDevelopmentExpenditureMember 37445290 2024-12-31 d:ReserveForDevelopmentExpenditureMember 37445290 2025-01-01 d:RetainedEarningsMember 37445290 2024-01-01 d:RetainedEarningsMember 37445290 2025-01-01 2025-12-31 d:RetainedEarningsMember 37445290 2024-01-01 2024-12-31 d:RetainedEarningsMember 37445290 2025-12-31 d:RetainedEarningsMember 37445290 2024-12-31 d:RetainedEarningsMember 37445290 2025-01-01 2025-12-31 1 37445290 2025-01-01 2025-12-31 2 37445290 2025-01-01 2025-12-31 1 37445290 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure Årsrapport 21148148 Baagøe | Schou, statsautoriseret revisionsaktieselskab Fiolstræde, 44, 3. th. 1171, København K 2024-01-01 2024-12-31 2025-01-01 2025-12-31 37445290 MNW ApS Carl Jacobsens Vej 16 D, st. 2500 Valby 2016-02-12 København Baagøe | Schou, statsautoriseret revisionsaktieselskab Baagøe | Schou, statsautoriseret revisionsaktieselskab 21148148 21148148 Søren Larsen Louis Frits Strøm statsautoriseret revisor registreret revisor mne10850 mne40142 Fiolstræde Fiolstræde 44, 3. th. 44, 3. th. 1171 1171 København K København K Danmark Danmark 2026-03-05 Christoffer Nylandsted Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren København 2026-03-05 Valby 2026-03-05 Grundlag for konklusion Konklusion 11690337 14793000 10692019 12016000 235021 706000 763297 2071000 13927 24000 1474577 1118000 -697353 977000 -212688 71000 -484665 906000 -484665 906000 28825421 25558000 28825421 25558000 185269 421000 185269 421000 317054 308000 317054 308000 29327744 26287000 6234161 3978000 718688 1727000 151139 12000 99695 253000 7203683 5970000 4561974 1491000 11765657 7461000 41093401 33748000 0 203080 203000 22483828 20115000 -10152470 -7298000 12534438 13020000 5347000 4841000 5347000 4841000 19304287 12431000 19304287 12431000 2441768 2069000 1465908 1387000 3907676 3456000 23211963 15887000 41093401 33748000 9939861 10975000 656355 906000 95803 135000 10692019 12016000 16 24 1473233 1039000 1344 79000 1474577 1118000 6968262 6968262 6968262 6968262 25558658 3266763 28825421 28825421 2293710 22189 2271521 1873070 226742 13560 2086252 185269 307819 9235 317054 317054 203080 203000 203080 203000 20114234 13965000 2369594 6150000 22483828 20115000 -7298211 -2054000 -484665 906000 -2369594 -6150000 -10152470 -7298000 Today, the Board of Directors and the Executive Board have approved the annual report of MNW ApS for the financial year 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Carl Frederik Leetmaa Murmann Christoffer Nylandsted Jostein Christian Dalland Sverre Andre Mehn We have audited the financial statements of MNW ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. 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 financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Company 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. 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, disclosing, as applicable, matters related to going concern and 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 judgment and maintain professional skepticism 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 contents of the financial statements, including the disclosures, 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. Statement on Management’s ReviewManagement 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 Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. The principal activities of the companyLendMe's primary activities are to offer intermediary services between financial institutions and private individuals, primarily within the consumer loans space, while offering related services and products, such as insurances. LendMe's fully digitized and scalable IT platform allows users to compare financial products, such as loans, from multiple financial institutions, in a transparent and objective manner - free of charge.  The business model continues to show its advantages both for users and financial institutions on the platform, as it saves considerable time and money for users wanting to compare financial products while providing a highly cost-effective customer acquisition platform to the financial institutions with acces to large volumes of high quality leads.  Uncertainties about recognition or measurementThe carrying amount of the Company's fixed assets, including in particular the Company's development assets, requires assessments, estimates and assumptions about future events. The estimates and assumptions made are based on historical experience that Management considers appropriate in the circumstances and are inherently uncertain and unpredictable. As a result of the risks and uncertainties to which the Company is exposed, the actual results may differ from the estimates made. In respect of MNW ApS, the measurement of the value of the assets may be significantly affected by material changes in estimates and assumptions or due to new knowledge or subsequent events. At 31 December 2025, the Company has a total of DKK 28.8 million in capitalised development projects, which are expected to represent the future value for the Company and which meet the recognition criteria of the Danish Financial Statements Act. A number of the Company's projects are still in a relatively early phase, and therefore, there is greater inherent uncertainty in relation to the exact future market potential. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 11.690 thousand against DKK 14.793thousand last year. Profit or loss from ordinary activities after tax totals DKK -485 thousand against DKK 906thousand last year. The management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial yearNo events have occured after the balance sheet date to this date, which would influence the evaluation of this annual report.  1.Uncertainties concerning recognition and measurementThe carrying amount of the Company's fixed assets, including in particular the Company's development assets, requires assessments, estimates and assumptions about future events. The estimates and assumptions made are based on historical experience that Management considers appropriate in the circumstances and are inherently uncertain and unpredictable. As a result of the risks and uncertainties to which the Company is exposed, the actual results may differ from the estimates made. In respect of MNW ApS, the measurement of the value of the assets may be significantly affected by material changes in estimates and assumptions or due to new knowledge or subsequent events. At 31 December 2025, the Company has a total of DKK 28.8 million in capitalised development projects, which are expected to represent the future value for the Company and which meet the recognition criteria of the Danish Financial Statements Act. A number of the Company's projects are still in a relatively early phase, and therefore, there is greater inherent uncertainty in relation to the exact future market potential. Disclosure of assumptions related to development projects The enterprise's development projects relate to the further development of the existing ServiceDesk platform, which constitutes the operational system used in the Danish business throughout 2025. The development activities are aimed at ensuring continued stability, operational efficiency and necessary functional improvements until the planned transition to the Group's new common platform "One Platform" in 2026. The platform remains in active use, and the development work performed in 2025 is not yet completed or implemented as finalised new modules. Accordingly, all development costs incurred during the financial year are classified as development projects in progress. The projects proceed as planned and are expected to be completed in connection with the planned migration to One Platform in 2026.  10.Charges and securityThe company has no charges and security. 11.Contractual obligations and contingencies, etc. 31/12 2025 Total contractual obligations489.000 Total contingent liabilities0 Total contractual obligations and contingent liabilities489.000 The annual report for MNW ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeLeasehold improvements        5yearsOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesAll leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsLiabilities concerning payables are measured at amortised cost which usually corresponds to the nominal value.