38415433 2002-01-01 2002-12-31 1 38415433 2025-01-01 2025-12-31 1 38415433 2024-01-01 2024-12-31 1 38415433 2001-01-01 2001-12-31 1 38415433 2000-01-01 2000-12-31 1 38415433 2025-01-01 2025-12-31 38415433 2025-01-01 2025-12-31 1 38415433 2025-01-01 2025-12-31 1 38415433 2025-01-01 2025-12-31 1 38415433 2025-01-01 2025-12-31 2 38415433 2025-01-01 2025-12-31 3 38415433 2025-01-01 2025-12-31 4 38415433 2025-01-01 2025-12-31 5 38415433 2025-01-01 2025-12-31 6 38415433 2002-01-01 2002-12-31 38415433 2001-01-01 2001-12-31 38415433 2000-01-01 2000-12-31 38415433 2024-01-01 2024-12-31 38415433 2002-12-31 38415433 2001-12-31 38415433 2000-12-31 38415433 2025-12-31 38415433 2024-12-31 38415433 2024-01-01 d:ContributedCapitalMember 38415433 2024-01-01 d:RetainedEarningsMember 38415433 2024-01-01 d:ProposedDividendRecognisedInEquityMember 38415433 2024-01-01 2024-12-31 d:RetainedEarningsMember 38415433 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 38415433 2025-01-01 d:ContributedCapitalMember 38415433 2025-01-01 d:RetainedEarningsMember 38415433 2025-01-01 d:ProposedDividendRecognisedInEquityMember 38415433 2025-01-01 2025-12-31 d:RetainedEarningsMember 38415433 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 38415433 2025-12-31 d:ContributedCapitalMember 38415433 2025-12-31 d:RetainedEarningsMember 38415433 2025-12-31 d:ProposedDividendRecognisedInEquityMember 38415433 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 38415433 2025-01-01 d:LeaseholdImprovementsMember 38415433 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38415433 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 38415433 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38415433 2025-12-31 d:LeaseholdImprovementsMember 38415433 2025-01-01 d:InvestmentsInGroupEnterprisesMember 38415433 2025-01-01 d:ParticipatingInterestsMember 38415433 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 38415433 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38415433 2025-01-01 2025-12-31 d:ParticipatingInterestsMember 38415433 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38415433 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38415433 2025-12-31 d:ParticipatingInterestsMember 38415433 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38415433 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 38415433 2025-01-01 2025-12-31 d:SubsidiaryMember 1 38415433 2025-12-31 d:SubsidiaryMember 1 38415433 2025-01-01 2025-12-31 d:SubsidiaryMember 2 38415433 2025-12-31 d:SubsidiaryMember 2 38415433 2025-12-31 1 38415433 2024-12-31 1 38415433 2025-01-01 38415433 2024-01-01 38415433 2025-12-31 d:PropertyPlantAndEquipmentMember 38415433 2024-12-31 d:PropertyPlantAndEquipmentMember iso4217:DKK xbrli:pure xbrli:shares Likviditetsgrad Likviditetsgrad Likviditetsgrad Likviditetsgrad Likviditetsgrad Årsrapport 30700228 EY Godkendt Revisionspartnerselskab  Cortex Park Vest 3 5230 Odense M 2025-01-01 2025-12-31 2024-01-01 2024-12-31 38415433 Stock Group A/S Gammelmarksvej  11 7100 2017-02-14 Vejle EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest  3 5230 Odense M Danmark +45 73 23 30 00 2026-03-12 Nils Erik Lindskrog Smith Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true CaseWare Working Papers Bestyrelse og direktion har dags da­to be­hand­let og god­kendt års­rap­por­ten for Stock Group A/S for regn­skabs­året 1. januar - 31. december 2025. Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Stock Group A/S for the financial year 1 January - 31 December 2025. Årsrapporten aflægges i over­ens­stem­mel­se med års­regn­skabs­lo­ven. The annual report is prepared in accordance with the Danish Financial Statements Act. Det er vores opfattelse, at årsregnskabet giver et retvisende billede af sel­ska­bets ak­ti­ver, pas­si­ver og finan­siel­le stil­ling pr. 31. december 2025 samt af re­sul­ta­tet af sel­ska­bets ak­ti­vi­te­ter for regn­skabs­året 1. januar - 31. december 2025. 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. Det er endvidere vores opfattelse, at le­del­ses­be­ret­ningen inde­hol­der en ret­vi­sen­de rede­gø­rel­se for de forhold, beretningen omhandler. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. Årsrapporten indstilles til ge­ne­ral­for­sam­ling­ens god­ken­del­se. We recommend that the annual report be approved at the annual general meeting. Vejle 2026-03-12 Kim Bjerregaard Laursen adm. direktør Nils Erik Lindskrog Smith formand Simon Kimura Peschcke-Køedt Mads Pauli Ringkjøbing-Christiansen Finn Tang Rasmus Borup Nielsen Stefan Schmidt Til kapitalejerne i Stock Group A/S To the shareholders of Stock Group A/S Vi har revi­de­ret års­regn­ska­bet for Stock Group A/S for regn­skabs­året 1. januar - 31. december 2025, der om­fat­ter re­sul­tat­op­gø­rel­se, ba­lan­ce, egen­ka­pi­tal­op­gø­rel­se og no­ter, her­un­der an­vendt regn­skabs­prak­sis. Års­regn­ska­bet ud­ar­bej­des efter års­regn­skabs­lo­ven. We have audited the financial statements of Stock Group A/S for the financial year 1 January - 31 December 2025,  which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.Det er vores opfat­tel­se, at års­regn­ska­bet giver et ret­vi­sen­de bil­le­de af sel­ska­bets akti­ver, pas­si­ver og finan­si­el­le stil­ling pr. 31. december 2025 samt af resul­ta­tet af sel­ska­bets akti­vi­te­ter for regn­skabs­året 1. januar - 31. december 2025 i over­ens­stem­mel­se med års­regn­skabs­lo­ven. 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. Vi har udført vores revision i overensstemmelse med inter­na­tio­na­le stan­dar­der om revi­sion og de yder­li­ge­re krav, der er gæl­den­de i Dan­mark. Vores ansvar iføl­ge dis­se stan­dar­der og krav er nær­me­re beskre­vet i revi­sions­på­teg­nin­gens afsnit "Revi­sors ansvar for revi­sio­nen af års­regn­ska­bet". Det er vores opfat­tel­se, at det opnå­ede revi­sions­be­vis er til­stræk­ke­ligt og eg­net som grund­lag for vores kon­klu­sion. We 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.UafhængighedIndependenceVi er uaf­hæn­gi­ge af sel­ska­bet i over­ens­stem­mel­se med Inter­national Ethics Standards Board for Accountants' inter­na­tio­nale ret­nings­lin­jer for revi­so­rers eti­ske adfærd (IESBA Code) og de yder­lig­ere eti­ske krav, der er gæl­den­de i Dan­mark, lige­som vi har opfyldt vores øvri­ge etis­ke for­plig­tel­ser i hen­hold til dis­se krav og IESBA Code.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. Ledelsen har ansvaret for udarbejdelsen af et års­regn­skab, der giver et ret­vi­sende billede i overens­stemmel­se med års­regn­skabs­lo­ven. Ledelsen har end­videre an­svaret for den in­ter­ne kontrol, som le­del­sen anser for nød­ven­dig for at udar­bejde et års­regn­skab uden væ­sent­lig fejl­in­for­ma­tion, uanset om denne skyldes besvigelser eller fejl. 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.Ved udarbejdelsen af årsregnskabet er ledelsen ansvarlig for at vurdere selskabets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant; samt at udar­bejde års­regn­ska­bet på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift, med­mindre ledel­sen enten har til hen­sigt at lik­vi­dere sel­ska­bet, ind­stille drif­ten eller ikke har andet rea­lis­tisk alter­na­tiv end at gøre dette. 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. Vores mål er at opnå høj grad af sikkerhed for, om årsregnskabet som hel­hed er uden væsent­lig fejl­in­for­ma­tion, uan­set om denne skyl­des besvi­gel­ser eller fejl, og at afgive en revi­si­ons­påt­eg­ning med en kon­klu­sion. Høj grad af sik­ker­hed er et højt niveau af sik­ker­hed, men er ikke en ga­ranti for, at en revi­sion, der udfø­res i over­ens­stem­mel­se med inter­na­tio­nale stan­dar­der om revision og de yder­li­gere krav, der er gæl­dende i Dan­mark, altid vil afdække væsent­lig fejl­in­for­ma­tion, når sådan fin­des. Fejl­in­for­ma­tio­ner kan opstå som følge af besvi­gel­ser eller fejl og kan betrag­tes som væsent­lige, hvis det med rime­lig­hed kan for­ven­tes, at de enkelt­vis eller sam­let har ind­fly­del­se på de øko­no­mi­ske be­slut­ninger, som regn­skabs­bru­gerne træf­fer på grund­lag af års­regn­skabet. Our objectives are to obtain reasonable assurance as to 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 the financial statements.Som led i en revision, der udføres i over­ens­stem­mel­se med in­ter­na­tio­na­le stan­dar­der om re­vi­sion og de yder­li­ge­re krav, der er gæl­den­de i Dan­mark, fo­re­ta­ger vi fag­li­ge vur­de­rin­ger og op­ret­hol­der pro­fes­sio­nel skep­sis under re­vi­sio­nen. Her­ud­over: 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:Identificerer og vurderer vi risikoen for væsent­lig fejl­in­for­ma­tion i års­regn­ska­bet, uan­set om denne skyl­des besvi­gel­ser eller fejl, udfor­mer og udfø­rer revi­si­ons­hand­lin­ger som reak­tion på disse risici samt opnår revi­si­ons­be­vis, der er til­stræk­ke­ligt og egnet til at danne grund­lag for vores kon­klu­sion. Risi­koen for ikke at opdage væsent­lig fejl­in­for­ma­tion for­år­sa­get af besvi­gel­ser er høje­re end ved væsent­lig fejl­in­for­ma­tion for­år­sa­get af fejl, idet besvi­gel­ser kan om­fat­te sam­men­svær­gel­ser, doku­ment­falsk, bevid­ste ude­ladel­ser, vild­led­ning eller til­si­de­sæt­tel­se af intern kon­trol. 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.Opnår vi for­stå­else af den inter­ne kon­trol med rele­vans for revi­sio­nen for at kunne udfor­me revi­si­ons­hand­lin­ger, der er pas­sen­de efter omstæn­dig­he­der­ne, men ikke for at kun­ne udtryk­ke en kon­klu­sion om effek­ti­vi­te­ten af sel­ska­bets inter­ne kon­trol. 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.Tager vi stilling til, om den regn­skabs­prak­sis, som er anvendt af ledel­sen, er pas­sen­de, samt om de regn­skabs­mæs­sige skøn og til­knyt­te­de oplys­ninger, som ledel­sen har udar­bej­det, er rime­lige. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Konkluderer vi, om le­del­sens udar­bej­del­se af års­regn­ska­bet på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift er pas­sen­de, samt om der på grund­lag af det opnå­ede revi­si­ons­be­vis er væsent­lig usik­ker­hed for­bun­det med begi­ven­he­der eller for­hold, der kan skabe bety­de­lig tvivl om sel­ska­bets evne til at fort­sætte drif­ten. Hvis vi kon­klu­de­rer, at der er en væsent­lig usik­ker­hed, skal vi i vores revi­si­ons­på­teg­ning gøre opmærk­som på oplys­ninger her­om i års­regn­ska­bet eller, hvis sådan­ne oplys­nin­ger ikke er til­stræk­ke­li­ge, modi­fi­ce­re vores kon­klu­sion. Vores kon­klu­sion er base­ret på det revi­si­ons­be­vis, der er opnå­et frem til da­to­en for vores revi­si­ons­på­teg­ning. Frem­ti­di­ge begi­ven­he­der eller for­hold kan dog med­føre, at sel­ska­bet ikke læn­ge­re kan fort­sæt­te drif­ten. 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.Tager vi stilling til den sam­le­de præ­sen­ta­tion, struk­tur og ind­hold af års­regn­ska­bet, her­under note­oplys­ning­erne, samt om års­regn­ska­bet afspej­ler de under­lig­gen­de trans­ak­ti­oner og begi­ven­he­der på en sådan måde, at der gives et ret­vi­sen­de bil­le­de her­af. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan­læg­ger og ud­fø­rer vi re­vi­sio­nen af års­regn­ska­bet for at op­nå til­stræk­ke­ligt og eg­net re­vi­sions­be­vis ved­rø­ren­de de kon­so­li­de­re­de fi­nan­si­el­le op­lys­nin­ger for virk­som­he­der­ne el­ler for­ret­nings­en­he­der­ne som grund­lag for at ud­for­me en kon­klu­sion om års­regn­ska­bet. Vi er an­svar­li­ge for at le­de, føre til­syn med og gen­nem­gå det ud­før­te re­vi­sions­ar­bej­de. Vi er ene­an­svar­li­ge for vo­res re­vi­sions­kon­klu­sion Plan and per­form the audit of the fi­nan­cial state­ments to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the con­soli­dated fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units as a basis for for­ming an opin­ion on the fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed. We re­main solely re­spon­sible for our audit opin­ion.Vi kom­mu­ni­ke­rer med den øver­ste ledel­se om bl.a. det plan­lag­te omfang og den tids­mæs­sige pla­ce­ring af revi­sio­nen samt bety­de­li­ge revi­si­ons­mæs­si­ge obser­va­tio­ner, her­under even­tu­el­le bety­de­li­ge mang­ler i intern kon­trol, som vi iden­ti­fi­ce­rer under revi­sio­nen. 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. Ledelsen er ansvarlig for ledelsesberetningen. Management is responsible for the Management's review.Vores konklusion om års­regn­ska­bet omfat­ter ikke ledel­ses­be­ret­ning­en, og vi ud­tryk­ker ingen form for kon­klu­sion med sik­ker­hed om ledel­ses­be­ret­ning­en. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.I tilknytning til vores revision af års­regn­ska­bet er det vores ansvar at læse ledel­ses­be­ret­ning­en og i den for­bin­del­se over­ve­je, om ledel­ses­be­ret­ning­en er væsent­ligt inkon­si­stent med års­regn­ska­bet eller vores viden opnå­et ved revi­sio­nen eller på anden måde sy­nes at inde­hol­de væsent­lig fejl­in­for­ma­tion. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Vores ansvar er derudover at overveje, om ledel­ses­be­ret­ning­en inde­hol­der kræ­ve­de oplys­nin­ger i hen­hold til års­regn­skabs­lo­ven. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Baseret på det udfør­te arbej­de er det vores opfat­tel­se, at ledel­ses­be­ret­ning­en er i over­ens­stem­mel­se med års­regn­ska­bet og er udar­bej­det i over­ens­stem­mel­se med års­regn­skabs­lo­vens krav. Vi har ikke fun­det væsent­lig fejl­in­for­ma­tion i ledel­ses­be­ret­ning­en. Based on the work we have performed, we conclude that the 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 the Management's review. Odense 2026-03-12 Emil Overlund statsaut. revisor State Authorised Public Accountant mne47833 42558000 23511000 21426000 28157000 13608000 12433000 -1103000 -2728000 -926000 -264000 -634000 21315000 10318000 9157000 76088000 69971000 51944000 0 1521000 2828000 469000 2073000 42863000 29548000 20167000 151.4 181.2 215.6 176.3 172.2 39.2 49.1 56.3 42.2 38.8 41.5 44.8 58.9 41.5 55.2 23 17 16 Der henvises til definitioner og begreber under anvendt regnskabspraksis. For terms and definitions, please see the accounting policies. Stock Group er en moderne grossistvirksomhed, der gennem strategiske indkøb, nøje udvalgte partnerskaber og godt gammeldags købmandskab skaber succeser for vores kunder.   Stock Group har en række stærke brands, som altid er leveringsdygtige inden for aktualitet, kvalitet, og som kommer med en stærk markedsføring i ryggen. Vores brands skaber trafik og salg ude i den enkelte forretning. Ofte er vores produkter det pluskøb, der giver en vækst for vores kunder. Stock Group is a modern wholesale company that, through strategic purchasing, carefully selected partnerships and good old-fashioned business acumen, creates successes for our customers.   Stock Group has a number of strong brands that are always able to deliver in terms of topicality, quality, and which come with strong marketing behind them. Our brands create traffic and sales in the individual business. Often, our products are the plus purchase that provides growth for our customers. Selskabets resultat­opgørelse for 2025 ud­vi­ser et over­skud på 21.416 t.kr. mod et over­skud på 20.997 t.kr. sidste år, og sel­ska­bets balance pr. 31. december 2025 udviser en egen­kapital på 52.276 t.kr.  The income statement for 2025 shows a profit of DKK 21,416 thousand  against a profit of DKK 20,997 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 52,276 thousand.  Ledelsen anser årets resultat for tilfredsstillende. Management considers the Company's financial performance in the year satisfactory.Forventningerne til regnskabsåret var, at udviklingen fra tidligere år fortsatte. Dette er til fulde lykkedes, hvilket har indfriet forventningerne. The excpectations for the financial year was that the development from previous would continue. This has been completely successful, which has fulfilled expectations.Årets resultat i forhold til tidligere udmeldte forventninger  Profit/loss for the year compared to previously announced expectations Årets resultat er i tråd med de forventninger, vi har meldt ud. Vi har set stabil vækst og fastholdt vores position som leverandør til de største detailkæder i Danmark. The result for the year is in line with the expectations we have announced. We have seen steady growth and maintained our position as a supplier to the largest retail chains in Denmark. Selskabet investerer løbende i udvikling af medarbejdernes kompetencer for at sikre en effektiv og skalerbar drift. Dette omfatter udvikling i digitale systemer, herunder ERP-platforme og lagerstyringsværktøjer, der optimerer arbejdsprocesser på tværs af organisationen.   For at understøtte en smidig værdikæde prioriterer selskabet specialiseret viden inden for logistik, indkøb og supply chain management. Der er fokus på at styrke samarbejdet mellem lager- og kontorpersonale gennem vidensdeling og procesoptimering.   Selskabet arbejder målrettet med at tiltrække og fastholde dygtige medarbejdere gennem kompetenceudvikling, og bestræber sig gerne på intern rekruttering i organisationen.    Ved kontinuerligt at styrke medarbejdernes faglige og teknologiske kompetencer sikrer selskabet et stærkt fundament for vækst og innovation. The company continuously invests in the development of employees' competencies to ensure efficient and scalable operations. This includes developments in digital systems, including ERP platforms and inventory management tools that optimize workflows across the organization.   To support an agile value chain, the company prioritizes specialized knowledge in logistics, procurement and supply chain management. The focus is on strengthening the collaboration between warehouse and office staff through knowledge sharing and process optimization.   The company works purposefully to attract and retain talented employees through competence development, and is happy to strive for internal recruitment in the organization.    By continuously strengthening the professional and technological competencies of its employees, the company ensures a strong foundation for growth and innovation. For at sikre en sund balance mellem lagerbinding og likviditet, arbejder selskabet målrettet med varelageroptimering. Gennem dataanalyse og fokus på omsætningshastighed sikrer vi, at varerne forbliver kurante. To ensure a healthy balance between inventory tie-up and liquidity, the company works purposefully with inventory optimization. Through data analysis and a focus on turnover rate, we ensure that the goods remain current.Kreditrisiko håndteres ved en tæt opfølgning på kundernes betalingsevne, for at sikre en stabil pengestrøm og reducere likviditetsrisikoen. Takket være vores tætte relationer til kunderne og dyb brancheindsigt oplever vi minimale tab, da vi proaktivt identificere og håndtere risici. Credit risk is managed by closely monitoring the customers' ability to pay to ensure a stable cash flow and reduce liquidity risk. Thanks to our close relationships with customers and deep industry insight, we experience minimal losses as we proactively identify and manage risks.Valutakursudsving spiller en væsentlig rolle, da selskabet køber varer i udenlandsk valuta, mens salget primært sker på nærmarkederne. Risikoen indregnes i vores indkøbskalkulationer, samtidig med at vi fastholder et skarpt fokus på konkurrencedygtig prissætning. Exchange rate fluctuations play a significant role, as the company purchases goods in foreign currency, while sales primarily take place in neighbouring markets. The risk is factored into our purchasing calculations, while maintaining a sharp focus on competitive pricing. Selskabet vil fortsat agere som en ansvarlig virksomhed og minimere negative påvirkninger på både interessenter og samfundet. En vigtig del af dette ansvar er vores samarbejde med vores leverandører/underleverandører, hvor vi sikrer, at de lever op til lovgivningen og gældende standarder for arbejdsmiljø og produktsikkerhed. Derudover samarbejder vi tæt med vores detail kunder, primært i Skandinavien, omkring at sikre stille deres specifikke krav som kommer udover ovenstående. The company will continue to act as a responsible company and minimize negative impacts on both stakeholders and society. An important part of this responsibility is our collaboration with our suppliers/subcontractors, where we ensure that they comply with legislation and applicable standards for working environment and product safety. In addition, we work closely with our retail customers, primarily in Scandinavia, to ensure that their specific requirements come in addition to the above.Ved at sikre ovenstående, kan vi tilbyde vores kunder den tryghed, de har brug for i forhold til ansvarlig produktion og etiske arbejdsforhold. Dette er ikke kun et krav for at opfylde kundernes forventninger, men også en vigtig konkurrencefordel for os. By ensuring the above, we can offer our customers the security they need in relation to responsible production and ethical working conditions. This is not only a requirement to meet customer expectations, but also an important competitive advantage for us.Denne tilgang styrker ikke kun vores relationer med kunderne, men giver os også en stærk position på markedet, hvor bæredygtighed og ansvarlighed bliver stadig vigtigere faktorer i valget af samarbejdspartnere. This approach not only strengthens our relationships with customers, but also gives us a strong position in the market, where sustainability and responsibility are becoming increasingly important factors in the choice of business partners. Selskabet arbejder aktivt med at spotte nye tendenser på markedet ved at anvende digitale medier og øvrige data. Denne tilgang gør os i stand til hurtigt at identificere forbrugertrends og behov, som vi kan reagere på i tide.    I den kommende periode vil vi arbejde med hvordan kunstig intelligens (AI) kan understøtte vores evne til at forudse og tilpasse os markedets udvikling endnu hurtigere. Vores udviklingsfokus er derfor rettet mod at sikre, at vi kan købe de rette varer hjem til tiden, så vi er på forkant med markedet og kan levere det, vores kunder efterspørger. The company works actively to spot new trends in the market by using digital media and other data. This approach enables us to quickly identify consumer trends and needs that we can respond to in a timely manner.    In the coming period, we will work on how artificial intelligence (AI) can support our ability to anticipate and adapt to market developments even faster. Our development focus is therefore aimed at ensuring that we can buy the right goods home on time, so that we are at the forefront of the market and can deliver what our customers demand. Der har ikke været nogen begivenheder af væsentlig betydning efter balancedagen, der kunne påvirke selskabets finansielle stilling eller fremtidsudsigter. There have been no events of material importance after the balance sheet date that could affect the company's financial position or future prospects. Vi forventer fortsat vækst, drevet af vores evne til hurtigt at tilpasse os ændringer i forbrugernes adfærd og markedstendenser.    Geopolitiske udfordringer som usikkerhed omkring handelsaftaler, valutakursudsving og forsyningskæder kan påvirke branchen, men vi er forberedte på at navigere disse udfordringer gennem tæt samarbejde med både partnerskaber og leverandører. We expect continued growth, driven by our ability to quickly adapt to changes in consumer behavior and market trends.    Geopolitical challenges such as uncertainty around trade agreements, exchange rate fluctuations, and supply chains can impact the industry, but we are prepared to navigate these challenges through close collaboration with both partnerships and suppliers. 52049341 47991191 22025784 16685007 1882394 1638639 28141163 29667545 1542439 0 0 219037 77920 -141534 2452724 1911059 5175599 4717036 27038647 26939071 5622654 5941883 21415993 20997188 1876669 2724662 818313 1151319 2694982 3875981 4788178 0 0 1006924 3366000 3871432 8154178 4878356 10849160 8754337 72019772 50761692 72019772 50761692 36753956 42340955 11426738 0 0 823817 471595 102340 1932312 716249 50584601 43983361 0 9177 122604373 94754230 133453533 103508567 500000 500000 31776039 30360046 20000000 20000000 52276039 50860046 200000 344000 200000 344000 0 1000000 40607377 29001393 24362266 10447805 2021585 0 5556307 5713883 4804 13564 8425155 6127876 80977494 52304521 80977494 52304521 133453533 103508567 500000 29362858 13000000 997188 20000000 0 13000000 500000 30360046 20000000 1415993 20000000 0 20000000 500000 31776039 20000000 Årsrapporten for Stock Group A/S for 2025 er aflagt i over­ens­stem­mel­se med års­regn­skabs­lo­vens be­stem­mel­ser for mel­lem­sto­re klas­se C-virk­som­he­der. The annual report of Stock Group A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. I henhold til årsregnskabslovens § 112, stk. 1, er der ikke udar­bej­det kon­cern­regn­skab. Årsregnskabet for Stock Group A/S indgår i koncernregnskabet for KC X SG Holding ApS, Kolding, Danmark, CVR. nr. 45 01 29 72. Pursuant to section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The financial statements of Stock Group A/S are included in the consolidated financial statements of KC X SG Holding ApS, Kolding, Denmark, reg. no. 45 01 29 97. Årsregnskabet er aflagt efter sam­me regn­skabs­prak­sis som sidste år. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Med henvisnings til årsregnskabslovens § 86, stk. 4, udarbejdes ikke pen­ge­strøms­op­gø­rel­se. Virk­som­he­dens pen­ge­strøm­me ind­går i kon­cern­pen­ge­strøms­op­gø­rel­sen for den højere­lig­gen­de moder­virk­som­hed KC x SG Holding ApS. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the higher-ranking parent company KC x SG Holding ApS. Præsentationsvaluta Reporting currencyÅrsregnskabet er aflagt i danske kroner (DKK). The financial statements are presented in Danish kroner (DKK). Ny­er­hver­ve­de virk­som­he­der ind­reg­nes i kon­cern­regn­ska­bet fra over­ta­gel­ses­tids­punk­tet. Solg­te eller af­vik­le­de virk­som­he­der ind­reg­nes i kon­cern­regn­ska­bet frem til af­stå­el­ses­tids­punk­tet. Sam­men­lig­nings­tal kor­ri­ge­res ikke for ny­er­hver­ve­de virk­som­he­der. Op­hør­te ak­ti­vi­te­ter præ­sen­te­res sær­skilt, jf. ne­den­for. Recently acquired entities are recognised in the consolidated financial statements from the date of acquisition. Entities sold or otherwise disposed of are recognised up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinued operations are presented separately, see below.Over­ta­gel­ses­tids­punk­tet er det tids­punkt, hvor kon­cer­nen fak­tisk op­når kon­trol over den over­tag­ne virk­som­hed. The date of acquisition is the date when the group actually obtains control of the acquiree.Ved køb af nye virk­som­he­der, hvor kon­cer­nen op­når be­stem­men­de ind­fly­del­se over den køb­te virk­som­hed, an­ven­des over­ta­gel­ses­me­to­den. De til­køb­te virk­som­he­ders iden­ti­fi­cer­bare ak­ti­ver, for­plig­tel­ser og even­tu­al­for­plig­tel­ser må­les til dags­vær­di på over­ta­gel­ses­tids­punk­tet. Iden­ti­fi­cer­ba­re im­ma­te­ri­el­le ak­ti­ver ind­reg­nes, hvis de kan ud­skil­les eller ud­sprin­ger fra en kon­trakt­lig ret. Der ind­reg­nes ud­skudt skat af de fo­re­tag­ne om­vur­de­rin­ger. The acquisition method is applied to the acquisition of new entities of which the group obtains control. The acquirees’ identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax related to the revaluations is recognised.Po­si­ti­ve for­skels­be­løb (good­will) mel­lem på den ene side købs­ve­der­la­get, vær­dien af mino­ri­tets­in­te­res­ser i den over­tag­ne virk­som­hed og dags­vær­dien af even­tu­el­le tid­li­ge­re er­hver­ve­de ka­pi­tal­an­de­le, og på den an­den side dags­vær­dien af de over­tag­ne iden­ti­fi­cer­bare ak­ti­ver, for­plig­tel­ser og even­tu­al­for­plig­tel­ser ind­reg­nes som good­will under im­ma­te­ri­el­le ak­ti­ver. Good­will af­skri­ves li­ne­ært i re­sul­tat­op­gø­rel­sen efter en in­di­vi­du­el vur­de­ring af den øko­no­mi­ske leve­tid. Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill under “Intangible assets”. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.Ne­ga­ti­ve for­skels­be­løb (ne­ga­tiv good­will) ind­reg­nes i re­sul­tat­op­gø­rel­sen på over­ta­gel­ses­tids­punk­tet. Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition.Ved over­ta­gel­sen hen­fø­res good­will til de pen­ge­strøms­frem­bring­ende en­he­der, der efter­følg­ende dan­ner grund­lag for ned­skriv­nings­test. Good­will og dags­vær­di­re­gu­le­rin­ger i for­bin­del­se med over­ta­gel­se af en uden­landsk en­hed med en an­den funk­tio­nel va­lu­ta end kon­cer­nens præ­sen­ta­ti­ons­va­lu­ta be­hand­les som ak­ti­ver og for­plig­tel­ser til­hø­ren­de den uden­land­ske en­hed og om­reg­nes ved før­ste ind­reg­ning til den uden­land­ske en­heds funk­tio­nel­le va­lu­ta med trans­ak­ti­ons­da­gens va­lu­ta­kurs. Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the presentation currency used in the consolidated financial statements are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.Købs­ve­der­la­get for en virk­som­hed be­står af dags­vær­dien af det af­tal­te ve­der­lag i form af over­drag­ne ak­ti­ver, på­tag­ne for­plig­tel­ser og ud­sted­te egen­ka­pi­tal­in­stru­men­ter. Hvis en del af købs­ve­der­la­get er be­tin­get af frem­ti­di­ge be­gi­ven­he­der eller op­fyl­del­se af af­tal­te be­tin­gel­ser, ind­reg­nes den­ne del af købs­ve­der­la­get til dags­vær­di på over­ta­gel­ses­tids­punk­tet. Efter­følg­ende re­gu­le­rin­ger af be­ting­ede købs­ve­der­lag ind­reg­nes i re­sul­tat­op­gø­rel­sen. The consideration paid for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the consideration is contingent on future events or compliance with agreed terms, such part of the consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of contingent considerations are recognised in the income statement.Omkostninger, af­holdt i for­bin­del­se med virk­som­heds­køb, ind­reg­nes i re­sul­tat­op­gø­rel­sen i af­hol­del­ses­året. Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.Hvis der på over­ta­gel­ses­tids­punk­tet er usik­ker­hed om iden­ti­fi­ka­tion eller må­ling af over­tag­ne ak­ti­ver, for­plig­tel­ser eller even­tu­al­for­plig­tel­ser eller fast­læg­gel­sen af købs­ve­der­la­get, sker før­ste ind­reg­ning på bag­grund af fore­lø­bigt op­gjor­te vær­dier. Hvis det efter­følg­ende vi­ser sig, at iden­ti­fi­ka­tion eller må­ling af købs­ve­der­la­get, over­tag­ne ak­ti­ver, for­plig­tel­ser eller even­tu­al­for­plig­tel­ser ikke var kor­rekt ved før­ste ind­reg­ning, re­gu­le­res op­gø­rel­sen med til­ba­ge­vir­ken­de kraft, her­un­der good­will, ind­til 12 må­ne­der efter over­ta­gel­sen, og sam­men­lig­nings­tal til­pas­ses. Her­ef­ter ind­reg­nes even­tu­el­le kor­rek­tio­ner som fejl. Where, at the date of acquisition, the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the consideration is associated with uncertainty, initial recognition will take place on the basis of provisional amounts. If it turns out subsequently that the identification or measurement of the consideration transferred, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Hereafter, any adjustments are recognised as misstatements.Ved af­hæn­del­se af til­knyt­tede virk­som­he­der, hvor den be­stem­men­de ind­fly­del­se ta­bes, op­gø­res for­tje­nes­te eller tab som for­skel­len mel­lem salgs­sum­men med fra­drag af salgs­om­kost­nin­ger på den ene side og den regn­skabs­mæs­sige vær­di af netto­ak­ti­ver på den an­den side. Gains or losses from disposal of group entities which result in loss of control are calculated as the difference between, on the one hand, the fair value of the selling price less selling expenses and, on the other hand, the carrying amount of net assets. Trans­ak­tio­ner i frem­med valu­ta omreg­nes ved før­ste ind­reg­ning til trans­ak­ti­ons­da­gens kurs. Valu­ta­kurs­dif­fe­ren­cer, der opstår mel­lem trans­ak­ti­ons­da­gens kurs og kur­sen på beta­lings­da­gen, ind­regnes i resul­tat­op­gø­rel­sen som en finan­si­el post. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Til­go­de­ha­ven­der, gæld og andre mone­tæ­re pos­ter i frem­med valu­ta om­reg­nes til balan­ce­da­gens valu­ta­kurs. For­skel­len mel­lem balan­ce­da­gens kurs og kur­sen på tids­punk­tet for til­go­de­ha­ven­dets eller gælds­for­plig­tel­sens opstå­en eller ind­reg­ning i senes­te års­regn­skab ind­reg­nes i resul­tat­op­gø­rel­sen under finan­si­el­le ind­tæg­ter og omkost­nin­ger. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Virksomheden har valgt IAS 11/IAS 18 som for­tolk­ningsbidrag for indregning af omsætning. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Ind­tæg­ter fra salg af han­dels­va­rer og fær­dig­va­rer, ind­reg­nes i netto­om­sæt­nin­gen, når over­gang af de væsent­lig­ste for­de­le og risi­ci til køber har fun­det sted, ind­tæg­ten kan opgø­res påli­de­ligt og beta­ling for­ven­tes mod­ta­get. Tids­punk­tet for over­gang af de væsent­lig­ste for­de­le og risi­ci ta­ger udgangs­punkt i stan­dar­di­se­re­de leve­rings­be­tin­gel­ser base­ret på Incoterms® 2020. Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.Netto­om­sæt­ning må­les til dags­vær­di­en af det aftal­te veder­lag ekskl. moms og afgif­ter opkræ­vet på veg­ne af tred­je­part. Alle for­mer for afgiv­ne ra­bat­ter ind­reg­nes i netto­om­sæt­nin­gen. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. I resultatopgørelsen er nettoomsætning, vareforbrug, ændring i lagre af færdigvarer og varer under fremstilling, andre driftsindtægter og eksterne omkostninger med hen­vis­ning til års­regn­skabs­lo­vens § 32 sam­men­dra­get til én regn­skabs­post benævnt bruttofortjeneste. The items revenue, cost of sales, change in inventories of finished goods and work in progress, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Ændring i lagre af færdigvarer og varer under fremstilling omfatter årets formindskelse eller forøgelse af varebeholdninger, som følge af omkostninger til råvarer og hjælpemidler, samt personaleomkostninger, men omfatter ikke ændringer i råvarelagre eller forudbetalinger for varer. Changes in inventories of finished goods and work in progress comprise reduction or increase of inventories due to due to cost of raw materials and consumables as well as staff costs, but does not include changes in inventories of raw materials or prepayments for goods. Vareforbrug omfatter kostprisen på de varer, som er med­gået til at opnå årets netto­om­sæt­ning. Cost of sales includes the cost of goods used in generating the year's revenue. Andre eksterne omkostninger omfat­ter omkost­nin­ger ved­rør­en­de virk­som­he­dens pri­mæ­re akti­vi­tet, der er afholdt i årets løb, her­un­der omkost­nin­ger til dis­tri­bu­tion, salg, rekla­me, admi­ni­stra­tion, loka­ler, tab på debi­to­rer, ydel­ser på ope­ra­tio­nel­le lea­sing­kon­trak­ter m.v. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Personaleomkostninger omfatter løn og gager, inkl. feriepenge og pensioner, samt andre om­kost­ninger til social sikring m.v. til virk­som­he­dens medarbejdere. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. Afskrivninger omfatter afskrivninger på immaterielle og materielle anlægsaktiver. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.Afskrivningsgrundlaget, der opgøres som kost­pri­sen med fra­drag af even­tu­el rest­vær­di, afskri­ves line­ært over den for­ven­te­de brugs­tid, base­ret på føl­gen­de vur­de­ring af akti­ver­nes for­ven­te­de brugs­ti­der: The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Andre anlæg, driftsmateriel og inventarFixtures and fittings, other plant and equipment 5 år/yearsIndretning af lejede lokalerLeasehold improvements 5 år/years I resultatopgørelsen indregnes den for­holds­mæs­sige andel af de under­lig­gende virk­som­heders resultat efter eliminering af intern avan­ce/tab og efter skat. I tilknyttede virksomheder foretages fuld eli­mi­ne­ring af intern avance og tab uden hensyntagen til ejerandele. I kapital­in­te­res­ser og associerede virk­som­heder foretages alene for­holds­mæs­sig eli­mi­ne­ring af avance og tab under hensyntagen til ejer­andele. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. In participating interests and associates, only proportional elimination of profit and loss is carried out, taking into account ownership shares.Posten omfatter modtagne udbytter fra til­knyt­tede og asso­cie­re­de virk­som­he­der. The item includes dividend received from group entities and associates. Finansielle indtægter og omkostninger ind­reg­nes i resul­tat­op­gø­rel­sen med de beløb, der ved­rø­rer regn­skabs­året. Finan­siel­le pos­ter omfat­ter ren­te­ind­tæg­ter og om­kostninger samt til­læg og godt­gø­rel­se under acon­to­skat­te­ord­nin­gen m.v. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Skat af årets resultat omfatter aktuel skat af årets for­ven­te­de skat­te­plig­ti­ge ind­komst og årets regu­le­ring af udskudt skat. Årets skat ind­reg­nes i resul­tat­op­gø­rel­sen med den del, der kan hen­fø­res til årets resul­tat, og i egen­ka­pi­ta­len med den del, som kan hen­fø­res til trans­ak­tio­ner ind­reg­net i egen­ka­pi­ta­len. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.Virksomheden indgår i sambeskatning med øvrige koncern­virk­som­heder. Den dan­ske sel­skabs­skat for­de­les mel­lem over­skuds- og under­skuds­gi­ven­de dan­ske sel­ska­ber i for­hold til dis­ses skat­te­plig­ti­ge ind­komst (fuld for­de­ling). The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Sambeskattede selskaber med overskydende skat godt­gø­res som mini­mum i hen­hold til de gæl­den­de sat­ser for ren­te­godt­gø­rel­ser af admi­ni­stra­ti­ons­sel­ska­bet, lige­som sam­be­skat­te­de sel­ska­ber med rest­skat som mak­si­mum beta­ler et til­læg i hen­hold til de gæl­den­de sat­ser for ren­te­til­læg til admi­ni­stra­ti­ons­sel­ska­bet. Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Materielle anlægsaktiver Property, plant and equipmentMaterielle anlægsaktiver måles til kost­pris med fra­drag af akku­mu­le­re­de af- og ned­skriv­nin­ger. Kost­pri­sen omfat­ter anskaf­fel­ses­pri­sen og omkost­nin­ger direk­te knyt­tet til anskaf­fel­sen ind­til det tids­punkt, hvor akti­vet er klar til brug. Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.For­tje­nes­te eller tab opgø­res som for­skel­len mel­lem salgs­pris med fra­drag af salgs­om­kost­nin­ger og den regn­skabs­mæs­si­ge vær­di på salgs­tids­punk­tet. For­tje­nes­te og tab ved salg af mate­ri­el­le akti­ver ind­reg­nes i resul­tat­op­gø­rel­sen under hen­holds­vis andre drifts­ind­tæg­ter og andre drifts­om­kost­nin­ger. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Virksomheden har som fortolkningsbidrag for klassifikation og indregning af leasingkontrakter valgt IAS 17. The Company has chosen IAS 17 as interpretation for classification and recognition of leases.Leasingkontrakter, hvor virksomheden ikke har alle væsent­li­ge for­del­e og risi­ci for­bun­det med ejen­doms­ret­ten, er ope­ra­tio­nel lea­sing. Ydel­ser i for­bin­del­se med ope­ra­tio­nel lea­sing og øvri­ge leje­kon­trak­ter ind­reg­nes i resul­tat­op­gø­rel­sen over kon­trak­tens løbe­tid. Virk­som­he­dens sam­le­de for­plig­tel­ser ved­rø­ren­de ope­ra­tio­nel­le lea­sing og leje­kon­trak­ter oply­ses under even­tu­al­pos­ter. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contingent liabilities". Deposita, finansielle anlægsaktiver Deposits, investmentsDeposita måles til amortiseret kostpris og udgøres af huslejedeposita mv. Deposits are measured at amortised cost and represent lease deposits, etc. Deposita måles til amortiseret kostpris og udgøres af huslejedeposita mv. Deposits are measured at amortised cost and represent lease deposits, etc. Kapitalandele i tilknyttede virksomheder og kapitalinteresser må­les efter den in­dre vær­dis metode. Equity investments in group entities and participating interests are measured according to the equity method.Ved første indregning måles kapitalandele i tilknyttede virksomheder og kapitalinteresser til kost­pris, dvs. med til­læg af trans­ak­ti­ons­om­kost­ninger. Kost­pri­sen allo­ke­res i over­ens­stem­mel­se med over­ta­gel­ses­me­to­den, jf. anvendt regn­skabs­prak­sis for virk­som­heds­sam­men­slut­ninger. On initial recognition, equity investments in group entities and participating interests are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.Kost­pri­sen vær­di­re­gu­le­res med re­sul­tat­an­de­le efter skat op­gjort efter kon­cer­nens regn­skabs­prak­sis med fra­drag eller til­læg af urea­li­se­re­de kon­cern­in­ter­ne avan­cer/tab. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Konstaterede merværdier og eventuel goodwill i for­hold til den under­lig­gen­de virk­som­heds regn­skabs­mæs­sige indre vær­di amor­ti­se­res i over­ens­stem­mel­se med anvendt regn­skabs­prak­sis for de akti­ver og for­plig­tel­ser, som de kan hen­fø­res til. Nega­tiv good­will ind­reg­nes i resul­tat­op­gø­rel­sen. Afskrivningsperioden på goodwill udgør 7 år. Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement. The amortization period for goodwill is 7 years.Modtaget udbytte fradrages den regn­skabs­mæs­sige vær­di. Dividend received is deduced from the carrying amount.Kapitalandele i tilknyttede virksomheder og kapitalinteresser, der måles til regn­skabs­mæs­sig indre værdi, er under­lagt krav om ned­skriv­nings­test, hvis der fore­lig­ger indi­ka­tio­ner på vær­di­for­ring­else. Equity investments in group entities and participating interests measured at net asset value are subject to impairment test requirements if there is any indication of impairment. Værdipapirer, som virksomheden planlægger at behol­de til udløb, måles til amor­ti­se­ret kost­pris opgjort på basis af den effek­ti­ve ren­te på anskaf­fel­ses­tids­punk­tet. Kurs­re­gu­le­ring ind­reg­nes i resul­tat­op­gø­rel­sen som en finan­si­el post. Securities which the Company intends to hold to maturity are measured at amortised cost, using the effective interest rate method at the date of acquisition. Value adjustments are recognised in the income statement under "Net financials".Værdipapirer og kapitalandele, der består af børs­no­te­re­de akti­er og obli­ga­tio­ner, måles til dags­vær­di (børs­kurs) på balan­ce­da­gen. Kapi­tal­an­de­le, der ikke er opta­get til han­del på et aktivt mar­ked, måles til kost­pris. Securities and investments consisting of listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. Den regnskabsmæssige værdi af materielle anlægsaktiver samt kapi­tal­an­de­le i til­knyt­tede og asso­cie­re­de virk­som­he­der vur­de­res årligt for indi­ka­tio­ner på vær­di­for­rin­gel­se. The carrying amount of property, plant and equipment, investments in group entities and associates is assessed for impairment on an annual basis. Foreligger der indikationer på værdiforringelse, fore­ta­ges ned­skriv­nings­test af hvert enkelt aktiv hen­holds­vis grup­pe af akti­ver. Der fore­ta­ges ned­skriv­ning til gen­ind­vin­dings­vær­di­en, hvis den­ne er lave­re end den regn­skabs­mæs­si­ge vær­di. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). Som genindvindingsværdi anvendes den højeste værdi af netto­salgs­pris og kapi­tal­vær­di. Kapi­tal­vær­di­en opgø­res som nutids­vær­di­en af de for­ven­te­de netto­pen­ge­strøm­me fra anven­del­sen af akti­vet eller aktiv­grup­pen og for­ven­te­de netto­penge­strøm­me ved salg af akti­vet eller aktiv­grup­pen efter endt brugs­tid. The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Tidligere indregnede nedskrivninger til­ba­ge­fø­res, når begrun­del­sen for ned­skriv­nin­gen ikke læn­ge­re består. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Vare­be­hold­nin­ger må­les til kost­pris ef­ter FIFO-me­to­den. Er net­to­rea­li­sa­ti­ons­vær­di­en lave­re end kost­pri­sen, ned­skri­ves til den­ne lave­re vær­di. Net­to­rea­li­sa­ti­ons­vær­di­en for vare­be­hold­nin­ger opgø­res som salgs­sum med fra­drag af fær­dig­gø­rel­ses­om­kost­nin­ger og omkost­nin­ger, der afhol­des for at effek­tu­ere sal­get, og fast­sæt­tes under hen­syn­ta­gen til omsæt­te­lig­hed, uku­rans og udvik­ling i for­ven­tet salgs­pris. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.Handelsvarer måles til kostpris, hvilket omfat­ter købs­pris med til­læg af hjem­ta­gel­ses­om­kost­nin­ger og andre omkost­nin­ger direk­te for­bun­det med købet. Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition. Virksomheden har valgt IAS 39 som fortolk­nings­bidrag for nedskrivninger af finansielle til­gode­ha­ven­der. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Tilgodehavender måles til amortiseret kostpris. Receivables are measured at amortised cost.Der fore­ta­ges ned­skriv­ning til imø­de­gå­el­se af tab, hvor der vur­de­res at være ind­truf­fet en objek­tiv indi­ka­ti­on på, at et til­go­de­ha­ven­de eller en por­te­føl­je af til­go­de­ha­ven­der er vær­di­for­rin­get. Hvis der fore­lig­ger en objek­tiv indi­ka­ti­on på, at et indi­vi­du­elt til­go­de­ha­ven­de er vær­di­for­rin­get, fore­ta­ges ned­skriv­ning på indi­vi­du­elt nive­au. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Tilgodehavender, hvor der ikke foreligger en objek­tiv indi­ka­ti­on på vær­di­for­rin­gel­se på indi­vi­du­elt niveau, vur­de­res på por­te­føl­je­ni­veau for objek­tiv indi­ka­ti­on for vær­di­for­rin­gel­se. Por­te­føl­je­rne base­res pri­mært på debi­to­rer­nes hjem­sted og kre­dit­vur­de­ring i over­ens­stem­mel­se med virk­som­he­dens risi­ko­sty­rings­po­li­tik. De objek­ti­ve indi­ka­to­rer, som anven­des for por­te­føl­jer, er fast­sat base­ret på histo­ris­ke tabs­er­fa­rin­ger. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Ned­skriv­nin­ger opgø­res som for­skel­len mel­lem den regn­skabs­mæs­sige vær­di af til­go­de­ha­ven­der og nutids­vær­di­en af de for­ven­te­de pen­ge­strøm­me, her­un­der rea­li­sa­ti­ons­vær­di af even­tu­el­le mod­tag­ne sik­ker­heds­stil­lel­ser. Som dis­kon­te­rings­sats anven­des den effek­ti­ve ren­te for det enkel­te til­go­de­ha­ven­de eller por­te­føl­je. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Periodeafgrænsningsposter, indregnet under akti­ver, omfat­ter for­ud­be­tal­te omkost­nin­ger ved­rø­ren­de efter­føl­gen­de regn­skabs­år. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Virksomheden har valgt IAS 39 som for­tolk­nings­bidrag til indregning og måling af gælds­for­plig­tel­ser. The Company has chosen IAS 39 as interpretation for liabilities.Finan­si­el­le gælds­for­plig­tel­ser ind­reg­nes ved lån­op­ta­gel­se til det mod­tag­ne pro­ve­nu efter fra­drag af afhold­te trans­ak­ti­ons­om­kost­nin­ger. I efter­føl­gen­de peri­oder måles de finan­si­el­le for­plig­tel­ser til amor­ti­se­ret kost­pris, sva­ren­de til den kapi­ta­li­se­re­de vær­di ved anven­del­se af den effek­ti­ve ren­te, så for­skel­len mel­lem pro­ve­nu­et og den nomi­nel­le vær­di ind­reg­nes i resul­tat­op­gø­rel­sen over låne­pe­ri­oden. I finan­si­el­le for­plig­tel­ser ind­reg­nes til­li­ge den kapi­ta­li­se­re­de rest­lea­sing­for­plig­tel­se på finan­si­el­le lea­sing­kon­trak­ter. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Øvri­ge gælds­for­plig­tel­ser måles til netto­rea­li­sa­ti­ons­vær­di­en. Other liabilities are measured at net realisable value. De i hoved- og nøgletalsoversigten anførte nøgle­tal er bereg­net såle­des: The financial ratios stated under "Financial highlights" have been calculated as follows: Resultat af primær driftOperating profit/lossResultat før finansielle poster +/- andre driftsindtægter og andre driftsomkostningerProfit/loss before net financials +/- Other operating income and other operating expensesLikviditetsgradCurrent ratioOmsætningsaktiver x 100Kortfristet gældCurrent assets x 100Current liabilitiesSoliditetsgradEquity ratioEgenkapital ultimo x 100Passiver i alt, ultimoEquity at year-end x 100Total equity and liabilities, year-endEgenkapitalforrentningReturn on equityÅrets resultat efter skat x 100Gennemsnitlig egenkapitalProfit/loss after tax x 100Average equity Der er ikke efter balancedagen indtruffet begivenheder af væsentlig betydning for virksomhedens finansielle stilling. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 19453916 14792004 2245425 1651229 326443 241774 22025784 16685007 38 29 Sidste års vederlag til virksomhedens ledelse oplyses samlet med henvisning til årsregnskabslovens § 98b, stk. 3, nr. 2. Last year by reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is disclosed jointly for both management catogories. 299559 89858 2121472 1813671 31693 7530 277682 167408 3151169 2325156 1746748 2224472 5766654 5713883 -144000 228000 20000000 20000000 1415993 997188 5265389 2118866 510355 73855 5775744 2192721 2540727 967547 1358348 406861 3899075 1374408 1876669 818313 For oplysning om sikkerhedsstillelser mv. vedrø­ren­de materielle anlægsaktiver henvises til note 15. Note15provides more details on security for loans, etc. as regards property, plant and equipment. 0 805000 3871432 2823948 0 0 0 805000 505432 2823948 0 3366000 0 201924 0 4216783 0 -2454477 0 -201924 201924 0 1964230 0 0 4788178 0 3366000 Den regnskabsmæ ssige værdi på tilknyttede virksomheder sammensættes af en andel af indre værdi i de tilknyttede virksomheder på 6.943 t.kr., goodwill med en regnskabsmæ ssig værdi på 1.219 t.kr. med fradrag af eliminering af interne avancer på 2.924 t.kr. The carrying amount of group entities a share of the entities’ net asset value, t.DKK 6.943, goodwill at a carrying amount of t.DKK 1.219 less elimination of internal gains of t.DKK 2.924. Shop Group ApS 100 6638785 4929949 Stock Group Norway AS 100 -587052 -606000 500000 500 500000 500000 Virksomhedens aktiekapital har uændret været 500.000 kr. det seneste år. The Company's share capital has remained DKK 500,000 in the past year. 344000 116000 200000 344000 200000 344000 Anden gæld består af skyldige lønrelaterede poster, skyldig fee samt skyldig moms, told og afgifter. Other debt consists of salary-related items owed, fees owed, and VAT, customs duties and taxes owed. Andre eventualforpligtelserOther contingent liabilities Virksomheden har derudover indgået sædvanlige, gensidigt bebyrdende aftaler som led i virksomhedens normale drift. The Company has?, as part of its normal course of business, entered into customary executory contracts. Selskabet indgår i sambeskatning med KC x SG Holding ApS, CVR-nr. 45 01 29 72, som er administra-tionsselskab og hæfter ubegrænset og solidarisk med de øvrige sambeskattede selskaber for den samlede selskabsskat. With KC x SG Holding ApS, company reg. no 45 01 29 72 as administration company, the company is subject to joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. Selskabet hæfter ubegrænset og solidarisk med de øvrige sambeskattede selskaber for eventuelle forpligtelser til at inde-holde kildeskat på udbytter. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on dividends. Eventuelle senere korrektioner af selskabsskatter eller kildeskatter mv. vil kunne medføre, at selskabets hæftelse udgør et andet beløb. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. Selskabet har indgået operationelle leasingkontrakter med en gennemsnitlig årlig leasingydelse på 654 tkr. Leasingkontrakterne har en restløbetid på 8-53 måneder og en samlet restleasingydelse på 141 tkr. The company has entered into operational leases with an average annual lease payment of t.DKK 654. The leases have 8-53 months to maturity and total outstanding lease payments total t.DKK 141. Til sikkerhed for gæld til pengeinstitut, 35 mio kr., har selskabet stillet virksomhedspant på nominelt 35 mio kr. Virksomhedspantet omfatter varelager, varedebitorer samt driftsmidler og -inventar, hvis regnskabsmæssige værdi på balancedagen udgør 112 mio kr. For bank loans, m.DKK 35, the company has provided security in company assets representing a nominal value of m.DKK 35. This security comprises inventories, trade recievables and property, plant and equipment, with carrying amounts m.DKK 112 Bestemmende indflydelseParties exercising control Nærtstående partRelated partyBopæl/HjemstedDomicileGrundlag for  bestemmende indflydelseBasis for control KC x SG Holding ApSKoldingKapitalbesiddelseParticipating interest Rasmus Borup NielsenKapitalbesiddelseParticipating interest Transaktioner med nærtstående parterRelated party transactions Virksomheden oplyser kun om transaktioner med nærtstående parter, der ikke er gennemført på nor­male markedsvilkår, jf. lovens § 98 c, stk. 6. The Company solely discloses related party transactions that have not been carried out on an arm's length basis, cf. section 98c(6) of the Danish Financial Statements Act. Alle transaktioner er gennemført på normale markedsvilkår. All transactions have been carried out on an arm's length basis.