34732590 2025-01-01 2025-12-31 34732590 2025-01-01 2025-12-31 1 34732590 2025-01-01 2025-12-31 1 34732590 2025-01-01 2025-12-31 2 34732590 2025-01-01 2025-12-31 3 34732590 2025-01-01 2025-12-31 4 34732590 2025-01-01 2025-12-31 5 34732590 2025-01-01 2025-12-31 6 34732590 2025-01-01 2025-12-31 1 34732590 2025-01-01 2025-12-31 2 34732590 2024-01-01 2024-12-31 34732590 2025-12-31 34732590 2024-12-31 34732590 2024-12-31 fsa:ContributedCapitalMember 34732590 2024-12-31 fsa:SharePremiumMember 34732590 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 34732590 2024-12-31 fsa:RetainedEarningsMember 34732590 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 34732590 2025-01-01 2025-12-31 fsa:SharePremiumMember 34732590 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 34732590 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 34732590 2025-12-31 fsa:ContributedCapitalMember 34732590 2025-12-31 fsa:SharePremiumMember 34732590 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 34732590 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-03-19 Jess Christian Fleischer The Board of Directors and the Executive Board have today considered and approved the annual report of Tailor Shaped ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Jess Christian Fleischer CEO Christian Ulrik Trolle Chairman Jess Christian Fleischer Thomas Ryge Mikkelsen Jessica Iris Birgitta Mattsson Jan Ankjær Jensen Jeremy de Maillard To the shareholders of Tailor Shaped ApS We have audited the financial statements of Tailor Shaped ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Claus Jorch Andersen State Authorised Public Accountant mne33712 Arif Aygar State Authorised Public Accountant mne50634 Primary activitiesThe company’s main activity is to develop and produce tailored apparel for men. Development in activities and financesTailor Shaped ApS has successfully wrapped up another year, and we are pleased to present our 2025 Annual Report. This year, we achieved a strong return to topline growth while improving our bottom line. We are especially grateful for our loyal customers, whose continued support remains the foundation of our success. At the same time, we are thrilled to welcome an accelerated wave of new customers who have chosen to join us on this journey. ​ ​Early in 2025, the company successfully completed an equity crowdfunding round combined with a conversion of debt, strengthening the company’s capital base and providing additional financial flexibility. We are grateful for the continued support from both existing and new shareholders who chose to participate in this round. ​ ​Throughout the year, the company continued to develop its operational platform and product offering. Our vertically integrated setup with production and fulfillment in Portugal remains an important strategic asset, supporting product quality, transparency, and operational efficiency. ​ ​Despite a challenging macroeconomic environment, including currency fluctuations and the introduction of new tariffs affecting exports to the United States on 29 August, the company delivered a positive EBITDA for the year. Management considers this a satisfactory development given the circumstances. ​ ​Overall, management believes the company has strengthened its operational foundation and remains well positioned for continued development in the coming years. ​ Uncertainty relating to recognition and measurementAt the 31 December 2025, the Company has recognized DKK 5,600 thousand as deferred tax assets. The value of the tax assets depends on the Company’s ability to develop, market and sell own products at a profitable level. Management believes that the Company will realize the implementation of its plans within a foreseeable future. Accordingly, Management has deemed the valuation sound. If the Company’s sales and growth deviate significantly from the current plans, there may be uncertainty associated with the valuation. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation ​of this annual report. 14919184 11706845 12206240 10422575 1816466 1607744 896478 -323474 44804 47718 21542 98633 2802919 3205095 -1840095 -3382218 -579303 -2353071 -1260792 -1029147 -1260792 -1029147 -1260792 -1029147 2886716 3483076 0 84247 195741 180702 3082457 3748025 109579 169623 309816 468812 419395 638435 81287 81287 1064845 762190 5600000 5211800 6746132 6055277 10247984 10441737 3904349 4113664 3904349 4113664 1116855 1070008 1166740 1121936 1907781 813716 191103 246868 190332 194136 4572811 3446664 2221808 7317376 10698968 14877704 20946952 25319441 497079 456814 2404316 2857747 -1538665 -12656267 1362730 -9341706 6680243 8366611 0 10000000 6680243 18366611 5146082 8412490 11253 8888 2427883 2652034 3156874 3633253 2161887 1587871 12903979 16294536 19584222 34661147 20946952 25319441 456814 0 2857747 -12656267 -9341706 40265 11924963 0 11965228 -11924963 11924963 0 0 -453431 453431 0 -1260792 -1260792 497079 0 2404316 -1538665 1362730 For the purpose of offering incentive pay in the form of warrants, the Company’s Board of Directors are authorized for the period until 14 December 2030 once or several times to increase the Company’s share capital with up to nominally 6,900 shares in total without pre-emption right for the Company’s shareholders. The authorization empowers the Board of Directors to determine the terms for the granted share options, including the exercise price.​ ​​In 2021, the Company acquired a total nominal value of treasury A-shares 1,776 DKK (0.35% of the share capital) at a price of 269 DKK, corresponding to 477,435 DKK. The shares were acquired in connection with expiry of a ​warrant program, where the employee exercised the warrants 1 Uncertainty relating to recognition and measurement At the 31 December 2025, the Company has recognized DKK 5,600 as deferred tax assets. The value of the tax assets depends on the Company’s ability to develop, market and sell own products at a profitable level. Management believes that the Company will realize the implementation of its plans within a ​foreseeable future. Accordingly, Management has deemed the valuation sound. If the Company’s sales and ​growth deviate significantly from the current plans, there may be uncertainty associated with the valuation. 2 Gross profit /lossGross profit includes own work capitalised for DKK 851 thousand (2024: DKK 1,027 thousand). 3 Staff costs2025​DKK2024​DKKWages and salaries11,337,6699,568,039Pension costs726,004730,190Other social security costs142,567124,34612,206,24010,422,575Average number of full-time employees1715 17 15 4 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets1,534,2151,286,939Depreciation of property, plant and equipment282,251320,8051,816,4661,607,744 5 Other financial income ​2025​DKK2024​DKKOther interest income12,75628,466Exchange rate adjustments8,78670,16721,54298,633 6 Other financial expenses2025​DKK2024​DKKOther interest expenses1,088,7791,846,982Exchange rate adjustments1,714,1401,358,1132,802,9193,205,095 7 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax(191,103)(246,868)Change in deferred tax(388,200)(2,106,203)(579,303)(2,353,071) 8 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKDevelopment projects in progress​DKKCost beginning of year6,804,112506,088180,702Transfers00(853,609)Additions853,6090868,648Cost end of year7,657,721506,088195,741Amortisation and impairment losses beginning of year(3,321,037)(421,841)0Amortisation for the year(1,449,968)(84,247)0Amortisation and impairment losses end of year(4,771,005)(506,088)0Carrying amount end of year2,886,7160195,741 9 Development projectsDevelopment projects comprise development of a standardised size recommendation engine in relation to the company’s sizing algorithm, aimed at improving the accuracy and scalability of size recommendations for made-to-order garments. There is continuous development of the sizing algorithm in order to support the continued growth and expansion of the company.​​The projects are continuously completed and put to use, after which amortization is commenced.​​With reference to section 83(2) of the Danish Financial Statement Act, deferred tax is set off against the capitalized costs for development projects in the reserve for development costs under equity.​ 10 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements​DKKCost beginning of year692,4911,082,071Additions18,73244,480Cost end of year711,2231,126,551Depreciation and impairment losses beginning of year(522,869)(613,259)Depreciation for the year(78,775)(203,476)Depreciation and impairment losses end of year(601,644)(816,735)Carrying amount end of year109,579309,816 11 Financial assetsInvestments in group enterprises​DKKDeposits​DKKDeferred​tax ​DKKCost beginning of year81,287762,1905,211,800Additions0302,6550Cost end of year81,2871,064,8455,211,800Impairment losses for the year00388,200Impairment losses end of year00388,200Carrying amount end of year81,2871,064,8455,600,000Investments in subsidiariesRegistered inCorporate formEquity​interest​%Equity​DKKProfit/loss​DKKSOAT PT, Unipessoal, Lda.Guimaraes, PortugalLda. (private limited company)100.0097,270(39,357) 12 Receivables from group enterprisesReceivables from group enterprises due for payment more one year after the balance sheet date amounts to TDKK 700.13 Tax receivableCorporate income tax receivable recognised in the balance sheet relates to applying the Tax Credit Scheme under​section 8X of the Danish Tax Assessment Act, by which the Company can get the tax base of tax losses originating​from research and development costs. ​ ​Based on an examination of the criteria for applying the scheme, Management believes the Company is entitled to apply the scheme. Accordingly, the recognition has been based on this assessment. ​ ​However, whether the criteria for applying the scheme are met is based on an estimate. Consequently, there may​be a risk that the tax authorities will deem the criteria unfulfilled. If so, the receivable must be fully or partially reversed in the income statement in the subsequent financial year. ​ 14 Contributed capitalNumberNominal​value​DKKA-shares413,125413,125B-shares83,95483,954497,079497,079 15 Non-current liabilities other than provisionsDue within 12 months ​2025​DKKDue within 12 ​months ​2024​DKKDue after more than 12 months​2025​DKKDebt to other credit institutions5,146,0828,412,4906,680,2435,146,0828,412,4906,680,243Non-current liabilitiesdue 5 years after the balance sheet date amount to DKK 0. 16 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total1,126,925762,190 17 Contingent assetsThe company has a deferred tax asset that amounts to DKK 7,407 thousand which has not been capitalized due to the uncertainty of when the company is able to use it. 18 Assets charged and collateralAs collateral for liabilities with Danske Bank the company has pledged a bank account with a balance of DKK 25 thousand at the balance sheet date.​​As security for debt obtained from Danske Bank and Vækstfonden, there is a registered corporate mortgage amounting to DKK 4,000 thousand. This security includes intangible assets, property plant and equipment, inventories and trade receivables. ​​The carrying amount is DKK 10,431 thousand (2024: DKK 10,384 thousand). This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. ​Inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.​​Balance sheet items are translated using the exchange rates at the balance sheet date. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods is recognised in the income statement when payment is received and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at​fair value of the consideration fixed. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets and property, plant and equipment. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including salary refunds. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation and amortisation for the financial year, and gains and ​losses from the sale of property, plant and equipment. Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group enterprises.Other financial incomeOther financial income comprises exchange gains on transactions in foreign currencies for debtors and payables. Other financial expensesOther financial expenses comprise interest expenses, exchange losses on payables and debtors and transactions​in foreign currencies, amortisation of financial liabilities. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​ ​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible ​assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each project.​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5 years. Acquired intellectual property right is measured at cost less accumulated amortisation. Acquired intellectual property right is amortised on a straight-line basis over their expected useful life.Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. . ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3 yearsLeasehold improvements5 yearsFor leasehold improvements the depreciation period cannot exceed the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​lower of recoverable amount and carrying amount. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price. Cost of manufactured goods and work in progress consists ​of costs of raw materials and direct labour costs.​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Tax receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. true Grundlag for konklusion Konklusion 2026-03-19 2026-03-19 true 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Copenhagen Copenhagen 1200 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 17 Højbro Plads Tailor Shaped ApS 34732590 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab