37677892 2025-01-01 2025-12-31 37677892 2025-01-01 2025-12-31 37677892 2025-01-01 2025-12-31 1 37677892 2025-01-01 2025-12-31 1 37677892 2025-01-01 2025-12-31 2 37677892 2025-01-01 2025-12-31 3 37677892 2025-01-01 2025-12-31 4 37677892 2025-01-01 2025-12-31 5 37677892 2025-01-01 2025-12-31 1 37677892 2024-01-01 2024-12-31 37677892 2025-12-31 37677892 2024-12-31 iso4217:DKK xbrli:pure 2025-01-01 2025-12-31 2026-03-31 inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Buddingevej 312 2024-01-01 2024-12-31 RISIKA A/S 37677892 Annual report Steen Fabricius Dahl RISIKA A/S 37677892 Timm Jeppesen Mads Guttorm Jakobsen Christoffer Frederik Spangenberg Flemming Møllegaard Laugesen Lars Andersen Peter Christian Schmiegelow Michael Dam-Johansen Statsautoriseret revisor Risika A/S is a fin­an­cial tech­no­logy com­pany ded­ic­ated to trans­form­ing the land­s­cape of credit risk man­age­ment. Our mis­sion is to provide the most flex­ible B2B solu­tion to bal­ance growth and risk in every trade deci­sion, cre­at­ing fin­an­cial safety through cal­cu­lated risk.By leveraging advanced ana­lyt­ics and real-time data, we provide a soph­ist­ic­ated plat­form that auto­mates credit assess­ments and port­fo­lio mon­it­or­ing. Risika exists to bridge the gap between com­plex fin­an­cial data and action­able insights, serv­ing as a crit­ical part­ner for fin­an­cial insti­tu­tions and B2B enter­prises across North­ern Europe and bey­ond. 2025 was a mile­stone year for Risika A/S. For the sixth con­sec­ut­ive year, the com­pany achieved a solid increase in Annual Recur­ring Rev­enue (ARR). This sus­tained growth, com­bined with dis­cip­lined opera­tional man­age­ment, has res­ul­ted in a sig­ni­fic­ant pos­it­ive EBITDA for the fin­an­cial year. Fur­ther­more, the com­pany's cap­ital struc­ture has been sub­stan­tially strengthened. Our share­holders have suc­cess­fully con­ver­ted out­stand­ing con­vert­ible notes into equity. Com­bined with the pos­it­ive res­ult from opera­tions, this has restored the com­pany’s equity to a pos­it­ive pos­i­tion, ensur­ing a robust fin­an­cial found­a­tion for our con­tin­ued expan­sion. A key pil­lar in our 2025 strategy has been the form­al­isa­tion of a global part­n­er­ship with Coface, a world leader in trade credit insur­ance and busi­ness inform­a­tion. This col­lab­or­a­tion marks Risika's trans­ition from a Nor­dic spe­ci­al­ist to a global pro­vider of credit risk man­age­ment. Through this stra­tegic reselling agree­ment, Risika now offers seam­less access to global busi­ness inform­a­tion and under­writ­ing data cover­ing approx­im­ately 240 mil­lion com­pan­ies across 190 mar­kets. The integ­ra­tion of Coface’s data on com­pan­ies dir­ectly into the Risika ecosys­tem ensures that our cli­ents can man­age global risk with stand­ard­ised, high-qual­ity assess­ments, includ­ing pre­dict­ive credit scores. Innova­tion remains a core driver of our busi­ness model. In 2025, Risika trans­formed into an AI-first organ­isa­tion, focus­ing on the sys­tem­atic imple­ment­a­tion of Arti­fi­cial Intel­li­gence across all internal and external func­tions. This trans­form­a­tion spans from the core devel­op­ment of our risk solu­tions to auto­ma­tion of com­mer­cial, admin­is­trat­ive, and fin­an­cial tasks.By con­tinu­ously gath­er­ing exper­i­ences and data from these imple­ment­a­tions, we ensure that AI-driven effi­ci­ency gains are dir­ectly rein­ves­ted into our product devel­op­ment cycle. This approach allows us to deliver faster and more pre­cise credit intel­li­gence while main­tain­ing a lean opera­tional setup. The devel­op­ment activ­it­ies in 2025 have focused on cre­at­ing a com­pre­hens­ive fin­an­cial intel­li­gence ecosys­tem that auto­mates data col­lec­tion and enhances deci­sion-mak­ing speed. A sig­ni­fic­ant mile­stone was the com­ple­tion of the EUROSTARS "SCORE" pro­ject in part­n­er­ship with DTU, which suc­cess­fully imple­men­ted NLP models to extract data from unstruc­tured fin­an­cial reports. This tech­n­ical found­a­tion has enabled full data par­ity in the Finn­ish mar­ket and a premium enhance­ment of Swedish data qual­ity, now achiev­ing 99.5% coverage.The suc­cess­ful launch of the second-gen­era­tion Doc­u­ment Intel­li­gence Plat­form, has sig­ni­fic­antly improved opera­tional effi­ci­ency by achiev­ing over 95% accur­acy in auto­mated data cap­ture and clas­si­fic­a­tion. This advance­ment min­im­ises manual inter­ven­tion for cli­ents, ensur­ing higher data integ­rity across work­flows. For fur­ther risk mit­ig­a­tion and ongo­ing reg­u­lat­ory com­pli­ance, a soph­ist­ic­ated cryp­to­graphic sys­tem provid­ing industry-lead­ing secur­ity for sens­it­ive bene­fi­cial own­er­ship data has been imple­men­ted. By modern­ising core infra­struc­ture to sup­port zero-down­time deploy­ments, ser­vice inter­rup­tions are effect­ively elim­in­ated while achiev­ing sub­stan­tial opera­tional cost sav­ings.To ensure seam­less com­mer­cial scalab­il­ity, our dash­board has under­gone a full archi­tec­tural migra­tion to a uni­form them­ing struc­ture, while our core API per­form­ance has been optim­ised to ensure 99.95% uptime. Finally, the com­pany has suc­cess­fully launched stand­ard­ised enter­prise integ­ra­tions for Microsoft Busi­ness Cen­t­ral 365 and Fin­ance and Sup­ply Chain Man­age­ment 365. These integ­ra­tions ensure that Risika’s risk intel­li­gence is nat­ively avail­able within our cli­ents' primary fin­an­cial work­flows, sig­ni­fic­antly redu­cing manual work­load for fin­ance and sales teams alike. As our pres­ence in the fin­an­cial sec­tor grows, so does our com­mit­ment to reg­u­lat­ory excel­lence. Risika expects to achieve an ISAE 3402 cer­ti­fic­a­tion through an assur­ance report issued by infore­vi­sion in early 2026. This cer­ti­fic­a­tion val­id­ates our internal con­trol envir­on­ment in rela­tion to:• DORA (Digital Opera­tional Resi­li­ence Act) • GDPR (Gen­eral Data Pro­tec­tion Reg­u­la­tion) • ISO 27001/27002 (Inform­a­tion Secur­ity Man­age­ment) Sub­sequent to the end of the fin­an­cial year, Risika secured a sig­ni­fic­ant loan com­mit­ment from the recog­n­ized pro­vider, Gil­lion. This agree­ment facil­it­ates:• Refin­an­cing: Full redemp­tion of exist­ing debt to EIFO. • Liquid­ity Optim­iz­a­tion: A favor­able repay­ment pro­file aligned with our growth strategy. • Stra­tegic Expan­sion: Addi­tional cap­ital ded­ic­ated to mar­ket ini­ti­at­ives in the fin­an­cial industry and con­tin­ued expan­sion across the Nor­dic mar­kets. Based on our cur­rent ARR momentum and the recent strength­en­ing of our cap­ital base, Man­age­ment holds a pos­it­ive outlook for 2026. We expect con­tin­ued growth in both rev­enue and prof­it­ab­il­ity, driven by our AI-enhanced opera­tions, sharpened com­mer­cial focus, and our deepened pen­et­ra­tion into the Nor­dic and inter­n­a­tional fin­an­cial sec­t­ors. The Board of Dir­ect­ors and The Exec­ut­ive Board have today con­sidered and adop­ted the annual report for 1 Janu­ary 2025 - 31 Decem­ber 2025 for RISIKA A/S. RISIKA A/S The annual report is pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the fin­an­cial state­ments give a true and fair view of the the com­pany's fin­an­cial pos­i­tion at 31 Decem­ber 2025 and of the res­ults of its opera­tions for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the annual report be adop­ted at the Annual Gen­eral Meet­ing. Timm Jeppesen CEO Mads Guttorm Jakobsen Chairman Christoffer Frederik Spangenberg Board member Flemming Møllegaard Laugesen Board member Lars Andersen Board member Peter Christian Schmiegelow Board member To the share­holder's in RISIKA A/S RISIKA A/S Opinion We have audited the fin­an­cial state­ments of RISIKA A/S for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity and notes. The fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the fin­an­cial state­ments give a true and fair view of the com­pany's fin­an­cial pos­i­tion as at 31 Decem­ber 2025 and of the res­ults of the com­pany's opera­tions for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. RISIKA A/S Basis for Opinion 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 com­pany in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and IESBA Code. We believe that the audit evid­ence we have obtained is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. Man­age­ment is respons­ible for the pre­par­a­tion of fin­an­cial state­ments that give a true and fair view in accord­ance with the Dan­ish Fin­an­cial State­ments Act, and for such internal con­trol as Man­age­ment determ­ines is neces­sary to enable the pre­par­a­tion of fin­an­cial state­ments that are free from mater­ial mis­state­ment, whether due to fraud or error. In pre­par­ing the fin­an­cial state­ments, Man­age­ment is respons­ible for assess­ing the com­pany's abil­ity to con­tinue as a going con­cern, 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 com­pany or to cease opera­tions, or has no real­istic altern­at­ive but to do so. Our object­ives are to obtain reas­on­able assur­ance about whether the fin­an­cial state­ments as a whole are free from mater­ial mis­state­ment, whether due to fraud or error, and to issue an aud­itor’s report that includes our opin­ion. Reas­on­able assur­ance is a high level of assur­ance, but is not a guar­an­tee that an audit con­duc­ted in accord­ance with ISAs and the addi­tional require­ments applic­able in Den­mark will always detect a mater­ial mis­state­ment when it exists. Mis­state­ments can arise from fraud or error and are con­sidered mater­ial if, indi­vidu­ally or in the aggreg­ate, they could reas­on­ably be expec­ted to influ­ence the eco­nomic deci­sions of users taken on the basis of these fin­an­cial state­ments. As part of an audit con­duc­ted in accord­ance with ISAs and the addi­tional require­ments applic­able in Den­mark, we exer­cise pro­fes­sional 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 com­pany's internal con­trol.Evalu­ate the appro­pri­ate­ness of account­ing policies used and the reas­on­able­ness of account­ing estim­ates and related dis­clos­ures made by Man­age­ment.Con­clude on the appro­pri­ate­ness of Man­age­ment’s use of the going con­cern basis of account­ing in pre­par­ing the fin­an­cial state­ments, and, based on the audit evid­ence obtained, whether a mater­ial uncer­tainty exists related to events or condi­tions that may cast sig­ni­fic­ant doubt on the com­pany's abil­ity to con­tinue as a going con­cern. If we con­clude that a mater­ial uncer­tainty exists, we are required to draw atten­tion in our aud­itor’s report to the related dis­clos­ures in the fin­an­cial state­ments or, if such dis­clos­ures are inad­equate, to modify our opin­ion. Our con­clu­sions are based on the audit evid­ence obtained up to the date of our aud­itor’s report. How­ever, future events or condi­tions may cause the com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and 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 Man­age­ment’s Review.Our opin­ion on the fin­an­cial state­ments does not cover Man­age­ment’s Review, and we do not express any form of assur­ance con­clu­sion thereon.In con­nec­tion with our audit of the fin­an­cial state­ments, our respons­ib­il­ity is to read Man­age­ment’s Review and, in doing so, con­sider whether Man­age­ment’s Review is mater­i­ally incon­sist­ent with the fin­an­cial state­ments or our know­ledge obtained dur­ing the audit, or other­wise appears to be mater­i­ally mis­stated.Moreover, it is our respons­ib­il­ity to con­sider whether Man­age­ment’s Review provides the inform­a­tion required under the Dan­ish Fin­an­ci­als State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the fin­an­cial state­ments and has been pre­pared in accord­ance with the require­ments of the Dan­ish Fin­an­cial State­ments Act.We did not identify any mater­ial mis­state­ment in Man­age­ment’s Review. Søborg 2026-03-31 inforevision statsautoriseret revisionsaktieselskab 19263096 Michael Dam-Johansen Statsautoriseret revisor mne36161 The annual report has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The annual report has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class B.Some pro­vi­sions from report­ing class C has been adop­ted.The account­ing policies have not been changed from last year. Reporting class B Con­sol­id­ated fin­an­cial state­ments has not been pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ment Act sec­tion 110. The fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is recog­n­ised in the income state­ment as earned. Fur­ther­more, value adjust­ments of fin­an­cial assets and liab­il­it­ies meas­ured at fair value or amort­ised cost are recog­n­ised. Moreover, all expenses incurred to achieve the earn­ings for the year are recog­n­ised in the income state­ment, includ­ing depre­ci­a­tion, amort­isa­tion, impair­ment losses and pro­vi­sions as well as reversals due to changed account­ing estim­ates of amounts that have pre­vi­ously been recog­n­ised in the income state­ment.Assets are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits attrib­ut­able to the asset will flow to the com­pany, and the value of the asset can be meas­ured reli­ably. Liab­il­it­ies are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits will flow out of the com­pany, and the value of the liab­il­ity can be meas­ured reli­ably.Assets and liab­il­it­ies are ini­tially meas­ured at cost. Sub­sequently, assets and liab­il­it­ies are meas­ured as described for each item below.Cer­tain fin­an­cial assets and liab­il­it­ies are meas­ured at amort­ised cost, which involves the recog­n­i­tion of a con­stant effect­ive interest rate over the matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the annual report which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. Gross profit/loss includes "Rev­enue""Cost of sales""Own work cap­it­al­ised""Other operat­ing income""External expenses". As income recog­n­i­tion cri­terion, the pro­duc­tion cri­terion is applied so that rev­enue com­prises the invoiced rev­enue for the year reduced by pre­pay­ments and with addi­tion for work in pro­gress meas­ured at mar­ket value. Rev­enue is meas­ured at fair value excl. VAT and less gran­ted dis­counts. Own work cap­it­al­ised com­prises work per­formed in the fin­an­cial year on own assets which is cap­it­al­ised as intan­gible and tan­gible fixed assets. The basis of meas­ure­ment is cost and com­prise staff costs. Cost of sales com­prise expenses incurred to earn rev­enue for the year. Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing pay­ments received from public author­it­ies, com­pens­a­tions from national sub­sidy schemes as well as gain on sale of fixed assets. External expenses com­prises Selling costsCost of premisesAdmin­is­trat­ive expenses. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Other operat­ing expenses com­prises expenses of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing losses on sale of fixed assets. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest. Impair­ment for losses of fin­an­cial asset invest­ments com­prises impair­ment for loss for the fin­an­cial year of invest­ments in group enter­prises as well as other receiv­ables. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest as well as interest sur­charge under the Dan­ish Tax Pre­pay­ment Scheme. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Intan­gible assets are meas­ured at cost less accu­mu­late amort­isa­tion. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. 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 com­pany 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 not meet­ing the cri­teria for cap­it­al­isa­tion are recog­n­ised as costs in the income state­ment as incurred.Devel­op­ment pro­jects in pro­gress are trans­ferred to com­pleted devel­op­ment pro­jects when the asset is ready to be put into opera­tion.For own-developed devel­op­ment pro­jects, cap­it­al­ised after 1 Janu­ary 2016 the car­ry­ing amount less deferred tax is trans­ferred from "Retained earn­ings" to "Reserve for devel­op­ment expendit­ure" under equity. Car­ry­ing amounts which exist as a con­sequence of pur­chases of assets or enter­prises' are not taken into the reserve. Assets are amort­ised on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Com­pleted devel­op­ment pro­jects 5 years Devel­op­ment pro­jects in pro­gress are not amort­ised.Determ­ine the amort­isa­tion period for good­will is based on an assess­ment of the acquired enter­prises' or busi­ness' mar­ket pos­i­tion, earn­ings as well as expec­ted cus­tomer loy­alty, which to the highest pos­s­ible extent is based on his­t­or­ical recor­ded data.As the intan­gible assets are not being traded in an act­ive and effect­ive mar­ket, no resid­ual val­ues after end of use are included when determ­in­ing the amort­isa­tion period.Profit/loss on sale has been included in the income state­ment under other operat­ing income and other operat­ing expenses.The car­ry­ing amounts of intan­gible assets are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual amort­isa­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Invest­ments in group enter­prises have been meas­ured at cost. In the event, the cost exceeds the recover­able amount, a write­down is made to this lower value. Indic­a­tions of impair­ment exists for example when dividends exceed the accu­mu­lated earn­ings since the acquis­i­tion or when the cost exceeds the net asset value of the invest­ments in group enter­prises. Recover­able amount used is the highest value of the expec­ted net sales price and cap­ital value. Cap­ital value is determ­ined as the present value of the expec­ted net cash flow from the pos­ses­sion of the indi­vidual invest­ments.Impair­ment for losses for the year are recog­n­ised in the income state­ment as income from invest­ments in group enter­prise. Depos­its recog­n­ised as fixed assets are meas­ured at amort­ised cost, which usu­ally cor­responds to nom­inal amount. Receiv­ables are meas­ured in the bal­ance sheet at the lower of amort­ised cost and net real­is­able value, which cor­responds to nom­inal value less pro­vi­sions for bad debts. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Increases of the the share cap­ital is recog­n­ised dir­ectly into equity less related trans­ac­tion cost. Reserve for devel­op­ment expendit­ure com­prise cap­it­al­ised devel­op­ment expenses from 1 Janu­ary 2016. The reserve can­not be used for dividends or for elim­in­a­tion of neg­at­ive retained earn­ings. The reserve is reduced or dis­solved due to amort­isa­tion or divest­ment by trans­fer­ring the amount from the reserve to retained earn­ings.Dividend dis­tri­bu­tion pro­posed by Man­age­ment for the year is dis­closed as a sep­ar­ate equity item. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.Deferred tax assets which are not expec­ted util­ised within a few years have been dis­closed in notes under con­tin­gent assets.Cor­por­a­tion tax relat­ing to the the fin­an­cial year which has not been settled at the bal­ance sheet date is clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Other pro­vi­sions con­sist of govern­ment grants received in con­nec­tion with devel­op­ment pro­jects. Grants are depre­ci­ated over the same period as devel­op­ment costs. Fin­an­cial debts are recog­n­ised ini­tially at the pro­ceeds received net of trans­ac­tion expenses incurred, which are dir­ectly related with the loan. In sub­sequent years, fin­an­cial debts are meas­ured at amort­ised cost equal to the cap­it­al­ised value using the effect­ive interest rate. The dif­fer­ence between the pro­ceeds and the nom­inal value is recog­n­ised in the income state­ment over the loan period. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. Deferred income com­prise income received relat­ing to sub­sequent fin­an­cial years. 17559362 11378144 8239742 12005544 8328446 7533972 94186 0 896988 -8161372 14697 26764 29556 364369 1698459 2121206 -816330 -10620183 0 -1978484 -816330 -8641699 -816330 -8641699 24799988 21383987 0 45303 5348312 8993108 30148300 30422398 0 29556 74140 27500 74140 57056 30222440 30479454 1879722 2233539 5676 0 0 1978484 168958 246809 2054356 4458832 1104117 1425891 3158473 5884723 33380913 36364177 1036530 886891 23515674 23694134 -17866179 -29362831 6686025 -4781806 0 1131321 0 1131321 0 12086065 10853613 13807020 556186 556186 11409799 26449271 2985686 2037964 116802 65293 1561617 1260966 2235233 2374737 8385751 7826431 15285089 13565391 26694888 40014662 33380913 36364177  Con­trib­uted cap­italReserve for devel­op­ment expendit­ureRetained earn­ingsTotal DKKDKKDKKDKK     Equity at 1 Janu­ary 2024886.89122.544.086-19.571.0843.859.893Dis­trib­uted profit/loss for the year  -8.641.699-8.641.699Trans­ferred to reserve for devel­op­ment expendit­ure for the year 1.150.048-1.150.0480Equity at 1 Janu­ary 2025886.89123.694.134-29.362.831-4.781.806Cap­ital increase149.639 12.134.52212.284.161Dis­trib­uted profit/loss for the year  -816.330-816.330Trans­ferred to reserve for devel­op­ment expendit­ure for the year -178.460178.4600Equity at 31 Decem­ber 20251.036.53023.515.674-17.866.1796.686.025     20252024 DKKDKK   Wages and salar­ies7.409.31111.025.648Pen­sions 510.246700.779Other social secur­ity costs108.517168.468Other staff cost211.668110.649Total8.239.74212.005.544   Average num­ber of full-time employ­ees1016       7409311 11025648 510246 700779 108517 168468 211668 110649 10 16  20252024 DKKDKK   Amort­isa­tion of intan­gible assets8.328.4467.533.972Total8.328.4467.533.972  20252024 DKKDKK   Other fin­an­cial income14.69726.764Total14.69726.764 14697 26764  20252024 DKKDKK   Other fin­an­cial expenses1.698.4592.121.206Total1.698.4592.121.206 1698459 2121206       Cor­por­a­tion taxDeferred taxTax on profit/loss for the year2024 DKKDKKDKKDKK     Pay­ables at 1 Janu­ary 2025-1.978.4840  Paid in respect of pre­vi­ous years1.978.484   Tax on profit/loss for the year000-1.978.484Pay­ables at 31 Decem­ber 202500  Tax on profit/loss for the year recog­n­ised in the income state­ment  0-1.978.484  Com­pleted devel­op­ment pro­jectsSoft­wareDevel­op­ment pro­jects in pro­gressTotal2024 DKKDKKDKKDKKDKK      Cost at 1 Janu­ary 202540.461.048281.1338.993.10849.735.28940.742.181Trans­fers for the year11.699.1440-11.699.14400Addi­tions for the year008.054.3488.054.3488.993.108Cost at 31 Decem­ber 202552.160.192281.1335.348.31257.789.63749.735.289      Amort­isa­tion and impair­ment losses at 1 Janu­ary 2025-19.077.061-235.8300-19.312.891-11.778.919Amort­isa­tion for the year-8.283.143-45.303 -8.328.446-7.533.972Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-27.360.204-281.1330-27.641.337-19.312.891      Car­ry­ing amount at 31 Decem­ber 202524.799.98805.348.31230.148.30030.422.398      Devel­op­ment pro­jects con­sist of devel­op­ment of IT-sys­tems. The sys­tems con­trib­ute to the pro­gress in the rev­enue for new and exist­ing cus­tomers.      The Com­pany’s exist­ing soft­ware port­fo­lio con­tin­ues to gen­erate sig­ni­fic­ant value for its opera­tions. The port­fo­lio com­prises sys­tems that con­trib­ute to the gen­era­tion of eco­nomic bene­fits. Ongo­ing main­ten­ance and reg­u­lar upd­ates ensure that these sys­tems remain rel­ev­ant and effect­ive in sup­port­ing the Com­pany’s day-to-day activ­it­ies. Intan­gible assets are amort­ised on a straight-line basis over their estim­ated use­ful lives, which are assessed to be 5–10 years, reflect­ing the expec­ted pat­tern of con­sump­tion of future eco­nomic bene­fits and expos­ure to tech­no­lo­gical obsol­es­cence. Invest­ments in both new and exist­ing soft­ware pro­jects are con­sidered essen­tial to main­tain­ing the Com­pany’s com­pet­it­ive pos­i­tion and sup­port­ing future growth. Con­tinu­ous enhance­ment and devel­op­ment of tech­no­lo­gical resources are crit­ical to the Com­pany’s abil­ity to respond to evolv­ing mar­ket condi­tions and cus­tomer demands.  Invest­ments in group enter­prisesDepos­itsTotal2024 DKKDKKDKKDKK     Cost at 1 Janu­ary 202529.55627.50057.056363.511Addi­tions for the year046.64046.64027.500Dis­pos­als for the year000-333.955Cost at 31 Decem­ber 202529.55674.140103.69657.056     Amort­isa­tion for the year-29.556 -29.5560Amort­isa­tion and impair­ment losses at 31 Decem­ber 2025-29.5560-29.5560     Car­ry­ing amount at 31 Decem­ber 2025074.14074.14057.056     31‑12‑202531‑12‑2024 DKKDKK   Liab­il­it­ies in total:  Con­vert­ible, profit yield­ing or dividend yield­ing debt instru­ments012.086.065Debt to credit insti­tu­tions13.839.29915.844.984Other pay­ables556.186556.186Total14.395.48528.487.235   Cur­rent por­tion of non-cur­rent liab­il­it­ies:  Debt to credit insti­tu­tions2.985.6862.037.964Total2.985.6862.037.964   Due bey­ond 5 years after the bal­ance sheet date:  Debt to credit insti­tu­tions01.289.028Total01.289.028  2025      Nom­inal value of the col­lat­eral/debtBooked value of assets depos­ited as secur­ity  DKK DKK     Com­pany pledges registered to the pledgor in tan­gible assets, intan­gible assets, invent­or­ies and trade receiv­ables, includ­ing other claims, are depos­ited as secur­ity for subor­din­ated loan cap­ital. 17.000.000 32.028.022  2025 DKK  Unre­cog­n­ised deferred tax assets due to tax losses car­ried for­ward and tax depre­ci­a­tion below account­ing depre­ci­a­tion on fix­tures, fit­t­ings, tools and equip­ment6.223.271  2025 DKK  The com­pany has entered into rental com­mit­ment regard­ing rent of premises. The lease has a min­imum of 2 months notice. The total com­mit­ment rep­res­ents90.640The com­pany has fur­ther con­trac­ted external con­sult­ants. The agree­ments has a 1 month notice period. The total com­mit­ment rep­res­ents149.145Total rental and lease oblig­a­tions239.785 Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2026-03-31 2025-01-01 2025-12-31 2024-01-01 2024-12-31