64145118 2025-01-01 2025-12-31 64145118 2025-01-01 2025-12-31 1 64145118 2025-01-01 2025-12-31 1 64145118 2025-01-01 2025-12-31 2 64145118 2025-01-01 2025-12-31 3 64145118 2025-01-01 2025-12-31 4 64145118 2025-01-01 2025-12-31 1 64145118 2024-01-01 2024-12-31 64145118 2025-12-31 64145118 2024-12-31 64145118 2025-01-01 d:ContributedCapitalMember 64145118 2025-01-01 d:RetainedEarningsMember 64145118 2025-01-01 d:ProposedDividendRecognisedInEquityMember 64145118 2025-01-01 2025-12-31 d:RetainedEarningsMember 64145118 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 64145118 2025-12-31 d:ContributedCapitalMember 64145118 2025-12-31 d:RetainedEarningsMember 64145118 2025-12-31 d:ProposedDividendRecognisedInEquityMember 64145118 2025-01-01 2025-12-31 1 64145118 2024-01-01 2024-12-31 1 64145118 2025-01-01 d:CompletedDevelopmentProjectsMember 64145118 2025-12-31 d:CompletedDevelopmentProjectsMember 64145118 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 64145118 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 64145118 2025-01-01 d:LeaseholdImprovementsMember 64145118 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 64145118 2025-12-31 d:LeaseholdImprovementsMember 64145118 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 64145118 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 64145118 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 64145118 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 64145118 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 64145118 2025-01-01 64145118 2024-01-01 xbrli:pure iso4217:DKK Store Kongensgade 40H, 2. 2026-03-10 false 39188678 2025-12-31 Regnskabsklasse B true 2024-12-31 Årsrapport RÖDL Audit 1264 København K 2025-01-01 2024-01-01 Thomas Mosbacher false Revisionspåtegning CaseWare-FSR false false false Annual report 45 The supervisory board and executive board have today discussed and approved the annual report of Trox Danmark A/S for the financial year 1 January - 31 December 2025. 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 company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Niels Christensen CEO Thomas Mosbacher chairman Niels Christensen Udo Peter Jung John Georg Storvik To the shareholder of Trox Danmark A/S Opinion We have audited the financial statements of Trox Danmark A/S for the financial year 1 January - 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 at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Opinion 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 are independent of the company in accordance with the International Ethics Standards Board for 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 the financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional 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 contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on management's reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review. Violation of the Danish Companies Act's rules on distribution of dividendsIn violation of the Companies Act, the company has distributed extraordinary dividends, at a time that is more than 6 months after the balance sheet date for the most recently published annual report, without having reviewed the interim balance sheet prepared by the company, which may result in management being held liable. København K 2026-03-10 RÖDL Audit Jesper Pedersen Statsautoriseret Revisor mne29495 Trox Danmark A/S Uraniavej  6 8700  Horsens 64145118 Horsens 39188678 Store Kongensgade 40H, 2 1264 Køenhavn K Business reviewThe company’s purpose is wholesale trade in components, units and systems for indoor ventilation.    The Company’s core activities consist of sales of ventilation systems/solutions to the Danish market. Revenue is primarily generated through deliveries to the country's leading ventilation contractors, which ensures that credit risk is diversified across a broad portfolio of professional industry stakeholders. To ensure a strong market position and future demand, proactive advisory work is simultaneously carried out with architects and consulting engineers, who act as key influencers during the design and planning phase.   The Company is exclusively active in the Danish market, providing deep insight into local standards, but also resulting in a natural exposure to the economic cycles within the Danish construction industry.   As the majority of revenue is concentrated around B2B sales to contractors, the Company's primary commercial risk is linked to the level of activity in Danish commercial and residential construction segment. To counter this dependency, the Company actively works to raise the general focus on indoor climate through participation in relevant trade associations.   By influencing industry standards and regulatory frameworks, the Company seeks to ensure stable demand that is less sensitive to short-term market fluctuations. Financial review The company’s income statement for the year ended 31 December 2025 and shows a profit of 5,672,229 DKK (LY: 4,146,176 DKK) and the balance sheet at 31 December 2025 shows an equity of 29,012,248 DKK (LY: 30,750,019 DKK)   The increase in revenue compared to last year is mainly due to an increase in sales within the clean room segment and exceeds the budget. Provisions have been made within inventory, product liability and to take into account general business risks related to uncertainties in the industry. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. Expected development of the company, including specific prerequisites and uncertaintiesFor the coming financial year, the Company expects a growth in revenue of approximately 10% compared to the previous year's budget. This growth is expected to be driven by a continued strong market position within the Danish ventilation sector and an increased strategic focus on indoor climate solutions. The Company aims to maintain its margins through continued focus on customer satisfaction and by introducing new products/solutions adapted to meet requirements from key influencers and decision-makers in the construction industry. Special assumptions for the expected developmentThe realization of the expected growth is subject to certain external factors. As the Company’s activities are concentrated in the Danish market, the outlook is highly dependent on the general economic development in Denmark, particularly within the construction and renovation sectors.   Furthermore, management notes that global geopolitical situation continues to create uncertainty. This may impact the general investment appetite in Denmark, potentially leading to the postponement of larger construction projects. Consequently, the forecast is based on the assumption of a relatively stable investment climate and no significant further escalation of geopolitical tensions that could disrupt local market conditions or supply chains. The annual report of Trox Danmark A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.Apart from reclassifications in the income statement and balance sheet, which have no effect on profit or equity, the accounting policies applied are unchanged from last year.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses. Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabillities as well as curchages and refunds under the on account tax scheme, etc. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Intangible assets is measured at cost less accumulated depreciation and less any accumulated impairment losses. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which is 3-5 years. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is avaivable for use. Indirecte production overheads and borrowing costs are not recognised in cost.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeResidual valueOther fixtures and fittings, tools and equipment 3-14 years0 %Leasehold improvements 3 years0 %The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Deposits is measured at cost Stocks are mea­sured at cost using the FIFO method.    Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Receivables are measured at amortised cost. Special items are income or expense items that are special because of their size or nature. When assessing when an item is special, it is primarily if the item deviates from normal fluctuations that would normally be expected by the company. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Securities and investments, which consist of listed shares and bonds, are measured at fair value at the balance sheet date. Non-listed securities are measured at fair value on the basis of the estimated value in use. Cash and cash equivalents comprise cash and short-term marketable securities with a term ofthree months or less which are easily convertible into cash and which are subject to only an insignificant risk of changes in value. DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Provisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc. Provisions are recognised when, as a result of a past event, the company has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. 16000134 12752965 8733773 7963790 172090 214287 7094271 4574888 328347 772825 15095 14136 7407523 5333577 1645294 1187401 5762229 4146176 7500000 0 -1737771 4146176 22719 27410 22719 27410 247430 302691 159917 272054 407347 574745 330484 306850 330484 306850 760550 909005 1808985 2966500 1808985 2966500 14508037 18164566 475134 175875 24510 25000 1170313 476193 253244 10547 16431238 18852181 254880 162960 254880 162960 29338721 19645173 47833824 41626814 48594374 42535819 500000 500000 28512248 30250019 29012248 30750019 2834700 1900000 2834700 1900000 701479 842188 6312217 5383984 1002827 757928 3475833 2416999 5255070 484701 16747426 9885800 16747426 9885800 48594374 42535819 500000 30250019 0 0 -7500000 -1737771 7500000 500000 28512248 0 Write-down of inventory -1463000 -606155 7849992 7223811 783527 636763 100254 103216 8733773 7963790 12 12 172090 214287 172090 214287 328347 772825 328347 772825 15095 14136 15095 14136 2339414 1647712 -694120 -460311 473471 473471 -446061 -4691 -450752 22719 816653 681571 816653 681571 513962 409517 55261 112137 -569223 521654 247430 159917 306850 23634 330484 330484 Prepayments comprise prepaid expenses regarding rent, insurance premiums and subscriptions. Balance at beginning of year at 1 January 2025 1.900.000600.000Reversal of unused provisions -108.1590Provision in year -1.291.8411.300.000Employed in year 2.334.7000Balance at 31 December 2025 2.834.7001.900.000Other provisions mainly consist of remaining costs expensed to cover for disadvantages for Trox A/S customers. Furthermore does this also consist of warranties and service obligations. 1900000 600000 2834700 1900000 Operating lease liabilities. Total future lease payments:Within 1 year213.670198.868Between 1 and 5 years776.531399.727After 5 years00990.201598.595 Mortgages and collateral The company has provided a number of work guarantees to customers, which as of the balance sheet date totalled DKK 5,803 thousand. The guarantees are covered through the company's bank. Trox GmbH Heinrich-Trox-Platz 1 D-47506 Neukirchen-Vluyn Germany