25106792 2025-01-01 2025-12-31 1 25106792 2000-01-01 2000-12-31 2 25106792 2025-01-01 2025-12-31 2 25106792 2024-01-01 2024-12-31 2 25106792 2002-01-01 2002-12-31 2 25106792 2001-01-01 2001-12-31 2 25106792 2025-01-01 2025-12-31 3 25106792 2024-01-01 2024-12-31 3 25106792 2002-01-01 2002-12-31 3 25106792 2001-01-01 2001-12-31 3 25106792 2000-01-01 2000-12-31 3 25106792 2025-01-01 2025-12-31 25106792 2025-01-01 2025-12-31 2 25106792 2025-01-01 2025-12-31 1 25106792 2025-01-01 2025-12-31 1 25106792 2025-01-01 2025-12-31 2 25106792 2025-01-01 2025-12-31 3 25106792 2025-01-01 2025-12-31 4 25106792 2002-01-01 2002-12-31 25106792 2001-01-01 2001-12-31 25106792 2000-01-01 2000-12-31 25106792 2024-01-01 2024-12-31 25106792 2002-12-31 25106792 2001-12-31 25106792 2000-12-31 25106792 2025-12-31 25106792 2024-12-31 25106792 2024-01-01 d:ContributedCapitalMember 25106792 2024-01-01 d:ReserveForDevelopmentExpenditureMember 25106792 2024-01-01 d:RetainedEarningsMember 25106792 2024-01-01 d:ProposedDividendRecognisedInEquityMember 25106792 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 25106792 2024-01-01 2024-12-31 d:RetainedEarningsMember 25106792 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 25106792 2025-01-01 d:ContributedCapitalMember 25106792 2025-01-01 d:ReserveForDevelopmentExpenditureMember 25106792 2025-01-01 d:RetainedEarningsMember 25106792 2025-01-01 d:ProposedDividendRecognisedInEquityMember 25106792 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 25106792 2025-01-01 2025-12-31 d:RetainedEarningsMember 25106792 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 25106792 2025-12-31 d:ContributedCapitalMember 25106792 2025-12-31 d:ReserveForDevelopmentExpenditureMember 25106792 2025-12-31 d:RetainedEarningsMember 25106792 2025-12-31 d:ProposedDividendRecognisedInEquityMember 25106792 2025-01-01 d:CompletedDevelopmentProjectsMember 25106792 2025-01-01 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25106792 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 25106792 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25106792 2025-12-31 d:CompletedDevelopmentProjectsMember 25106792 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 25106792 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 25106792 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 25106792 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Resultat før af- og nedskrivninger, finansielle poster og skat (EBITDA) Resultat før af- og nedskrivninger, finansielle poster og skat (EBITDA) Resultat før af- og nedskrivninger, finansielle poster og skat (EBITDA) Resultat før af- og nedskrivninger, finansielle poster og skat (EBITDA) Resultat før af- og nedskrivninger, finansielle poster og skat (EBITDA) Resultat før renter og skat (EBIT) Resultat før renter og skat (EBIT) Resultat før renter og skat (EBIT) Resultat før renter og skat (EBIT) Resultat før renter og skat (EBIT) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab  Innovations Allé 7 7100 Vejle 2025-01-01 2025-12-31 2024-01-01 2024-12-31 25106792 Trusted A/S Ballevej  2A 8600 Silkeborg 1999-12-01 Silkeborg  (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Innovations Allé  7 Innovations Allé  7 7100 Vejle 7100 Vejle Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-04-17 Erik Borum Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true CaseWare Working Papers Bestyrelse og direktion har dags da­to be­hand­let og god­kendt års­rap­por­ten for Trusted 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 Trusted 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. Silkeborg 2026-02-26 Niels Henrik Olesen direktør Erik Borum formand Christiane Nico Jensen-Haarup Niels Henrik Olesen Morten Bank-Mikkelsen Til kapitalejerne i Trusted A/S To the shareholders of Trusted A/S Vi har revi­de­ret års­regn­ska­bet for Trusted 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 Trusted 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.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. Vejle 2026-02-26 Henrik S. Meldahl Martin Fuglkjær Kristensen statsaut. revisor State Authorised Public Accountant mne28654 statsaut. revisor mne51046 25651000 20413000 16136000 15677000 8508000 12200000 9080000 6427000 12462000 5428000 10176000 7507000 5013000 34000 96000 66000 -88000 -88000 8025000 5796000 4022000 37705000 31793000 24586000 905000 797000 328000 158000 234000 24903000 21878000 16083000 62.3 68.2 66 68.8 65.4 34.8 16.1 34.3 30.5 28.6 18 17 15 De i hoved- og nøgletalsoversigten anførte nøgletal er beregnet således: The financial ratios stated under "Financial highlights" have been calculated as follows: SoliditetsgradEquity ratioEgenkapital ultimo x 100Passiver i alt, ultimoEquity at year-end x 100Total equity and liabilities, year-endEgenkapitalforrentningReturn on equityResultat efter skat x 100Gennemsnitlig egenkapitalProfit/loss after tax x 100Average equity Trusted A/S leverer et egenudviklet Internet of Things koncept, som skaber nye data indsigter for brugerne. Dataopsamlingen sker globalt og giver brugerne mulighed for at træffe informerede beslutninger både i hverdagen og strategisk, indenfor maskin- og udstyrsoptimering, forsyningskæder samt tyveribeskyttelse. Trusted A/S delivers a proprietary Internet of Things (IoT) concept that generates new data insights for users. Data collection occurs globally, enabling users to make informed decisions both in daily operations and strategically, within areas such as machine and equipment optimization, supply chain management, and theft prevention. Selskabets resultat­opgørelse for 2025 ud­vi­ser et over­skud på 9.793 t.kr. mod et over­skud på 4.369 t.kr. sidste år, og sel­ska­bets balance pr. 31. december 2025 udviser en egen­kapital på 27.062 t.kr.  The income statement for 2025 shows a profit of DKK 9,793 thousand against a profit of DKK 4,369 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 27,062 thousand. Trusted A/S har i regnskabsåret 2025 styrket sit fokus på international skalering af selskabets løsninger til segmenterne Asset Management, Logistics og Construction. Der er året afholdt større ekstraordinære omkostninger til nyudvikling, strategiimplementering og investering i nye kompetencer. Trusted A/S strengthened its focus in the 2025 financial year on the international scaling of the company’s solutions for the Asset Management, Logistics, and Construction segments. Significant extraordinary expenses were incurred during the year for new development, strategy implementation, and investment in new competencies.Ledelsen anser driftsresultatet for tilfredsstillende, set i lyset af udfordrende globale markedsvilkår og investeringerne afholdt i regnskabsåret. Management considers the operating result satisfactory, given the challenging global market conditions and the investments made during the financial year.Der er i regnskabsåret løbende leveret større ordre til internationale kunder. Hovedparten af Trusted A/S' kunder, har med langvarigt og strategisk sigte tilpasset deres kerneprodukter samt IT-systemer og anvender i vid udstrækning de sikre data og informationer fra Trusted A/S’ system i deres interne processer, ledelsesinformation og til vejledning af deres medarbejder og slutkunder. Throughout the financial year, substantial orders were delivered to international customers. The majority of Trusted A/S' customers, with a long-term and strategic perspective, have adapted their core products and IT systems, extensively utilizing the secure data and information from Trusted A/S' system in their internal processes, management information, and guidance for their employees and end customers.Selskabet forventer positiv vækst i 2026, på trods af usikkerhed om international samhandel ved indgangen af regnskabsåret. The company expects positive growth in 2026, despite the global economic uncertainty at the beginning of the financial year.Det er ledelsens vurdering, at kapital- og likviditetsberedskabet er tilfredsstillende fremadrettet. Management considers the capital and liquidity resources to be satisfactory going forward. Selskabet får ny direktør pr. 1. maj 2026.   Der er fra balancedagen og frem til i dag ikke indtrådt forhold, som forrykker vurderingen af årsrapporten. The company will have a new CEO as of May 1, 2026.   From the balance sheet date until today, no events have occurred that alter the assessment of the annual report. 31899000 23471000 16222000 14963000 3215000 3080000 12462000 5428000 615000 275000 581000 179000 12496000 5524000 2703000 1155000 9793000 4369000 13000000 12000000 -175000 248000 -3032000 -7879000 6550000 7622000 1419000 572000 7969000 8194000 1374000 980000 1374000 980000 9343000 9174000 7948000 10358000 483000 1435000 8431000 11793000 5982000 7082000 10172000 0 114000 120000 2790000 1233000 19058000 8435000 6626000 13486000 34115000 33714000 43458000 42888000 2300000 2300000 Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.Foreslået udbytte Proposed dividendsForeslået udbytte indregnes som en forpligtelse på tids­punk­tet for ved­ta­gel­se på den ordi­næ­re gene­ral­for­sam­ling (dekla­re­rings­tids­punk­tet). Udbyt­te, som for­ven­tes udbe­talt for året, vises som en sær­skilt post under egen­ka­pi­ta­len. Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". 6216000 6391000 5546000 8578000 13000000 12000000 27062000 29269000 1617000 1678000 456000 400000 2073000 2078000 2451000 1563000 60000 36000 764000 249000 1462000 667000 9586000 9026000 14323000 11541000 14323000 11541000 43458000 42888000 2300000 6143000 16457000 0 248000 -7879000 12000000 2300000 6391000 8578000 12000000 -175000 -3032000 13000000 0 12000000 2300000 6216000 5546000 13000000 Årsrapporten for Trusted A/S for 2025 er aflagt i over­ens­stem­mel­se med års­regn­skabs­lo­vens be­stem­mel­ser for klas­se Bvirk­som­he­der med tilvalg af visse bestemmelser for klasse C. The annual report of Trusted A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Årsregnskabet er aflagt efter sam­me regn­skabs­prak­sis som sidste år.   Der er foretaget enkelte reklassifikationer i sammenligningstallene. Reklassifikationerne har alene præsentationsmæssig betydning og påvirker ikke resultatet. The accounting policies used in the preparation of the financial statements are consistent with those of last year.   There have been some reclassifications in the comparative figures. The reclassifications are only related to presentation and do not affect the result Præsentationsvaluta Reporting currencyÅrsregnskabet er aflagt i danske kroner (DKK'000). The financial statements are presented in Danish kroner (DKK'000). 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 18 som for­tolk­ningsbidrag for indregning af omsætning. The Company has chosen 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, arbejde udført for egen regning og opført under aktiver, andre driftsindtægter og eksterne omkostninger med hen­vis­ning til års­regn­skabs­lo­vens § 32 sam­men­dra­get til én regn­skabs­post benævnt bruttofortjeneste. The items revenue, cost of sales, work performed for own account and capitalised, 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. Andre driftsindtægter indeholder regnskabs­pos­ter af sekundær karakter i forhold til virksom­hed­ens hovedaktivitet, herunder lejeindtægter fra midlertidig udleje af produktionsfaciliteter, forsikringserstatninger, offentlige tilskud, løn­refusioner, fortjeneste ved afhændelse af im­ma­terielle og materielle anlægsaktiver m.v. Erstatninger og tilskud indregnes, når det er overvejende sandsynligt, at de modtages, og betingelserne er opfyldt. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and  property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Arbejde udført for egen regning og opført under aktiver omfatter personaleomkostninger ved­rørende arbejde, som er udført i regnskabsåret, til opførelse af et eller flere aktiver indregnet i balancen. Work performed on own account and risk and recognised as assets includes staff costs regarding work performed in the financial year in relation to the construction of one or more assets recognised in the balance sheet. 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 amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Færdiggjorte udviklings­projekterCompleted development projects 5 år/years Andre anlæg, driftsmateriel og inventarFixtures and fittings, other plant and equipment 5 år/years 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. Udvik­lings­omkost­nin­ger omfat­ter omkost­nin­ger, gager og afskriv­nin­ger, der direk­te og indi­rek­te kan hen­fø­res til udvik­lings­ak­ti­vi­te­ter. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Udvik­lings­pro­jek­ter, der er klart defi­ne­re­de og iden­ti­fi­cer­ba­re, og hvor den tek­nis­ke gen­nem­før­lig­hed, til­stræk­ke­li­ge res­sour­cer og et poten­ti­elt frem­ti­digt mar­ked eller udvik­lings­mu­lig­hed kan påvi­ses, og hvor det er hen­sig­ten at frem­stil­le, mar­keds­fø­re eller anven­de pro­jek­tet, ind­reg­nes som imma­te­ri­el­le akti­ver, hvis kost­pri­sen  kan opgø­res påli­de­ligt, og der er til­stræk­ke­lig sik­ker­hed for, at den frem­ti­di­ge ind­tje­ning kan dæk­ke pro­duk­ti­ons-, salgs- og admi­ni­stra­ti­ons­om­kost­nin­ger samt udvik­lings­om­kost­nin­ger­ne. Øvri­ge udvik­lings­om­kost­nin­ger ind­reg­nes i resul­tat­op­gø­rel­sen, efter­hån­den som omkost­ning­er­ne afhol­des. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Udvik­lings­omkost­nin­ger, der er ind­reg­net i balan­cen, måles til kost­pris med fra­drag af akku­mu­le­re­de af- og ned­skriv­nin­ger. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. 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. Den regnskabsmæssige værdi af immaterielle og materielle anlægsaktiver vur­de­res årligt for indi­ka­tio­ner på vær­di­for­rin­gel­se. The carrying amount of intangible assets and property, plant and equipment 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. 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. Lik­vi­der omfat­ter lik­vi­de behold­nin­ger. Cash comprise cash. Reserve for udviklingsomkostninger Reserve for development costsReserve for udviklingsomkostninger omfatter ind­reg­ne­de udvik­lings­om­kost­nin­ger. Reser­ven kan ikke benyt­tes til udbyt­te eller dæk­ning af under­skud. Reser­ven redu­ce­res eller oplø­ses, hvis de ind­reg­ne­de udvik­lings­om­kost­nin­ger afskrives eller udgår af virk­som­he­dens drift. Det­te sker ved over­før­sel direk­te til egen­ka­pi­ta­lens frie reser­ver. Foreslået udbytte indregnes som en forpligtelse på tids­punk­tet for ved­ta­gel­se på den ordi­næ­re gene­ral­for­sam­ling (dekla­re­rings­tids­punk­tet). Udbyt­te, som for­ven­tes udbe­talt for året, vises som en sær­skilt post under egen­ka­pi­ta­len. Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Hen­sat­te for­plig­tel­ser omfat­ter for­ven­te­de omkost­nin­ger til reklamationer. Hen­sat­te for­plig­tel­ser ind­reg­nes, når virk­som­he­den, som følge af en tid­li­ge­re begi­ven­hed på balan­ce­da­gen har en ret­lig eller fak­tisk for­plig­tel­se, og det er sand­syn­ligt, at ind­fri­el­se af for­plig­tel­sen vil med­fø­re en afgang af øko­no­mi­ske res­sour­cer. Provisions comprise anticipated expenses relating to warranty commitments. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Hen­sat­te for­plig­tel­ser måles til net­to­rea­li­sa­ti­ons­vær­di eller til dags­vær­di, hvor opfyl­del­se af for­plig­tel­sen tids­mæs­sigt for­ven­tes at lig­ge langt ude i frem­ti­den. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Aktu­el­le skat­te­for­plig­tel­ser og til­go­de­ha­ven­de aktu­el skat ind­reg­nes i balan­cen som bereg­net skat af årets skat­te­plig­ti­ge ind­komst, regu­le­ret for skat af tid­li­ge­re års skat­te­plig­ti­ge ind­kom­ster samt betal­te acon­to­skat­ter. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Udskudt skat måles efter den balan­ce­ori­en­te­re­de gælds­me­to­de af alle mid­ler­ti­di­ge for­skel­le mel­lem regn­skabs­mæs­sig og skat­te­mæs­sig vær­di af akti­ver og for­plig­tel­ser. Der ind­reg­nes dog ikke udskudt skat af mid­ler­ti­di­ge for­skel­le ved­rør­en­de skat­te­mæs­sigt ikke-afskriv­nings­be­ret­ti­get good­will og kon­tor­ejen­dom­me samt andre pos­ter, hvor mid­ler­ti­di­ge for­skel­le bort­set fra virk­som­heds­over­ta­gel­ser er opstå­et på anskaf­fel­ses­tids­punk­tet uden at have ind­virk­ning på resul­tat eller skat­te­plig­tig ind­komst. I de til­fæl­de, hvor opgø­rel­se af skat­te­vær­di­en kan fore­ta­ges efter for­skel­li­ge beskat­nings­reg­ler, måles udskudt skat på grund­lag af den af ledel­sen plan­lag­te anven­del­se af akti­vet, hen­holds­vis afvik­ling af for­plig­tel­sen. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Ud­skudt skat måles på grund­lag af de skat­te­reg­ler og skat­te­sat­ser, der med balan­ce­da­gens lov­giv­ning vil væ­re gæl­den­de, når den udskud­te skat for­ven­tes udløst som aktu­el skat. Udskud­te skat­te­ak­ti­ver ind­reg­nes med den vær­di, som de for­ven­tes at bli­ve udnyt­tet med, enten ved udlig­ning i skat af frem­ti­dig ind­tje­ning eller ved mod­reg­ning i udskud­te skat­te­for­plig­tel­ser inden for sam­me juris­dik­tion. Ændring i udskudt skat som føl­ge af ændrin­ger i skat­te­sat­ser ind­reg­nes i resul­tat­op­gø­rel­sen. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. 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. Periodeafgrænsningsposter Deferred incomePeriodeafgrænsningsposter, indregnet under for­plig­tel­ser, omfat­ter mod­tag­ne beta­lin­ger, som ved­rø­rer ind­tæg­ter i efter­føl­gen­de regn­skabs­år. Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. 15014000 13669000 1029000 1130000 179000 164000 16222000 14963000 17 19 224000 0 391000 275000 2764000 1149000 -61000 15000 0 -9000 14645000 572000 202000 2278000 1431000 -1431000 16278000 1419000 7023000 0 2705000 0 9728000 0 6550000 1419000 Færdiggjorte udviklingsprojekter Completed development projects Færdiggjorte udviklingsprojekter samt projekter under udførsel omfatter udvikling af selskabets IOT løsning og tilhørende tracker produkter.    Selskabet har i 2025 udviklet på både software og hardware.  De færdiggjorte udviklingsprojekter afskrives over 5 år.    Ledelsen har ikke konstateret indikation på nedskrivningsbehov i forhold til den regnskabsmæssige værdi. Completed development projects and projects in progress and prepayments for intangible assets include development of the Company’s IOT solution and associated tracker products.   The Company has in 2025 developed both software and hardware.  The completed development projects are depreciated over 5 years.    Management has not found any indication of the need for write-downs in relation to the carrying amount. 3048000 904000 3952000 2068000 510000 2578000 1374000 Virksomheden er sambeskattet med øvrige danske virksomheder i Insero-koncernen. Som sambeskattet selskab, der ikke er hel-ejet, hæfter selskabet begrænset og subsidiært for danske selskabsskatter og kildeskatter på udbytte, renter og royalties inden for sambeskatningskredsen. The Company is jointly taxed with its other Danish companies in the Inserno Group. As jointly taxed company,that is not wholly owned, the company is limited and subsidiary liable for Danish company taxes and witholding taxes on dividends, interest and royalties within the joint taxation. Lejeforpligtelser i øvrigt:Other rent liabilities: DKK'00020252024 LejeforpligtelserRent liabilities1.824 254 Leje- og leasingforpligtelser omfatter huslejeforpligtel­se med i alt 1.824 t.kr. i uopsigelige huslejekontrakter. Rent and lease liabilities include a rent obligation totalling DKK 1,824 thousand in non-cancellable lease contracts. 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 Til sikkerhed for virksomhedens gæld over for banker er der stillet pant på 1.200 t.kr. i følgende af virksomhedens aktiver, hvis regnskabsmæssige værdi pr. 31.december 2025 udgør: As security for the Company's debt to banks, the Company has provided security of DKK 1,200 thousand in its following assets with a carrying amount at 31 December 2025 of: Tilgodehavender fra salg: 5.982 t.kr. Trade receivables: DKK 5,982 thousand Driftsmateriel: 1.374 t.kr. Fixtures and fittings, other plant and equipment: DKK 1,374 thousand Varelager: 8.431 t.kr. Inventories: DKK 8,431 thousand Immaterielle anlægsaktiver: 7.969 t.kr. Intangible assets: DKK 7,969 thousand Oplysning om koncernregnskaberInformation about consolidated financial statements ModervirksomhedParentHjemstedDomicile Insero HorsensBanegårdsgade 2, 8700 Horsens