38296027 2025-01-01 2025-12-31 38296027 2025-01-01 2025-12-31 1 38296027 2025-01-01 2025-12-31 2 38296027 2025-01-01 2025-12-31 1 38296027 2025-01-01 2025-12-31 2 38296027 2025-01-01 2025-12-31 3 38296027 2025-01-01 2025-12-31 4 38296027 2025-01-01 2025-12-31 5 38296027 2025-01-01 2025-12-31 6 38296027 2025-01-01 2025-12-31 1 38296027 2024-01-01 2024-12-31 38296027 2025-12-31 38296027 2024-12-31 38296027 2024-12-31 fsa:ContributedCapitalMember 38296027 2024-12-31 fsa:RetainedEarningsMember 38296027 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 38296027 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 38296027 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 38296027 2025-12-31 fsa:ContributedCapitalMember 38296027 2025-12-31 fsa:RetainedEarningsMember 38296027 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 38296027 2025-01-01 2025-12-31 1 38296027 2024-01-01 2024-12-31 1 38296027 2025-01-01 2025-12-31 1 38296027 2024-01-01 2024-12-31 1 38296027 2023-12-31 38296027 2025-01-01 2025-12-31 fsa:BoardOfDirectorsMember 38296027 2024-01-01 2024-12-31 fsa:BoardOfDirectorsMember 38296027 2025-01-01 2025-12-31 fsa:OtherShorttermPayablesMember 38296027 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-04-16 Jens Viktor Nørgaard The Board of Directors and the Executive Board have today considered and approved the annual report of HØIBERG P/S for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations and cash flows for the financial year01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Anne-Therese Arnskjold Pernille Winding Gojkovic CEO Jens Viktor Nørgaard chairman Carsten Krogh Gomard Louise Yung Aagaard Rasmus Ødum Peter Borg Gaarde Emma Larsdotter Medin To the shareholders of HØIBERG P/S We have audited the financial statements of HØIBERG P/S for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations and cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.​ Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Stine Eva Grothen State Authorised Public Accountant mne29431 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss60,56258,75754,96958,25455,450Operating profit/loss13,33112,4494,26412,22714,537Net financials(996)(777)(1,778)110(9,668)Profit/loss for the year12,33511,6722,48612,3384,868Total assets46,44645,81536,89137,24338,520Investments in property, ​plant and equipment403019765303Equity15,03514,6725,48615,6387,768Cash flows from (used in) operating activities14,9854,1354,3142,278(706)Cash flows from (used in) investing activities(441)77(273)1,769(1,389)Cash flows from (used in) financing activities(12,759)(3,777)(2,658)(4,436)(2,986)RatiosReturn on equity (%)83.04115.8123.54105.4361.44Equity ratio (%)32.3732.0214.8741.9920.17Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe primary activities of Høiberg P/S comprises of consultancy wihtin intellectual propery law as well as other related activities. ​​Høiberg P/S is a full-service patent agency that advises on intellectual propery rights (IPR), including patents, design, innovation management, technology transfer and business development.​​We offer expert IPR knowledges in areas ranging from biotech, foodtech, medtech, nanotech, chemistry, and cleantech to hightech, quantum technology, software, electronics, and mechanics. Development in activities and financesThe profit for 2025 amounts to DKK 12.3 million and an equity of DKK 15 million as of 31.12.2025. Profit/loss for the year in relation to expected developmentsThe profit for the year was in line with managements expectations. OutlookManagement expects 0-5% growth in both activity and results in the coming year. This expectation is subject to developments in geopolitical and economic conditions. Treasury sharesNumber​​Nominal ​value​DKKRecorded par value​DKKShare of contributed capital​%Purchase/​(selling) price​DKKTreasury Shares1100,000100,0008.33300,000Investments acquired:1100,000100,0008.33Treasury Shares3300,000300,00025.00Holding of treasury shares:​3300,000300,00025.00During the financial year 2025, the company acquired its own shares in connection with a partner's withdrawal. During the financial year 2025, the company acquired its own shares in connection with a partner's withdrawal. 60562428 58757151 47066795 46076050 164194 232049 13331439 12449052 109396 288043 0 7250 1105843 1058011 12334992 11671834 277256 24210 183569 197317 460825 221527 1440383 1402443 1440383 1402443 1901208 1623970 26559598 26799525 4629967 2274345 509909 3350902 933860 1602133 32633334 34026905 11911256 10164591 44544590 44191496 46445798 45815466 1200000 1200000 1500000 1800000 12334992 11671834 15034992 14671834 572068 605512 0 16500 2089250 512864 5851313 6384977 16986825 17773746 5849085 5538708 62265 311325 31410806 31143632 31410806 31143632 46445798 45815466 1200000 1800000 11671834 14671834 300000 300000 0 11671834 11671834 0 12334992 12334992 1200000 1500000 12334992 15034992 164195 232048 2481111 -7786515 15976745 4894585 114108 298691 1106138 1058238 14984715 4135038 403492 28070 Proceeds from liquidation of affiliated company -37939 104991 -441431 76921 -14543284 -4211959 11671834 2485845 300000 0 Change in debt to company participants and management -786921 -1291228 -12758755 -3777073 1784529 434886 9559079 9134615 -4420 -10422 11339188 9559079 572068 605512 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this ​annual report. 2 Staff costs2025​DKK2024​DKKWages and salaries43,664,36642,920,133Pension costs3,023,9212,766,289Other social security costs378,508389,62847,066,79546,076,050Average number of full-time employees5454Remuneration​of Management2025​DKKRemuneration​of Management​2024​DKKBoard of Directors253,333233,333253,333233,333Included in the number of full time employees are 10 partners. 54 54 Remuneration​of Management2025​DKKRemuneration​of Management​2024​DKKBoard of Directors253,333233,333253,333233,333 253333 233333 3 Depreciation, amortisation and impairment losses2025​DKK2024​DKKDepreciation of property, plant and equipment164,194232,049164,194232,049 4 Other financial income2025​DKK2024​DKKOther interest income68,221139,043Other financial income41,175149,000109,396288,043 5 Other financial expenses2025​DKK2024​DKKOther interest expenses1,023,913980,038Other financial expenses81,93077,9731,105,8431,058,011 6 Proposed distribution of profit and loss2025​DKK2024​DKKOrdinary dividend for the financial year12,334,99211,671,83412,334,99211,671,834 12334992 11671834 12334992 11671834 7 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements​DKKCost beginning of year855,150846,362Additions300,791102,701Cost end of year1,155,941949,063Depreciation and impairment losses beginning of year(830,940)(649,045)Depreciation for the year(47,745)(116,449)Depreciation and impairment losses end of year(878,685)(765,494)Carrying amount end of year277,256183,569 8 Financial assetsDeposits​DKKCost beginning of year1,402,443Additions37,940Cost end of year1,440,383Carrying amount end of year1,440,383 9 Contract work in progress2025​DKK2024​DKKContract work in progress4,629,9672,274,3454,629,9672,274,345 10 PrepaymentsPrepayments consist of prepaid expenses for insurance premiums and subscriptions, etc. 11 Other payables2025​DKK2024​DKKVAT and duties2,954,6342,615,624Wages and salaries, personal income taxes, social security costs, etc payable1,400,8041,381,080Holiday pay obligation1,475,6861,527,579Other costs payable17,96114,4255,849,0855,538,708 12 Deferred incomeDeferred income consists of accrued rent discount and prepayments received from customers comprise amounts​received from customers prior to delivery of the goods agreed or completion of the service agreed. 13 Changes in working capital2025​DKK2024​DKKIncrease/decrease in receivables1,393,571(8,849,520)Increase/decrease in trade payables etc1,087,5401,063,0052,481,111(7,786,515) 14 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total1,314,3452,972,665 15 Assets charged and collateralThe Company has no assets charged with collaterals. 16 Non-arm’s length related party transactionsIn accordance with Section 93c, subsection 7 of the Danish Financial Statements Act, only transactions with related parties conducted on non-market terms are disclosed. There have been no transactions of such nature this year. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, work in progress, other operating income, cost of goods sold and external​expenses. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method). Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including management fees and salary refunds. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Other financial incomeOther financial income comprises interest income, including ​interest income on receivables from group enterprises, payables and transactions in foreign currencies, etc. Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses on financial assets which are not measured ​at fair value on a current basis. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, payables and transactions in foreign currencies, etc. Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements5-7 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.​​The selling price is measured based on the stage of completion and the total estimated income from the ​individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total ​budgeted consumption of resources.​​If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs ​incurred and net realisable value.​​Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions, ​depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Treasury sharesAcquisition and selling prices and dividends for treasury shares are classified directly as equity in retained ​earnings. Gains and losses on sale are not recognised in the income statement.. Capital reduction by ​cancellation of treasury shares reduces the contributed capital by an amount corresponding to the nominal ​value. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​etc of intangible assets and property, plant and equipment.​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​Cash and cash equivalents comprise cash. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​etc of intangible assets and property, plant and equipment.​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​Cash and cash equivalents comprise cash. true Grundlag for konklusion Konklusion 2026-04-16 2026-04-16 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade København København K 1304 Revisionspåtegning 2025-12-31 2025-01-01 Adelgade 12 HØIBERG P/S 38296027 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab