40776524 2025-01-01 2025-12-31 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 40776524 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 2 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 1 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 2 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 cmn:ConsolidatedMember 40776524 2024-01-01 2024-12-31 cmn:ConsolidatedMember 40776524 2023-01-01 2023-12-31 cmn:ConsolidatedMember 40776524 2022-01-01 2022-12-31 cmn:ConsolidatedMember 40776524 2021-01-01 2021-12-31 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 cmn:ConsolidatedMember 382 40776524 2024-01-01 2024-12-31 cmn:ConsolidatedMember 382 40776524 2023-01-01 2023-12-31 cmn:ConsolidatedMember 382 40776524 2022-01-01 2022-12-31 cmn:ConsolidatedMember 382 40776524 2021-01-01 2021-12-31 cmn:ConsolidatedMember 382 40776524 2025-12-31 cmn:ConsolidatedMember 40776524 2024-12-31 cmn:ConsolidatedMember 40776524 2023-12-31 cmn:ConsolidatedMember 40776524 2022-12-31 cmn:ConsolidatedMember 40776524 2021-12-31 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 cmn:ConsolidatedMember 389 40776524 2024-01-01 2024-12-31 cmn:ConsolidatedMember 389 40776524 2023-01-01 2023-12-31 cmn:ConsolidatedMember 389 40776524 2022-01-01 2022-12-31 cmn:ConsolidatedMember 389 40776524 2021-01-01 2021-12-31 cmn:ConsolidatedMember 389 40776524 2024-01-01 2024-12-31 cmn:ConsolidatedMember 40776524 2025-01-01 2025-12-31 40776524 2024-01-01 2024-12-31 40776524 2025-12-31 cmn:ConsolidatedMember 40776524 2024-12-31 cmn:ConsolidatedMember 40776524 2025-12-31 40776524 2024-12-31 40776524 2025-01-01 cmn:ConsolidatedMember 40776524 2024-01-01 cmn:ConsolidatedMember iso4217:DKK xbrli:pure 2025-01-01 2025-12-31 2026-04-14 inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Buddingevej 312 2024-01-01 2024-12-31 Morilo Holding ApS 40776524 Annual report Mogens Jepsen Morilo Holding ApS 40776524 Mogens Jepsen Rikke Bundgaard Jepsen Michael Dam-Johansen State Authorised Public Accountant Shpend Rasimi State Authorised Public Accountant The groups' activ­it­ies include design and pro­duc­tion of chil­dren's cloth­ing and related ser­vices. The par­ent com­pany's prin­cipal activ­ity, as in pre­vi­ous years, has been to own shares. Group: Molo's jour­ney sprang out of curi­os­ity and a drive to rad­ic­ally change the exist­ing chil­dren's fash­ion world, which was, in 2003, less vibrant and col­or­ful. Since its con­cep­tion, Molo has seen its role as the brand that provides "favor­ites" for every child's closet. This concept has always been well accep­ted in the mar­ket­place and has given the com­pany a strong and sus­tain­able com­pet­it­ive advant­age. After sev­eral post-pan­demic years impacted by increased logistic and pro­duc­tion costs, 2025 developed dif­fer­ently than expec­ted. While topline per­form­ance remained rel­at­ively solid and the brand con­tin­ued to pos­i­tion itself strongly within afford­able lux­ury chil­drenswear, the global mar­ket envir­on­ment in 2025 was sig­ni­fic­antly dis­rup­ted. Trade ten­sions intens­i­fied through­out the year, and new tar­iff struc­tures and shift­ing U.S. trade policies under the cur­rent admin­is­tra­tion intro­duced con­sid­er­able uncer­tainty, par­tic­u­larly for sup­pli­ers and whole­sale part­n­ers reli­ant on North American mar­kets. These changes cre­ated delays, addi­tional costs, and mar­gin pres­sure across the value chain. Bey­ond the United States, con­tin­ued geo­pol­it­ical inst­a­b­il­ity in Europe and Asia led to reduced con­sumer con­fid­ence, cau­tious buy­ing pat­terns, and pro­longed sell-through cycles. Foot traffic in Molo’s own retail divi­sion in Den­mark, Sweden, France, and Ger­many remained under pres­sure, with phys­ical stores still chal­lenged by shifts toward e-com­merce and uneven regional demand. Des­pite this, the com­pany man­aged to main­tain accept­able earn­ings through effect­ive cost con­trol and select­ive cus­tomer part­n­er­ships. Net earn­ings for 2025 were below 2024 levels, not only due to weaker mar­ket condi­tions but also partly due to man­age­ment’s con­scious focus on long-term stra­tegic invest­ments, par­tic­u­larly in digital cap­ab­il­it­ies, brand mar­ket­ing, and grow­ing pres­ence in Asia. While these ini­ti­at­ives neg­at­ively impacted short-term profit, they are expec­ted to bene­fit the com­pany in the medium term. The ongo­ing shift between tra­di­tional brick-and-mor­tar stores and e-com­merce con­tin­ues to reshape the industry. To respond, the com­pany has main­tained a cau­tious and select­ive cus­tomer approach, which puts short-term pres­sure on the topline but is expec­ted to strengthen brand pos­i­tion­ing and prof­it­ab­il­ity over time. Addi­tional organ­iz­a­tional and opera­tional adjust­ments will be required in 2026 to ensure that these strategies are executed in a fin­an­ci­ally sound and sus­tain­able man­ner. Man­age­ment con­siders 2025’s fin­an­cial per­form­ance accept­able given the cir­cum­stances and views the year as an import­ant trans­itional period for the com­pany. How­ever, sig­ni­fic­ant uncer­tainty remains for 2026, driven by geo­pol­it­ical inst­a­b­il­ity, trade bar­ri­ers, tar­iff struc­tures, and uneven global con­sumer sen­ti­ment. Des­pite these chal­lenges, man­age­ment remains con­fid­ent that 2026 will yield an accept­able profit level.Par­ent com­pany: The res­ults of the par­ent com­pany's activ­it­ies in the fin­an­cial year amoun­ted to a profit of DKK 3.076.482 against DKK 2.302.648 in last fin­an­cial year. The equity at the bal­ance sheet date amoun­ted to DKK 63.080.084. Group and the par­ent com­pany: The com­pany did not fully achieve its profit fore­cast for 2025 due to external mar­ket condi­tions and increased trade-related costs. How­ever, topline was largely in line with expect­a­tions con­sid­er­ing the global envir­on­ment. Stra­tegic invest­ments were delib­erately main­tained des­pite short-term impact on earn­ings. Group: Exchange rate risks: The com­pany uses fin­an­cial instru­ments to counter fluc­tu­a­tions in exchange rates. Pro­duc­tion cost/condi­tions: It is expec­ted that pro­duc­tion costs in gen­eral will increase in the com­ing years. The group, how­ever, has ini­ti­ated a num­ber of ini­ti­at­ives to meet this devel­op­ment. The group has a restrict­ive con­trol and man­age­ment of its sup­pli­ers to min­im­ize dam­age to the external envir­on­ment. Group: The com­pany does not use essen­tial know­ledge resources that are of import­ance to the future earn­ings. Group: In 2017 the com­pany ini­ti­ated a Cli­mate Mis­sion State­ment that includes but is not lim­ited to con­sid­er­ing all aspects of the pro­duc­tion of chil­dren’s cloth­ing, some­thing for which the fol­low­ing cer­ti­fic­a­tions are an import­ant part. The com­pany is GOTS, OCS and GRS cer­ti­fied (Cer­ti­fied by Eco­cert Green­life, cer­ti­fic­a­tion no. 197496), whereby being a GOTS, OCS and GRS cer­ti­fied com­pany means that the com­pany highly val­ues more respons­ible mater­i­als and pro­cesses. The com­pany con­tin­ues to see not­able pos­it­ive effects on and from prior years’ invest­ments in more respons­ible practices, with a high and increas­ing num­ber of gar­ments now being cer­ti­fied. Group and the par­ent com­pany: With the COVID-19 pan­demic no longer an issue, the com­pany remains con­cerned about energy prices, per­sis­ent infla­tion, con­tin­ued geo­pol­it­ical con­flicts, and ongo­ing trade and tar­iff ten­sions involv­ing the U.S. and other major mar­kets. These fact­ors have the poten­tial to dis­rupt busi­ness opera­tions and impact the com­pany’s abil­ity to main­tain accept­able profit levels. How­ever, man­age­ment still expects the com­pany to achieve an accept­able level of rev­enue and earn­ings in 2026. Group and the par­ent com­pany: No events have occurred sub­sequent to the bal­ance sheet date which would have a mater­ial impact on the fin­an­cial pos­i­tion of the com­pany.  Group 2025Group 2024Group 2023Group 2022Group 2021 DKKDKKDKKDKKDKKKey fig­ures     Income state­ment     Gross profit/loss60,952,50960,737,82663,531,36555,854,51952,255,404EBIT5,716,6357,612,2488,085,5885,683,6584,816,278Net fin­an­ci­als-2,747,114-3,037,048-2,397,654-2,769,340-1,929,917Profit/loss for the year3,255,2143,570,6344,463,8142,697,9272,437,623      Bal­ance sheet     Total assets153,758,997156,275,499148,676,118147,619,125121,028,478Inves­ted cap­ital121,281,099119,167,017829,1073,162,940980,842Equity68,789,29767,583,01162,858,25759,717,33453,673,046      Cash flows     Cash flow from operat­ing activ­it­ies-479,737-1,005,74211,537,136-29,718,102-5,192,776Cash flow from invest­ing activ­it­ies-1,839,083-514,218-989,217-2,664,227-2,467,904Cash flow from fin­an­cing activ­it­ies220,325-169,428328,70040,209421,607Cash flows for the year-2,098,495-1,689,38810,876,619-32,342,120-7,239,073      Average num­ber of full-time employee7778936562      Ratios     Solvency ratio (%)44.7%43.3%42.3%40.5%44.3%Return on equity (%)4.8%5.5%14.2%4.8%4.7%      Ratios with neg­at­ive basis of cal­cu­la­tion have been presen­ted as (-).      Refer­ring to defin­i­tions in the account­ing policies, Key Fig­ures and Fin­an­cial Ratios are in all mater­ial aspects defined and cal­cu­lated in accord­ance with the online ver­sion of "Recom­mend­a­tions & Fin­an­cial Ratios" issued by the CFA Soci­ety Den­mark. 60952509 60737826 63531365 55854519 52255404 5716635 7612248 8085588 5683658 4816278 -2747114 -3037048 -2397654 -2769340 -1929917 3255214 3570634 4463814 2697927 2437623 153758997 156275499 148676118 147619125 121028478 121281099 119167017 829107 3162940 980842 68789297 67583011 62858257 59717334 53673046 -479737 -1005742 11537136 -29718102 -5192776 -1839083 -514218 -989217 -2664227 -2467904 220325 -169428 328700 40209 421607 77 78 93 65 62 0.447 0.433 0.423 0.405 0.443 0.048 0.055 0.142 0.048 0.047 The Exec­ut­ive Board have today con­sidered and adop­ted the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments for 1 Janu­ary 2025 - 31 Decem­ber 2025 for Morilo Holding ApS. Morilo Holding ApS The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments is pre­pared in accord­ance with the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of group's and the the com­pany's fin­an­cial pos­i­tion at 31 Decem­ber 2025 and of the res­ults of its opera­tions and the group's cash flows for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments be adop­ted at the Annual Gen­eral Meet­ing. Mogens Jepsen Executive director Rikke Bundgaard Jepsen Executive director To the share­holder's in Morilo Holding ApS Morilo Holding ApS Opinion We have audited the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments of Morilo Holding ApS for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025, which com­prise a sum­mary of sig­ni­fic­ant account­ing policies, income state­ment, bal­ance sheet, state­ment of changes in equity and notes for both the group and the par­ent com­pany, as well as con­sol­id­ated state­ment of cash flows. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments are pre­pared under the Dan­ish Fin­an­cial State­ments Act. In our opin­ion, the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments give a true and fair view of the group's and the com­pany's fin­an­cial pos­i­tion as at 31 Decem­ber 2025 and of the res­ults of the group's and the com­pany's opera­tions as well as the con­sol­id­ated cash flows for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. Morilo Holding ApS Basis for Opinion We con­duc­ted our audit in accord­ance with Inter­n­a­tional Stand­ards on Audit­ing (ISAs) and addi­tional require­ments applic­able in Den­mark. Our respons­ib­il­it­ies under those stand­ards and require­ments are fur­ther described in the "Aud­itor’s respons­ib­il­it­ies for the audit of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments" sec­tion of this aud­itor’s report. We are inde­pend­ent of the group in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of Account­ants' Code of Eth­ics for Pro­fes­sional Account­ants (IESBA Code) and the addi­tional require­ments applic­able in Den­mark, and we have ful­filled our other eth­ical respons­ib­il­it­ies in accord­ance with these require­ments and IESBA Code. We believe that the audit evid­ence we have obtained is suf­fi­ci­ent and appro­pri­ate to provide a basis for our opin­ion. Man­age­ment is respons­ible for the pre­par­a­tion of con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments that are free from mater­ial mis­state­ment, whether due to fraud or error. In pre­par­ing the con­sol­id­ated fin­an­cial state­ments and fin­an­cial state­ments, Man­age­ment is respons­ible for assess­ing the group's and the com­pany's abil­ity to con­tinue as a going con­cern, for dis­clos­ing, as applic­able, mat­ters related to going con­cern, and for using the going con­cern basis of account­ing in pre­par­ing the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments unless Man­age­ment either intends to liquid­ate the group or 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 group's and 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 con­sol­id­ated fin­an­cial state­ments and 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 group's and 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 con­sol­id­ated fin­an­cial state­ments and 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 group and the com­pany to cease to con­tinue as a going con­cern.Evalu­ate the overall present­a­tion, struc­ture and con­tent of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, and whether the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments rep­res­ent the underly­ing trans­ac­tions and events in a man­ner that gives a true and fair view.Plan and per­form the group audit to obtain suf­fi­ci­ent appro­pri­ate audit evid­ence regard­ing the fin­an­cial inform­a­tion of the entit­ies or busi­ness units within the group as a basis for form­ing an opin­ion on the group Fin­an­cial State­ments and the Par­ent Com­pany Fin­an­cial State­ments. We are respons­ible for the dir­ec­tion, super­vi­sion and review of the audit work per­formed for pur­poses of the group audit. We remain solely respons­ible for our audit opin­ion. We com­mu­nic­ate with those charged with govern­ance regard­ing, among other mat­ters, the planned scope and tim­ing of the audit and sig­ni­fic­ant audit find­ings, includ­ing any sig­ni­fic­ant defi­ci­en­cies in internal con­trol that we identify dur­ing our audit. Man­age­ment is respons­ible for Man­age­ment’s Review.Our opin­ion on the con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and 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 con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments or our know­ledge obtained dur­ing the audit, or other­wise appears to be mater­i­ally mis­stated.Moreover, it is our respons­ib­il­ity to con­sider whether Man­age­ment’s Review provides the inform­a­tion required under the Dan­ish Fin­an­ci­als State­ments Act.Based on the work we have per­formed, in our view, Man­age­ment’s Review is in accord­ance with the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments and has been pre­pared in accord­ance with the require­ments of the Dan­ish Fin­an­cial State­ments Act.We did not identify any mater­ial mis­state­ment in Man­age­ment’s Review. Søborg 2026-04-14 inforevision statsautoriseret revisionsaktieselskab inforevision statsautoriseret revisionsaktieselskab 19263096 19263096 Michael Dam-Johansen State Authorised Public Accountant mne36161 Shpend Rasimi State Authorised Public Accountant mne47779 The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class B.Some pro­vi­sions from report­ing class C has been adop­ted.The account­ing policies have not been changed from last year. Reporting class B The con­sol­id­ated fin­an­cial state­ments com­prise the par­ent com­pany and the enter­prises (group enter­prises) con­trolled by the par­ent com­pany. The par­ent com­pany is deemed to be con­trolling an enter­prise when it dir­ectly or indir­ectly con­trols more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol of more than 50 % of the vot­ing rights or is other­wise able to exer­cise con­trol or de facto con­trol with respect to the eco­nomic and opera­tional deci­sions in the enter­prise. The con­sol­id­ated fin­an­cial state­ments are pre­pared on the basis of the fin­an­cial state­ments of the par­ent com­pany and the Group enter­prises by the add­ing together items of a uni­form nature. In the pre­par­a­tion of the con­sol­id­ated fin­an­cial state­ments, all inter­com­pany bal­ances, income and expenses as well as gains and losses arising from trans­ac­tions between the group enter­prises have been elim­in­ated. Equity invest­ments in the group enter­prises have been elim­in­ated by the group enter­prises' pro­por­tion­ate shares of the equity value. The fin­an­cial state­ments used for the pur­pose of con­sol­id­a­tion have been pre­pared in accord­ance with the con­sol­id­ated account­ing policies. The net profit or loss for the year and the equity of for­eign enter­prises have been expressed in Dan­ish Kroner. For­eign cur­rency trans­la­tion adjust­ments arising as a res­ult of trans­la­tion of the equity of the for­eign enter­prises at the begin­n­ing of the fin­an­cial years and trans­la­tion of the net profit or loss for the fin­an­cial years from the average rate of exchange to the clos­ing rate are charged dir­ectly to equity. Where group enter­prises have been acquired, the bal­ance res­ult­ing from the elim­in­a­tion has to the extent pos­s­ible been dis­trib­uted on the assets and liab­il­it­ies of the group enter­prises whose value is above or below the amount at which they were booked when the group rela­tion was est­ab­l­ished. Any remain­ing pos­it­ive bal­ance is treated as good­will and stated under intan­gible assets. Any neg­at­ive bal­ance which is equal to an expec­ted cost or an adverse decel­op­ment in the group enter­prises is recog­n­ised in the income state­ment when acquired. The con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is recog­n­ised in the income state­ment as earned. Fur­ther­more, value adjust­ments of fin­an­cial assets and liab­il­it­ies meas­ured at fair value or amort­ised cost are recog­n­ised. Moreover, all expenses incurred to achieve the earn­ings for the year are recog­n­ised in the income state­ment, includ­ing depre­ci­a­tion, amort­isa­tion, impair­ment losses and pro­vi­sions as well as reversals due to changed account­ing estim­ates of amounts that have pre­vi­ously been recog­n­ised in the income state­ment.Assets are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits attrib­ut­able to the asset will flow to the com­pany, and the value of the asset can be meas­ured reli­ably. Liab­il­it­ies are recog­n­ised in the bal­ance sheet when it is prob­able that future eco­nomic bene­fits will flow out of the com­pany, and the value of the liab­il­ity can be meas­ured reli­ably.Assets and liab­il­it­ies are ini­tially meas­ured at cost. Sub­sequently, assets and liab­il­it­ies are meas­ured as described for each item below.Cer­tain fin­an­cial assets and liab­il­it­ies are meas­ured at amort­ised cost, which involves the recog­n­i­tion of a con­stant effect­ive interest rate over the matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. On ini­tial recog­n­i­tion in the bal­ance sheet, deriv­at­ive fin­an­cial instru­ments are meas­ured at cost and sub­sequently at fair value. Deriv­at­ive fin­an­cial instru­ments are recog­n­ised under other receiv­ables or other pay­ables.Changes in the fair value of deriv­at­ive fin­an­cial instru­ments clas­si­fied as and meet­ing the cri­teria for hedging the fair value of a recog­n­ised asset or a recog­n­ised liab­il­ity are recog­n­ised in the income state­ment together with changes in the fair value of the hedged asset or the hedged liab­il­ity. Changes in the fair value of deriv­at­ive fin­an­cial instru­ments clas­si­fied as hedging of future cash flows are recog­n­ised in other receiv­ables or other pay­ables, and in equity. If the future trans­ac­tion res­ults in the recog­n­i­tion of assets or liab­il­it­ies, amounts pre­vi­ously recog­n­ised in equity are trans­ferred to the cost of the asset or the liab­il­ity, respect­ively. If the future trans­ac­tion res­ults in income or costs, amounts recog­n­ised in equity on a con­tinu­ing basis are trans­ferred to the income state­ment for the period in which the hedged item affected the income state­ment. Deriv­at­ive fin­an­cial instru­ments not meet­ing the cri­teria for hedging of future cash flows, changes in the fair value is recog­n­ised in the income state­ment Gross profit/loss includes "Rev­enue""Cost of sales""Other operat­ing income""External expenses". Rev­en­ues from sale of goods are recog­n­ised in the income state­ment when the bene­fits and risk are trans­ferred to the buyer, rev­en­ues can be meas­ured reli­ably and it is prob­able that the eco­nomic bene­fits will flow to the com­pany (col­lect­ab­il­ity is prob­able). Rev­enue is meas­ured at fair value excl. VAT and less gran­ted dis­counts. Cost of sales com­prise expenses incurred to earn rev­enue for the year includ­ing changes in goods for resale, raw mater­i­als and con­sum­ables used as well as pack­aging in the year. Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing pay­ments received from public author­it­ies as well as profit on sale of fixed assets. External expenses com­prises Selling costsCost of premisesAdmin­is­trat­ive expenses. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Other operat­ing expenses com­prises expenses of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing losses on sale of fixed assets. Income from invest­ments in group enter­prises com­prises the pro rata share of the group enter­prises’ profit/loss adjus­ted for internal profits and losses less amort­isa­tion of good­will on con­sol­id­a­tion for the year. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest, real­ised and unreal­ised exchange gains, real­ised and unreal­ised gains on sale of other secur­it­ies and invest­ments, dividends as well as interest reim­burse­ments under the Dan­ish Tax Pre­pay­ment Scheme. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest, real­ised and unreal­ised exchange losses, real­ised and unreal­ised losses on sale of other secur­it­ies and invest­ments, amort­ised interest on lease com­mit­ments, amort­isa­tion of debt to mort­gage credit insti­tu­tions as well as interest sur­charge under the Dan­ish Tax Pre­pay­ment Scheme. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Intan­gible assets are meas­ured at cost less accu­mu­late amort­isa­tion. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion.Devel­op­ment pro­jects in pro­gress are trans­ferred to com­pleted devel­op­ment pro­jects when the asset is ready to be put into opera­tion. Assets are amort­ised on a straight-line basis over their estim­ated use­ful lives: Cat­egory Period Acquired other sim­ilar rights 5 - 10 years Good­will 10 years Devel­op­ment pro­jects in pro­gress are not amort­ised.Determ­ine the amort­isa­tion period for good­will is based on an assess­ment of the acquired enter­prises' or busi­ness' mar­ket pos­i­tion, earn­ings as well as expec­ted cus­tomer loy­alty, which to the highest pos­s­ible extent is based on his­t­or­ical recor­ded data.As the intan­gible assets are not being traded in an act­ive and effect­ive mar­ket, no resid­ual val­ues after end of use are included when determ­in­ing the amort­isa­tion period.Profit/loss on sale has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of intan­gible assets are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual amort­isa­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment are meas­ured at cost less accu­mu­late depre­ci­a­tion. The basis of depre­ci­a­tion is cost less estim­ated resid­ual value after the end of use­ful life. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives with fol­low­ing resid­ual val­ues: Cat­egory Period Resid­ual value Lease­hold improve­ments 5 years 0% Fix­tures, fit­t­ings, tools and equip­ment 3 - 8 years 0% Minor pur­chases with use­ful lives below one year have been recog­n­ised as an expense in the income state­ment in external expenses.Profit/loss on sale or retire­ment has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Invest­ments in group enter­prises have been recog­n­ised accord­ing to the equity method. This means that invest­ments are meas­ured at the pro rata share of the group enter­prises' net asset value adjus­ted for internal dividends and profit or losses.Dis­trib­ut­able reserves in group enter­prises which are dis­trib­uted as dividends to the par­ent at the bal­ance sheet date are included in the value of invest­ments.Group enter­prises with neg­at­ive net asset val­ues are meas­ured at zero, and any receiv­able from such enter­prises is writ­ten down by the Par­ent's share of the neg­at­ive net asset value to the extend deemed irre­cover­able. If the neg­at­ive net asset value exceeds the amount receiv­able, the remain­ing amount is recog­n­ised in pro­vi­sions to the extent the Par­ent has a legal or con­struct­ive oblig­a­tion to cover the rel­ev­ant enter­prise's liab­il­it­ies.Acquis­i­tion of group enter­prises are recog­n­ised at cost. The dif­fer­ence between the cost price and the net asset value of the acquired com­pany, which appears at the time of est­ab­l­ish­ing the con­sol­id­a­tion, is as far as pos­s­ible alloc­ated to the assets and liab­il­it­ies whose value is higher or lower than the car­ry­ing amount. A remain­ing pos­it­ive dif­fer­ence is treated as good­will and included in the value of invest­ments.A neg­at­ive dif­fer­ence, reflect­ing an expec­ted cost or an unfa­vour­able devel­op­ment, are recog­n­ised as income in the income state­ment in the year of acquis­i­tion.Good­will is amort­ised in the income state­ment over 5 years. The amort­isa­tion period is based on an assess­ment of the mar­ket pos­i­tion, earn­ings pro­file, and expect­a­tions of cus­tomers loy­al­ity, which within reas­on­able lim­its is based on his­t­or­ical data/regis­tra­tions. Amort­isa­tions are recog­n­ised in the income state­ment with other value adjust­ments in the item income from invest­ments in group enter­prises. The total net revalu­a­tion of invest­ments in group enter­prises is alloc­ated through the profit or loss dis­tri­bu­tion to "Reserve for net revalu­a­tion accord­ing to the equity method" under equity. The reserve is reduced by dividend dis­tri­bu­tions to the Par­ent and is adjus­ted by changes in equity in the group enter­prises. Other receiv­ables recog­n­ised under fixed assets com­prise loans, which usu­ally cor­responds to nom­inal amount. In events when the car­ry­ing amount exceeds the recover­able amount, impair­ment for loss is made to such lower value. Impair­ment losses if any are recog­n­ised in the income state­ment under impair­ment of fin­an­cial assets. Invent­or­ies are meas­ured at cost accord­ing to the FIFO method. In the event of cost exceed­ing net real­is­able value, write­down is made to this lower value. Cost of goods for resale as well as raw mater­i­als and con­sum­ables com­prises pur­chase price plus deliv­ery costs. Cost of man­u­fac­tured goods and work in pro­gress con­sists of costs of raw mater­i­als, con­sum­ables, dir­ect labour costs and other dir­ect costs. The net real­is­able value of invent­or­ies is cal­cu­lated at the estim­ated selling price less com­ple­tion costs and expec­ted costs to execute sale. The net real­is­able value is determ­ined allow­ing for mar­ket­ab­il­ity, obsol­es­cence and devel­op­ment in expec­ted sales price.Pre­pay­ments to sup­pli­ers regard­ing non delivered goods are recog­n­ised as a sep­ar­ate item under invent­or­ies. Received pre­pay­ments from cus­tomers regard­ing non delivered goods are recog­n­ised as liab­il­it­ies. Receiv­ables are meas­ured in the bal­ance sheet at the lower of amort­ised cost and net real­is­able value, which cor­responds to nom­inal value less pro­vi­sions for bad debts. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Reserve for net revalu­a­tion accord­ing to equity method com­prise net revalu­a­tion in group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. The reserve is reduced by dividend dis­trib­uted to the Par­ent and adjus­ted for other equity move­ments in the group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests. The reverse may be elim­in­ated with neg­at­ive retained earn­ings. The reserve is reduced or dis­solved when divest­ing the group enter­prises, asso­ci­ates and par­ti­cip­at­ing interests.Reserve for cur­rent value of hedging com­prise accu­mu­late fair value adjust­ments of deriv­at­ive fin­an­cial instru­ments recog­n­ised dir­ectly to equity. At the point in time of real­isa­tion of the deriv­at­ive fin­an­cial instru­ment, the accu­mu­late fair value adjust­ment recog­n­ised in the reserve are trans­ferred to the income state­ment together with the profit or loss on the real­isa­tion.Dividend dis­tri­bu­tion pro­posed by Man­age­ment for the year is dis­closed as a sep­ar­ate equity item. Minor­ity interests' pro­por­tion­ate share of the group enter­prises' equity is dis­closed as a sep­ar­ate equity item.Minor­ity interests' pro­por­tion­ate share of the group enter­prises' profit or loss is dis­closed as a sep­ar­ate item in the pro­posed dis­tri­bu­tion of profit and loss, and is dis­closed in the con­sol­id­ated equity state­ment as well as together with other adjust­ments includ­ing profit or loss due to trans­fer­ring of shares dur­ing the fin­an­cial year. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.The com­pany is Man­age­ment com­pany in a joint tax­a­tion with other Dan­ish group enter­prises. The tax effect of the joint tax­a­tion is alloc­ated among the group enter­prises in ratio to their tax­able income accord­ing to the rules on full alloc­a­tion with a refund for tax losses of the Dan­ish Cor­por­a­tion Tax Act. Cor­por­a­tion tax relat­ing to the fin­an­cial year which has not been settled at the bal­ance sheet date is to be clas­si­fied as cor­por­a­tion tax in receiv­ables or liab­il­it­ies other than pro­vi­sions. Joint tax con­tri­bu­tions between the jointly taxed com­pan­ies which have not been settled at the bal­ance sheet date are clas­si­fied as joint tax con­tri­bu­tions in receiv­ables or liab­il­it­ies other than pro­vi­sions. Pro­vi­sions are recog­n­ised when - as a con­sequence of an event occurred before or on the bal­ance sheet date - a legal or con­struct­ive oblig­a­tion exist and it is prob­able that eco­nomic bene­fits must be given up to settle the oblig­a­tion. Pro­vi­sions are meas­ured at net present value. Fin­an­cial debts are recog­n­ised ini­tially at the pro­ceeds received net of trans­ac­tion expenses incurred, which are dir­ectly related with the loan. In sub­sequent years, fin­an­cial debts are meas­ured at amort­ised cost equal to the cap­it­al­ised value using the effect­ive interest rate. The dif­fer­ence between the pro­ceeds and the nom­inal value is recog­n­ised in the income state­ment over the loan period. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. Deferred income com­prise income received relat­ing to sub­sequent fin­an­cial years. The cash flow state­ment shows the com­pany's cash flows broken down by operat­ing, invest­ing and fin­an­cing activ­it­ies, changes for the year in cash and cash equi­valents as wells as cash and cash equi­valents at the begin­n­ing and end of the year. Cash flows from acquis­i­tions and divest­ments are shown sep­ar­ately under cash flows from invest­ing activ­it­ies. In the cash flow state­ment, cash flows regard­ing acquired com­pan­ies are recog­n­ised from the date of acquis­i­tion and cash flows from dives­ted com­pan­ies are recog­n­ised until the trans­fer date. Cash flows from operat­ing activ­it­ies are cal­cu­lated as the net profit/loss for the year adjus­ted for non-cash operat­ing items, fin­an­cial income and expenses paid, cor­por­a­tion taxes as well as increase and decrease in invent­or­ies, trade receiv­ables, trade pay­ables and other changes in assets and liab­il­it­ies other than pro­vi­sions deriv­ing from opera­tions. Cash flows from invest­ing activ­it­ies com­prise pay­ments in the year in con­nec­tion with acquis­i­tion and sale of fixed assets as well as pay­ments in con­nec­tion with acquis­i­tion and divest­ment of com­pan­ies. Cash flows from fin­an­cing activ­it­ies com­prise pay­ments in the year from incep­tion and repay­ment of long-term liab­il­it­ies other than pro­vi­sions as well as pay­ments made to and received from the share­holder's.Cash and cash equi­valents com­prise cash at bank and in hand and short-term secur­it­ies with a term of less than 3 months, which are avail­able for con­ver­sion into cash funds, and on which there are only insig­ni­fic­ant risks of changes in value as well as operat­ing cred­its at credit insti­tu­tions ("overdraft facil­it­ies") included in the cash man­age­ment and are thus exposed to sig­ni­fic­ant changes in both pos­it­ive and neg­at­ive dir­ec­tions dur­ing the year. Refer­ring to Sec­tion 86 (4) of The Dan­ish Fin­an­cial State­ments Act, the par­ent has not pre­pared a cash flow state­ment. Fin­an­cial high­lights are defined and cal­cu­lated in accord­ance with the cur­rent ver­sion of "Recom­mend­a­tions & Ratios" issued by the CFA Soci­ety Den­mark. Fin­an­cial high­lights are cal­cu­lated on basis of the con­sol­id­ated fin­an­cial state­ments and the fin­an­cial state­ments, and no adjust­ments nor nor­m­al­isa­tions for ana­lysis pur­poses have been made unless expressed in the sec­tion of the fin­an­cial high­lights. The fin­an­cial high­lights are cal­cu­lated as fol­lows: Fin­an­cial high­lights Explan­a­tion Solvency ratio = Equity * 100/Total assets Return on equity = Profit/loss for the year * 100/Average equity 60952509 60737826 -29200 -22763 53020479 50275535 0 0 2215395 2850044 0 0 0 -1 0 0 5716635 7612248 -29200 -22763 0 0 2877604 2341254 780100 1168740 0 31 3527214 4205788 18377 26762 2969521 4575200 2830027 2291760 -285693 1004566 -246455 -10888 3255214 3570634 3076482 2302648 0 80000 0 0 2208573 3186921 0 0 929732 0 0 0 3138305 3266921 0 0 1301447 368776 0 0 881947 1934606 0 0 2183394 2303382 0 0 0 0 63371629 62407953 3645347 3773054 0 0 3645347 3773054 63371629 62407953 8967046 9343357 63371629 62407953 83497756 90025813 0 0 5030026 4829405 0 0 88527782 94855218 0 0 42485529 38691302 0 0 595560 2041929 0 0 535208 198704 0 0 0 0 329298 1201477 2697014 1227289 0 0 46313311 42159224 329298 1201477 9950858 9917700 6694 7894 144791951 146932142 335992 1209371 153758997 156275499 63707621 63617324 40000 40000 40000 40000 0 0 2595629 0 62881266 61877532 60285655 61877530 158800 135000 158800 135000 5709231 5530479 0 0 68789297 67583011 63080084 62052530 138923 618860 0 0 501007 195790 0 0 639930 814650 0 0 2888877 2533552 0 0 2888877 2533552 0 0 63234811 61103158 0 0 12188839 15831263 16250 16250 0 0 292456 268895 360604 1217894 10728 1189253 0 0 308103 1336 5045639 6097971 0 89060 611000 1094000 0 0 81440893 85344286 627537 1564794 84329770 87877838 627537 1564794 153758997 156275499 63707621 63617324  Con­trib­uted cap­italReserve for net revalu­a­tion accord­ing to equity methodRetained earn­ingsPro­posed dividend recog­n­ised in equityTotal DKKDKKDKKDKKDKK      Equity at 1 Janu­ary 202440,000058,520,768122,00058,682,768Dividends paid  0-122,000-122,000Dis­trib­uted profit/loss for the year 02,167,648135,0002,302,648Equity trans­ac­tions in group enter­prises 01,189,114 1,189,114Equity at 1 Janu­ary 202540,000061,877,530135,00062,052,530Dividends paid  0-135,000-135,000Dis­trib­uted profit/loss for the year 2,595,629322,053158,8003,076,482Equity trans­ac­tions in group enter­prises 0-1,913,928 -1,913,928Equity at 31 Decem­ber 202540,0002,595,62960,285,655158,80063,080,084 0 2595629  Con­trib­uted cap­italRetained earn­ingsPro­posed dividend recog­n­ised in equityMinor­ity interestsTotal DKKDKKDKKDKKDKK      Equity at 1 Janu­ary 202440,00057,737,495122,0005,080,76262,980,257Adjust­ment mater­ial errors0-317,4430282,449-34,994Dividends paid 0-122,0000-122,000Dis­trib­uted profit/loss for the year 3,268,366135,000167,2683,570,634Equity trans­ac­tions in group enter­prises 1,189,114 01,189,114Equity at 1 Janu­ary 202540,00061,877,532135,0005,530,47967,583,011Dividends paid 0-135,0000-135,000Dis­trib­uted profit/loss for the year 2,917,662158,800178,7523,255,214Equity trans­ac­tions in group enter­prises -1,913,928 0-1,913,928Equity at 31 Decem­ber 202540,00062,881,266158,8005,709,23168,789,297 2215395 2850044 312884 5207492 -6327436 310422 -3794227 -10972168 3642424 -4332039 -1186821 -1898272 780100 1168740 3527214 4205788 1220080 748041 -479737 -1005742 849732 80000 1117058 274869 0 159349 127707 0 -1839083 -514218 -355325 169428 135000 0 220325 -169428 -2098495 -1689388 -53283953 -51185458 63234811 61103158 -53283953 -51185458 Group:     For­ward exchange con­tracts:    Recog­n­i­tion in income state­ment of real­ised gains or losses regard­ing prior years change in cur­rent value of cash flow hedging recog­n­ised dir­ectly in the equity  DKK-151,032Cur­rent value at 31-12-2025  DKK196,244     Interest rate con­tract:    Recog­n­i­tion in income state­ment of real­ised gains or losses regard­ing prior years change in cur­rent value of cash flow hedging recog­n­ised dir­ectly in the equity  DKK-1,661,707Cur­rent value at 31-12-2025  DKK126       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Wages and salar­ies48,572,57746,248,32500Pen­sions 2,468,5042,289,52000Other social secur­ity costs1,979,3981,737,69000Total53,020,47950,275,53500     Average num­ber of full-time employ­ees777800     Exec­ut­ive Board1,570,0001,610,00000Board of dir­ect­ors1,900,0001,920,00000           48572577 46248325 0 0 2468504 2289520 0 0 1979398 1737690 0 0 77 78 0 0       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Other fin­an­cial income780,1001,168,740031Total780,1001,168,740031 780100 1168740 0 31       Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Fin­an­cial expenses to group enter­prises0018,37726,762Other fin­an­cial expenses3,527,2144,205,78800Total3,527,2144,205,78818,37726,762 0 0 18377 26762 3527214 4205788 0 0 2917662 3268366 322053 2167648  Acquired other sim­ilar rightsGood­willDevel­op­ment pro­jects in pro­gressTotalGroup 2024 DKKDKKDKKDKKDKK      Cost at 1 Janu­ary 202580,00010,369,260010,449,26014,124,165Trans­fers for the year-80,000080,00000Addi­tions for the year00849,732849,73280,000Dis­pos­als for the year0-701,0240-701,024-3,754,905Cost at 31 Decem­ber 202509,668,236929,73210,597,96810,449,260      Amort­isa­tion and impair­ment losses at 1 Janu­ary 20250-7,182,3390-7,182,339-9,730,874Amort­isa­tion for the year0-978,348 -978,348-1,206,371Reversal regard­ing dis­pos­als for the year0701,0240701,0243,754,906Amort­isa­tion and impair­ment losses at 31 Decem­ber 20250-7,459,6630-7,459,663-7,182,339      Car­ry­ing amount at 31 Decem­ber 202502,208,573929,7323,138,3053,266,921  Lease­hold improve­mentsFix­tures, fit­t­ings, tools and equip­mentTotalGroup 2024 DKKDKKDKKDKK     Cost at 1 Janu­ary 2025792,6174,328,1395,120,7567,724,510Addi­tions for the year1,117,05801,117,058274,869Dis­pos­als for the year0-802,636-802,636-2,878,624Cost at 31 Decem­ber 20251,909,6753,525,5035,435,1785,120,755     Depre­ci­a­tion and impair­ment losses at 1 Janu­ary 2025-423,840-2,393,534-2,817,374-4,052,324Depre­ci­a­tion for the year-184,388-1,052,658-1,237,046-1,643,673Reversal regard­ing dis­pos­als for the year0802,636802,6362,878,624Depre­ci­a­tion and impair­ment losses at 31 Decem­ber 2025-608,228-2,643,556-3,251,784-2,817,373     Car­ry­ing amount at 31 Decem­ber 20251,301,447881,9472,183,3942,303,382  Other receiv­ablesTotalGroup 2024 DKKDKKDKK    Cost at 1 Janu­ary 20253,773,0543,773,0543,613,705Addi­tions for the year00159,349Dis­pos­als for the year-127,707-127,7070Cost at 31 Decem­ber 20253,645,3473,645,3473,773,054    Car­ry­ing amount at 31 Decem­ber 20253,645,3473,645,3473,773,054  Invest­ments in group enter­prisesTotalPar­ent 2024 DKKDKKDKK    Cost at 1 Janu­ary 202560,776,00060,776,00060,776,000Cost at 31 Decem­ber 202560,776,00060,776,00060,776,000    Revalu­a­tions at 1 Janu­ary 20251,631,9531,631,953-1,898,415Revalu­a­tions for the year2,877,6042,877,6042,341,254Equity adjust­ments-1,913,928-1,913,9281,189,114Revalu­a­tions at 31 Decem­ber 20252,595,6292,595,6291,631,953    Car­ry­ing amount at 31 Decem­ber 202563,371,62963,371,62962,407,953           Accord­ing to annual reportMorilo Holding ApS' share Equity interestCon­trib­uted cap­italProfit/loss for the yearEquityShare of profit/loss for the yearShare of equity   DKKDKKDKKDKK       Mogens Jepsen Hold­ing ApS, Copen­ha­gen100%125,0002,877,60463,371,6292,877,60463,371,629Total    2,877,60463,371,629       Recog­n­i­tion in bal­ance sheet:      Invest­ments in group enter­prises     63,371,629Total     63,371,629       There are the fol­low­ing indir­ect own­er­ship interests:Molo Republic ApS, Copen­ha­gen82%     Molo A/S, Copen­ha­gen93%     Molo Kids Nor­way AS, Oslo93%     Molo Kids UK Ltd., Lon­don93%     Molo NL B.V., Ams­ter­dam93%     Molo France SARL, Paris93%     Molo US Inc., Delaware93%     Molo Ger­many GmbH, Ham­burg93%     Molo A/S LTD, Mil­ano93%      Morilo Holding ApS     Group 2025Group 2024 DKKDKK   Pre­paid rent641,235673,169Pre­paid mar­ket­ing and IT1,496,6190Other pre­paid expenses559,160554,120Total2,697,0141,227,289   Par­ent 2025Par­ent 2024  DKKDKK    Contributed capital beginning of the year 40,00040,000Total 40,00040,000    The share cap­ital con­sist of 40 shares cer­ti­fic­ates of DKK 1,000 at 31 Decem­ber 2025. The share cap­ital is not divided into classes.        Group 2025Group 2024Par­ent 2025Par­ent 2024 DKKDKKDKKDKK     Other provisions at 31/12 2025501,007195,79000I alt501,007195,79000     The cal­cu­la­tion of future returns is based on an estim­ate, which con­tains his­t­or­ical data on the indi­vidual sup­pli­ers' return per­centages adjus­ted for the devel­op­ment in rev­enue.     Group 31‑12‑2025Group 31‑12‑2024 DKKDKK   Liab­il­it­ies in total:  Other pay­ables2,888,8772,533,552Total2,888,8772,533,552 The group has provided guar­an­tees to land­lords. On 31 Decem­ber 2025 the total guar­an­tees were DKK 900,000.   Morilo Holding ApS are jointly taxed with other group com­pan­ies and are sev­erally liable for tax on the jointly taxed incomes etc. of the group. Moreover, the group com­pan­ies are jointly and sev­erally liable for Dan­ish with­hold­ing taxes by way of tax on interest, dividend tax and tax on roy­alty pay­ments. Any sub­sequent adjust­ments of cor­por­a­tion taxes and with­hold­ing taxes may increase the the com­pany's liab­il­ity.   Morilo Holding ApS       Group 2025      Nom­inal value of the col­lat­eral/debtBooked value of assets depos­ited as secur­ity  DKK DKK     Float­ing charge registered to the mort­gagor in intan­gible assets, invent­or­ies, fixed assets and trade receiv­ables includ­ing other claims has been deposit as secur­ity for engage­ment with credit insti­tu­tion 45,000,000 126,591,154     Group 2025Group 2024 DKKDKK   The com­pany has total lease liab­il­it­ies to year 2030746,000541,000The com­pany has made a rent agree­ment pend­ing to the year 2027. The overall resid­ual rent agree­ment aggreg­ate approx.11,887,00015,619,000Total rental and lease oblig­a­tions12,633,00016,160,000 The Com­pany's related parties with con­trolling interest com­prise the fol­low­ing:  Con­trolling interest:Basis of con­trolling interest:  Mogens JepsenOwner of Mor­ilo Hold­ing ApSRikke Bundgaard JepsenOwner of Mor­ilo Hold­ing ApS  No diclos­ures of trans­ac­tions with related parties have been dis­losed as Man­age­ment believes that all tranca­tions with  related parties has been car­ried out on arms lenght basis. -780100 -1168740 -3527214 -4205788 -285693 991784 0 -317443 Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2026-04-14 2025-01-01 2025-12-31 2024-01-01 2024-12-31