26082668 2025-01-01 2025-12-31 26082668 2025-01-01 2025-12-31 1 26082668 2025-01-01 2025-12-31 1 26082668 2025-01-01 2025-12-31 2 26082668 2025-01-01 2025-12-31 3 26082668 2025-01-01 2025-12-31 4 26082668 2025-01-01 2025-12-31 1 26082668 2024-01-01 2024-12-31 26082668 2025-12-31 26082668 2024-12-31 26082668 2025-01-01 c:ContributedCapitalMember 26082668 2025-01-01 c:ReserveForDevelopmentExpenditureMember 26082668 2025-01-01 c:RetainedEarningsMember 26082668 2025-01-01 2025-12-31 c:RetainedEarningsMember 26082668 2025-01-01 2025-12-31 c:ReserveForDevelopmentExpenditureMember 26082668 2025-12-31 c:ContributedCapitalMember 26082668 2025-12-31 c:ReserveForDevelopmentExpenditureMember 26082668 2025-12-31 c:RetainedEarningsMember 26082668 2025-01-01 26082668 2024-01-01 26082668 2025-01-01 c:CompletedDevelopmentProjectsMember 26082668 2025-01-01 2025-12-31 c:CompletedDevelopmentProjectsMember 26082668 2025-12-31 c:CompletedDevelopmentProjectsMember 26082668 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 26082668 2025-01-01 c:LeaseholdImprovementsMember 26082668 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 26082668 2025-01-01 2025-12-31 c:LeaseholdImprovementsMember 26082668 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 26082668 2025-12-31 c:LeaseholdImprovementsMember 26082668 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 26082668 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 26082668 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:pure true BDO Statsautoriseret Revisionspartnerselskab Dokken 8 DK-6700 Esbjerg 45719375 Årsrapport 2026-05-05 Peter Møller WORKPOINT A/S Esbjerg Brygge 28 6700 Esbjerg Den uafhængige revisors erklæring 26082668 2001-06-06 Esbjerg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Dokken 8 6700 Esbjerg HortenDahl Today the Board of Directors and Executive Board have discussed and approved the Annual Report of WORKPOINT A/S for the fi­nan­ci­al year 1 January  - 31 December 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 Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations and cash flows for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Esbjerg 2026-02-26 Claus Jul Christiansen Eivind Bergsmyr Chairman Peter Steen Jørgensen Andreas Davies Sandbu Louise Ingeborg Jensen To the Shareholder of WORKPOINT A/S Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of WORKPOINT A/S for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, cash flows, no­tes and 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 assets, liabilities and financial position of the Com­pa­ny at 31 December 2025 and of the results of the Com­pa­ny's operations and cash flows for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for 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 are independent of the Com­pa­ny in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Da­nish Fi­nan­ci­al State­ments Act and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Com­pa­ny or to cease operations, or has no realistic alternative but to do so.   Our objectives are to obtain reasonable assurance about whether the Fi­nan­ci­al Sta­te­ments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Fi­nan­ci­al Sta­te­ments.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:   Identify and assess the risks of material misstatement of the Fi­nan­ci­al Sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.   Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Com­pa­ny's internal control.   Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Ma­na­ge­ment.   Conclude on the appropriateness of Ma­na­ge­ment’s use of the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Com­pa­ny's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Fi­nan­ci­al Sta­te­ments or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.   Statement on Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover 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 Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the audit, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of Ma­na­ge­ment Com­men­ta­ry.   Esbjerg 2026-02-26 BDO Statsautoriseret Revisionspartnerselskab 45719375 Lasse L. Wolff Den uafhængige revisors erklæring State Authorised Public Accountant mne35802 Principal activities The primary purpose of WorkPoint A/S is to develop and sell software solutions on Software-as-a-Service terms. The company focuses on intelligent and standardised document and process management solutions that integrate closely with Microsoft 365.   36042649 34962832 30205743 33627140 5680475 4421730 2410 364722 154021 -3450760 100806 137244 67718 73994 187109 -3387510 0 0 187109 -3387510 187109 -3387510 187109 -3387510 17297965 16758873 17297965 16758873 625975 785442 28236 45797 654211 831239 555000 545110 555000 545110 18507176 18135222 6794775 4824797 224815 52104 581031 513807 7600621 5390708 10494071 9183124 18094692 14573832 36601868 32709054 552700 552700 13492413 13071921 -10311499 -10078116 3733614 3546505 0 300000 0 300000 534964 0 534964 0 27951385 25586352 1034423 1122557 32333290 28862549 32868254 28862549 36601868 32709054 DKKSha­re ca­pi­talReserve for development costsRetained earningsTotal Equity at 1 January 2025552.70013.071.921-10.078.1163.546.505 Proposed profit allocation 187.109187.109 Other legal bindingsCapitalized development costs 420.492-420.4920 Equity at 31 December 2025552.70013.492.413-10.311.4993.733.614 552700 13071921 -10078116 187109 420492 -420492 552700 13492413 -10311499 187109 -3387510 5680475 4421730 2410 364722 -2209913 3968586 3470741 3587488 6830822 8945016 -5846000 -7814000 -201489 -136466 2540 37388 -9890 -8416 -6054839 -7921494 534964 0 534964 6099280 1310947 7122802 9183124 2060322 10494071 9183124 1 | Staff costs Num­ber of full ti­me em­ploy­ees on average3847 Wages and salaries 27.778.53230.895.700 Pensions 2.066.4862.317.742 Social security costs 360.725413.698 30.205.74333.627.140 38 47 27778532 30895700 2066486 2317742 360725 413698 30205743 33627140 2 | Depreciation, amortisation and impairment losses for tangible and intangible assets Development projects 5.306.9083.949.908 Leasehold improvements 17.5614.433 Other plants, tools and equipment 356.006467.389 5.680.4754.421.730 3 | Intangible assets DKKDevelopment projects Cost at 1 January 2025 33.289.267Additions 5.846.000Cost at 31 December 2025 39.135.267  Amortisation at 1 January 2025 16.530.394Amortisation for the year 5.306.908Amortisation at 31 December 2025 21.837.302 Carrying amount at 31 December 202517.297.965In 2025 the company decided to capitalise a part of the substantial development costs of DKK 5,846 thousand.   The development costs have been used for continued development and strengthening of the company's latest version of the primary product WorkPoint 365. In addition, significant resources have been spent on developing the company's latest product, WorkPoint | ESDH which is aimed at the municipal market. The product has been fully deployed with the company’s first customer, and it is expected that several additional municipalities will adopt the product in the coming year. The company has also invested significant resources in the development of its product WorkPoint Express 365. 33289267 5846000 39135267 16530394 5306908 21837302 17297965 4 | Property, plant and equipment DKKOther plant, fixtures and equipmentLeasehold improvements Cost at 1 January 2025 2.925.308122.924 Additions 201.4890 Disposals -347.1440 Cost at 31 December 2025 2.779.653122.924   Depreciation and impairment losses at 1 January 2025 2.139.86677.127 Reversal of depreciation of assets disposed of -342.1940 Depreciation for the year 356.00617.561 Depreciation and impairment losses at 31 December 2025 2.153.67894.688 Carrying amount at 31 December 2025625.97528.236 2925308 122924 201489 0 347144 0 2779653 122924 2139866 77127 342194 0 356006 17561 2153678 94688 625975 28236 5 | Financial non-current assets DKKRent deposit and other receivables Cost at 1 January 2025 545.110Additions 9.890Cost at 31 December 2025 555.000  Carrying amount at 31 December 2025555.000 545110 9890 555000 555000 20252024 DKKDKK 6 | Sha­re ca­pi­talAllocation of Share capital: Ordinary shares, 5.527 units in the denomination of nom. 100 DKK552.700552.700 552.700552.700 7 | Other provisions 0-1 år 0300.000 Other provisions relate to the provision recognised for the Workpoint ESDH product subsequent to its commissioning. 8 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Prepayments received from customers 534.964000 534.964000 0 Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Flow HoldCo ApS, which serves as management Company for the joint taxation. 10 | Charges and securities Workpoint has given an absolute guarantee on behalf of Flow MidCo ApS and Flow HoldCo ApS. The guarantee covers any outstandings Flow HoldCo ApS and Flow MidCo ApS could have with their bank connection. As of 31.12.2025 the bank debt amounts to 0 kr.  The Annual Report of WORKPOINT A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B  and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Net revenue Where products with a high degree of individual adjustment are delivered, recognition in net revenue is made as and when the production progresses, the net revenue being equal to the sales value of the work performed for the year (the production method). This method is applied when the total income and expenses regarding the contract and the degree of completion at the Balance Sheet date can be reliably assessed, and it is likely that the financial benefits will flow to the Company.    When the result of contract work cannot be assessed reliably, revenue is only recognised corresponding to the related costs and only to the extent that it is likely that they will be recovered.    Sale of services is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Other operating expenses Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities. Losses from sale of intangible and tangible fixed assets are also included.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount. Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Land and buildings, production plant and machinery, other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeOther plant, fixtures and equipment 3-7 yearsLeasehold improvements 3-7 years Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Financial non-current assets Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Cash and cash equivalents Cash and cash equivalents include cash at bank.   Other provisions for liabilities Other provisions for liabilities include the expected cost of warranty commitments, loss on work in progress, restructurings etc. and deferred tax.   Warranty commitments include liabilities for improvement of work within the warranty period of 1 to 5 years. The provision for liabilities is measured and recognised on the basis of experience with warranty work.    When it is likely that the total costs will exceed the total income on the contract work in pro­gress, a provision is made for the total loss that is anticipated on the contract.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Cash Flow Statement   The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand and short-term securities, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.