38102907 2025-01-01 2025-12-31 38102907 2025-01-01 2025-12-31 1 38102907 2025-01-01 2025-12-31 1 38102907 2025-01-01 2025-12-31 2 38102907 2024-01-01 2024-12-31 38102907 2025-12-31 38102907 2024-12-31 38102907 2024-01-01 d:ContributedCapitalMember 38102907 2024-01-01 d:ReserveForDevelopmentExpenditureMember 38102907 2024-01-01 d:RetainedEarningsMember 38102907 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 38102907 2024-01-01 2024-12-31 d:RetainedEarningsMember 38102907 2025-01-01 d:ContributedCapitalMember 38102907 2025-01-01 d:ReserveForDevelopmentExpenditureMember 38102907 2025-01-01 d:RetainedEarningsMember 38102907 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38102907 2025-01-01 2025-12-31 d:RetainedEarningsMember 38102907 2025-12-31 d:ContributedCapitalMember 38102907 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38102907 2025-12-31 d:RetainedEarningsMember 38102907 2025-01-01 d:CompletedDevelopmentProjectsMember 38102907 2025-01-01 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38102907 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 38102907 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38102907 2025-12-31 d:CompletedDevelopmentProjectsMember 38102907 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 38102907 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 38102907 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38102907 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38102907 2025-12-31 d:ReceivablesFromOwnersAndManagementMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2025-01-01 2025-12-31 2024-01-01 2024-12-31 38102907 Persequor ApS Frederiksborggade 15, 6 1360 København K 2016-10-01 København EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M Danmark +45 73 23 30 00 2026-05-06 Emanuel Greisen Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-05-06 2026-05-06 CaseWare Working Papers Today, the Executive Board has discussed and approved the annual report of Persequor ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Emanuel Greisen Danny Jonstrup Krøger To the shareholder of Persequor ApS We have audited the financial statements of Persequor ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. 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 as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the note 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. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Odense Søren Smedegaard Hvid State Authorised Public Accountant mne31450 The Company's purpose is to do business within thetrade and industry, including softwaredevelopment, and other related businesses. The income statement for 2025 shows a loss of DKK 368,287 against a profit of DKK 1,108,635 last year, and the balance sheet at 31 December 2025 shows equity of DKK 17,998,804. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 20389579 19995790 15596759 14353011 5297221 4354338 -504401 1288441 100552 202458 68313 69574 -472162 1421325 -103875 312690 -368287 1108635 -368287 1108635 8175126 8757929 854972 89041 9030098 8846970 414553 397833 414553 397833 9444651 9244803 8038611 4558292 166000 0 0 166000 20853 141134 8225464 4865426 4381712 8324909 12607176 13190335 22051827 22435138 50000 50000 7043475 6900636 10905329 11416455 17998804 18367091 1076588 1533435 1076588 1533435 1313729 361931 356811 446006 0 1026967 352972 0 952923 699708 2976435 2534612 2976435 2534612 22051827 22435138 50000 7483521 9724935 0 1108635 3607050 -3607050 4354338 -4354338 -164403 164403 50000 6900636 11416455 0 -368287 5480348 -5480348 5297221 -5297221 40288 -40288 50000 7043475 10905329 The annual report of Persequor ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received.Licence and royalty income is recognised over the term of the agreement in accordance with the contents of the agreement.Revenue from time limited software licences is accrued and recognised on a straight line basis over the term of the licence according to the terms of the licence agreement.Sale of indefinite software licences is recognised as sale of goods whereby revenue is recognised when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The items revenue, work performed for own account and capitalised and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Work performed on own account and risk and recognised as assets includes staff costs regarding work performed in the financial year in relation to the construction of one or more assets recognised in the balance sheet. Raw materials and consumables include expenses relating to raw materials and consumables used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation of intangible assets.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 5 years Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years. Deposits, investmentsDepostits contributes rent deposit. Depostits contributes rent deposit. The carrying amount of intangible assets is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable are impaired. Provisions are madeto the lower of the net realisable value and the carrying amount. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. Cash contributes cash. Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Other payablesOther payables are measured at net realisable value. Prepayments received from customers include pre-invoicing of projects. 15283707 14031475 149233 138108 163819 183428 15596759 14353011 21 21 5349 15857 62964 53717 352972 0 -456847 312690 21771686 89041 4625376 854972 89041 -89041 26486103 854972 13013757 0 5297220 0 18310977 0 8175126 854972 Development projects relate to the development of new software products for use in the company's existing markets and entry into new markets. Most of the projects are completed and the rest are expected to be finalized over the course of 2026. The projects are progressing as planned. 397833 16720 414553 414553 As part of the salaries of the company management and key employees, the company has launched a warrant program. This obligation is not recognized in the financial statements and will only be realized in the event of an "exit". Other contingent liabilities The Company has receivables from a customer where there is a disagreement regarding payment for services performed. As a result, these receivables are subject to uncertainty. The amounts have been recognised in the balance sheet based on Management’s assessment of the expected outcome of these disputes. The Company is jointly taxed with its parent, Juramu Holding A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends falling due for payment. Other rent and lease liabilities: DKK20252024 Rent and lease liabilities621,829596,748 The Company has not provided any security or other collateral in assets at 31 December 2025.