25254090 2025-01-01 2025-12-31 25254090 2025-01-01 2025-12-31 2 25254090 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 25254090 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 25254090 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 25254090 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 25254090 2025-01-01 2025-12-31 1 25254090 2023-01-01 2023-12-31 25254090 2022-01-01 2022-12-31 25254090 2021-07-01 2021-12-31 25254090 2023-12-31 25254090 2022-12-31 25254090 2021-12-31 25254090 2024-01-01 2024-12-31 25254090 2025-12-31 25254090 2024-12-31 25254090 2025-01-01 fsa:ContributedCapitalMember 25254090 2025-01-01 fsa:RetainedEarningsMember 25254090 2025-01-01 25254090 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 25254090 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 25254090 2025-12-31 fsa:ContributedCapitalMember 25254090 2025-12-31 fsa:RetainedEarningsMember 25254090 2025-01-01 2025-12-31 1 25254090 2024-01-01 2024-12-31 1 25254090 2024-01-01 25254090 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25254090 2025-01-01 fsa:LeaseholdImprovementsMember 25254090 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25254090 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 25254090 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25254090 2025-12-31 fsa:LeaseholdImprovementsMember 25254090 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25254090 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25254090 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25254090 2025-12-31 fsa:OtherLongtermPayablesMember 25254090 2024-12-31 fsa:OtherLongtermPayablesMember 25254090 2025-12-31 fsa:OtherShorttermPayablesMember 25254090 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-04-29 Lars Kallestrup The Executive Board and Board of Directors have today considered and adopted the Annual Report of Valcon A/S 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 at 31 December 2025 of the Company and of the results of the Company operations and cash flows for 2025. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-04-29 Thomas Nellemose Rosenlund Gerard Pieter Marie van den Goor Thomas Nellemose Rosenlund Jochem Christoffel Clemens Theunissen Chairman To the shareholder of Valcon A/S Opinion 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 and cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Valcon A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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 (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on 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 Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review. 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 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 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. Hellerup 2026-04-29 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Jacob F Christiansen Kim Danstrup State Authorised Public Accountant State Authorised Public Accountant mne18628 mne32201 Valcon A/S Meldahlsgade 5, 2. 1613 København V 25254090 Copenhagen Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights:The ratios have been preprared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, see under accounting policies. 257358000 248799000 90418000 183429000 154813000 52444000 -371000 -304000 -271000 12587000 21107000 2297000 72843000 86118000 65222000 1108000 729000 1437000 1687000 56000 24791000 36204000 30097000 148 151 158 117 109 0.698 0.760 0.713 0.622 0.580 0.076 0.134 0.063 0.109 0.036 0.167 0.364 0.224 0.316 0.050 0.390 0.537 0.340 0.420 0.461 0.315 0.704 0.413 0.637 0.051 Key activitiesValcon A/S operates as an indirect subsidiary of Vantage Acquisition Holding B.V., the parent company of Valcon Holding B.V. with business activities spanning across Europe. With more than 1,700 advisors throughout the region, Valcon Group is an advisory business delivering consulting services to European clients. Valcon’s business model is a typical project-delivery model, with a mix of time-and-material and fixed-price contracts. Clients are serviced on a project-to-project basis or through framework agreements that facilitate recurring work. Contracts are advisory in nature, with no extraordinary product or service risk.Development in the yearWith a revenue of tDKK 262,436, Valcon A/S achieved revenue growth in 2025 with 1% pct (compared to tDKK 260,687 in 2024), while profitability has decreased to tDKK 20,010 (compared to 2024 tDKK 34,676). Growth is driven by underlying growth across services. Since joining forces in Valcon Group, we have broadened our service offerings for Scandinavian clients, now serving across transformations with both advisory and delivery services within technology and data in line with our 2030 strategy and vision. During the year, Valcon A/S has continued to expand the office in Aarhus, enabling us to further help clients in Jutland.Our knowledge resourcesThe Valcon team is the critical element of our business. During 2025, the number of employees in Valcon A/S decreased by 2%, from 151 to 148. This is due to the pivot element of our strategy, where we are introducing new service areas and increasingly deliver jointly with our nearshore delivery team. We aspire to offer an industry-best working experience for our people through a combination of exciting work for inspiring clients, a deep focus on learning for all employees and creating an environment where everybody can be themselves.Special risksValcon’s services are based on consulting. Consequently, the risks we encounter are fundamentally aligned with those typically associated with the consulting sector. There are no special financial risks with respect to the development of interest rates or exchange rates.OutlookValcon Group plans to drive initiatives toward increased organic growth during 2026. Our strengthened position in Scandinavia leads us to expect 5-15% organic growth in revenue, profitability and team size.Statement of corporate social responsibility in accordance with section 99a of the Danish Financial Statements ActIntroAs a consulting and knowledge company, it is essential for us at Valcon to be a role model for our clients and for society at large. We aim to act responsibly and share our knowledge to drive progress on one of the most pressing issues of our time: sustainability. With regard to sustainability, our business is guided by our ambition to live by our values: integrity, together, joy, curious and can do. These values make it our priority to support clients in their transformation towards sustainable business models. Within our own organisation, we actively pursue gender equality, work to reduce our carbon footprint with the goal of becoming carbon neutral and strive to be the happiest company in the world. We have continued to work in this direction in 2025. Valcon joined the UN Global Compact (UNGC) in 2021 and has committed to the ten principles of the UNGC. This annual review broadly follows the structure of Communication on Progress (COP) to UNGC.GovernanceValcon’s code of conduct applies to all employees across the group. Valcon’s code of conduct is actively shared with all new and existing employees of Valcon in all countries in which we operate. New employees receive our code of conduct before or on their first day of work, and to ensure everyone understands its contents, we devote time to discussing it during the onboarding day. For existing employees, the code of conduct can be found on the Intranet, and the Group Board also hold regular surveys on the topic, which are shared with all employees. The managing partner is accountable for the activities and the progress in our work regarding corporate social and environmental sustainability. For our sustainability efforts, Valcon has appointed responsible employees to develop our capabilities in various service lines. Internally, the focus is on reporting, offsetting and mobility. A partner has been appointed responsible for both internal and external sustainability efforts.Human rights and anticorruptionUNGC Principle 1, 2 and 10Principle 1: Businesses should support and respect the protection of internationally proclaimed human rightsPrinciple 2: Make sure that they are not complicit in human rights abusesPrinciple 10: Businesses should work against corruption in all its forms, including extortion and briberyOur code of conduct provides a set of rules that guide us with respect to human rights, social conditions and the fight against corruption. Human rights are addressed through our code of conduct and our ongoing initiatives to promote diversity. Valcon operates in accordance with the UN principles on human rights, recognising that it is the role of the state to protect, but the responsibility of the employer to respect human rights. With respect to anti-corruption and bribery, Valcon does not tolerate any activity relating to this, and actively ensures that all employees are informed that such matters must be reported. During the financial year 2025, we have not registered any cases of violation of human rights or anti-corruption. We recognise the significant role we fulfil as a company, a workplace and a participant in society. This responsibility extends not only to our position as advisors on critical business decisions, but also to important global issues and challenges that can only be solved through collective efforts as a society. Valcon Group is committed to fostering a workplace with good work conditions and the industry’s highest standards of welfare among employees. To ensure ongoing support for our employees’ well-being, Valcon therefore conducts a workplace evaluation of the physical and mental work environment, as well as employee welfare surveys and management evaluations every six weeks. Additionally, an EDI survey is carried out twice a year. The sick leave rate in 2025 stands at 3,78%, which is an equally low percentage compared to the previous two years. Education and training are important to Valcon. That is why every employee can sign up for a week of education and training per year. Some employee profiles, such as new graduates, get 2-3 weeks of additional education and training. Valcon has not identified any risk associated with human rights and anti-corruption, considering the market in which we operate. Valcon also expects to operate in the same markets in the future years and hence does not expect any risks associated with human rights and anti-corruption going forward.DiversityThe disclosed policies, key actions and results applying to the Group meet the reporting requirements of the Danish Financial Statements Act on corporate responsibility and gender composition of management. All applicants and employees are treated the same, irrespective of gender, nationality, religion or any other differences. It is vital that diversity is promoted throughout Valcon. This includes gender, ethnicity and educational background, among other factors. Valcon has placed a specific focus on the gender distribution balance across the organisation. Summary of gender compositions in accordance with the Danish Financial Statements Act §99b:By the end of 2025, 56 women and 103 men were employed at Valcon. Over the year, the number of male employees decreased by 12.5%, mirroring the decrease seen in 2024, while female employees increased by 7.5% compared to a 4% decrease the previous year. In relation to board replacements or expansion, Valcon will prioritise attracting or promoting the right candidates based on merit and cultural fit, including a heightened focus on gender selection through EDI initiatives going into 2026. Diversity remains a key focus area in 2025, and Valcon expects a continued improvement towards the target of ensuring no more than 70% of any one gender category, whether men, women or non-binary, across all seniority levels by 2026. Targets have already been met in the consultant/specialists and manager/principal ranks, as these levels are balanced in line with the ambition. In senior ranks, Valcon continues the work towards more diversity. Valcon also aims for female representation on the board. This target was not achieved in 2025, as there was no need or occasion to change the board composition. Internally, our ED&I team has continued to facilitate pilot training sessions focused on belonging, supported by the integration of the principles of ED&I and an annual follow-up survey. This focus has resulted in a larger ED&I initiative driven by the partner group, which will be implemented throughout 2026. The annual promotion process is guided by a gender-specific policy designed to ensure that promotion processes and remuneration policies in Valcon are free from bias. This process is undertaken by a committee comprising the country manager, the HR department and the partner responsible for people processes in Valcon. Since 2023, we have actively pursued diverse recruitment programmes, including securing applicants of all genders for senior positions and providing education for all employees to mitigate unconscious decision-making as part of our annual training programme. In 2025, we have maintained the various cultural dimensions from 2022, including a team of employees from more than 19 countries (22 in 2024) and an equal distribution of gender among younger personnel.LabourPrinciple 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargainingPrinciple 4: The elimination of all forms of forced and compulsory labourPrinciple 5: The effective abolition of child labourPrinciple 6: The elimination of discrimination in respect of employment and occupationValcon supports free and protected labour both internally and externally. Our employees are the heart of our business, and Valcon strives to support them in every aspect of their development, both personal and professional. In addition to training initiatives, Valcon supports individual team members in obtaining certifications and further development in specific areas and topics of interest, ranging from data to sustainability. Every employee has a mentor who provides coaching, sparring and assistance in development and career advancement. In 2022 and 2023, Valcon introduced a number of policies to support colleagues in all aspects of their lives, including extended parental leave, flexible work set-ups with adequate technological support and regular social events with colleagues to support physical and mental health. In 2024, we provided mandatory safe work environment training to all employees at all levels of the organisation. The training was very well received across all levels, and we have continued to deliver safe work environment training in the individual capability teams in 2024 and 2025. Valcon remains committed to enforcing existing policies and continually reviewing and implementing improvements as necessary. This includes the introduction of Unity at Valcon in 2024, which we have continued to implement and uphold in 2025. Unity is a comprehensive initiative designed to strengthen our company culture, enhance employee engagement and foster a deeper connection to Valcon. At the heart of Unity at Valcon is a commitment to listen, inform and care for our colleagues. Through a combination of employee feedback, strategic communications and targeted initiatives, we aim to create a more connected, informed and valued team across the Valcon Group. Unity is centred around three key pillars:Valcon Informs: corporate communications programme designed to inform about the business, communicate on performance and mark key milestonesValcon Listens: ongoing employee feedback with analysis to help us create a better workplace for everyoneValcon Cares: our EDI programme, CSR activities and country-specific people initiatives are focused on enhancing the employees' experience and well-being, with different events or initiatives every month, such as gender diversity, physical and mental well-being, corporate social responsibility, etc.Valcon’s main risks relating to social and employee-related topics remain the ability to attract well-educated and qualified employees. Going forward, Valcon will continue the implementation of Unity to support our employees in their development, both personal and professional. We continue to review our current policies and implement new policies where relevant.EnvironmentPrinciple 7: Businesses should support a precautionary approach to environmental challengesPrinciple 8: Undertake initiatives to promote greater environmental responsibilityPrinciple 9: Encourage the development and diffusion of environmentally friendly technologiesAs a knowledge company, our direct climate footprint is relatively limited, but we nevertheless believe that caring for the environment is a natural part of running a business. We are committed to minimising our own environmental footprint while helping clients improve their environmental sustainability. We monitor our greenhouse gas (GHG) emissions and follow the GHG Protocol guidance and market best practices. To reflect best market practices and transparency, Valcon has employed the expertise of a specialised firm in carbon accounting practices aligned with the Greenhouse Gas Protocol (Climax) to improve the estimation of Valcon’s GHG Emissions as GHG CO2 equivalents (CO2e). Valcon still continues to contribute to emissions associated with delivering our services, especially through a consistent volume of flights and transportation,. International clients did also in 2025 require on-site presence and delivery, making air travel a necessity for Valcon.Renewable energyValcon has requested that the landlord discontinue the use of fossil-fuelled energy for Valcon’s facilities. This request was met in July 2024, where electricity was replaced by renewable ‘green’ energy, which has been documented by a RECS certificate by the supplier and extended into 2025. Waste handling and sorting are currently being deployed in the office in Copenhagen according to local guidelines.Initiatives in 2025 to avoid and to reduce emissionsOur cooperation with the food supplier showcases the small but important choices we make. Veggie Wednesday and occasionally displaying the differences in the emission of specific dishes have been part of the initiatives in 2024 that were decided to continue into 2025. In addition, our travel agency delivers detailed CO2 calculations to Valcon and its employees, which encourages conscious choices in travelling. Valcon remains committed to showing our clients and employees that we take climate change seriously. We have developed a tool to calculate emissions prior to the delivery of our services, supporting the conscious choices of the delivery model – on-site, remotely or a combination. Emissions are split over three scopes as defined by the GHG Protocol:Scope 1: Valcon’s direct emissions from sources it directly owns – such as heating in officesScope 2: Valcon’s indirect emissions associated with the purchase of energy used in our officesScope 3: Valcon’s indirect emissions result from activities from assets not owned or controlled by Valcon, but that directly impact our value chain. i.e. business travelAs a professional services company, Valcon’s exposure to direct climate risks is limited, and our Scope 1 and 2 emissions are limited compared to the extent of Scope 3. The emission levels from 2025 (and the previous years) are distributed as follows:  As a part of the carbon accounting for 2025, the numbers for 2022, 2023 and 2024 has have been adjusted by Climax.   The numbers reported in 2024 is are shown in (..) scopesMeasured on emissions pr.per FTE, the emissions equal 9,1 CO2e pr. employee – which is an 9,5% increase from 8,3 tonnes in 2024. The emission levels from 2025Scope 1 is unchanged and still at 68 t CO2-e, because it is a rented building.Scope 2 is down from 5 to 0 because of the use of renewable energy and the RECS certificate.Scope 3 emissions t CO2-e in the chart.scopes chartComments on the result for Scope 3As in 2024, a large part of the calculation has been done based on activities instead of spending. The accounting principles are based on the GHG protocol. Overall Scope 3 emissions have gone up, primarily due to increased travel activity in 2025. But because of the reduced emissions in all almost all other categories, especially purchased goods and services, the total emission level for 2025 reached 2023 standards and only an 11% increase compared to 2024. Purchased goods and servicesValcon's Scope 3 emissions in 2025 are predominantly attributed to procuring goods and services, which have decreased by almost 50% compared to 2024. This indicates an effective focus on creating results. The primary contributors to emissions within this segment include food-related services (such as canteen operations and the provision of coffee and tea) alongside other factors like parking fees and the utilisation of IT equipment. Capital goodsIn 2025 Valcon purchased more IT equipment directly from vendors, rather than sourcing it through the larger Valcon Group, resulting in an 70% increase. Business travelFirst half of 2025 saw an increased level of engagements requiring travel, making the total of travelled km in Q1-2 2025 equalling the combined total of 2024. The majority of the increased emissions related to travel stems from hotels in the Middle East, which has a high emission level. Resulting in a 268% increase. Upstream leased assetsThe operation of assets leased by Valcon in 2025 covered the lease of the building, as in previous years.How – initiatives going forwardOn the pathway to becoming a more sustainable company, Valcon has committed to the following targets:Valcon will reduce emissions by 5% per FTE/p.a. and thereby be ahead of the 70% Danish national reduction goal by 2030Valcon will secure employee commitment to the sustainable agenda by ensuring conscious and well-informed behaviour through information and communication.In the following years, Valcon will focus on the following key principles:Further target setting: As in 2025, we will improve our environmental performance and link it to specific KPIsSustainable procurement: Supplier management according to the group's sustainable procurement policy and supplier conduct, which was agreed in 2024Client-centric environmental responsibility: Aligning with our clients' structured environmental efforts in our consultancy services, ensuring our operations complement their sustainability goalsEmployee awareness: prioritising education and engagement of all Valcon employees about our environmental impact and strategies for minimisationValcon will continue to embed these principles deeper into every aspect of our operations, reinforcing our commitment to environmental stewardship and sustainable business practices. Valcon has the following initiatives planned:Initiate the process of alignment of Valcon’s sustainability report with the CSRD, beginning with a gap analysisContinuous measurement and monitoring of emissions via Climax, aligned with the GHG ProtocolImplementation of transportation policy to commit to and make conscious choices on transportation, starting with a taxi policy committing to CO2-neutral taxi usage implemented in Q1 2026.Data ethicsValcon complies with data legislation. Client data is the property of the clients, and Valcon handles the data with respect. In 2023, new data ethical consideration has had to be taken due to the emergence of generative AI in our business with our clients. Hence, a policy of gen AI has been installed and communicated. All employees are trained in handling, storage and usage of their own and client data using the procedures we have in place at any time, and Valcon has implemented an internal GPT to ensure client data confidentiality and improve the quality of work. In 2025 Valcon obtained the international standard for information security management through ISO/IEC 27001:2022. As a supplement, Valcon is also following the Danish assurance standard SAE 3000 on GDPR compliance. Currently, the effort is considered sufficient. Management is constantly monitoring the need to protect client data and expects to maintain the current level of engagement in data ethics. 262436000 260687000 206000 0 79362000 62575000 183280000 198112000 162306000 162107000 1013000 940000 0 8000 19961000 35057000 1987000 383000 1938000 764000 20010000 34676000 4527000 7756000 15483000 26920000 1657000 1747000 52000 68000 1709000 1815000 2289000 2252000 2289000 2252000 3998000 4067000 46659000 66123000 535000 756000 41219000 20000 226000 0 693000 850000 1240000 2493000 90572000 70242000 24867000 21999000 115439000 92241000 119437000 96308000 888000 888000 45750000 50823000 46638000 51711000 3500000 5448000 3500000 5448000 6341000 4417000 11983000 1443000 23626000 0 2129000 4933000 25220000 28356000 69299000 39149000 72799000 44597000 119437000 96308000 888000 50823000 51711000 0 20556000 20556000 0 15483000 15483000 888000 45750000 46638000 15483000 26920000 5491000 9077000 -11159000 -5921000 9815000 30076000 1987000 383000 1938000 764000 9864000 29695000 7174000 3829000 2690000 25866000 1108000 692000 201000 0 Changes in deposits -37000 227000 -944000 -465000 0 575000 1948000 596000 23626000 0 20556000 0 1122000 -1171000 2868000 24230000 21999000 -2231000 24867000 21999000 Cash and cash equivalents are specified as follows: 24867000 21999000 24867000 21999000 Gain on sale of fixed assets20602060 161014000 160182000 1003000 1565000 289000 360000 162306000 162107000 148 151 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. Interest from group enterprises1,5260Other financial income4613831,987383 Interest to group enterprises6360Other financial expenses1,146592Exchange adjustments, expenses1561721,938764 4389000 7515000 113000 151000 -19000 173000 44000 -83000 4527000 7756000 20556000 0 -5073000 26920000 3521000 4515000 1108000 0 306000 0 4323000 4515000 1774000 4448000 997000 15000 105000 0 2666000 4463000 1657000 52000 3 years3-5 years 2252000 37000 2289000 2289000 Selling price of work in progress535756Payments received on account-11,983-1,443-11,448-687Recognised in the balance sheet as follows:Contract work in progress recognised in assets535756Prepayments received recognised in debt-11,983-1,443-11,448-687 Deferred tax asset at 1 January850918Amounts recognised in the income statement for the year-157-68Deferred tax asset at 31 December693850The recognised deferred tax asset comprises temporary differences relating to property, plant and equipment, and is expected to be utilised within a short timeframe. Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Other payables28,72033,804 0 0 3500000 5448000 3500000 5448000 25220000 28356000 1987000 383000 1938000 764000 1013000 940000 4527000 7756000 5491000 9077000 -20487000 -2009000 -9328000 3912000 -11159000 -5921000 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year4,5864,515Between 1 and 5 years1,5235,8216,10910,336In addition to above, the Company has mutually burdensome agreements that are entered into as part of normal operations and that are customary for the industry. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. The Annual Report of Valcon A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK. Recognition and measurementRevenues are 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. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates. RevenueContract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans raised directly for financing the construction of property, plant and equipment are recognised in cost over the period of construction.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3 years Leasehold improvements3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciationIf so, the asset is written down to its lower recoverable amount. Other fixed asset investments consist of deposits. 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. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. DividendDividend distribution proposed by Management for the year is disclosed as a separate equity item. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. The cash flow statement shows the Company´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Company´s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.The cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalentsCash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity