44366908 2025-01-01 2025-12-31 c:ContributedCapitalMember 44366908 2025-01-01 2025-12-31 44366908 2025-01-01 2025-12-31 1 44366908 2025-01-01 2025-12-31 1 44366908 2025-01-01 2025-12-31 2 44366908 2025-01-01 2025-12-31 3 44366908 2025-01-01 2025-12-31 1 44366908 2024-01-01 2024-12-31 44366908 2025-12-31 44366908 2024-12-31 44366908 2025-01-01 c:ContributedCapitalMember 44366908 2025-01-01 c:RetainedEarningsMember 44366908 2025-01-01 2025-12-31 c:RetainedEarningsMember 44366908 2025-12-31 c:ContributedCapitalMember 44366908 2025-12-31 c:RetainedEarningsMember 44366908 2025-01-01 c:InvestmentsInGroupEnterprisesMember 44366908 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 44366908 2025-12-31 c:InvestmentsInGroupEnterprisesMember iso4217:DKK xbrli:pure 0 true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-05-05 Jens Karstoft Årsrapport Develop Diverse Holding ApS Vesterbrogade 149 1620 Copenhagen V Den uafhængige revisors erklæring om udvidet gennemgang 44366908 2023-10-10 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Develop Diverse Holding ApS 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 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. København V 2026-05-05 Jens Karstoft Jens Karstoft Chairman Oliver Kofoed Pedersen Pil Byriel To the Shareholder of Develop Diverse Holding ApS Konklusion We ha­ve per­for­med an extended review of the Fi­nan­ci­al Sta­te­ments of Develop Diverse Holding ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty and no­tes, including a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared under the Danish Financial State­ments Act.   Based on the work performed in our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments gi­ve a true and fair vi­ew of the Com­pa­ny's financial position 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.   Basis for ConclusionGrundlag for konklusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of Financial Statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's Responsibilities for the Extended Review 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 responsibility is to express a conclusion on the Fi­nan­ci­al Sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the Fi­nan­ci­al Sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Ma­na­ge­ment and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained.   The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the Fi­nan­ci­al Sta­te­ments.   Statement on the Management Commentary Management is responsible for the Ma­na­ge­ment Com­men­ta­ry.   Our conclusion on the Fi­nan­ci­al Sta­te­ments does not cover the Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our extended review of the Fi­nan­ci­al Sta­te­ments, our responsibility is to read the Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether the Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in the Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-05-05 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring om udvidet gennemgang State Authorised Public Accountant mne44386 Principal activities The company's purpose is to own equity interests in other companies and to engage in related activities.   Unusual matters The company's management has found an error in the annual report 2023/2024 regarding recognition of the company's investments in subsidiaries.  Reference is made to the description under accounting policies, including a description of the impact on the annual report.   Development in activities and financial and economic position The Company’s equity is negative as of 31 December 2025, and the share capital has therefore been lost. The loss of capital is primarily attributable to net financial expenses and external costs incurred during the year. Management expects that the equity can be restored through future transactions, including the planned disposal of the Company’s investments in the subsequent period. Reference is made to note one for a further description of the assumptions applied in relation to going concern.    Significant events after the end of the financial year After the end of the financial year, the Company completed the divestment of all its equity interests in its operating subsidiary. As a result of this transaction, the Company no longer holds any ownership in the entity. No other material events have occurred after the balance sheet date.   -10125 -45485 4225 7025 101879 35317 -107779 -73777 0 0 -107779 -73777 -107779 -73777 -107779 -73777 3484785 3337340 3484785 3337340 3484785 3337340 129225 0 4278 0 133503 0 0 138175 133503 138175 3618288 3475515 40000 40000 -181556 -73777 -141556 -33777 3754171 3508292 3754171 3508292 674 0 4999 1000 5673 1000 3759844 3509292 3618288 3475515 DKKSha­re ca­pi­talRetained earningsTotal Equity at 1 January 202540.000-66.751-26.751Change of equity due to correction of errors-7.026-7.026Adjusted equity at 1 January 202540.000-73.777-33.777 Proposed profit allocation -107.779-107.779 Equity at 31 December 202540.000-181.556-141.556 40000 -66751 -7026 -107779 40000 -181556 1 | Other financial income Interest income from group enterprises 4.2257.025 4.2257.025 4225 7025 4225 7025 2 | Other financial expenses Interest expenses to group enterprises 101.87935.317 101.87935.317 101879 35317 101879 35317 3 | Financial non-current assets DKKInvestments in subsidiaries Cost at 1 January 2025 3.337.340Additions 151.723Disposals -4.278Cost at 31 December 2025 3.484.785  Carrying amount at 31 December 20253.484.785 3337340 151723 4278 3484785 3484785 4 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Payables to group enterprises 3.754.171003.508.292 3.754.171003.508.292 0 Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheet date. 20252024 6 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees00 0 0 The Annual Report of Develop Diverse Holding ApS 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 Change resulting from material misstatement In the annual report for 2023/2024 there was a material misstatement as a result of incorrect recognition of the company's investments in subsidiaries as well as erroneous recognition of intercompany receivables with associated enterprises. See the corrections below.  1) Correction for incorrect recognized investments in subsidiaries in 2023/2024  The error has caused that in the annual report there has been recognized too low investments in subsidiaries under financial assets. The error relates to incorrect recognition and classification of the company’s investments in subsidiaries. The error has been corrected in the annual report and causes the accounting item “Investments in subsidiaries” under financial assets to be increased by DKK 1,050,931. The correction has no effect on the income statement, equity or taxable income, as the adjustment relates solely to balance sheet recognition. 2) Correction for incorrect booked intercompany receivables with associated enterprises in 2023/2024 The error has caused that in the annual report there has been recognized too high intercompany receivables from associated enterprises under current assets. The error relates to incorrect measurement of the intercompany balance. The error has been corrected in the annual report and causes the accounting item “Receivables from associated enterprises” to be reduced by DKK 1,057,956.40. Interest income relating to the prior year amounting to DKK 7,025.40 has been recognized directly in equity under “Correction relating to prior years”, as the interest relates to previous financial years. The adjustments have no taxable impact. In the annual report for 2023/2024 there was a material misstatement as a result of incorrect recognition of the company's investments in subsidiaries as well as erroneous recognition of intercompany receivables with associated enterprises. See the corrections below.  1) Correction for incorrect recognized investments in subsidiaries in 2023/2024  The error has caused that in the annual report there has been recognized too low investments in subsidiaries under financial assets. The error relates to incorrect recognition and classification of the company’s investments in subsidiaries. The error has been corrected in the annual report and causes the accounting item “Investments in subsidiaries” under financial assets to be increased by DKK 1,050,931. The correction has no effect on the income statement, equity or taxable income, as the adjustment relates solely to balance sheet recognition. 2) Correction for incorrect booked intercompany receivables with associated enterprises in 2023/2024 The error has caused that in the annual report there has been recognized too high intercompany receivables from associated enterprises under current assets. The error relates to incorrect measurement of the intercompany balance. The error has been corrected in the annual report and causes the accounting item “Receivables from associated enterprises” to be reduced by DKK 1,057,956.40. Interest income relating to the prior year amounting to DKK 7,025.40 has been recognized directly in equity under “Correction relating to prior years”, as the interest relates to previous financial years. The adjustments have no taxable impact. 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   Income from investments in subsidiaries Dividend from sub­si­dia­ri­es is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses Financial income and expenses include interest income and expenses, 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.   Financial non-current assets Investments in sub­si­dia­ri­es are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value.   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.   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.