38492985 2025-01-01 2025-12-31 38492985 2025-01-01 2025-12-31 1 38492985 2025-01-01 2025-12-31 2 38492985 2025-01-01 2025-12-31 1 38492985 2025-01-01 2025-12-31 2 38492985 2025-01-01 2025-12-31 3 38492985 2025-01-01 2025-12-31 1 38492985 2024-01-01 2024-12-31 38492985 2025-12-31 38492985 2024-12-31 38492985 2024-12-31 fsa:ContributedCapitalMember 38492985 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 38492985 2024-12-31 fsa:RetainedEarningsMember 38492985 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 38492985 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 38492985 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 38492985 2025-12-31 fsa:ContributedCapitalMember 38492985 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 38492985 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Sindre Mikal Oterhals The Board of Directors and the Executive Board have today discussed and approved the annual report of Traede ApS for the financial year 1 January – 31 December 2025. The annual report has been prepared 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. 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 Christopher Josva Thodberg Heilmann CEO Esben SøndergaardPetersen Director Erik Carson Harrel Sindre Mikal Oterhals Mark Ivin Chairman To the shareholders of Traede ApS Opinion We have audited the financial statements of Traede ApS for the financial year 1 January – 31 December 2025, comprising 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 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 in accordance with the Danish Financial Statements Act. 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's responsibility 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 that 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. Auditor's responsibilities for the audit of the financial statements 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error as fraud mayinvolve 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 thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control.• evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.• conclude on the appropriateness of Management's use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our auditor's report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However, future events or conditions may cause theCompany to cease to continue as a going concern.• evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events ina 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 the Management's review 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. Aarhus KPMG Statsautoriseret Revisionspartnerselskab 25578198 Michael E. K. Rasmussen State Authorised Public Accountant mne41364 Traede ApS Kristen Bernikows Gade 4, 1. DK 1150 København K 38492985 Copenhagen Frederiks Plads 42, 7. tv 8000 Aarhus C Principal activities The Company's principal activities are to manufacture, develop and support IT software. Development in activities and financial position The Company's income statement for 2025 shows a profit of DKK 3,914 thousand as against a profit of DKK 2,204 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 23,080 thousand as against DKK 19,166 thousand at 31 December 2024. 17156000 13833000 8684000 6951000 5120000 4066000 3352000 2816000 23000 15000 71000 33000 3304000 2798000 -610000 594000 3914000 2204000 -1098000 4153000 5012000 -1949000 6876000 5984000 11972000 13086000 6601000 5860000 25449000 24930000 20000 20000 0 0 20000 20000 249000 242000 25718000 25192000 520000 861000 1143000 684000 1663000 1545000 3327000 768000 4990000 2313000 30708000 27505000 69000 69000 10512000 11610000 12499000 7487000 23080000 19166000 4346000 5001000 4346000 5001000 1240000 1881000 45000 0 315000 142000 160000 0 1522000 1315000 3282000 3338000 3282000 3338000 30708000 27505000 69000 11610000 7487000 19166000 0 -1098000 5012000 3914000 69000 10512000 12499000 23080000 true true Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses. Income statement Revenue Income from the sale of services is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year The Company is comprised by the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements. The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Balance sheet Intangible assets Development projects Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that there is sufficient assurance that the value in use of future earnings can cover production costs, selling costs and administrative expenses as well development costs. Completed development projects are amortised over three years. Amounts equivalent to amounts capitalised during the year are also recognised in “Reserve for development costs” in equity. Other development costs are recognised as costs in the income statement as they are incurred. Development costs comprise costs, wages, salaries and amortisation that directly and indirectly are attributable to development activities and that comply with the criteria for recognition. Capitalised development costs are initially recognised in the balance sheet at cost and subsequently at cost less accumulated amortisation or recoverable amount if this is lower that cost. Impairment tests are conducted of acquired intangible assets when there is an indication that they may be impaired. Furthermore, annual impairment tests are conducted of development projects in progress and capitalised. The impairment test is made of each individual asset or groups of assets. The assets are written down to the higher of an asset's or the group of assets’ value in use and its net selling price (recoverable amount) if this is lower than carrying amount. Goodwill Goodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of Management's experience within the individual business areas. The amortisation period is 20 years. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Property, plant and equipment Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: Fixtures and fittings, tools and equipment 3-12 years Leasehold improvements 6-12 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases All leases are accounted for as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Financial assets Other receivables and deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Equity Reserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the development costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Liabilities are measured at amortised cost. Staff costs DKK'000 2025 2024 Wages and salaries 12,061 10,545 Pensions 1,014 934 Other social security costs 97 90 Staff costs transferred to assets -4,488 -4,618 8,684 6,951 17 16 Contractual obligations, contingencies, etc. Contingent liabilities The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax as well as for the joint registration for VAT. Operating lease obligations The Company has entered into operating leases with a remaining term of five months and monthly lease payments of DKK 42 thousand, totalling DKK 210 thousand. Mortgages and collateral The following assets have been provided as collateral for bank debt, DKK 0 thousand. Total collateral amounts to DKK 1 million. DKK’000 Trade receivables with a carrying amount of 521 Related parties Control Traede ApS is part of the consolidated financial statements of DSG Denmark ApS, Kristen Bernikows Gade 4, 1., 1105 København K, Denmark, which is the smallest group, in which the Company is included as a subsidiary. The consolidated financial statements of DSG Denmark ApS can be obtained by contacting the Company at the above address. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-05-20 Reporting class B 2017-03-14 2026-05-20 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2026-05-20