43558013 2025-01-01 2025-12-31 43558013 2025-01-01 2025-12-31 1 43558013 2025-01-01 2025-12-31 1 43558013 2025-01-01 2025-12-31 2 43558013 2025-01-01 2025-12-31 3 43558013 2025-01-01 2025-12-31 1 43558013 2024-01-01 2024-12-31 43558013 2025-12-31 43558013 2024-12-31 43558013 2024-12-31 fsa:ContributedCapitalMember 43558013 2024-12-31 fsa:RetainedEarningsMember 43558013 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43558013 2025-12-31 fsa:ContributedCapitalMember 43558013 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Annual report 2026-05-22 Bastian Rogér Larsen The Board of Directors and the Executive Board have today considered and approved the annual report of BlackWood Ventures Komplementar ApS for the financial year 01.01.2025 - 31.12.2025. 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 Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Bastian Rogér Larsen Simon Stampe Chairman Aleksandar Grgic Bastian Rogér Larsen To the shareholders of BlackWood Ventures Komplementar ApS We have performed an extended review of the financial statements of BlackWood Ventures Komplementar ApSfor the ​financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of ​changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​​​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​​financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the assurance engagement standard for small enterprises ​as issued by the Danish Business Authority and the standard on extended review of financial statements ​prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. We are independent of the Entity 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 Entity’s ability to continue ​as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity 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 to obtain limited assurance about our conclusion on the financial statements and that ​we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion.​​​An extended review consists of making inquiries, primarily of Management and, if appropriate, of other entity ​personnel, performing analytical and the specifically required supplementary procedures as well as evaluating ​the evidence obtained.​​The procedures performed in an extended review are less in scope than in an audit, and accordingly we do ​not express an audit opinion on the financial statements. 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 in 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 by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Silkeborg Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Rasmus Volert Madsen State Authorised Public Accountant mne45822 Primary activitiesThe company's purpose is to be the general partner of BlackWood Ventures Fund I EuVECA K/S. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -2776 1062 84 120 0 1 -2692 1181 0 260 -2692 921 -2692 921 -2692 921 10095 8511 10095 8511 10095 8511 5379 5379 -1085 1607 4294 6986 3251 1072 131 453 2419 0 5801 1525 5801 1525 10095 8511 5379 1607 6986 -2692 -2692 5379 -1085 4294 1 Other financial expenses2025​EUR2024​EURExchange rate adjustments0101 2 Tax on profit/loss for the year2025​EUR2024​EURCurrent tax02600260 3 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​​remuneration.20252024Average number of full-time employees00 0 0 This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises external expenses. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including income from management fee. This fee represents the reimbursement of costs and services provided to affiliated entities. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies etc. Other financial incomeOther financial income comprises interest income, payables and transactions in foreign currencies etc. Other financial expensesOther financial expenses comprise interest expenses, payables and transactions in foreign currencies etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. CashCash comprises bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. true Grundlag for konklusion Konklusion 2026-05-22 2026-05-22 true 2024-01-01 2024-12-31 8600 Silkeborg 26 Papirfabrikken Copenhagen København K 1260 Regnskabsklasse B Erklæring om udvidet gennemgang 2025-12-31 2025-01-01 365 Bredgade BlackWood Ventures Komplementar ApS 43558013 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab