35252142 2025-01-01 2025-12-31 35252142 2025-01-01 2025-12-31 1 35252142 2025-01-01 2025-12-31 1 35252142 2025-01-01 2025-12-31 2 35252142 2025-01-01 2025-12-31 3 35252142 2025-01-01 2025-12-31 4 35252142 2025-01-01 2025-12-31 1 35252142 2025-01-01 2025-12-31 2 35252142 2024-01-01 2024-12-31 35252142 2025-12-31 35252142 2024-12-31 35252142 2024-12-31 fsa:ContributedCapitalMember 35252142 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 35252142 2024-12-31 fsa:RetainedEarningsMember 35252142 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 35252142 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 35252142 2025-12-31 fsa:ContributedCapitalMember 35252142 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 35252142 2025-12-31 fsa:RetainedEarningsMember 35252142 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-05-28 Kristian Weber The Board of Directors and the Executive Board have today considered and approved the annual report of Kvadrat Really 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. Ebeltoft Kristian Weber Anders Byriel chairman Wickie Meier Engström vice-chairman Jacob Bønnelycke Hartzberg Peter Vinkler Simonsen To the shareholder of Kvadrat Really ApS We have audited the financial statements of Kvadrat Really ApS for the financial year01.01.2025 - ​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.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion 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 audit 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 audit 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 ​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 of the management commentary.​ Aarhus Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Michael Bach State Authorised Public Accountant mne19691 Jens Lauridsen State Authorised Public Accountant mne34323 Primary activitiesThe company's main activity is the development of new functional and innovative materials to the interior design industry, in which upcycled End-of-Life fabrics from industrial laundries, fashion and production are used. Development in activities and financesManagement is aware that more than 50% of the contributed capital has been lost, hence the Company is subject ​to the provisions of §119 of the Companies Act regarding capital losses. Equity is expected to be reestablished through earnings in the coming financial years.​​Based on current company budgets management believes the company will remain a going concern for the coming year. Also refer to note 1. 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. 1365530 2023191 4550597 7711781 1604134 1741521 -4789201 -7430111 43336 60095 980215 1261767 -5726080 -8631783 -72551 -94209 -5653529 -8537574 -5653529 -8537574 -5653529 -8537574 2710857 4268007 0 46984 2710857 4314991 2710857 4314991 66667 29345 2902148 2500467 4040476 5498951 0 1103406 7009291 9132169 0 818 684819 121727 671203 655893 217581 1910 1573603 780348 8582894 9912517 11293751 14227508 1877776 1877776 2114468 3329045 -12372393 -7933441 -8380149 -2726620 17082206 14579738 892061 455148 414386 0 586661 839608 698586 1079634 19673900 16954128 19673900 16954128 11293751 14227508 1877776 3329045 -7933441 -2726620 -1214577 1214577 0 -5653529 -5653529 1877776 2114468 -12372393 -8380149 Management is aware that more than 50% of the contributed capital has been lost, hence the Company is subject ​to the provisions of §119 of the Companies Act regarding capital losses. Equity is expected to be reestablished through earnings in the coming financial years. 1 Judgements regarding going concernFinancial ressources are monitored on a continuous basis in order to ensure funding for the planned activities. ​ ​On basis of the budget for 2026 it is expected that the current funds are sufficient in order to ensure continued ​operations throughout 2026 and therefore the financial statements are prepared on a going concern basis. 2 Gross profit /lossHerein are included other operating income relating to public grants, which is recognized with DKK 381k for 2025 and DKK 381k for 2024. See also note 5. 3 Staff costs2025​DKK2024​DKKWages and salaries4,220,4057,157,276Pension costs298,017504,850Other social security costs32,17549,6554,550,5977,711,781Average number of full-time employees35 3 5 4 Tax on profit/loss for the year2025​DKK2024​DKKAdjustment concerning previous years(72,551)(94,209)(72,551)(94,209) 5 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKCost beginning of year7,891,2522,342,754Cost end of year7,891,2522,342,754Amortisation and impairment losses beginning of year(3,623,245)(2,295,770)Amortisation for the year(1,557,150)(46,984)Amortisation and impairment losses end of year(5,180,395)(2,342,754)Carrying amount end of year2,710,8570 6 Deferred incomeDeferred income includes grants for DKK 1,905k related to development project, of which DKK 1,207k has been recognized in line with the depreciation of the associated development project. As of 31.12.2025 grant remains, with a balance of DKK 699k. Expected income to be recognized in 2026 amounts to DKK 381k. 7 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total718,953674,321 8 Contingent assetsThe Company has an unrecognized deferred tax asset of DKK 7,225k. 9 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Kvadrat Holding A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 10 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:Kvadrat A/S, Lundbergsvej 10, 8400 Ebeltoft, CVR-nr. 45 99 85 17 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. Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable that​the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement as earned. Grants awarded for acquisition of assets are recognised as deferred income in the balance sheet, which is taken to income on a straight-line basis over the useful life of the asset. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Grants are recognised as other operating income. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses and gains and losses from the sale of intangible assets. Other financial incomeOther financial income comprises interest income including exchange gains on securities, payables ​and transactions in foreign currencies etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​ ​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible ​assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each project.​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 5 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Income include grants​received for development projects according to the Danish Financial Statements Act's requirement for gross presentation cannot be offset in the development costs in the balance sheet, but must presented separately under liabilities. Prepayments are measured at cost less a straight line income recognition in line with the linear depreciation of the associated activated project. Ikke væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-05-28 2026-05-28 true 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Syddjurs Ebeltoft 8400 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 10 Lundbergsvej Kvadrat Really ApS 35252142 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab