43080032 2025-01-01 2025-12-31 43080032 2025-01-01 2025-12-31 2 43080032 2025-01-01 2025-12-31 1 43080032 2025-01-01 2025-12-31 1 43080032 2025-01-01 2025-12-31 2 43080032 2025-01-01 2025-12-31 3 43080032 2025-01-01 2025-12-31 4 43080032 2025-01-01 2025-12-31 5 43080032 2025-01-01 2025-12-31 1 43080032 2024-01-01 2024-12-31 43080032 2025-12-31 43080032 2024-12-31 43080032 2025-01-01 d:ContributedCapitalMember 43080032 2025-01-01 d:RetainedEarningsMember 43080032 2025-01-01 2025-12-31 d:RetainedEarningsMember 43080032 2025-12-31 d:ContributedCapitalMember 43080032 2025-12-31 d:RetainedEarningsMember 43080032 2025-01-01 d:LandAndBuildingsMember 43080032 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 43080032 2025-01-01 d:PropertyPlantAndEquipmentInProgressMember 43080032 2025-01-01 2025-12-31 d:LandAndBuildingsMember 43080032 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 43080032 2025-01-01 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 43080032 2025-12-31 d:LandAndBuildingsMember 43080032 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 43080032 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 43080032 2025-01-01 d:InvestmentsInGroupEnterprisesMember 43080032 2024-01-01 d:InvestmentsInGroupEnterprisesMember 43080032 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43080032 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43080032 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43080032 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43080032 2025-01-01 2025-12-31 d:SubsidiaryMember 1 43080032 2025-12-31 d:SubsidiaryMember 1 43080032 2025-01-01 d:LongtermMortgageLoansMember 43080032 2025-12-31 d:LongtermMortgageLoansMember 43080032 2025-01-01 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember 43080032 2025-12-31 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember iso4217:DKK xbrli:pure 32676421 2024-12-31 Leif Mikkelsen & Partnere A/S 2026-05-06 Leif Mikkelsen & Partnere A/S true CaseWare-FSR false 32676421 Lars Kramer Antitsch Høegh Guldbergs Gade 36 C, 1 th. 8700 Horsens 2025-01-01 2025-12-31 2024-01-01 Regnskabsklasse B false Erklæring om udvidet gennemgang false false false Annual report The supervisory board and executive board have today discussed and approved the annual report of Multicheck Ejendomme ApS 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 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 our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Lars Kramer Antitsch Director Per Bødtkjer chairman Lars Kramer Antitsch Werner Schmitz Georg Drakos Dina Jensen To the shareholder of Multicheck Ejendomme ApS Opinion We have performed extended review of the financial statements of Multicheck Ejendomme ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. The financial statements are prepared under the Danish Financial Statements Act.Based on the performed work it is our opinion, that 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 Opinion We conducted our extended review in accordance with the Danish Business Authority's standard on au­di­tor's re­port for small enterprises and FSR - danish auditors' standard on extended review of financial statements 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the 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 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 accompanying financial statements. This requires us to perform procedures in order to obtain limited assurance for our conclusion on these financial statements, and in addition perform specifically required supplementary procedures in order to obtain additional assurance for our conclusion.An extended review of financial statements includes procedures primarily consisting of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating 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 these financial statements. Statement on management's reviewManagement 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 extended review 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 extended review, 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, we conclude that 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 of management's review. Horsens 2026-05-06 Leif Mikkelsen & Partnere A/S Shannon Viuf Statsautoriseret revisor mne52591 Multicheck Ejendomme ApS Rosenkrantzvej  18 8700  Horsens 43080032 Horsens 32676421 Høegh Guldbergs Gade 36 C, 1 th. 8700 Horsens Business reviewThe principal activity of the company comprises the rental of commercial property and related business. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 116.782, and the balance sheet at 31 December 2025 shows equity of DKK 9.470.275. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. The annual report of Multicheck Ejendomme ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit is a summary of revenue, other operating income, the property’s operating expenses, and other external expenses. Income from the rental is recognised as revenue as the services are rendered. Accordingly, revenue corresponds to the market value of the services rendered during the year (percentage-of-completion method).Revenue is measured at fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. Revenue is net of all types of discounts granted. The property’s operating expenses relate to the costs associated with operating the properties. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of property. Other external costs include expenses related to sale, administration, premises etc. Depreciation, amortisation and impairment of property, plant and equipment comprise the year's depreciation, amortisation and impairment of property, plant and equipment. The proportionate share of the profit/loss for the year of subsidiaries is recognised in the company's income statement after full elimination of intra-group profits/losses. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.On payment of joint taxation contributions, the current Danish income 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 been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Items of land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeResidual valueOther buildings 40 years30 %Other fixtures and fittings, tools and equipment 5 years0 %Assets costing less than DKK 34.400 are expensed in the year of acquisition.The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward.Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale.   Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively. Investments in subsidiaries are recognised and measured using the equity method. The equity method is applied as a measurement method   IIn the balance sheet, subsidiaries are recognised at the proportionate share of the subsidiaries’ net asset value, calculated in accordance with the Group’s accounting policies, adjusted for unrealised intra-group gains and losses, and with the addition of remaining excess values and positive goodwill calculated under the acquisition method.Goodwill on consolidation is amortised over the expected useful economic life based on management’s experience from each individual business segment. Goodwill on consolidation is amortised on a straight-line basis over the amortisation period, which is 5-20 years. The amortisation period is fixed based on the assessment that the strategically acquired entities have a strong market position and a long-term earnings profile.Investments in subsidiaries with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions.Net revaluations of investments in subsidiaries are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annual report of  Multicheck Ejendomme ApS is adopted are not taken to the net revaluation reserve. The carrying amount of items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan.Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by amortisation of the value adjustment of the loan at the time of borrowing.Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. 1907869 5559936 643487 825704 1264382 4734232 -40000 0 2659 122717 1379949 1995606 -152908 2861343 -36126 614221 -116782 2247122 -116782 2247122 37636446 37025013 115658 152629 22169462 287990 59921566 37465632 0 40000 0 40000 59921566 37505632 5955 958313 957965 203705 107305 0 3074428 0 9124 396 4154777 1162414 0 3697462 4154777 4859876 64076343 42365508 100000 100000 9370275 9487058 9470275 9587058 181057 98591 181057 98591 18314121 16453128 1025002 1750002 19339123 18203130 849298 672160 10837397 0 2421309 300148 20977885 11907183 0 1203620 -1 393618 35085888 14476729 54425011 32679859 64076343 42365508 100000 9487057 -116782 100000 9370275 0 0 673614 904104 706335 1091502 1379949 1995606 -107305 1203620 82466 -589399 -11287 0 37580985 184855 287990 2217950 0 21881472 -1000000 0 0 38798935 184855 22169462 555973 32226 0 606516 36971 0 1162489 -69197 0 37636446 115658 22169462 40000 0 0 40000 40000 40000 -40000 0 -40000 0 0 40000 NameRegistered officeOwnership interestEquityProfit/loss for the yearMawi 1 ApSHorsens100%-33.773-73.773 Mawi 1 ApS Horsens 100 -33773 -73773 17125288 19163419 849298 14723958 1750002 1025002 0 0 The company is jointly taxed with, Macchiato ApS (management company), and has limited and secondary liability together with other jointly taxed entities for payment of income taxes, onwards as well as for payment of withholding taxes on dividends, interest and royalties. Land and buildings at a carrying amount of DKK 37.636 thousand at 31 December 2025 have been provided as security for mortgage debt totalling DKK 19.160 thousand.The company has issued owner's mortgages totalling DKK 12.000 thousand, secured on the abovementioned land and buildings. Hereof, owner's mortgages totalling DKK 12.000 thousand have been deposited as security for bank debt.