40729097 2025-01-01 2025-12-31 40729097 2025-01-01 2025-12-31 2 40729097 2025-01-01 2025-12-31 1 40729097 2025-01-01 2025-12-31 1 40729097 2024-01-01 2024-12-31 40729097 2025-12-31 40729097 2024-12-31 40729097 2025-01-01 d:ContributedCapitalMember 40729097 2025-01-01 d:RetainedEarningsMember 40729097 2025-01-01 d:ProposedDividendRecognisedInEquityMember 40729097 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 40729097 2025-01-01 2025-12-31 d:RetainedEarningsMember 40729097 2025-12-31 d:ContributedCapitalMember 40729097 2025-12-31 d:RetainedEarningsMember 40729097 2025-12-31 d:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:DKK Trekroner Revision A/S 2024-01-01 false true Trekroner Revision A/S 28991355 28991355 4000 Roskilde Universitetsparken 2 2025-01-01 2025-12-31 Erklæring om udvidet gennemgang 2024-12-31 Werner Jacobus Geyser Regnskabsklasse B false 2026-06-08 CaseWare-FSR false false false Annual report 7 The executive board has today discussed and approved the annual report of No Boundaries Holding ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In my 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 my opinion, management's review includes a fair review of the matters dealt with in the management's review. The financial statements have not been audited. Management considers the criteria for not auditing the financial statements to be met. Management recommends that the annual report should be approved by the company in general meeting. Werner Geyser To the shareholder of No Boundaries Holding ApS Opinion We have performed extended review of the financial statements of No Boundaries Holding 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. Roskilde 2026-05-27 Trekroner Revision A/S Linnea Weinreich State Authorised Public Accountant mne31382 No Boundaries Holding ApS Flæsketorvet  68 1711  København V 40729097 Copenhagen 28991355 Universitetsparken 2 4000 Roskilde Business reviewThe purpose of the company is investments in subsidaries. Unusual mattersThe company's financial position at 31 December 2025 and the results of its operations for the financial year ended 31 December 2025 are not affected by any unusual matters. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 2.447.028, and the balance sheet at 31 December 2025 shows equity of DKK 90.222.957. The annual report of No Boundaries Holding ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities, 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 reflects other external expenses. Other external costs include expenses related to administration. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. 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. Investment in subsidiaries, associates and participating interests are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. Receivables are measured at amortised cost. Securities and investments, which consist of listed shares and bonds, are measured at fair value at the balance sheet date. Non-listed securities are measured at fair value on the basis of the estimated value in use. Cash and cash equivalents comprise cash and deposits at banks. DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. As management company, No Boundaries Holding ApS is liable for payment of the subsidiaries' corporate income taxes to the tax authorities.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.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. -96562 -191112 759247 1527193 3179717 1522587 -2517032 -186506 -70004 234366 -2447028 -420872 158800 135000 0 3000000 -2605828 -3555872 40000 0 40000 0 40000 0 25618027 25603106 100 0 318680 2940 70004 0 26006811 25606046 46419652 30357325 46419652 30357325 17845155 36997290 90271618 92960661 90311618 92960661 40000 40000 90024157 92629985 158800 135000 90222957 92804985 71469 96813 17192 0 0 17192 0 41671 88661 155676 88661 155676 90311618 92960661 40000 92629985 135000 -135000 -2605828 158800 40000 90024157 158800 0 0 0 234366 -70004 0 The parent company is jointly taxed with its danish group entities. The entities are jointly and severally liable for danish income taxes as well as withholding taxes on dividends, interest and royalties payable by the group of jointly taxed entities.