38589962 2025-01-01 2025-12-31 3 38589962 2025-01-01 2025-12-31 38589962 2025-01-01 2025-12-31 1 38589962 2024-01-01 2024-12-31 38589962 2025-12-31 38589962 2024-12-31 38589962 2025-01-01 d:CompletedDevelopmentProjectsMember 38589962 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 38589962 2025-12-31 d:CompletedDevelopmentProjectsMember 38589962 2025-01-01 d:DevelopmentProjectsInProgressMember 38589962 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 38589962 2025-12-31 d:DevelopmentProjectsInProgressMember 38589962 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 38589962 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38589962 2025-12-31 d:LongtermMortgageLoansMember 38589962 2025-01-01 d:ContributedCapitalMember 38589962 2024-01-01 d:ContributedCapitalMember 38589962 2025-01-01 2025-12-31 d:ContributedCapitalMember 38589962 2024-01-01 2024-12-31 d:ContributedCapitalMember 38589962 2025-12-31 d:ContributedCapitalMember 38589962 2024-12-31 d:ContributedCapitalMember 38589962 2025-01-01 d:ReserveForDevelopmentExpenditureMember 38589962 2024-01-01 d:ReserveForDevelopmentExpenditureMember 38589962 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38589962 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 38589962 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38589962 2024-12-31 d:ReserveForDevelopmentExpenditureMember 38589962 2025-01-01 d:RetainedEarningsMember 38589962 2024-01-01 d:RetainedEarningsMember 38589962 2025-01-01 2025-12-31 d:RetainedEarningsMember 38589962 2024-01-01 2024-12-31 d:RetainedEarningsMember 38589962 2025-12-31 d:RetainedEarningsMember 38589962 2024-12-31 d:RetainedEarningsMember 38589962 2025-01-01 2025-12-31 1 38589962 2025-01-01 2025-12-31 2 38589962 2025-01-01 2025-12-31 1 38589962 2025-01-01 2025-12-31 2 38589962 2025-01-01 2025-12-31 3 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 38589962 Safe Online ApS Nørrebrogade 47, 1. 2200 København N Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Morten Høgh-Petersen statsautoriseret revisor mne34283 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-06-25 Gregers Kronborg Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-06-25 København N 2026-06-25 Grundlag for konklusion Konklusion 174824 116399 5789206 5922038 1666873 1334477 -7281255 -7140116 26105 5105 3741143 2473865 -10996293 -9608876 0 -777500 -10996293 -8831376 -11177258 -10474333 180965 1642957 13678007 11914673 8050126 7885490 21728133 19800163 72000 72000 72000 72000 21800133 19872163 562753 227211 0 777500 245959 320621 808712 1325332 0 314025 808712 1639357 22608845 21511520 0 173793 108256 16947944 16766979 -40210011 -29032753 -23088274 -12157518 42978787 0 0 17152144 0 10770095 0 715000 42978787 28637239 187334 838463 527138 2939089 2003860 1254247 2718332 5031799 45697119 33669038 22608845 21511520 5481215 5688551 240205 164066 21286 22242 46500 47179 5789206 5922038 8 9 13238525 3430207 16668732 1323852 1666873 2990725 13678007 7885490 3594843 -3430207 8050126 8050126 72000 72000 72000 0 42978787 108256 108256 65537 0 173793 108256 16766979 10898063 180965 5868916 16947944 16766979 -29032753 -29032753 -11177258 0 -40210011 -29032753 Today, the Board of Directors and the Executive Board have approved the annual report of Safe Online ApS for the financial year 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company 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 true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Christian Bohn Sebastian Kim Allerelli Gregers Kronborg Torben Arnth Nielsen Sebastian Kim Allerelli We have audited the financial statements of Safe Online 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, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company 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 OpinionWe 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. Material Uncertainty Related to Going ConcernWe draw attention to Note 1 in the financial statements, which indicates that the Company’s ability to continue as a going concern is dependent on achieving its budgeted revenue for 2026 and obtaining liquidity through the planned capital injection in 2026. As stated in Note 1, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. 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 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 judgment and maintain professional skepticism 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 Company’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 Company’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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, 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. 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 audit 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 audit, 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 Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companySafe Online’s principal activity is to operate a business based on subscription solutions (SaaS) that make it easy for small and medium-sized enterprises to ensure proper handling of personal data in compliance with the GDPR (General Data Protection Regulation) and the CCPA (California Consumer Privacy Act). Safe Online’s PrivacyHub is a unique and user-friendly platform that automates and simplifies companies’ statutory tasks relating to the handling of personal data, such as identifying, sharing, and managing sensitive personal data for SMEs. Uncertainties connected with recognition or measurementThe company recognizes development projects. Due to the nature of development projects, measuring their carrying amount involves uncertainty, as it depends on management’s assessments of the stage of completion of the projects, the remaining costs to complete the projects, and the future economic benefits expected to be derived from the projects. Uncertainty related to going concernThe company realized a loss of DKK 11 million for 2025, and the company’s liabilities exceed its assets by DKK 23 million as of 31 December 2025. The company has, over a number of years of intensive development work on its primary products, accumulated significant debt to external lenders and investors. As a result of constrained liquidity, the Company has entered into an agreement with lenders and creditors for a debt moratorium on identical terms, running until 2031 with a fixed accumulating interest rate of 2% p.a. This gives the company the stability needed to secure commercial growth, and it is management’s expectation that, with this agreement, the company will be able to generate significant financial results that will ensure that lenders and suppliers can be repaid over the longer term. Management budgets for significant growth in the company’s revenue in 2026. It is also a prerequisite for the company’s ability to continue as a going concern that the expected revenue for 2026 is realized and that any necessary capital is provided. In addition, focus remains on the company’s costs and the adjustment of these. Supported by the current pipeline in the form of sales and projects, management has positive expectations for 2026. Management considers the above plans and assessments to be reasonable and realistic and, based on this, expects that the company has the necessary liquidity to finance the planned activities for the coming year. Accordingly, management prepares the annual financial statements on the basis of the assumption of the company’s continued operation. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial conditions. The year was influenced by the financial restructuring that has created a solid foundation for future growth. The gross profit for the year totals DKK 174.824 against DKK 116.399 last year. Profit or loss from ordinary activities after tax totals DKK -10.996.293 against DKK -8.831.376 last year. The result for the year meets management's expectations, and the management therefore considers the annual result to be acceptable. Events occurring after the end of the financial yearIn January 2026, the company received a capital increase paid in to the company in cash of DKK 6.3 million capital, which, combined with the projected growth, will ensure the financial operation of the company. Apart from the above, no events have occurred after the balance sheet date that could materially affect the assessment of the Company’s financial position. The annual report for Safe Online ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. ReclassificationsCertain items in the balance sheet and income statement for the comparative figures have been reclassified to ensure comparability with the current year. The reclassifications relate solely to the presentation of the items and have therefore not affected the profit for the year, total assets or equity. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitGross profit comprises the revenue, cost of sales, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognized in the income statement provided that delivery has taken place and the risks have passed to the buyer before year-end, and provided that the revenue can be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration, excluding VAT and taxes, and net of discounts granted in connection with the sale. Cost of sales comprises the cost of purchasing raw materials and consumables directly attributable to the net revenue for the year, net of discounts received. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of development projects.  Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsDevelopment projects, patents, and licencesDevelopment costs recognized in the balance sheet are measured at cost less accumulated amortisation and impairment losses. Development costs comprise costs, salaries and wages, and amortisation that are directly attributable to development activities. Clearly defined and identifiable development projects, for which technical feasibility, sufficient resources, and a potential future market or development opportunity within the company can be demonstrated, and where the intention is to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and there is sufficient assurance that future earnings can cover production, selling and administrative expenses. Other development costs are recognised in the income statement as incurred. Upon completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life, which has been determined to be 10 years. Gains and losses on the disposal of development projects are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement under other operating income and other operating expenses, respectively. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Convertible and profit sharing debt instrumentsConvertible loans and other debt instruments containing profit-sharing or equity-like features are classified as financial liabilities. On initial recognition, such instruments are measured at the fair value of the proceeds received less directly attributable transaction costs, and are subsequently measured at amortised cost using the effective interest method. Interest expenses are recognised in the income statement under financial items. Embedded conversion or profit-sharing features are not separated for separate accounting treatment. Any conversion of debt into equity, or other equity-related settlement, is recognised only when the relevant conditions for conversion or settlement have been met. Upon conversion, the carrying amount of the liability, including accrued interest, is reclassified to equity, including share capital and share premium. No gain or loss is recognised in the income statement in connection with the issuance of equity instruments. Deferred incomePayments received concerning future income are recognised under deferred income. 1.Uncertainties relating to going concernThe company realized a loss of DKK 11 million for 2025, and the company’s liabilities exceed its assets by DKK 23 million as of 31 December 2025. The company has, over a number of years of intensive development work on its primary products, accumulated significant debt to external lenders and investors. As a result of constrained liquidity, the Company has entered into an agreement with lenders and creditors for a debt moratorium on identical terms, running until 2031 with a fixed accumulating interest rate of 2% p.a. This gives the company the stability needed to secure commercial growth, and it is management’s expectation that, with this agreement, the company will be able to generate significant financial results that will ensure that lenders and suppliers can be repaid over the longer term. Management budgets for significant growth in the company’s revenue in 2026. It is also a prerequisite for the company’s ability to continue as a going concern that the expected revenue for 2026 is realized and that any necessary capital is provided. In addition, focus remains on the company’s costs and the adjustment of these. Supported by the current pipeline in the form of sales and projects, management has positive expectations for 2026. Management considers the above plans and assessments to be reasonable and realistic and, based on this, expects that the company has the necessary liquidity to finance the planned activities for the coming year. Accordingly, management prepares the annual financial statements on the basis of the assumption of the company’s continued operation. 2.Uncertainties concerning recognition and measurementThe company recognizes development projects. Due to the nature of development projects, measuring their carrying amount involves uncertainty, as it depends on management’s assessments of the stage of completion of the projects, the remaining costs to complete the projects, and the future economic benefits expected to be derived from the projects. Disclosure of assumptions related to development projects The capitalised development projects, cf. notes 5 and 6, comprise both completed development projects and development projects in progress. The projects relate to the continued development of the Company’s solutions for compliance, structuring, automation and management of personal data processes for small and medium-sized enterprises in accordance with data protection regulation, including GDPR and CCPA. The development projects are progressing in accordance with Management’s plans and support the Company’s continued commercial development. Management expects that the developed solutions will strengthen the Company’s market position and support future sales and scaling. In capitalising the development projects, Management has applied a number of assumptions relating to the completion of the remaining technical development, testing and validation of the solutions, the expected commercialisation and the expected future economic benefits. Changes in these assumptions, including delays in development or market implementation, lower than expected customer adoption, or adverse technological, regulatory or competitive conditions, may result in significant changes in the carrying amount of the capitalised development projects.   11.Contractual obligations and contingencies, etc.Lease liabilities:The Company has entered into an agreement for the lease of premises. The lease may be terminated with 3 months’ notice, and the total obligation amounts to DKK 79 thousand.