39745267 2024-12-31 39745267 2023-12-31 39745267 2024-01-01 fsa:ContributedCapitalMember 39745267 2024-01-01 fsa:SharePremiumMember 39745267 2024-01-01 fsa:ReserveForDevelopmentExpenditureMember 39745267 2024-01-01 fsa:RetainedEarningsMember 39745267 2024-12-31 fsa:ContributedCapitalMember 39745267 2024-12-31 fsa:SharePremiumMember 39745267 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39745267 2024-12-31 fsa:RetainedEarningsMember 39745267 2024-01-01 fsa:CompletedDevelopmentProjectsMember 39745267 2024-12-31 fsa:CompletedDevelopmentProjectsMember 39745267 2024-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 39745267 2024-01-01 fsa:LeaseholdImprovementsMember 39745267 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 39745267 2024-12-31 fsa:LeaseholdImprovementsMember 39745267 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 39745267 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 39745267 2024-01-01 2024-12-31 39745267 2024-01-01 2024-12-31 1 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_2 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_1 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_2 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_3 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_4 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_5 39745267 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_6 39745267 2023-01-01 2023-12-31 39745267 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 39745267 2024-01-01 2024-12-31 fsa:SharePremiumMember 39745267 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39745267 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 39745267 2024-01-01 2024-12-31 fsa:CompletedDevelopmentProjectsMember 39745267 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 39745267 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 39745267 BeCause ApS Njalsgade 21E, 1. 2300 København S København 2018-07-26 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Skibsbyggerivej 5, 4. sal 9000 Aalborg Denmark 96 35 40 00 aalborg@pwc.dk 2025-06-26 Andreas Green Rasmussen Regnskabsklasse B Erklæring om udvidet gennemgang The Executive Board and Board of Directors have today considered and adopted the Annual Report of BeCause ApS for the financial year 1 January - 31 December 2024. 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 financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-06-26 Copenhagen S Frederik Prinds Rubens Steensgaard CEO Jonas Bruun Jacobsen CTO Andreas Green Rasmussen Chairman Jonas Bruun Jacobsen Frederik Prinds Rubens Steensgaard Carsten Mahler Kärt Siilats Christian Oxlund To the shareholders of BeCause ApS Opinion We have performed an extended review of the Financial Statements of BeCause ApS for the financial year 1 January - 31 December 2024, which comprise 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 the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority´s Assurance Standard for Small Enterprises and FSR – Danish Auditors´ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner´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' 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 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 Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion. An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Aalborg 2025-06-26 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Morten Porup State Authorised Public Accountant mne47816 Key activities BeCause develops and markets software solutions for corporate sustainability management and data distribution. The company also engages in related commercial activities supporting its core mission. Development in the year In 2024, BeCause focused on scaling the company following successful Seed-stage capital raises in November 2023, February 2024, and August 2024 in collaboration with existing investors. In total, BeCause raised DKK 25M DKK.These proceeds were strategically allocated to expand the team, particularly in commercial and product development functions. This investment enabled BeCause to accelerate platform development, resulting in the rapid delivery of several new features. The enhanced platform capabilities allowed the company to meet growing market demand, extend the range of product use cases, and capitalize on strategic opportunities related to partnerships and market positioning. This progress further solidified BeCause’s role as a category leader in sustainability data solutions.Subscription revenue grew by more than 2.3 times year-on-year, continuing the company’s strong growth trajectory.A major milestone in 2024 was BeCause’s expansion into the hotel segment. This strategic move unlocked a significant new market aligned with the company’s long-term vision. By leveraging its unique, industry-specific solution, BeCause grew its client base in this segment by 800%, significantly increasing its footprint in the tourism industry. Additionally, the company strengthened its presence among travel agencies, certification bodies, and industry organizations – further amplifying the reach and impact of sustainability efforts across the sector. Compared to the end of 2023, the overall customer base grew by 45%.BeCause also launched a new strategic initiative enabling the relationship between hotels and tourist destination management organizations, with the goal of supporting entire regions on the joint sustainability journeys. These efforts, along with newly formed partnerships and collaborations with key industry players, laid the foundation for sustained future growth.Beyond revenue generation, BeCause prioritized the expansion and enrichment of its ecosystem network—enhancing its size, interactivity, and overall utility. These efforts led to a 347% increase in claimed profiles and a 233% increase in the number of companies actively streaming sustainability data via the platform.The annual report for 2024 reflects a net loss of DKK -14,789,623, consistent with management’s expectations given the deliberate decision to prioritize scaling and strategic growth during the year. Targets and expectations for the year ahead Entering 2025, BeCause recorded its strongest sales quarter to date, setting the stage for another year of significant revenue and network expansion. This momentum underscores both rising market demand and continued progress against strategic objectives.The company will maintain its emphasis on cultivating strategic partnerships. Among these are the joint initiative with Booking.com aimed at innovating sustainability certification for hotels, and the collaboration with the Good Travalyst Alliance to support destinations and hotels in tracking sustainability performance. Both projects were formally introduced at the ITB Berlin conference 2025 and represent important milestones in BeCause’s ongoing mission to lead innovation in connecting supply and demand for sustainable travel and tourism. -1518631 -234297 12155436 3291557 509393 137184 101021 17391 -14284481 -3680429 38343 19517 543485 269232 -14789623 -3930144 0 -229835 -14789623 -3700309 -14789623 -3700309 7120691 2627047 7120691 2627047 66289 0 113315 0 179604 0 258600 258600 258600 258600 7558895 2885647 2163273 282219 406919 449401 295527 99484 2865719 831104 5869633 13322380 8735352 14153484 16294247 17039131 63043 52043 0 0 5554138 2049096 455838 4366723 6073019 6467862 2256216 2208810 2256216 2208810 3772654 6375000 824752 737708 1066095 411126 2301511 838625 7965012 8362459 10221228 10571269 16294247 17039131 52043 0 2049096 4366723 11000 14383780 0 0 0 0 0 -14789623 0 -14383780 0 14383780 0 0 3505042 -3505042 63043 0 5554138 455838 11495067 3101551 267650 54576 392719 135430 12155436 3291557 24 8 0 -229835 0 -229835 2795585 4944526 7740111 168538 450882 619420 7120691 The Company's development projects relate to the development of the BeCause platform. The projects are progressing as planned and are expected to be completed on an ongoing basis. Market research shows that the increased focus on climate and the Companies' environmental profiles leads to an increased demand for this type of platform. 0 0 88386 149729 88386 149729 0 0 22097 36414 22097 36414 66289 113315 258600 258600 258600 Charges and security The following assets have been placed as security with bankers: Deed of indemnity for a total of TDKK 3,300, which provides a pledge in simple claims arising from the sale of goods and services for a total accounting value of: 2163273 282219 Rental and lease obligations Lease obligations, period of non-terminability 8 months (3-20 months) 461548 862000 The Annual Report of BeCause ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in DKK. true 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 10 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Other fixed asset investments consist of deposit. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Purchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years.