39745267 2025-01-01 2025-12-31 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_2 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_4 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_5 39745267 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_6 39745267 2025-01-01 2025-12-31 1 39745267 2024-01-01 2024-12-31 39745267 2025-12-31 39745267 2024-12-31 39745267 2025-01-01 fsa:ContributedCapitalMember 39745267 2025-01-01 fsa:SharePremiumMember 39745267 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 39745267 2025-01-01 fsa:RetainedEarningsMember 39745267 2025-01-01 39745267 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 39745267 2025-01-01 2025-12-31 fsa:SharePremiumMember 39745267 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 39745267 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39745267 2025-12-31 fsa:ContributedCapitalMember 39745267 2025-12-31 fsa:SharePremiumMember 39745267 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 39745267 2025-12-31 fsa:RetainedEarningsMember 39745267 2025-01-01 fsa:CompletedDevelopmentProjectsMember 39745267 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 39745267 2025-12-31 fsa:CompletedDevelopmentProjectsMember 39745267 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 39745267 2025-01-01 fsa:LeaseholdImprovementsMember 39745267 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 39745267 2025-12-31 fsa:LeaseholdImprovementsMember 39745267 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 39745267 2025-01-01 2025-12-31 fsa:LeaseholdImprovementsMember 39745267 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 39745267 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 39745267 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 Regnskabsklasse B Erklæring om udvidet gennemgang true 2026-06-26 Andreas Green Rasmussen 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 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 financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. 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. Copenhagen S 2026-06-26 Frederik Prinds Rubens Steensgaard Jonas Bruun Jacobsen CEO CTO Andreas Green Rasmussen Jonas Bruun Jacobsen Frederik Prinds Rubens Steensgaard Chairman Carsten Mahler Céline Clara Cecilia Pattyranie 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 2025, 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 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 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. Management 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, in our view, 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 in Management’s Review. Aalborg 2026-06-26 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Morten Porup State Authorised Public Accountant mne47816 BeCause ApS Njalsgade 21E, 1. 2300 København S 39745267 Copenhagen Skibsbyggerivej 5, 4. sal 9000 Aalborg Key activitiesBeCause 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 yearIn the phase of the strategy leading up to now, BeCause has been focused on building and ramping up to a critical mass of ecosystem network, use cases and data flowing through the hub - achieving the world-leading position as a result. Next is the phase to capitalize on that, by monetizing and scaling both on the mature enterprise-segment sales-led go-to-market motion, but especially also the small-and-medium-sized-segment product-led go-to-market motion opportunity now readied.At year-end, the BeCause platform served more than 55,700 hotels (an increase of 109 % since 2024), 45 travel marketplaces and 75 certifiers, destinations, and industry organizations.Total revenue grew significantly, reflecting both expansion within existing customer accounts and the signing of new enterprise contracts with globally recognized hotel groups and travel marketplaces.The Company made meaningful progress in further embedding new AI technology across product streams and core workflows during 2025, giving the product innovative and powerful capabilities and enabling the team to operate more efficiently and reducing reliance on external resources. This contributed to a 22% reduction in the total operating cost base year-on-year, as AI-driven productivity gains allowed the company to scale output without a corresponding increase in headcount or consulting spend. Erstwhile, the AI product capabilities are driving increased customer satisfaction and acquisition.During 2025, the company also secured an exclusive strategic partnership with the World Sustainable Hospitality Alliance (WHSA), the industry's leading international organization, to become the official platform for hotel sustainability benchmarking and carbon, waste, and water calculation. This partnership was awarded through a public competitive tender and represents a significant structural milestone – to be focused on in 2026 and the years that follow. In 2025, BeCause prepared its second sustainability report — the first in accordance with the Voluntary Sustainability Reporting Standard for SMEs (VSME), adopted by the European Commission. Key metrics reported include energy consumption, Scope 1+2 and partial Scope 3 emissions, water, waste, workforce gender ratio, and training hours. The net loss for 2025 was DKK 8,893,928, which is an improvement of 40% compared to 2024. The net loss reflects the deliberate investment in platform infrastructure, ecosystem development, and the commercial foundation required for the next phase of growth.At December 31, 2025, the company's equity stood at DKK 5,452,278, reflecting capitalized development costs and capital raised in prior periods.Capital resourcesDuring 2025, the company strengthened its capital base through capital injection and debt financing. Furthermore, the conversion of outstanding convertible notes into equity in December 2025 strengthens the balance sheet. After the balance sheet date, BeCause completed a new financing round in June 2026, alongside additional debt financing. With the additional capital, BeCause has created the financial foundation to execute the path to both profitability and growth visible within the current planning horizon, ensuring the company is appropriately capitalized for the commercial phase ahead.Targets and expectations for the year aheadEntering 2026, BeCause is positioned at an inflection point between ecosystem assembly and commercial monetization at scale. The company holds an open pipeline of enterprise contracts with the world's largest hotel chains. In parallel, the company will activate a product-led growth motion targeting the individual hotel segment, supported by the 65,000+ company accounts already engaged on the platform and its partners. This represents a substantial incremental revenue opportunity as self-serve monetization of the existing ecosystem is initiated. Lastly, the company also expects to reach break-even within the next 12 months. 2929416 -1518631 10668000 12155436 833541 509393 0 101021 -8572125 -14284481 138 38343 321934 543485 -8893921 -14789623 0 0 -8893921 -14789623 -8893921 -14789623 10318858 7120691 10318858 7120691 44192 66289 75882 113315 120074 179604 265560 258600 265560 258600 10704492 7558895 1371698 2163273 105813 0 161879 406919 72252 295527 1711642 2865719 790208 5869633 2501850 8735352 13206342 16294247 68613 63043 0 0 8048707 5554138 -2665042 455838 5452278 6073019 4187712 2256216 4187712 2256216 0 3772654 275063 824752 507578 1066095 2783711 2301511 3566352 7965012 7754064 10221228 13206342 16294247 63043 0 5554138 455838 6073019 5570 8267610 0 0 8273180 0 0 3098298 -3098298 0 0 0 603729 -603729 0 0 0 0 -8893921 -8893921 0 -8267610 0 8267610 0 68613 0 8048707 -2665042 5452278 The Company has reported a loss for the financial year 2025. In June 2026, the Company has completed a new financing round with its existing shareholders and obtained additional loan financing. The additional capital achieved in 2026 contributes to securing sufficient funding for the coming year, enabling the Company to continue its operations. On this basis, the financial statements have been prepared under the going concern assumption. 10334807 11495067 176556 267650 156637 392719 10668000 12155436 18 24 7740111 3972178 11712289 619420 774011 1393431 10318858 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. 88386 149729 88386 149729 22097 36414 22097 37433 44194 73847 44192 75882 258600 6960 265560 265560 Charges and securityThe following assets have been placed as security with bankers:Deed of indemnity for a total of TDKK 4,600, which provides a pledge in simple claims arising from the sale of goods and services for a total accounting value of:1,371,6982,163,273 Rental and lease obligationsThe lease obligation upon termination of the lease amounts to 6 months rent. (2024: 8. months).356,094461,548Other financial obligationsThe Company has no other material financial obligations as of December 31, 2025. The Annual Report of BeCause 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 selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. Recognition and measurementRevenues 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. Translation policiesDanish 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. RevenueRevenue 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 consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profit/lossWith 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 lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther 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 on profit/loss for the yearTax 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. Intangible fixed assetsDevelopment projectsCosts 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 equipment3-5 years Leasehold improvements3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe 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. Contract work in progressContract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Treasury sharesPurchase 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 tax assets and liabilitiesDeferred 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 incomeDeferred income comprises payments received in respect of income in subsequent years.