41339608 2025-01-01 2025-12-31 c:RetainedEarningsMember 41339608 2025-01-01 2025-12-31 41339608 2025-01-01 2025-12-31 1 41339608 2025-01-01 2025-12-31 1 41339608 2025-01-01 2025-12-31 2 41339608 2025-01-01 2025-12-31 3 41339608 2025-01-01 2025-12-31 1 41339608 2024-01-01 2024-12-31 41339608 2025-12-31 41339608 2024-12-31 41339608 2025-01-01 c:ContributedCapitalMember 41339608 2025-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 41339608 2025-01-01 c:RetainedEarningsMember 41339608 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 41339608 2025-12-31 c:ContributedCapitalMember 41339608 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 41339608 2025-12-31 c:RetainedEarningsMember 41339608 2025-01-01 c:InvestmentsInGroupEnterprisesMember 41339608 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 41339608 2025-12-31 c:InvestmentsInGroupEnterprisesMember iso4217:DKK xbrli:pure 0 true BDO Statsautoriseret Revisionspartnerselskab Roms Hule 4, 1. sal DK-7100 Vejle 45719375 Årsrapport 2026-02-16 Ditte Glassau Clemmensen Parelo A/S Palsgaardvej 10 7130 Juelsminde Den uafhængige revisors erklæring om udvidet gennemgang 41339608 2020-05-05 Hedensted 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Roms Hule 4, 1. sal 7100 Vejle Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Parelo A/S for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Juelsminde 2026-02-16 Per Momme Studsgaard Anders Brix Chairman Mogens Nielsen Steen Lindvig Kramer To the Shareholder of Parelo A/S Konklusion We ha­ve per­for­med an extended review of the Fi­nan­ci­al Sta­te­ments of Parelo A/S 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 under the Danish Financial State­ments Act.   Based on the work performed 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 accordance with the Danish Financial Statements Act.   Basis for ConclusionGrundlag for konklusion 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 "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’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements 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.   Grundlag for konklusion Management's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 in order to obtain limited assurance for our conclusion on the Fi­nan­ci­al Sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Ma­na­ge­ment and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of 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 the Fi­nan­ci­al Sta­te­ments.   Statement on the Management Commentary Management is responsible for the Ma­na­ge­ment Com­men­ta­ry.   Our conclusion on the Fi­nan­ci­al Sta­te­ments does not cover the Ma­na­ge­ment Com­men­ta­ry, 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 the Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether the Ma­na­ge­ment Com­men­ta­ry 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 the Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Ma­na­ge­ment Com­men­ta­ry 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 the Ma­na­ge­ment Com­men­ta­ry.   Vejle 2026-02-16 BDO Statsautoriseret Revisionspartnerselskab 45719375 Bent Skov Den uafhængige revisors erklæring om udvidet gennemgang State Authorised Public Accountant mne31481 Principal activities The principal activities comprise investments in group enterprises.    Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the company's financial position.   584271 983638 17293 12069 566978 971569 50 19384 654 1239 566374 989714 0 0 566374 989714 584271 983638 -17897 6076 566374 989714 66380078 65698587 66380078 65698587 66380078 65698587 293021 310065 293021 310065 66673099 66008652 22731000 22731000 43899881 43236288 66630881 65967288 10000 9800 42218 41364 42218 41364 66673099 66008652 DKKSha­re ca­pi­talRe­ser­ve for net re­va­lua­ti­on ac­cor­ding to equi­ty va­lue met­hodRetained earningsTotal Equity at 1 January 202522.731.000043.236.28865.967.288 Proposed profit allocation 584.271-17.897566.374 Other legal bindingsForeign exchange adjustments 97.21997.219 TransfersSettlem. negative balance -681.490681.4900 Equity at 31 December 202522.731.000043.899.88166.630.881 22731000 0 43236288 584271 -17897 97219 -681490 681490 22731000 0 43899881 1 | Other financial income Group enterprises 017.417 Other interest income 501.967 5019.384 0 17417 50 1967 50 19384 2 | Other financial expenses Group enterprises 6540 Other interest expenses 01.239 6541.239 654 0 0 1239 654 1239 3 | Financial non-current assets DKKInvestments in subsidiaries Cost at 1 January 2025 65.991.852Additions 1.492.520Cost at 31 December 2025 67.484.372  Revaluation at 1 January 2025 -293.265Exchange rate adjustment 94.700Dividend -1.490.000Profit/loss for the year 584.271Revaluation at 31 December 2025 -1.104.294 Carrying amount at 31 December 202566.380.078 Investments in subsidiaries  Name and domicilOwnership MSP Holding 2013 A/S, Juelsminde, Denmark 100 % Lorepa A/S, Juelsminde, Denmark 100 % 65991852 1492520 67484372 -293265 94700 -1490000 584271 -1104294 66380078 Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheet date. 20252024 5 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees00 0 0 The Annual Report of Parelo A/S for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B  and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe format of the income statement has been adjusted to the Company's activities as a holding Company.  The Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Income from investments in subsidiaries The income statement of the parent company recognises the proportional share of the results of each subsidiary after full elimination of intercompany profits/losses and deduction of amortisation of goodwill.   In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified.   Other external expenses Other external expenses include administration etc.    Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign curren­cies, amortisation of financial assets and liabi­lities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity.   Financial non-current assets Investments in subsidiaries are measured in the Parent Company Balance Sheet under the equity method, which is regarded as a method of measuring/consolidation.   Equity investments in subsidiaries are measured in the Balance Sheet at the proportional share of the enterprises’ carrying equity value, calculated in accordance with the Parent Company’s accounting policies with deduction or addition of unrealised intercompany profits or losses and with addition or deduction of the residual value of positive or negative goodwill calculated according to the acquisition method. Negative goodwill is recognised in the Income Statement when the equity interest is acquired. Where the negative goodwill is related to acquired contingent liabilities, the negative goodwill will be recognised as income when the contingent liabilities have been settled or cease.   Acquired enterprises are subject to the acquisition method, reassessing all identified assets and liabilities to fair value at the acquisition date. The fair value is calculated based on acquisitions made in an active market, alternatively calculated using generally accepted valuation models.   Received dividend is deducted in the carrying amount of the equity investment.   Profit and loss at disposal of investments in sub­si­dia­ri­es are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Sub­si­dia­ri­es with a negative carrying equity value are measured to DKK 0 and any amounts due from these enterprises are written down to the extent that it is deemed to be irrecoverable. If the carrying negative equity value exceeds receivables, the residual amount is recognised under provision for liabilities to the extent that the Company has a legal or actual liability to cover the subsidiary's sub­si­dia­ri­es deficit.   Impairment of fixed assets The carrying amount of fixed assets are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount.   The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the balance sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the ex­pected realisable value of the asset, either by set-off against 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 under the legislation in force on the balance sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the term of loan.   Amortised cost for short-term liabilities usually corresponds to the nominal value.