41266589 2025-01-01 2025-12-31 41266589 2025-01-01 2025-12-31 41266589 2025-01-01 2025-12-31 1 41266589 2025-01-01 2025-12-31 1 41266589 2025-01-01 2025-12-31 2 41266589 2025-01-01 2025-12-31 3 41266589 2025-01-01 2025-12-31 4 41266589 2025-01-01 2025-12-31 5 41266589 2025-01-01 2025-12-31 1 41266589 2025-01-01 2025-12-31 2 41266589 2024-01-01 2024-12-31 41266589 2025-12-31 41266589 2024-12-31 iso4217:DKK xbrli:pure 2025-01-01 2025-12-31 2026-06-26 inforevision statsautoriseret revisionsaktieselskab 2860 Søborg Buddingevej 312 2024-01-01 2024-12-31 Meliora Bio ApS 41266589 Annual report Christian Riewe Meliora Bio ApS 41266589 Kristian Søgaard Jørgensen Christian Ree Christian Riewe Henrik Maimann René Eghammer Søren Grønborg Thorsen John Richardt Søbjærg State Authorised Public Accountant Kenny Madsen State Authorised Public Accountant The com­pany's pur­pose is to engage in the devel­op­ment, pro­duc­tion, and trade of bio­ethanol and other related busi­ness activ­it­ies. The res­ults of the com­pany's activ­it­ies in the fin­an­cial year amoun­ted to a loss of DKK -177.399.089 against DKK -128.672.259 in last fin­an­cial year. The equity at the bal­ance sheet date amoun­ted to DKK 46.307.057. The res­ults does not meet man­age­ment's expect­a­tions. Meli­ora Bio is in a com­mer­cial and pro­duc­tion scale-up and thus expect­ing a neg­at­ive res­ult for 2026. Meli­ora Bio is sup­por­ted fin­an­ci­ally by the par­ent com­pany and are there­fore going con­cern. A ref­er­ence is made to note 1. The Board of Dir­ect­ors and The Exec­ut­ive Board have today con­sidered and adop­ted the annual report for 1 Janu­ary 2025 - 31 Decem­ber 2025 for Meliora Bio ApS. Meliora Bio ApS 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 the com­pany's fin­an­cial pos­i­tion at 31 Decem­ber 2025 and of the res­ults of its opera­tions for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025. We believe that the Man­age­ment's review con­tains a fair review of the affairs and condi­tions referred to therein. We recom­mend that the annual report be adop­ted at the Annual Gen­eral Meet­ing. Kristian Søgaard Jørgensen Administrerende Direktør Christian Ree Formand Christian Riewe Bestyrelsesmedlem Henrik Maimann Bestyrelsesmedlem René Eghammer Bestyrelsesmedlem Søren Grønborg Thorsen Bestyrelsesmedlem To the share­holder in Meliora Bio ApS Meliora Bio ApS Opinion We have audited the fin­an­cial state­ments of Meliora Bio ApS for the fin­an­cial year 1 Janu­ary 2025 - 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. In our opin­ion, the fin­an­cial state­ments give a true and fair view of the com­pany's fin­an­cial pos­i­tion as at 31 Decem­ber 2025 and of the res­ults of the com­pany's opera­tions for the fin­an­cial year 1 Janu­ary 2025 - 31 Decem­ber 2025 in accord­ance with the Dan­ish Fin­an­cial State­ments Act. Meliora Bio ApS Basis for Opinion We con­duc­ted our audit in accord­ance with Inter­n­a­tional Stand­ards on Audit­ing (ISAs) and 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 this aud­itor’s report. We are inde­pend­ent of the com­pany in accord­ance with the Inter­n­a­tional Eth­ics Stand­ards Board of 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 audit 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, for dis­clos­ing, as applic­able, mat­ters related to going con­cern, and for 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 judge­ment and main­tain pro­fes­sional scep­ti­cism 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 con­tent of the fin­an­cial state­ments, includ­ing the dis­clos­ures in the notes, 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. 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 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 Fin­an­ci­als 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. Søborg 2026-06-26 inforevision statsautoriseret revisionsaktieselskab inforevision statsautoriseret revisionsaktieselskab 19263096 19263096 John Richardt Søbjærg State Authorised Public Accountant mne35453 Kenny Madsen State Authorised Public Accountant mne33718 -115284768 -72223618 47899956 48937281 154761 159070 -163339485 -121319969 47695 42123 15929144 7521647 -179220934 -128799493 -1821845 -127234 -177399089 -128672259 -177399089 -128672259 207230 361991 207230 361991 46600 45000 46600 45000 253830 406991 5136613 5434000 2980123 9579211 7093661 1443033 15210397 16456244 293489 327016 31728026 177234 6660353 17032733 2297604 19200 40979472 17556183 729522 525732 56919391 34538159 57173221 34945150 3000000 3000000 43307057 -174855089 46307057 -171855089 0 98195 0 179543795 0 179641990 100016 124963 4875925 17202168 0 2408750 5890223 7422368 10866164 27158249 10866164 206800239 57173221 34945150  Con­trib­uted cap­italRetained earn­ingsTotal DKKDKKDKK    Equity at 1 Janu­ary 20243.000.000-46.182.830-43.182.830Dis­trib­uted profit/loss for the year -128.672.259-128.672.259Equity at 1 Janu­ary 20253.000.000-174.855.089-171.855.089Group con­tri­bu­tion 395.561.235395.561.235Dis­trib­uted profit/loss for the year -177.399.089-177.399.089Equity at 31 Decem­ber 20253.000.00043.307.05746.307.057 The com­pany has lost its cor­por­ate cap­ital. The com­pany is fin­anced through loans from a group-related com­pany. The loan is subor­din­ated to the com­pany's other cred­it­ors. The com­pany's primary share­holder has issued a let­ter of sup­port to provide the neces­sary fin­an­cial resources to ensure the com­pany's con­tin­ued opera­tions and to ensure that the com­pany can meet its oblig­a­tions as they fall due. Ref­er­ence is also made to the sec­tion 'Expec­ted Devel­op­ments' in the man­age­ment report. The annual fin­an­cial state­ments have been pre­pared based on the assump­tion of the com­pany's con­tin­ued opera­tions.     20252024 DKKDKK   Wages and salar­ies42.661.26044.261.529Pen­sions 3.916.3663.668.609Other social secur­ity costs719.697606.009Other staff cost602.633401.134Total47.899.95648.937.281   Average num­ber of full-time employ­ees6363 42661260 44261529 3916366 3668609 719697 606009 602633 401134 63 63  20252024 DKKDKK   Depre­ci­a­tion of prop­erty, plant and equip­ment154.761159.070Total154.761159.070  20252024 DKKDKK   Fin­an­cial expenses to group enter­prises15.376.6757.233.228Other fin­an­cial expenses552.469288.419Total15.929.1447.521.647 15376675 7233228 552469 288419       Joint tax con­tri­bu­tionDeferred taxTax on profit/loss for the year2024 DKKDKKDKKDKK     Pay­ables at 1 Janu­ary 202500  Paid in respect of pre­vi­ous years1.821.845   Refund of joint tax con­tri­bu­tion, pre­vi­ous year-1.821.8450-1.821.845-127.234Tax on profit/loss for the year0000Pay­ables at 31 Decem­ber 202500  Tax on profit/loss for the year recog­n­ised in the income state­ment  -1.821.845-127.234  Fix­tures, fit­t­ings, tools and equip­mentTotal2024 DKKDKKDKK    Cost at 1 Janu­ary 2025957.394957.394957.394Cost at 31 Decem­ber 2025957.394957.394957.394    Depre­ci­a­tion and impair­ment losses at 1 Janu­ary 2025-595.403-595.403-436.333Depre­ci­a­tion for the year-154.761-154.761-159.070Depre­ci­a­tion and impair­ment losses at 31 Decem­ber 2025-750.164-750.164-595.403    Car­ry­ing amount at 31 Decem­ber 2025207.230207.230361.991    Fin­an­cing leases recog­n­ised in the asset207.230207.230340.446  Other receiv­ablesTotal2024 DKKDKKDKK    Cost at 1 Janu­ary 202545.00045.00045.000Addi­tions for the year1.6001.6000Cost at 31 Decem­ber 202546.60046.60045.000    Car­ry­ing amount at 31 Decem­ber 202546.60046.60045.000     31‑12‑202531‑12‑2024 DKKDKK   Liab­il­it­ies in total:  Lease com­mit­ments100.016223.158Pay­ables to group enter­prises0179.543.795Total100.016179.766.953   Cur­rent por­tion of non-cur­rent liab­il­it­ies:  Lease com­mit­ments100.016124.963Total100.016124.963   Due bey­ond 5 years after the bal­ance sheet date:  Pay­ables to group enter­prises0179.543.795Total0179.543.795  2025 DKK  Unre­cog­n­ized deferred tax assets due to unused tax losses.79.269.202 Meliora Bio ApS are jointly taxed with other group com­pan­ies and are sev­erally liable for tax on the jointly taxed incomes etc. of the group. Moreover, the group com­pan­ies are jointly and sev­erally liable for Dan­ish with­hold­ing taxes by way of tax on interest, dividend tax and tax on roy­alty pay­ments. Any sub­sequent adjust­ments of cor­por­a­tion taxes and with­hold­ing taxes may increase the the com­pany's liab­il­ity. Meliora Bio ApS has provided an abso­lute guar­an­tee for the group com­pany's engage­ment with the credit insti­tu­tion regard­ing a loan with a bal­ance of DKK 21,4 mil­lion as of 31/12/2025. Meliora Bio ApS Meliora Bio ApS  2025 DKK  An agree­ment has been entered into for the rental of premises. The remain­ing rental oblig­a­tion amounts to22.651.000Total rental and lease oblig­a­tions22.651.000  Hereof total rental oblig­a­tions towards group enter­prises22.651.000 In accord­ance with sec­tion 98(c)(7) of the Dan­ish Fin­an­cial State­ments Act no related party trans­ac­tions have been dis­closed as man­age­ment assess all trans­ac­tions have been car­ried out on an arm’s length basis. The fol­low­ing par­ent com­pany pre­pares con­sol­id­ated fin­an­cial state­ments:   The largest group:Ree Office ApS, Rødovre   The annual report has been pre­pared in accord­ance with Dan­ish fin­an­cial state­ment legis­la­tion as well as gen­erally accep­ted account­ing prin­ciples. The annual report has been pre­pared in accord­ance with the pro­vi­sions of the Dan­ish Fin­an­cial State­ments Act govern­ing Reporting class B.Some pro­vi­sions from report­ing class C has been adop­ted.The account­ing policies have not been changed from last year. Reporting class B The fin­an­cial state­ments have been pre­pared based on his­t­or­ical cost.The income is 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.Cer­tain fin­an­cial assets and liab­il­it­ies are meas­ured at amort­ised cost, which involves the recog­n­i­tion of a con­stant effect­ive interest rate over the matur­ity period. Amort­ised cost is cal­cu­lated as ori­ginal cost less any repay­ments and with addi­tion/deduc­tion of the cumu­lat­ive amort­isa­tion of any dif­fer­ence between cost and the nom­inal amount. In this way, cap­ital losses and gains are alloc­ated over the matur­ity period.Recog­n­i­tion and meas­ure­ment take into account pre­dict­able losses and risks occur­ring before the present­a­tion of the annual report which con­firm or inval­id­ate affairs and condi­tions exist­ing at the bal­ance sheet date.The func­tional cur­rency is Dan­ish Kroner. All other cur­ren­cies are con­sidered for­eign cur­ren­cies. Dur­ing the year, trans­ac­tions in for­eign cur­ren­cies have been trans­lated apply­ing the exchange rate at the trans­ac­tion date. If cur­rency pos­i­tions are con­sidered hedge of future cash flows, the value adjust­ments are recog­n­ised dir­ectly in equity.Receiv­ables and debt denom­in­ated in for­eign cur­ren­cies have been recog­n­ised at the exchange rate of the bal­ance sheet date.Real­ised and unreal­ised exchange gains and losses have been recog­n­ised in the income state­ment under other fin­an­cial income and expenses. Gross profit/loss includes "Rev­enue""Cost of sales""Other operat­ing income""External expenses". As income recog­n­i­tion cri­terion, the com­pleted con­tract method is applied so that rev­enue com­prises invoiced rev­enue for the year. Rev­enue from the sale of man­u­fac­tured goods and goods for resale is recog­n­ised in the income state­ment when deliv­ery is made and risk has passed to the buyer before the end of the fin­an­cial year. Rev­enue is meas­ured at fair value excl. VAT and less gran­ted goods and cus­tomer dis­counts. Cost of sales com­prise expenses incurred to earn rev­enue for the year includ­ing changes in goods for resale, raw mater­i­als and con­sum­ables used as well as pack­aging in the year. Other operat­ing income com­prises income of a sec­ond­ary nature as viewed in rela­tion to the com­pany's primary activ­it­ies, includ­ing pay­ments received from public author­it­ies as well as profit on sale of fixed assets. External expenses com­prises Selling costsCost of premisesAdmin­is­trat­ive expenses. Staff costs include wages and salar­ies includ­ing hol­i­day pay and pen­sions and other social secur­ity costs etc. to the com­pany's employ­ees. Fin­an­cial income is recog­n­ised with amounts con­cern­ing the fin­an­cial year. Fin­an­cial income com­prise interest as well as real­ised and unreal­ised exchange gains. Fin­an­cial expenses is recog­n­ised with amounts con­cern­ing the the fin­an­cial year. Fin­an­cial expenses com­prise interest as well as real­ised and unreal­ised exchange losses. Tax on profit or loss for the year rep­res­ents 22% of the book profit or loss adjus­ted for non-tax­able and non-deduct­ible items. Tax on profit or loss for the year con­sists of the anti­cip­ated tax por­tion of the tax­able income for the year adjus­ted for the changes for the year in deferred tax. Changes in deferred taxes due to adjust­ments of tax rates is recog­n­ised in the income state­ment. Tax on profit or loss for the year is recog­n­ised in the income state­ment by the por­tion attrib­ut­able to the profit or loss for the year and recog­n­ised dir­ectly in equity by the por­tion attrib­ut­able to entries dir­ectly in equity. The com­pany is sub­ject to the Dan­ish Tax Pre­pay­ment Scheme. Interest reim­burse­ment and interest sur­charge have been recog­n­ised in fin­an­cial income and expenses. The bal­ance sheet has been presen­ted in account form. Prop­erty, plant and equip­ment are meas­ured at cost less accu­mu­late depre­ci­a­tion. The basis of depre­ci­a­tion is cost less estim­ated resid­ual value after the end of use­ful life. Cost com­prises the acquis­i­tion price as well as costs dir­ectly related to the acquis­i­tion until the time when the asset is ready to be put into opera­tion. The cost price for an asset is divided into sep­ar­ate com­pon­ents, that are depre­ci­ated sep­ar­ately, if the use­ful life of the indi­vidual com­pon­ents is sig­ni­fic­antly dif­fer­ent. Depre­ci­a­tion is ini­ti­ated when the assets are ready to be taken into opera­tion. Assets are depre­ci­ated on a straight-line basis over their estim­ated use­ful lives with fol­low­ing resid­ual val­ues: Cat­egory Period Resid­ual value Fix­tures, fit­t­ings, tools and equip­ment 5 years 0-10% Minor pur­chases with use­ful lives below one year have been recog­n­ised as an expense in the income state­ment in external expenses.Profit/loss on sale or retire­ment has been included in the income state­ment under gross profit or loss and other operat­ing expenses.The car­ry­ing amounts of prop­erty, plant and equip­ment are reviewed annu­ally for indic­a­tion of impair­ment for losses, apart from what is expressed by usual depre­ci­a­tion. If this applies, impair­ment for loss is made of each asset or group of assets, respect­ively, to lower recover­able amount. As recover­able amount, the higher of expec­ted net selling price and net present value is applied. The net present value is cal­cu­lated as the present value of the expec­ted cash flows from the use of the asset or the group of assets.Impair­ment for loss for the year is recog­n­ised in the income state­ment as amort­isa­tion, depre­ci­a­tion and impair­ment for loss of prop­erty, plant and equip­ment and intan­gible assets. Prop­erty, plant and equip­ment that are assets held under lease and meet the condi­tions for fin­ance leases are accoun­ted for accord­ing to the same guidelines as owned assets. Assets held under lease are recog­n­ised in the bal­ance sheet at the lower of fair value and present value of the future lease pay­ments. On cal­cu­la­tion of the present value, the internal interest rate of the lease is applied as dis­count factor or an approx­im­ate value thereof. Assets held under fin­ance lease are depre­ci­ated and writ­ten down accord­ing to the same policies as are determ­ined for the remain­ing fixed assets. The cap­it­al­ised remain­ing lease com­mit­ment is recog­n­ised in the bal­ance sheet as a liab­il­ity other than pro­vi­sions. The interest por­tion of lease pay­ments is recog­n­ised over the term of the lease in the income state­ment. Lease agree­ments not meet­ing the cri­teria for fin­ance leases are con­sidered operat­ing leases. Pay­ments in rela­tion to operat­ing lease are recog­n­ised on a straight-line basis in the income state­ment over the term of the lease. Other receiv­ables recog­n­ised under fixed assets com­prise loans, which usu­ally cor­responds to nom­inal amount. In events when the car­ry­ing amount exceeds the recover­able amount, impair­ment for loss is made to such lower value. Impair­ment losses if any are recog­n­ised in the income state­ment under impair­ment of fin­an­cial assets. Invent­or­ies are meas­ured at cost accord­ing to the FIFO method. In the event of cost exceed­ing net real­is­able value, write­down is made to this lower value. Cost of goods for resale as well as raw mater­i­als and con­sum­ables com­prises pur­chase price plus deliv­ery costs. Cost of man­u­fac­tured goods and work in pro­gress con­sists of costs of raw mater­i­als, con­sum­ables, dir­ect labour costs and other dir­ect costs. The net real­is­able value of invent­or­ies is cal­cu­lated at the estim­ated selling price less com­ple­tion costs and expec­ted costs to execute sale. The net real­is­able value is determ­ined allow­ing for mar­ket­ab­il­ity, obsol­es­cence and devel­op­ment in expec­ted sales price.Pre­pay­ments to sup­pli­ers regard­ing non delivered goods are recog­n­ised as a sep­ar­ate item under invent­or­ies. Received pre­pay­ments from cus­tomers regard­ing non delivered goods are recog­n­ised as liab­il­it­ies. 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. Pro­vi­sions for bad debts are determ­ined on the basis of an indi­vidual assess­ment of each receiv­able. Pre­pay­ments com­prise costs incurred relat­ing to sub­sequent fin­an­cial years. Deferred tax is meas­ured using the bal­ance sheet liab­il­ity method. Pro­vi­sion has been made for deferred tax by 22% on all tem­por­ary dif­fer­ences between car­ry­ing amount and tax-based value of assets and liab­il­it­ies. Deferred tax is also meas­ures with respect of the planned use of the asset and the set­tle­ment of the liab­il­ity. The tax value of the tax losses to be car­ried for­ward are included in the cal­cu­la­tion of deferred taxes if it is prob­able that the losses can be used. Deferred tax assets are meas­ured at net real­is­able value.The com­pany is jointly taxed with other Dan­ish group enter­prises with Ree Office ApS as Man­age­ment com­pany. The tax effect of the joint tax­a­tion is alloc­ated among the group enter­prises in ratio to their tax­able income accord­ing to the rules on full alloc­a­tion with a refund for tax losses of the Dan­ish Cor­por­a­tion Tax Act. Joint tax con­tri­bu­tions between the jointly taxed com­pan­ies which have not been settled at the bal­ance sheet date are clas­si­fied as joint tax con­tri­bu­tions in receiv­ables or liab­il­it­ies other than pro­vi­sions. Fin­an­cial debts also include the cap­it­al­ised resid­ual oblig­a­tion on fin­ance leases. Short-term debts are meas­ured at amort­ised cost, sub­stan­tially cor­respond­ing to nom­inal value. Revisionspåtegning 19263096 inforevision statsautoriseret revisionsaktieselskab Buddingevej 312 2860 Søborg 2026-06-26 2025-01-01 2025-12-31 2024-01-01 2024-12-31