41035617 2025-01-01 2025-12-31 41035617 2025-01-01 2025-12-31 1 41035617 2024-01-01 2024-12-31 41035617 2025-12-31 41035617 2024-12-31 41035617 2025-01-01 d:InvestmentsInGroupEnterprisesMember 41035617 2024-01-01 d:InvestmentsInGroupEnterprisesMember 41035617 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 41035617 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 41035617 2025-12-31 d:InvestmentsInGroupEnterprisesMember 41035617 2024-12-31 d:InvestmentsInGroupEnterprisesMember 41035617 2025-01-01 2025-12-31 d:SubsidiaryMember 1 41035617 2025-12-31 d:SubsidiaryMember 1 41035617 2025-01-01 2025-12-31 d:SubsidiaryMember 2 41035617 2025-12-31 d:SubsidiaryMember 2 41035617 2025-01-01 d:ContributedCapitalMember 41035617 2024-01-01 d:ContributedCapitalMember 41035617 2025-12-31 d:ContributedCapitalMember 41035617 2024-12-31 d:ContributedCapitalMember 41035617 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41035617 2024-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41035617 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41035617 2024-01-01 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41035617 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41035617 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 41035617 2025-01-01 d:RetainedEarningsMember 41035617 2024-01-01 d:RetainedEarningsMember 41035617 2025-01-01 2025-12-31 d:RetainedEarningsMember 41035617 2024-01-01 2024-12-31 d:RetainedEarningsMember 41035617 2025-01-01 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 41035617 2024-01-01 2024-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 41035617 2025-12-31 d:RetainedEarningsMember 41035617 2024-12-31 d:RetainedEarningsMember 41035617 2025-01-01 d:ProposedDividendRecognisedInEquityMember 41035617 2024-01-01 d:ProposedDividendRecognisedInEquityMember 41035617 2025-12-31 d:ProposedDividendRecognisedInEquityMember 41035617 2024-12-31 d:ProposedDividendRecognisedInEquityMember 41035617 2025-01-01 2025-12-31 1 iso4217:DKK xbrli:pure Årsrapport 15915641 Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab Østbanegade, 123 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 41035617 BIG Partners 2019 ApS Sundkaj 165 2150 Nordhavn 2019-12-11 Copenhagen Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab 15915641 John Mikkelsen statsautoriseret revisor mne26748 Østbanegade 123 2100 København Ø Danmark +45 33 30 15 15 ck@ck.dk 2026-07-01 Bjarke Bundgaard Ingels Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne København 2026-07-01 Nordhavn 2026-07-01 Grundlag for konklusion Konklusion -32000 -354000 -32000 -354000 20635000 51238000 18000 66000 19000 24000 20602000 50926000 -7000 2000 20609000 50924000 21128000 11990000 -519000 38934000 358178000 350743000 358178000 350743000 358178000 350743000 7000 0 17000 17000 24000 17000 1156000 1690000 1180000 1707000 359358000 352450000 0 358000 358000 118616000 110689000 203811000 205975000 35000000 35000000 357785000 352022000 1545000 400000 28000 28000 1573000 428000 1573000 428000 359358000 352450000 0 0 18000 20000 1000 4000 19000 24000 240054000 240424000 0 370000 240054000 240054000 129319000 106525000 -13201000 7063000 24103000 54641000 0 -3482000 -64000 -47656000 0 5264000 140157000 129319000 18630000 15227000 3403000 3403000 358178000 350743000 BIG Partners ApS Copenhagen 70.78 479751 76544 BIG Partners Ltd London 70.10 11118 -42255 358000 358000 358000 358000 110689000 91299000 21128000 11990000 -13201000 7400000 118616000 110689000 205975000 206575000 -1644000 5264000 -519000 38934000 0 -46538000 0 1740000 -1000 0 203811000 205975000 35000000 35000000 35000000 35000000 Today, the Managing Director has approved the annual report of BIG Partners 2019 ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my 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 my 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. Bjarke Bundgaard Ingels We have audited the financial statements of BIG Partners 2019 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. 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. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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 companyThe Company's main activity is holding investments in subsidiaries, participating interests and related activities Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross loss for the year totals DKK -32 thousand against DKK -354 thousand last year. Profit or loss from ordinary activities after tax totals DKK 20.609 thousand against DKK 50.924 thousand last year. Management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial yearNo events materially affecting the assessment of the annual report have occurred after the balance sheet data. 5.Deferred tax assets The recognised tax asset primarily consists of deferred tax relating to tax loss carryforward. Management estimates future earnings in connection with the assessment of whether and when deferred tax assets will be utilised. Management has prepared a plan for the utilisation of the recognised tax asset. The recognised tax asset is expected to be utilised within the next 5 years. 7.Treasury shares During the financial year, the Company acquired treasury shares in connection with the departure of a shareholder. Treasury shares with a nominal value of DKK 1,266 were acquired, corresponding to 0.35% of the share capital. The total purchase price amounted to DKK 1,644,371. At the balance sheet date, the treasury shares held by the Company amount to a nominal value of DKK 1,266, corresponding to 0.35% of the share capital. The acquisition was carried out as part of a leaver agreement with a former shareholder. The annual report for BIG Partners 2019 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. No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of BIG Partners 2019 ApS and its group enterprises are included in the consolidated financial statements for BIG Development ApS, Valby, CVR nr. 30 82 27 57. 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. Gross lossGross loss comprises external costs. Other external costs comprise costs incurred for administration.  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, as well as surcharges and reimbursements under the advance tax scheme, etc. Results from investments in group enterprises and associatesAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual entities are recognised in the income statement as a proportional share of the entities' post-tax profit or loss. After full elimination of intercompany profit or loss less amortised of consolidated goodwill, the investment in the individual associates are recognised in the income statement as a proportional share of the associate' post-tax profit or loss. 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.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in group enterprises og associates 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. Investments in group enterprises and associatesInvestments in group enterprises and associates are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprises and associates are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. Investments in group enterprises and associates with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises and associates  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from group enterprises expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprises and associates. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. 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. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. DividendDividend expected to be distributed for the year is recognised as a separate item under 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. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, BIG Partners 2019 ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. 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. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. 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 provisionsLiabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.