32275710 2025-01-01 2025-12-31 32275710 2025-01-01 2025-12-31 2 32275710 2025-01-01 2025-12-31 1 32275710 2025-01-01 2025-12-31 1 32275710 2024-01-01 2024-12-31 32275710 2025-12-31 32275710 2024-12-31 32275710 2025-01-01 d:ContributedCapitalMember 32275710 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 32275710 2025-01-01 d:RetainedEarningsMember 32275710 2025-01-01 d:ProposedDividendRecognisedInEquityMember 32275710 2025-01-01 d:ProposedExtraordinaryDividendRecognisedInEquityMember 32275710 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 32275710 2025-01-01 2025-12-31 d:RetainedEarningsMember 32275710 2025-01-01 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 32275710 2025-01-01 2025-12-31 d:ContributedCapitalMember 32275710 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 32275710 2025-12-31 d:ContributedCapitalMember 32275710 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 32275710 2025-12-31 d:RetainedEarningsMember 32275710 2025-12-31 d:ProposedDividendRecognisedInEquityMember 32275710 2025-12-31 d:ProposedExtraordinaryDividendRecognisedInEquityMember 32275710 2025-01-01 2025-12-31 1 32275710 2025-12-31 1 32275710 2025-01-01 d:LandAndBuildingsMember 32275710 2025-01-01 2025-12-31 d:LandAndBuildingsMember 32275710 2025-12-31 d:LandAndBuildingsMember 32275710 2025-01-01 d:InvestmentsInGroupEnterprisesMember 32275710 2024-01-01 d:InvestmentsInGroupEnterprisesMember 32275710 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 32275710 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 32275710 2025-12-31 d:InvestmentsInGroupEnterprisesMember 32275710 2024-12-31 d:InvestmentsInGroupEnterprisesMember 32275710 2025-01-01 2025-12-31 d:SubsidiaryMember 1 32275710 2025-12-31 d:SubsidiaryMember 1 32275710 2025-01-01 2025-12-31 d:SubsidiaryMember 2 32275710 2025-12-31 d:SubsidiaryMember 2 32275710 2025-01-01 2025-12-31 d:SubsidiaryMember 3 32275710 2025-12-31 d:SubsidiaryMember 3 32275710 2025-01-01 2025-12-31 d:SubsidiaryMember 4 32275710 2025-12-31 d:SubsidiaryMember 4 32275710 2025-12-31 1 32275710 2025-12-31 2 iso4217:DKK xbrli:pure xbrli:shares 8660 Skanderborg Lars Laustsen Gleerup 2025-01-01 false CaseWare-FSR false Regnskabsklasse B ADVOSION 37557064 37557064 ADVOSION Dronning Sophies Allé 7D 2025-12-31 2024-01-01 2024-12-31 true false 2026-07-05 false Revisionspåtegning false Annual report The executive board has today discussed and approved the annual report of Tellus Holding ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In my 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 my opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Lars Gleerup Director To the shareholder of Tellus Holding ApS Opinion We have audited the financial statements of Tellus Holding ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equi­ty and notes, including 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 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 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' 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 the 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 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 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 the 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 Statements Act. We did not identify any material misstatement of management's review. Skanderborg 2026-07-05 ADVOSION Janni Brorsbøl Jakobsen Statsautoriseret revisor mne52671 Tellus Holding ApS Ved Skoven  35 8541  Skødsttrup 32275710 Aarhus 37557064 Dronning Sophies Allé 7D 8660 Skanderborg Business reviewThe company's main activities are the possession of shares. Financial review The company's income statement for the year ended 31 December 2025 shows a profit of DKK 14.088.422, and the balance sheet at 31 December 2025 shows equity of DKK 47.062.249. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. -32567 -20070 23630 0 -56197 -20070 14538785 12136596 38106 0 599773 908324 0 3077196 1162948 901688 13957519 9045966 -130903 -59762 14088422 9105728 800000 192857 72299 0 14576891 9059400 -1360768 -146529 1559747 0 1559747 0 41321916 40781374 5853947 3315841 47175863 44097215 48735610 44097215 4918722 6968905 222741 2704087 49999 5000 4691675 1288378 9883137 10966370 1589656 729897 1589656 729897 1261227 1339228 12734020 13035495 61469630 57132710 125000 125000 19873766 6353224 26263483 26406243 800000 192857 47062249 33077324 963168 0 963168 0 9473381 22746213 20228 0 3899654 1285423 23750 23750 27200 0 13444213 24055386 13444213 24055386 61469630 57132710 125000 6353224 26406243 192857 0 -192857 0 0 -72299 0 161659 0 0 0 0 -1218008 1218008 0 0 14576891 -1360768 800000 72299 125000 19873766 26263483 800000 0 Listed securitiesFair value adjustments recognised in the income statement -509.933Fair value of an asset or a liability that is measured at fair value, closing 1.589.656 Listed securities -509933 1589656 557251 550170 18654 140163 23868 217991 599773 908324 652285 896226 510663 5462 1162948 901688 0 -59762 -130903 0 0 1583377 1583377 0 23630 23630 1559747 16428150 16428150 320000 0 16748150 16428150 24353224 9980662 15343716 12808765 -18000000 0 161659 -99903 -804931 -672169 3520098 2335869 24573766 24353224 41321916 40781374 NameRegistered officeOwnership interestEquityProfit/loss for the yearKalmar Group A/SAarhus100,00%40.244.58619.044.812Ejendomsselskabet Marøgelhøj 6-8 ApSAarhus70,00%258.7242.990Norse Medical ApSAarhus80,00%-8.914.104-2.138.619Datec Medico Invest ApSAarhus39,79%-10.877.729-5.007.021 Kalmar Group A/S Aarhus 100.00 40244586 19044812 Ejendomsselskabet Marøgelhøj 6-8 ApS Aarhus 70.00 258724 2990 Norse Medical ApS Aarhus 80.00 -8914104 -2138619 Datec Medico Invest ApS Aarhus 39.79 -10877729 -5007021 25000 A 25000 100000 B 100000 There have been no changes in the share capital during the last 5 years. Class A shares have all rights Recourse and non-recourse guarantee commitmentsThe parent company is jointly taxed with its danish group entities. The entities are jointly and severally liable for danish income taxes as well as withholding taxes on dividends, interest and royalties payable by the group of jointly taxed entities. Due income taxes and withholding taxes payable by the group of jointly taxed entities totals DKK 3.900 thousand at 31 December 2025. Any subsequent corrections of income taxes and withholding taxes may increase the tax payable by the entities. The group as such is not liable to any third parties. The company has provided a surety bond as security for the subsidiaries Norad A/S, Ejendomsselskabet Marøgelhøj 6-8 ApS, DuMed A/S, Aage Christensen Defence A/S, Datec Medico Invest ApS and Norse Medical A/S' outstanding balance with Sparekassen Kronjylland A/S as well as for the equity interest TJ Imaging ApS' outstanding balance with Sparekassen Kronjylland A/S. 0 0 The annual report of Tellus Holding 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 provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. Gross loss reflects an aggregation of revenue, other operating income less costs of rental and other external expenses. Rental income is recognized in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Other external expenses include expenses related to administration etc. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. The proportionate share of the profit/loss for the year of subsidiaries is recognised in the company's income statement after full elimination of intra-group profits/losses.Dividend from participating interests is recognised in the financial year in which the dividend is declared. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. Impairment of financial assets includes impairment of financial fixed assets to a lower recoverable amount and financial current assets to a lower net realizable value. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Items of land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeResidual valueOther buildings 40 years5 %Assets costing less than DKK 34.400 are expensed in the year of acquisition. Investment in participating interests are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value.Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist.Goodwill on consolidation is amortised over the expected useful economic life based on management’s experience from each individual business segment. Goodwill on consolidation is amortised on a straight-line basis over the amortisation period, which is 5-20 years. The amortisation period is fixed based on the assessment that the strategically acquired entities have a strong market position and a long-term earnings profile.Investments in subsidiaries, associates and participating interests with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions.Net revaluations of investments in subsidiaries, associates and participating interests are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annual report of  Tellus Holding ApS is adopted are not taken to the net revaluation reserve. Receivables are measured at amortised cost, which normally correspond to nominal valueAn impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Cash and cash equivalents comprise cash and deposits at banks. Securities and investments, which consist of listed shares and bonds, are measured at fair value at the balance sheet date. Reserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries relative to the cost.DividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Provisions comprise expected expenses relating to warranty commitments, losses on work in progress, restructuring, etc. Provisions are recognised when, as a result of a past event, the company has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. As management company, Tellus Holding ApS is liable for payment of the subsidiaries' corporate income taxes to the tax authorities.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.