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37375675 2025-01-01 2025-12-31 e:OtherReceivablesMember 37375675 2025-12-31 e:InvestmentsInGroupEnterprisesMember 37375675 2025-12-31 e:OtherReceivablesMember iso4217:DKK xbrli:pure 0 0 0 0 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-07-06 Martin Christian Hansen Årsrapport Mover Systems ApS Artillerivej 86, 2. tv 2300 Copenhagen S Den uafhængige revisors erklæring 37375675 2016-01-12 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal 2450 Copenhagen SV Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Mover Systems ApS 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of Group's and the Company's assets, liabilities and financial position at 31 December 2025 and of the results of Group's and the Company's operations as well as the consolidated cash flows of the Group 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. Copenhagen 2026-07-06 Oliver Venndt Martin Christian Hansen Kenneth Zahti Juhls Chairman Oliver Venndt Martin Christian Hansen Nicolai Christian Strate To the Shareholder of Mover Systems ApS Konklusion We ha­ve au­di­ted the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments of Mover Systems ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and a summary of significant accounting policies for both the Group and the Parent Company, as well as consolidated statement of cash flows for the Group. The Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Gro­up or the Com­pa­ny at 31 December 2025 and of the results of the Group and the Pa­rent Com­pa­ny's operations as well as the consolidated cash flows of the Group for the fi­nan­ci­al year 1 January - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Gro­up 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Gro­up's and the Pa­rent 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Gro­up or 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Gro­up's and the Pa­rent 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Gro­up's and the Pa­rent 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 Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Gro­up and the Pa­rent Com­pa­ny to cease to continue as a going concern.   Evaluate the overall presentation, structure and contents of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, including the disclosures, and whether the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments represent the underlying transactions and events in a manner that gives a true and fair view.   Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the  Group Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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 Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our audit of the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny Fi­nan­ci­al Sta­te­ments, our responsibility is to read Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry is in accordance with the Con­so­li­da­ted Fi­nan­ci­al Sta­te­ments and the Pa­rent Com­pa­ny 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 Com­men­ta­ry.   Copenhagen 2026-07-06 BDO Statsautoriseret Revisionspartnerselskab 45719375 Mads Juul Hansen Den uafhængige revisors erklæring State Authorised Public Accountant mne44386 38772000 31004000 25196000 9382000 2172000 3687000 2130000 2045000 Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) Operating profit/loss before depreciation and amortisation (EBITDA) -5000 -726000 -139000 -97000 -179000 -33000 -148000 -3150000 -102000 -905000 -173000 Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax Profit/loss for the year before tax -122000 -717000 234000 48431000 46933000 50450000 35501000 35628000 36352000 3937000 -2541000 5346000 -9323000 -8025000 -6036000 -5342000 -10544000 -887000 0 0 0 0 0 48.9 57.8 73.3 75.9 72.1 -0.8 -7.2 -0.3 -2.0 0.6 The ratios stated in the list of key figures and ratios have been calculated as follows:   Equity ratio:  Equity (ex. minorities), at year-end x 100 Total assets, at year-end Return on equity: Profit/loss after tax x 100        Average equity Principal activities Mover is changing logistics for good – creating smart solutions that reduce waste and make people’s lives better. Mover is a logistics technology company specializing in the digitalization and optimization of first- and last mile logistics, uniquely combining proprietary software and technology-enabled logistics services in an integrated operating model.   Development in activities and financial and economic position The result for 2025 amounts to a loss of DKKm 0.3, compared to a loss of DKKm 2.5 in 2024 for the Group. The balance sheet shows total assets of DKKm 67.5 and equity of DKKm 33.0. In 2025, Mover continued to grow its presence across Europe. The logistics business expanded its customer base and deepened relationships with existing clients, while the software business added new customers in both existing and new EU countries. Mover continued the development of its proprietary Transport Management System (TMS), improving performance and user experience, while strengthening its leadership and engineering teams to support further growth.   Profit/loss for the year compared to the expected development The 2025 financial result fell within expectations, growing from 2024 of DKKm 2.2 which is due to growth in business with existing and new customers across all markets.  Gross profit reached DKKm 55.0, compared to DKKm 45.2 in 2024 which is a strong growth of 21.8 %, reflecting continued strength in software and logistics performance. Further, the Group’s net result reached DKKm -0.3, which was within the expected range of DKKm 0 to -2 for the year. The result was impacted by improved internal operations.   Significant events after the end of the financial year There have been no significant events after the balance sheet date that would materially affect the financial statements or the Group’s outlook.   Research and development activities Mover continued to invest in the development of its proprietary TMS in 2025, with a focus on improving its capabilities and scalability. The Group maintained a steady commitment to product innovation in line with customer needs and market demands.    Future expectations For FY26, Mover anticipates continued revenue growth across both SaaS and logistics segments. Gross profit is expected to grow to the range of DKKm 60.0 to 70.0. This is considered a reasonable estimate based on the Group’s current trajectory, recent performance, and market expansion plans. The Group forecasts a net result between DKKm 0 and -2, reflecting continued investments in product development, market expansion, and team growth. Management remains confident in Mover’s long-term outlook and is committed to delivering sustainable, scalable value while remaining true to the Group’s mission: changing logistics for good. 55016547 45154587 55006667 45167655 45634106 42982969 45292536 42982969 8318685 4801448 8318685 4801448 1063756 -2629830 1395446 -2616762 0 0 251082 -35338 87280 10502 102906 22362 1298645 530365 1294937 519955 -147609 -3149693 454497 -3149693 118229 -681496 59333 -681496 -265838 -2468197 395164 -2468197 42217018 36607539 42217018 36607539 0 0 0 0 42217018 36607539 42217018 36607539 0 0 0 0 0 0 0 0 0 0 251082 0 909739 1044358 812079 1044358 909739 1044358 1063161 1044358 43126757 37651897 43280179 37651897 20577314 18151174 20446038 18151174 0 0 1533373 232983 1176556 236196 1001 0 33806 0 0 0 756120 601375 756120 601375 22543796 18988745 22736532 18985532 1873159 521357 1601668 518272 24416955 19510102 24338200 19503804 67543712 57161999 67618379 57155701 392325 391375 392325 391375 0 0 251082 0 32929274 28553880 32929274 28553880 -310683 4086189 99237 4086189 33010916 33031444 33671918 33031444 1836180 1783180 1837000 1784000 1836180 1783180 1837000 1784000 1462970 1410771 1462970 1410771 1462970 1410771 1462970 1410771 14328299 6378797 14328299 6378797 13615721 10911391 12834056 10905093 0 0 217277 0 120000 0 120000 0 0 89504 0 89504 170543 0 170543 0 31233646 20936604 30646491 20929486 32696616 22347375 32109461 22340257 67543712 57161999 67618379 57155701 Group DKKSha­re ca­pi­talShare PremiumReserve for development costsRetained earningsTotal Equity at 1 January 2025391,375028,553,8804,086,18933,031,444 Proposed profit allocation, see note 4 -265,838-265,838 Transactions with ownersCapital increase950249,360 250,310Cost of capital increase -5,000 -5,000 Other legal bindingsCapitalized development costs 13,928,163-13,928,1630Revaluations in the year -2,161,6702,161,6700 TransfersRetained premium -244,360 244,3600Amortisation -6,157,0146,157,0140 Tax on changes in equity -1,234,0851,234,0850 Equity at 31 December 2025392,325032,929,274-310,68333,010,916 Parent Company DKKSha­re ca­pi­talShare PremiumRe­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hodReserve for development costsRetained earningsTotal Equity at 1 January 2025391,3750028,553,8804,086,18933,031,444 Proposed profit allocation, jf. note 4 251,082 144,082395,164 Transactions with ownersCapital increase950249,360 250,310Cost of capital increase -5,000 -5,000 Other legal bindingsCapitalized development costs 13,928,163-13,928,1630Revaluations in the year -2,161,6702,161,6700 TransfersRetained premium -244,360 244,3600Amortisation -6,157,0146,157,0140 Tax on changes in equity -1,234,0851,234,0850 Equity at 31 December 2025392,3250251,08232,929,27499,23733,671,918 During the financial year, 950 new shares have been issued with a nominal value of DKK 950. 391375 0 28553880 4086189 -265838 950 249360 -5000 13928163 -13928163 -2161670 2161670 -244360 244360 -6157014 6157014 -1234085 1234085 392325 0 32929274 -310683 391375 0 0 28553880 4086189 251082 144082 950 249360 -5000 13928163 -13928163 -2161670 2161670 -244360 244360 -6157014 6157014 -1234085 1234085 392325 0 251082 32929274 99237 -2468197 8318685 4801448 118229 -681496 -188541 0 -3521245 -5443522 2437044 5460729 0 -1214 6898334 1667748 -13928163 -12444958 -119998 -232905 254617 0 250310 0 -5000 0 -13548234 -12677863 52199 42419 7949503 6378797 8001702 6421216 1351802 -4588899 521357 5110256 1873159 521357 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees6965 6965 Wages and salaries 42,721,77240,340,152 42,380,20240,340,152 Pensions 2,274,7672,104,136 2,274,7672,104,136 Social security costs 637,567538,681 637,567538,681 45,634,10642,982,969 45,292,53642,982,969 Remuneration of Management and Board of Directors 2,725,9691,848,721 2,725,9691,848,721 2,725,9691,848,721 2,725,9691,848,721 69 65 69 65 42721772 40340152 42380202 40340152 2274767 2104136 2274767 2104136 637567 538681 637567 538681 45634106 42982969 45292536 42982969 2725969 1848721 2725969 1848721 2 | Other financial income Group enterprises 00 15,62611,922 Other interest income 87,28010,502 87,28010,440 87,28010,502 102,90622,362 0 0 15626 11922 87280 10502 87280 10440 87280 10502 102906 22362 58896 89504 0 89504 6333 0 6333 0 53000 -771000 53000 -771000 4 | Proposed distribution of profit Allocation to re­ser­ve for net re­va­lua­ti­on un­der the equi­ty met­hod 00 251,082-35,338 Retained earnings -265,838-2,468,197 144,082-2,432,859 -265,838-2,468,197 395,164-2,468,197 0 0 251082 -35338 -265838 -2468197 144082 -2432859 -265838 -2468197 395164 -2468197 5 | Intangible assets Group DKKDevelopment projects completedIntangible fixed assets acquired Cost at 1 January 2025 53,603,01090,000 Additions 13,928,1630 Cost at 31 December 2025 67,531,17390,000   Amortisation at 1 January 2025 16,995,47190,000 Impairment losses 2,161,6700 Amortisation for the year 6,157,0140 Amortisation at 31 December 2025 25,314,15590,000 Carrying amount at 31 December 202542,217,0180 Parent Company DKKDevelopment projects completedIntangible fixed assets acquired Cost at 1 January 2025 53,603,01090,000 Additions 13,928,1630 Cost at 31 December 2025 67,531,17390,000 Amortisation at 1 January 2025 16,995,47190,000 Impairment losses 2,161,6700 Amortisation for the year 6,157,0140 Amortisation at 31 December 2025 25,314,15590,000 Carrying amount at 31 December 202542,217,0180 53603010 90000 13928163 0 67531173 90000 16995471 90000 2161670 0 6157014 0 25314155 90000 42217018 0 53603010 90000 13928163 0 67531173 90000 16995471 90000 2161670 0 6157014 0 25314155 90000 42217018 0 6 | Property, plant and equipment Group DKKLeasehold improvements Cost at 1 January 2025 173,900Cost at 31 December 2025 173,900  Depreciation and impairment losses at 1 January 2025 173,900Depreciation and impairment losses at 31 December 2025 173,900 Carrying amount at 31 December 20250 Parent Company DKKLeasehold improvements Cost at 1 January 2025 173,900Cost at 31 December 2025 173,900  Depreciation and impairment losses at 1 January 2025 173,900Depreciation and impairment losses at 31 December 2025 173,900 Carrying amount at 31 December 20250 173900 173900 173900 173900 0 173900 173900 173900 173900 0 7 | Financial non-current assets Group DKKRent deposit and other receivables Cost at 1 January 2025 1,044,359Additions 119,998Disposals -254,618Cost at 31 December 2025 909,739  Carrying amount at 31 December 2025909,739 Parent Company DKKInvestments in subsidiariesRent deposit and other receivables Cost at 1 January 2025 20,7901,044,358 Additions 022,338 Disposals 0-254,617 Cost at 31 December 2025 20,790812,079 Revaluation at 1 January 2025 -20,7900 Profit/loss for the year 251,0820 Revaluation at 31 December 2025 230,2920 Carrying amount at 31 December 2025251,082812,079 Investments in subsidiaries (DKK) Name and domicilEquityProfit/loss for the yearOwnership Mover Systems NO AS, org.nr. 925 766 836, Hvamsvingen 7, 2013 - Skjetten -665,306-661,004100 % Mover Netherlands B.V, org. nr 96352000, Agglomeratie Haarlem, Noord-Holland 251,082251,082100 % 1044359 119998 254618 909739 909739 20790 1044358 0 22338 0 254617 20790 812079 -20790 0 251082 0 230292 0 251082 812079 8 | Prepayments Prepayments are amounts paid for the group in advance of goods and services. 9 | Provision for deferred tax The provision for deferred tax is related to differences between the carrying amount of intangible and tangible fixed assets and leasehold improvements. Group Parent Company 20252024 20252024 DKKDKK DKKDKK Deferred tax, beginning of year 1,783,1802,554,180 1,784,0002,555,000 Deferred tax of the year, income statement 53,000-771,000 53,000-771,000 Carrying amount at 31 December 20251,836,1801,783,180 1,837,0001,784,000 It is recognized as follows: Deferred tax (provision) 1,836,1801,783,180 1,837,0001,784,000 1,836,1801,783,180 1,837,0001,784,000 10 | Long-term liabilities Group 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Frozen holiday pay 1,462,97001,462,9701,410,771 1,462,97001,462,9701,410,771 Parent Company 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Frozen holiday pay 1,462,97001,462,9701,410,771 1,462,97001,462,9701,410,771 1462970 1462970 11 | Deferred income Deferred income consists of revenue that has been invoiced in 2025 but relates to 2026.   Group Parent Company 2025 2025 DKK DKK Lease commitment The total lease commitment as of the balance sheet date amount to: 863,708 863,708 13 | Charges and securities The group has pledged a company charge to Sparekassen Kronjylland of DKK'000 15,000 for an overdraft facility. The carrying amount of mortgaged assets is DKK'000 62,738.   14 | Related parties The Company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 6 of the Danish Financial Statements Act information, is only given on transactions that were not performed on common market conditions. 15 | Significant events after the end of the finan­cial year No events have occurred after the balance sheet date to this date, which would influence the evalutaion of this annual report.   16 | Consolidated Financial Statements Name and registered office of the Parent preparing consolidated financial statements for the largest group: Mover Systems ApS, Artillerivej 86, 2. tv., 2300 Copenhagen S, CVR-no.: 37375675. Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Mover Systems ApS, Artillerivej 86, 2. tv., 2300 Copenhagen S, CVR-no.: 37375675.   The Annual Report of Mover Systems ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish me­di­um-si­ze Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class C.  Regnskabsklasse C, mellemstor virksomhed1trueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse C, mellemstor virksomhed true The Consolidated Financial Statements include the Parent Company Mover Systems ApS and the subsidiaries in which Mover Systems ApS direct­ly or indirect­ly holds more than 50% of the voting rights or in any other way has a control­ling influ­ence. Enter­prises in which the Group holds be­tween 20% and 50% of the voting rights and exer­cises signi­ficant, but not con­trol­ling influ­ence, are con­sidered asso­ciates, see the Group structure.   The Consolidated Financial Statements conso­lidate the Financial Statements of the Parent Company and the subsidiaries by com­bining uniform accounts items. Intercompany income and expenses, shareholdings, intercompany accounts and dividend, and realised and unrea­lised gains and losses arising from transactions between the consolidated enterprises are fully eliminated in the consolidation.   Investments in subsidiary enterprises are set off by the proportional share of the subsidiaries’ fair value of net assets and liabilities at the acquisition date.   Investments in associates are measured in the Balance Sheet at the proportional share of the equity value of the enterprises, calculated under the accounting policies of the Parent Company and eliminating proportionally any unrealised inter­company gains and losses. The proportional share of the results of the associates is recognised in the Income Statement after elimination of the proportional share of internal gains and losses.   Net revenue Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.   Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.   Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts,  lease expenses, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Group and the Pa­rent Com­pa­ny's employees.   Income from investments in subsidiaries The proportional share of the results of sub­si­dia­ri­es, stated according to the Parent Company’s accounting policies and with full elimination of unrealised intercompany profits/losses and deduction of amortisation of added value and goodwill resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.   In connection with transfers, potential profits are recognised when the economic rights related to the sold sub­si­dia­ri­es 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.   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 securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   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 share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Intangible fixed assets Patents and licences are measured at the lower of cost less accumulated amortisation and the recoverable amount. Patents are amortised over the remaining patent period and licences are amortised over the period of the agreement, however, no more than 8 years.   Development projects comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the Company’s development activities and which fulfil the criteria for recognition in the Balance Sheet.   The accounting item is measured at the lower of the capitalised costs less accumulated amortisation and recoverable amount.   Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 10 years.   Intangible fixed assets are generally written down to the recoverable amount if this is lower than the carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    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.   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.   In relation to material assets and liabilities recognised in group enterprise but are not represented in the parent, the following accounting policies have been applied.   Received dividend is deducted in the carrying amount of the equity investment.   Net revaluation of investments in sub­si­dia­ri­es is transferred under equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value.   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  sub­si­dia­ri­es deficit.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed as­sets to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue,, are assessed annually 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 recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   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.   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 carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 transaction 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 loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Accruals, liabilities Accruals recognised as liabilities include payments received regarding income in subsequent years.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the Income Statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the Balance Sheet date are translated at the exchange rate on the Balance Sheet date. The difference between the exchange rate on the Balance Sheet date and the exchange rate at the date when the receivables or payables come into existence recognised in the Income Statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   Cash Flow Statement   With reference to Section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.   The cash flow statement shows the Group’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include cash at bank and in hand and short-term securities, for which there is only negligible risk of changes in value, and which are readily negotiable for cash at bank and in hand.   With reference to Section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement. A cash flow statement has been prepared for the Group.