38250302 2025-01-01 2025-12-31 38250302 2025-01-01 2025-12-31 0 38250302 2025-01-01 2025-12-31 1 38250302 2025-01-01 2025-12-31 0 38250302 2025-01-01 2025-12-31 1 38250302 2025-01-01 2025-12-31 0 38250302 2025-01-01 2025-12-31 0 38250302 2024-01-01 2024-12-31 38250302 2025-12-31 38250302 2024-12-31 38250302 2024-12-31 fsa:ContributedCapitalMember 38250302 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 38250302 2024-12-31 fsa:RetainedEarningsMember 38250302 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 38250302 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 38250302 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 38250302 2025-12-31 fsa:ContributedCapitalMember 38250302 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 38250302 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK true 30195264 Kallermann Revision A/S - statsautoriseret revisionsfirma Stationspladsen 1 og 3 3000 Helsingør Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse C, mellemstor virksomhed 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 0 Hiveonline ApS Helmer Søgårds Alle 27, st. th. Helmer Søgårds Alle 27, st. th. 2770 Kastrup 38250302 2026-07-08 Anna Sofie Blakstad Today, Management has considered and adopted the Annual Report of Hiveonline ApS for the financial year 1 January 2025 - 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-07-08 Matthew Edward Mims Anna Sofie Blakstad Anna Sofie Blakstad Johanna Margaret Campion Chairman To the shareholders of Hiveonline ApS OpinionWe have audited the financial statements of Hiveonline ApS for the financial year 1 January 2025 - 31 December 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with 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 its operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility 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 (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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's responsibility for the financial statementsManagement 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also:*Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable.*Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern.*Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Statement on Management's ReviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review.Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act.Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Elsinore 2026-07-08 Kallermann Revision A/S - statsautoriseret revisionsfirma 30195264 Morten Bjerregaard State Authorised Public Accountant mne34299 Hiveonline ApS 2770 Kastrup info@hivennetwork.online https://www.hivenetwork.online 38250302 2025-01-01 2025-12-31 Stationspladsen 1 og 3 3000 Helsingør The Company's principal activitiesThe Company's principal activities consist in development and marketing of online products related to financialadministration.Development in activities and the financial situationThe Company's Income Statement of the financial year 1 January 2025 - 31 December 2025 shows a result of 190.719 DKK and the Balance Sheet at 31 December 2025 a total of 19.366.417 DKK and an equity of 6.909.928 DKK.The financial year has been characterized by continous scaling of the Company and the development of the hiveonline platform and app for small businesses. In order to finance the approved budget and plans for 2026, the Company is dependent on securing additional revenue through business or a capital injection. The Company has a strong pipeline of potential additional business, much of which is in a mature stage of negotiation, and is planning to initiate an additional raise in 2026 based on its strong growth. The shareholders have declared that adequate liquidity will be injected in the Company to finance the presentbudget and plans as a minimum for 12 months from the balance sheet date or at least until an agreement onnew equity financing with new investors have been finalized. Based on this declaration the financial statementsfor 2025 have been prepared under the assumption of going concern.Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially.Research and development activities hiveonline is a suite of applications, integrations and dashboards that provides a financial and commercial ecosystem for communities without access to traditional financial services or markets. It is based on low-energy blockchain technology, to provide financial infrastructure where none exists. The design and community based structure enables customers without access to a phone to have an ID, a wallet and a digital credit history, to buy agricultural inputs and to make buyers aware of their crops. Financial institutions, agrodealers, buyers, NGOs and governments can get data analytics and integrations to link their services to the communities. The platform is currently scaling trials of features that will result in recurring revenue, sponsored by NGOs. hiveonline's suite of applications gives unbanked community groups in sub-Saharan Africa access to financial services and markets to build better economies. It provides the bridge between communities such as savings groups, farmers' associations and cooperatives, and the formal financial system and buyers. In 2025 significant development work was done to create a model supporting freelance agents, for release in 2026, extending the platform to use by individual farmers not in formal groups. It is delivered as an app for savings groups, another for agricultural cooperatives or independent agents and a third for merchants, providing identity, credit scoring, lending management, group management, accounting, a marketplace for agricultural inputs and crop sales, crop forecasting, vouchers for inputs and quality management, together with dashboards and integrations for partner and customer organisations. The platform provides remote access to group data, which can be used for remote credit assessment and KYC for lenders, remote input management for buyers and a reduction in friction for the agricultural commercial ecosystems, giving the groups, their suppliers and buyers the ability to generate profits and grow higher yielding crops. In 2025 hiveonline piloted crop sales in Kenya while building further partnerships in Mozambique.hiveonline's platform is live in Mozambique, Kenya and Ghana. There are live users (non-paying) on both the vsla.online and myCoop.online apps. hiveonline continues to develop additional features, service enhancements and user driven changes on both the myCoop.online and vsla.online platforms. This is both driven by hiveonline's technology roadmap, and by the needs of users, agricultural ecosystem players and NGO partners. In 2025 hiveonline transitioned from "pure build projects" to a strategic alignment of the platform's growth with sponsorship from various NGO organisations, centralising its technology roadmap to focus on build-out of the agent model, enhanced security and alignment of group types. Much of hiveonline's revenue in 2025 came from a sponsored migration from the previous blockchain to Hedera Hashgraph, a blockchain-like technology with significantly greater scalability, throughput and predictable pricing, essential for scaling hiveonline's low-margin business model. The majority of other revenue in 2025 came from sponsored rollout projects, with a very small amount from crop sales in Kenya. In 2025 hiveonline piloted lending with Kingdom Bank, with a small number of loans being granted to users. They released a range of new features and existing feature enhancements to improve customer experience. Hiveonline built a new liquidity service, balance service and connector for Hedera Hashgraph, enhancing scalability and the ability to manage pools of value for future release of digital currencies. The Transaction Service was rebuilt and many services including user creation repositioned to be centralised through the Transaction service, in preparation for a polymorphic group structure to be introduced in 2026. Extensive enhancements were also made to the VSLA platform to improve offline Management assesses that the market for the hiveonline platform is still in the scale-up phase of its lifecycle and will be expanding significantly in the coming years. Management assesses that the large resource investment in the development of the platform to support this market will be able to provide the Company a significant competitive advantage in the coming years. The annual report of Hiveonline ApS for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with additional choice of a few rulesfrom class C enterprises. Consolidated Financial StatementsWith reference to § 110 of the Danish Financial Statements Act, no Consolidated Financial Statement have been prepared because the Group enterprises do not exceed the amount limits. Translation policiesTransactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Government grants and other grantsGovernment grants and other grants provided to cover costs are recognised in the income statement when it is probable that all the conditions and/or milestones for the grant have been fulfilled. Grants to be repaid under certain circumstances are recognised only so far as they are not expected to be repaid. Grants provided for purchasing assets are set off in the cost of the asset.Other unconditional grants from non-related parties, which have been granted without any requirement for a compensation, are recognised in the income statement when received. Basis of recognition and measurementThe financial statement have been prepared under the historical cost principle.Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are 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 term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement RevenueRevenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costsStaff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc.Other staff expenses are recognised in other external expenses. Amortization and impairment of tangible and intangible assetsAmortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values: Financial income and expensesFinancial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, realised and unrealised capital gains and losses regarding trade receivables and accounts payable and transactions in foreign currencies, surcharges and allowances under the advance-payment of tax scheme. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur.Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria.Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. Property, plant and equipmentProperty, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued.In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates.Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs.The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ.Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-10 years0%Gains or losses arising from the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amounts at the time of sale. Gains or losses are recognised in the income statement as other operating income or other operating expense.Property, plant and equipment held under leases and qualifying as finance leases are treated according to the same guidelines as assets owned.The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortization and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment.The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. Long term investments and receivablesDepositsDeposits are measured at cost. Equity investments in group enterprises and associatesEquity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.Impairment of accounts receivables past due is established on individual assessment of receivables. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association.Development cost reserveDevelopment cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. ProvisionsDeferred taxDeferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. LiabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument.Other liabilities are measured at net realisable value. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 1772868 2154291 700559 628823 406021 406021 666288 1119447 3534 0 335219 470654 334603 648793 143884 146702 190719 502091 -190719 -502091 3654190 4060211 14536567 13006896 18190757 17067107 0 0 0 0 35810 35810 0 0 35810 35810 18226567 17102917 199042 518469 103320 181150 768452 737490 371398 62187 1139850 799677 19366417 17902594 64544 64544 14732806 13539664 -7887422 -6884999 6909928 6719209 2721251 2474047 2721251 2474047 2696939 2078426 4599820 4409597 7296759 6488023 365940 819939 900000 900000 1172539 501376 2438479 2221315 9735238 8709338 19366417 17902594 64544 13539664 -6884999 0 1193142 -1193142 0 0 190719 64544 14732806 -7887422 20252024DKKDKK1. Staff costsWages and salaries695.164625.583Social security contributions5.3953.240700.559628.823Average number of employees11 1 1 2. Finance expensesOther financial expenses335.219470.654335.219470.654 4. Completed development projectsCost at the beginning of the year4.872.2534.872.253Cost at the end of the year4.872.2534.872.253Depreciation and amortisation at the beginning of the year-812.042-406.021Amortisation for the year-406.021-406.021Impairment losses and amortisation at the end of the year-1.218.063-812.042Carrying amount at the end of the year3.654.1904.060.21120252024DKKDKK5. Development projects in progressCost at the beginning of the year13.006.89611.074.272Addition during the year1.529.6701.932.624Cost at the end of the year14.536.56613.006.896Carrying amount at the end of the year14.536.56613.006.896Research and development activitieshiveonline is a suite of applications, integrations and dashboards that provides a financial and commercialecosystem for communities without access to traditional financial services or markets. It is based on low-energyblockchain technology, to provide financial infrastructure where none exists. The design and community based structure enables customers without access to a phone to have an ID, a wallet and a digital credit history, to buy agricultural inputs and to make buyers aware of their crops. Financial institutions, agrodealers, buyers, NGOs and governments can get data analytics and integrations to link their services to the communities. The platform is currently scaling trials of features that will result in recurring revenue, sponsored by NGOs.hiveonline's suite of applications gives unbanked community groups in sub-Saharan Africa access tofinancial services and markets to build better economies. It provides the bridge between communities such assavings groups, farmers' associations and cooperatives, and the formal financial system and buyers. In 2025 significant development work was done to create a model supporting freelance agents, for release in 2026, extending the platform to use by individual farmers not in formal groups. It is delivered as an app for savings groups, another for agricultural cooperatives or independent agents and a third for merchants, providing identity,credit scoring, lending management, group management, accounting, a marketplace for agricultural inputs and crop sales, crop forecasting, vouchers for inputs and quality management, together with dashboards and integrations for partner and customer organisations.The platform provides remote access to group data, which can be used for remote credit assessment and KYC forlenders, remote input management for buyers and a reduction in friction for the agricultural commercialecosystems, giving the groups, their suppliers and buyers the ability to generate profits and grow higher yieldingcrops. In 2025 hiveonline piloted crop sales in Kenya while building further partnerships in Mozambique.hiveonline's platform is live in Mozambique, Kenya and Ghana. There are live users (non-paying) on boththe vsla.online and myCoop.online apps. hiveonline continues to develop additional features, serviceenhancements and user driven changes on both the myCoop.online and vsla.online platforms. This is both drivenby hiveonline's technology roadmap, and by the needs of users, agricultural ecosystem players and NGO partners. In 2025 hiveonline transitioned from “pure build projects” to a strategic alignment of the platform’s growth with sponsorship from various NGO organisations, centralising its technology roadmap to focus on build-out of the agent model, enhanced security and alignment of group types. Much of hiveonline’s revenue in 2025 came from a sponsored migration from the previous blockchain to Hedera Hashgraph, a blockchain-like technology with significantly greater scalability, throughput and predictable pricing, essential for scaling hiveonline’s low-margin business model. The majority of other revenue in 2025 came from sponsored rollout projects, with a very small amount from crop sales in Kenya.In 2025 hiveonline piloted lending with Kingdom Bank, with a small number of loans being granted to users. They released a range of new features and existing feature enhancements to improve customer experience. Hiveonline built a new liquidity service, balance service and connector for Hedera Hashgraph, enhancing scalability and the ability to manage pools of value for future release of digital currencies. The Transaction Service was rebuilt and many services including user creation repositioned to be centralised through the Transaction service, in preparation for a polymorphic group structure to be introduced in 2026. Extensive enhancements were also made to the VSLA platform to improve offline usability.Management assesses that the market for the hiveonline platform is still in the scale-up phase of its lifecycleand will be expanding significantly in the coming years. Management assesses that the large resource investmentin the development of the platform to support this market will be able to provide the Company a significantcompetitive advantage in the coming years. 20252024DKKDKK6. Fixtures, fittings, tools and equipmentCost at the beginning of the year9.7149.714Disposal during the year-9.7140Cost at the end of the year09.714Depreciation and amortisation at the beginning of the year-9.714-9.714Reversal of impairment losses and amortisation of disposed assets9.7140Impairment losses and amortisation at the end of the year0-9.714Carrying amount at the end of the year0020252024DKKDKK7. DepositsCost at the beginning of the year07.461Disposal during the year0-7.461Cost at the end of the year00Carrying amount at the end of the year00 8. Long-term investments in group enterprisesCost at the beginning of the year35.81035.810Cost at the end of the year35.81035.810Carrying amount at the end of the year35.81035.8109. Disclosure in long-term investments in group enterprises and associatesGroup enterprisesNameRegistered officeShare held in %EquityProfitApiary Network ABKlarabergsviadukten 63 111 64 Stockholm, Sweden100,00133.6617.971HIVE ONLINE APS LimitedKigali, Nyarugenge, Umujyi wa Kigali, RWANDA100,00-204.36144.873Hive Network Limited (Kenya)Nairobi, District Westlands100,00-9-6-70.70952.838The financial statement for 2025 for Apiary Network AB and Hive Network Limited (Kenya) have not yet been finaliesed. The figures listed above are for 2024. 10. Long-term liabilitiesThe Company has a loan from the parent company amounting to 212,568 EUR (1,587,609 DKK) recognised inamounts owed to group enterprises raised against issue of a convertible debt instrument. The loan can beconverted to shares in the Company on the same conditions and valuation as a possible future equity financing.The loan falls due after five years.In 2019 the Company has obtained 2 loans amounting to 125,000 USD (1,107,335 DKK) recognised in amountsowed to shareholders and management and raised against issue of a convertible debt instrument. The loans canbe converted to shares in the Company on the same conditions and valuation as a possible future equityfinancing. The loan falls due after five years.In 2021 the Company has obtained 4 loans amounting to 280,000 USD (2,638,420 DKK) recognised in amountsowed to shareholders and management and raised against issue of a convertible debt instrument. The loans canbe converted to shares in the Company on the same conditions and valuation as a possible future equityfinancing. The loan falls due after five years.DueDueDueafter 1 yearwithin 1 yearafter 5 yearsDKKDKKDKKPayables to group enterprises2.696.93902.354.406Payables to shareholders and management4.599.82004.592.2117.296.75906.946.617 11. Contingent liabilitiesNo contingent liabilities exist at the balance sheet date. 12. Collaterals and securitiesNo securities or mortgages exist at the balance sheet date.