43205765 2025-01-01 2025-12-31 43205765 2025-01-01 2025-12-31 1 43205765 2025-01-01 2025-12-31 2 43205765 2025-01-01 2025-12-31 3 43205765 2025-01-01 2025-12-31 1 43205765 2024-01-01 2024-12-31 43205765 2025-12-31 43205765 2024-12-31 43205765 2024-12-31 fsa:ContributedCapitalMember 43205765 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 43205765 2024-12-31 fsa:RetainedEarningsMember 43205765 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 43205765 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43205765 2025-12-31 fsa:ContributedCapitalMember 43205765 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 43205765 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-07-08 Nikolai Skelbo Neldeberg The Executive Board has today considered and approved the annual report of Subsets ApS for the financial year 01.01.2025 - 31.12.2025. 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 Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Nikolai Skelbo Neldeberg Oliver Brandt Martin Johnsen To the shareholders of Subsets ApS We have performed an extended review of the financial statements of Subsets ApS for the ​financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​​​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​​financial position at 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025in accordance with the Danish Financial Statements Act. We conducted our extended review in accordance with the assurance engagement standard for small enterprises ​as issued by the Danish Business Authority and the standard on extended review of financial statements ​prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue ​as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the financial statements. This requires that we plan and ​perform procedures to obtain limited assurance about our conclusion on the financial statements and that ​we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion.​​An extended review consists of making inquiries, primarily of Management and, if appropriate, of other entity ​personnel, performing analytical and the specifically required supplementary procedures as well as evaluating ​the evidence obtained.​​The procedures performed in an extended review are less in scope than in an audit, and accordingly we do ​not express an audit opinion on the financial statements. Management is responsible for the management commentary. ​​Our conclusion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our extended review of the financial statements our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent ​with the financial statements or our knowledge obtained in the extended review or otherwise appears to be ​materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aalborg Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Mikkel Hede Olsen State Authorised Public Accountant mne47791 Primary activitiesThe company's primary purpose is to develop software for automating media companies' monitoring of and engagement with their subscribers. Description of material changes in activities and financesThe company's income statement for 2025 shows a loss of 4,011 TDKK, and the company's equity as of 31 December 2025 is negative at 9,374 TDKK. The company's management is aware of the provisions in the Danish Companies Act regarding loss of capital. Management expects equity to be restored on the basis of future positive earnings. ​ ​The parent company, Subsets Inc., has confirmed that it commits, on demand and on one or more occasions, to provide the liquidity necessary for the company to meet its obligations as they fall due until 31 December 2026. On the basis of the above, management presents the annual report on a going concern basis. ​ Research and development activitiesThe company's development projects relate to the development of the company's artificial intelligence (AI), which helps companies globally increase customer engagement through targeted experiments that Subsets' machine learning models propose and facilitate. The development projects recognized in 2025 comprise multivariate experimentation, AI-driven next best actions, CRM integrations, and supporting cloud infrastructure. ​ ​The company's customers include large international businesses in the US, UK, and Europe, such as NBCUniversal, Daily Mail, The Atlantic, Hearst, USA Today, and Matas Group. ​ ​Development projects are capitalized if they are expected to contribute positively to the company's future earnings. The capitalized costs comprise internal working hours from developers as well as external costs. The costs are financed by investors in the parent company, Subsets Inc. ​ 50480 177725 4560292 2690110 366107 161906 -4875919 -2674291 1254168 72331 674295 912188 -4296046 -3514148 -285027 -250411 -4011019 -3263737 -4011019 -3263737 -4011019 -3263737 2433614 1461381 0 42762 2433614 1504143 2433614 1504143 475239 146089 751691 0 289027 250411 1515957 396500 8920315 937919 10436272 1334419 12869886 2838562 100000 100000 1898219 1173232 -11372045 -6636039 -9373826 -5362807 1259475 271425 1259475 271425 382200 98700 280437 96957 19872339 7625233 173732 109054 275529 0 20984237 7929944 22243712 8201369 12869886 2838562 100000 1173232 -6636039 -5362807 724987 -724987 0 -4011019 -4011019 100000 1898219 -11372045 -9373826 1 Judgements regarding going concern The company's management is aware of the provisions in the Danish Companies Act regarding loss of capital. Management expects equity to be restored on the basis of future positive earnings. ​ ​The parent company, Subsets Inc., has confirmed that it commits, on demand and on one or more occasions, to provide the liquidity necessary for the company to meet its obligations as they fall due until 31 December 2026. ​​On the basis of the above, management presents the annual report on a going concern basis. 2 Gross profit /lossThe company's gross profit for the current financial year includes other operating income of 146 t.kr. (2024: 99 t.kr.) relating to grants from the Innovation Foundation for the implementation of the company's development project. The grant is recognized as income over the useful life of the project. ​ ​Gross profit further includes 1,296 t.kr. (2024: 1,138 t.kr.) of capitalized costs incurred during the financial year and recognized in the cost of development projects. 3 Staff costs2025​DKK2024​DKKWages and salaries4,419,1292,662,382Pension costs89,7600Other social security costs51,40327,7284,560,2922,690,110Average number of full-time employees64 6 4 4 Other financial income ​2025​DKK2024​DKKExchange rate adjustments1,245,1320Other financial income9,03672,3311,254,16872,331 5 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises619,914508,860Exchange rate adjustments45,786400,075Other financial expenses8,5953,253674,295912,188 6 Intangible assetsCompleted development projects​DKKDevelopment projects in progress​DKKCost beginning of year1,642,27742,762Transfers1,338,340(1,338,340)Additions01,295,578Cost end of year2,980,6170Amortisation and impairment losses beginning of year(180,896)0Amortisation for the year(366,107)0Amortisation and impairment losses end of year(547,003)0Carrying amount end of year2,433,6140Development projects in progress and completed development projects concern the development of the company's artificial intelligence (AI), which includes machine learning algorithms as well as "explainable AI" that interprets the results of the algorithms. New projects are expected to be developed in 2026 and contribute positively to the company's future earnings. ​ ​Management assessed in 2025 the valuation of development projects. It is assessed that the recoverable amount in the form of utility value exceeds the carrying amount. 7 Tax receivableTax receivables consist of the companies expected receivable from the use of the danish tax credit scheme. 8 Deferred incomeDeferred income as of the balance sheet date comprises grants received from the Innovation Foundation for the construction of the company's development project. 9 Non-current liabilities other than provisionsDue within 12 months ​2025​DKKDue within 12 ​months ​2024​DKKDue after more than 12 months​2025​DKKDeferred income382,20098,7001,259,475382,20098,7001,259,475The outstanding balance after 5 years is 0 DKK 10 Other unrecognised commitmentsThe company has entered into an agreement regarding the lease of office space with an annual payment of 466,485 DKK. The agreement has a remaining term of up to 6 months. The total remaining obligation amounts to 317,499 DKK. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, other operating income and external expenses. RevenueRevenue 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. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Other financial incomeOther financial income comprises net capital or exchange gains on securities, payables and transactions in foreign currencies etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly attributable to the development projects.​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5 years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. CashCash comprises bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. Ikke væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-07-08 2026-07-08 true 2024-01-01 2024-12-31 Aalborg 9000 26, 4. sal Østre Havnepromenade København København K 1160 Regnskabsklasse B Erklæring om udvidet gennemgang 2025-12-31 2025-01-01 28 Amagertorv Subsets ApS 43205765 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab