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Nørre Havnegade 43 6400 Sønderborg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 35388265 BERING Group ApS Skrænten 34 6200 Aabenraa 2013-06-01 Aabenraa 86169090 www.beringtime.com Sydbank A/S EY Godkendt Revisionspartnerselskab 30700228 Nørre Havnegade 43 6400 Sønderborg Danmark +45 73 23 30 00 2026-07-10 Frank Waller Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2026-07-10 2026-07-10 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of BERING Group ApS for the financial year 1 January - 31 December 2025. The annual report is 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 financial position of the Group and the Company at 31 December 2025 and of the results of the Group's and the Company's operations and of the consolidated cash flows for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Aabenraa Frank Waller Michael Witt Johansen Chairman Frank Waller To the shareholders of BERING Group ApS We have audited the consolidated financial statements and the parent company financial statements of BERING Group ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. 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 financial position of the Group and the Parent Company at 31 December 2025, and of the results of the Group's and Parent Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group 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. Management is responsible for the preparation of consolidated financial statements and 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 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 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 financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to 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 the 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 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 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 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 financial statements, including the note 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 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. Management 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 assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility 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 our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the 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 the Management's review. Southern Jutland Jon Midtgaard State Authorised Public Accountant mne28657 208032000 232100000 230708000 52764000 57460000 57985000 -18055000 -11307000 1916000 -6129000 -5108000 -3262000 433000 1337000 -8279000 -2432000 3250000 229306000 203315000 217536000 1416000 2062000 3909000 8017000 11228000 102810000 110930000 115722000 -21478000 2245000 -4311000 -3942000 -7829000 -11228000 -5.8 -11.1 -2.6 -2.2 1.4 23.6 19.6 25.4 24.8 25.1 38.3 43.8 34.3 42.9 42.5 -14.4 -27.1 -10.6 -3.2 3.2 The financial ratios stated under "Financial highlights" have been calculated as follows:Operating profit/loss Profit/loss before net financials +/- Other operating income and other operating expensesOperating margin Operating profit/loss (EBIT) x 100RevenueGross margin Gross profit/loss x 100RevenueEquity ratio Equity excl. non-controlling interests x 100Total AssetsReturn on equity Profit/loss for the year after tax excl. non-controlling interests x 100Average equity excl. non-controlling interests BERING Group is a design enterprise whose activities comprise the sale of wrist watches and jewellery. The Group is engaged in sale almost all over the world, both directly and via agents and distributors. Today, the Group has companies in Denmark, Germany, the UK, the Netherlands and USA. The BERING Group presents a series of watches and jewellery that blend minimalistic Danish design and optimal material strength. HighTech ceramic and sapphire glass make the watches extremely tough and uniquely resistant. Time leaves no trace on the streamlined forms and pure elegance of the watches. A brand that redefines time with its love for detail. The parent company, BERING Group ApS' objective is to hold shares in subsidiaries, own intellectual property rights, exercise management and support functions for subsidiaries, make investments and related activities. Regarding recognition and measurement uncertainties we refer to note 2 of the financial statements. The income statement for 2025 shows a loss of DKK 12,873 thousand against a loss of DKK 23,681 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 75,308 thousand. Equity ratio remains high at 38.3%.For the year 2025 a positive result in the level of DKK 0-5 million was expected, and revenue was expected at the same level as in 2024. However, the market situation showed more difficult in 2025 than expected due to geopolitical unrest and general uncertainty affecting the retail market. Therefore, revenue decreased 6% compared to last year. The Group has followed the turn-around plan with significant cost savings, however some savings take longer than anticipated. Together with exchange loss on USD this mainly explains the loss for the year.The Group outsourced its inventory handling during 2025, general cost savings have been implemented, and the average number of employees was reduced from 129 to 101. At year the number of employees amounts to 92. However, further cost savings will be implemented in 2026. The full year effect of these initiatives will to a large extent be visible in 2026 and have full year effect in 2027. We want to adapt the Group to be profitable as it was before 2020 in a more tailored and leaner version. BERING Group continues to sell over 230,000 watches and 180,000 pieces of jewelry annually, and there is great potential to be profitable in a more tailored version of the Group.BERING Group has supported two brands in the market for wristwatches and jewelry (“Glock” and “Luis & Freya”) with loans (receivables from group entities). These activities belong to the MWITT ApS group together with BERING Group ApS. BERING Group is a financial partner until the brands can obtain their own credit facilities. Due to its activities, the Group is exposed to a number of risks. The Group actively strives to reduce these risks to acceptable levels.The Group’s main operational risk is linked to the ability to be highly positioned in the main markets for wrist watches and jewelry, including developing and supplying products demanded by the market. Also, the Group's operations may be influenced by geopolitical unrest and general uncertainty affecting the retail market. The Group is to some extent exposed to changes in interest rates resulting in increased financial expenses. However, the Group is exposed to currency risks and credit risks in terms of daily operations.Currency risks:The Group's foreign currency risks primarily relate to purchases from the Far East. Profit and equity are thus affected by the exchange rate movements for a number of currencies, primarily USD. The Group relies to some extent on forward contracts to reduce commercial currency risks, primarily in relation to the hedging of purchases. No agreements on speculative financial instruments are made.Credit risks:Based on a specific credit rating, the Group grants credit to selected customers. It is Group policy to have tight control of the credit risk, by applying e.g. a credit max. at customer level. We have implemented cost saving initiatives and further initiatives are to come during 2026. We expect that revenue will be reduced 0 – 5% compared to 2025, and that the implemented cost saving initiatives will contribute to minimum a break-even result for in 2026 (result before tax at approx. DKK 0 to 7 million) and increased earnings from 2027 and onwards.Other mattersThe Group’s employees have a thorough knowledge of the market and have shown a particular ability to develop a unique product programme. Upgrading of employees is made on an ongoing basis. The Group does not perform research and development activities, and the influence of the external environment is not regarded as material. 173591000 185351000 0 0 84474000 98111000 0 0 6772000 7899000 363000 71000 54912000 58876000 1444000 5872000 40977000 36263000 -1081000 -5801000 46003000 51560000 3420000 3925000 5129000 5320000 906000 916000 0 0 11030000 17289000 -10155000 -20617000 -16437000 -27931000 0 0 1638000 2298000 2365000 2583000 2678000 3399000 8494000 7691000 5606000 5608000 -16284000 -25725000 -17727000 -27842000 -3411000 -2044000 -5216000 -4135000 -12873000 -23681000 -12511000 -23707000 362000 -26000 -23681000 1676000 0 0 0 317000 597000 23000 170000 10861000 7084000 5315000 6074000 12854000 7681000 5338000 6244000 9087000 11801000 0 0 9087000 11801000 0 0 0 0 151128000 147960000 800000 800000 0 0 800000 800000 151128000 147960000 22741000 20282000 156466000 154204000 66950000 73172000 0 0 0 165000 0 0 66950000 73337000 0 0 37276000 42843000 0 0 51970000 0 34040000 48173000 13740000 8708000 13261000 8600000 941000 48000 0 0 0 0 889000 112000 0 1516000 0 1516000 4987000 68359000 1369000 21090000 405000 1546000 0 640000 109319000 123020000 49559000 80131000 2891000 3190000 1000 1000 179160000 199547000 49560000 80132000 201901000 219829000 206026000 234336000 501000 501000 501000 501000 0 0 73232000 70064000 1307000 0 0 0 271000 -4000 0 0 -2765000 1182000 -2765000 1182000 77972000 94663000 6318000 24595000 -1978000 -1614000 0 0 75308000 94728000 77286000 96342000 0 260000 0 0 2133000 1864000 0 0 0 0 4776000 3532000 2133000 2124000 4776000 3532000 68149000 79157000 7878000 24257000 2765000 0 2765000 0 132000 219000 0 0 28818000 18294000 290000 218000 0 0 105484000 102317000 0 282000 0 0 15314000 15825000 6865000 7382000 9166000 9020000 682000 288000 116000 180000 0 0 124460000 122977000 123964000 134462000 124460000 122977000 123964000 134462000 201901000 219829000 206026000 234336000 501000 0 -4000 1182000 94663000 -1614000 1307000 0 0 -13818000 -362000 0 -275000 2873000 2000 0 0 -4281000 0 0 0 -334000 0 0 501000 1307000 271000 -2765000 77972000 77286000 -1978000 501000 70064000 1182000 24595000 3168000 0 -15679000 0 0 2598000 0 0 -4281000 0 0 -334000 0 501000 73232000 -2765000 6318000 -12873000 -23681000 -276000 4454000 35301000 5453000 22152000 -13774000 3056000 1374000 19096000 -15148000 6461000 1851000 1416000 2062000 0 25928000 -7877000 -29841000 11008000 -12411000 510000 12896000 0 40400000 -11518000 39915000 -299000 -5074000 3190000 8264000 2891000 3190000 The annual report of BERING Group ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). The consolidated financial statements comprise the Parent Company and group entities controlled by the Parent Company.Control means a parent company’s power to direct a group entity’s financial and operating policy decisions. Besides the above power, the parent company should also be able to yield a return from its investment.In assessing if the parent company controls an entity, de facto control is taken into consideration as well. The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and operating decisions.Entities over whose financial and operating policy decisions the group exercises significant influence are classified as associates. Significant influence is assumed to exist if the Parent Company directly or indirectly holds or controls 20% or more of the voting power of the investee, but does not control the investee.The existence of potential voting rights which may presently be exercised or be converted into additional voting rights in considered when assessing if significant influence exists.The consolidated financial statements are prepared as a consolidation of the parent company's and the individual group entities' financial statements, which are prepared according to the group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates are eliminated in proportion to the group's interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains if they do not reflect impairment.In the consolidated financial statements, the accounting items of group entities are recognised in full. Non-controlling interests' share of the profit/loss for the year and of the equity of group entities which are not wholly-owned are included in the group's profit/loss and equity, respectively, but are disclosed separately.Acquisitions and disposals of non-controlling interests which are still controlled are recognised directly in equity as a transaction between shareholders. On initial recognition, non-controlling interests are measured at the fair value of the non-controlling interests' equity interest.Goodwill relating to the non-controlling interests' share of the acquiree is recognised. Transactions denominated in foreign currencies are translated to Danish Kroner at the exchange rates 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.Receivables and payables and other monetary items denominated in foreign currencies are translated to Danish Kroner at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at 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. Foreign group entitiesForeign subsidiaries are considered separate enterprises. Items in such enterprises' income statements are translated at the average exchange rates, and their balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of the opening equity of such enterprises at the exchange rates at the balance sheet date and on translation of the income statements from the average exchange rates at the transaction date to closing are recognised in the equity.Foreign exchange adjustments of balances with separate foreign group entities that are considered part of the total net investment in the group entity are recognised directly in the foreign currency translation reserve under equity. Correspondingly, foreign exchange gains and losses on loans and derivative financial instruments hedging net investments in foreign group entities are recognised directly in the reserve for net revaluation according to the equity method in equity. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet.Fair value adjustments of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognised asset or liability are recognised in the income statement along with changes in the fair value of the hedged asset or liability.Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of future assets or liabilities are recognised in other receivables or other payables and in equity. If the hedged forecast transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or liability, respectively. If the hedged forecast transaction results in income or expenses, amounts previously deferred in equity are transferred to the income statement in the period in which the hedged item affects the profit/loss for the year. The Company has chosen IAS 18 as interpretation for revenue recognition.Income from the sale of goods, which includes the sale of wrist watches and jewellery, is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received.The date of transition of the principal advantages and risks is based on standardised delivery terms on the basis of Incoterms® 2020.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items secondary to the principal activities of the Company, including compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Group and the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Group and the Company's employees, as well as other social security contributions, etc. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 5 years Patents and licences 5-10 years Goodwill 10 years The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Other fixtures and fittings, tools and equipment 3-6 years Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares.The proportionate share of the individual group entities' profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company's income statement. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, 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. Goodwill is measured at cost less accumulated amortisation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Patents and licences are measured at cost less accumulated amortisation and impairment losses.Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Group intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Indirect costs comprise indirect costs of labour as well as costs relating to development administration and management. Indirect development costs are allocated to the development projects on a consistent basis typically on the basis of hours spent on the individual projects.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Equity investments in subsidiaries are measured according to the equity method.On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs necessary to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An 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 has been impaired, an impairment loss is recognised on an individual basis.Receivables with no objective indication of individual impairment are tested for objective indication of impairment on a portfolio basis. The objective indicators used for portfolios are determined based on historical loss experience. Investments - Other receivables includes subordinated loan, where the group has indicated willingness to step back in favor of other creditors.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Treasury sharesOwn shares are not recognised as assets, but the acquisition price or sales price for own shares is recognized under equity as a transaction with shareholders.Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.Translation reserveThe translation reserve comprises the share of foreign exchange differences arising on translation of financial statements of entities that have a functional currency other than DKK, foreign exchange adjustments of assets and liabilities considered part of the Company's net investments in such entities and foreign exchange adjustments regarding hedging transactions that hedge the Company's net investments in such entities. The reserve is dissolved on the sale of foreign entities or if the conditions for effective hedging no longer exist. When equity investments in group entities in the parent company financial statements are subject to the limitation requirement in the net revaluation reserve according to the equity method, foreign exchange adjustments will be included in this equity reserve instead.Hedging reserveThe hedging reserve comprises the cumulative net change in the fair value of hedging transactions that qualify for recognition as a cash flow hedge and where the hedged transaction has not yet been realised. The reserve is dissolved when the hedged transaction is realised, if the hedged cash flows are no longer expected to be realised or if the hedging relationship is no longer effective. The reserve does not represent a limitation under company law and may therefore be negative. Provisions comprise expected expenses relating to litigations/disputes raised against the Group and the Company. Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event at the balance sheet date and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future.Warranty commitments include expenses for remedial action in respect of the sales of watches and jewelry within the warranty period of up to 3 years. Provisions for warranty commitments are measured at net realisable value and recognised based on past experience. Provisions that are expected to mature more than one year after the balance sheet date are discounted at average bond yields. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities are measured at net realisable value. Prepayments received from customers comprise payments received from customers for goods or services not yet delivered at the balance sheet date. Prepayments are recognised as liabilities and measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The cash flow statement shows the Group's net cash flows, broken down by operating, investing and financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and the end of the year.Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax.Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, and uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Receivables from group entities Receivables from group entities consist of receivables from Brandmark Holding ApS and its subsidiaries (hereafter called “Brandmark”) amounting to DKK 52.0 million (2024: DKK 60.3 million). Brandmark Holding ApS has MWITT ApS as parent company, which also is the parent company of BERING Group ApS. Brandmark has launched new brands in the market for wristwatches and jewelry (“Glock” and “Luis & Freya”). Significant investments have been made in developing and marketing these brands and establishing sales channels. Brandmark is still in a development phase, where a balance between income and expenses has not yet been achieved. Furthermore, Brandmark has not obtained its own credit facilities but is financed by the BERING group. However, Management expects that Brandmark will be able to achieve positive results in the future and thereby be able to repay the loans. Also, Brandmark expects to obtain its own credit facilities at a future stage when the track record shows positive earnings. Based hereon, the receivable from Brandmark of DKK 52.0 million is measured at full value. There is significant uncertainty associated with measuring this receivable, as it assumes that Brandmark’s plans for the future can be realized as expected over the coming 5-6 years or alternatively through refinancing or capital increase. Management has positive expectations for Brandmark based on the current development. If Brandmark's plans are not fulfilled, Brandmark may not be able to meet the receivable in full and a write down for the BERING Group would be necessary. Credit facilities The Group has a credit facility with a bank amounting to DKK 72.4 million. The credit facility is up for ordinary renewal during July/August 2026. According to the bank, efforts should be made to secure alternative financing for Brandmark by which BERING Group’s receivable and thereby the banks’ exposure can be reduced. The Group has reduced its exposure against Brandmark from DKK 60.3 million end of 2024 to DKK 52.0 million at 31 December 2025 based on a number of agreed actions. Further, the ownership structure of BERING Group ApS was changed during the financial year whereby MWITT ApS increased its commitment and became the majority shareholder. However, Brandmark has not obtained its own credit facilities to further reduce the receivable from group entities. Also, losses for the year are larger than expected. Based on the current terms and dialogue with the bank, it is management's assessment that the current credit facilities will be renewed. If, contrary to expectations, this does not occur, it could affect the Group’s ability to pay for its liabilities as they fall due. However, management assesses that such a scenario is less likely, considering the Group's equity ratio, and the fact that the Group has executed on cost saving initiatives, of which the full year effect will be visible in 2026 and especially in 2027 and onwards. Furthermore, it is management's assessment that the DKK 72.4 million in credit facilities will be sufficient to carry out the planned operations according to the turnaround plans. Currently, liquidity is under pressure, and some payments have been postponed. However, reductions in working capital, due to further reductions in inventories and receivables but also due to agreed extended payment terms from main suppliers, are expected to bring the necessary headroom in the liquidity forecast for the remaining part of 2026. On this basis, the Annual report has been prepared on the assumption of going concern. 298000 231000 0 71000 6474000 7668000 363000 0 Other operating income include sale of services to Brandmark Holding ApS and its subsidiaries (the "Brandmark group"). BERING Group delivers services in terms of sales-, aftersales- and administration-support to the Brandmark group. 45270000 50761000 3004000 3480000 651000 712000 372000 401000 82000 87000 44000 44000 46003000 51560000 3420000 3925000 101 129 6 6 Total remuneration to group Management : DKK 4,962 thousand (2024 DKK 5,345 thousand). Management include both Executive Board and Board of Directors. Total remuneration to group Management : DKK 1.812 thousand (2024 DKK 1,897 thousand). 1288000 1297000 906000 916000 3841000 4023000 0 0 5129000 5320000 906000 916000 The parent company is the principal of the Bering Group and ultimately assumes the primary risks and holds all intangible assets in relation to transactions between parties in the Group. The amount recognised under Other operating expenses in the parent company is related to Transfer Pricing adjustments in this regards. 2095000 0 2492000 2597000 270000 2583000 186000 802000 30000 0 4146000 3981000 343000 764000 0 284000 8121000 6927000 1460000 1343000 1881000 1640000 334000 -445000 -5292000 -3684000 -4661000 -3690000 0 0 0 3021000 9898000 1710000 72000 4679000 1710000 3093000 14577000 0 2424000 2814000 34000 352000 902000 34000 2776000 3716000 1676000 317000 10861000 Completed development projects Development projects consist of software development DKK 1.7 million. Software development is related to webpage development and IT-integration with logistic partner in connection with the outsourcing of inventory during 2025. Goodwill Goodwill amounts to DKK 10.9 million and is amortised over 10 years. Goodwill is related to the buyout of distributors on specific markets. Of the carrying amount as per 31 December 2025 DKK 5.3 million is related to China, DKK 3.8 is related to Spain and DKK 0.8 million is related to specific area in Germany. China was acquired in 2022 whereas Spain and area in Germany was acquired in 2025. The carrying amount has been assessed for impairment. Management has prepared turnaround plans and roadmap and expects positive earnings for 2026 and onwards. Based hereon the carrying amount of goodwill has not been impaired as per 31 December 2025. However, uncertainty exist in regard to whether future plans will be realized as planned, which might result in impairment for future periods. 1558000 7592000 1558000 7592000 1388000 1518000 147000 759000 1535000 2277000 23000 5315000 Goodwill is related to acquisition of distributor in China in 2022. The goodwill is depreciated over 10 years. 39105000 -899000 1416000 16000 39606000 27304000 -610000 3841000 16000 30519000 9087000 800000 800000 800000 77897000 77897000 70063000 275000 1745000 -107000 -1255000 151128000 The carrying amount of group entities comprises share of the entities' net asset value, DKK 144.709 thousand, goodwill at carrying amount of DKK 903 thousand and less elimination of intra-group gains of DKK 259 thousand. Of the total carrying amount, negative net assets in group entities amount to DKK 5,775 thousand. Of these DKK 4,776 thousand have been recognised under provisions and DKK 999 thousand are reduced in receivables. BERING Time ApS Aabenraa 100.00 BERING Time Inc USA 100.00 BERING Time Limited United Kingdom 100.00 Polarboutique GmbH Germany 100.00 BERING Time Maastricht BV Netherlands 51.00 BERING Time Utrecht BV Netherlands 51.00 Time In Style GmbH Germany 100.00 BERING Time Utrecht BV and BERING Time Maastricht BV are in liquidation process at the balance sheet date. 0 60311000 0 18037000 4987000 8048000 1369000 3053000 4987000 68359000 1369000 21090000 Brandmark refers to loan to Brandmark Holding ApS and subsidiaries hereto. The loans are given on short term basis. In November 2025 MWITT ApS gained control over Brandmark Holding ApS, and therefore the loan to Brandmark has been reclassified from "other receivables" to "receivables from group entities" in 2025 compared to 2024. Prepayments include accrual of expenses relating to subsequent financial years including insurance. 501000 501000 501000 The share capital is divived into A and B shares, where A shares hold voting rights. The Parent's share capital has remained DKK 501 thousand since the foundation. Deferred tax assets Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The Group has approx. DKK 70 million of tax losses carried forward (DKK 67 million for Parent company). Based on forecasts for the coming 5 years management has assessed that DKK 59 million can be utilized, corresponding to a deferred tax assets of DKK 13.1 million. In year 4 and 5 the forecast has been reduced by 25% and 50% respectively, to take into account uncertainty. Incl. other timing differences total deferred tax assets of 13.7 million (13.3 million for Parent company) has been recognized. On this basis, the Group has determined that it cannot recognise deferred tax assets on all the tax losses carried forward. If the Group had been able to recognise all unrecognised deferred tax assets, profit and equity would have increased by DKK 2 million. Other provisions comprise provisions for warranty commitments, totalling DKK 193 (2024: DKK 254). Warranty provisions relate to expected warranty expenses in accordance with usual guarantee commitments applicable to the sale of goods. The obligation is expected to be settled over the warranty period, which is up to three years. Furthermore, other provision relates to provision regarding non-controlling interests, totalling DKK 1.940 (2024: DKK 1.610). 0 0 3168000 2078000 1307000 0 0 0 -13818000 -23707000 -15679000 -25785000 -362000 26000 0 0 Group The Group has entered into rent agreements with terms of notice up to 9 months. The total residual rent liability amounts to DKK 185 thousand. The Group has entered into lease agreements with terms of notice up to 14 months with a residual liability of DKK 249 thousand. As management company, the Company is jointly taxed with other Danish group entities. The Company is jointly and severally with other jointly taxed group entities for payment of income taxes and withholding taxes in the group of jointly taxed entities. The parant company has entered into lease agreements with terms of notice up to 9 month with a residual liability of DKK 50 thousand. The Company has, as part of its normal course of business, entered into customary executory contracts. Contingent liabilities The Group and the parent company is party to a few pending legal actions. In Management's opinion, the outcome of these legal actions will not affect the Group's financial position apart from the receivables and payables recognised in the balance sheet at 31 December 2025. As security for the group's debt to credit institutions, DKK 68.1 million, the group has placed security in inventories, property, plant and equipment, trade receivables and intangible assets, for an amount of DKK 62.7 million. The total carrying amount of these assets are DKK 102.7 million. The Group has provided guarantees of a total of DKK 0.1 million. As security for the company's debt to credit institutions, DKK 7.9 million, the company has placed security in inventories, property, plant and equipment, receivables and intangible assets, for an amount of DKK 26.1 million. BERING Group ApS has placed security toward subsidiaries bank amounting to DKK 0.4 million. Related party transactions DKK'00020252024Group Service provider fee, Brandmark (income)7,27310,018Interest income, Brandmark2,0952,106Interest expenses, Brandmark3020 Receivables from Brandmark51,97060,311Payables to Brandmark813626 Parent Company Service provider fee, subsidiaries (expense)11,31421,890Service provider fee, Brandmark (income)647689Interest income from subsidiaries1,8642,597Interest income from Brandmark629665Interest expenses from subsidiaries4,1463,981 Receivables from subsidiaries34,92948,284Hereof receivables from Brandmark10,1210Receivables from Brandmark018,039Payables to subsidiaries105,484102,317 Transactions with Brandmark Holding ApS and its subsidiaries are presented as ''Brandmark'' in the above related party transactions due to that Brandmark Holding ApS has the same owners as BERING Group ApS. Information on the remuneration to Management appears from note 4, "staff costs". Information on parent company receivables, payables, interest income and expenses from and to subsidiaries appears from the balance sheet and from note 7, "Financial income" and note 8, "Financial expenses". Related parties BERING Groups related parties comprise subsidiaries, see note 12, and affiliated entities in Brandmark Holding ApS. 5130000 5320000 269000 1568000 -3411000 -2045000 4281000 -1516000 -6545000 1127000 -6387000 -22831000 18110000 -14970000 -10516000 2221000 288000 -187000 2891000 3190000