33240562 2025-01-01 2025-12-31 33240562 2025-01-01 2025-12-31 1 33240562 2025-01-01 2025-12-31 1 33240562 2025-01-01 2025-12-31 1 33240562 2025-01-01 2025-12-31 2 33240562 2025-01-01 2025-12-31 3 33240562 2025-01-01 2025-12-31 4 33240562 2025-01-01 2025-12-31 5 33240562 2025-01-01 2025-12-31 6 33240562 2024-01-01 2024-12-31 33240562 2025-12-31 33240562 2024-12-31 33240562 2025-01-01 d:ContributedCapitalMember 33240562 2025-01-01 d:ReserveForDevelopmentExpenditureMember 33240562 2025-01-01 d:RetainedEarningsMember 33240562 2025-01-01 2025-12-31 d:ContributedCapitalMember 33240562 2025-01-01 2025-12-31 d:RetainedEarningsMember 33240562 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 33240562 2025-12-31 d:ContributedCapitalMember 33240562 2025-12-31 d:ReserveForDevelopmentExpenditureMember 33240562 2025-12-31 d:RetainedEarningsMember 33240562 2025-01-01 d:CompletedDevelopmentProjectsMember 33240562 2025-01-01 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 33240562 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 33240562 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 33240562 2025-12-31 d:CompletedDevelopmentProjectsMember 33240562 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 33240562 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 33240562 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 33240562 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 33240562 2025-01-01 d:InvestmentsInGroupEnterprisesMember 33240562 2025-01-01 d:OtherReceivablesMember 33240562 2025-12-31 d:InvestmentsInGroupEnterprisesMember 33240562 2025-12-31 d:OtherReceivablesMember 33240562 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 33240562 2025-01-01 2025-12-31 d:SubsidiaryMember 1 33240562 2025-12-31 d:SubsidiaryMember 1 33240562 2025-01-01 2025-12-31 d:SubsidiaryMember 2 33240562 2025-12-31 d:SubsidiaryMember 2 33240562 2025-12-31 d:LongtermDebtToBanksMember 33240562 2025-12-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 33240562 EasyTranslate A/S Titangade 11 2200 København N 2010-10-01 København 70205550 EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-07-13 Christian Dulong Hoff Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-07-13 2026-07-13 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of EasyTranslate A/S 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 financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations 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. Copenhagen Frederik Nicolai Riskær Pedersen Christian Dulong Hoff Chairman Joachim Snebang Vanggaard Jensen Frederik Nicolai Riskær Pedersen Peter Ladegaard Betina Charlotte Nygaard Bas Bernardus Welten To the shareholders of EasyTranslate A/S We have audited the financial statements of EasyTranslate A/S 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. 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 financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Company 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 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance 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 Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including the 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 audit of the fi­nan­cial state­ments to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the con­soli­dated fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units as a basis for for­ming an opin­ion on the fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed. We re­main solely re­spon­sible for our audit opin­ion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 Statement Act. We did not identify any material misstatement of the Management's review. Copenhagen Simon Blendstrup State Authorised Public Accountant mne44060 EasyTranslate A/S is a technology-driven SaaS company providing translation and content solutions. The Company's platform connects customers with a global freelance network, empowered by its proprietary AI solution, HumanAI. HumanAI combines human language expertise with artificial intelligence and forms the foundation for the Company's transition towards a subscription-based business model with higher and more scalable margins. The income statement for 2025 shows a loss of DKK 8,889,702 against a loss of DKK 5,340,288 last year, and the balance sheet at 31 December 2025 shows equity of DKK 12,650,995. The financial year 2025 was characterised by the continued implementation of HumanAI across the parent company and the subsidiary, and by the integration of World Translation A/S, acquired in 2024.Management considers the result for the year to be in line with expectations. The measures implemented around automation and platform-driven task allocation are expected to reduce variable production costs and support improved project margins in the coming years. In March 2026, EasyTranslate A/S acquired the business Translated By Us. The acquisition forms part of the Company's strategy to expand its market position and customer portfolio and to integrate the activities onto the AI-supported HumanAI platform. The transaction was completed after the balance sheet date and does not affect the financial statements for 2025, but will be recognised in the following financial year. The aquisition is finance by a seperate credit facility. No other events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 16104454 15151668 9528838 9477482 6693121 6374118 -117505 -699932 -2483468 465032 105513 488904 6405677 4493831 -8901137 -4239827 -11435 1100461 -8889702 -5340288 0 -1816638 -1380283 0 -7509419 -3523650 22057010 17869642 2876843 8893804 24933853 26763446 70105 114341 70105 114341 3540857 6024325 6600 6600 3547457 6030925 28551415 32908712 4174719 4109001 1522434 97821 0 95855 2204 294103 45592 537621 5744949 5134401 182800 186015 5927749 5320416 34479164 38229128 837554 561160 19495205 20875488 -7681764 -39108834 12650995 -17672186 3333333 3333334 0 36086803 1552337 1496949 4885670 40917086 9899888 8111062 0 1046977 3032338 3813249 430754 0 2443123 1761332 1136396 251608 16942499 14984228 21828169 55901314 34479164 38229128 561160 20875488 -39108834 276394 38936489 -1380283 -7509419 837554 19495205 -7681764 The annual report of EasyTranslate A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. 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). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and 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 at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the rendering of services is recognised as revenue as the services are rendered.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. The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company. Raw materials and consumables include expenses relating to raw materials and consumables used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The cost net of the expected residual value for completed development projects and acquired IP rights is amortised over the expected useful life. Acquired IP rights include patents, rights and licences.Goodwill is amortised over the expected economic life of the asset, measured by reference to Management’s experience in the individual business segments. Goodwill is amortised on a straight-line basis over the amortisation period on 10 years.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated 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 Fixtures and fittings, other plant and equipment 3-10 years 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. 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. 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 Company 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.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.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Equity investments in group entities 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; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.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 group entities 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. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.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. 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. 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.As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. Payables to credit institutionsMortgage debt is recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, mortgage debt is measured at amortised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in the income statement over the term of the loan. Other payablesOther payables are measured at net realisable value. Deferred incomeDeferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. During 2025 the company had a negative result of DKK 8.9 million, and negative cash-flows during 2025. At the end of 2025, EasyTranslate A/S completed a conversion of shareholder debt into equity amounting to DKK 39.2 million. Furthermore, the Company secured additional financing facilities from Danske Bank and EIFO during 2025 and 2026. Management has assessed that the Company will be able to continue its operation for the next 12 months. This is based on the completed debt conversion, the available financing facilities and Management's budgeted positive operating cash flows for the second half of 2026. Further, management has assessed that the Company final earn-out payment in relation to the acquisition of World Translation A/S will be DKK 0 (see note 12). Based upon these conditions management has concluded that the Company has sufficient liquidity and funding available to support its operations and meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concern basis. 8509411 9003272 143411 177996 876016 296214 9528838 9477482 18 21 82384 379022 23129 109882 5200285 4266930 188238 123826 1017154 103075 0 -95855 0 1196316 -11435 0 65703910 8893804 0 4819292 10836253 -10836253 76540163 2876843 47834268 0 6648885 0 54483153 0 22057010 2876843 Completed development projects The majority of the development projects undertaken in 2025 were completed and put into use during the year. For these projects, the technical feasibility of completion has been demonstrated, as the projects are finalised and operational, and the company has both the intention and the ability to use them. The projects form part of the company's ordinary translation and platform operations and are expected to generate future economic benefits. Completed projects are amortised on a straight-line basis over an expected useful life of 5 years from the date they are ready for use. Development projects in progress The principal project still under development at the balance sheet date is the company's HumanAI engine, which is in its final testing phase and is being gradually rolled out to customers; the same recognition assessment is applied to any other projects that remained in progress at year-end. Management assesses that the company has the technical and financial ability to complete the projects, which fall within its normal business operations. The HumanAI project is expected to be ready for use shortly and to generate future economic benefits, as evidenced by revenues already generated from the technology, and the underlying technology has been assessed as patentable, which further supports this expectation. Projects under development are not amortised until they are ready for use. 6537983 6537983 6423642 44236 6467878 70105 Note12provides more details on security for loans, etc. as regards property, plant and equipment. 7947121 6600 7947121 6600 -1922796 0 -1046162 -680106 -757200 -4406264 0 3540857 6600 Easytranslate A/S has acquired 100 % of the shares in World Translation A/S in 2024. Goodwill arising from the acquisition amounts to tDKK 2.810 as of 31 december 2025. World Translation A/S Danmark 100.00 Easytranslate SPLLC Skopje Makedonien 100.00 3333333 0 3333333 0 1552337 0 1552337 1552337 As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally with other jointly taxed group entities for payment of income taxes for income year 2024. Rent liabilities vis-à-vis the parent company and its other group entities: DKK20252024 Rent liabilities605,6251,033,000 Rent and lease liabilities include rent liabilities with a remaining contract period of 17 months. As security for the Company's debt to banks, the Company has provided security or other collateral in its assets and shares in World Translation A/S for at total amount of tDKK 16,000. The company has provided guarantee for the debt to banks in the subsidiary World Translation A/S. The debt to banks as of 31 december 2025 amounts to tDKK 58. The Company has in connection with acquisition of World Translation A/S an included earn-out arrangement. The earn-out is with possible amount between DKK 0 thousand and DKK 12,500 thousand, and the final amount remains uncertain. Based on Management’s assessment and the financial information available, no liability has been recognised as Management expects the final earn-out payment to be DKK 0 thousand.