39630680 2025-01-01 2025-12-31 2 39630680 2025-01-01 2025-12-31 5 39630680 2025-01-01 2025-12-31 6 39630680 2025-01-01 2025-12-31 39630680 2025-01-01 2025-12-31 1 39630680 2024-01-01 2024-12-31 39630680 2025-12-31 39630680 2024-12-31 39630680 2025-01-01 d:CompletedDevelopmentProjectsMember 39630680 2025-12-31 d:CompletedDevelopmentProjectsMember 39630680 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 39630680 2025-12-31 d:OtherLongtermPayablesMember 39630680 2025-01-01 2025-12-31 1 39630680 2025-01-01 2025-12-31 1 39630680 2025-01-01 2025-12-31 2 39630680 2025-01-01 2025-12-31 4 iso4217:DKK xbrli:pure Årsrapport 29442789 Redmark, Godkendt Revisionspartnerselskab Hasseris Bymidte, 6 9000, Aalborg 2024-01-01 2024-12-31 2025-01-01 2025-12-31 39630680 Captego ApS Niels Jernes Vej 10 9220 Aalborg Øst Danske Bank Redmark, Godkendt Revisionspartnerselskab 29442789 Alex Hoffmann Kristensen statsautoriseret revisor mne33705 Hasseris Bymidte 6 9000 Aalborg Danmark 98183333 aalborg@redmark.dk 2026-07-14 Bjarke Schou Bentzen Regnskabsklasse B Revisionspåtegning CaseWare fra Revisorgruppen Danmark anpartshaverne Aalborg 2026-07-14 Aalborg Øst 2026-07-14 Grundlag for konklusion Konklusion 2447300 3515000 4217909 4359000 1029047 962000 0 17000 -2799656 -1823000 -682470 -1298000 64312 1000 978432 746000 -4396246 -3866000 -4396246 -3866000 -4396246 -3866000 1244176 2274000 1244176 2274000 26534 23000 26534 23000 1270710 2297000 666385 552000 59318 59000 36277 38000 761980 649000 594747 283000 1356727 932000 2627437 3229000 0 221914 221000 970458 1773000 -15519399 -11925000 -14327027 -9931000 12833632 10296000 12833632 10296000 549176 0 313948 270000 1180592 962000 2077116 1632000 4120832 2864000 16954464 13160000 2627437 3229000 3888381 4170000 310212 163000 19316 26000 4217909 4359000 6 7 5178720 5178720 2905497 1029047 3934544 1244176 549176 0 Today, the Board of Directors and the Managing Director have approved the annual report of Captego ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Bjarke Schou Bentzen Jeremy Anthony Simon Sparrow Lars Rabe Tønnesen Bjarke Schou Bentzen We have audited the financial statements of Captego ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet and notes, for the Company. The financial statements are prepared under 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. Basis for OpinionWe 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 about 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 these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the 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 disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that 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 Management’s Review. Description of key activities of the companySince its incorporation, Captego's core activities have been and continue to be the development of software designed to help people document, analyze and report data. Captego's customers operate within a wide range og industries, including insurance and the construction industry. Uncertainties about recognition or measurementThe company's development projects concerns the development of its app Captego.  Based on the interest and the argeements entered into with business partners and customers, the management assesses that the technology has considerable commercial potential.  Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. During the year, we clarified responsibilities, simplified the organisation and established a sharper strategic direction. At the same time, we refined our product focus and commercial approach around the markets and use cases where Captego has the strongest customer fit and growth potential. The result was also affected by continued investment in the business, amortisation of previously capitalised development costs and the write-down of the investment in and receivables from Captego UK. These accounting items had a significant impact on the reported loss but do not fully reflect the development of the underlying core business. Captego has built a strong pipeline of large enterprise customers. During the restructuring period, the organisation had limited capacity to develop and convert these opportunities. With the new structure now in place, together with a renewed product and commercial focus, the company is positioned to work systematically with this pipeline and convert market interest into new enterprise customers and recurring revenue. We expect these changes to begin having a material impact from Q3 2026, with improved execution, stronger customer focus and accelerating growth. Financial resources One of the Company's shareholders has provided a letter of financial support in favour of the Company, confirming that the shareholder will provide financial support to the Company to the extent necessary to ensure the Company's continued operations. The financial support is limited to a maximum amount of DKK 1,400,000. The letter of support remains valid until the Annual General Meeting in 2027. Based on the letter of support provided, together with the Company's other financing arrangements, Management assesses that the Company has adequate financial resources to continue its operations throughout the support period. Accordingly, Management has prepared the Annual Report on the basis of the going concern assumption. Treasury sharesThe holding of treasury shares is afterwards 2.553,24 shares at DKK 1 each, corresponding to 1,15 % of the contributed capital. 1.Uncertainties relating to going concernOne of the Company's shareholders has provided a letter of financial support in favour of the Company, confirming that the shareholder will provide financial support to the Company to the extent necessary to ensure the Company's continued operations. The financial support is limited to a maximum amount of DKK 1,400,000. The letter of support remains valid until the Annual General Meeting in 2027. Based on the letter of support provided, together with the Company's other financing arrangements, Management assesses that the Company has adequate financial resources to continue its operations throughout the support period. Accordingly, Management has prepared the Annual Report on the basis of the going concern assumption 2.Uncertainties concerning recognition and measurementThe company's development projects concerns the development of the app Captego.  Based on the interest and the argeements entered into with business partners and customers, the management assesses that the technology has considerable commercial potential. 3.Special itemsSpecial items include significant expenses of a special nature relative to the enterprise's ordinary operating activities. Special items also include other significant amounts of a nonrecurring nature. Special items for the year are specified below, indicating where they are recognised in the income statement. 20252024 Expenses: Impairment of current assets exceeding the usual write-down for impairment682.4701.297.738 682.4701.297.738Special items are recognised in the following items in the financial statements: Income from equity investments in group enterprises-682.470-1.297.738 Profit of special items, net-682.470-1.297.738 7.Charges and securityFor the company's loans, TDKK 13.383, the company has provided security in company assets representing a nominal value of TDKK 5.250. This security comprises the assets below, stating the carrying amounts: DKK in thousands Trade receivables666 The annual report for Captego ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK . In connection with the 2025 Annual Report, certain minor reclassifications have been made to items in the income statement compared with prior years. These reclassifications have had no impact on the profit for the year, equity, or total assets. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitRevenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. ProductioncostsProductionscosts comprise costs which has been included to attain this years revenue. Included in costprice is raw materials and consumables, direct staff cost and indirect productioncosts, as maintenance and writedown etc. as well as operation, administration and management of facories. DistributioncostsDistributioncosts comprise cost in the form of salary to sales and distributionpersonnel, advertising and marketingcosts as well as auto-operation and writedown etc. AdministrationcostsAdministrationcosts comprise cost to the management, administrative personnel, officecosts etc. Staff costsStaff costs include salaries and wages, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise amortisation of intangible assets. Other operating expensesOther operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Results from investments in subsidiariesDividend from investments in subsidiaries is recognised in the financial year in which the dividend is declared. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating debt and transactions in foreign currency.  Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and writedowns for impairment. After completion of the development work, capitalised development costs are amortised on a straightline basis over the estimated useful economic life. Development costs is deployed via the appropriation of net profit to "Reserve for development cost" under equity. The reserve is reduced by the deferred tax asset of the accounted development costs. The basis of the writedown, which is calculated as cost less possible residual value, is amortised on a straightline basis over the estimated useful economic life. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in subsidiaries are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost or a lower net realisable value, which corresponds to the denominated value less writedown of expected losses. Writedown of expected losses is calcualted on an individual level of the individual account. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Liabilities other than provisionsLiabilities other than provisions relating to investment properties are measured at amortised cost which usually corresponds to nominal value. Deferred incomePayments received concerning future income are recognised under deferred income.