37035785 2025-01-01 2025-12-31 37035785 2025-01-01 2025-12-31 2 37035785 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 37035785 2025-01-01 2025-12-31 1 37035785 2024-01-01 2024-12-31 37035785 2025-12-31 37035785 2024-12-31 37035785 2025-01-01 fsa:ContributedCapitalMember 37035785 2025-01-01 fsa:ReserveForDevelopmentExpenditureMember 37035785 2025-01-01 fsa:RetainedEarningsMember 37035785 2025-01-01 37035785 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 37035785 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 37035785 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 37035785 2025-12-31 fsa:ContributedCapitalMember 37035785 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 37035785 2025-12-31 fsa:RetainedEarningsMember 37035785 2025-01-01 fsa:CompletedDevelopmentProjectsMember 37035785 2025-01-01 fsa:AcquiredPatentsMember 37035785 2025-12-31 fsa:CompletedDevelopmentProjectsMember 37035785 2025-12-31 fsa:AcquiredPatentsMember 37035785 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 37035785 2025-01-01 2025-12-31 fsa:AcquiredPatentsMember 37035785 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 37035785 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37035785 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37035785 2025-01-01 fsa:InvestmentsInGroupEnterprisesMember 37035785 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 37035785 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 37035785 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 37035785 2025-01-01 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 37035785 2025-12-31 relatedEntityIdentifier_sub_1 fsa:SubsidiaryMember 37035785 2025-12-31 1 fsa:SubsidiaryMember 37035785 2025-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 37035785 2025-01-01 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 37035785 2025-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 37035785 2025-12-31 fsa:OtherLongtermPayablesMember 37035785 2024-12-31 fsa:OtherLongtermPayablesMember 37035785 2025-12-31 fsa:OtherShorttermPayablesMember 37035785 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse B Revisionspåtegning true 2026-03-31 Mikael Boyum The Executive Board has today considered and adopted the Annual Report of Boyum IT Solutions CPH ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. I recommend that the Annual Report be adopted at the Annual General Meeting. Brabrand 2026-03-31 Jesper Andersen CEO To the shareholder of Boyum IT Solutions CPH ApS Opinion 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 have audited the Financial Statements of Boyum IT Solutions CPH ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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 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 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 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. Aarhus C 2026-03-31 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Christian Roding Martin Stenstrup Toft State Authorised Public Accountant State Authorised Public Accountant mne33714 mne42786 Boyum IT Solutions CPH ApS Sintrupvej 71B, 1. th. 8220 Brabrand 37035785 Aarhus Jens Chr. Skous Vej 1 8000 Aarhus C 5686139 7208640 7412227 3608228 1224578 1586061 -2950666 2014351 16060 44421 4582 10731 -2939188 2048041 1729830 450569 -4669018 1597472 -4669018 1597472 0 1156998 0 6617 0 1163615 0 60963 0 60963 20072 20072 89127 86954 109199 107026 109199 1331604 454960 1528269 1346558 1076537 3586000 5315830 31488 2700 5419006 7923336 992751 1968258 6411757 9891594 6520956 11223198 962325 962325 0 902459 -14726 3751833 947599 5616617 597216 543451 597216 543451 0 37814 65305 32500 0 3971187 4910836 1021629 4976141 5063130 5573357 5606581 6520956 11223198 962325 902459 3751833 5616617 0 902459 -902459 0 0 0 -4669018 -4669018 962325 0 -14726 947599 The company's key activities is development of software and trade of software. 7059357 3283598 279280 264894 49189 41121 24401 18615 7412227 3608228 5 5 1729830 450569 1729830 450569 13767702 112930 13767702 112930 12610704 106313 455270 0 701728 6617 13767702 112930 0 0 5 years3-5 years Capitalized development projects relate to projects within digital document scanning. Based on impairment test prepared at year-end an impairment loss of DKK 455,270 has been recognized. Thus, development projects are recognized with a carrying amount of DKK 0 (nil) at 31 December 2025. 313249 313249 252286 32605 28358 313249 0 20072 20072 20072 20072 20072 20072 Investments in subsidiaries are specified as follows: Paperflow Service Center Bulgaria EOOD Sofia, Bulgaria 1.00 678652 110179 86954 2173 89127 89127 Deferred tax asset at 1 January5,315,8305,766,399Amounts recognised in the income statement for the year-1,729,830-450,569Deferred tax asset at 31 December3,586,0005,315,830The company has recognized a deferred tax asset, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognized on the basis of expectations for tax results and the utilization of tax losses carried forward for the coming years. According to prepared budgets and the management's expectations, the tax asset will be fully utilized in 2026. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Other payables5,508,0521,565,080 0 0 597216 543451 597216 543451 4910836 1021629 Rental and lease obligationsLease obligations59,41886,955Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Fox TopCo ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Fox TopCo ApS, CVR-no. 41 65 61 90Aarhus The Annual Report of Boyum IT Solutions CPH ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in DKK. With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. RevenueRevenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:delivery has been made before year end;a binding sales agreement has been made;the sales price has been determined; andpayment has been received or may with reasonable certainty be expected to be received.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses furthermore include payments of consultants. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with Fox TopCo ApS. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsDevelopment projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Other intangible fixed assetsLicences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Software licences are amortised over the period of the agreements, which is 3-5 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans are not recognised in cost during construction and reconstruction periods.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.