27002900 2025-01-01 2025-12-31 27002900 2025-01-01 2025-12-31 1 27002900 2025-01-01 2025-12-31 1 27002900 2025-01-01 2025-12-31 2 27002900 2025-01-01 2025-12-31 3 27002900 2025-01-01 2025-12-31 1 27002900 2024-01-01 2024-12-31 27002900 2025-12-31 27002900 2024-12-31 27002900 2025-01-01 c:ContributedCapitalMember 27002900 2025-01-01 c:RetainedEarningsMember 27002900 2025-01-01 2025-12-31 c:RetainedEarningsMember 27002900 2025-12-31 c:ContributedCapitalMember 27002900 2025-12-31 c:RetainedEarningsMember 27002900 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 27002900 2025-01-01 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27002900 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 27002900 2025-01-01 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember 27002900 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 27002900 2025-12-31 c:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember iso4217:DKK xbrli:pure true BDO Statsautoriseret Revisionspartnerselskab Papirfabrikken 34 DK-8600 Silkeborg 45719375 2026-06-15 Jens Søgaard Jacobsen Årsrapport VESTTEC ApS Vejlsøvej 51 8600 Silkeborg Den uafhængige revisors erklæring om udvidet gennemgang 27002900 2003-02-07 Silkeborg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Papirfabrikken 34 8600 Silkeborg Nordea Bank Danmark A/S Today the Board of Directors and Executive Board have discussed and approved the Annual Report of VESTTEC ApS for the fi­nan­ci­al year 1 January  - 31 December 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In our opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Silkeborg 2026-06-15 Carsten Green Jensen Christine Serigstad Helen Sainsbury Jens Søgaard Jacobsen To the Shareholder of VESTTEC ApS Konklusion We ha­ve per­for­med an extended review of the Fi­nan­ci­al Sta­te­ments of VESTTEC 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 are pre­pared under the Danish Financial State­ments Act.   Based on the work performed in our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments gi­ve a true and fair vi­ew of the Com­pa­ny's financial position 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 ConclusionGrundlag for konklusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of Financial Statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's Responsibilities for the Extended Review 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Management's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 responsibility is to express a conclusion on the Fi­nan­ci­al Sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the Fi­nan­ci­al Sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Ma­na­ge­ment and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained.   The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the Fi­nan­ci­al Sta­te­ments.   Statement on the Management Commentary Management is responsible for the Ma­na­ge­ment Com­men­ta­ry.   Our conclusion on the Fi­nan­ci­al Sta­te­ments does not cover the Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our extended review of the Fi­nan­ci­al Sta­te­ments, our responsibility is to read the Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether the Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Ma­na­ge­ment Com­men­ta­ry 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 in the Ma­na­ge­ment Com­men­ta­ry.   Silkeborg 2026-06-15 BDO Statsautoriseret Revisionspartnerselskab 45719375 Anders Damgaard Lunde Den uafhængige revisors erklæring om udvidet gennemgang State Authorised Public Accountant mne46586 Principal activities As in previous years, the main activity has consisted of running trade and industry.    7320627 5941976 1270722 1941484 64057 64060 5985848 3936432 13536 75798 148273 83433 5851111 3928797 1301142 859991 4549969 3068806 4549969 3068806 4549969 3068806 26691 90748 28511 0 55202 90748 55202 90748 201001 335029 201001 335029 9666199 5226454 448817 1964906 15926 30790 10130942 7222150 6603588 1671929 16935531 9229108 16990733 9319856 125000 125000 10372187 5822218 10497187 5947218 9376 51926 9376 51926 991574 0 3356803 2309949 1343692 279237 6484170 3320712 6484170 3320712 16990733 9319856 DKKSha­re ca­pi­talRetained earningsTotal Equity at 1 January 2025125.0005.822.2185.947.218 Proposed profit allocation 4.549.9694.549.969 Equity at 31 December 2025125.00010.372.18710.497.187 125000 5822218 4549969 125000 10372187 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees23 Wages and salaries 1.138.6651.834.626 Pensions 60.55256.602 Social security costs 21.30916.483 Other staff costs 50.19633.773 1.270.7221.941.484 2 3 1138665 1834626 60552 56602 21309 16483 50196 33773 1270722 1941484 1343692 827237 -42550 32754 3 | Property, plant and equipment DKKOther plant, fixtures and equipmentTangible fixed assets in progress and prepayments for tangible fixed assets Cost at 1 January 2025 551.6520 Additions 028.511 Disposals -58.8020 Cost at 31 December 2025 492.85028.511   Depreciation and impairment losses at 1 January 2025 460.9040 Reversal of depreciation of assets disposed of -58.802 Depreciation for the year 64.057 Depreciation and impairment losses at 31 December 2025 466.1590 Carrying amount at 31 December 202526.69128.511 551652 0 0 28511 58802 0 492850 28511 460904 0 58802 64057 466159 0 26691 28511 Joint liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of MODERN BY-PRODUCTS A/S, which serves as management Company for the joint taxation. The Annual Report of VESTTEC ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Net revenue Net revenue from the sale of merchandise and finished goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Costs of raw materials and consumables Raw materials and consumables comprises the costs of raw materials and consumables used to reach the revenue for the year. Additionally, decrease or increase of inventories of raw materials and consumables for the year is included, as well as normal impairment of inventories of raw materials and consumables.   Other operating income Other operating income includes items of a secondary nature in relation to the enterprises' principal activities, including profit from sale of intangible and tangible assets, operating loss and conflict compensations, as well as salary refunds. Compensations are recognised when the income is estimated to be realisable.    Other external expenses Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts, etc   Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the Com­pa­ny's employees.   Financial income and expenses Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies , as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity.   Property, plant and equipment Other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Useful lifeResidual valueOther plant, fixtures and equipment 5 years0 % Profit or loss on sale of property, plant and equipment is stated as the difference between the sales price less selling costs and the carrying amount at the date of sale. Profit or loss is recognised in the Income Statement as other operating income or other operating expenses.   Impairment of fixed assets The carrying amount of pro­per­ty, plant and equip­ment, are assessed annually for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the recoverable amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable amount is lower than cost, the inventories are written down to the lower amount.   The cost of merchandise as well as raw materials and consumables is calculated at acquisition price with addition of transportation and similar costs.   The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct payroll cost and other direct production cost.   The net realisable value of inventories is stated at the expected sales price less direct completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price of the inventories.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities The amortised cost of current liabilities corresponds usually to the nominal value.