26099013 2025-01-01 2025-12-31 2 26099013 2025-01-01 2025-12-31 3 26099013 2025-01-01 2025-12-31 5 26099013 2025-01-01 2025-12-31 6 26099013 2025-01-01 2025-12-31 26099013 2025-01-01 2025-12-31 1 26099013 2024-01-01 2024-12-31 26099013 2025-12-31 26099013 2024-12-31 26099013 2025-01-01 d:LandAndBuildingsMember 26099013 2025-01-01 2025-12-31 d:LandAndBuildingsMember 26099013 2025-12-31 d:LandAndBuildingsMember 26099013 2025-12-31 d:LongtermMortgageLoansMember 26099013 2025-12-31 d:LongtermDeferredIncomeMember 26099013 2025-01-01 d:ContributedCapitalMember 26099013 2024-01-01 d:ContributedCapitalMember 26099013 2025-12-31 d:ContributedCapitalMember 26099013 2024-12-31 d:ContributedCapitalMember 26099013 2025-01-01 d:RevaluationReserveMember 26099013 2024-01-01 d:RevaluationReserveMember 26099013 2025-01-01 2025-12-31 d:RevaluationReserveMember 26099013 2024-01-01 2024-12-31 d:RevaluationReserveMember 26099013 2025-01-01 d:RetainedEarningsMember 26099013 2024-01-01 d:RetainedEarningsMember 26099013 2025-01-01 2025-12-31 d:RetainedEarningsMember 26099013 2024-01-01 2024-12-31 d:RetainedEarningsMember 26099013 2025-12-31 d:RetainedEarningsMember 26099013 2024-12-31 d:RetainedEarningsMember 26099013 2025-01-01 d:ProposedDividendRecognisedInEquityMember 26099013 2024-01-01 d:ProposedDividendRecognisedInEquityMember 26099013 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 26099013 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 26099013 2025-12-31 d:ProposedDividendRecognisedInEquityMember 26099013 2024-12-31 d:ProposedDividendRecognisedInEquityMember 26099013 2025-01-01 2025-12-31 1 26099013 2025-01-01 2025-12-31 1 26099013 2025-01-01 2025-12-31 2 26099013 2025-01-01 2025-12-31 3 26099013 2025-01-01 2025-12-31 4 iso4217:DKK xbrli:pure Årsrapport 45922391 KRØYER PEDERSEN, Statsautoriserede Revisorer P/S Hostrupsvej, 4 7500, Holstebro 2024-01-01 2024-12-31 2025-01-01 2025-12-31 26099013 KASTRUP Ejendomme ApS Mosebyvej 40 7500 Holstebro 2001-06-22 Holstebro KRØYER PEDERSEN, Statsautoriserede Revisorer P/S 45922391 Klaus Lund Kristensen statsautoriseret revisor mne32792 Hostrupsvej 4 7500 Holstebro Danmark 9610 6161 mail@kroyerpedersen.dk 2026-02-25 Barbara Desl Regnskabsklasse B Erklæring om udvidet gennemgang Ja CaseWare fra Revisorgruppen Danmark anpartshaverne Holstebro 2026-02-25 Holstebro 2026-02-25 Grundlag for konklusion Konklusion 4354326 4392439 1929540 1913341 2424786 2479098 958303 1313375 1466483 1165723 322290 256915 1144193 908808 0 1000000 1144193 -91192 49609018 51484648 49609018 51484648 49609018 51484648 49609018 51484648 0 125000 125000 17577366 16433173 0 1000000 17702366 17558173 4537000 4443585 4537000 4443585 21586956 23425238 110521 117975 21697477 23543213 1816500 1731500 3282425 3587300 35000 32000 228875 64122 309375 524755 5672175 5939677 27369652 29482890 49609018 51484648 0 0 80649108 53910 80703018 29164460 1929540 31094000 49609018 1809000 13957000 7500 80500 125000 125000 125000 125000 0 7811374 0 7811374 16433173 16524364 1144193 -91191 17577366 16433173 1000000 0 1000000 0 0 1000000 0 1000000 Today, the Board of Directors and the Managing Director have approved the annual report of KASTRUP Ejendomme ApS for the financial year 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. Lasse Kastrup Barbara Desl Alfred Schrott Lasse Kastrup Hans Ladekjær Jeppesen We have performed an extended review of the financial statements of KASTRUP Ejendomme ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. 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 OpinionWe 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 "Practitioner'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 (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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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’s ReviewManagement is responsible for the Management’s Review. Our conclusion 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 extended review 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 extended review, 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 in the Management’s Review. Description of key activities of the companyLike previous years, the principal activities are rental properties. Significant changes in the company's activities and financial mattersThe provisions of the Act amending the Danish Financial Statements Act, the Danish Auditors Act and various other Acts of 2 May 2024 have been implemented with effect from the 2024/25 financial year. As a result, investment properties in the annual report for 2024/25 are measured at cost less depreciation and impairment, whereas they were previously measured at cost with the addition of revaluations to fair value, with value adjustments recognised in equity in accordance with section 41 of the Danish Financial Statements Act. The effect of the change is described under accounting policies.    Apart from this, there have been no significant changes in activities or financial circumstances. Events occurring after the end of the financial yearSubsequent to the end of the financial year, no events have occurred that would materially affect the company’s financial position. 6.Charges and securityAs collateral for mortgage loans, DKK 23.729.000, security has been granted on land and buildings representing a carrying amount of DKK 49.609.000 at 31 December 2025. The company has issued mortgages totalling DKK 3.435.000 as security for company bank loans. The mortgages provide security on the above rental properties. 7.Contractual obligations and contingencies, etc.Contractual obligations and contingent liabilitiesRecourse guarantee commitments:The company has guaranteed the bank loans of the group enterprise KASTRUP A/S. On 31 December 2025, the total bank loans of the group enterprises totalled DKK 10.613.000. The company has guaranteed the lease liabilities of the group enterprise KASTRUP A/S. On 31. december 2025, the total lease liabilities of the group enterprise KASTRUP A/S totalled DKK 23.016.000. Joint taxationWith IFN Denmark ApS, company reg. no 31 17 87 70 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The total tax payable under the joint taxation scheme totals DKK 0. The liability relating to obligations in connection with withholding tax on dividends, interest, and royalties represents an estimated maximum of DKK 0. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 8.Related partiesConsolidated financial statementsThe company is included in the consolidated financial statements of IFN Beteiligungs GmbH, Ganglgutstrasse 131, A-4050 Traun, Austria. The annual report for KASTRUP Ejendomme 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. Changes in the accounting policiesThe provisions of the Act amending the Danish Financial Statements Act, the Danish Auditors Act and various other Acts of 2 May 2024 have been implemented with effect from the 2024/25 financial year. As a result, investment properties in the annual report for 2024/25 are measured at cost less depreciation and impairment, whereas they were previously measured at cost with the addition of revaluations to fair value, with value adjustments recognised in equity in accordance with section 41 of the Danish Financial Statements Act.  The change has affected the annual result by DKK +339.624 (2024 affected by DKK +339.624), affected assets by DKK -9.143.749 (31 December 2024 affected by DKK -9.579.164), affected liabilities by DKK -2.011.624 (31 December 2024 affected by DKK -2.107.415), and affected equity by DKK -7.132.125 (31 December 2024 affected by DKK -7.471.749). The above-mentioned changes are prior to a new fair value valuation of properties and land in accordance with the previously applied accounting practice for rental properties and land. Except for the above, the accounting policies remain unchanged from last year. The comparative figures have been adjusted to the changed accounting policies. 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. 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 profitGross profit comprises the lease income, other operating income, other external costs and costs concerning properties. Lease income comprises income from the lease of property and from overhead costs collected and is recognised in the income statement for the period relating to the lease payment. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of tangible assets and subsidy. Other external expenses comprise expenses incurred for administration.  Costs concerning investment properties comprise operating costs, repair and maintenance costs, taxes, charges, and other costs.   DepreciationDepreciation for impairment comprise depreciation of tangible assets. 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 to financial assets and liabilities and amortisation of financial assets and liabilities. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeBuildings40years Residual value regarding factory property is 0 % and residual value regarding residential property is 20 - 45 %. Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Impairment loss relating to non-current assetsThe carrying amount of tangible fixed assets 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. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Income tax receivable” or “Income tax payable”. According to the rules of joint taxation, KASTRUP Ejendomme ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing on the reporting date when the deferred tax is expected to be released as current tax.  Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities are measured at amortised cost which usually corresponds to the nominal value. Deferred incomePayments received concerning future income are recognised under deferred income.