15150785 2025-01-01 2025-12-31 2 15150785 2025-01-01 2025-12-31 3 15150785 2025-01-01 2025-12-31 15150785 2025-01-01 2025-12-31 1 15150785 2024-01-01 2024-12-31 15150785 2025-12-31 15150785 2024-12-31 15150785 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 15150785 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 15150785 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 15150785 2025-01-01 d:OtherReceivablesMember 15150785 2025-01-01 2025-12-31 d:OtherReceivablesMember 15150785 2025-12-31 d:OtherReceivablesMember 15150785 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 15150785 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 15150785 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 15150785 2025-01-01 d:ContributedCapitalMember 15150785 2024-01-01 d:ContributedCapitalMember 15150785 2025-12-31 d:ContributedCapitalMember 15150785 2024-12-31 d:ContributedCapitalMember 15150785 2025-01-01 d:RevaluationReserveMember 15150785 2024-01-01 d:RevaluationReserveMember 15150785 2025-12-31 d:RevaluationReserveMember 15150785 2024-12-31 d:RevaluationReserveMember 15150785 2025-01-01 d:RetainedEarningsMember 15150785 2024-01-01 d:RetainedEarningsMember 15150785 2025-01-01 2025-12-31 d:RetainedEarningsMember 15150785 2024-01-01 2024-12-31 d:RetainedEarningsMember 15150785 2025-12-31 d:RetainedEarningsMember 15150785 2024-12-31 d:RetainedEarningsMember 15150785 2025-01-01 2025-12-31 1 15150785 2025-01-01 2025-12-31 1 15150785 2025-01-01 2025-12-31 2 15150785 2025-01-01 2025-12-31 3 iso4217:DKK xbrli:pure Årsrapport 32093272 Ullits & Winther, Statsautoriseret Revisionspartnerselskab Agerlandsvej, 1 8800, Viborg 2024-01-01 2024-12-31 2025-01-01 2025-12-31 15150785 SEC SET ECOFOSS A/S Mariendalsvej 28 8800 Viborg 1991-05-01 Ullits & Winther, Statsautoriseret Revisionspartnerselskab 32093272 Claus Søndergaard Nielsen statsautoriseret revisor mne30145 Agerlandsvej 1 8800 Viborg Danmark 86629222 uw@uw.dk 2026-02-19 Jeppe Ruseng Hansen Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark aktionærerne Viborg 2026-02-19 Viborg 2026-02-19 Grundlag for konklusion Konklusion 20260733 19855448 10133893 9499864 320262 204678 608319 261743 9198259 9889163 231 70533 34904 673763 9163586 9285933 2027710 2210939 7135876 7074994 7135876 7074994 2187587 1961292 2187587 1961292 752742 768750 299285 270000 1052027 1038750 3239614 3000042 16199177 6715813 11528551 21409918 4344744 3357049 32072472 31482780 5327723 4230085 4290 0 7030 0 313619 182690 5652662 4412775 28 1481443 37725162 37376998 40964776 40377040 0 1000000 1000000 157560 185640 31668369 24504413 32825929 25690053 239000 187000 239000 187000 0 12650697 0 12650697 5149043 0 187500 0 1520397 695980 0 15218 1042907 1138092 7899847 1849290 7899847 14499987 40964776 40377040 8756325 8203505 1217513 1168896 160055 127463 10133893 9499864 17 18 0 627924 34904 45839 34904 673763 3060100 726557 243500 3543157 238000 36000 202000 1336808 272762 52000 1557570 2187587 768750 22532 38540 752742 752742 270000 29285 299285 299285 1000000 1000000 1000000 1000000 185640 195000 28080 9360 157560 185640 24504413 17420059 7135876 7074994 28080 9360 31668369 24504413 Today, the Board of Directors and the Managing Director have approved the annual report of SEC SET ECOFOSS A/S 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. Jeppe Ruseng Hansen Juan Antonio Garcia Tormund Arthur Sebastian Seppänen Nils Jan-Olov Stenbäck We have audited the financial statements of SEC SET ECOFOSS A/S 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, 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 companyLike previous years, the activities are the sale of a number of quality brands within primarily multimedia, hands-free, reversing camera, car stereo, electronic equipments, lightningsources as well as its own brand within LED lighting. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The profit and loss account covers 1 January to 31 December and shows a result of DKK 7.135.876 against DKK 7.074.994 last year. The balance sheet shows equity of DKK 32.825.929. The annual report for SEC SET ECOFOSS A/S 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. 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, write-downs 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 profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue 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. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including lease income from temporary production facilities leased out profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. 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. 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, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. 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 company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. 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). EquipmentEquipment are measured at cost less accrued depreciation and write-down for impairment. 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 lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % 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. As regards self-constructed assets, the cost comprises direct costs for materials, components, deliveries from subsuppliers, payroll costs, and borrowing costs from specific and general borrowing concerning the construction of each individual asset. LeasesAll other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityRevaluation reserveRevaluations of property less deferred tax are recognised under the revaluation reserve. The reserve is reduced when the value of revalued property is reduced due to depreciation. The reduction represents the difference between depreciation based on the revalued carrying amount of the property and depreciation based on the original cost of the property. The reserve is partly or totally dissolved on the sale of the property and reduced as a result of impairment loss on property. 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. 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 in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 6.Charges and securityNone. 7.ContingenciesContingent liabilitiesLease liabilities The company has entered into operational leases with an average annual lease payment of DKK 315.000 The leases have up to 40 months to maturity and total outstanding lease payments total DKK 372.000 Upon expiry of the contract, the company is obliged to buy the asset or designate a buyer for it. Residual value amounts to DKK 230.000 excluding VAT Warranty commitments and other contingent liabilities: The company har entered into a tenancy agreement with an annual rent on DKK 1.172.000 The  agreement may be terminated by giving 6 month notice. However, the tenancy agreement can only  be terminated for eviction on 31 March 2033