41719648 2025-01-01 2025-12-31 41719648 2025-01-01 2025-12-31 1 41719648 2025-01-01 2025-12-31 2 41719648 2025-01-01 2025-12-31 1 41719648 2025-01-01 2025-12-31 2 41719648 2025-01-01 2025-12-31 3 41719648 2025-01-01 2025-12-31 1 41719648 2024-01-01 2024-12-31 41719648 2025-12-31 41719648 2024-12-31 41719648 2025-01-01 c:ContributedCapitalMember 41719648 2025-01-01 c:RetainedEarningsMember 41719648 2025-01-01 2025-12-31 c:RetainedEarningsMember 41719648 2025-12-31 c:ContributedCapitalMember 41719648 2025-12-31 c:RetainedEarningsMember xbrli:pure iso4217:DKK true BDO Statsautoriseret Revisionspartnerselskab Nørrebro 15 DK-9800 Hjørring 45719375 Årsrapport 5 2026-01-30 Lars Dahl Allerup Human Bytes ApS Ørnegårdsvej 16 2820 Gentofte Andre erklæringer uden sikkerhed www.humanbytes.ai 41719648 2020-09-29 Gentofte 2025-01-01 2025-12-31 2024-01-01 2024-12-31 BDO Statsautoriseret Revisionspartnerselskab Nørrebro 15 9800 Hjørring Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Human Bytes 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. The Board of Directors and Executive Board remain of the opinion that the conditions for opting out of audit have been fulfilled.   We recommend the Annual Report be approved at the Annual General Meeting. Gentofte 2026-01-30 Frederik Baastrup Hammer Ulrik Juul Rokkedal Therkildsen Lars Dahl Allerup Chairman Frederik Baastrup Hammer Ulrik Juul Rokkedal Therkildsen To the Shareholder of Human Bytes ApS We have compiled these Fi­nan­ci­al Sta­te­ments of Human Bytes ApS for the fi­nan­ci­al year 1 January - 31 December 2025 based on the Com­pa­ny's accounting records and other information provided by Ma­na­ge­ment.   These Fi­nan­ci­al Sta­te­ments comprise income statement, balance sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and accounting policies.   We performed this compilation engagement in accordance with the International Standard, Compilation Engagements.   We have applied our professional expertise to assist Ma­na­ge­ment in the preparation and presentation of these Fi­nan­ci­al Sta­te­ments in accordance with the Da­nish Fi­nan­ci­al State­ments Act. We have complied with relevant statutory provisions of the Danish Audit Act and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), including principles of integrity, objectivity, professional behaviour, and due care.   These Fi­nan­ci­al Sta­te­ments and the accuracy and completeness of the information used to compile these Fi­nan­ci­al Sta­te­ments are Ma­na­ge­ment’s responsibility.   Since an engagement to compile financial information is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by Ma­na­ge­ment to us to compile these Fi­nan­ci­al Sta­te­ments. Accordingly, we do not express an audit opinion or a review conclusion on whether these Fi­nan­ci­al Sta­te­ments are prepared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Hjørring 2026-01-30 BDO Statsautoriseret Revisionspartnerselskab 45719375 Kim Winther Andre erklæringer uden sikkerhed State Authorised Public Accountant mne34261 Principal activities The company’s main activity is sales of software to healthcare in the Nordic countries. The ambition is to improve patient outcome and healthcare economics by introducing advanced technologies, especially artificial intelligence (AI) for healthcare. Development in activities and financial and economic position 2025 was a year where sales traction picked-up and the company passed more than 50 AI projects across the Nordic countries, and this was the first fiscal year with a positive results. Several large scale contracts were signed and implemented, with value creation above customer expectations for better patient outcomes, workload reduction and equality in healthcare. The company has during 2025 continued to expand and optimize its portfolio of world leading AI solutions, including entering new areas such as skin cancer, ambient scribe and much more.  The overall financial result for 2025 represents a profit, showing an improvement compared to 2024 and inline with expectations. The strong sales performance across several markets in 2025 has strengthened the Board of Directors’ confidence in the market and the business model. The growth strategy for 2025 will accelerate into 2026 and beyond, supporting increased confidence in the long-term ambitions. The business model of Human Bytes ApS is primarily subscription based, with annual reoccurring revenue (ARR), and with contract length of typically 4 years. However, revenue and costs are recognized in the income statement in the annual report for the months where the service is delivered according to the contract. The current owners have injected additional funding during 2025, to accelerate the growth and to ensure the ability to unlock the longer term ambitions. The outlook for 2026 is a continued positive development, where gross profit is re-invested into building the organization and the sales traction, leading to a modest, but again a positive result. The company is financed with loans from shareholders which excess of the negative equity. Based on settled contracts management expect that current cash, estimated earnings in 2026 and postponement of repayment of loans to owners, will serve sufficient cash for the continues operation in 2026.   The company is financed with loans from shareholders which excess of the negative equity. Based on settled contracts  management expect that current cash, estimated earnings in 2026 and postponement of repayment of loans to owners, will serve sufficient cash for the continues operation in 2026.   4204406 -667000 3785421 2024000 418985 -2691000 337321 167000 81664 -2858000 -660000 -660000 741664 -2198000 741664 -2198000 741664 -2198000 13738 67000 13738 67000 13738 67000 1695471 969000 1320000 660000 0 2000 524685 162000 3540156 1793000 1147721 979000 4687877 2772000 4701615 2839000 53333 53000 -2194883 -2937000 -2141550 -2884000 62462 348000 4060650 3723000 1927715 1012000 6843165 5723000 6843165 5723000 4701615 2839000 DKKSha­re ca­pi­talRetained earningsTotal Equity at 1 January 202553,333-2,936,547-2,883,214 Proposed profit allocation 741,664741,664 Equity at 31 December 202553,333-2,194,883-2,141,550 53333 -2936547 741664 53333 -2194883 1 | Going concern assumptions The company is financed with loans from shareholders which excess of the negative equity. Based on settled contracts management expect that current cash, estimated earnings in 2026 and postponement of repayment of loans to owners, will serve sufficient cash for the continues operation in 2026.   20252024 DKKDKK '000 2 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees32 Wages and salaries 3,549,0741,953 Pensions 113,7009 Social security costs 8,01314 Other staff costs 114,63448 3,785,4212,024 3 2 3549074 1953000 113700 9000 8013 14000 114634 48000 3785421 2024000 -660000 -660000 Contingent liabilities Office rental can be terminated with 3 months notice. Other financial commitments The company has entered into an operating lease agreement. The total commitment amounts to 8 months’ rent, totaling DKK 50 thousand. 5 | Charges and securities There are no charges or securities in the company's assets. The Annual Report of Human Bytes ApS for 2023 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 Sale of services and licence fee is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Other external expenses Other external expenses include other sales and administrative costs, including costs of marketing, premises etc   Payments related to operating lease expenses and other lease agreements are recognised in the Income Statement over the contract period. The Company’s total liability concerning operating and other lease agreements are stated under contingencies, 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, 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.   Financial non-current assets Deposits include rental deposits which are recognised and measured at cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of  fi­xed as­sets, which are not mea­su­red at fair va­lue,, 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.   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.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   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.   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 Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the loan period.   The amortised cost of current liabilities corresponds usually to the nominal value.   Accruals, liabilities Accruals recognised as liabilities include payments received regarding income in subsequent years.