44901285 2025-01-01 2025-12-31 44901285 2025-01-01 2025-12-31 auditor_1 44901285 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 44901285 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 44901285 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 44901285 2025-01-01 2025-12-31 memberOfBoardIdentifier_3 44901285 2024-01-01 2024-12-31 44901285 2025-12-31 44901285 2024-12-31 44901285 2024-12-31 fsa:ContributedCapitalMember 44901285 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 44901285 2024-12-31 fsa:RetainedEarningsMember 44901285 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 44901285 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 44901285 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 44901285 2025-12-31 fsa:ContributedCapitalMember 44901285 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 44901285 2025-12-31 fsa:RetainedEarningsMember 44901285 2024-12-31 fsa:CompletedDevelopmentProjectsMember 44901285 2024-12-31 fsa:GoodwillMember 44901285 2024-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 44901285 2025-01-01 2025-12-31 fsa:CompletedDevelopmentProjectsMember 44901285 2025-01-01 2025-12-31 fsa:GoodwillMember 44901285 2025-01-01 2025-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 44901285 2025-12-31 fsa:CompletedDevelopmentProjectsMember 44901285 2025-12-31 fsa:GoodwillMember 44901285 2025-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 44901285 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 44901285 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 44901285 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 44901285 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 44901285 2025-12-31 fsa:InvestmentsInGroupEnterprisesMember 44901285 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_1_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_1_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_2_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_2_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_3_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_3_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-01-01 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_4_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-12-31 LongtermInvestmentsInGroupEnterprises_detail_4_LongtermInvestmentsInGroupEnterprises_Member 44901285 2025-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 44901285 2024-12-31 fsa:LongtermPayablesToGroupEnterprisesMember 44901285 2025-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 44901285 2024-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember iso4217:DKK pure xbrli:pure 2024-01-01 2024-12-31 2026-05-28 44901285 2026-05-28 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements KPMG 25578198 Annual report Lars Christian Caspersen The Board of Directors and the Executive Board have today discussed and approved the annual report for Lyngsoe Systems Library Solutions 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. 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. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Aars 2026-05-12 Henrik Kjeldgaard CEO Lars Christian Caspersen Chairman Michael Vistisen Deputy Chairman Henrik Kjeldgaard Independent auditor's report To the shareholder of Lyngsoe Systems Library Solutions A/S Opinion We have audited the financial statements of Lyngsoe Systems Library Solutions A/S for the financial year 1 January - 31 December 2025, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared 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 in accordance with the Danish Financial Statements Act. 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's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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 the Management's reviewManagement is responsible for the Management's review.Our opinion 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 audit 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 audit, 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 Statement Act. We did not identify any material misstatement of the Management's review. Aalborg 2026-05-12 KPMG 25578198 Steffen S. Hansen State Authorised Public Accountant mne32737 Lyngsoe Systems Library Solutions A/S Lyngsø Alle 3 DK-9600 Aars 44901285 2024-06-17 Vesthimmerlands 2025-01-01 2025-12-31 KPMG Statsautoriseret Revisionspartnerselskab Østre Havnegade 22D 9000 Aalborg 25578198 37990000 11726000 13679000 2927000 14640000 -1651000 25238000 1069000 195482000 210687000 1066000 1945000 116707000 91469000 2420 120 5970 4340 28000 27000 Lyngsoe Systems Library Solutions A/S was established on 17 June 2024. The financial ratios have been calculated as follows:Return on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities Lyngsoe Systems Library has been a world leader with-in Library solutions for more than 20 years and holds a leading position with-in automating material handling. With a proven track record with thousands of installations around the world, the Lyngsoe Systems Library team can demonstrate extensive experience in customer knowledge, solution design, hardware and software development. Lyngsoe Systems Library improves patron service and library efficiency by automating material handling of libraries globally by means of sortation, advanced self-service and Intelligent Material Management Systems (IMMS). When Lyngsoe Systems solutions are used, heavy and/or time-consuming processes are automated enabling library staff to accomplish more patron-oriented tasks while improving the physical work environment at a reduced operating cost. From the largest institutional libraries to the smallest branches, Lyngsoe Systems provides complete library automation solutions to meet the specific needs and requirements of the most modern way of operating today’s libraries in a constantly changing educational and cultural environment. Development in activities and financial position Profit for the year (including comparison with outlook previously announced) The Company's income statement for 2025 shows a profit of DKK 25,238 thousand as against a profit of DKK 1,069 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 116,707 thousand as against DKK 91,469 thousand at 31 December 2024. Lyngsoe Systems Library Solutions A/S was registered as a new company on 17 June 2024. Lyngsoe Systems Library Solutions was established to have a dedicated subsidiary of the Lyngsoe Systems Group that could focus exclusively on the unique needs of libraries. This strategic move allows us to provide even greater focus and specialised support to our library partners while maintaining the strength and synergies of the Lyngsoe Systems Group. Financial results for 2025 reflect an improvement in our Library activities in 2025, with a strong organic growth on revenue and profit in a full year comparison. Library exceeds last year outlook for 2025 before tax. The numbers for last year only cover the period from 1 September until 31 December 2024. In December 2025, Lyngsoe Systems Inc, a daughter company of Lyngsoe Systems Library Solutions, acquired MKS Inc activities in North America. The Company has a solid capital structure with a solvency ratio increasing to 59.7% versus 43.4% in 2024. The Company is well funded and has access to needed credit facility for further investment and acquisitions. Events after the balance sheet date Since the balance sheet date, the escalation of the conflict in the Middle East has led to higher prices for oil and other related products and may also adversely affect the supply chain for our Library business. The potential impact on profitability and demand in 2026 remains uncertain. However, based on prior experience, the Library business has historically demonstrated strong resilience during periods of changing market conditions. No other events have occurred after the balance sheet date to this date that would influence the assessment and evaluation of this annual report in any substantial way. 37990000 11726000 20163000 7083000 4148000 1716000 13679000 2927000 14328000 0 1360000 1133000 1048000 2784000 28319000 1276000 3081000 207000 25238000 1069000 6282000 7814000 18794000 20743000 8715000 4731000 33791000 33288000 2381000 1796000 142020000 142020000 178192000 177104000 481000 783000 5196000 10958000 370000 3012000 9797000 13182000 1062000 3426000 343000 0 41000 995000 16809000 31573000 0 1227000 17290000 33583000 195482000 210687000 400000 400000 4900000 6095000 111407000 84974000 116707000 91469000 4351000 3633000 762000 976000 5113000 4609000 22500000 50000000 1636000 1578000 24136000 51578000 2728000 0 3330000 4262000 918000 2223000 33833000 41742000 502000 0 2879000 5304000 5336000 9500000 49526000 63031000 73662000 114609000 195482000 210687000 400000 6095000 84974000 0 -1195000 26433000 400000 4900000 111407000 The annual report of Lyngsoe Systems Library Solutions A/S for 2025 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Lyngsoe Systems Library Solutions A/S and group entities are included in the consolidated financial statements of Lyngsoe Systems Group ApS, Aars, CVR no. 43343866. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Lyngsoe Systems Group ApS. Recognition and measurement 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. Certain financial assets and liabilities are measured at amortised cost implying the recognition of a constant effective interest rate to maturity. Amortised cost is calculated as initial cost minus any principal repayments and plus or minus the cumulative amortisation of any difference between cost and nominal amount. When assets and liabilities are recognised and measured, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the year's earnings are recognised, including depreciation, amortisation, impairment losses and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognised in the income statement. Foreign currency translation At initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets settled in foreign currencies are translated at the exchange rates at the transaction date. All the Company's foreign subsidiaries are integral entities whose income statements are translated into Danish kroner at the average exchange rates for the year and whose balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of opening equity of foreign subsidiaries at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates ruling at the balance sheet date are recognised directly in equity. Revenue Revenue includes sales of library automation solutions, typically including engineering, software, licenses and hardware components. Further revenue compromises service contracts. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognises revenue when it transfers control over goods or services to a customer. The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, who has pricing latitude and who is also exposed to inventory and credit risks. Library automation solutions meet the criteria for revenue to be recognised over time, on a percentage of completion basis. This is due to the customisation of components to customer specifications (selected options) which means that Lyngsoe Systems has no alternative use for the component once customisation commences and Lyngsoe Systems has a right to payment for work completed to date. The Group's contracts with customers for the sale of library automation solutions generally include two performance obligation. Used hours are recognised over time, and hardware is recognised at the time of delivery. Software licenses are also recognised at the time of delivery. Service work and contracts are recognised over time. For library automation solutions, payments are based on milestones, generally leading to prepayments in the first phase and assets in the end period. Trade receivables are non-interest bearing and are generally on terms of 14 to 60 days. Generally, normal standard warranty obligations apply. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise salaries and wages, including holiday allowance, pension and other social security costs, etc. to the Company's employees. Income from equity investments in subsidiaries and participating interests (including associates) Dividends from equity investments in subsidiaries and participating interests (including associates) measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. To the extent that the dividends exceed the accumulated earnings after the acquisition date, the dividends are recognised as a reduction of the cost of the equity investment. Financial income and expenses Financial income and expenses comprise interest income and expenses, currency adjustments and amortisation of financial assets. Tax on profit for the year The Danish group entities are jointly taxed together with other Danish entities controlled by Accent Equity 2017 AB and are taxed under the on-account tax scheme. Current Danish tax is allocated between the jointly taxed Danish companies in proportion to their taxable incomes (full absorption). Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Development projects Costs of development at the Company's own expense are capitalised if the projects are clearly defined and identifiable, where the technical utilisation degree and a potential future market or development potential in the Company are evidenced. It is also required that the Company intends to produce, market or use the outcome of the project The cost of such projects includes direct wages and a share of the Company's indirect costs. Capitalised development costs are amortised upon completion of the development work on a straight-line basis over the estimated useful lives. The amortisation period represents 3-5 years Development costs incurred in connection with specific customer projects are expensed in the financial statements Gains and losses on the disposal of development costs are determined as the difference between the sales price less disposal costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as amortisation. Goodwill Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over the expected economic life. The amortisation period may not exceed 20 years and is longest for strategically acquired entities with strong market positions and long-term earnings profiles Property, plant and equipmentLand and buildings, plant and machinery fixtures and fittings, other plant and equipment are measured at cost, added net revaluations and less accumulated depreciation and impairment losses. The basis of depreciation is cost, added net revaluations and less any expected residual value after the end of the useful life. Land is not depreciated.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub suppliers, and wages and salaries.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives are as follows:Fixtures and fittings, tools and equipment3-5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Investments not exceeding DKK 32 thousand are recognised as an expense in the year of acquisition. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the sales price less disposal costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as depreciation. Leases All leases are operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Financial assets Equity investments in subsidiaries and associates are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable or a receivable portfolio has been impaired. If there is an objective indication that an individual receivable has been impaired, a write-down is made based on an individual assessment. Contract work in progress Contract work in progress is measured at the selling price of the work performed less progress billings and anticipated losses. When it is probable that the total contract costs will exceed the total contract revenue, the anticipated loss on the contract is immediately recognized as an expense and a provision. Where the selling price of work performed exceeds progress billings on contract work in progress and anticipated losses, the excess is recognised under receivables. If progress billings and anticipated losses exceed the selling price of contract work in progress, the deficit is recognized under liabilities Prepayments from customers are recognised as liabilities. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured on the basis of the planned use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Reserve for development costsThe reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividend, distribution or for the cover of losses. If recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the development costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Provisions Provisions comprise anticipated costs related to warranties, losses on work in progress, etc. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. Warranties comprise obligations to make good any defects within the warranty period of 1-3 years. Provisions for warranties are measured and recognised on the basis of past experience. If it is likely that total costs will exceed total income from contract work in progress, a provision is made for the total loss anticipated on the contract. The provision is recognised as costs in the income statement. Liabilities other than provisionsFinancial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.The liability in relation to frozen holiday funds is measured at net realisable value, including indexation. Indexation adjustments are recognised as interest expense in the income statement.Other liabilities are measured at amortised cost. Deferred income Deferred income comprises payments received concerning income in subsequent years. 17764000 6362000 2273000 662000 126000 59000 28 27 In accordance with section 98b(3) of the Danish Financial Statements Act, remuneration of the Executive Board has not been disclosed. The Board of Directors has not been remunerated. -1360000 -51000 0 -1082000 0 2777000 126000 7000 922000 0 2364000 -3426000 892000 3633000 -175000 0 -1195000 6095000 26433000 -5026000 8666000 21458000 4731000 144000 0 3984000 8810000 21458000 8715000 -852000 -715000 0 -1676000 -1949000 0 -2528000 -2664000 0 6282000 18794000 8715000 Completed development projects Completed development projects and development projects in progress relate mainly to the development of Library Solutions. The completed projects are amortised over five years. The projects in progress are expected to be completed within 1–2 years and to bring considerable economic benefits. 1945000 1066000 3011000 -149000 -481000 -630000 2381000 142020000 142020000 142020000 Lyngsoe Systems Inc. Maryland, USA 100000 Lyngsoe Systems AG Hamburg, Germany 100000 Lyngsoe Systems OY Kerava, Finland 100000 Lyngsoe Systems Ltd. Lincolnshire, UK 100000 5514000 10086000 -8474000 -11336000 370000 3012000 3330000 4262000 Prepayments comprise prepaid expenses concerning leasing and insurance premiums, etc. 3633000 0 718000 3633000 Deferred tax liabilities are attributable to deferred tax arising from development projects and contract work in progress. 33833000 41742000 22500000 50000000 2879000 5304000 0 146000 1636000 1432000 24136000 51578000 36712000 47046000 Repayment of Payables to group entities has no committed repayment in 2026 and repayment depends on the Company’s cash resources during the year. Deferred income of DKK 5,336 (2024: 9,500 thousand) comprise service agreements Contingent liabilities, including guarantee commitments The Company is jointly taxed with other Danish group entities and entities controlled by the ultimate Parent Company. As a jointly taxed company, the Company has joint unlimited liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation unit. Any subsequent corrections of income subject to joint taxation or withholding taxes could result in an increased liability for the Company. Accent Equity 2017 AB, Engelbrektsgatan 7, 114 32 Stockholm, Sweden, controls the majority of the share capital in the Lyngsoe Systems Library Solutions A/S through Lyngsoe Systems Finance ApS and Lyngsoe Systems Group ApS, Lyngsø Alle 3, 9600 Aars Lyngsoe Systems Library Solutions A/S is part of the consolidated financial statements of Lyngsoe Systems Finance ApS, Aars, and the consolidated financial statements of Lyngsoe Systems Group A/S, Aars, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of Lyngsoe Systems Finance ApS and the consolidated financial statements of Lyngsoe Systems Group A/S can be obtained by contacting the companies at the above addresses. Related party transactions DKK'0002025 Sale of goods and services to a group entity 4,815 Purchase of goods and services from a group entity 12,892 Receivables and payables from group entities are disclosed in the balance sheet, and interest income and expense are disclosed in notes 3 and 4. Since the balance sheet date, the escalation of the conflict in the Middle East has led to higher prices for oil and other related products and may also adversely affect the supply chain for our Library business. The potential impact on profitability and demand in 2026 remains uncertain. However, based on prior experience, the Library business has historically demonstrated strong resilience during periods of changing market conditions. No other events have occurred after the balance sheet date to this date that would influence the assessment and evaluation of this annual report in any substantial way.