44257505 2025-01-01 2025-12-31 44257505 2025-01-01 2025-12-31 1 44257505 2023-08-24 2024-12-31 44257505 2025-12-31 44257505 2024-12-31 44257505 2025-01-01 d:ContributedCapitalMember 44257505 2025-01-01 d:RetainedEarningsMember 44257505 2025-01-01 2025-12-31 d:RetainedEarningsMember 44257505 2025-12-31 d:ContributedCapitalMember 44257505 2025-12-31 d:RetainedEarningsMember 44257505 2025-01-01 d:PropertyPlantAndEquipmentInProgressMember 44257505 2025-01-01 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 44257505 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 44257505 2025-12-31 d:PropertyPlantAndEquipmentInProgressMember 44257505 2025-12-31 1 44257505 2025-01-01 d:LongtermPayablesToGroupEnterprisesMember 44257505 2025-12-31 d:LongtermPayablesToGroupEnterprisesMember xbrli:pure iso4217:DKK xbrli:shares 18351331 European Energy Gyngemose Parkvej 50 2860 Søborg 2025-01-01 2025-12-31 2023-08-24 2024-12-31 Jan Paulsen Regnskabsklasse B true false 2026-06-10 Ingen bistand CaseWare-FSR Annual report 2 The executive board has today discussed and approved the annual report of Padborg PtX ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In my 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 my opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends to the company in general meeting that the financial statements for 2025 are not to be audited. Management considers the criteria for not auditing the financial statements to be met. The financial statements have not been audited. Management considers the criteria for not auditing the financial statements to be met. Management recommends that the annual report should be approved by the company in general meeting. Knud Erik Andersen Director Padborg PtX ApS Gyngemose Parkvej  50 2860  Søborg 44257505 Gladsaxe Business reviewThe purpose of the company is to develop, run and produce substainable energy by means of PtX. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 1.550, and the balance sheet at 31 December 2025 shows negative equity of DKK 41.839.FinancingThe company's assets and liabilities have been assessed with continued operations in mind. Management is aware of the capital loss and of the Danish Company's Act § 119. Management will at the ordinary general meeting explain the capital loss and plans for re-establishing the share capital.   The Company is unable to restore the equity without shareholder support. Management expects to reestablish the capital through future operations or injection of capital. Letter of support has been given by the owners of the company. On the basis herof, debt repayment terms and available cash, the management assess the going concern basis satisfactory at least until the approval of the 2026 annual report. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. The annual report of Padborg PtX ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Other external expenses include expenses related to administration etc. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions etc. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.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.Interest expenses on loans obtained specifically for the purpose of financing the manufacturing of items of property, plant and equipment are included in cost over the manufacturing period. All indirect, attributable borrowing costs are recognised in the income statement.Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale.   Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively. The carrying amount of items of fixed assets is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made to the lower of the recoverable amount and the carrying amount.The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life. Receivables are measured at amortised cost. Cash and cash equivalents comprise cash and deposits at banks. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and 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 acquired in foreign currencies are translated at the exchange rate at the transaction date. 0 0 3391 99364 -3391 -99364 -3391 -99364 2924 1743 1296 710 -1763 -98331 -213 -18042 -1550 -80289 -1550 -80289 12403242 6514107 12403242 6514107 12403242 6514107 943856 396529 8323 18042 952179 414571 164947 5185 1117126 419756 13520368 6933863 40000 40000 -81839 -80289 -41839 -40289 12859389 6490107 12859389 6490107 702818 484045 702818 484045 13562207 6974152 13520368 6933863 40000 -80289 -1550 40000 -81839 The company's assets and liabilities have been assessed with continued operations in mind. Management is aware of the capital loss and of the Danish Company's Act § 119. Management will at the ordinary general meeting explain the capital loss and plans for re-establishing the share capital.   The Company is unable to restore the equity without shareholder support. Management expects to reestablish the capital through future operations or injection of capital. Letter of support has been given by the owners of the company. On the basis herof, debt repayment terms and available cash, the management assess the going concern basis satisfactory at least until the approval of the 2026 annual report. 0 0 The Company has entered into administration agreements with European Energy A/S. Within this agreement is included a management remuneration fee, as the Company management is not remunerated by the Company. 2534 7423 390 -169 0 -5511 2924 1743 634995 246938 0 6 1290 709 -634989 -246943 1296 710 6514107 5889135 12403242 12403242 634989 The share capital consists of 40.000  shares  of a nominal value of DKK 1. No shares carry any special rights. 40000 1 6490107 12859389 0 0 The company is jointly taxed with its parent company, KEA Holding I ApS (management company), and has limited and secondary liability together with other jointly taxed entities for payment of income taxes as well as for payment of withholding taxes on dividends, interest and royalties. According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital: