43122738 2025-01-01 2025-12-31 43122738 2025-01-01 2025-12-31 2 43122738 2025-01-01 2025-12-31 1 43122738 2025-01-01 2025-12-31 2 43122738 2025-01-01 2025-12-31 1 43122738 2025-01-01 2025-12-31 2 43122738 2025-01-01 2025-12-31 1 43122738 2024-01-01 2024-12-31 43122738 2025-12-31 43122738 2024-12-31 43122738 2025-01-01 d:ContributedCapitalMember 43122738 2025-01-01 d:RetainedEarningsMember 43122738 2025-01-01 2025-12-31 d:RetainedEarningsMember 43122738 2025-12-31 d:ContributedCapitalMember 43122738 2025-12-31 d:RetainedEarningsMember 43122738 2024-01-01 d:ContributedCapitalMember 43122738 2024-01-01 d:RetainedEarningsMember 43122738 2024-01-01 2024-12-31 d:RetainedEarningsMember 43122738 2024-12-31 d:ContributedCapitalMember 43122738 2024-12-31 d:RetainedEarningsMember 43122738 2025-01-01 d:InvestmentsInGroupEnterprisesMember 43122738 2024-01-01 d:InvestmentsInGroupEnterprisesMember 43122738 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43122738 2024-01-01 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43122738 2025-12-31 d:InvestmentsInGroupEnterprisesMember 43122738 2024-12-31 d:InvestmentsInGroupEnterprisesMember 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 1 43122738 2025-12-31 d:SubsidiaryMember 1 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 2 43122738 2025-12-31 d:SubsidiaryMember 2 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 3 43122738 2025-12-31 d:SubsidiaryMember 3 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 4 43122738 2025-12-31 d:SubsidiaryMember 4 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 5 43122738 2025-12-31 d:SubsidiaryMember 5 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 6 43122738 2025-12-31 d:SubsidiaryMember 6 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 7 43122738 2025-12-31 d:SubsidiaryMember 7 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 8 43122738 2025-12-31 d:SubsidiaryMember 8 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 9 43122738 2025-12-31 d:SubsidiaryMember 9 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 10 43122738 2025-12-31 d:SubsidiaryMember 10 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 11 43122738 2025-12-31 d:SubsidiaryMember 11 43122738 2025-01-01 2025-12-31 d:SubsidiaryMember 12 43122738 2025-12-31 d:SubsidiaryMember 12 iso4217:DKK xbrli:pure 2024-12-31 false 2026-06-03 Bjarke Jaster Frederiksen Viga RE A/S false 41851112 Grant Thornton 34209936 Ny Østergade 7, 3. 1101 København K 2025-01-01 2025-12-31 2024-01-01 Regnskabsklasse B true false Erklæring om udvidet gennemgang CaseWare-FSR false false Annual report The supervisory board and executive board have today discussed and approved the annual report of VRE J ApS for the financial year 1 January - 31 December 2025. The annual report is 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 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 our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Bjarke Jaster Frederiksen Director Christian Augustinus Glæemose Director Kristian Goth Vinther Chairman Christian Augustinus Glæemose To the shareholder of VRE J ApS Opinion We have performed extended review of the financial statements of VRE J 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 performed work it is our opinion, that 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 Opinion We conducted our extended review in accordance with the Danish Business Authority's standard on au­di­tor's re­port for small enterprises and FSR - danish auditors' standard on extended review of financial statements in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the “Auditor'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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the 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 responsibility is to express a conclusion on the accompanying financial statements. This requires us to perform procedures in order to obtain limited assurance for our conclusion on these financial statements, and in addition perform specifically required supplementary procedures in order to obtain additional assurance for our conclusion.An extended review of financial statements includes procedures primarily consisting of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating 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 these financial statements. 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 extended review 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 extended review, 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 Statements Act. We did not identify any material misstatement of management's review. Copenhagen 2026-06-03 Grant Thornton Claus Koskelin State Authorised Public Accountant mne30140 VRE J ApS Ny Østergade  7, 3. 1101  København K 43122738 Copenhagen 34209936 Lautrupsgade 11 2100 København Ø Business reviewThe company's main activity is investment in, rental and management of real estate and related activities. Financial review The company's income statement for the year ended 31 December 2025 shows a profit of DKK 14.142.154, and the balance sheet at 31 December 2025 shows equity of DKK 323.603.441.Management considers the net profit for the year satisfactory.FinancingThe Group successfully completed a refinancing of all entities under VRE J's financing facilities, transferring the financing arrangements from Jyske Bank to Realkredit Danmark. The refinancing has strengthened the Group's financing structure and provides a solid foundation for future operations and development activities.InvestmentsDuring the financial year, the Group completed the sale of the property Bispevej 1 ApS, generating a satisfactory return and contributing positively to the year's results.   The Group also completed the sale of three residential units in the CPH Flats propety. These transactions represent continued progress in the execution of the Group's divestment strategy.   Based on the interim financial statements for the period from 1 January 2025 to 30 September 2025, the Company reported retained earnings of DKK 375.6 million. On this basis, the General Meeting resolved to distribute dividends of DKK 66.0 million to the mother company Viga RE A/S. The dividend distribution reflects the Company's strong financial position and its ability to return capital to its owner while maintaining an appropriate capital structure. Significant events occurring after the end of the financial yearAfter the balance sheet date the property Strandlodsvej 15 ApS was sold, further strengthening the Group's liquidity position and realizing value from the investment portfolio. 46230 -13099 14366027 0 228171 575978 561418 653929 14079010 -91050 -63144 -20031 14142154 -71019 14142154 -71019 342047712 376510767 342047712 376510767 342047712 376510767 71046 0 177270 0 20979 8500 50665 11531 0 20879 319960 40910 882178 21801021 1202138 21841931 343249850 398352698 40000 40000 323563441 375421287 323603441 375461287 356850 0 19275351 22878312 14208 13099 19646409 22891411 19646409 22891411 343249850 398352698 40000 375421287 -66000000 14142154 40000 323563441 40000 361122015 -71019 14370291 40000 375421287 0 0 228171 575978 228171 575978 561418 653928 0 1 561418 653929 -63144 -11531 0 -8500 376510767 361140476 500000 15370291 -34963055 0 342047712 376510767 0 0 0 0 342047712 376510767 NameRegistered officeShare capitalOwnership interestEquityProfit/loss for the yearCPH Flats ApSCopenhagen0100%30.119.3556.298.178Messinavej ApSCopenhagen0100%26.858.3953.562.349ApS Bolig Teglhusets KøbenhavnCopenhagen0100%89.087.73015.572.653Vigerslev Allé 122-124 ApSCopenhagen0100%9.232.5482.026.060Baunegårdsvej 73 ApSCopenhagen0100%34.675.9319.700.781Kildegårdsvej ApSCopenhagen0100%31.380.6048.334.826Nørrebrogade 32 ApSCopenhagen0100%68.321.01912.795.804Ejendomsselskabet Amagerbrogade 56 ApSCopenhagen0100%24.827.8612.671.440Ejendomsselskabet Strandlodsvej 15 ApSCopenhagen0100%106.802.87923.962.982Linde Alle 48 ApSCopenhagen0100%38.232.6944.076.566Ejendomsselskabet Rådhusvej 11 ApSCopenhagen0100%76.286.1563.340.831HCØ Ejendom ApSCopenhagen0100%28.134.2484.201.804 CPH Flats ApS Copenhagen 100 30119355 6298178 Messinavej ApS Copenhagen 100 26858395 3562349 ApS Bolig Teglhusets København Copenhagen 100 89087730 15572653 Vigerslev Allé 122-124 ApS Copenhagen 100 9232548 2026060 Baunegårdsvej 73 ApS Copenhagen 100 34675931 9700781 Kildegårdsvej ApS Copenhagen 100 31380604 8334826 Nørrebrogade 32 ApS Copenhagen 100 68321019 12795804 Ejendomsselskabet Amagerbrogade 56 ApS Copenhagen 100 24827861 2671440 Ejendomsselskabet Strandlodsvej 15 ApS Copenhagen 100 106802879 23962982 Linde Alle 48 ApS Copenhagen 100 38232694 4076566 Ejendomsselskabet Rådhusvej 11 ApS Copenhagen 100 76286156 3340831 HCØ Ejendom ApS Copenhagen 100 28134248 4201804 The company has acted as a guarantor for the mortgage loans of the affiliated companies. The mortgage debt of the affiliated companies amounts to a total of DKK 654.873 thousand as of 31 December 2025.Joint taxationThe company is jointly taxed with its parent company, Viga RE A/S (management company), and jointly and severally liable with other jointly taxed entities for payment of income taxes as well as for payment of withholding taxes on dividends, interest and royalties. The annual report of VRE J ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, 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. Gross profit reflects an aggregation of revenue less other external expenses. Income is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. 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, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. The company is subject to the Danish rules on compulsory joint taxation.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.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Investment in subsidiaries, associates and participating interests are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value. The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests 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. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash equivalents comprise deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.