38404008 2025-01-01 2025-12-31 38404008 2025-01-01 2025-12-31 1 38404008 2025-01-01 2025-12-31 1 38404008 2025-01-01 2025-12-31 1 38404008 2025-01-01 2025-12-31 2 38404008 2025-01-01 2025-12-31 3 38404008 2025-01-01 2025-12-31 4 38404008 2025-01-01 2025-12-31 5 38404008 2024-01-01 2024-12-31 38404008 2025-12-31 38404008 2024-12-31 38404008 2024-01-01 d:ContributedCapitalMember 38404008 2024-01-01 d:SharePremiumMember 38404008 2024-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38404008 2024-01-01 d:ReserveForDevelopmentExpenditureMember 38404008 2024-01-01 d:RetainedEarningsMember 38404008 2024-01-01 2024-12-31 d:ContributedCapitalMember 38404008 2024-01-01 2024-12-31 d:SharePremiumMember 38404008 2024-01-01 2024-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38404008 2024-01-01 2024-12-31 d:DistributionsMember 38404008 2024-01-01 2024-12-31 d:RetainedEarningsMember 38404008 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 38404008 2025-01-01 d:ContributedCapitalMember 38404008 2025-01-01 d:SharePremiumMember 38404008 2025-01-01 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38404008 2025-01-01 d:ReserveForDevelopmentExpenditureMember 38404008 2025-01-01 d:RetainedEarningsMember 38404008 2025-01-01 2025-12-31 d:ContributedCapitalMember 38404008 2025-01-01 2025-12-31 d:SharePremiumMember 38404008 2025-01-01 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38404008 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38404008 2025-01-01 2025-12-31 d:RetainedEarningsMember 38404008 2025-12-31 d:ContributedCapitalMember 38404008 2025-12-31 d:SharePremiumMember 38404008 2025-12-31 d:ReserveForNetRevaluationAccordingToEquityMethodMember 38404008 2025-12-31 d:ReserveForDevelopmentExpenditureMember 38404008 2025-12-31 d:RetainedEarningsMember 38404008 2025-01-01 d:CompletedDevelopmentProjectsMember 38404008 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 38404008 2025-12-31 d:CompletedDevelopmentProjectsMember 38404008 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 38404008 2025-01-01 d:LeaseholdImprovementsMember 38404008 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38404008 2025-12-31 d:LeaseholdImprovementsMember 38404008 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 38404008 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 38404008 2025-01-01 d:InvestmentsInGroupEnterprisesMember 38404008 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 38404008 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38404008 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38404008 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38404008 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 38404008 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 38404008 2025-12-31 d:LongtermDebtToOtherCreditInstitutionsMember 38404008 2025-12-31 d:LongtermEquityLoanMember 38404008 2025-12-31 d:LongtermPayablesToAssociatesMember 38404008 2025-12-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2025-01-01 2025-12-31 2024-01-01 2024-12-31 38404008 Accutics ApS Farvergade 17, 3. 1463 Copenhagen K 2017-02-09 Copenhagen EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M Danmark +45 73 23 30 00 2026-06-17 Torben Frigaard Rasmussen Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-06-17 2026-06-17 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Accutics 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 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 fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Kasper Rasmussen Torben Frigaard Rasmussen Michael Lindebjerg Møller Kasper Rasmussen Javier Alberto Amigo Miranda Michael Haagen Jensen To the shareholders of Accutics ApS We have audited the financial statements of Accutics ApS for the financial year 1 January - 31 December 2025, which comprise 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 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. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 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 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 the 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 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 note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and per­form the audit of the fi­nan­cial state­ments to ob­tain suf­fi­cient ap­pro­priate audit evi­dence re­gar­ding the con­soli­dated fi­nan­cial in­for­ma­tion of the en­tities or busi­ness units as a basis for for­ming an opin­ion on the fi­nan­cial state­ments. We are re­spon­sible for the di­rec­tion, su­per­vision and re­view of the audit work per­formed. We re­main solely re­spon­sible for our audit opin­ion.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. Management 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. Odense Søren Smedegaard Hvid State Authorised Public Accountant mne31450 The company's main activity is development and sale of marketing software and related consulting services.Accutics is a software-as-a-service (SaaS) company with its main activity being development, sale and implementation of the Accutics Platform to larger businesses, globally. The Accutics Platform offers a variety of solutions in support of data driven marketing. There are two (2) main services connected to the Accutics Platform. The first is Accutics Standardize that enable businesses to align tracking and naming of their digital marketing activities across all their platforms (e.g. Google Ads and Facebook). The second main service is Accutics Connect Connect that automatically extracts campaign meta data from ad platforms (e.g., cost, click and view metrics from Google Ads or Facebook) and combine it in one place to provide a full performance overview. The income statement for 2025 shows a loss of DKK 4,337,670 against a loss of DKK 7,037,910 last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 6,782,045. Management considers the Company's financial performance for the year to be in line with expectations. During 2025, the Company completed a capital increase as planned, strengthening its financial position and providing the liquidity required to support continued growth and investment in strategic initiatives. Management does not expect additional funding to be required based on the Company's current cash position, expected cash flows, and business outlook. The Company's business model is primarily based on annual subscription agreements that are invoiced and paid in advance. As a result, the Company receives cash payments before the related subscription revenue is recognized in the income statement over the subscription period. Consequently, the reported loss and negative equity are affected by deferred revenue recognition, while the Company's cash flow and liquidity position are stronger than the accounting result may indicate. The Company has lost its equity, and management is familiar with the requirements of the Danish Financial Statements Act regarding capital loss. The Company continues to invest in development projects and commercial activities intended to support future profitability and re-establish equity. However, re-establishment of equity is not expected in the coming years due to the Company's continued focus on growth. We further refer to note 2. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 19310703 15776959 16089360 19533630 5058204 3711187 -1836861 -7467858 -1441667 323820 24008 95485 1773380 1182682 -5027900 -8231235 -690230 -1193325 -4337670 -7037910 -33970 400888 -4303700 -7438798 11486572 11831916 11486572 11831916 24799 103845 118400 178414 143199 282259 849318 883288 205050 205050 1054368 1088338 12684139 13202513 6081508 2964422 37925 0 0 1203308 0 10 381779 415188 6501212 4582928 2022321 2713819 8523533 7296747 21207672 20499260 125095 120450 12983406 8988051 729553 763523 8959526 9228894 -29579625 -25545293 -6782045 -6444375 0 690230 0 690230 10808262 6292734 3000000 3000000 1197091 943424 207452 200050 15212805 10436208 0 3558652 10746791 8757688 482817 448365 0 970528 759285 759295 788019 1322669 12776912 15817197 27989717 26253405 21207672 20499260 110000 0 362635 7748882 -16626483 0 0 0 5469579 -5469579 10450 8988051 0 400888 0 -7438798 3572127 -3572127 0 0 417440 -417440 120450 8988051 763523 9228894 -25545293 0 0 0 3384970 -3384970 4645 3995355 0 -33970 0 -4303700 3730313 -3730313 0 0 -75975 75975 125095 12983406 729553 8959526 -29579625 In accordance with the Company's articles of association, the Board of Directors has been authorized to issue up to 5,500 warrants and up to 6,478 warrants, respectively. These warrants grant the holders the right to subscribe for shares with a total nominal value of up to DKK 11,978, all as A-shares. As a result of these authorizations, the Board of Directors is also authorized to increase the Company's share capital by up to DKK 11,978 through the issuance of A-shares. The annual report of Accutics ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. There have been minor reclassifications in the comparative figures in the income statement, with no impact on the result. Reporting currencyThe financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Licence income is recognised over the term of the agreement in accordance with the contents of the agreement.Revenue from time limited software licences is accrued and recognised on a straight line basis over the term of the licence according to the terms of the licence agreement.Sale of indefinite software licences is recognised as sale of goods whereby revenue is recognised when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, change in inventories of finished goods and work in progress, other operating income and external expenses have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including rental income from the temporary lease out of production facilities, compensation, government grants, refund of wages and salaries, gains on the disposal of intangible assets and property, plant and equipment, etc. Compensation and grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received. Work performed on own account and risk and recognised as assets includes staff costs regarding work performed in the financial year in relation to the construction of one or more assets recognised in the balance sheet. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 3-5 years Fixtures and fittings, other plant and equipment 3-5 yearsImprovements of rented premises 3-5 years The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years and cannot exceed 10 years. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Investments which include deposits is measured at cost. DepositsDeposits include receivable deposits from leases. Deposits include receivable deposits from leases. Equity investments in group entities are measured according to the equity method.On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash. Reserve for net revaluation according to the equity method The net revaluation reserve according to the equity method includes net revaluations of investments in group entities and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities.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. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities are measured at net realisable value. Subordinate loan capitalLiabilities where the creditors have stated they are willing to subordinate their claim to rank after all the entity's other creditors are presented as subordinate loan capital. Subordinate loan capital is recognised using the same method as applies to liabilities. Prepayments comprises payments received concerning income in subsequent financial reporting years. The Company has lost its equity, and management is familiar with the requirements of the Danish Financial Statements Act regarding capital loss. The Company continues to operate in a growth phase, with ongoing investments in product development and commercial activities aimed at supporting future growth and profitability. During 2025, the Company completed a capital increase as planned, strengthening its financial position and providing the liquidity required to support its operations and growth initiatives. The Company's cash position and liquidity development are in line with management's expectations and budgets. Furthermore, the Company's business model is primarily based on annual subscription agreements that are invoiced and paid in advance. As a result, the Company receives cash payments before the related subscription revenue is recognized in the income statement over the subscription period. Consequently, reported losses and equity are affected by deferred revenue recognition, while operating cash flows and liquidity remain stronger than the accounting results may indicate. Based on the Company's current cash position, expected cash flows, and business outlook, management believes that the Company has adequate resources to continue its operations for the foreseeable future. Accordingly, the annual report has been prepared on a going concern basis. 13186010 16606860 2062139 2338443 237037 254818 604174 333509 16089360 19533630 22 25 1773380 1182682 0 -1203308 -690230 9983 22454561 4573800 1188831 25839530 10622645 4307133 576820 14352958 11486572 Based on the current development projects the company expects a significant increase in activities the coming years. The company has made a simple valuation of the company based on the expected revenue going forward. Management has not identified any evidence of impairment relative to the carrying amount. 237139 300068 237139 300068 133294 121654 79046 60014 212340 181668 24799 118400 119765 205050 119765 205050 763523 0 -330212 0 296242 729553 0 849318 205050 10808262 0 10808262 0 3000000 0 3000000 0 1197091 0 1197091 0 207452 0 207452 207452 Other payables consist primaliry of payable salaries and payable VAT. Other contingent liabilities The company is involved in legal proceedings related to an employment matter. The case is still in preparation. A court date has been set to 2027. The case remains subject to significant uncertainty with respect to both the final outcome and any potential financial exposure. Based on management’s current assessment, a possible financial obligation is preliminarily estimated to range between DKK 0 and DKK 300 tousand. Other rent liabilities: DKK20252024 Rent liabilities420,351410,094 As security for the Company's debt to banks, creditors and other suppliers, the Company has provided security or other collateral in its intangible assets, property, plant and equiptment & trade receivables for at total amount of DKK 2,000 thousand.