44143127 2025-01-01 2025-12-31 44143127 2025-01-01 2025-12-31 1 44143127 2024-01-01 2024-12-31 44143127 2025-12-31 44143127 2024-12-31 44143127 2025-01-01 d:DevelopmentProjectsInProgressMember 44143127 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressMember 44143127 2025-12-31 d:DevelopmentProjectsInProgressMember 44143127 2025-12-31 d:LongtermDeferredIncomeMember 44143127 2025-01-01 d:ContributedCapitalMember 44143127 2024-01-01 d:ContributedCapitalMember 44143127 2025-12-31 d:ContributedCapitalMember 44143127 2024-12-31 d:ContributedCapitalMember 44143127 2025-01-01 d:ReserveForDevelopmentExpenditureMember 44143127 2024-01-01 d:ReserveForDevelopmentExpenditureMember 44143127 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 44143127 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 44143127 2025-12-31 d:ReserveForDevelopmentExpenditureMember 44143127 2024-12-31 d:ReserveForDevelopmentExpenditureMember 44143127 2025-01-01 d:RetainedEarningsMember 44143127 2024-01-01 d:RetainedEarningsMember 44143127 2025-01-01 2025-12-31 d:RetainedEarningsMember 44143127 2024-01-01 2024-12-31 d:RetainedEarningsMember 44143127 2025-12-31 d:RetainedEarningsMember 44143127 2024-12-31 d:RetainedEarningsMember 44143127 2025-01-01 2025-12-31 1 44143127 2025-01-01 2025-12-31 2 44143127 2025-01-01 2025-12-31 3 iso4217:EUR xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 44143127 Insutex ApS Rosenvej 10 4800 Nykøbing F Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Morten Høgh-Petersen statsautoriseret revisor mne34283 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-06-24 Josefine Louise Schwarz Bonde Regnskabsklasse B Andre erklæringer uden sikkerhed Ja CaseWare fra Revisorgruppen Danmark anpartshaverne København 2026-06-24 Nykøbing F 2026-06-24 143927 -14844 198528 33245 -54601 -48089 89 -85 8104 1457 -62616 -49631 15938 -15024 -78554 -34607 -138146 -54424 59592 19817 132752 56352 132752 56352 132752 56352 0 18440 27987 5589 40666 2655 791 226 69444 26910 172014 103079 241458 129989 374210 186341 0 6041 6041 103547 43955 -125157 12989 -15569 62985 14306 0 14306 0 311300 68105 0 28932 311300 97037 28932 0 5135 9115 5589 0 11097 3784 13420 13420 64173 26319 375473 123356 374210 186341 195293 32828 1606 399 1629 18 198528 33245 3 1 56352 76400 132752 132752 28932 0 6041 6041 6041 6041 43955 0 59592 43955 103547 43955 12989 67413 -138146 -54424 -125157 12989 Today, the Executive Board has approved the annual report of Insutex ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. The Executive Board consider the conditions for audit exemption of the 2025 financial statements to be met. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Josefine Louise Schwarz Bonde Thomas Aspen Matti Grau We have compiled the financial statements of Insutex ApS for the financial year 1 January - 31 December 2025 based on the company's bookkeeping and on information you have provided. These financial statements comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Description of key activities of the companyThe purpose of Insutex is to make the construction industry more sustainable. By developing and selling insulation materials made from textile waste, we support the transition towards more sustainable practices within the construction industry. Significant changes in the company's activities and financial mattersThe gross profit for the year totals EUR 143.927 against EUR -14.844 last year. Profit or loss from ordinary activities after tax totals EUR -78.554 against EUR -34.607 last year. Management considers the net profit or loss for the year satisfactory. 2025 marked a milestone year for Insutex, as the company successfully transitioned from development to market entry and initiated saleªs to its first customers. Following several years of product development and validation, the product was introduced in real-world applications, generating valuable proof of performance and market relevance. Customer engagement has been encouraging, with positive dialogue and initial sales demonstrating clear demand for the solution. At the same time, Insutex has experienced increasing recognition within the industry and is gradually establishing itself as a known and reliable provider of sustainable insulation solutions. In parallel, the company strengthened its market position through targeted marketing initiatives and continued development of its go-to-market strategy, while also maintaining progress in securing soft funding to support growth and commercial expansion. Overall, 2025 established Insutex’s position in the market and laid a strong foundation for continued scaling. 2025 was a strong year for Insutex in terms of funding, with the company successfully continuing to secure soft funding for its development activities. In addition, Insutex successfully closed an investment round with a group of external investors, strengthening its financial position and providing a solid foundation for continued growth.  Capital resourcesThe company has lost more than 50% of its equity during the year. Management expects that the company will be able to continue as a going concern and restore its capital through future earnings. The annual report has therefore been prepared on the basis of the company’s continued operation as a going concern.   Objectives and Expectations for the Coming YearBuilding on the progress achieved in 2025, Insutex expects to scale its commercial activities in the coming year, with a focus on increasing sales and expanding its customer base. Further product development will also be a key focus area with an emphasis on enhancing and obtaining certifications for among others higher fire classification to further expand the possible applications for the products. The company aims to convert initial market traction into recurring commercial agreements while continuing to refine its go-to-market strategy and strengthen operational capabilities. Insutex remains focused on building a scalable business model and driving long-term value through continued product development and sustainable innovation. Events occurring after the end of the financial yearNo subsequent events have occurred that would materially affect the Company’s financial statements for 2025.  The annual report for Insutex ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from the previous year, and the annual report is presented in euro (EUR). Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Gross profitGross profit comprises the revenue, cost of sales, own work capitalised, other operating income, and other external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises direct costs incurred as part of the company’s ordinary operating activities. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses relating to debt and transactions in foreign currency as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs comprise salaries, wages, and amortisation directly attributable to development activities. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. After completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 10 years. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Insutex ApS is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Convertible and profit sharing debt instrumentsConvertible loans and other debt instruments with profit sharing or equity linked features are classified as financial liabilities. On initial recognition, such instruments are measured at the fair value of the proceeds received, net of directly attributable transaction costs, and are subsequently measured at amortised cost using the effective interest method. Interest expense is recognised in the income statement under financial items. Any embedded conversion or profit sharing features are not accounted for separately. Potential conversion of debt into equity or other equity linked settlement is only recognised when the relevant conditions for conversion or settlement are met. Upon conversion, the carrying amount of the liability (including accrued interest) is reclassified to equity (share capital and share premium). No gain or loss is recognised in the income statement in connection with the issuance of equity instruments Deferred incomePayments received concerning future income are recognised under deferred income. 1.Capital resourcesThe company has lost more than 50% of its equity during the year. Management expects that the company will be able to continue as a going concern and restore its capital through future earnings. The annual report has therefore been prepared on the basis of the company’s continued operation as a going concern. Disclosure of assumptions related to development projects The capitalised development projects comprise development projects in progress relating to the company’s insulation solutions based on recycled textile waste for use in walls, ceilings and wooden structures in construction projects. The development projects relate to the continued development, testing and optimisation of the company’s insulation products with a focus on thermal performance, acoustic properties, fire performance and practical application in construction. The development projects are progressing in accordance with management’s plans. Activity remains limited, and the company’s primary focus is on the continued development of its solutions, while also directing increasing attention towards future commercialisation. In capitalising the development projects, management has made a number of assumptions relating to the successful completion of the remaining development activities, continued testing and validation of the products, and the expected future economic benefits from the completed solutions. Changes in these assumptions, including delays in development, testing or certification, lower-than-expected market adoption, or adverse technological, regulatory or competitive developments, could lead to material changes in the carrying amount of the capitalised development projects. 6.Contractual obligations and contingencies, etc.Joint taxationThe company has withdrawn from the joint taxation with the former management company Josefine Bonde Holding ApS as of 20 March 2025 and is liable for any tax claims against the other jointly taxed companies until the time of withdrawal from the joint taxation.