43501143 2025-01-01 2025-12-31 43501143 2025-01-01 2025-12-31 0 43501143 2025-01-01 2025-12-31 1 43501143 2025-01-01 2025-12-31 2 43501143 2025-01-01 2025-12-31 3 43501143 2025-01-01 2025-12-31 0 43501143 2025-01-01 2025-12-31 0 43501143 2024-01-01 2024-12-31 43501143 2025-12-31 43501143 2024-12-31 43501143 2024-01-01 fsa:ContributedCapitalMember 43501143 2024-01-01 fsa:RetainedEarningsMember 43501143 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 43501143 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 43501143 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 43501143 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 43501143 2025-12-31 fsa:ContributedCapitalMember 43501143 2025-12-31 fsa:RetainedEarningsMember 43501143 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:DKK 20283416 DEAS A/S Bellidavej 20 2500 Valby Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 0 Bella Tower ApS Bellidavej 20, Bellidavej 20, 2500 Valby 43501143 4 2026-06-22 Brian Rathje Today, Management has considered and adopted the Annual Report of Bella Tower ApS for the financial year 1 January 2025 - 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Valby 2026-06-22 Markus Wickenträger Brian Rathje Nadine Greiwe Man. Director Daniel Günter Kremer To the shareholders of Bella Tower ApS OpinionWe have audited the financial statements of Bella Tower ApS for the financial year 1 January 2025 - 31 December 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes, including asummary of significant 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 Entity's financial position at 31 December 2025 and of the results of its operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements are furtherdescribed in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’sreport. We are independent of the Entity in accordance with the International Ethics Standards Board forAccountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethicalrequirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient andappropriate 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 accordancewith 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the goingconcern basis of accounting in preparing the financial statements unless Management either intends to liquidatethe Entity or to cease operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includesour opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conductedin accordance with ISAs and the additional requirements applicable in Denmark will always detect a materialmisstatement 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 ofusers taken 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 also:* Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud mayinvolve 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Entity’s internal control.* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by Management.* Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the financial statements, and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our auditor’s report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause theEntity to cease to continue as a going concern.* Evaluate the overall presentation, structure and content of the financial statements, including the disclosuresin the notes, and whether the financial statements represent the underlying transactions andevents in a manner that gives a true and fair view.* Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidenceregarding the consolidated financial information of the entities or business units as a basis for forming anopinion on the financial statements. We are responsible for the direction, supervision and review of the auditwork performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit. Statement on Management's ReviewManagement is responsible for the management commentary.Our opinion on the financial statements does not cover the management commentary, and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the managementcommentary and, in doing so, consider whether the management commentary is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated.Moreover, it is our responsibility to consider whether the management commentary provides the informationrequired by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance withthe financial statements and has been prepared in accordance with the requirements in the relevant law andregulations. We did not identify any material misstatement of the management commentary. Copenhagen 2026-06-22 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Rasmus Christiansen State Authorised Public Accountant mne50632 Bella Tower ApS 2500 Valby 43501143 2022-09-09 2025-01-01 2025-12-31 Weidekampsgade 6 2300 København S The Company's principal activitiesThe Company's principal activities consist in owning, developing, selling and renting properties and other related business. Development in activities and the financial situationThe Company's Income Statement of the financial year 1 January 2025 - 31 December 2025 shows a result of DKK 1.926.856 and the Balance Sheet at 31 December 2025 a balance sheet total of DKK 770.535.761 and an equity of DKK 330.078.481. Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The annual report of Bella Tower ApS for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with the adoption of individual rules from class C. Translation policiesTransactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Basis of recognition and measurementIncome is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are 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, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/lossThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act.Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. RevenueRevenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Amortisation and impairment of tangible and intangible assetsAmortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Financial income and expensesFinancial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme.Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity.The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance sheet Investment propertyProperty, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued.In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates.Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs.The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ.Depreciation is calculated using the straight-line method over the following estimated useful lives of the individual assets and their residual values:Properties50 years0% ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.Impairment of accounts receivables past due is established on individual assessment of receivables. Accrued income, assetsAccrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Deferred taxDeferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. LiabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument.Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period.Other liabilities are measured at net realisable value. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Accruals and deferred income entered as liabilitiesAccruals and deferred income entered as liabilities consist of payments received regarding income in the subsequent financial years. 23340501 21894752 4007862 -31300000 19332639 53194752 841022 403237 15523766 19557674 4649895 34040315 2723039 860035 1926856 33180280 5073144 -33180280 744792138 748800000 744792138 748800000 744792138 748800000 645876 262040 23462472 0 0 278130 477610 450088 24585958 990258 1157665 21951106 25743623 22941364 770535761 771741364 40001 40001 323038480 328111624 7000000 0 330078481 328151625 309893044 309661121 103000000 103000000 412893044 412661121 446704 336129 0 5911600 2212100 860035 13452803 12956028 3124561 2668540 8328068 8196286 27564236 30928618 440457280 443589739 770535761 771741364 40001 328111624 0 0 0 7000000 0 -5073144 0 40001 323038480 7000000 202520241. Other finance incomeOther finance income12.976403.237Finance expenses arising from group enterprises828.0460841.022403.237 2. Finance expensesOther finance expenses15.523.76619.276.168Financial expenses from group enterprises0281.50615.523.76619.557.674 4. Investment propertyCost at the beginning of the year788.348.386788.348.386Cost at the end of the year788.348.386788.348.386Depreciation and amortisation at the beginning of the year-39.548.386-70.848.386Depreciation for the year-13.205.188-12.292.261Reversal of impairment losses and amortisation of disposed assets9.197.32643.592.261Impairment losses and amortisation at the end of the year-43.556.248-39.548.386Carrying amount at the end of the year744.792.138748.800.000The company's investment properties consist of one investment property of 16.656 sq.m located in Copenhagen.Once a year the company is performing an impairment test. The impairment test is based on a valuation of an external assessor. 5. Long-term liabilitiesDueDueDueafter 1 yearwithin 1 yearafter 5 yearsMortgage debt309.893.0440309.661.121Other payables103.000.0000103.000.000Deferred income002.720.551Deposits0754.3097.573.759412.893.044754.309422.955.431 6. Other payables20252024Other payables13.452.80312.956.02813.452.80312.956.028Other payables include a loan to DWS Alternatives GmbH, with 103,000 TDKK classified as non-current liabilities and 12,422 TDKK classified as current liabilities. 7. Contingent assetsThe Company has a deferred tax asset of DKK 10,366,470 that has not been recognized. 8. Contingent liabilitiesThe Company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation.The total amount appears from the annual report of Bella Tower Holding ApS which is the administration company in the joint taxation. 9. Collaterals and securitiesThe company has a mortgage loan by Jyske Realkredit A/SMortgage deeds registered to the mortgagor totalling TDKK 316.097, providing security on the investment property. 10. Employee benefits expenseAverage number of employees00 0 0