36951931 2025-01-01 2025-12-31 36951931 2025-01-01 2025-12-31 0 36951931 2024-01-01 2024-12-31 36951931 2025-12-31 36951931 2024-12-31 36951931 2025-01-01 fsa:ContributedCapitalMember 36951931 2025-01-01 fsa:RetainedEarningsMember 36951931 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36951931 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36951931 2025-12-31 fsa:ContributedCapitalMember 36951931 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 25074823 Azets Insight A/S Lyskær 3 CD 2730 Herlev Den uafhængige revisors erklæring om udvidet gennemgang Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 2 Pagero Danmark ApS C/O Azets Insight A/SLyskær 3C, 2.C/O Azets Insight A/SLyskær 3C, 2. 2730 Herlev 36951931 10 2026-06-18 Joakim Curt Mikael Hahne Today, Management has considered and adopted the Annual Report of Pagero Danmark 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. Herlev 2026-06-18 To the shareholders of Pagero Danmark ApS ConclusionWe have performed an extended review of the Financial Statements of Pagero Danmark ApS for the financial year1 January 2025 - 31 December 2025, which comprise income statement, balance sheet, statement of changes inequity and notes, including a summary of significant accounting policies. The Financial Statements are preparedunder the Danish Financial Statements Act.Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the Company'sfinancial position at 31 December 2025 and of the results of the Company's operations for the financial year 1January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for ConclusionWe conducted our extended review in accordance with the Danish Business Authority's Assurance Standard forSmall Enterprises and FSR Danish Auditors‘ standard on extended review of Financial Statements prepared inaccordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirementsare 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 StandardsBoard for Accountants‘ International Code of Ethics for Professional Accountants (including InternationalIndependence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit ofthe financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient andappropriate to provide a basis for our conclusion. Management's responsibilities 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 toenable the preparation of Financial Statements that are free from material misstatement, whether due to fraud orerror.In preparing the Financial Statements, Management is responsible for assessing the Company's ability to continueas a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting in preparing the Financial Statements unless Management either intends to liquidate the Company orto cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Extended Review of the Financial StatementsOur responsibility is to express a conclusion on the Financial Statements. This requires that we plan and performprocedures in order to obtain limited assurance for our conclusion on the Financial Statements and in additionperform specifically required supplementary procedures to obtain further assurance for our conclusion.An extended review comprises procedures that primarily consist of making inquiries of Management and otherswithin the Company, as appropriate, analytical procedures and the specifically required supplementary proceduresas well as evaluation of the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, wedo not express an audit opinion on the Financial Statements. Statement on the Management's ReviewManagement 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 formof opinion providing assurance regarding the Management's review.Our responsibility in connection with our audit of the financial statements is to read the Management's reviewand, in doing so, consider whether the Management's review is materially inconsistent with the financialstatements or with the knowledge we have gained during the audit, or otherwise appears to be materiallymisstated.Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirementsin the Danish Financial Statements Act.Based on our procedures, we are of the opinion that the Management's review is in accordance with the financialstatements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. Inour opinion, the Management's review is not materially misstated. København V, 18 June 2026BDO Statsautoriseret revisionspartnerselskabCVR-no. 45719375Brian Olsen HallingState Authorised Public Accountantmne32094 København V 2026-06-18 BDO Statsautoriseret revisionspartnerselskab 45719375 Brian Olsen Halling State Authorised Public Accountant mne32094 Pagero Danmark ApS 2730 Herlev 36951931 2015-07-01 Herlev 2025-01-01 2025-12-31 The Company's principal activitiesThe Company's principal activities consist in providing digital communication with business documents, including e-invoicing services and related activities. 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 314.913 and the Balance Sheet at 31 December 2025 a balance sheet total of DKK 9.101.403 and an equity of DKK -245.308. Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. Capital ressourcesThe company has lost more than half of its share capital. Management expects to restore the equity through future earnings. The annual report of Pagero Danmark 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 selection of few provisions from reporting 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 measurementThe financial statement have been prepared under the historical cost principle.Income 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, 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. Income from delivery of services is recognised on a straight-line basis in net sales, as the service is delivered. Raw materials and consumables usedCosts for raw materials and consumables comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costsStaff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc.Other staff expenses are recognised in other external expenses. Financial income and expensesFinancial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Financial income and expenses include interest expenses, accounts payable and transactions in foreign currencies and surcharges and allowances under the tax prepayment scheme. 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. Balance sheet DepositsDeposits are measured at cost. 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. PrepaymentsPrepayments recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. 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. 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. 1545083 1273968 1143518 1059182 401565 214786 32457 0 0 8057 30013 0 274 29962 403735 192881 88822 42456 314913 150425 -314913 -150425 5000 12500 5000 12500 5000 12500 2214021 2796757 4536217 1800097 94733 183555 44000 0 140198 264083 7029169 5044492 2067234 1216726 9096403 6261218 9101403 6273718 50000 50000 -295308 -610221 -245308 -560221 147757 216336 949627 0 1719224 1394498 6530103 5223105 9346711 6833939 9346711 6833939 9101403 6273718 50000 -610221 0 314913 50000 -295308 1. Uncertainties relating to going concernThe company’s equity amounts to less than half of the share capital, and the company is therefore subject to the capital loss provisions of the Danish Companies Act. Management expects that the equity will be restored within 3–4 years through the company’s own earnings and planned activities.The company’s shareholders have indicated their willingness to support the company’s operations and financial needs. On this basis, the annual report is prepared under the assumption of going concern. 202520242. Employee benefits expenseWages and salaries1.066.3331.056.806Post-employement benefit expense77.1850Social security contributions02.3761.143.5181.059.182Average number of employees11 1 1 4. Deferred income, liabilitiesDeferred income of DKK 6.530.103 (2024: 5.223.105) comprise payments received from customers that cannot be recognised until the subsequent financial year. 5. Contingent liabilitiesNo contingent liabilities exist at the balance sheet date. 6. Collaterals and securitiesNo securities or mortgages exist at the balance sheet date.