Spaak Technologies ApS

The annual report was submitted and approved by the general meeting on the 24 June 2025.


	Arthur Caspar Storm Teglbjærg
	Chairman of the meeting


		Grant Thornton, Godkendt Revisionspartnerselskab

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ReportType		Årsrapport
Indsender firma CVR-nr		34209936
Indsender firma navn		Grant Thornton, Godkendt Revisionspartnerselskab
Indsender firmaadresse gadenavn og husnummer		Lautrupsgade, 11
Indsender firmaadresse postnummer og by		2100, København Ø
Regnskabsperiodens startdato		2024-01-19
Regnskabsperiodens slutdato		2024-12-31
Regnskabets godkendelsesdato		2025-06-24
Regnskabsaflæggende firma CVR-nr		44579618
Regnskabsaflæggende firma navn		Spaak Technologies ApS
Regnskabsaflæggende firmaadresse vejnavn		Jagtvej 113H,
Regnskabsaflæggende firmaadresse vejnummer		2.
Regnskabsaflæggende firmaadresse postnummer		2200
Regnskabsaflæggende firmaadresse by		København N
Revisionsvirksomhedens navn		Grant Thornton, Godkendt Revisionspartnerselskab
Revisionsvirksomhedens CVR-nr		34209936
Revisors navn		Morten Høgh-Petersen
Revisors titel		statsautoriseret revisor
Revisors MNE-nr.		mne34283
Revisors adresse, vejnavn		Lautrupsgade
Revisors adresse, vejnummer		11
Revisors adresse, postnummer		2100
Revisors adresse, by		København Ø
Revisors adresse, land		Danmark
Revisors telefonnummer		+45 33 110 220
Revisors e-mail		info@dk.gt.com
Generalforsamlingsdato		2025-06-24
For- og efternavn på dirigenten på generalforsamlingen		Arthur Caspar Storm Teglbjærg
SelskabsType		Regnskabsklasse B
ErklæringsType		Andre erklæringer uden sikkerhed

Notes:
∙	To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
∙	Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.

Spaak Technologies ApS · Annual report 2024


		Grant Thornton, Godkendt Revisionspartnerselskab

Systemleverandør

CaseWare fra Revisorgruppen Danmark

	Fravalg af revision
	Med ass. erklæring
Adressat	anpartshaverne
Sted	København
Dato	24-06-2025
Rapporteringsforpligtelser i henhold til erklæringsbekendtgørelsens § 7, stk. 2:
Ledelsespåtegning:
Sted - Engelsk	København N
Dato	24-06-2025

Resultatopgørelse (artsopdelt)
Bruttofortjeneste/-tab (§32)	729.894
Personaleomkostninger	-827.127
Resultat af primær drift	-97.233
Andre finansielle indtægter	2.419
Øvrige finansielle omkostninger	-2.099
Ordinært resultat før skat	-96.913
Skat af årets resultat	15.589
Årets resultat	-81.324

Resultatdisponering
Overføres til/fra overført resultat	-729.653
Overføres til øvrige reserver	648.329

Aktiver
Færdiggjorte udviklingsprojekter	831.191
Immaterielle anlægsaktiver i alt	831.191
Deposita	71.289
Finansielle anlægsaktiver i alt	71.289
Anlægsaktiver i alt	902.480
Tilgodehavender fra salg og tjenesteydelser	264.375
Udskudte skatteaktiver	15.589
Periodeafgrænsningsposter	73.477
Tilgodehavender i alt	353.441
Likvide beholdninger	10.139.722
Omsætningsaktiver i alt	10.493.163
Aktiver i alt	11.395.643
	-

Notes:
∙	To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
∙	Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.

Spaak Technologies ApS · Annual report 2024


		Grant Thornton, Godkendt Revisionspartnerselskab

Dette år

Passiver
Virksomhedskapital	51.719
Reserve for udviklingsomkostninger	648.329
Overført resultat	10.009.870
Egenkapital i alt	10.709.918
Modtagne forudbetalinger fra kunder	230.544
Leverandører af varer og tjenesteydelser	121.261
Gæld til selskabsdeltagere og ledelse	96.673
Anden gæld	237.247
Anden gæld	237.247
Kortfristede gældsforpligtelser i alt	685.725
Gældsforpligtelser i alt	685.725
Passiver i alt	11.395.643

Personaleomkostninger (artsopdelt)
Lønninger og gager	817.722
Andre omkostninger til social sikring	9.405
Personaleomkostninger i alt	827.127
Antal ansatte	3

Færdiggjorte udviklingsprojekter
Tilgang i årets løb	831.191
Kostpris, ultimo	831.191
Færdiggjorte udviklingsprojekter, ultimo	831.191

Deposita
Tilgang i årets løb	71.289
Kostpris, ultimo	71.289
Deposita, ultimo	71.289

Virksomhedskapital
Saldo Primo	40.000
Kontant kapitaludvidelse	11.719
	51.719

Overkurs ved emission
Årets overkurs ved emission	10.739.523
Overført til overført resultat	-10.739.523

Reserve for udviklingsomkostninger
Overført fra Overført resultat	648.329
	648.329

Overført resultat
Årets overførte resultat	-729.653

Notes:
∙	To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
∙	Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.

Spaak Technologies ApS · Annual report 2024


		Grant Thornton, Godkendt Revisionspartnerselskab

Dette år

Overført fra overkurs ved emission	10.739.523
	10.009.870

Notes:
∙	To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
∙	Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.

Spaak Technologies ApS · Annual report 2024


		Grant Thornton, Godkendt Revisionspartnerselskab

Reports
Management's statement	1
Practitioner's compilation report	2

Management's review
Company information	3
Management´s review	4

Financial statements 19 January - 31 December 2024
Accounting policies	5
Income statement	10
Balance sheet	11
Statement of changes in equity	13
Notes	14

Notes:
∙	To ensure the greatest possible applicability of this document, IAS/IFRS English terminology has been used.
∙	Please note that decimal points have not been used in the usual English way. This means that for instance DKK 146.940 means the amount of DKK 146,940, and that 23,5 % means 23.5 %.


		Grant Thornton, Godkendt Revisionspartnerselskab

Today, the Board of Directors and the Executive Board have approved the annual report of Spaak Technologies ApS for the financial year 19 January - 31 December 2024.

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 2024 and of the results of the Company's operations for the financial year 19 January – 31 December 2024.

The Board of Directors and the Executive Board consider the conditions for audit exemption of the 2024 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.

København N, 24 June 2025

Arthur Caspar Storm Teglbjærg	Karl-Emil Waldstrøm Plum	Lucas Emil Damsgaard

Marcus Nerløe Kassebeer

Arthur Casper Storm Teglbjærg	Karl-Emil Waldstrøm Plum	Lucas Emil Damsgaard
Chairman

Henrik Ola Tellving


		Grant Thornton, Godkendt Revisionspartnerselskab

We have compiled the financial statements of Spaak Technologies ApS for the financial year 19 January - 31 December 2024 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.

Copenhagen, 24 June 2025

Certified Public Accountants

Company reg. no. 34 20 99 36

Morten Høgh-Petersen
State Authorised Public Accountant
mne34283


		Grant Thornton, Godkendt Revisionspartnerselskab

The company	Spaak Technologies ApS Jagtvej 113H, 2. 2200 København N
	Company reg. no.	44 57 96 18
	Financial year:	19 January - 31 December

Board of directors	Arthur Casper Storm Teglbjærg, Chairman Karl-Emil Waldstrøm Plum Lucas Emil Damsgaard Henrik Ola Tellving

Executive board	Arthur Caspar Storm Teglbjærg Karl-Emil Waldstrøm Plum Lucas Emil Damsgaard Marcus Nerløe Kassebeer


		Grant Thornton, Godkendt Revisionspartnerselskab

The Company's activities consist of development and sale of software and any related activities.

There have been no significant changes in activities and financial matters.

The gross profit for the year totals DKK 730 thousand. Income or loss from ordinary activities after tax totals DKK -81 thousand. Management considers the net profit or loss for the year satisfactory.

No material events for the annual report 2024 have occured after the balance sheet date.


		Grant Thornton, Godkendt Revisionspartnerselskab

The annual report for Spaak Technologies 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 annual report is presented in DKK. The annual report comprises the first financial year and hence comparative figures are not available.

Income 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.

Transactions 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.

Income statement

Gross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs.

The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue.

Revenue comprises the value of services provided during the year, including outlay for customers less VAT and price concessions directly associated with the sale.

Revenue is recognised in the income statement on the completion of sales. This is generally considered to be the case when:

• The service has been provided before the end of the financial year


		Grant Thornton, Godkendt Revisionspartnerselskab

• A binding sales agreement exists

• The sales price has been determined

• Payment has been received, or is anticipated with a reasonable degree of certainty.

This ensures that recognition does not take place until the total income and costs and stage of completion at the reporting date can be reliably validated and it seems probable that the economic benefits, including payments, will flow to the enterprise.

Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories.

Own 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 external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs.

Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members.

Financial 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 from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc.

Tax 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.

Statement of financial position

Development costs comprise salaries, wages, and amortisation directly attributable to development activities.


		Grant Thornton, Godkendt Revisionspartnerselskab

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.

Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years.

Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively.

Deposits are measured at amortised cost and represent lease deposits, etc.

The 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.


		Grant Thornton, Godkendt Revisionspartnerselskab

Receivables 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.

Prepayments recognised under assets comprise incurred costs concerning the following financial year.

Cash and cash equivalents comprise cash at bank and on hand.

The 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.

Current 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.


		Grant Thornton, Godkendt Revisionspartnerselskab

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.

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.

Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.


		Grant Thornton, Godkendt Revisionspartnerselskab

All amounts in DKK.

Note		19/1 2024 - 31/12 2024

	Gross profit	729.894
1	Staff costs	-827.127
	Operating profit	-97.233
	Other financial income	2.419
	Other financial expenses	-2.099
	Pre-tax net profit or loss	-96.913
	Tax on net profit or loss for the year	15.589
	Net profit or loss for the year	-81.324


	Proposed distribution of net profit:
	Transferred to other reserves	648.329
	Allocated from retained earnings	-729.653
	Total allocations and transfers	-81.324


		Grant Thornton, Godkendt Revisionspartnerselskab

All amounts in DKK.

	Assets
Note		31/12 2024

	Non-current assets
2	Completed development projects, including patents and similar rights arising from development projects	831.191
	Total intangible assets	831.191
3	Deposits	71.289
	Total investments	71.289
	Total non-current assets	902.480

	Current assets
	Trade receivables	264.375
	Deferred tax assets	15.589
	Prepayments	73.477
	Total receivables	353.441
	Cash and cash equivalents	10.139.722
	Total current assets	10.493.163
	Total assets	11.395.643


		Grant Thornton, Godkendt Revisionspartnerselskab

All amounts in DKK.

	Equity and liabilities
Note		31/12 2024

	Equity
	Contributed capital	51.719
	Reserve for development costs	648.329
	Retained earnings	10.009.870
	Total equity	10.709.918

	Liabilities other than provisions
	Prepayments received from customers	230.544
	Trade payables	121.261
	Payables to shareholders and management	96.673
	Other payables	237.247
	Total short term liabilities other than provisions	685.725
	Total liabilities other than provisions	685.725
	Total equity and liabilities	11.395.643


4	Contractual obligations and contingencies, etc.


		Grant Thornton, Godkendt Revisionspartnerselskab

All amounts in DKK.

	Contributed capital	Share premium	Reserve for development costs	Retained earnings	Total


Equity 19 January 2024	40.000	0	0	0	40.000
Cash capital increase	11.719	10.739.523	0	0	10.751.242
Retained earnings for the year	0	0	0	-729.653	-729.653
Transferred to retained earnings	0	-10.739.523	0	10.739.523	0
Transferred from retained earnings	0	0	648.329	0	648.329
	51.719	0	648.329	10.009.870	10.709.918


		Grant Thornton, Godkendt Revisionspartnerselskab

All amounts in DKK.

	19/1 2024 - 31/12 2024

1.	Staff costs
	Salaries and wages	817.722
	Other costs for social security	9.405
		827.127
	Average number of employees	3



2.	Completed development projects, including patents and similar rights arising from development projects
	Additions during the year	831.191
	Cost 31 December 2024	831.191
	Carrying amount, 31 December 2024	831.191

3.	Deposits
	Additions during the year	71.289
	Cost 31 December 2024	71.289
	Carrying amount, 31 December 2024	71.289

Lease liabilities:

The company has entered into operational leases with a three month commitment. The total outstanding lease payments total DKK 71 thousand.