ACCELL DANMARK ApS

As in previous years, the primary activities of the Group and the parent company are import, sale, marketing and technical maintenance of bicycles and spare parts. ​ ​Business model ​The Accell Danmark Group, including Cycle Service Nordic ApS, is a distributor of bicycles and parts and accessories in the Nordics focusing on bikes in Denmark and parts and accessories in all 3 Nordic countries. ​ ​The Group is headquartered in Denmark, where the regional warehousing for parts and accessories is also located, and the Group has local presence with sales and technical service staff across the Nordics in Norway and​Sweden. ​​​​​​​​​With approx. 3,000 Nordic B2B customers Accell Danmark and Cycle Service Nordic is a known and respected business partner all over the Nordics. Acting as a backup t…

Development in activities and finances

The parent and the group continue to invest in a strong local setup in the Nordic region in order to become a One-Stop-Shopping supplier with local presence in all four Nordic countries. ​ ​Furthermore, we refer to note 1 for going concern. ​ ​The parent and the group has still lost more than 50% of its equity and is subject to section 119 of the Danish Companies Act.

During 2025 Group focused on clearing obsolete and excessive stock. The parts and accessories market was getting closer to normalized in 2025, but the market for bikes was still under a lot of pressure. ​ ​The parent and Group expect to realize during year 2026 turnover slightly lower than 2025. Anticipated decline in revenue is forecasted from bikes, parts and accessories turnover is anticipated to have positive development. Despite upward trend in parts and accessories sales and forecasted improvement of margin in both product groups, market for bikes is still pressurized and Group expect a negative result in the range 7.2 - 8.2 million EUR. ​ ​The turnover in the first 5 months of 2026 has been slightly higher than expectations for parts and accessories sales. Bike sales has been behind compared to the beginning of last year. Over all the prognosis for the upcoming​season remains positive.

Profit/loss for the year in relation to expected developments

The result of 2025 is (10.988.201) EUR compared to 2024 the result was (10,065,452) EUR. ​ ​This year’s loss if not considered sufficient, and the negative development is linked to a continuing focus on clearing activities of potential future obsolete stock, leading to extraordinary costs from one time sell offs. ​ ​The parent and the group anticipated a loss in 2025 in the range 3.3 - 4.7 million EUR. The loss is higher than expected and is considered unsatisfactory. The larger than expectede deficit can be attributed, amoung other things, to the fact that there have been continued major clean-ups of the group's inventory, including increased costs.

We refer to note 3 and 14, for further information about the uncertainty relating to recognition and measurement.

The management has write-off the deferred tax asset regarding carryforward tax loss since 2023. The reason for this can be attributed to the fact that there are significant uncertainties associated with market development, and​thereby uncertainty associated with when the management expects to generate tax profits again. ​ ​The management considers that it is currently most appropirate to write down the deferred tax asset, and ​reconsider the revaluation of the recognition when a profit is realized again.

No events occurred after the balance sheet date that would require adjustment or disclosure in this annual report. ​ ​However, the broader global environment continues to be marked by significant uncertainty due to ongoing geopolitical tensions, economic volatility, and other macro-level developments. These factors may impact future conditions and should be considered when assessing the outlook for 2026. ​ ​We refer to note 1 for additional information regarding recapitalisation.

No events occurred after the balance sheet date that would require adjustment or disclosure in this annual report. ​ ​However, the broader global environment continues to be marked by significant uncertainty due to ongoing geopolitical tensions, economic volatility, and other macro-level developments. These factors may impact future conditions and should be considered when assessing the outlook for 2026. ​ ​We refer to note 1 for additional information.

The parent participates as the administration company for the Danish companies in a Danish joint taxation arrangement with Cycle Service Nordic ApS. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities.

23 Assets charged and collateral

Bank debt in the Cycle Service Nordic companies is secured on a charge receivables of a nominal amount of 1,004 T.EUR. ​​Receivables comprises in the Cycle Service Nordic companies to 25,537 T.EUR at 31.12.2025.