A breakthrough
year powered
by ambition
and innovation
Annual Report 2024
Content
. Introduction
Our strategy for success . . . . . . . . . . . . . . .
Letter from our founders . . . . . . . . . . . . . . .
Financial Highlights . . . . . . . . . . . . . . . . . . . .
Our business platform . . . . . . . . . . . . . . . . .
. The year in review
Our Performance . . . . . . . . . . . . . . . . . . . . . .
Financial development . . . . . . . . . . . . . . . . .
Ageras at a glance . . . . . . . . . . . . . . . . . . . . .
Revenue & growth . . . . . . . . . . . . . . . . . . . . .
One Platform, Limitless Potential . . . . . . . .
The acquisition of Shine . . . . . . . . . . . . . . . .
. Business summary
Our story . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Our people and culture . . . . . . . . . . . . . . . . .
Building a responsible future . . . . . . . . . . .
Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management team . . . . . . . . . . . . . . . . . . . .
Board of Directors . . . . . . . . . . . . . . . . . . . . .
Our Backers . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Product
A future without
administrative burdens . . . . . . . . . . . . . . . . .
Invoicing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Advisor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. Outlook
The road ahead . . . . . . . . . . . . . . . . . . . . . . . . 
E-invoicing deep-dive . . . . . . . . . . . . . . . . . .
AI at Ageras . . . . . . . . . . . . . . . . . . . . . . . . . . .
Our M&A strategy continues
to add mission-critical features . . . . . . . . .
Further strengthening our
balance sheet . . . . . . . . . . . . . . . . . . . . . . . . .
Thank you from the CEO . . . . . . . . . . . . . . .
. Financial statements
Independents auditors report . . . . . . . . . .
Company information . . . . . . . . . . . . . . . . . .
Management statements . . . . . . . . . . . . . .
Financial statements . . . . . . . . . . . . . . . . . . .
Read more about
our acquisition
of Shine .

Read more about
our business platform .

Read more about
how we build a
responsible future .

Ageras Annual Report 2024 Introduction 
Simplifying business,
amplifying productivity
Our strategy for success
Vision
Mission
Enabling success for
small businesses.
Providing digital tools and services,
ensuring zero minutes spent
on administration.
Ageras Annual Report 2024 Introduction 
Dear reader,
Each year brings its share of challenges, and 2024 was no
exception . Shaped by economic and global uncertainty, it
was a year of transformation for Ageras and our customers .
Resilience and innovation were key to navigate this complex
landscape . But our goal remained the same: turning
challenges into opportunities . And so we do - looking
ahead with confidence .
A year of
growth and
innovation
Letter from our founders
Ageras Annual Report 2024 Introduction 
Entrepreneurs are the backbone of our economy . They build
it . They shape it . They drive innovation . While some struggle,
others take the leap to start a business - often burdened by
administrative complexity . Running a business should be
about fulfilling the entrepreneur's vision, not being tied up
in paperwork and financial stress . In times of uncertainty,
agility is more important than ever . Entrepreneurs need time-
saving, interconnected solutions that streamline financial
management .
At Ageras, we understand these challenges . From day one,
we’ve built an all-in-one solution to simplify entrepreneurs’
lives across Europe . No more juggling multiple systems, not
having up-to-date numbers or tedious, time-consuming
processes . Just an effortless way to manage finances and
focus on what truly matters: running their business .
2024 was a milestone year for Ageras, with strong revenue
growth of 114% . Building on our ‘One Company’ journey from
2023, we continued integrating our organisation, brand and
technology . This foundation enables a seamlessly connected
future for business finance . A key step was the acquisition
of Shine, a leading French fintech, which strengthened our
banking capabilities and brought us closer to our vision of
a fully integrated financial ecosystem - unifying banking,
accounting, payroll and tax in one platform .
Martin Hegelund
CGO and co-founder
of Ageras
Rico Andersen
CEO and co-founder
of Ageras
We also approximately doubled our team from 200 to more
than 450 talented colleagues . Together, we’re building a
European financial hub for small businesses, with a focus on
Denmark, the Netherlands, Germany, and France - all rapidly
growing markets with an increased demand for our solution .
Our mission remains unchanged: to simplify financial
management and help small business owners succeed,
ideally spending zero minutes on administration .
None of this would have been possible without the hard
work and commitment of our team of dedicated colleagues .
Their passion drives us forward, just as our customers do .
They are at the heart of everything we do . Entrepreneurs are
the backbone of the economy, just as our employees and
customers are the backbone of Ageras . Together, we’re
building something truly transformative .
2024 was a milestone
year for Ageras, with
strong revenue growth
of 114%. Building on
our ‘One Company’
journey from 2023,
we continued
integrating our
organisation, brand
and technology.
Ageras Annual Report 2024 Introduction 
    
Revenue , , , , ,
YoY grow th % % % % %
Gross profit , , , , ,
Gross profit margin 90% % % % %
EBITDA , , -, -, -,
EBITDA margin 16% % -% -% -%
Cash flows from operations , , -, -, -,
Equity , 45,8 39,6 30,9 6,3
Cash , , , , ,
Total assets , , , , ,
Solvency ratio 65,3% ,% ,% , % ,%
Average number of FTEs     
Financial highlights
(€m)
Ageras Annual Report 2024 Introduction 
Our business
platform supports
+320.000
small business owners
Our Business Platform
The ultimate
financial hub
Advisor
Payments
Taxes
Invoicing
Expenses
Lending
Payroll
Accounting
Banking
We believe in the convergence of banking
and accounting. Therefore we have built an
all-in-one solution that combines accounting
& banking alongside all the features
that small businesses need to simplify
their administration.
Ageras Annual Report 2024 Introduction 
One Platform,
Limitless Potential
Ageras at a glance
Financial development
Our performance
The acquisition of Shine
Revenue & growth




The year
in review


Ageras Annual Report 2024 The year in review 
Our
Performance
EBITDA
€8,7m

Revenue
€55,5m

Revenue CAGR
68%
-
Cash flow from operations
€10,8m

EBITDA margin
16%

Gross Margin
90%

Recurring Ratio
99%

Financial Statements
Revenue
(€m)
    
,
,
CAGR%
,
,
,
Ageras Annual Report 2024 The year in review 
,
,
,
,
,
,
-,
-,
-,
-,
-,
€m




-
-
-
%
A landmark year of profitable, scalable
growth and strategic expansion
Financial development
In 2024, we maintained our strong financial momentum. Revenue more than
doubled to €55,5 million, while EBITDA quadrupled to €8,7 million. This resulted
in operating cash flows of €10,8 million and a cash conversion ratio of 1,2.
2024 marked another year of major milestones . Our progress
was driven by the continued trust and loyalty of our
customers, who value our commitment to eliminating
administrative burdens through intuitive, easy-to-use financial
tools designed for small businesses and entrepreneurs .
We now serve over 320 .000 customers across Europe,
with a strategic focus on our core markets: Denmark,
the Netherlands, Germany, and France .
A key highlight of the year was the acquisition of Shine,
a leading fintech in France previously owned by Société
Générale . Shine is a well-known brand among French small
businesses and entrepreneurs, offering a best-in-class
platform for daily banking needs . In addition to its many loyal
customers, the acquisition brought an exceptionally talented
team, a robust tech and product platform, and strong
compliance capabilities into Ageras .
Although Shine came with a significant cash burn and
negative EBITDA, largely due to heavy investments in the
technology platform under its previous ownership, our solid
financial position allowed us to take it on confidently and
begin unlocking its full potential . Including Shine’s negative
financial results, Ageras still delivered a record-high
consolidated EBITDA of €8,7 million - the strongest financial
performance in our history .
   
-%
-%
%
%
Claus Kjær Jørgensen
Chief Financial Officer
-,
-,
,
,
EBITDA €m EBITDA margin
Ageras Annual Report 2024 The year in review 
Following the acquisition, we began integrating Shine,
leveraging synergies to turn its run-rate loss of over €6 million
into a positive financial contribution within a year . Additionally,
Shine provides a springboard for expanding our fintech
services beyond France, and we are already seeing early
success from the integration process .
In 2024, we also took strategic steps to streamline our
operations . We divested our German tax business and
phased out our legacy Marketplace model, leading to the
closure of offices in Sweden, Norway, and the United States .
These changes improved EBITDA by approximately €0,7
million and aligned our operations with our long-term
scalability goals .
Operationally, we reinforced our fundamentals by improving
unit economics, maintaining a recurring revenue share above
98%, and reducing churn . Greater use of automation and AI
in product development and customer service improved
satisfaction while keeping our headcount stable - even as
we added more than 75 .000 new customers .
Overall, 2024 was a year of significant financial and strategic
progress . Growth in business volume and revenue led to an
€11 million increase in gross profit, while operating expenses
remained flat - reinforcing the scalability of our model .
With strong momentum, proven scalability and a solid
foundation, we’re set to build on our success in 2025 and
beyond .
,
,
,
,
,
,
-,
-,

EBITDA
Discontinued
activities
Adjusted

EBITDA
Effect
from M&A
activities
Net effect
from
'-growth
activities
Cost
optimisations

EBITDA
EBITDA
€m
,
, ,
,
, ,
-,
Ageras Annual Report 2024 The year in review 
A resilient business
in an attractive market
Ageras at a glance
With strong
momentum,
proven scalability
and a solid
foundation, we’re
set to build on our
success in 2025
and beyond.
Marketsize Growth Profitability
TAM
€18b

Small businesses
+9,7m
in DK, NL, FR and DE, 
Businesses created
+1,5m
In core markets, 
ARPU
€433
December 
Rule-of-Ageras
43

Revenue CAGR
68%
-
EBITDA
€8,7m

Revenue
€55,5m

Gross margin
90%

Claus Kjær Jørgensen
Chief Financial Officer
Ageras Annual Report 2024 The year in review 
Revenue & growth
2024: A year of
strategic and
sustainable growth
2024 was a year of major transformation,
marked by key achievements. One of the
most impactful shifts was the creation of
a single, integrated revenue team. This
new structure made us more efficient,
sped up decision-making and kept local
marketing teams agile and aligned
with our business goals.
Another milestone was preparing the revamp of our pricing
plans in France, in line with Ageras’ global strategy . Launched
in early 2025, the new pricing model is designed to boost
acquisition and retention through a free tier, expanded
plans and annual billing .
In parallel, we laid the foundation for our “One Brand
strategy”, making the strategic decision to unify all our
products and countries under one brand . This marks a major
step in strengthening our identity and presence across
markets, while improving our customer acquisition efficiency .
We also reinforced our local footprint by building strong
marketing teams in each of our core markets - France,
Germany, the Netherlands and Denmark - bringing us
closer to the customers’ needs .
These initiatives led to strong intake of new customers,
a healthy balance of organic and paid traffic, and steady
growth in active and paying users . Recurring revenue
continued to grow, supported by subscriptions and
banking activity .
Another achievement was being named Best Client Service
of the Year for our banking offer in France, for the second
year in a row . This recognition highlights our ongoing
commitment to high-quality customer support . We’re now
focused on delivering this same level of service across all
core markets, ensuring a consistent and exceptional
experience wherever we operate .
Jean-Baptiste Sciandra
Chief Revenue Officer
Looking ahead to 2025, we will continue to build a strong,
unified brand across all products and countries, supported by
a new website . Alongside this, we will implement robust sales
processes to improve lead conversion and leverage
partnerships for lead generation .
On the marketing and product fronts, we will optimise paid
acquisition campaigns and further strengthen our banking
offer in Germany . In France, our priority will be to maximise
the impact of our new free banking plan to drive even further
growth in our customer base .
2024 was a year of alignment, setting the stage for continued
growth . As we move forward, we remain committed to
innovation, operational excellence and delivering exceptional
value to our customers .
Revenue
€55,5m
Active customers
+320.000
Revenue growth
114%
Ageras Annual Report 2024 The year in review 
Meet our employees
Hafssa Koita
Account Operations Team Lead
A harmonious and
enriching working
environment
As team lead in the back office, I organise activity and support my
team in their day-to-day operational tasks . I'm also in charge of
controls to detect and identify potential and existing risks, with a
view to combating fraud . More specifically, my role is to identify any
malfunctions on our processes and find optimal solutions with the
help of the technical teams .
Collaborating with other teams is very important to me, as it fosters
a harmonious and enriching working environment, where everyone
can share their ideas and challenges .
Our values of solidarity and innovation are inspiring, and it's clear
that I'm motivated to help not only my team, but the whole
organisation, to progress . It's my responsibility to continue to
encourage this positive dynamic, as it's essential for achieving
collective success .
My role is to identify
any malfunctions on
our processes and
find optimal solutions
with the help of the
technical teams.
Ageras Annual Report 2024 The year in review 
How Ageras is redefining
business administration
One Platform, Limitless Potential
At Ageras, our mission is simple: to help small businesses eliminate time spent on financial
administration so they can focus entirely on growth. Our financial automation platform is
designed to remove the burden of administrative tasks, allowing entrepreneurs to invest
their energy where it truly matters - building their businesses.
A major milestone was our continued expansion into France,
where we launched a fully integrated invoicing and
accounting solution tailored to local business needs . At the
same time, we strengthened our presence in Germany and
the Netherlands with new banking and financial management
offerings . In the Netherlands, our all-in-one banking and card
solution graduated from beta, while in Germany, we launched
a scalable digital accounting and tax service, extending our
banking solution to limited liability companies as well .
Mobile app development was a major highlight, with consistent
releases across all platforms . Invoicing and Accounting saw
steady improvements through bug fixes, UI refinement, and
increased feature parity with web applications . Banking
enhanced its authentication systems to improve accessibility,
Alessandro Justesen Leoni
Chief Product & Technology Officer
2024 was a pivotal year for Ageras . Following multiple
strategic acquisitions, we focused on integrating expertise
and technology into a seamless, unified product ecosystem .
We successfully established a new core platform for our
invoicing and accounting solutions, leveraging cutting-
edge technology from our acquisitions to enhance both
efficiency and usability .
Ageras Annual Report 2024 The year in review 
to React marked a significant step towards a more modern
and efficient tech stack .
In summary, 2024 was a year of consolidation and strategic
advancement for Ageras . The company focused on
strengthening its core product offerings, enhancing security,
and laying the foundation for future growth . Our dedication
to user feedback, technical innovation, and cross-functional
collaboration has positioned Ageras for continued success
in 2025 and beyond .
The future of Ageras is even more exciting . With the
acquisition of Shine, we are adding a powerful banking
component to our platform . This brings us closer to a
fully integrated financial ecosystem - unifying banking,
accounting, invoicing, payroll, and tax across our four
core markets .
Our focus moving forward is to unlock synergies across
markets and product categories, creating one unified
platform that automates administrative tasks at scale .
Artificial intelligence will be central to this evolution, enabling
us to build efficient, scalable processes that seamlessly
adapt to the needs of small businesses in different markets .
As we continue to grow, our commitment remains
unchanged: to simplify financial administration for small
businesses and provide them with the tools they need to
succeed in an increasingly digital world .
"I'm Donatella, a freelance digital product marketer.
When I started freelancing a year ago, I managed
everything myself, using Google Docs for invoices and
my personal account for finances. It worked at first,
but I quickly hit limits.
Joining Ageras changed everything! The ability to create
sub-accounts for things like taxes made budgeting so
much easier and brought structure to my finances.
The invoicing tool is also fantastic - it helped me look
more professional, boosting my confidence. Ageras has
truly helped me take the next step as a freelancer!"
Donatella
Freelance Digital
Product Marketer
Customer story
and introduced real-time payments and QR scanning for wire
transfers . Notably, our Mobile App 7 .0 .0 release featured a
complete design system overhaul, including dark mode,
unifying the mobile and web experiences .
Security remained a top priority . Ageras implemented
robust measures to combat phishing and spam, including
reCAPTCHA, disposable email checks, and enhanced login
flows . Features such as Active Sessions and notification
emails provided users with greater transparency and control
over their account security . Infrastructure improvements,
such as Node .js version updates and automated CDD/EDD
processes, streamlined operations and reduced manual
workload .
Several key features were launched to improve usability and
support scalability . A centralised Customer Overview for
accounting partners, standardised invoice products, and
app-to-app navigation streamlined workflows and supported
the French market launch . The introduction of Passkeys
across mobile and web platforms significantly enhanced
login security and convenience in Banking .
The launch of full accounting in France acted as a catalyst for
numerous enhancements, including AI-powered expense
category search and localised pricing plans . This strategic
move required improvements to login mechanisms and
migration paths for existing users, ensuring a smooth transition .
Infrastructure modernisation was an ongoing effort . The
refactoring of Accounting's front-end routing from EmberJS
Ageras Annual Report 2024 The year in review 
The acquisition of Shine
In 2024, we completed our largest acquisition to date: Shine, a leading business banking platform in
France. Having made six acquisitions in the past and successfully integrated them into Ageras, we
have now taken a major step towards becoming a true all-in-one financial hub for small businesses.
Martin Hegelund
Co-founder & Chief Growth Officer
The year in review
two years in a row reflects both the quality of the product and
their strong focus on customer service . Its robust, scalable
platform will be integrated into our main platform, allowing
customers outside of France to benefit from its extensive
banking features .
Banking is not new to Ageras . We already serve more than
50,000 customers with our banking offering in Germany and
the Netherlands . However, Shine’s status as a licensed
Payment Institution with the ACPR (the French financial
services regulator) allows us to launch even more banking
features and take greater ownership of the value chain .
The rationale for acquiring Shine is clear . With its stellar
banking offering and strong customer base of diverse small
businesses in France, this acquisition - combined with our
existing invoicing and accounting solution in France - creates
a powerful product in a rapidly growing market .
We’re joined by a talented group of new colleagues already
supporting us from our Paris office hub . Among them are
former Shine leaders, Jean-Baptiste Sciandra and Fanta
Duteis, who have joined as Global Chief Revenue Officer
and Chief Banking & Compliance Officer . In total, nine new
members have strengthened our global Senior Leadership
Team through this acquisition . With our combined expertise
in accounting software and business banking, we’re strongly
positioned to drive our shared mission: enabling the success
of small business owners .
We’d like to thank the Shine team for placing their trust in
Ageras as their new home - and warmly welcome them to
our new unified team!
We are not “just” acquiring a French fintech darling . We are
welcoming a solid team who have built a best-in-class
business banking platform . Integrating its outstanding
technology will not only give us a leading position in France
across accounting, invoicing and banking, but also enhance
our existing banking offering in Germany and the
Netherlands, and support expansion into additional markets .
Shine offers everything a business needs for day-to-day
banking . Winning the Best Client Service of the Year Award
Ageras Annual Report 2024 The year in review 
Markets
Our story


People & culture
Building a
responsible future

Compliance
Management team
Board
Backers

Business Summary

Ageras Annual Report 2024 Business Summary 
Our story
Enabling success
for small businesses
At Ageras, we enable success for small businesses by building the best ecosystem
around their financial needs. We are on a mission to revolutionise the financial
industry and conquer the world - nothing less.
In 2010, Rico Andersen and Martin Hegelund launched Få
Det Gjort (“Get It Done”), an online marketplace connecting
families with freelance household workers . Funded by
childhood savings and a bank loan, the project gave them
firsthand experience of the challenges involved in running a
small business .
With a strong focus on product development and growing
their customer base, they did not fully grasp the company’s
financials, only realising the implications later on . They were
not alone . In fact, 40% of small business owners spend
more time on administration rather than on their product
or customers - and 9 out of 10 small businesses lack
sufficient financial visibility .
To help business owners like themselves manage their
operations without the burden of accounting, tax, and
finances, they set out to build the ultimate financial hub
- enabling small businesses to succeed while spending zero
minutes on administration . Entrepreneurs are the backbone
of society, yet complex admin too often holds them back
from reaching their full potential .
Ageras began as a marketplace connecting small businesses
with accountants and bookkeepers . But as the company
expanded beyond Denmark, it became clear that entrepreneurs
needed more than just connections - they needed a complete
financial solution .
Ageras Annual Report 2024 Business Summary 
In 2017, Investcorp Technology Partners, an international
technology-focused private equity firm, came on board as
the first institutional investor, providing capital to build exactly
that: a fully integrated financial ecosystem - unifying banking,
accounting, payroll, and tax together in one platform . This
marked the start of a new chapter .
The following years were dedicated to bringing this vision to
life . In 2018, Ageras launched its accounting software . Since
then, it has adopted a buy-and-build strategy to expand its
offering across multiple European markets, with a particular
focus on Denmark, France, Germany, and the Netherlands,
completing seven acquisitions to date, each contributing a
valuable piece of technology to the overall puzzle .
From 2021 to 2023, Ageras doubled down on its ambition to
combine accounting and banking into one seamless solution .
It introduced embedded lending and launched a fully
integrated banking solution in the Netherlands, while also
acquiring a business neobank in Germany .
In 2023, the company reached a major milestone - profitability
- demonstrating the strength and scalability of its model .
In 2024, Ageras took its biggest step yet by acquiring Shine, a
leading French fintech . This move strengthened its banking
offering, expanded its reach into a high-potential market, and
grew its customer base to over 320 .000 small businesses
across Europe . More than just an acquisition, it brought the
combined company closer than ever to its vision of a fully
integrated financial ecosystem .
Ageras is not only backed by Investcorp Technology Partners,
but also supported by leading global tech investors, including
Rabobank, Lugard Road Capital (Luxor Capital), Roosgruppen,
Lazard, Moore Capital, Swedbank Robur and Back in Black .
With their continued support, the company is advancing its
journey of innovation and growth .
But this is about more than building tools . Today, Ageras is
redefining financial management across Europe, empowering
small businesses to thrive . And this is only the beginning!
From 2012 to 2025
we have achieved:
Active customers
+.
Revenue CAGR (FY20-24)
%
Added to our platform
 acquisitions
Ageras Annual Report 2024 Business Summary 
Meet our employees
Ashley Bom
Office & Feelgood Coordinator – Copenhagen
A genuine culture
of support
As the Office & Feelgood Coordinator at Ageras, I wear many
hats to ensure our Copenhagen office runs smoothly . From
keeping things organised to planning events and supporting
my colleagues, my role is all about creating a positive and
welcoming work environment . Every day brings something
new, and I enjoy the variety of tasks that contribute to making
the office a great place to be .
One of the things that makes Ageras special is the way people
recognise and appreciate each other . There’s a genuine
culture of support, where fellow Agerians feel seen and valued
for their contributions, big or small . This fosters a positive and
motivating atmosphere in the workplace .
What I appreciate most about working here is the strong
sense of community . Whether it’s through daily interactions
or team events, there’s a real effort to ensure everyone feel
included . It’s a place where people enjoy coming to work,
and I’m glad to be part of it .
It’s a place where people
enjoy coming to work,
and I’m glad to be part of it.
Ageras Annual Report 2024 Business Summary 
A Timeline of Innovation & Growth
Our Story
Before 
   
January 
Launched and
bootstrapped Ageras
August 
Launched in
The Netherlands
March
Investcorp joined as first
institutional investor
May 
Ageras won
e-handelsprisen
(Best BB business)
April 
Launched our
accounting app
May
Launched in
Germany
October 
Received a Børsen
Gazelle award as one
of Denmark’s fastest
growing companies
October 
Won EY Entrepreneur
of the Year
March 
Established an office
in Amsterdam
August 
Billy joined Ageras
January 
Obtained AISP license
to create a live bank
connection for customers
February 
Reached
, signups
June 
Tellow joined Ageras
June 
Rabobank joined as
a strategic investor
Ageras Annual Report 2024 Business Summary
 
  
January 
Reached €m in ARR
February 
Raised €m from
Lugard Road Capital
June 
Issued first business loan
via Ageras Lending
August 
Salary .dk joined Ageras
September 
Zervant joined Ageras
October 
Reached ,
monthly active users
December 
Reached ,
paying customers
July 
Reached positive
EBITDA
December 
Launched our innovative
business loan solution
in Germany
May 
Raised € million for
continued growth
July 
Beta launch of our
accounting solution
in France
August 
Shine joined Ageras
December 
Opened our new office
hub in Paris
February 
Raised € million for
continued growth
July 
Kontist joined Ageras,
adding a new office
hub in Berlin
August 
Launched our
banking offering in
the Netherlands
January 
Storebuddy joined Ageras
March :
Raised € million for
continued growth
Ageras Annual Report 2024 Business Summary
Our strong presence
on the market
Markets
Core Markets
Limited activity
Our offices
Amsterdam
Copenhagen
Espoo
Gdańsk
Berlin
Paris
Ageras Annual Report 2024 Business Summary 
Bastian Jerichow
VP of Accounting Product – Copenhagen
Making our shared
dream possible
Meet our employees
In late 2023, we decided to merge our individual products into
one unified platform . That’s easier said than done . Merging the
technology was complex on its own; reorganising the teams and
finding common ground added another layer of challenge .
As a leader within Ageras, my role was to integrate the product and
design teams, define our ways of working, provide a safe space for
discussions and exploration, and guide the direction for our future
platform - while balancing ongoing customer acquisition efforts .
It has been a challenging but incredibly rewarding journey - not just
for me, but for the entire team of product managers, designers,
and engineers .
I’m incredibly proud of the team’s dedication and collaboration
in making our shared dream a reality .
It has been a challenging
but incredibly rewarding
journey - not just for me,
but for the entire team...
Ageras Annual Report 2024 Business Summary 
Business Summary
Our People & Culture
2024 was a landmark year for Ageras, highlighted by major growth and transformation -
especially through our largest acquisition to date, which brought both scale and many new
colleagues into the organisation. As a result, significant efforts were dedicated to integrating
Shine into Ageras. This involved restructuring teams, defining new leadership frameworks,
and aligning roles and responsibilities to support our unified vision.
Imke Wieboldt
Chief People & Culture Officer
In 2024, we saw a steady increase in employee engagement,
reflecting our ongoing commitment to creating an inspiring
and inclusive workplace . Despite the complexity and scale of
the changes underway, our people remained engaged and
aligned with the journey . Our bi-annual engagement survey
achieved a 78% participation rate, with an engagement score
of 58% . To gain deeper insights into employee satisfaction,
we’re introducing a new Change Success Survey, designed to
monitor engagement and satisfaction during the integration
process .
We believe in fostering a culture where employees are
empowered to work independently, grow within a rapidly
expanding business, and thrive in an ever-evolving
environment . With a team drawn from diverse backgrounds
across our international office hubs, our People & Culture
strategy focuses on unity, collaboration, and a strong sense
of team spirit . We encourage individuals to take ownership of
their development, embrace change with agility, and make
meaningful contributions to the company’s success .
We remained focused on prioritising internal mobility and
promotions, reinforcing our commitment to developing and
nurturing talent from within . This was further supported by
new company-wide initiatives, with a stronger emphasis on
employee development, management training, and cultural
awareness workshops . These efforts aim to foster both
personal and professional growth . They also strengthen
collaboration within our increasingly cross-cultural and hybrid
teams, ensuring even greater success as we continue to
scale internationally .
Today, Ageras is proud to be represented by approximately
450 talented colleagues, working across our office hubs in
Copenhagen, Paris, Berlin, Amsterdam, and Gdansk, as well
as from our remote hub .
Ageras Annual Report 2024 Business Summary 
Our values
Our People
United
Disruptive Ambitious
Caring Agile
We stand united as
one company with
one vision and
one culture .
We challenge ideas,
dare to inspire and
try new things .
We think big and aim high . We are driven by
purpose and make a difference by thriving
towards ambitious goals .
We care for small
businesses and
cultivate a caring
company culture .
With an agile mindset
we are turning
each challenge into
an opportunity .
    
FTEs by end
of 
Average FTEs
(for the year)






A total of

employees
Ageras Annual Report 2024 Business Summary 
Our People
%
%

Back Office

Compliance

Others

Poland

Netherlands

Germany

Product
& Tech

France

Revenue

Denmark
Global Workforce Distribution
FTE / End of 2024
FTE’s distributed across departments
End of 2024
December 2023
December 2024
Employee Engagement Development YoY
Employee
Engagement
Employee engagement is at the core of our
People & Culture strategy. Through regular
surveys and touch points, we actively monitor
how our people feel about their workplace
experience.
In 2024, we observed a clear and consistent upward trend in
engagement scores, reflecting the positive impact of our
targeted initiatives . These efforts have strengthened overall
employee satisfaction across the organisation and reinforced
our commitment to building a workplace where people feel
valued, motivated, and connected .
Ageras Annual Report 2024 Business Summary 
Meet our employees
While great systems
and processes are
essential, it’s the talent,
collaboration, and
shared passion of
our team that truly
drive success.
Kamil Wysocki
Engineering Manager - Gdansk
It’s the people
who make this
place exceptional
As an Engineering Manager at Ageras, I’ve had the unique
opportunity to grow alongside the company - starting as a
developer and gaining experience across nearly every aspect
of the system . This journey has given me a deep appreciation
for the people behind our technology . While great systems
and processes are essential, it’s the talent, collaboration,
and shared passion of our team that truly drive success .
My role goes beyond technology - it’s about empowering
people to do their best work . At Ageras, we foster a culture
where ideas are heard, challenges are tackled together, and
continuous learning is encouraged . The company has allowed
me to develop my leadership skills while staying close to
what I love: solving problems that make a real impact . As
someone who also runs a micro-company, I understand the
importance of listening to customers' needs and building
solutions that truly help them .
Ageras’ approach to innovation and problem-solving aligns
closely with this mindset, making it a place where both
businesses and employees can thrive .
Beyond work, the relationships we build here truly make a
difference . Whether through team activities or casual coffee
chats, the friendly and supportive atmosphere is what makes
Ageras special . The flexibility and trust we’re given help
maintain a healthy work-life balance, ensuring we can be
our best both professionally and personally . At the end of
the day, it’s the people who make this place exceptional .
Ageras Annual Report 2024 Business Summary 
Building a responsible future
Gender
Distribution
%
female
%
male
Generation
Distribution
Boomers Gen-X Gen-ZMillennials
.%
.%
.%
.%
Fostering an Inclusive, Equitable,
and Sustainable Workplace
At Ageras, Diversity, Equity, and Inclusion (DEI) are at the heart of our People & Culture strategy
and broader business approach. In 2024, we continued to strengthen our DEI efforts, fostering
an inclusive culture that values different perspectives, experiences, and backgrounds.
Our workforce is highly diverse - not only in terms of gender,
age, and roles, but also in nationalities and cultural back-
grounds - enriching collaboration and driving innovation
across the organisation .
Today, our team represents a broad generational mix, with
Gen Z (12 .9%), Millennials (80 .8%), Gen X (6 .1%), and Baby
Boomers (0 .2%), all contributing to a dynamic and multi-
generational environment . This diversity supports knowledge
sharing, agility, and fresh thinking . We also maintain a strong
gender balance across the organisation, with 46% female
and 54% male employees . Additionally, we continue to make
progress in increasing female representation in leadership
and technical roles .
We actively monitor inclusivity and belonging through
engagement surveys and feedback loops . These insights
inform targeted actions to strengthen our inclusive practices,
including equitable hiring, transparent salary reviews, and
tailored career development initiatives . We have also launched
cultural awareness workshops to further enhance collaboration
across our increasingly cross-cultural and hybrid teams .
Alongside our DEI initiatives, we are advancing our ecological
transition goals . We have implemented internal measures to
track and reduce our carbon footprint, while promoting
awareness of socially and environmentally responsible
behaviors . This data enables us to better understand our
environmental impact and take informed actions to reduce
emissions moving forward .
Through these commitments, we are shaping a workplace -
and a company - that empowers people, champions diversity,
and drives meaningful progress toward a more inclusive and
sustainable future .
Ageras Annual Report 2024 Business Summary 
The graph shows that gender
diversity at the individual contributor
(IC) level is relatively balanced .
However, there is still room for
improvement at higher seniority
levels, where men continue to be
more strongly represented .
Promoting greater gender balance
in leadership roles remains an
important focus of our ongoing
diversity and inclusion efforts .
%
%
%
%
%
%
%
%
%
%
Gender distribution
By role










%
C-Team Senior
Leadership
Leadership IC Total
Female
Male
Ageras Annual Report 2024 Business Summary 
Nuno Silva
Head of Design - Copenhagen
Fostering strong
collaborations
Meet our employees
Having been self-employed in the past, I fully understand the
challenges of managing taxes, admin, and finances while running a
small business . At Ageras, I have the opportunity to apply my design
expertise with a deep sense of purpose - crafting solutions that
truly empower freelancers, self-employed professionals, and small
business owners to take control of their finances without getting
lost in admin tasks .
As Head of Design, my focus is on shaping the user experience,
identity, and desirability of our invoicing and accounting products .
I work closely with product designers and cross-functional teams
to ensure we deliver seamless, consistent, and highly functional
experiences that truly meet our users’ needs .
Leading a talented team of designers, I prioritise a unified design
language and efficient processes that enhance consistency across
all our products . Through close collaboration, we continuously
refine workflows, align on best practices, and create intuitive, user-
friendly experiences - empowering small businesses from day
one of their journey .
Through close collaboration, we
continuously refine workflows, align on
best practices, and create intuitive,
user-friendly experiences.
Ageras Annual Report 2024 Business Summary 
Establishing a Banking and Compliance function:
A strategic move for growth and trust
Compliance
With a Payment Institution license, we now have a dedicated Banking and Compliance
department, focus on supporting banking operations and ensuring regulatory compliance.
This function is designed to deliver a best-in-class banking experience for customers,
balancing cost efficiency with business safety and regulatory compliance.
Over the past years, we have been building a robust and
comprehensive framework to support all banking operations,
ensuring compliance with regulations and effective risk
management .
The successful completion of two key projects last year
- the internalisation of customer screening and periodic
KYC reviews - has significantly strengthened our financial
crime compliance .
In 2025, we are working towards ISO 27001 certification as a
crucial milestone on our path to becoming a certified PDP (a
secure and regulated digital service provider for mandatory
e-invoicing in France) . Attaining ISO 27001 certification will
further enhance the security, reliability, and trustworthiness
of our information management practices .
Fanta Duteis
Chief Banking & Compliance Officer
 hours
Average account opening time
+.
Monitored customers
+ billion
Transactions monitored in 2024
Securing this license provides us with a strategic advantage,
enabling the expansion of banking services in France, such as
cash collection and SWIFT payments . The autonomy granted by
Payment Institution status allows us to prioritise product
development and tailor our regulatory processes, while scaling
the organisation to manage substantial transaction volumes .
Ageras Annual Report 2024 Business Summary 
To maintain agility and efficiency, our organisation is
structured around committed and experienced teams,
with a full in-house compliance setup and transaction
monitoring system .
These teams are focused on distinct operational streams .
Some teams are primarily dedicated to day-to-day
operations:
• Onboarding: This team conducts thorough Know Your
Customer (KYC) processes - a key regulatory requirement
before payment account opening .
• Company creation: This team supports our company
creation offering, guiding clients through the entire
process to ensure full legal and regulatory compliance
while providing expert assistance every step of the way .
• Customer surveillance: This team ensures ongoing
customer monitoring to maintain regulatory compliance
throughout the customer lifecycle .
• Transaction surveillance: This team monitors and analyses
transactions to detect suspicious activities, prevent fraud,
and ensure compliance with regulatory requirements, such
as anti-money laundering (AML) and countering the
financing of terrorism (CFT) .
• Payment & Accounts operations: This team is the engine
behind our payment processing, ensuring that customers
can send and receive payments efficiently and securely .
Other teams focus on building and maintaining the
foundation to ensure a robust payment environment:
• Risk & Compliance team: this team ensures the
organisation adheres to all applicable laws and regulations .
They continuously monitor and improve the financial
security framework and actively combat money
laundering, counter the financing of terrorism, and ensure
compliance with international sanctions and asset freezes .
• Security: This team protects Ageras’ assets, data, and
transactions by identifying, mitigating, and managing risks
related to cybersecurity, ensuring compliance with
industry regulations, and implementing measures to
prevent fraud and safeguard customer information .
• Legal and Privacy: This team establishes and manages a
secure legal and privacy framework, to mitigate legal and
privacy risks, protecting the company’s rights and assets .
• Banking Projects & Providers: This team manages and
expands our partner ecosystem to align with strategic,
business and regulatory goals . This includescontractual
discussions, performance monitoring and supporting the
implementation of new initiatives across Product & Tech,
Banking Ops, and Compliance teams .
Holding this payment institution license within Ageras allows
us to strategically evaluate and pursue new market
opportunities across the EU .
rd line of defence
Internal audit function
provides independent
assurance on the
overall effectiveness
of the risk manage-
ment and control
framework .
nd line of defence
Independent functions
(Compliance, Risk &
Internal Control,
Security, Legal &
Privacy) oversee and
support the first line in
managing risks and
ensuring compliance .
st line of defence
All individuals and
teams directly involved
in day-to-day opera-
tions are responsible
for managing their
owns risks .
Risk management framework
Based on the 3 lines of defence model
Ageras Annual Report 2024 Business Summary 
Compliance focus
Compliance function isthere to reasonably ensure that the company is complying
with all applicable laws, rules andregulations, as well as internal codes of
conduct, policies andprocedures .
All type of risks are covered: financial crime with KYC, Sanctions, anti-money
laundering, Fight against corruption and terrorism financing but also, data privacy,
client protection, fraud, cyber and operational risks, legal, etc .
We are fully convinced that a strong partnership between compliance and
business functions can positively impact Ageras' long-term success, but also,
and above all, a strong awareness among all management and their teams of
these topics .
Here are some examples:
• A transaction monitoring system has been developed in-house which allows
us to effectively fight against fraud and money laundering (filter continuously
all the transactions and generate an alert in case of suspicious behavior
or transaction)
• We created a team dedicated to the monitoring of clients and their transactions .
They deal on a daily basis with alerts related to fraud and money laundering
as well as KYC reviews .
• A large number of workflows are automated (such as the check of customer
identity or the alert monitoring)
• Thanks to the data team, we have created dashboards that allow us to manage
compliance processes, limit risks and produce high-quality regulatory reporting .
Banking focus
1. Ownership of operations relating to the payment institution:
Customer Onboarding & Surveillance
• Account opening due diligences (existing companies)
• Manage KYC events during the customer’s lifecycle
Company creation support
Payment and account operations
• Daily Payment execution and issues resolution
• Transactions reconciliation and deposit securing
Management & monitoring of Payment institution financial flows
2. Ownership of banking projects (to offer new services but also to foster
Business / regulatory intelligence & innovation) & banking providers:
Identification, selection & implementation and on the top of that, Strategic
relationship management .
Own company creation activities to accompany our customers since
the beginning and help them choose the best setup for them: in 2024,
we enriched our offer with an in-house SASU service .
Ageras Annual Report 2024 Business Summary 
Meet our employees
Léonie Wüthrich Hermansen
Marketing Manager DE – Copenhagen
Driving Growth
Through Strategic
Marketing
As a (Performance) Marketing Manager at Ageras, I have the
opportunity to define and execute strategic marketing
initiatives that drive business growth . From crafting compelling
messaging to developing go-to-market strategies, my role
allows me to blend creativity with data-driven insights .
By collaborating with cross-functional teams, I help ensure our
products resonate with the right audience and deliver
measurable results .
Ageras fosters a culture of innovation and continuous learning,
empowering me to refine my skills and explore new strategies .
Every day presents new challenges and opportunities to think
outside the box, experiment with fresh ideas, and contribute
meaningfully to the company’s success - making this role both
dynamic and fulfilling .
I have the opportunity to
define and execute strategic
marketing initiatives that
drive business growth.
Ageras Annual Report 2024 Business Summary 
Business Summary
Management Team
As a true entrepreneur, Rico founded his first
company at the age of 17 . With fifteen years of
experience building and operating internet
and software companies, Rico is an energetic
CEO who challenges the status quo .
With a strong focus on value creation, he leads
the organisation through clear targets .
Rico Andersen
Co-Founder &
Chief Executive Officer
With a strong passion and deep knowledge within
SaaS, digital strategy and online marketing . Martin
is a true entrepreneur with several success ful
internet projects on his resume, prior to joining
forces with Rico and founding Ageras .
Martin Hegelund
Co-Founder &
Chief Growth Officer
Claus joined Ageras in 2017 contributing with
a strong commercial understanding .
He has 30+ years experience in finance and top
management including CEO and CFO positions in
Julie Sandlau Fine Jewelry, Infomedia, Progressive
IT, Berlingske Online Media and Grey Scandinavia .
Claus Kjær Jørgensen
Chief Financial Officer
Ageras Annual Report 2024 Business Summary 
Alessandro has 25 years of
experience working with business
management software on the
international stage, most recently
with Debitoor, a company he led
toward expansion in over 50
countries .
At Ageras, Alessandro will focus on
scaling the Billy product and drive
its transformation to become the
preferred financial cockpit for small
businesses and accountants in
Denmark .
Alessandro
Leoni
Chief Product
& Technology
Officer
Bringing over 15 years of experience
from the banking and fintech sectors,
Jean-Baptiste currently serves as Chief
Revenue Officer at Ageras . Before joining
Ageras via the acquisition of Shine, he
shaped Shine’s strong market presence
as Chief Marketing Officer before taking
the helm as CEO . His career also
includes experience within large financial
institutions like BNP Paribas, strategic
consulting at Kearney, and the fintech
startup environment at October .
This comprehensive background
provides Jean-Baptiste with deep
expertise in financial services and the
evolving business landscape .
Jean-Baptiste
Sciandra
Chief Revenue
Officer
Imke joined Ageras in 2016 and has
played a key role in building the
organisation .
By always following the strong belief
that employees are the heart of the
organisation and the key to the
business's success, she has been
growing her career within Ageras to
become Chief People & Culture Officer
with a strong passion and dedication .
Fanta brings over 25 years of deep
expertise in the audit and tech sector,
including a decade navigating the
high-growth digital and fintech
landscape . Formerly CFO then
Managing Director of Shine, she has
a proven track record of scaling
operations and navigating regulatory
landscapes .
Within Ageras, she will focus on
consolidating our Banking &
Compliance organisation while scaling
the activities in our 4 core markets .
Imke Wieboldt
Chief People
& Culture Officer
Fanta Duteïs,
Chief Banking
& Compliance
Officer
Ageras Annual Report 2024 Business Summary 
Business Summary
Siegfried Heimgärtner previously served as CEO of
Skrill . During his tenure . Skrill grew to a worldwide
payment network, which offered businesses access
to direct payment processing via 100 payment
options in 200 countries and in over 40 currencies .
Prior to joining Skrill, Siefried was Executive Vice
President at Ingenico, the leading provider of POS
payment solutions, with over 15 million terminals
installed in 125 countries .
The company processes more than two billion pay-
ment transactions annually, and acquired easycash
Group in 2009 at which time Siegfried was Chief
Executive Officer .
Siegfried is a graduate of the Bull International
Management Programme at Ecole Européenne des
Affaires, Paris, and also holds a Bachelor Degree in
Business Administration .
Siegfried Heimgärtner
Chairman
Gilbert Kamieniecky joined Investcorp in 2005
and is the Head of Private Equity Europe . His
responsibilities include all buyout and growth
investments across Europe .
Prior to Investcorp, Gilbert worked with Morgan
Stanley in the Leveraged Finance Group, the
Global Industrials Group and Firm Management .
Gilbert Kamieniecky
Board Member
Board of Directors
Ageras Annual Report 2024 Business Summary 
Christine Ma joined Investcorp
in 2023 within the Private Equity
Technology team . Prior to
Investcorp, she worked at
Charterhouse Capital Partners
as an Investment Manager . She
previously worked at Bain &
Company and Morgan Stanley .
Christine holds an MBA from
INSEAD and a Bachelor of Arts in
Economics from Vassar College .
Ariel Lebowits is a senior finance
executive with over 20 years of
experience in Corporate Finance,
M&A, raising capital, financial
reporting and financial planning .
Ariel has served as Head of M&A of
OLX Group since 2016 after serving
as CFO since 2006 . He has also
served as VP of Finance at Zingy,
a leading mobile media company .
Ariel began his career at Moody‘s
and received a Bachelor of Arts
in Economics from the University
at Buffalo .
With a strong passion and deep
knowledge within SaaS, digital
strategy and online marketing .
Martin is a true entrepreneur
with several successful internet
projects on his resume, prior to
joining forces with Rico and
founding Ageras .
Rico is an energetic entrepreneur
who after founding his first
company at the age of 17 is always
challenging the status quo .
Rico is a skilled manager with a
competitive mindset and drives
performance through clear
targets .
Christine
Ma
Board
Member
Ariel
Lebowits
Board
Member
Martin
Hegelund
Board
Member
Rico
Andersen
Board
Member
To be officially appointed
Ageras Annual Report 2024 Business Summary 
David Sander
Senior Marketing Manager - Payroll DK
Helping business
owners doing
what they love
Meet our employees
At Ageras, I am motivated by the fact that I get to help business
owners focus on doing what they love . It may seem counterintuitive,
but my main purpose is to ensure that small businesses spend as
little time in our product as possible . We achieve this by automating
administrative tasks or connecting business owners with book-
keepers and accountants, also known as Advisors .
We increasingly find that working closely with Advisors not only
helps us grow our business but also gives us valuable insights into
the direction of the industry .
My role primarily focuses on understanding the biggest challenges
business owners and Advisors face with accounting and payroll
software and translating these into opportunities for our Product
team to develop solutions . The constant collaboration with all these
different stakeholders is what motivates me the most at Ageras .
My main purpose is
to ensure that small
businesses spend
as little time in our
product as possible.
Ageras Annual Report 2024 Business Summary 
Business Summary
Our Backers
Ageras Annual Report 2024 Business Summary 
Rico Andersen , %
Martin Hegelund , %
Management & Key Employees ,%
Management Ownership ,%
Investcorp Technology Partners ,%
Luxor / Lugard Road Capital ,%
Back in Black Capital ,%
Rabobank ,%
Lazard ,%
Folketrygdfondet ,%
Kapitalforeningen Investering & Tryghed ,%
Roosgruppen ,%
Other institutional investors ,%
Institutional Ownership ,%
Ownership
As of December 31, 2024
Investcorp Technology Partners
Luxor / Lugard Road Capital
Back in Black Capital
Rabobank
Lazard
Folketrygdfondet
Kapitalforeningen Investering & Tryghed
Roosgruppen
Other institutional investors
Management
After the close of FY 2024, in March 2025, we welcomed amongst others Moore Capital and Swedbank
Robur as new strategic shareholders in an investment round led by our main shareholder Investcorp .
All ownership stakes are on a fully diluted basis
Ageras Annual Report 2024 Business Summary 
Invoicing
A future without
administrative burdens


Accounting
Banking
Payroll
Lending
Advisor
Our Product
Ageras Annual Report 2024 Our Product 
Our Product
The future looks bright for Ageras’ customers. Our product vision -
"Zero Minutes on Administration" - reflects our deep understanding that
entrepreneurs don’t start businesses to deal with paperwork.
A future without administrative burdens
Yet many spend up to 40% of their time on administrative
tasks . This isn’t just frustrating, it can be overwhelming, and
in some cases even fatal, if critical financial tasks are
mismanaged .
To truly free business owners from this burden, we follow four
core principles in designing a product that radically reduces
the effort required to run a business:
1. A scalable financial automation platform
Our technology is built to grow alongside our customers,
ensuring they have the right financial tools at every stage
of their journey .
2. Intuitive software for non-financial experts
Our platform is designed primarily for entrepreneurs, not
accountants . Simplicity is at the heart of our UX, making it
easy for anyone to start using it effectively, regardless of
their financial background .
3. Smart automation powered by AI & Machine Learning
By leveraging the latest advancements in LLMs and ML,
our system preprocesses and organises financial data,
reducing manual work and streamlining business
operations like never before .
Alessandro Leoni
Chief Product & Technology Officer
4. A guiding approach with strong human support
Automation is powerful, but guidance is invaluable . Our
product not only provides in-app assistance but also
connects users with a trusted network of accountants
and experts, ensuring they are supported every step of
the way .
Our customers can look forward to an ever-improving
platform that makes running a business not only easier
- but more enjoyable .
Ageras Annual Report 2024 Our Product 
Meet our employees
Merete Lorraine Glinvad
Head of Customer Service & Operations – Copenhagen
Providing accurate
and timely solutions for
our customers
As Head of Customer Service & Operations, I’m responsible
for ensuring an efficient and high-performing support
department that provides our customers with accurate and
timely solutions . Together with a dedicated team, we work
each day to deliver excellent customer satisfaction and
ensure our service is both competent and genuinely helpful .
My role covers the strategic development of support
processes as well as the continuous optimisation of
workflows, enabling us to maintain high quality and
create value for the company .
A strong team culture is essential to our success, and I
place great emphasis on fostering a work environment
that encourages knowledge sharing, collaboration,
and engagement .
Being part of Ageras motivates me every day to refine
our processes through digitalisation and smarter ways
I really enjoy working at
Ageras and appreciate
the freedom that comes
with responsibility.
of working . This allows us to deliver even more valuable
support to our customers and contribute to the company’s
overall growth .
I really enjoy working at Ageras and appreciate the freedom
that comes with responsibility . It enables me to take
initiative and make decisions I believe in, while always
feeling supported by my colleagues . I also value the
culture here, which promotes adaptability and continuous
development - ensuring we stay open to new ideas and
challenges .
Ageras Annual Report 2024 Our Product 
Our Product
Active users
+.
Volume
+€b
NPS
+
Markets
Invoicing
Invoicing is where it all begins for most businesses . We
engage with the customer early on, perhaps just after
they’ve completed their first project and need to get paid .
Our platform ensures they send a compliant invoice, it gets
delivered, reminders are sent if needed, and we assist with
the payment process . This creates a smooth, professional
experience for both our customer and their end-customer .
Features
• Multi-currency and multi-language support
• Customisable invoice design
• Send e-invoices
• Automatic payment reminders
• End-customer portal
• Send quotes and estimates
• Online payment options
Ageras Annual Report 2024 Our Product 
Our Product
Accounting
With over 100 integrations to the tools customers already use,
our accounting platform is scalable, whether they’re in B2B,
e-commerce, or setting up a physical store .
Accountants can easily access the end-customer’s data and
grow their businesses with us . We know when users need
help, which is why we proactively match accountants with
business owners .
Features
• Automatic bookkeeping of expenses
• Receipt upload and automatic OCR reading
• Open banking integration for real-time bank data
from thousands of banks
• Country-specific VAT declaration
• Compliant tax reporting
• Up-to-date dashboard with revenue, expenses
and cashflow
• Cash book for pro users
• Accountant workflows for an overview of customer
health and status
The core part of our platform is accounting software . On
top of this, we offer other cloud-based products that make
it easier to run a business, such as Ageras Salary, our
payroll tool .
Our accounting software is designed specifically for small
businesses, from start to finish . We’ve built powerful tools to
make life easier for business owners . Time is money, and we
make managing business finances simple, on any device .
Using both our web and mobile apps, customers can create
invoices and quotes, send them, and track their payments .
For expense management, we offer a top-of-the-line solution
that automatically processes, digitally stores, and categorises
all customers’ receipts . By linking their bank accounts,
customers can reconcile their bank transactions with ease .
We have market-specific products and features targeting
specific regions and market segments . This keeps us relevant
and competitive in each market . For example, we offer a
unique integration with tax authorities for VAT and income
tax in some markets, allowing customers to automatically
calculate and file their statements with just a few clicks .
ARPU
€
Gross Margin
~%
Integrations
+
Markets
Ageras Annual Report 2024 Our Product 
Our Product
Banking
Accountants and financial advisors also benefit from our
platform, with real-time access to their clients’ financial data
to provide proactive guidance and support .
Features
• Instant business account setup
• Ability to create sub-accounts with up to 9
independent IBANs
• Virtual and physical credit cards for seamless
business payments
• Effortless domestic and international bank transfers
• Multi-currency accounts for global transactions
• Seamless data exports for simplified financial reporting
• Business lending options to support growth
When a company is established, one of its main concerns is
opening a bank account . With Ageras, they get seamless
business banking - setting up an account, managing
transactions, and making payments with ease . As their
business grows, they often need payment cards and a simple
way to send and receive money . As a typical customer
journey, a few months later they explore lending options to
invest in their growth . Eventually, as they expand, they start
making international payments and require multi-currency
support .
Our banking platform is purpose-built for small businesses,
supporting them at every stage of their journey .
Entrepreneurs start businesses to follow their passion - not
to spend hours managing their finances . That’s why we’ve
developed intuitive, automation-driven banking tools that
make financial management effortless .
With advanced features like virtual cards and sub-accounts,
our banking platform scales with businesses - whether
they’re running an online store, managing a service-based
company, or providing professional services .
Active customers
+.
Markets
Transactions monitored in 2024
+10 billion
Deposits
~€b
Ageras Annual Report 2024 Our Product 
Our Product
Payroll
Gross margin
%
Growth
%
Avg. size
employeesYoY
Markets
Features
• Simplifies payroll for small businesses and accountants
• Fully compliant with local payroll tax legislation
• Automatically reports to relevant authorities
• Can be set up to run 100% hands-free
• Offers on-demand pay for employees whenever they want
• Completes payroll in minutes while ensuring compliance
• Integrates with HR, accounting, and time-tracking systems
Ageras Salary is designed to simplify payroll from start to
finish, enabling business owners to pay their employees
quickly, accurately, and in compliance with local legislation .
We are also proactively developing solutions that anticipate
future compliance needs, such as ESG reporting and payroll
transparency .
While we initially focused on small and micro-businesses, we
are now seeing increasing demand from larger companies .
This growth is driven by the continuous addition of value-
creating features, while maintaining a strong focus on user-
friendliness and simplicity .
Our intuitive platform automates key payroll tasks, allowing
users to focus on running their business . With Salary, users
can calculate wages, manage tax and pension deductions,
send payslips, and report to authorities - all in just a few
clicks and with no prior payroll experience required .
We’re also expanding beyond payroll . Soon, we’ll launch HR
software to support employee onboarding - from pre-
contract stages right through to the first payslip .
Ageras Annual Report 2024 Our Product 
Our Product
Lending
We finance the needs of SMEs by delivering an embedded
fintech solution, specifically tailored to their fluctuating
financial requirements, underwritten by their financial data
and supplemented by traditional credit data .
Our competitive advantage lies in our ability to use our
customers’ proprietary revenue and accounting data to
underwrite loans more effectively . This enables us to deny
credit to those who are not creditworthy, while also offering
better terms to businesses that may not be supported by
traditional banks but are still creditworthy .
Ageras acts as a broker . We provide the interface and data to
third-party credit institutions, enabling them to offer financing
directly to our customers through a fully white-labeled
solution . In this way, we can meet our customers’ needs
without balance sheet exposure . We are remunerated with
a recurring commission from the lender .
Offering
• Business Loans
• Credit Lines
• Invoice Financing
Partners
SMEs needing financing
%
Total loans granted
+€m
Credit data points analyzed
+m
Markets
Ageras Annual Report 2024 Our Product 
Our Product
Advisor
2. Finding new customers
Ageras Advisor is an online marketplace that connects
business owners with professional advisors . Through Ageras
Advisor, accountants, bookkeepers, and tax advisors can
gain access to new customers by submitting quotes to SMEs .
Accountants pay a fixed fee to access the platform, where
they can send quotes and communicate directly with
prospective clients .
3. Promoting Ageras’ products
We actively encourage accountants to use our services and
provide them with the necessary tools to support their
clients . Additionally, we have designed pricing plans that offer
benefits to our Ambassadors, which they can pass on to their
own clients via our software .
We work with thousands of reputable accountants and tax
advisors across Europe - we refer to them as Advisors .
These Advisors have three ways of working with Ageras
to become more efficient, successful, and to grow their
businesses:
1. Accountant-friendly features
While our primary target customer is a small business owner,
over half of our customers also work with an accountant .
Most bookkeepers and accountants have different expertise
and needs compared to our SME customers . What may be
user-friendly for a business owner who lacks accounting
expertise may be burdensome for an accountant, and vice
versa . Therefore, we have developed specific features and
interfaces tailored to accountants, enabling them to be more
efficient in serving their SME clients .
* Growth in our largest market
YoY Growth*
%
New Advisors
During 2024
~1.000
Markets
Ageras Annual Report 2024 Our Product 
Meet our employees
Abbie-Sophie Vestergaard
Customer Service & Operations Intern
A culture that
motivates me to
do my best
As an intern in Customer Service & Operations, Accounting
DK, I’ve had a unique opportunity to combine my studies in
Economics and IT at KEA with valuable practical experience .
The internship has provided me with hands-on exposure to
both accounting challenges and digital solutions, deepening
my understanding of how technology and finance interact in
real-world settings .
In my day-to-day work, I support and advise customers on
accounting-related issues, helping them make the most of
our accounting software . I’m also involved in IT support,
assisting users in integrating our accounting product with
other systems, compiling statistics on user requests, and
contributing to KPI reporting .
One of the aspects that has made the biggest impression on
me during my time at Ageras - specially within my team - is
the culture I’ve become a part of . There is a strong sense of
community, where open communication encourages
questions and the exchange of ideas . From day one, I’ve
felt that my input is valued and that I’ve had a genuine
opportunity to grow, both professionally and personally .
I’ve been entrusted with responsibility and encouraged
to take initiative, while always having the support of my
colleagues . It is a culture that motivates me to do my best,
embrace new challenges, and continuously learn .
There is a strong sense of community,
where open communication makes it
easy to ask questions and share ideas.
Ageras Annual Report 2024 Our Product 
Outlook
Further strengthening
our balance sheet
The road ahead
Our M&A strategy
continues to add
mission-critical
features



AI at Ageras
E-invoicing deep-dive
Thank you from the CEO



Ageras Annual Report 2024 Outlook 
Outlook
The road ahead
As we look ahead, our journey remains bold
and clear: to redefine how small businesses
manage their finances by bringing accounting
and banking even closer together - on one
seamless business platform.
Focus remains critical . We choose our markets carefully and
double down where we see strategic opportunity - where our
solutions can make the biggest impact . We’re not here to be
everything to everyone . We’re here to build the best
experience for small business owners navigating the complex
world of accounting and business admin .
At the heart of our growth is a relentless commitment to our
users . Remaining customer-centric means more than listening,
it means anticipating . Knowing the numbers matters, but
knowing the customers behind those numbers matters even
more . That’s why our roadmap is deeply shaped by customer
feedback, usage insights, and real-world business needs .
Innovation, increasingly powered by AI, is transforming our
platform, helping us automate workflows, deliver intelligent
insights, and streamline complexity . But technology only
works if it’s accessible and usable . That’s why we design for
simplicity, not just scale . In doing so, we enforce agility,
empowering our teams to build fast, decide fast, and ship
fast, without compromising quality or our vision .
Finally, we continue to be visionary . We’re not just solving today’s
problems, we’re creating the solutions our customers will need
tomorrow . With every new feature, every integration, every
acquisition, we ask: how does this move us closer to that vision?
2025 will be a year of acceleration . With strong fundamentals,
a powerful platform, and a clear strategic direction, we’re
confident in our ability to grow responsibly, innovate boldly,
and serve our customers better than ever before .
Rico Andersen
Co-founder & Chief Executive Officer
We operate in a rapidly evolving market where it is
increasingly easy to start a business, but also increasingly
challenging to operate and scale one . Regulatory
requirements such as e-invoicing, make it harder to run a
business, without the right tools, of course .
Our job is to stay ahead - not by chasing every trend, but by
innovating with purpose . We are committed to profitable
growth, which gives us the runway to think and invest long-
term, while continuing to deliver value today .
Ageras Annual Report 2024 Outlook 
Outlook
Across Europe, invoicing is undergoing a significant transformation.
What was once a convenient digital option is now becoming a legal
requirement. Starting 1 January 2025, all German businesses must be
able to receive electronic invoices. France and other European
countries will follow with similar mandates.
E-invoicing deep-dive: The changing
landscape of European invoicing
Niki Shirvani
Senior Product Manager
The benefits are clear: faster processing, improved cash
flow, reduced errors through built-in validation, and greater
sustainability by eliminating paper waste . Digital invoicing also
unlocks valuable data for better financial decision-making .
We’re focused on making compliance easy across Europe . In
Germany, we support XRechnung and Peppol, ensuring fully
validated and direct invoice transmission . In France, we’re
prepared for upcoming regulations, enabling invoice delivery
through Peppol or Chorus Pro . In Denmark, our solution
integrates seamlessly with the national e-invoicing system,
while offering cross-border invoicing via the Peppol network .
At Ageras, we see this shift as an opportunity to empower
small businesses through compliance . By embedding
e-invoicing capabilities directly into our invoicing product,
we remove unnecessary complexity and provide a seamless
experience for sending - and soon receiving - e-invoices .
What sets Ageras apart is our fully integrated e-invoicing
workflow . Invoices are delivered directly to compliant
networks with no manual work, while real-time status
tracking and automated validation ensure smooth, error-
free processing .
The shift toward e-invoicing is disrupting the accounting and
invoicing software market . Many providers are struggling to
adapt, giving agile platforms like ours a competitive edge .
We believe that success will be defined by the depth
integration with government and enterprise systems,
validation intelligence, and a user experience that makes
compliance simple for small businesses .
At the heart of our approach are three key pillars:
1. Localisation: Our platform is tailored to meet country-
specific regulations, ensuring effortless compliance .
2. Simplification: We automate the complexity, so that small
business owners don’t need to be technical experts to
comply with e-invoicing mandates .
3. Future-proofing: While competitors focus on sending
e-invoices, we’re already building the functionality to
enable businesses to receive e-invoices as well . This
opens the door to automated accounting and further
streamlines financial management .
Ageras Annual Report 2024 Outlook 
Benefits of e-invoicing
• Operational efficiency - Manual invoicing processes are slow and prone
to errors . Our solution automates invoicing, reducing processing time .
• Enhanced cash flow - Faster delivery and confirmation lead
to quicker payments, improving financial stability for small businesses .
• Error reduction - Our system ensures invoices meet both regulatory
requirements and recipient specifi cations before submission, minimising
rejection rates .
• Sustainability - Digital invoicing eliminates paper waste and contributes
to businesses' environmental goals .
• Business insights - Electronic invoicing generates data that can be
leveraged for better financial decision-making .
Ageras’ approach to e-Invoicing compliance
• Germany - Full support for XRechnung, in addition to Peppol support, ensuring
validation and direct transmission .
• France - Compliance with the upcoming French e-invoicing
mandates, with invoices sent through Peppol or Chorus Pro .
• Denmark - Seamless integration with the Danish e-invoicing infrastructure .
• Pan-European - Connectivity through the Peppol network for cross-
border invoicing .
Market impact and competitive advantage
The shift toward e-invoicing is disrupting the accounting and invoicing software
market . Many providers are struggling to adapt, giving agile platforms like ours
a competitive edge . The key factors defining market success include:
• Integration depth - Ensuring invoices flow seamlessly into government
and enterprise systems .
• Validation intelligence - Guarante eing compliance with both regulatory
and recipient-specific requirements .
• User experience - Simplifying compliance to remove friction for small
businesses .
A fully integrated e-Invoicing workflow
We provide end-to-end e-invoicing management:
• Direct invoice delivery to compliant networks, removing manual work .
• Real-time status tracking, ensuring users know when invoices are
received and processed .
• Automated validation, preventing errors before submission .
Ageras Annual Report 2024 Outlook 
Meet our employees
Helping the business
keep focus
As the Head of Accounting at Ageras, I am responsible for
ensuring the daily accounting for the company is up to date
and that the monthly reporting is on time and accurate . My role
gives me the opportunity to optimise processes that help the
business keep focus . Together with my team, we support the
entire organisation with any finance-related questions . We pride
ourselves on being a reliable resource for all departments,
offering guidance and advice for financial decisions . I love being
part of Ageras because it is a dynamic, multicultural, and
professional environment . Ageras encourages me to grow both
personally and professionally, offering the opportunity to further
develop my leadership skills and take on new challenges .
I find it especially rewarding that the work we do directly
supports the company's growth . By delivering high-quality
financial services and insights, we contribute to Ageras’ ability
to scale and expand .
I find it especially
rewarding that the work
we do directly supports
the company's growth.
Melanie Richter
Head of Accounting - Berlin
Ageras Annual Report 2024 Outlook 
Outlook
Customer story
AI services to France, Germany, and the Netherlands . We
also laid the groundwork for an AI-powered assistant that
proactively supports users and acts as a bookkeeping
assistant, offering real-time support and an even better
customer experience .
While AI has already created substantial value, challenges
remain in achieving full automation, localisation and user
engagement .
Where we are headed
The AI landscape is evolving rapidly, and Ageras is keeping
pace . Large Language Models (LLMs) are transforming how
businesses interact with AI, enabling smarter and faster
In 2024, we made significant progress by advancing expense
scanning and categorisation through Large Language Models
(LLMs), boosting accuracy and speed . We introduced new
features such as an email scanning tool that automatically
detects and reconciles receipts with bank transactions .
Following success in Denmark, we expanded our localised
AI is already reshaping financial workflows at Ageras. Our machine learning
services automate bookkeeping, expense categorisation and bank reconciliation,
eliminating time-consuming tasks for SMEs. By leveraging over one billion data
points, we improve accuracy, reduce manual work, and generate actionable
financial insights, ultimately enhancing both customer experience and productivity.
AI at Ageras: Accelerating automation
and intelligent decision-making
Anders Dehn
Senior Product Manager
"I am Markus, a freelance Account Director and
Marketing Consultant in Berlin.
I became self-employed to work with different
advertising agencies and clients, which led to great
projects with brands like Netflix, BMW and Zalando.
Getting my first clients was tough but I soon realised
how crucial it is to manage taxes. Ageras helps me
keep track of my earnings and set aside what I need
for taxes in real-time. It gives me peace of mind so I
can really focus on my projects."
Markus
Freelance Account Director
and Marketing Consultant
Ageras Annual Report  Outlook
workflows . This shift is creating a future where seamless AI
assistance becomes the norm . In this vision, Ageras Copilot
will act as a supporter, bookkeeper, and financial assistant,
providing users with accurate, real-time guidance whenever
needed .
As we accelerate AI deployment through generative AI and
pre-trained models, we’re also focused on advancing
proactive guidance, moving beyond passive automation . Our
goal is to provide small businesses with real-time, context-
aware financial insights to help them stay ahead . Human-AI
collaboration remains central, with AI working alongside
accountants, bookkeepers, and business owners to boost
efficiency and productivity .
With AI at the heart of our strategy, we are building towards
an era where SMEs spend zero time on administrative tasks,
allowing them to focus on growing their businesses through
smarter, more intuitive financial workflows .
AI as a competitive advantage
AI is no longer a value-add: it’s a competitive necessity .
Companies that embrace it will lead the industry .
At Ageras, we stand out with a unified platform that
seamlessly integrates bookkeeping, banking, invoicing, and
financial services . Our localised expertise ensures AI is
tailored to meet market-specific compliance and business
needs . We’re also driving intelligent collaboration, bridging
the gap between DIY users and professional advisors for
smooth task-sharing and optimised workflows . Our AI tools
make the customer experience better by providing financial
insights, automation, and real-time help, so SMEs can make
confident, informed decisions with ease .
Vision for AI & the road ahead
Our vision is to make AI the central driver of a frictionless
financial experience . Ageras Copilot is not just about
automation - it’s about empowering users with real-time
support, insights and efficiency . By embedding AI deeply into
our platform, we ensure that financial management becomes
smarter, more transparent and highly scalable .
As we head into 2025, we are investing in:
• Expanding Copilot: Developing an AI assistant that acts
as a supporter, bookkeeper and financial guide, enhancing
the user experience and streamlining workflows .
• Scaling automation: Aiming for a 95% automation rate for
key financial processes .
• Enhancing AI transparency & trust: Ensuring AI-powered
decisions are clear, explainable, and user-driven .
AI is evolving at an extraordinary pace, and staying ahead is
essential . This isn’t just about efficiency; it’s about delivering
a superior customer experience while driving productivity . We
are proud to lead the way in this transformative journey .
Ageras Annual Report 2024 Outlook 
Significant progress made in 2024:
• Expense scanning & categorisation: Automating receipt processing and
classification using advanced Large Language Models (LLMs), significantly
improving accuracy and speed, and enabling new features such as description
summaries .
• Email scanning: Automatically detects and retrieves receipts from inboxes,
imports them into the system, processes the data, and seamlessly matches
them with corresponding bank transactions for accurate reconciliation .
• Localised AI services: Following a successful launch in Denmark, we are
expanding automation capabilities to France, Germany and the Netherlands .
• Advancing Ageras Copilot: Developing an AI-powered assistant that serves
as a supporter, bookkeeper and advisor, offering real-time assistance and
improving both efficiency and the overall customer experience .
At Ageras, our differentiation lies in:
• A unified platform: AI seamlessly integrates bookkeeping, banking,
invoicing, and financial advisory services .
• Localised expertise: AI tailored to meet market-specific compliance and
business needs .
• Intelligent collaboration: AI bridging the gap between DIY users and
professional advisors, ensuring smooth task-sharing and optimised workflows .
• Enhanced customer experience: AI-driven financial insights, automation and
real-time assistance, empowering SMEs to make better decisions with ease .
2025 will be a defining year for AI investment at Ageras:
• Expanding Copilot: Developing an AI assistant that acts as a supporter,
bookkeeper and financial guide, enhancing the user experience and
streamlining workflows .
• Scaling automation: Aim to improve automation rate significantly for key
financial processes .
• Enhancing AI transparency & trust: Ensuring AI-powered decisions are
clear, explainable, and user-driven .
This shift enables:
• Seamless AI assistance: The Copilot will act as a supporter, bookkeeper and
financial assistant, providing users with accurate, real-time help whenever needed .
• Faster AI deployment: Generative AI and pre-trained models reduce the time
from concept to implementation .
• Proactive AI guidance: Moving beyond passive automation to real-time,
context-aware financial decision-making .
• Enhanced human-AI collaboration: AI working hand-in-hand with accountants,
bookkeepers and business owners, improving efficiency and productivity .
Ageras Annual Report 2024 Outlook 
Outlook
Our M&A strategy continues to
add mission-critical features
They say that if you want to go fast, go alone. If you want to go far, go together.
When building a pan-European, all-in-one financial platform, you need to go
together - both to go fast and far. That’s exactly our goal at Ageras.
Our M&A rationale and playbook
M&A is a key pillar of our strategy: it strengthens our offering,
deepens market presence, boosts customer lifetime value
(LTV), and reduces time to market . Our lean and efficient M&A
team not only sources and negotiates deals, but also leads
integration - working closely with management and the
broader organisation to ensure success .
Every acquisition decision is driven by the needs our
customers: small business owners . We’re focused on
delivering more func tio nality, but never at the cost of
simplicity or long-term scalability .
Martin Hegelund
Co-founder & Chief Growth Officer
To complete our platform offering across Denmark, France,
Germany, the Netherlands, and beyond - with invoicing,
accounting, banking, payroll, taxes, and more - we have
strategically leveraged acquisitions to accelerate time to
market and deliver on our mission . And we’ll continue to do so .
When deciding whether to buy or build, we consider the
full picture: the cost of developing the technology, acquiring
a customer base, building the brand and team, and the
ongoing operational expenses . Most importantly, we assess
the associated risks and time to market . We then weigh these
factors against the purchase price and integration cost of the
target company . Additionally, we carefully evaluate any added
complexity and potential technical challenges that may come
with an acquisition, as we are committed to avoiding anything
that could slow future growth .
Ageras Annual Report 2024 Outlook 
Future M&A
We remain confident in our M&A strategy and
will increasingly seek targets that align with our
acquisition criteria:
• The product serves small businesses in
our core markets
• The offering either adds new features or
unlocks access to a new market
• We don’t compete directly, unless there’s
strong value in the customer base or a clear
path to technology consolidation
• The business has proven unit economics, with
further potential within the Ageras platform
• We’re particularly interested in payment
solutions, banking products, and niche
accounting/tax features tailored to small
businesses
With strong backing from our shareholders, we
remain actively on the lookout for compelling M&A
opportunities . Our platform is well-positioned
to support several meaningful acquisitions each
year . We look forward to completing our next
successful acquisition in 2025 .
"I’m Totti, co-owner of Makia. I’ve learned the hard way
how important it is to manage accounts and invoices
on time. We struggled for years, which made things
tough.
When I found Ageras, I discovered that invoicing
doesn’t have to be complicated. It’s simple, easy to use,
and lets me create invoices anytime - even on the go.
As a marketing professional, having the right tools like
Ageras makes managing my finances much easier and
more efficient."
Totti
Co-owner of Makia
Customer story
Ultimately, we look for strategic synergies that enhance
customer value, drive stronger retention, and unlock upselling
opportunities . Acquisitions must add key features while
keeping both technical debt and usability in check . That’s
our recipe for success .
Acquisition of Storebuddy
In February 2025, following the close of the financial year,
we signed and completed the acquisition of Storebuddy
- a software solution that automates bookkeeping and
reconciliation of digital payments . It’s particularly valuable
for businesses accepting card payments online (e .g .
e-commerce) or in physical stores using multiple
payment acquirers .
Founded in 2015 and fully bootstrapped, Storebuddy has
built a best-in-class product by focusing on this niche .
We are excited to welcome the founders and the rest of
the team to Ageras, and to bring their solution to our
broader customer base .
This acquisition marks an increased focus on further
facilitating and monetising our customers’ payment flows .
Ageras Annual Report 2024 Outlook 
Outlook
After the books closed, we raised €27 million from
both existing and new shareholders in 2025.
Further
strengthening our
balance sheet
We’re pleased to welcome Swedbank Robur onboard - a
Sweden-based alternative investment fund focused on
Nordic companies - and Moore Capital, a global investment
management firm headquartered in New York .
Robur and Moore join our investor base alongside a few other
smaller shareholders in this investment round, standing with
our existing investors who have reaffirmed their belief in
Ageras by participating once again .
Since raising our first institutional capital from Investcorp in
2017, we have strategically deployed funds into product
development and the organic expansion of the business .
Now that the company is profitable and no longer reliant on
external capital for operations, we continue to raise funds
occasionally to support M&A activity and other inorganic
growth opportunities .
Ageras Annual Report 2024 Outlook 
Outlook
Thank you!
As we close another milestone year, I feel both proud and grateful - for our growth,
resilience, and the incredible team, customers, and partners who make it all possible.
The past few years have pushed businesses to adapt and
evolve - including Ageras . But challenges don’t define us;
how we respond to them does . Today, we’re stronger than
ever, with 114% revenue growth . We expanded our footprint
in France through the acquisition of Shine, and our customer
base is growing, now serving more than 300 .000 small
businesses across Europe .
2023 was a turning point - we became profitable . This
milestone wasn’t just a financial achievement, it was proof
that our model works . Our vision is solid, and we’re building
something truly sustainable . But profitability was never the
finish line; it’s the foundation for what comes next . As we
scale, we continue to prioritise profitability, ensuring
responsible growth .
Since then, we’ve doubled down on our vision: bridging
accounting and banking to create a seamless financial
ecosystem for small businesses . In 2024, we strengthened
our foundation and refined our operations . Now, in 2025,
we’re entering a new era of acceleration . We’re scaling faster
and innovating smarter . Our latest acquisition, Shine, a
leading French fintech, illustrates this perfectly . We’re
enhancing our banking capabilities with top-tier solutions
to help small businesses manage their daily finances while
offering a more comprehensive suite of services .
Technology is driving this transformation . The future of
finance is being reshaped, and AI is leading the way . But
for us, AI isn’t a challenge, it’s our edge . It’s transforming
automation, efficiency and financial management for small
businesses, giving them more control than ever before .
We’re not just adapting, we’re driving the shift to ensure
AI works for entrepreneurs, not against them .
As we embark on this exciting next chapter, we anticipate new
financial solutions, smarter automation and innovative ways
to empower small businesses at every stage of their journey .
Once again, I would like to thank all our customers, partners,
and, of course, our dedicated colleagues . Thank you for being
part of this journey and for contributing to yet another great
year at Ageras .
With the same ambition and determination that brought us
here, we look ahead to a future full of possibilities, and we’re
ready to seize them .
The year 2025 has started with strong momentum, and
based on our current outlook, we expect to deliver yet
another record-breaking result, both on top line and EBITDA .
Rico Andersen
Co-Founder & Chief Executive Officer
Ageras Annual Report 2024 Outlook 
Pierrick Thébault
Director of Design - Paris
Tackling complex,
holistic, and strategic
challenges
Meet our employees
Working at the intersection of disciplines - tech, product, and
marketing - is something I truly enjoy, as it allows me to build
bridges between people and ideas . Tackling complex, holistic,
and strategic challenges excites me, as it allows me to
"connect the dots" and bring clarity to intricate problems .
As a manager, I also take great satisfaction in seeing my
team of designers grow, progress, and increase their impact
within the company .
What I appreciate most is being surrounded by people who
share the same story and purpose, namely, helping small
businesses and entrepreneurs thrive . Each of us comes
from a company that was acquired by Ageras, and together,
we bring diverse yet complementary perspectives that enrich
the design of a unified offering . The multicultural aspect of
the company is also unique - it's both an opportunity and
a strength .
Ageras has everything
it takes to become
a key player across
multiple European
markets.
One of the reasons I love working here is that we’re at a
pivotal moment in the history of fintech . Everything is
converging towards the creation of an all-in-one product
that blends banking, invoicing, and accounting . Ageras has
everything it takes to become a key player across multiple
European markets . Like many here, I’m highly motivated to
make our product the go-to reference in the industry .
Ageras Annual Report 2024 Outlook 
Romaric Delaunoy
Software Engineer
Providing solutions
that meet our
customers' needs
Meet our employees
As a Software Engineer at Ageras, my role is to imagine,
design, and build technical solutions that meet our customers’
needs within the accounting domain . I strive to deliver
solutions that are stable, scalable, and easy to maintain -
paying close attention to system architecture, delivery quality,
and the product requirements that drive them .
Having previously worked on the banking side of accounting,
my current role allows me to truly deepen my understanding
of accounting, particularly in an international context .
Adapting to the specificities of accounting across three
new countries presents exciting challenges . I enjoy
collaborating with colleagues from across Europe to tackle
these challenges, and gaining a deeper understanding of
our products along the way .
The culture at Ageras empowers us to rapidly develop proof
of concepts that respond to evolving product needs . This
environment encourages continuous exploration and
innovation, fueling creativity while ensuring we remain
focused on delivering value to our customers . As a software
engineer, this close connection to the product enhances
my sense of purpose and motivates me to craft the best
possible solutions .
I enjoy collaborating with
colleagues from across
Europe to tackle these
challenges.
Ageras Annual Report 2024 Outlook 
Financial
Statements
Independent
auditor‘s report

Company information
Financial statements
Management‘s
statement

Ageras Annual Report 2024 Financial Statements 
Financial Statements
Independent auditor‘s report
To the Shareholders of Ageras A/S
Opinion
We have audited the consolidated financial statements and
the parent company financial statements of Ageras A/S for
the financial year 1 January - 31 December 2024, which
comprise income statement, statement of total income,
balance sheet, statement of changes in equity and notes,
including material accounting policy information, for both the
Group and the Parent Company, as well as consolidated
statement of cash flows . The Consolidated Financial
Statements and the Parent Company Financial Statements
are prepared in accordance with IFRS Accounting Standards
as endorsed by the EU and further requirements in the Danish
Financial Statements Act .
In our opinion, the consolidated financial statements and
the parent company financial statements give a true and fair
view of the financial position of the Group and the Parent
Company at 31 December 2024, and of the results of the
Group and the Company's operations as well as the
consolidated cash flows for the financial year 1 January -
31 December 2024 in accordance with IFRS Accounting
Standards as endorsed by the EU and further requirements
in the Danish Financial Statements Act .
Basis for Opinion
We conducted our audit in accordance with International
Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark . Our responsibilities under those
standards and requirements are further described in the
“Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements and the Parent Company Financial
Statements” section of our report . We are independent of the
Group in accordance with the International Ethics Standards
Board for Accountants’ International Code of Ethics for
Professional Accountants (IESBA Code) and the additional
ethical requirements applicable in Denmark, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code . We believe that the
audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion .
Based on the work we have performed, we conclude that
Management’s Review is in accordance with the consolidated
financial statements and the parent company financial
statements and has been prepared in accordance with
the requirements of the Danish Financial Statement Act .
We did not identify any material misstatement of
Management’s Review .
Management’s Responsibilities for the Consolidated
Financial Statements and the Parent Company
Financial Statements
Management is responsible for the preparation of
consolidated financial statements and parent company
financial statements that give a true and fair view in
accordance with the IFRS Accounting Standards as endorsed
by the EU and further requirements in the Danish Financial
Statements Act, and for such internal control as Management
determines is necessary to enable the preparation of
consolidated financial statement and parent company
financial statements that are free from material misstatement,
whether due to fraud or error .
Ageras Annual Report 2024 Financial Statements 
In preparing the consolidated financial statements and the
parent company financial statements, Management is
responsible for assessing the Group´s and the Parent
Company’s ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using
the going concern basis of accounting in preparing the
consolidated financial statements and the parent company
financial statements unless Management either intends to
liquidate the Group or the Company or to cease operations,
or has no realistic alternative but to do so .
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements and the Parent
Company Financial Statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements and the parent
company financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion . Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark will always
detect a material misstatement 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 of users taken
on the basis of these consolidated financial statements and
the parent company financial statements .
As part of an audit conducted in accordance with ISAs and
the additional requirements applicable in Denmark, we
exercise professional judgment and maintain professional
skepticism throughout the audit . We also:
• Identify and assess the risks of material misstatement of
the consolidated financial statements and the parent
company financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion . The risk of
not detecting a material misstatement resulting from
fraud is higher than for one resulting from error as fraud
may involve 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 procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
Group´s and the Company’s internal control .
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by Management .
• Conclude on the appropriateness of Management’s use
of the going concern basis of accounting in preparing the
consolidated financial statements and the parent company
financial statements and, based on the audit evidence
obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the
Group´s and the Company’s ability to continue as a going
concern . If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial
statements and the parent company financial statements
or, if such disclosures are inadequate, to modify our
opinion . Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report . However,
future events or conditions may cause the Group and the
Company to cease to continue as a going concern .
• Evaluate the overall presentation, structure and contents
of the consolidated financial statements and the parent
company financial statements, including the disclosures,
and whether the consolidated financial statements and
the parent company financial statements represent the
underlying transactions and events in a manner that gives
a true and fair view .
• Plan and perform the group audit to obtain sufficient
appropriate audit evidence regarding the financial
information of the entities or business units within the
group as a basis for forming an opinion on the group
financial statements . We are responsible for the direction,
supervision and review of the audit work performed for
purposes of the group audit . We remain solely responsible
for our audit opinion .
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit .
Ageras Annual Report 2024 Financial Statements 
Statement on Management’s Review
Management is responsible for Management’s Review .
Our opinion on the consolidated financial statements and
the parent company financial statements does not cover
Management’s Review, and we do not express any form of
assurance conclusion thereon .
In connection with our audit of the consolidated financial
statements and the parent company financial statements,
our responsibility is to read Management’s Review and, in
doing so, consider whether Management’s Review is
materially inconsistent with the consolidated financial
statements and the parent company financial statements
or our knowledge obtained during the audit, or otherwise
appears to be materially misstated .
Moreover, it is our responsibility to consider whether
Management’s Review provides the information required
under the Danish Financial Statements Act .
Copenhagen, 22 May 2025
Christensen Kjærulff
Company reg. No. 15 91 56 41
John Mikkelsen
State Authorised Public Accountant mne 26748
Ageras Annual Report 2024 Financial Statements 
The company
Ageras A/S
Fiolstræde 17B
1171 København K
E-mail: info@ageras .com
Company reg . no . 33 96 63 69
Established: 18 October 2011
Financial year: 1 January - 31 December
Board of directors
Siegfried Wolfgang Heimgärtner, Germany
Chairman
Gilbert Benjamin Kamieniecky, United Kingdom
Ariel Lebowits, USA
Martin Hegelund Møller, Denmark
Rico Andersen, Denmark
Managing Director
Rico Andersen
CEO
Auditors
Christensen Kjærulff
Statsautoriseret Revisionsaktieselskab
Østbanegade 123
2100 København Ø
Subsidaries
Ageras DK ApS, Denmark
Ageras Finance Holding ApS, Denmark
Ageras Salary ApS, Denmark
Kontist ApS, Denmark
Ageras N .V ., the Netherlands
Tellow B .V ., the Netherlands
Ageras OY, Finland
Ageras GmbH, Germany
Ageras Service GmbH, Germany
Ageras France Holding SAS, France
Shine SAS, France
Dicontinued activities, NL, GE, SE, NO, USA
Financial Statements
Company information
Ageras Annual Report 2024 Financial Statements 
Financial Statements
Management’s
statement
Today, the Board of Directors and the Managing
Director have approved the annual report of Ageras A/S
for the financial year 1 January - 31 December 2024.
The Annual Report has been prepared in accordance with IFRS
Accounting Standards as adopted by the EU, further require ments
in the Danish Financial Statements Act and Article 8 of Regulation
(EU) 2020/852 (EU Taxonomy Regulation) .
We consider the chosen accounting policy to be appropriate,
and in our opinion, the consolidated financial statements and the
parent company financial statements give a true and fair view of
the financial position of the Group and the Parent Company on 31
December 2024, and of the results of the Group and the Company‘s
operations for the financial year 1 January – 31 December 2024 .
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 .
Copenhagen K, 22 May 2025
Ageras Annual Report 2024 Financial Statements 
Consolidated financial highlights
EUR thousand
Group
2024 2023 2022 2021 2020
Income statement:
Revenue 55.455 25.959 16.829 10.970 6.890
Gross profit 49.971 23.151 14.487 10.228 6.245
EBITDA 8.734 1.939 -4.182 -2.525 -481
Net financials -7.531 -3.327 -6.306 -3.043 -857
Net profit or loss for the year -9.875 1.366 -21.691 -16.528 -4.742
Statement of financial position:
Balance sheet total 174.068 95.421 79.633 65.369 23.817
Cash position 22.117 11.209 9.215 8.036 1.866
Equity 113.671 45.770 39.563 30.933 6.319
Cash flows:
Operating activities 10.809 141 -3.202 -9.739 -2.302
Investing activities -68.468 -4.083 -11.073 -25.895 -1.408
Financing activities 61.136 6.017 18.106 44.583 -4.491
Total cash flow 3.476 2.074 3.831 6.217 781
Employees:
Average number of fulltime employees 237 172 167 106 95
Key figures in %:
Revenue growth 113,6 54,3 53,4 59,2 100,1
Gross margin ratio 90,1 89,2 86,1 93,2 90,6
EBITDA margin ratio 15,7 7,5 -24,8 -23,0 -7,0
Acid-test ratio 197,8 284,1 155,5 87,9 75,8
Solvency ratio 65,3 48,0 49,7 47,3 26,5
Ageras Annual Report 2024 Financial Statements 
Income statement 1 January - 31 December
EUR thousand
Group Parent
Note 2024 2023 2024 2023
Revenue 1 55.455 25.959 0 0
Costs of raw materials and consumables -5.485 -2.809 0 0
Gross Profit 49.971 23.151 0 0
Other external expenses -21.979 -10.377 -1.471 -388
Staff costs 2 -19.258 -10.835 -1.851 -1.184
EBITDA 8.734 1.939 -3.321 -1.572
Other operating income 28 16 15 18
Other operating expenses 3 -2.743 -3.873 -2.062 -1.669
Depreciation, armortisation and impairment -7.680 -6.117 -1.685 -1.934
Operating profit/loss -1.661 -8.034 -7.053 -5.157
Income from investments in group enterprises 4 0 0 -1.138 5.650
Other financial income 5 195 66 112 55
Other financial expenses 6 -7.726 -3.393 -3.783 -3.033
Pre-tax net profit or loss -9.192 -11.361 -11.862 -2.486
Tax on net profit or loss for the year 7 -684 12.726 1.300 2.684
Net profit or loss for the year from continued activities -9.875 1.366 -10.562 198
Net profit or loss for the year from discontinued activities -687 -1.168 0 0
Net profit or loss for the year 8 -10.562 198 -10.562 198
Break-down of the consolidated profit or loss:
Allocated from retained earnings -10.562 198 -10.562 198
Other comprehensive income 0 0 0 0
Total comprehensive income -10.562 198 -10.562 198
Earnings per share (EUR) 17 -4,78 0,10
Ageras Annual Report 2024 Financial Statements 
Balance sheet at 31 December
EUR thousand
Group Parent
Assets Note 2024 2023 2024 2023
Non-current assets:
Completed development projects, including patents and similar rights arising from development projects 9 39.357 17.383 2.077 2.326
Goodwill 10 75.826 45.640 0 0
Development projects in progress and prepayment for intangible assets 11 0 0 0 0
Total intangible assets 115.183 63.023 2.077 2.326
Other fixtures, fittings, tools and equipment 12 4.287 1.932 3.569 406
Total property, plant and equipment 4.287 1.932 3.569 406
Investments in group enterprises 13 0 0 130.551 75.196
Deposit 14 3.564 287 21 105
Total investments 3.564 287 130.572 75.301
Total non-current assets 123.033 65.243 136.218 78.033
Current assets:
Trade receivables 15 4.791 2.545 0 0
Reciavables from group interprises 0 0 1.833 455
Deferred tax assets 16 15.333 12.734 3.981 2.684
Income tax receivables 0 0 0 0
Other receivables 7.045 3.282 27 90
Prepayments 1.749 408 566 291
Total receivables 28.917 18.969 6.407 3.520
Cash and cash equivalents 22.117 11.209 3.733 8.227
Total current assets 51.035 30.178 10.140 11.747
Total assets 174.068 95.421 146.358 89.781
Ageras Annual Report 2024 Financial Statements 
Balance sheet at 31 December
EUR thousand
Group Parent
Equity and liabilities Note 2024 2023 2024 2023
Equity:
Contributed capital 17 330 260 330 260
Reserve for development costs
30.698 13.559 113.671 4.111
Retained earnings 82.643 31.951 -330 41.399
Equity before non-controlling interest 113.671 45.770 113.671 45.770
Total equity 113.671 45.770 113.671 45.770
Provisions:
Provision for deferred revenue 18 0 2.216 0 0
Other provisions 19 1.636 129 0 0
Total provisions 1.636 2.345 0 0
Liabilities other than provisions:
Other mortgage debt 29.250 36.013 29.250 34.923
Bank loans 1.090 0 0 0
Lease liabilities 20 2.616 672 2.524 120
Total long term liabilities other than provisions 21 32.956 36.685 31.774 35.043
Current portion of long term liabilities 20 993 1.036 723 242
Bank loans 0 0 0 0
Trade payable 5.320 1.515 966 93
Payables to group enterprises 12 0 -2.294 6.785
Income tax payable 1.181 19 0 0
Other payables 14.030 4.576 1.517 1.849
Deferred revenue 22 4.269 3.476 0 0
Total short term liabilities other than provisions 25.805 10.622 912 8.968
Total liabilities other than provisions 58.761 47.307 32.686 44.011
Total equity and liabilities 174.068 95.421 146.358 89.781
Financial and other risks 23 Acquisitions and Mergers 26
Related party disclosures 24 Events after the balance sheet date 27
Contingencies 25 Accounting policies 28
Ageras Annual Report 2024 Financial Statements 
Consolidated statement of changes in equity Group
EUR thousand Reverse for
Contributed development Retained Group
capital costs earnings Total
Equity 1. January 2023 253 10.169 29.141 39.563
Cash capital increase 7 0 6.886 6.894
Share of profit or loss 0 0 198 198
Transferred from retained earnings 0 3.390 -3.390 0
Cash capital reduction 0 0 -951 -951
Foreing currency translation adjustsments 0 0 67 67
Equity 1. January 2024 260 13.559 31.951 45.770
Cash capital increase 75 0 81.737 81.812
Share of profit or loss 0 0 -10.562 -10.562
Transferred from retained earnings 0 17.139 -17.139 0
Cash capital reduction -5 0 -2.023 -2.028
Warrents 0 0 -296 -296
Foreing currency translation and transaction adjustsments 0 0 -1.025 -1.025
Equity 31. December 2024 330 30.698 82.643 113.671
Statement of changes in equity of the parent
EUR thousand
Reverse for
Contributed development Retained Parent
capital costs earnings Total
Equity 1. January 2023 253 2.296 37.014 39.563
Cash capital increase 7 0 6.886 6.894
Retained earnings for the year 0 0 198 198
Transferred from share premium 0 1.814 -1.814 0
Cash capital reduction 0 0 -951 -951
Transferred over the disstribution of loss 0 0 67 67
Equity 1. January 2024 260 4.111 41.399 45.770
Cash capital increase 75 0 81.737 81.812
Retained earnings for the year 0 0
-10.562 -10.562
Transferred from share premium 0 1.620 -1.620 0
Cash capital reduction -5 0 -2.023 -2.028
Warrents 0 0 -296 -296
Foreing currency translation and transaction adjustsments 0 0 -1.025 -1.025
Equity 31. December 2024 330 5.731 107.610 113.671
Ageras Annual Report 2024 Financial Statements 
Statement of Cash flows 1 January - 31 December
EUR thousand
Group Parent
2024 2023 2024 2023
Received payments from debtors 61.436 30.029 -14 0
Salary and staff expenses paid -19.559 -12.100 -3.837 -2.389
Other external expenses paid -28.764 -15.008 -3.162 -2.922
VAT / Taxes paid -2.305 -2.780 1.020 113
Intercompany payments 0 0 5.100 5.007
Cash flows from operating activities 10.809 141 -892 -192
Group internal CAPEX -6.448 -3.785 -426 -506
External CAPEX -737 -286 -399 0
Equity investments in group entities -61.156 0 -67.707 -7.997
Deposits -129 -12 -7 -12
Cash flows from investment activities -68.468 -4.083 -68.539 -8.515
New borrowings 0 9.978 0 9.978
Repayments of debt -5.137 -2.764 -5.170 -756
Installment of Lease liabilities -1.760 -1.221 -1.082 -607
Paid interests -4.046 -1.916 -4.046 -1.682
Capital increase/Buy Back of shares 79.789 5.934 79.789 5.934
Other cash flows from financing activities -7.530 -3.934 -4.575 -2.347
Cash flows from discontinued activities -180 -60 0 0
Cash flows from financing activities 61.136 6.017 64.916 10.519
Changes in cash and cash equivalents 3.476 2.074 -4.515 1.812
Cash and cash equivalents at 1 January 11.209 9.215 8.227 6.475
Exchange rate adjustment and addition from aquistions 7.433 -80 22 -59
Cash and cash equivalents at 1 January 18.642 9.135 8.249 6.415
Cash and cash equivalents at 31 December 22.117 11.209 3.733 8.227
Ageras Annual Report 2024 Financial Statements 
Income statement 1 January - 31 December per segment
EUR thousand
Group
Note 2024
DK NL GE FR Other Hold Co's Total
Revenue 1 9.276 2.417 14.281 26.384 3.098 0 55.455
Costs of raw materials and consumables -712 -185 -1.659 -2.634 -294 0 -5.485
Gross Profit 8.564 2.231 12.622 23.750 2.804 0 49.971
Other external expenses -3.544 -1.495 -2.371 -10.302 -3.416 -852 -21.979
Staff costs 2 -2.274 -951 -2.993 -9.284 -1.800 -1.956 -19.258
EBITDA 2.747 -214 7.259 4.163 -2.412 -2.808 8.734
Other operating income 13 0 0 0 0 15 28
Other operating expenses 3 0 -17 -492 280 -452 -2.062 -2.743
Depreciation, armortisation and impairment -2.790 -185 -79 -1.279 -939 -2.409 -7.680
Operating profit/loss -31 -415 6.688 3.165 -3.803 -7.264 -1.661
Income from investments in group enterprises 4 0 0 412 -1.392 0 980 0
Other financial income 5 0 0 605 0 0 -411 195
Other financial expenses 6 77 -6 -1.303 -49 -18 -6.426 -7.726
Pre-tax net profit or loss 45 -422 6.403 1.724 -3.821 -13.121 -9.192
Tax on net profit or loss for the year 7 -272 0 -1.500
370 -583 1.300 -684
Net profit or loss for the year from continued activities -226 -422 4.903 2.094 -4.404 -11.821 -9.875
Net profit or loss for the year from discontinued activities -293 -282 -111 -687
Net profit or loss for the year
8 -226 -715 4.621 2.094 -4.515 -11.821 -10.562
Ageras Annual Report 2024 Financial Statements 
Income statement 1 January - 31 December per segment
EUR thousand
Group
Note 2023
DK NL GE FR Other Hold Co's Total
Revenue 1 8.674 2.080 9.863 2.927 2.415 0 25.959
Costs of raw materials and consumables -700 -162 -1.714 -128 -105 0 -2.809
Gross Profit 7.974 1.918 8.149 2.800 2.310 0 23.151
Other external expenses -3.889 -1.379 -2.804 -1.229 -1.014 -62 -10.377
Staff costs 2 -2.590 -734 -5.274 -527 -419 -1.290 -10.835
EBITDA 1.495 -195 71 1.044 876 -1.352 1.939
Other operating income -2 0 0 0 0 18 16
Other operating expenses 3 -424 -51 -1.658 -30 -25 -1.684 -3.873
Depreciation, armortisation and impairment -1.639 -207 -278 -540 -445 -3.008 -6.117
Operating profit/loss -571 -453 -1.865 474 406 -6.026 -8.034
Income from investments in group enterprices 4 0 0 -733 0 0 733 0
Other financial income 5 2 1 0 0 0 64 66
Other financial expenses 6 -40 -41 -846 -29 -22 -2.414 -3.393
Pre-tax net profit or loss -609 -492 -3.443 445 383 -7.644 -11.361
Tax on net profit or loss for the year 7 -60 11 8.321
942 777 2.737 12.726
Net profit or loss for the year from continued activities -670 -481 4.878 1.386 1.160 -4.907 1.366
Net profit or loss for the year from discontinued activities -325 53 -896 -1.168
Net profit or loss for the year
8 -670 -807 4.931 1.386 264 -4.907 198
Ageras Annual Report 2024 Financial Statements 
Balance sheet at 31 December per segment
DKK thousand
Group
Assets Note 2024
DK NL GE FR Other Hold Co's Total
Non-current assets:
Completed development projects, including patents and similar rights arising from development projects 9 8.232 669 0 12.906 1.975 15.574 39.357
Goodwill 10 0 0 0 0 0 75.826 75.826
Development projects in progress and prepayment for intangible assets 11 0 0 0 0 0 0 0
Total intangible assets 8.232 669 0 12.906 1.975 91.400 115.183
Other fixtures, fittings, tools and equipment 12 0 28 47 265 6 3.942 4.287
Total property, plant and equipment 0 28 47 265 6 3.942 4.287
Investments in group enterprises 13 0 0 -296 0 0 296 0
Deposit 14 0 50 40 3.282 158 34 3.564
Total investments 0 50 -256 3.282 158 330 3.564
Total non-current assets 8.232 746 -208 16.453 2.139 95.672 123.033
Current assets:
Trade reciavables 15 917 613 2.300 841 119 0 4.791
Reciavables from group interprises 187 0 0 0 22 -209 0
Deferred tax assets 16 0 227 7.100 2.493 1.467 4.045 15.333
Income tax receivables 0 0 0 0 0 0 0
Other receivables 1.349 37 66 5.411 154 27 7.045
Prepayments 20 4 33 1.121 5 566 1.749
Total receivables 2.473 881 9.500 9.867 1.767 4.429 28.917
Cash and cash equivalents 406 61 3.730 9.453 1.598 6.869 22.117
Total current assets 2.879 942 13.230 19.320 3.366 11.299 51.035
Total assets 11.111 1.688 13.021 35.773 5.505 106.970 174.068
Ageras Annual Report 2024 Financial Statements 
Balance sheet at 31 December per segment
DKK thousand
Group
Equity and liabilities Note 2024
DK NL GE FR Other Hold Co's Total
Equity:
Contributed capital 17 313 45 75 0 166 -269 330
Reserve for development costs 0 0 0 0 0 30.698 30.698
Retained earnings 5.031 752 1.832 20.534 2.423 52.071 82.643
Equity before non-controlling interest 5.344 797 1.907 20.534 2.589 82.500 113.671
Total equity 5.344 797 1.907 20.534 2.589 82.500 113.671
Provisions:
Provisions for deferred revenue 18 0 0 0 0 0 0 0
Other provisions 19 0 0 129 1.507 0 0 1.636
Total provisions 0 0 129 1.507 0 0 1.636
Liabilities other than provisions:
Other mortgage debt 0 0 0 0 0 29.250 29.250
Bank loans 0 0 0 0 1.090 0 1.090
Lease liabilities 20 0 0 0 0 0 2.616 2.616
Total long term liabilities other than provisions 21 0 0 0 0 1.090 31.866 32.956
Current portion of long term liabilities 20 0 0 0 0 0 993 993
Bank loans 0 0 0 0 0 0 0
Trade payable
148 34 573 3.508 90 966 5.320
Payables to group enterprises 2.846 564 8.846 0 -1.314 -10.930 12
Income tax payable 555 0 626 0 0 0 1.181
Other payables 426 271 896 9.600 1.262 1.575 14.030
Deferred revenue 22 1.792 23 43 624 1.786 0 4.269
Total short term liabilities other than provisions 5.767 891 10.985 13.732 1.825 -7.395 25.805
Total liabilities other than provisions 5.767 891 10.985 13.732 2.915 24.471 58.761
Total equity and liabilities 11.111 1.688 13.021 35.773 5.505 106.971 174.068
Ageras Annual Report 2024 Financial Statements 
Balance sheet at 31 December per segment
DKK thousand
Group
Assets Note 2023
DK NL GE FR Other Hold Co's Total
Non-current assets
Completed development projects, including patents and similar rights arising from development projects 9 5.742 760 350 1.035 855 8.642 17.383
Goodwill 10 0 0 0 0 0 45.640 45.640
Development projects in progress and prepayment for intangible assets 11 0 0 0 0 0 0 0
Total intangible assets 5.742 760 350 1.035 855 54.282 63.023
Other fixtures, fittings, tools and equipment 12 1 35 124 0 0 1.772 1.932
Total property, plant and equipment 1 35 124 0 0 1.772 1.932
Investments in group enterprises 13 0 0 -447 0 0 447 0
Deposit 14 0 50 53 15 65 105 287
Total investments 0 50 -393 15 65 551 287
Total non-current assets 5.743 845 81 1.050 919 56.604 65.243
Current assets:
Trade reciavables 15 620 320 1.400 38 166 0 2.545
Reciavables from group interprises 220 24 5.245 454 304 -6.249 0
Deferred tax assets 16 0 237 8.321 942 777 2.457 12.734
Income tax receivables 0 0 0 0 0 0 0
Other receivables 1.213 556 259 84 1.080 90 3.282
Prepayments 20 17 48 5 4 313 408
Total receivables 2.074 1.154 15.274 1.523 2.332 -3.388 18.969
Cash and cash equivalents 368 145 1.341 464 610 8.282 11.209
Total current assets 2.441 1.299 16.615 1.987 2.942 4.894 30.178
Total assets 8.184 2.144 16.695 3.037 3.861 61.498 95.421
Ageras Annual Report 2024 Financial Statements 
Balance sheet at 31 December per segment
DKK thousand
Group
Equity and liabilities Note 2023
DK NL GE FR Other Hold Co's Total
Equity:
Contributed capital 17 261 96 76 5 21 -199 260
Reserve for development costs 0 0 0 0 0 13.559 13.559
Retained earnings 4.254 1.215 -1.871 1.495 757 26.102 31.951
Equity before non-controlling interest 4.515 1.311 -1.795 1.499 778 39.461 45.770
Total equity 4.515 1.311 -1.795 1.499 778 39.461 45.770
Provisions:
Provisions for deferred revenue 18 225 461 127 0 1.403 0 2.216
Other provisions 19 0 0 129 0 0 0 129
Total provisions 225 461 256 0 1.403 0 2.345
Liabilities other than provisions:
Other mortgage debt 0 0 0 0 0 36.013 36.013
Bank loans 0 6 171 501 413 -1.090 0
Lease liabilities 20 0 0 0 0 0 672 672
Total long term liabilities other than provisions 21 0 6 171 501 413 35.594 36.685
Current portion of long term liabilities 20 0 0 0 0 0 1.036 1.036
Bank loans 0 0 0 0 0 0 0
Trade payable
204 107 834 104 162 104 1.515
Payables to group enterprises 0 10 16.468 0 0 -16.478 0
Income tax payable 283 0 26 0 0 -291 19
Other payables 1.145 206 446 230 479 2.070 4.576
Deferred revenue 22 1.812 44 290 704 626 0 3.476
Total short term liabilities other than provisions 3.445 367 18.064 1.038 1.267 -13.558 10.622
Total liabilities other than provisions 3.445 372 18.234 1.538 1.680 22.037 47.307
Total equity and liabilities 8.184 2.144 16.695 3.037 3.861 61.498 95.421
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent Group Parent
2024 2023 2024 2023 2024 2023 2024 2023
Note 1 Revenue
Subscriptions 23.970 22.087 0 0
Re-occurring revenue 31.108 3.443 0 0
One-off revenue 378 429 0 0
55.455 25.959 0 0
Note 2 Staff cost
Salaries and wages -24.462 -13.699 -1.739 -1.460
Pension costs -766 -680 -276 -170 Share options
Other costs for social security -247 -203 -31 -22
Capitalized staff cost 6.449 3.786 426 507
Share-based compensation (warrants)
to employees -231 -39 -231 -39
-19.258 -10.835 -1.851 -1.184
Pension costs
Share options have affected the profit or loss for the year as follows:
Staff costs, accounting value of
cash and equity-settled programmes -296 -161 -296 -161
Average number of employees 237,46 172,04 27,79 32
Compensation of Key management
Salaries and wages -1.233 -1.164 -1.233 -1.164
Bonus -331 -121 -331 -121
Share-based compensation (warrants) -65 -122 -65 -122
-1.629 -1.407 -1.629 -1.407
The value of share options, which is calculated as the fair value of share options at the grant date using the
Black-Scholes Formula in line with IFRS 2, comprise the annual accounting cost of share options awarded in
the current and in prior years in accordance with the accounting policies applied. Consequently, it does not
represent the fair value of share options awarded or exercised in the current financial year. If a member of
Key Management is given notice of termination by the company and such termination is not due to breach on
the part of the member of Key Management, such member is entitled to compensation.
Share options are granted to members of the executive management and other senior management for the
purpose of motivating and retaining a qualified management group and in order to align the interests of
management with those of the shareholders. Options are awarded as non-market-based earning conditions
and vest over a 4 – 7 year period. The carrying amount of the fair value of all option programmesamounted to
EUR 4,4 million at 31 December 2024 (EUR 5,1 million at 31 December 2023).
The market value of the options was calculated using the Black-Scholes formula at the time of grant, where
the interest rate applied was the yield on Danish government bonds. The volatility of the stock is determined
based on an estimate, as it pertains to an unlisted company. It is assumed that the options will be exercised
before expiration.
The following assumptions were applied in determining the fair value of share options granted during the
financial year.
Ageras A/S has defined contribution schemes in Denmark, Finland, Netherlands, Germany and Norway. The
Group is for the Norwegian employees required to have an occupational pension scheme in accordance with
the Norwegian law on required occupational pension (Lov om obligatorisk tjenestepensjon). The Group’s
pension scheme meets the requirements of that law. The annual contribution to the scheme is expensed as
the year’s pension expenses. Ageras A/S has no obligation beyond the annual contribution. Expenses related
to the contribution plan were T.EUR 766 in 2024 and T.EUR 680 in 2023.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Specification of outsatnding share options
No. Of Average Average Total 2023 2021 2020 2019
options exercise share No. Of options 113.533 53.017 39.104 8.175 13.237
price price Share options lapsed -15.850 -11.305 -4.545 -708 -9.813
Options exercised 0 0 0 0 0
Outstanding share options at 1 januar 113.533 98 96 Not exercised 31 Dec. 2024 97.683 41.712 34.559 8.175 13.237
Options awarded 0 0 0
Share options lapsed -15.850 -118 -112 Exercise price, EUR 98 124 95 41 40
Options exercised 0 0 Exercise period 06/29-10/29 01/27-06/27 01/26-06/26 06/25-09/25
Outstanding share options at 31. december 97.683 94 92
Group Parent
2024 2023 2024 2023
No. Of Average Average Note 3 Other operating expenses
options exercise share Other operating expenses,
price price mainly related to M&A activities,
reorganizing of acquired companies
Outstanding share options at 1 januar 60.516 68 69 and expenses related to funding. -2.743 -3.873 -2.062 -1.669
Options awarded 63.538 129 129
Share options lapsed -10.521 -33 -36
Options exercised 0 0 0 Note 4 Income from investments in group enterprises
Outstanding share options at 31. december 113.533 98 96 DK 952
DK -297
DK -126
DK 577
FI 474
NL -422
FR -1.609
SE, NO, GE, NL, USA -686
-1.138
Year of issue
Ageras DK ApS
Ageras finance holding ApS
Ageras Salary ApS
Kontist ApS
Ageras OY
Tellow B.V.
Ageras France Holding SAS
Discontinued activities
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent Group Parent
2024 2023 2024 2023 2024 2023 2024 2023
Note 5 Other financial income Note 9 Completed development
Other financial income 195 66 112 55 Cost 1. January 30.936 25.208 6.720 5.795
195 66 112 55 Addition aquisition 8.065 0 0 926
Addition during the year 18.458 5.728 480 0
Cost 31. December 57.459 30.936 7.200 6.720
Note 6 Other financial expenses
Loan interest -4.253 -2.885 -2.908 -2.891 Armotisation and write-down 1. January -13.552 -9.776 -4.394 -3.589
Exchange rate adjustments -177 -90 -143 -50 Armotisation and depreciation for the year -4.550 -3.777 -729 -805
Other financial expenses -3.296 -418 -733 -92
-7.726 -3.393 -3.783 -3.033 -18.102 -13.552 -5.122 -4.394
Carrying amount 31. December 39.356 17.383 2.077 2.326
Note 7 Tax on net profit or loss for the year
Change in deferred tax on
profit and loss for the year -684 12.726 1.300 2.684
-684 12.726 1.300 2.684
Effective tax rates 7% -102% -11% -108%
22% 22% 22% 22%
Change to foreign tax rate 0% 0% 0% 0%
Activation of previous year's loss 0% -123% 0% -130%
-17% -1% -35% 0%
Other taxes and other adjustments, net 2% 0% 2% 0%
Note 10 Goodwill
Effective tax rate 7% -102% -11% -108% Cost 1. January 45.640 45.334 0 0
Addition during the year
32.894 305 0 0
Discontinued activities -447 0 0 0
Note 8 Proposed distribution of net profit
Cost 31. December 78.534 45.640 0 0
Allocated from retained earnings -10.562 198 -10.562 198
-10.562 198 -10.562 198
Tax on the year's profit according to the
Danish tax rate
Non-taxable income and non-deductible
expenses
December
Development projects relates to the development of software for the company’s current customers together
with potential new customers. The development projects consist of capitalisation on clearly defined and
identifiable products and processes, for which the technical rate of utilisation, adequate resources and a
potential future market or development opportunity in the enterprise can be established, and where the
intention is to manufacture, market or apply the product or process in question, are recognised as intangible
assets. Most of the projects are finalized throughout the fiscal year and are expected to cover customer’s
current as well as future needs and demands and develop the commercial relevance for current and potential
markets and customers. The projects that are developed is to continuously meet the customers growing
demand for automatization, integrations, reporting tools as well as being able to offer the software to even
more customers.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent Group Parent
2024 2023 2024 2023 2024 2023 2024 2023
Impairment 1. January 0 0 0 0 The following key assumptions have been used in the impairment testing:
Impairment for the year -2.708 0 0 0
WACC 17 17
0 0 0 0 Growth rate in terminal period 2 2
Budget period (years) 4 4
-2.708 0 0 0 CAGR 14 21
Carrying amount 31. December 75.826 45.640 0 0
Impairment testing
WACC:
Estimation uncertainty and sensitivity analyses
The impairments test are performed with all other assumptions unchange.
Growth rate in terminal period:
Impairments loss
Budget period:
CAGR:
Goodwill 75.826 45.640 0 0
Completed development projects 39.357 17.383 2.077 2.326
115.183 63.023 2.077 2.326
Growth rate in the terminal period has been set to 2% according to external and independent research
reports.
The budget period of 4 years has been set according to the current growth stage of Ageras A/S. The growth is
not expected to hit a terminal period before 4 years.
Compound annual growth rate has been set to 14% for the budget period. The revenue growth rate is
decreasing over the years. Ageras A/S has conducted an analysis of the sensitivity of the impairment test to
changes in the key assumptions used to determine the recoverable amount for the company’s CGU to which
goodwill is allocated. Management believes that any reasonably possible change in the key assumptions on
which the recoverable amount of Ageras A/S is based would not cause the aggregate carrying amount to
exceed the aggregate recoverable amount of the related CGU.
Budgets used for the impairment testing are based on an external and independent research report. The
report has been evaluated by management and adjusted to the Ageras A/S CGU. In addition to the research
report a projection has been made by Management according to the research report, historical values and
expected revenue split.
Ageras A/S tests goodwill for impairment annually, or more frequently if there are indications that goodwill
might be impaired.
Management is of the opinion that the recoverable amounts for the different cash generating units are higher
than the carrying amounts in both 2024 and 2023 and thus no impairment loss is recognised in 2024 nor
2023.
Armortisation and write-down 31.
December
Reversal of impairment loss, assets disposed
of
Regarding Tellow, there is uncertainty about future cash flows, leading to an impairment loss of T.EUR 749.
The total impairment in the year 2024 amounts to T.EUR 2.708.
Due to the impairments recognised, estimation uncertainty exists on the assets impaired. The assumptions
with major uncertainties include investment tax credits, interest rates, and the revenue.
In 2024, we have recognised a net impairment loss of T.EUR 2.708 billion for Revolution Wind. The
impairment loss was primarily driven by the following circumstance It cannot be documented that the value of
the customer portfolio from previous years is still present, resulting in an impairment loss corresponding to
T.EUR 1.959.
WACC has been calculated before tax and according to the company’s financial numbers and loan
agreements.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent Group Parent
2024 2023 2024 2023 2024 2023 2024 2023
Note 11 Development projects in progress and prepayment for intangible assets Note 13 Investments in group enterprises
Cost 1. January 0 3.193 0 412 Cost 1. January 0 0 105.165 96.969
Addition during the year 0 0 0 836
0 0 136 24
0 -3.193 0 -1.248 Disposal due to merger of subsidiary 0 -1.618
Cost 31. December 0 0 0 0 Capital increase 0 3.263
Addition during the year 0 0 61.451 8.172
Note 12 Other fixtures, fittings, tools and equipment Cost 31. December 0 0 168.397 105.165
Cost 1. January 1.975 1.524 716 337
Addition during the year 3.095 451 3.876 379 Revaluations, opening balance 1 January 0 0 -29.969 -35.311
Disposal during the year 0 0 0 0
Cost 31. December 5.070 1.975 4.592 716 0 0 -1.138 5.217
Disposal due to merger of subsidiary 0 0 -80 0
Armotisation and write-down 1. January -1.744 -1.105 -277 -236 Dividen 0 0 -6.659 126
Armotisation and depreciation for the year -1.203 -639 -545 -41 Revaluation 31. December 0 0 -37.846 -29.969
-2.947 -1.744 -821 -277
0 0 0 0
Carrying amount 31. December 2.123 230 3.771 440 Amortisation of goodwill for the year 0 0 0 0
Amortization of goodwill 31 December 0
0 0 0
Right to use assets, cost 1. January 4.933 2.896 2.129 1.750
Addition during the year 1.227 2.036 142 379 Carrying amount 31. December 0 0 130.552 75.197
Disposal during the year 0 0 0 0
Cost 31. December 6.160 4.933 2.272 2.129
68.801 44.442
Armotisation and write-down 1. January -3.231 -2.032 -2.163 -1.569
Armotisation and depreciation for the year -765 -1.199 -311 -594 32.894 305
-3.995 -3.231 -2.474 -2.163 Note 14 Deposit
Cost 1. January 287 261 105 95
Carrying amount 31. December 2.164 1.702 -202 -33 Addition during the year 3.524 26 18 10
Disposal during the year -248 0 -102 0
Total carrying amount 31. December 4.287 1.932 3.569 406 Cost 31. December 3.564 287 21 105
Disposal/transfered to completed development
balance sheet date
Armortisation and write-down 31.
December
Armortisation and write-down 31.
December
amortisation of goodwill
1. January
"Additions during the year" with an amount of
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent
2024 2023 2024 2023
Note 15 Trade receivables Trade receivables split by currency
Trade recievables 8.878 5.183 0 0
Write-downs -4.087 -2.638 0 0 Carring amount of trade receivables 31. December 2024 in DKK thousand 6.844
4.791 2.545 0 0 Carring amount of trade receivables 31. December 2024 in SEK thousand 0
Carring amount of trade receivables 31. December 2024 in NOK thousand 0
Carring amount of trade receivables 31. December 2024 in USD thousand 12
Carring amount of trade receivables 31. December 2024 in EUR thousand 3.862
Expected credit loss Group Parent
2024 2023 2024 2023
Note 16 Deferred tax assets
Goodwill
Profit/Loss 11.133 11.400 3.402 924
Development 3.145 338 53 1.242
Other 1.055 996 526 518
15.333 12.734 3.981 2.684
Not past due 5.713 2.077 1.500
Overdue by 0-90 days 76 479 497
Overdue by 91-180 days 129 429 368
Overdue by 181-270 days 145 420 363
Overdue by >270 days 2.815 1.777 1.191
Write-downs -4.087 -2.638 -1.779
Total Carrying amount of receivables 4.791 2.545 2.140
Below table details the risk profile of the trade receivables based on Agera's bad debt provision and write
downs.
The carrying amounts are equivalent to the fair value of the assets. In 2023 an income of 15M DKK was
recognized as a result of expected credit loss and 7M DKK was recognized as an expense.
Ageras applies a simplified approach in calculating expexted credit losses and recognises a loss allowance
based on lifetime expected credit loss at each reporting date. In addition Ageras also considers internal and
external information towards high risk customers and make specific provisions. The total provision is
considered to cover all expected credit loss in the trade receivables. Trade receivables are written off when
there is no reasonable expectation of recovery.
Carrying
amount 31.
December
2024
Carrying
amount 31.
December
2023
Beginning
amount
1. January
2023
Ageras A/S has recognised a deffered tax asset to the amount that is expected to be used in the following 3 -
4 years. Deferred tax assets not recognized has a total value of 6,4M EUR as of 31-12-2024 (2023: 4,1M
EUR).
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent Group Parent
2024 2023 2024 2023 2024 2023 2024 2023
Note 17 Share capital and earnings per share Note 19 Other provisions
Other provisions 1.636 129 0 0
1.636 129 0 0
Note 20 Lease liabilities
Lease liabilities 1. January 1.708 892 362 590
Share capital 1. January 2023 252 1.882.997 Lease liabilities addition during the year 3.662 2.036 3.966 379
Capital increase 7 52.996 Installments during the year -1.760 -1.221 -1.082 -607
Capital deduction 0 0 Lease liabilities 31. December 3.610 1.708 3.247 362
Share capital 31. December 2023 260 1.935.993
Current lease liabilities 993 1.036 723 242
Capital increase 75 562.400 Non-current lease liabilities 2.617 672 2.524 120
Capital deduction -5 -34.256 Lease liabilities 31. December 3.610 1.708 3.247 362
Share capital 31. December 2024 330 2.464.137
2024 2023 Note 21 Long term liabilities other than provisions
Earnings per share
The calculation of earnings per share is based on the following: Group
Profit/(loss) for the period -10.562 198 Other mortgage debt 29.250 36.013 29.250 34.923
Bank loans 1.090 0 0 0
2.207.518 1.895.629 Lease liabilties 3.610 1.708 3.247 362
33.950 37.721 32.497 35.285
Earnings per share (EUR) -4,78 0,10
Current Outstanding
Total portion of Long term payables
Note 18 Provision for deferred revenue payables long term payables after
Accruals and deferred revenue
0 2.216 0 0 end year payables end year 5 years
0 2.216 0 0 Group
Other mortgage debt 29.250 0 29.250 0
Bank loans 1.090 0 1.090 0
Lease liabilties 3.610 993 2.617 0
33.950 993 32.957 0
As of 31 December 2024, the share capital consisted of 2.464.137 (2023: 1.935.993) shares with a nominal
value of DKK 1,00 each. The shares are divided into A and B classes and carry no right to fixed income.
EUR thousand
Number of shares
In compliance with IFRS accounting standards and to ensure accuracy and reliability of the financial reporting,
Ageras accounts for provision for deferred revenue. The provision for deferred revenue serves to address
potential uncertainties related to deferred revenue (see note 22).
Average numbers of shares for calculation of earnings per
share:
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent
2024 2023 2024 2023
Charges and security Ageras enjoys several key advantages which limits the market and technology risk exposure:
Note 22 Deferred reveneue
Cost 1. January 3.476 2.850 0 0
Addition during the year 793 626 0 0
Disposal during the year 0 0 0 0
Cost 31. December 4.269 3.476 0 0
Financial risks:
Note 23 Financial and other risks
Market and technology risks:
These factors not only mitigate risks but also paint a positive picture of growth and resilience for Ageras. We
are confident in our ability to adapt and create value for our customers and stakeholders.
• Ageras has a diverse customer base of small and medium sized entreprises, spanning across multiple
countries and industries. The spread reduces the risk of market fluctuations and vulnerability to any specific
region or sector.
• Our products and services addresses fundamental needs that remain essential, regardless of economic
cycles, ensuring a steady demand for our offerings.
• With a wide array of offerings, Ageras stands out from competitors, giving us opportunities for cross-selling
and building strong relationships with our customers.
For bank debts MDKK 260.3, the company has provided security MDKK 26.5 in company assets. This
security comprises goodwill, developement costs, receivable from sales and services, tools and equipment
representing a nominel value MDKK 79. For bank debts MDKK 260.3, the group has provided sercurity MDKK
62.2 in the groups assets. This security comprises goodwill, development costs, receviable from sales and
services, tools and equipment representing a nominel value MDKK 70. The initial bank debt is denominated in
euros, with a total amount of 35 million EUR. Interest is linked to EURIBOR 6m + 5%. Given the fixed
exchange rate relationship between the Danish Krona and Euro, any foreign exchange gains or losses related
to the bank debt are deemed immaterial.
As an agile international tech company, Ageras operates within the global shifts and the diverse GDP
landscape across its operational countries. Like any dynamic company, Ageras adapts and embraces
evolving technologies, and sees possibilities as they reshape our competitive environment. While competition
remains a steadfast presence in our markets, Ageras views this as an opportunity for growth, constantly
striving to expand its market presence. In the summer 2024, Ageras expanded our presence in France by
launching our services and acquiring Shine, a leading fintech company for SME: The launch of services and
the acquisition of Shine enhanced Ageras position in the French market.
Due to the nature of Ageras operations, investments, and financing, Ageras is exposed to a number of
financial risks. Ageras is operating in a manner with a low risk profile, so that currency risk, interest rate risk
and credit risk only occur in commercial relations. The scope and nature of the financial instruments appear
from the income statement and statement of financial position in accordance with the accounting policies
applied.
Ageras’ principal financial liabilities comprise loans, trade and other payables. The Group has loan and other
long-term receivables, trade and other receivables, cash and deposits, that arrive directly from its operations.
Ageras is not using derivative instruments for hedging purposes. This as our functional currency is DKK and
the vast majority of operations are in Euro or in DKK which is tied to Euro. The Group’s senior management
oversees the management of the financial risks.
In compliance with IFRS 15, Ageras follows the five-step model for revenue recognition. Deferred revenue
represent cash received from customers for services that have not yet been performed. This liability is
recognized on the balance sheet until the revenue is earned, at which point it is recognized as revenue in the
income statement.
Provided in this note is information about factors that may influence amounts, time of payment, or reliability of
future payments, where such information is not provided directly in the financial statements. This note
addresses only financial risks directly related to Ageras’s financial instruments.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Credit risks: Change in exchange rate +2% -2%
Effect on revenue 924 -924
Effect on deferred revenue 50 -50
Effect on trade receivables 77 -77
Total exposure in EUR thousand
USD 0 0 11
EUR 46.179 2.477 3.862
DKK 9.276 1.792 917
Total 55.455 4.269 4.791
Capital management and liquidity risks:
Interest risks:
Exchange rate risks:
Revenue split
on currency
Deferred
revenue split
on currency
Trade
receivables
split on
currency
Credit risk is the risk that a counterpart will not meet its obligations towards Ageras, leading to a financial loss.
Ageras is exposed to credit risk primarily related to its trade and other receivables. The group has no
significant credit risk linked to an individual customer or several customers that can be regarded as a group
due to similarities in the credit risk. The risk is limited due to the large number of customers and small
amounts being invoiced to each customer.
Ageras uses a simplified approach in calculating expected credit losses (ECLs). A write off on expected credit
loss is performed according to company policy. In addition Ageras may also consider a receivable to be in
default when internal or external information indicates that Ageras is unlikely to receive the outstanding
contractual amounts in full, or when there is a court order of bankruptcy from the counterparty. The maximum
exposure to credit risk at the reporting date is the carrying value of trade receivables in note 15. Ageras does
not hold collateral as security. Ageras is also exposed to credit risk in regards to bankdeposits. In order to
limit the counterparty risk, deposits are only made in well-reputed banks.
The Group is exposed to interest-rate risk through its funding activities (see Note 21). All of the funding
interest-bearing debt is tied to EURIBOR 6m rate conditions, which makes it semi-volatile.
The objective for the interest rate management is to minimize interest costs and at the same time keep the
volatility of future interest payments within acceptable limits. Ageras only has loans in EUR.
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. Ageras is exposed to changes in the value of the local currency of its
subsidiaries. The material costs and investments are primarily paid in EUR or DKK, which is why there is a
low risk because these currencies are tied to eachother. To the right shows Ageras sensitivity to potential
movement in exchange rates and the total exposure in EUR.
Ageras manages its capital to ensure that it will be able to continue operations while maximizing the growth in
revenue. Management reviews the capital structure continually to consider if the current capital structure is in
accordance with the shareholders and the company's interests.
Ageras management make certain that the group will be able to meet its financial obligations by ensuring that
sufficient liquidity resources are available. Every month, in connection with month closing, cash position is
being evaluated and a running forecast is performed.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Parent
2024 2023 2024 2023
Note 24 Related party disclosures Note 26 Acquisitions and Mergers
Ageras A/S group considers the following to be related parties:
Shareholders
Management and board of Ageras A/S
Key persons in Ageras A/S group
Acquisition of Shine SAS – August 2024
Shareholders non-diluted:
Rico Andersen Invest ApS 4,37% 5,21% 4,37% 5,21%
Hegelund Equities ApS 4,37% 5,21% 4,37% 5,21%
Armadillo Investment Limited 45,58% 47,72% 45,58% 47,72%
Rabo Frontier Ventures B.V. 3,47% 4,42% 3,47% 4,42% Goodwill Recognition
Lugard Road Capital Master Fund, LP 10,75% 13,68% 10,75% 13,68% The goodwill arising from this acquisition is primarily attributable to:
1. Expected synergies and scale benefits.
10,91% 13,88% 10,91% 13,88% 2. The accounts.
Back in Black Capital AB 4,69% 0,00% 4,69% 0,00%
Others under 3% shares 15,86% 9,88% 15,86% 9,88%
100,00% 100,00% 100,00% 100,00%
Transactions with related parties:
The acquired net assets at the acquisition date had the following fair value
Note 25 Contingencies
Joint taxation Goodwill 33.297
Intangible assets 8.065
Fixed assets 10.905
Other receivables 7.200
Deferred tax assets 3.348
Cash in Bank 7.439
70.254
Qena Capital Partners Offshore Master Fund,
LP
The company acts as administration company for the group of companies subject to the Danish scheme of
joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to
pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other
jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any
subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's
liabilities.
There were no major transactions with related parties. Information about the remuneration of the Management
is set out in note 2 to the financial statements.
The purchase price amounted to T.EUR 63.100 in cash, of which transaction costs related to the acquisition
amounted to T.EUR 1.944.
In line with the Group’s normal procedure and due to the short time between completion of the acquisitions
and finalisation of the consolidated financial statements, the acquisition accounting has not yet been
completed. Thus, the fair value of certain assets and liabilities, such as customer contracts and trade
receivables, are determined based on management’s best estimates as the necessary analyses and
calculations could not be completed.
On 1 august 2024, Ageras completed the acquisition of 100% of the shares in Shine SAS, a France
company specializing in banking and services. This acquisition strengthens Ageras's market position in
France and aligns strategically with the company's global objectives. It enables Ageras to expand its services,
thereby supporting its global leadership .
The contribution of the acquired company Shine to revenue and profit since the acquisition is as follows:
revenue of T.EUR 21.531 and profit after tax of T.EUR - 1.392.
Related parties also include the related family members of the management, the board and key persons, as
well as companies in which the circle of persons has significant interests.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Equity 62.633
Other Provisions 1.812
Bank loan 540
Other payables 5.269
70.254
Merger with Subsidiary
Basis for consolidation
Note 27 Events after the balance date
Discontinued operations
Note 28 Accounting policies
Basis of preparation
The acquired assets and liabilities have been recognized at T.EUR 1.618 as of the acquisition date, which
corresponds to the effective date of the merger for accounting purposes.
During the financial year, the company merged with its wholly owned subsidiary Addora ApS, with accounting
effect from 01-01-2024.
The acquired company had no significant activities and does not meet the definition of a business as set out
in IFRS 3 Business Combinations. The transaction has therefore been accounted for as an acquisition of
individual assets and liabilities (an "asset acquisition").
For the purpose of clarity, the financial statements and the notes to the financial statements are prepared
using the concepts of materiality and relevance. This means that line items not considered material in terms
of quantitative and qualitative measures or relevant to financial statement users are aggregated and
presented together with other items in the financial statements. Similarly, information not considered material
is not presented in the notes.
The accounting policies, except as described below, have been applied consistently during the financial year
and for the comparative figures.
As of 2024, the presenting currency in the consolidated financial figures has changed from Danish Kroner
(DKK) to Euros (EUR). While DKK is the operating currency, the change has been made to better reflect the
Group’s international activities and to align with the currency in which the majority of all internal reporting and
benchmarking is conducted. Comparative figures have been restated accordingly. The financial statements
have been prepared on a going concern basis and in accordance with the historical cost convention, except
where IFRS explicitly requires use of other values.
From the balance sheet date and until today, no matters, which would influence the evaluation of the annual
report has occured.
In accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, a discontinued
operation is a component of the Group that has been disposed of or is classified as held for sale, and which
represents a separate major line of business or geographical area of operations, or is part of a single
coordinated plan to dispose of such a line of business or area.
In 2024, Ageras identified its Advisor operations as meeting the criteria of a discontinued operation. Following
a thorough assessment and strategic evaluation, management concluded that the Advisor segment no longer
aligned with the Group’s long-term focus and accordingly classified it as discontinued.
The net result from discontinued operations for the year ended 31 December 2024 amounted to a loss of
T.EUR 687 (T.EUR 1.168 loss).
In compliance with IFRS 5 Ageras discloses the changes in the comparative figures to reflect the impact of
the discontinued operations. The restated figures are presented in the following section.
The consolidated financial statements comprise the parent company Ageras A/S and those group
subsidiaries, of which Ageras A/S directly or indirectly owns more than 50% of the voting rights or in other
ways exercise control, as of 31 December each year. Subsidiaries are consolidated from the date of
acquisition, being the date on which Ageras obtains control, and continue to be consolidated until such control
ceases. All intra-group balances, transactions and dividends are eliminated on consolidation.
The annual report for Ageras A/S has been presented in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for the financial
statements of reporting class C enterprises.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Group Discontinued Group Group Discontinued Group
Discontinued activities impact on Income statement 2023 activities 2023 Discontinued activities impact on Cash flow 2023 activities 2023
Revenue 31.590 -5.630 25.959 Received payments from debtors 32.679 -2.650 30.029
Costs of raw materials and consumables -5.923 3.115 -2.809
Salary and staff expenses paid
-13.069 969 -12.100
Gross Profit 25.666 -2.516 23.151 Other external expenses paid -16.328 1.320 -15.008
VAT / Taxes paid -3.058 278 -2.780
Other external expenses -12.299 1.923 -10.377 Intercompany payments 0 0 0
Staff costs -12.133 1.298 -10.835 Cash flows from operating activities 223 -83 141
EBITDA 1.234 705 1.939
Group internal CAPEX -3.785 0 -3.785
Other operating income 31 -15 16 External CAPEX -286 0 -286
Other operating expenses -4.277 405 -3.873 Equity investments in group entities 0 0 0
Depreciation, armortisation and impairment -6.167 50 -6.117 Deposits -12 0 -12
Operating profit/loss -9.178 1.144 -8.034 Cash flows from investment activities -4.083 0 -4.083
Income from investments in group enterprises 0 0 0 New borrowings 9.978 0 9.978
Other financial income 67 -1 66 Repayments of debt -2.764 0 -2.764
Other financial expenses -3.415 22 -3.393 Installment of Lease liabilities -1.221 0 -1.221
Pre-tax net profit or loss -12.525 1.165 -11.361 Paid interests -1.917 2 -1.916
Capital increase/Buy Back of shares 5.941 -7 5.934
Tax on net profit or loss for the year 12.723 3 12.726 Other cash flows from financing activities -4.083 148 -3.934
Cash flows from discontinued activities 0 -60 -60
Net profit or loss for the year from continued activities 198 1.168 1.366 Cash flows from financing activities 5.934 83 6.017
Net profit or loss for the year from discontinued activities 0 -1.168 -1.168 Changes in cash and cash equivalents 2.074 0
2.074
Net profit or loss for the year
198 0 198
Cash and cash equivalents at 1 January 9.215 0 9.215
Break-down of the consolidated profit or loss: Exchange rate adjustment and addition from aquistions -80 -80
Allocated from retained earnings 198 0 198 Cash and cash equivalents at 1 January 9.135 0 9.135
Other comprehensive income 0 0 0 Cash and cash equivalents at 31 December 11.209 0 11.209
Total comprehensive income 198 0 198
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Note 28 Accounting policies - continued Staff cost
Foreign currency translation
Depreciation, amortisation and impairment losses
Other operating income and cost
Revenue
Financial income and expense
Ageras revenue is divided into four different categories:
Subscription revenue, revenue tied to a subscription Impairment losses on financial assets
One-off revenue, revenue that is not in above categories and of a one of a kind transaction.
Results from investments in group subsidiaries
Cost of sales
Cost of sales comprise costs incurred to achieve the year's revenue.
Other external costs
After full elimination of intercompany profit or loss, less amortised consolidated goodwill, the equity
investment in the individual entities are recognised in the income statement of the parent as a proportional
share of the entities' post-tax profit or loss.
Other external costs include expenses relating to Ageras' ordinary activities, including expenses for
administration, other marketing, premises, loss on receivables and operational leasing costs.
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.
Impairment losses on financial assets comprise impairment losses on financial assets which are not
measured at fair value on a current basis. They are included in the line item “depreciation, amortisation and
impairment losses”.
The functional currency of Ageras is DKK and the consolidated financial statement are presented in EUR.
Transactions denominated in currencies other than the functional currency are considered transactions in
foreign currency. Transactions in foreign currencies are initially recorded by the Group's entities at their
respective functional currency set exchange rate for the actual year.
Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at
the set exchange rate. All exchange rate differences are recognised in the income statement under financial
income or expense.
Revenue is recognised exclusive of VAT and taxes with deduction of any rebates given. The group are
applying the five steps of IFRS 15 to decide when to recognise revenue. Revenue is recognised when
services are rendered to customers in an amount that reflects the consideration the Group expects to be
entitled in exchange for those services.
Re-occuring revenue, revenue that is repeating but not recurring, such as interchange fees, loan and banking
payments.
Deposit revenue, revenue that is relating to interest bearing deposits in customer accounts of the bank
account customers in Ageras.
Depreciation, amortisation and impairment losses relating to property, plant and equipment, intangible assets
and right-of-use assets comprise depreciation and amortisation.
Other operating income and other operating costs comprise income and cost of a secondary nature relative to
the principal activities of Ageras.
Staff costs consist of salaries and wages including holiday allowances and other benefits. As well as pension,
and other social security costs, etc. for employees.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Note 28 Accounting policies - continued margin in the coming years.
Tax
Intangible assets
Intellectual property rights
Goodwill
Tangible assets
The parent and the Danish subsidiaries are subject to Danish rules on compulsory joint taxation of Danish
group enterprises. The parent acts as an administration company in relation to the joint taxation. This means
that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the
company. The current Danish income tax is allocated among the jointly taxed entities proportionally to their
taxable income (full allocation with a refund concerning tax losses).
Deferred tax is calculated using the liability method on all temporary differences between the accounting and
taxable values of assets and liabilities. Deferred tax assets are assessed yearly and only recognised to the
extent that it is more likely than not that they can be utilised. Deferred tax assets, including the tax value of tax
losses carried forward, are recognised as other non-current assets and measured at the amount at which they
are expected to be realised, either by setting off deferred tax liabilities or by setting off tax on future earnings
within the same legal entity or a jointly taxed entity.
Intellectual property rights comprise development projects completed and in progress with related intellectual
property rights, acquired intellectual property rights and prepayments for intangible assets. Development
projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation,
adequate resources and a potential future market or development opportunity in the enterprise can be
established, and where the intention is to manufacture, market or apply the product or process in question,
are recognised as intangible assets.
Other development costs are recognised as costs in the income statement as incurred. Following initial
recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated
amortisation and accumulated impairment losses. Amortisation of the asset begins when development is
complete and the asset is available for use.
Intangible assets are amortised over the period of expected future benefit. During the period of development,
the asset is tested for impairment annually. For development projects protected by intellectual property rights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods
used are 3-10 years.
In connection with every acquisition, goodwill and a non-controlling interest (minority) are recognised as
follows:
Goodwill relating to the entity acquired comprises a positive difference, if any, between the total fair value of
the entity acquired and the fair value of the total net assets for accounting purposes. The non-controlling
interest is recognised as the share of the total fair value of the entity acquired (full goodwill).
Tax on the profit or loss for the year comprises the year’s current tax and changes in deferred tax. The tax
expense relating to the profit or loss for the year is recognised in the income statement, and the tax expense
relating to items recognised in other comprehensive income and directly in equity, respectively, is recognised
in other comprehensive income or directly in equity. Exchange rate adjustments of deferred tax are
recognised as part of the adjustment of deferred tax for the year.
Current tax payable and receivable is recognised in the balance sheet as the expected tax on the taxable
income for the year, adjusted for tax paid to tax account. The current tax charge for the year is calculated
based on the tax rates and rules enacted at the balance sheet date.
However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary
differences arising at the date of acquisition that do not result from a business combination and that do not
have any effect on profit or loss or on taxable income.
Ageras recognises deferred tax assets relating to losses carried forward when Management finds that these
can be offset against taxable income in the foreseeable future. An assessment is made taking into
consideration the effect of restrictions in utilization in local tax legislation. Future taxable income is assessed
based on budgets as well as Management’s expectations regarding growth and opeating
Goodwill is recognised in intangible assets. It is not amortised, but reviewed for impairment once a year and
also if events or changes in circumstance indicate that the carrying value may be impared. If impairments is
present, the goodwill is written down to its lower recoverable amount.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Note 28 Accounting policies - continued
Property, plant and equipment
• The value of the index or interest rate on which the lease payments are based changes.
Fixture and fittings: 5 - 10 years • The lease term is changed as a result of exercising an option to extend or shorten the lease term.
Leasehold improvements: 3 - 5 years Subsequent adjustments of the lease obligation are recognised as a correction to the right-of-use asset.
Deposits
Deposits are measured at amortised cost and represent lease deposits, etc.
Trade receivables
Leases
Prepayments
Prepayments comprise incurred costs concerning the following financial year.
Cash and cash equivalents
Cash comprises bank deposits
Trade receivables are measured at amortised cost less allowance for lifetime expected credit losses. For
trade receivables, Ageras applies a simplified approach in calculating expected credit losses (ECLs).
Therefore, Ageras does not track changes in credit risk, but instead recognises a loss allowance based on
lifetime ECLs at each reporting date.
Ageras may also consider a financial asset to be in default when internal or external information indicates that
Ageras is unlikely to receive the outstanding contractual amounts in full before taking into account any credit
enhancements held by the Company. Trade receivables are written off when all possible options have been
exhausted and there is no reasonable expectation of recovery.
Where Ageras cannot reliably separate lease and non-lease items, it is considered a single lease payment.
Short leases with a maximum lease term of 12 months and leases where the underlying asset has a low value
are not recognised in the statement of financial position.
• There is a change in the exercise of options to extend or shorten the lease period due to a material event or
material change in circumstances which are within the control of the lessee.
The cost of allowances for expected credit losses and write-offs for trade receivables are recognised in the
income statement under other operational expenses
The lease term is defined as the non-cancellable period of a lease together with periods covered by options to
extend the lease if it is reasonably certain that the options will be exercised and periods covered by options to
terminate the lease if it is reasonably certain that the options will not be exercised.
The lease obligation, which is recognised under “Lease liabilities”, is measured at the present value of the
remaining lease payments, discounted by Ageras' incremental loan interest rate, if the implicit interest rate is
not stated in the lease agreement or cannot reasonably be determined. The lease obligation is subsequently
adjusted if:
When entering into an agreement, Ageras assesses whether an agreement is a lease agreement or contains
a lease element. The right-of-use asset is measured at cost, which is calculated as the present value of the
lease obligation plus any direct costs related to the entering into of the lease and prepaid lease payments.
The cost also includes an estimate of costs to be incurred by the lessee in dismantling and removing the
underlying asset. The right-of-use asset is depreciated on a straight-line basis over the shorter of the lease
term and the useful life of the asset.
For leasehold improvements, the depreciation period cannot exceed the contract period. Estimated useful
lives and residual values are reassessed annually. Items of property, plant and equipment are written down to
the lower of recoverable amount and carrying amount. Leasehold improvements are tested for impairment if
indications of impairment exist. Tangible assets are written down to its recoverable amount, if the carrying
amount exceeds the higher of the fair value less costs to sell and the value in use. Depreciation and
impairment charges are recognised in the income statement.
Property, plant and equipment comprise other fixtures and fittings as well as leasehold improvements and are
measured at cost less accumulated depreciation and accumulated impairment. Cost comprises the
acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time
when it is ready to be put into operation. Property, plant and equipment are depreciated on a straight-line
basis over the expected useful lives of the finite-lived assets, which are as follows:
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Note 28 Accounting policies - continued
Equity
Reserve for development costs:
Contributed Capital
Cash flow from operating activities
Retained earnings
Cash flow from investment activities
Contract liabilities
Interest-bearing liabilities Cash flow from financing activities
Interest-bearing liabilities are measured at amortised cost, which usually corresponds to nominal value.
Trade payables and other payables
Cash and cash equivalents
Provisions
Adoption of new and amended standards
Cash flow statement
Cash flows from operating activities are calculated as the group's share of the profit adjusted for non-cash
operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity
investments are recognised under "Interest income and dividend received”.
The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash
flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are
recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the
date of sale.
Ageras has assessed the impact of new or amended accounting standards and interpretations (IFRS
Accounting Standards) issued by the IASB and IFRS Accounting Standards endorsed by the European Union
effective on or after 1 January 2024. Management assessed that application of these has not had a
Cash and cash equivalents comprise cash on hand and demand deposits and short-term financial instruments
with a term of less than 3 months, which can easily be converted into cash and cash equivalents and are
associated with an insignificant risk of value change.
Cash flows from financing activities include changes in the size or the composition of the group's share capital
and costs attached to it, as well as raising loans, repayments of interestbearing payables and payment of
dividend to shareholders.
Cash flows from investment activities comprise payments in connection with the acquisition and sale of
enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and
equipment, and investments, respectively.
divided in cash flows deriving from operating activities, investment activities and financing activities,
respectively, the changes in the liabilities, and cash and cash equivalents at the beginning and the end of the
year.
The cash flow statement is presented using the direct method and shows the cash flow for the year,
Provisions are recognised when Ageras has a present obligation (legal or constructive) as a result of a past
event, when it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.
Other payables include bonus and commission accruals, vacation pay obligations, payroll taxes and VAT.
Payables are measured at cost.
Contract liabilities include prepayments from customers, which comprise amounts received from customers
prior to delivery of the goods agreed or completion of the service agreed.
Retained earnings represents the accumulated profts or losses of Ageras that have not been distributed to the
shareholders.
Contributed capital represents the amounts contributed by shareholders in exchange for equity interests in
Ageras.
Reserve for development expenditure is a reserve mandatory by law related to development projects. The
reserve is increasing upon additions to the development projects and decreasing upon depreciation or
impairment of the development projects.
Ageras Annual Report 2024 Financial Statements 
Notes
EUR thousand
Note 28 Accounting policies - continued
material impact on the financial statements for 2024.
Impairment of non-financial assets
Significant accounting judgements, estimates and assumptions
Segment information
Development costs
The different segments are as following:
Share-based payments
Denmark (DK) Netherland (NL) Germany (GE) France (FR) Other and Hold Co's
Additionally the holding companies and non-core business units are categorized into the Hold Co segment.
Ageras is structured into segments based on geographic regions for the efficient management and internal
reporting of its operations. The segments are divided into Ageras Core markets and other markets. The core
markets are where the company focuses most of its strategic efforts and investments. Other market areas are
where Ageras is also present and sees new opportunities for growth.
Cash flow projections derives from the budget for the coming four years and exclude any restructuring
activities that Ageras is not yet committed to or significant future investments that will enhance the
performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate
used for the DCF model, as well as the anticipated future cash inflows and growth rate utilized for
extrapolation. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives
recognised by Ageras. It is important to note that the assumptions may be incomplete or inaccurate, and
unforeseen events or circumstances may take place, potentially resulting in actual results diverging from the
estimates, judgments and assumptions.
Impairment occurs when the carrying value of an asset or cash-generating unit exceeds its recoverable
amount, determined as the higher of its fair value less costs of disposal and its value in use. The fair value
less disposal costs assessment relies on data from binding sales transactions conducted at arm's length for
comparable assets or observable market prices minus incremental disposal costs. Conversely, the value-in-
use calculation is based on a discounted cash flow (DCF) model.
Estimating fair value for share-based payment transactions entails selecting the most suitable valuation
model, which depends on the terms and conditions of the grant. The estimation also involves identifying the
optimal inputs for the valuation model including expected life of the share option, volatility and dividend yield
and making the corresponding assumptions. The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in note 2.
Ageras capitalises costs for software development projects. The decision to initially capitalize costs is based
on management's assessment of technological and economic feasibility, typically achieved when a product
development project reaches a predetermined milestone in accordance with an established project
management framework. In quantifying the amounts eligible for capitalization, management relies on
assumptions concerning anticipated future cash flows generated by the project and the projected duration of
benefits.
In the process of applying the Group’s accounting policies, note 25, and preparation of the financial
statements, management consider the following assessments to have the most significant effect on the
amounts recognised in the consolidated financial statements:
However, the inherent uncertainty surrounding the assessments and estimates may lead to outcomes
necessitating significant adjustments to the carrying value of affected assets or liabilities in future periods.
Unforeseen events or circumstances may occur for which reason the actual results may differ from the
estimates and judgements made.
In the process of compiling the financial statements, Ageras' management relies on various accounting
estimates, assumptions and judgements to recognise and measure the company's assets, liabilities, income
and expenses. These assesments also guide the implementation of Ageras' accoounting policies.
Management bases the judgements, estimates and assumptions on past experiences and prudent
considerations, recognising the inherent uncertainty and volatility associated with them.
Furthermore, Ageras has assessed the impact of new or amended accounting standards and interpretations
(IFRS Accounting Standards) issued by the IASB that has not yet become effective. Management does not
anticipate any significant impact on future periods from the adoption of these amendments. New and
amended standards are implemented when taking effect.
Ageras Annual Report 2024 Financial Statements 
Ageras A/S
Fiolstræde 17B,
1171 København K
Business reg no .: DK33966369
The annual report was submitted
and approved by the general
meeting on May 22, 2025
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-01-012024-12-312023-01-012023-12-316367008STKY52DI4C966Reporting class C, medium-size enterpriseOpinionBasis for OpinionJoseph Nivaro6367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember6367008STKY52DI4C9662024-01-012024-12-316367008STKY52DI4C9662023-01-012023-12-316367008STKY52DI4C9662024-01-012024-12-31ifrs-full:SeparateMember6367008STKY52DI4C9662023-01-012023-12-31ifrs-full:SeparateMember6367008STKY52DI4C9662024-12-316367008STKY52DI4C9662023-12-316367008STKY52DI4C9662024-12-31ifrs-full:SeparateMember6367008STKY52DI4C9662023-12-31ifrs-full:SeparateMember6367008STKY52DI4C9662022-12-31ifrs-full:IssuedCapitalMember6367008STKY52DI4C9662023-01-012023-12-31ifrs-full:IssuedCapitalMember6367008STKY52DI4C9662022-12-31AGE:ReserveOfDevelopmentExpenseMember6367008STKY52DI4C9662023-01-012023-12-31AGE:ReserveOfDevelopmentExpenseMember6367008STKY52DI4C9662022-12-31ifrs-full:RetainedEarningsMember6367008STKY52DI4C9662023-01-012023-12-31ifrs-full:RetainedEarningsMember6367008STKY52DI4C9662022-12-316367008STKY52DI4C9662023-12-31ifrs-full:IssuedCapitalMember6367008STKY52DI4C9662024-01-012024-12-31ifrs-full:IssuedCapitalMember6367008STKY52DI4C9662024-12-31ifrs-full:IssuedCapitalMember6367008STKY52DI4C9662023-12-31AGE:ReserveOfDevelopmentExpenseMember6367008STKY52DI4C9662024-01-012024-12-31AGE:ReserveOfDevelopmentExpenseMember6367008STKY52DI4C9662024-12-31AGE:ReserveOfDevelopmentExpenseMember6367008STKY52DI4C9662023-12-31ifrs-full:RetainedEarningsMember6367008STKY52DI4C9662024-01-012024-12-31ifrs-full:RetainedEarningsMember6367008STKY52DI4C9662024-12-31ifrs-full:RetainedEarningsMember6367008STKY52DI4C9662022-12-31ifrs-full:SeparateMember6367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember16367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember16367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember16367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember26367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember36367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember46367008STKY52DI4C9662024-01-012024-12-31cmn:ConsolidatedMember56367008STKY52DI4C9662023-01-012023-12-31cmn:ConsolidatedMemberiso4217:EURiso4217:EURxbrli:sharesxbrli:pure