BullWall Group A/S
Public limited companyCVR 37800171København KActive
BullWall Group A/S is a public limited company, based in København K, active in other software publishing, founded in 2016. Net profit fell 39% from 2024 to 2025, ending at DKK 6.6m. Gross profit is higher than that of 95% of the companies in the industry in the database. 6 people are registered in the company's management and ownership.
Key figures · financial year 2025
Gross profitDKK 51.3m−1.3% vs. 2024
Net profitDKK 6.6m−38.6% vs. 2024
EquityDKK 20.1m−2.1% vs. 2024
Employees7latest month from CVR
What has changed
calculated from recorded figures and datesFinancials: 2025 against 2024
- Gross profit fell 1% (2024 → 2025), to DKK 51.3m.
- Net profit fell 39% (2024 → 2025), to DKK 6.6m.
- Equity fell 2% (2024 → 2025), to DKK 20.1m.
Employees
- 6 more employees than a year earlier: 7 (07/2026) against 1 (07/2025).
Management and owners, last 24 months
- New in management: Frederik Martin Braun (ceo, 01/03/2025), Stefan Skov (director, 01/10/2025) and Christoffer Arthur Müller (deputy chair, 01/07/2026) (+3).
- Stepped down: Bo Gordon Vallentin (director, 01/10/2025), Steen Michelsen Lomholt-Thomsen (ceo, 01/11/2024) and Christian Bamberger Bro (deputy chair, 01/07/2026) (+2).
Registrations, last 24 months
- 26/01/2026: Moved to Bredgade 33C, 1, 1260 København K
Calculated from the latest two annual reports in sequence and from registrations in CVR. A figure that is missing in either year gives no line, and we derive no figures.
Financial statements
Financial years 2020–2025 · amounts in DKK thousandEquity and net profit
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change | |
|---|---|---|---|---|---|---|---|
| Revenue | not stated | not stated | not stated | not stated | not stated | not stated | – |
| Gross profit | 3,619 | 31,773 | 56,183 | 47,167 | 52,000 | 51,341 | −1.3% |
| Operating profit (EBIT) | 1,102 | 18,544 | 34,141 | 24,158 | 17,598 | 15,607 | −11.3% |
| Profit before tax | 1,064 | 18,459 | 35,566 | 23,605 | 18,759 | 14,832 | −20.9% |
| Net profit | 823 | 14,905 | 28,462 | 18,422 | 10,718 | 6,579 | −38.6% |
| Total assets | 12,145 | 32,700 | 44,205 | 41,601 | 46,306 | 38,994 | −15.8% |
| Equity | 8,263 | 23,576 | 23,924 | 23,050 | 20,576 | 20,142 | −2.1% |
| Liabilities | 3,883 | 9,124 | 19,637 | 17,981 | 24,915 | 18,085 | −27.4% |
| Cash and cash equivalents | 260 | 9,975 | 29,231 | 6,624 | 5,806 | 11,133 | +91.8% |
| Average number of employees | 2 | 12 | 13 | 20 | 28 | 29 | +3.6% |
Source: annual reports filed with the Danish Business Authority (XBRL). Group figures; change is the latest year against the year before. “–” means the figure is not stated in the annual report. Revenue is not stated for 2020, 2021, 2022, 2023, 2024, 2025: smaller companies may omit it, and we do not derive it from other figures.
Download the figures as CSV · free with an account, amounts in whole DKK
Signals from the financial statements
calculated from the 2025 figuresProfit for five years in a row
Net result has been positive in 2021–2025.
How is this calculated?
Net result is positive in the five latest annual reports in a row.
The signals are rules applied to the figures in the annual reports. They are not an assessment or credit rating of the company. See Data and method.
Annual reports
6 financial years| Financial year | Period | Published | Figures for | Documents |
|---|---|---|---|---|
| 2025 | 01/07/2024 – 30/06/2025 | 19/12/2025 | The group | PDF not statedXBRL |
| 2024 | 01/07/2023 – 30/06/2024 | 03/01/2025 | The group | PDFXBRL |
| 2023 | 01/07/2022 – 30/06/2023 | 19/12/2023 | The group | PDFXBRL |
| 2022 | 01/07/2021 – 30/06/2022 | 21/09/2022 | The group | PDFXBRL |
| 2021 | 01/07/2020 – 30/06/2021 | 11/08/2021 | The group | PDFXBRL |
| 2020 | 01/07/2019 – 30/06/2020 | 01/12/2020 | The company | PDFXBRL |
The figures from all the annual reports are shown on this page. The documents themselves (PDF and XBRL, the machine-readable edition) are downloaded with a Pro account: sign in or create a free account, and then choose Pro. XBRL is the edition the figures on the page are read from.
Employees
monthly figures from CVRPosition in the industry
499 companies in the databaseComparison with the other companies in other software publishing based on the latest financial year.
Gross profitDKK 51.3mNo. 28 of 494
Better than 95% of the companies in the industry
EquityDKK 20.1mNo. 56 of 499
Better than 89% of the companies in the industry
Number of employees7No. 52 of 499
Better than 90% of the companies in the industry
Industry median: gross profit DKK 2.9m, net profit DKK 42,450, equity DKK 1.1m, 4 employees.
Compared with similar companies
size, age and company form| Group | Gross profit | Equity |
|---|---|---|
| Companies with fewer than 20 employees69,967 companies in the comparison | No. 526of 69,742 Better than 99% | No. 5,767of 69,964 Better than 92% |
| Same industry and fewer than 20 employees406 companies in the comparison | No. 1of 404 Better than 100% | No. 18of 406 Better than 96% |
| Companies that are between 5 and 14 years old33,688 companies in the comparison | No. 668of 33,588 Better than 98% | No. 2,303of 33,687 Better than 93% |
| All companies of type A/S18,025 companies in the comparison | No. 2,841of 17,786 Better than 84% | No. 6,142of 18,024 Better than 66% |
The rank is calculated among companies in the database with a figure for the latest financial year, and is shown only for groups of at least ten companies.
Compare with the industry
Other software publishingGross profit
- BullWall Group A/SDKK 51.3m
- Milestone Systems A/SDKK 2bn
- Visma e-conomic A/SDKK 880.2m
Net profit
- BullWall Group A/SDKK 6.6m
- Milestone Systems A/SDKK 183.4m
- Visma e-conomic A/SDKK 456.2m
Equity
- BullWall Group A/SDKK 20.1m
- Milestone Systems A/SDKK 1.7bn
- Visma e-conomic A/SDKK 471.5m
Employees
- BullWall Group A/S7
- Milestone Systems A/S531
- Visma e-conomic A/S456
Latest financial year per company. Choose up to three companies from the largest in the industry.
Owners and group
from the Public Ownership RegisterOwners
BullWall Group A/S
Subsidiaries and ownership shares
Subsidiaries are shown only if they are in the database.
Management
6 active registrationsExecutive management
| Name | Role | Appointed |
|---|---|---|
| Frederik Martin Braun | CEO | 01/03/2025 |
| Stefan Skov | Director | 01/10/2025 |
Board of directors
| Name | Role | Appointed |
|---|---|---|
| Michael Slipsager | Board member | 01/01/2024 |
| Frank Stensballe Vium | Chair of the board | 01/09/2024 |
| Christoffer Arthur Müller | Deputy chair | 01/07/2026 |
| Neda Faeghi-Nia | Board member | 01/07/2026 |
- Founders
- LTL Holding 2016 ApS
Former management (24)
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| Michael Slipsager | Director | 10/06/2016 | 30/06/2023 |
| Jan Leon Lovmand | Director | 10/06/2016 | 25/10/2017 |
| Michael Slipsager | Board member | 25/10/2017 | 11/10/2020 |
| Jan Leon Lovmand | Chair of the board | 25/10/2017 | 24/08/2020 |
| Niels Holch Povlsen | Board member | 25/10/2017 | 11/10/2020 |
| Troels Ørting Jørgensen | Board member | 06/12/2017 | 24/08/2020 |
| Ketil Årdal | Board member | 06/12/2017 | 07/01/2022 |
| Jan Leon Lovmand | Board member | 25/08/2020 | 07/01/2022 |
| Troels Ørting Jørgensen | Chair of the board | 25/08/2020 | 06/01/2022 |
| Søren Elmelund Johansen From | Board member | 11/10/2020 | 07/01/2022 |
| Hans Christian Pape | Board member | 11/10/2020 | 07/01/2022 |
| Troels Ørting Jørgensen | Board member | 07/01/2022 | 21/03/2022 |
| Christian Bamberger Bro | Chair of the board | 07/01/2022 | 20/03/2022 |
| Christoffer Arthur Müller | Board member | 07/01/2022 | 01/09/2024 |
| Michael Slipsager | Board member | 21/03/2022 | 30/06/2023 |
| Christian Bamberger Bro | Deputy chair | 21/03/2022 | 31/12/2023 |
| Steen Michelsen Lomholt-Thomsen | Chair of the board | 21/03/2022 | 01/01/2024 |
| Bo Gordon Vallentin | Director | 21/03/2022 | 01/10/2025 |
| Jan Leon Lovmand | Director | 30/06/2023 | 01/01/2024 |
| Christian Bamberger Bro | Chair of the board | 01/01/2024 | 31/08/2024 |
| Steen Michelsen Lomholt-Thomsen | CEO | 01/01/2024 | 01/11/2024 |
| Christian Bamberger Bro | Deputy chair | 01/09/2024 | 01/07/2026 |
| Morten Gammelgård | CEO | 01/11/2024 | 01/03/2025 |
| Christoffer Arthur Müller | Board member | 01/07/2025 | 30/06/2026 |
Signing rule: Selskabet tegnes af en direktør i forening med bestyrelsens formand, eller af en direktør i forening med bestyrelsens næstformand, eller af to bestyrelsens medlemmer i forening, eller af den samlede bestyrelse.
Address and production units
1 active production unitsBredgade 33C
1260 København K
København Municipality · Postcode 1260
Other companies at the address (2)
- BullWall Holding ApSOffice administrative and support activities
- BullWall Denmark A/SOther software publishing
| Production unit | Address | Employees | P number |
|---|---|---|---|
| BullWall Group A/S | Bredgade 33C, 1, 1260 København K | 6 | 1021513225 |
Purpose
Selskabets formål er at udvikle og sælge sikkerhedssoftware inden for cyberkriminalitet samt hermed beslægtet virksomhed.
The purpose is quoted from the register in Danish.
Changes year by year
82 registered events62016
132017
52018
12019
92020
12021
172022
72023
112024
72025
52026
20265 changesmanagement 4 · address 1
- ManagementNeda Faeghi-Nia appointed board member
- ManagementChristoffer Arthur Müller appointed deputy chair
- ManagementChristian Bamberger Bro stepped down as deputy chair
- ManagementChristoffer Arthur Müller stepped down as board member
- AddressMoved to Bredgade 33C, 1, 1260 København K
20257 changesaccounts 2 · management 5
- AccountsAnnual report for 2025 published
- ManagementStefan Skov appointed director
- ManagementBo Gordon Vallentin stepped down as director
- ManagementChristoffer Arthur Müller appointed board member
- ManagementFrederik Martin Braun appointed ceo
- ManagementMorten Gammelgård stepped down as ceo
- AccountsAnnual report for 2024 published
202411 changesmanagement 11
- ManagementMorten Gammelgård appointed ceo
- ManagementSteen Michelsen Lomholt-Thomsen stepped down as ceo
- ManagementFrank Stensballe Vium appointed chair of the board
- ManagementChristian Bamberger Bro appointed deputy chair
- ManagementChristoffer Arthur Müller stepped down as board member
- ManagementChristian Bamberger Bro stepped down as chair of the board
- ManagementChristian Bamberger Bro appointed chair of the board
- ManagementMichael Slipsager appointed board member
- ManagementSteen Michelsen Lomholt-Thomsen appointed ceo
- ManagementJan Leon Lovmand stepped down as director
- ManagementSteen Michelsen Lomholt-Thomsen stepped down as chair of the board
20237 changesmanagement 4 · accounts 1 · name 1 · industry 1
- ManagementChristian Bamberger Bro stepped down as deputy chair
- AccountsAnnual report for 2023 published
- ManagementJan Leon Lovmand appointed director
- ManagementMichael Slipsager stepped down as board member
- ManagementMichael Slipsager stepped down as director
- NameName changed from BULLWALL LAB A/S to BullWall Group A/S
- IndustryIndustry changed to Other software publishing (582900)
202217 changesaccounts 1 · management 14 · ownership 2
- AccountsAnnual report for 2022 published
- ManagementChristian Bamberger Bro appointed deputy chair
- ManagementMichael Slipsager appointed board member
- ManagementSteen Michelsen Lomholt-Thomsen appointed chair of the board
- ManagementBo Gordon Vallentin appointed director
- ManagementTroels Ørting Jørgensen stepped down as board member
- ManagementChristian Bamberger Bro stepped down as chair of the board
- ManagementTroels Ørting Jørgensen appointed board member
- ManagementChristoffer Arthur Müller appointed board member
- ManagementChristian Bamberger Bro appointed chair of the board
- ManagementHans Christian Pape stepped down as board member
- ManagementSøren Elmelund Johansen From stepped down as board member
- ManagementJan Leon Lovmand stepped down as board member
- ManagementKetil Årdal stepped down as board member
- OwnershipBullWall Holding ApS registered as owner (100%)
- OwnershipALL A/S is no longer registered as owner
- ManagementTroels Ørting Jørgensen stepped down as chair of the board
20211 changeaccounts 1
- AccountsAnnual report for 2021 published
20209 changesaccounts 1 · management 8
- AccountsAnnual report for 2020 published
- ManagementHans Christian Pape appointed board member
- ManagementSøren Elmelund Johansen From appointed board member
- ManagementMichael Slipsager stepped down as board member
- ManagementNiels Holch Povlsen stepped down as board member
- ManagementJan Leon Lovmand appointed board member
- ManagementTroels Ørting Jørgensen appointed chair of the board
- ManagementTroels Ørting Jørgensen stepped down as board member
- ManagementJan Leon Lovmand stepped down as chair of the board
20191 changeaddress 1
- AddressMoved to Øster Snedevej 15B, st, 7120 Vejle Øst
20185 changesaddress 1 · ownership 4
- AddressMoved to Tirsbækvej 191, 7120 Vejle Øst
- OwnershipALL A/S registered as owner (100%)
- OwnershipLTL Holding 2016 ApS is no longer registered as owner
- OwnershipNietro Ltd. is no longer registered as owner
- OwnershipKILO VC3 ApS is no longer registered as owner
201713 changesmanagement 6 · name 2 · capital 2 · ownership 3
- ManagementKetil Årdal appointed board member
- ManagementTroels Ørting Jørgensen appointed board member
- NameName changed from BULLWALL LAB ApS to BULLWALL LAB A/S
- CapitalShare capital changed from 122,786 DKK to 1,000,000 DKK
- ManagementMichael Slipsager appointed board member
- ManagementNiels Holch Povlsen appointed board member
- ManagementJan Leon Lovmand appointed chair of the board
- ManagementJan Leon Lovmand stepped down as director
- CapitalShare capital changed from 113,333 DKK to 122,786 DKK
- OwnershipLTL Holding 2016 ApS registered as owner (20%)
- OwnershipNietro Ltd. registered as owner (20%)
- OwnershipLTL Holding 2016 ApS is no longer registered as owner
- NameName changed from BULLWALL ApS to BULLWALL LAB ApS
20166 changescapital 1 · ownership 2 · founded 1 · management 2
- CapitalShare capital changed from 51,000 DKK to 113,333 DKK
- OwnershipLTL Holding 2016 ApS registered as owner (33.33%)
- OwnershipKILO VC3 ApS registered as owner (50%)
- FoundedRegistered as BULLWALL ApS
- ManagementMichael Slipsager appointed director
- ManagementJan Leon Lovmand appointed director
Related companies
Same industry in København
- Simcorp A/S634 employees
- Visma e-conomic A/S456 employees
- PowerMatch ApS333 employees
- Sap Danmark A/S266 employees
- Better Collective A/S152 employees
- Planday A/S150 employees
Same people in management
- Duos A/Svia Hans Christian Pape
- itm8 A/Svia Christian Bamberger Bro
- EG Danmark A/Svia Christian Bamberger Bro
- Init Denmark A/Svia Christoffer Arthur Müller
- HortenDahl Advokatpartnerselskabvia Hans Christian Pape
- Conscia Danmark A/Svia Christian Bamberger Bro
Largest in the industry
- Milestone Systems A/SDKK 2bn
- Visma e-conomic A/SDKK 880.2m
- Google Denmark ApSDKK 382m
- Continia Software A/SDKK 309.6m
- Boyum IT Solutions A/SDKK 208.2m
- Capture One A/SDKK 164.4m
Source and updates
The information comes from the Danish Central Business Register (Danish Business Authority) and from annual reports filed with the Danish Business Authority. Last synchronised 24/10/2026. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.