Cathvision ApS
Private limited companyCVR 35205500København NVActive
Cathvision ApS is a private limited company, based in København NV, active in research and experimental development on natural sciences and engineering, founded in 2013. The company made a loss in both 2024 and 2025, most recently DKK 36.1m. With 20 employees, the company is about 4 times larger than the industry median. 7 people are registered in the company's management and ownership.
Key figures · financial year 2025
Gross profit−DKK 13.5m−8.3% vs. 2024
Net profit−DKK 36.1m+6.8% vs. 2024
EquityDKK 80.1m−10% vs. 2024
Employees20latest month from CVR
What has changed
calculated from recorded figures and datesFinancials: 2025 against 2024
- The loss got smaller: from DKK 38.8m to DKK 36.1m (2024 → 2025).
- Equity fell 10% (2024 → 2025), to DKK 80.1m.
Employees
- 3 more employees than a year earlier: 20 (07/2026) against 17 (07/2025).
Management and owners, last 24 months
- New in management: Wendy Uyen Dittmer (board member, 23/06/2025), Eric Francois Yves Thepaut (chair of the board, 09/12/2025) and Magnus Holm (chair of the board, 23/06/2025).
- Stepped down: Magnus Holm (board member, 22/06/2025), Søren Thestrup Nielsen (chair of the board, 23/06/2025) and Magnus Holm (chair of the board, 09/11/2025).
- New owners registered: Danmarks Eksport- og Investeringsfond (18/08/2026) and Grac Société Simple (18/08/2026).
- No longer registered as owner: Grac Société Simple (17/08/2026) and Danmarks Eksport- og Investeringsfond (17/08/2026).
Registrations, last 24 months
- 18/08/2026: Share capital changed from 948,454 DKK to 1,010,377 DKK
- 08/12/2025: Share capital changed from 906,775 DKK to 948,454 DKK
- 18/08/2025: Share capital changed from 864,456 DKK to 906,775 DKK
- 01/01/2025: Industry changed to Research and experimental development on natural sciences and engineering (721000)
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 | 3,765 | 5,026 | −5,353 | −15,036 | −12,497 | −13,538 | −8.3% |
| Operating profit (EBIT) | −6,924 | −8,921 | −27,883 | −42,212 | −41,982 | −37,764 | +10% |
| Profit before tax | −7,217 | −9,253 | −28,361 | −42,293 | −41,831 | −38,378 | +8.3% |
| Net profit | −4,556 | −6,300 | −21,052 | −36,831 | −38,766 | −36,136 | +6.8% |
| Total assets | 59,898 | 86,825 | 96,320 | 107,078 | 105,517 | 101,890 | −3.4% |
| Equity | 31,786 | 59,132 | 69,696 | 84,258 | 88,979 | 80,094 | −10% |
| Liabilities | 21,884 | 21,360 | 24,007 | 22,820 | 16,538 | 21,796 | +31.8% |
| Cash and cash equivalents | 7,682 | 18,825 | 17,486 | 19,214 | 12,727 | 13,489 | +6% |
| Average number of employees | 14 | 18 | 18 | 18 | 20 | 13 | −35% |
Source: annual reports filed with the Danish Business Authority (XBRL). Figures for the company (not the group); 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 figuresLoss for 6 years in a row
Net result has been negative in 2020–2025.
How is this calculated?
Net result is negative in the two or more latest annual reports in a row.
Fewer employees
The number of employees fell 35% from 20 in 2024 to 13 in 2025.
How is this calculated?
The number of employees according to the annual report has fallen by at least 25%, and was at least 10 the year before.
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 | 01/01/2025 – 31/12/2025 | 30/06/2026 | The company | PDF not statedXBRL |
| 2024 | 01/01/2024 – 31/12/2024 | 27/06/2025 | The company | PDFXBRL |
| 2023 | 01/01/2023 – 31/12/2023 | 30/06/2024 | The company | PDFXBRL |
| 2022 | 01/01/2022 – 31/12/2022 | 07/07/2023 | The company | PDFXBRL |
| 2021 | 01/01/2021 – 31/12/2021 | 01/07/2022 | The company | PDFXBRL |
| 2020 | 01/01/2020 – 31/12/2020 | 29/06/2021 | 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
431 companies in the databaseComparison with the other companies in research and experimental development on natural sciences and engineering based on the latest financial year.
Gross profit−DKK 13.5mNo. 401 of 421
Better than 5% of the companies in the industry
EquityDKK 80.1mNo. 45 of 431
Better than 90% of the companies in the industry
Number of employees20No. 121 of 431
Better than 72% of the companies in the industry
Industry median: gross profit DKK 616k, net profit −DKK 892k, equity DKK 2m, 5 employees.
Compared with similar companies
size, age and company form| Group | Gross profit | Equity |
|---|---|---|
| Companies with 20–49 employees9,922 companies in the comparison | No. 9,856of 9,892 Better than 0% | No. 445of 9,922 Better than 96% |
| Same industry and 20–49 employees64 companies in the comparison | No. 53of 62 Better than 15% | No. 16of 64 Better than 76% |
| Companies that are between 5 and 14 years old33,679 companies in the comparison | No. 33,521of 33,579 Better than 0% | No. 832of 33,678 Better than 98% |
| All companies of type ApS66,508 companies in the comparison | No. 66,313of 66,379 Better than 0% | No. 1,396of 66,505 Better than 98% |
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
Research and experimental development on natural sciences and engineeringGross profit
- Cathvision ApS−DKK 13.5m
- Carlsberg A/SDKK 40.2bn
- Zealand Pharma A/SDKK 9.2bn
Net profit
- Cathvision ApS−DKK 36.1m
- Carlsberg A/SDKK 7bn
- Zealand Pharma A/SDKK 6.5bn
Equity
- Cathvision ApSDKK 80.1m
- Carlsberg A/SDKK 30.7bn
- Zealand Pharma A/SDKK 14.8bn
Employees
- Cathvision ApS20
- Carlsberg A/S107
- Zealand Pharma A/S569
Latest financial year per company. Choose up to three companies from the largest in the industry.
Owners and group
from the Public Ownership RegisterOwners
- Healthcare Ventures ApS5%
- Danmarks Eksport- og Investeringsfond25%
- Grac Société Simple33.33%
Cathvision ApS
Management
8 active registrationsExecutive management
| Name | Role | Appointed |
|---|---|---|
| Allan Renneberg Gersfelt-Larsen | Director | 01/09/2022 |
| Mads Emil Matthiesen | CEO | 01/09/2022 |
Board of directors
| Name | Role | Appointed |
|---|---|---|
| Tonni Bülow-Nielsen | Board member | 22/05/2019 |
| Denis Gestin | Board member | 22/05/2019 |
| Meghna Gupta Eichelberger | Board member | 16/03/2021 |
| Matthieu Bocquet | Board member | 28/06/2024 |
| Wendy Uyen Dittmer | Board member | 23/06/2025 |
| Eric Francois Yves Thepaut | Chair of the board | 09/12/2025 |
- Founders
- Lasse Emil Holmegaard Korff, Mads Emil Matthiesen, Rune Tore Mondadori Paamand, Rune Justesen Ørndrup
Former management (13)
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| Mads Emil Matthiesen | Director | 25/03/2013 | 31/08/2022 |
| Thor Jespersen | Board member | 24/03/2014 | 30/06/2014 |
| Mads Emil Matthiesen | Board member | 24/03/2014 | 23/05/2017 |
| Steen Palle Petersen | Board member | 30/06/2014 | 20/10/2014 |
| Lene Gerlach | Chair of the board | 30/06/2014 | 19/11/2018 |
| Magnus Holm | Board member | 30/06/2014 | 22/06/2025 |
| Tonni Bülow-Nielsen | Board member | 23/05/2017 | 18/11/2018 |
| Tonni Bülow-Nielsen | Chair of the board | 19/11/2018 | 21/05/2019 |
| Steen Palle Petersen | Board member | 19/11/2018 | 31/01/2020 |
| Søren Thestrup Nielsen | Chair of the board | 22/05/2019 | 23/06/2025 |
| Thor Jespersen | Board member | 31/01/2020 | 29/01/2021 |
| Rune Justesen Ørndrup | Director | 01/09/2022 | 20/01/2023 |
| Magnus Holm | Chair of the board | 23/06/2025 | 09/11/2025 |
Signing rule: Selskabet tegnes af bestyrelsens formand i forening med en direktør eller af den samlede bestyrelse.
Address and production units
1 active production unitsLygten 37
2400 København NV
| Production unit | Address | Employees | P number |
|---|---|---|---|
| CATHVISION ApS | Lygten 37, 2400 København NV | 21 | 1018364618 |
Purpose
Selskabets formål er at drive virksomhed inden for udvikling og kommercialisering af teknologi til måling af hjertesignaler samt relateret virksomhed.
The purpose is quoted from the register in Danish.
Changes year by year
93 registered events32015
02016
112017
72018
82019
52020
102021
62022
82023
52024
102025
62026
20266 changescapital 1 · ownership 4 · accounts 1
- CapitalShare capital changed from 948,454 DKK to 1,010,377 DKK
- OwnershipGrac Société Simple registered as owner (33.33%)
- OwnershipDanmarks Eksport- og Investeringsfond registered as owner (25%)
- OwnershipDanmarks Eksport- og Investeringsfond is no longer registered as owner
- OwnershipGrac Société Simple is no longer registered as owner
- AccountsAnnual report for 2025 published
202510 changesmanagement 6 · capital 2 · accounts 1 · industry 1
- ManagementEric Francois Yves Thepaut appointed chair of the board
- CapitalShare capital changed from 906,775 DKK to 948,454 DKK
- ManagementMagnus Holm stepped down as chair of the board
- CapitalShare capital changed from 864,456 DKK to 906,775 DKK
- AccountsAnnual report for 2024 published
- ManagementWendy Uyen Dittmer appointed board member
- ManagementMagnus Holm appointed chair of the board
- ManagementSøren Thestrup Nielsen stepped down as chair of the board
- ManagementMagnus Holm stepped down as board member
- IndustryIndustry changed to Research and experimental development on natural sciences and engineering (721000)
20245 changescapital 3 · accounts 1 · management 1
- CapitalShare capital changed from 817,081 DKK to 864,456 DKK
- AccountsAnnual report for 2023 published
- ManagementMatthieu Bocquet appointed board member
- CapitalShare capital changed from 794,916 DKK to 817,081 DKK
- CapitalShare capital changed from 755,828 DKK to 794,916 DKK
20238 changesaddress 1 · accounts 1 · capital 2 · ownership 3 · management 1
- AddressMoved to Lygten 37, 2400 København NV
- AccountsAnnual report for 2022 published
- CapitalShare capital changed from 674,836 DKK to 755,828 DKK
- OwnershipDanmarks Eksport- og Investeringsfond registered as owner (33.33%)
- OwnershipVÆKSTFONDEN is no longer registered as owner
- CapitalShare capital changed from 615,605 DKK to 674,836 DKK
- OwnershipNordic Secondary Fund I P/S is no longer registered as owner
- ManagementRune Justesen Ørndrup stepped down as director
20226 changesmanagement 4 · accounts 1 · capital 1
- ManagementMads Emil Matthiesen appointed ceo
- ManagementRune Justesen Ørndrup appointed director
- ManagementAllan Renneberg Gersfelt-Larsen appointed director
- ManagementMads Emil Matthiesen stepped down as director
- AccountsAnnual report for 2021 published
- CapitalShare capital changed from 516,884 DKK to 615,605 DKK
202110 changescapital 3 · accounts 1 · management 2 · ownership 4
- CapitalShare capital changed from 515,593 DKK to 516,884 DKK
- CapitalShare capital changed from 478,436 DKK to 515,593 DKK
- AccountsAnnual report for 2020 published
- ManagementMEGHNA GUPTA EICHELBERGER appointed board member
- ManagementThor Jespersen stepped down as board member
- OwnershipNordic Secondary Fund I P/S registered as owner (5%)
- OwnershipGrac Société Simple registered as owner (33.33%)
- OwnershipUddannelses- og Forskningsstyrelsen is no longer registered as owner
- OwnershipGrac Société Simple is no longer registered as owner
- CapitalShare capital changed from 396,103 DKK to 478,436 DKK
20205 changescapital 2 · ownership 1 · management 2
- CapitalShare capital changed from 373,259 DKK to 396,103 DKK
- CapitalShare capital changed from 321,894 DKK to 373,259 DKK
- OwnershipGrac Société Simple registered as owner (20%)
- ManagementThor Jespersen appointed board member
- ManagementSteen Palle Petersen stepped down as board member
20198 changescapital 2 · ownership 1 · address 1 · management 4
- CapitalShare capital changed from 295,209 DKK to 321,894 DKK
- OwnershipBOREAN INNOVATION A/S is no longer registered as owner
- AddressMoved to Titangade 11, 2200 København N
- CapitalShare capital changed from 227,444 DKK to 295,209 DKK
- ManagementDenis Gestin appointed board member
- ManagementSøren Thestrup Nielsen appointed chair of the board
- ManagementTonni Bülow-Nielsen appointed board member
- ManagementTonni Bülow-Nielsen stepped down as chair of the board
20187 changesmanagement 4 · capital 1 · ownership 2
- ManagementSteen Palle Petersen appointed board member
- ManagementTonni Bülow-Nielsen appointed chair of the board
- ManagementLene Gerlach stepped down as chair of the board
- ManagementTonni Bülow-Nielsen stepped down as board member
- CapitalShare capital changed from 177,702 DKK to 227,444 DKK
- OwnershipVÆKSTFONDEN registered as owner (33.33%)
- OwnershipVÆKSTFONDEN is no longer registered as owner
201711 changescapital 2 · management 2 · ownership 7
- CapitalShare capital changed from 177,147 DKK to 177,702 DKK
- CapitalShare capital changed from 129,070 DKK to 177,147 DKK
- ManagementTonni Bülow-Nielsen appointed board member
- ManagementMads Emil Matthiesen stepped down as board member
- OwnershipHealthcare Ventures ApS registered as owner (5%)
- OwnershipUddannelses- og Forskningsstyrelsen registered as owner (10%)
- OwnershipVÆKSTFONDEN registered as owner (20%)
- OwnershipRJOE INVEST ApS is no longer registered as owner
- OwnershipUddannelses- og Forskningsstyrelsen is no longer registered as owner
- OwnershipHealthcare Ventures ApS is no longer registered as owner
- OwnershipUddannelses- og Forskningsstyrelsen registered as owner (25%)
20153 changescapital 1 · ownership 2
- CapitalShare capital changed from 111,000 DKK to 129,070 DKK
- OwnershipRJOE INVEST ApS registered as owner (5%)
- OwnershipHealthcare Ventures ApS registered as owner (50%)
201412 changesmanagement 7 · address 2 · industry 1 · capital 1 · ownership 1
- ManagementSteen Palle Petersen stepped down as board member
- ManagementMagnus Holm appointed board member
- ManagementLene Gerlach appointed chair of the board
- ManagementSteen Palle Petersen appointed board member
- ManagementThor Jespersen stepped down as board member
- AddressMoved to Ole Maaløes Vej 3, 2200 København N
- AddressMoved to Reventlowsgade 10, 1. th, 1651 København V
- IndustryIndustry changed to Anden forskning og eksperimentel udvikling inden for naturvidenskab og teknik (721900)
- CapitalShare capital changed from 80,000 DKK to 111,000 DKK
- ManagementMads Emil Matthiesen appointed board member
- ManagementThor Jespersen appointed board member
- OwnershipBOREAN INNOVATION A/S registered as owner (5%)
20132 changesfounded 1 · management 1
- FoundedRegistered as CATHVISION ApS
- ManagementMads Emil Matthiesen appointed director
Related companies
Same industry in København
- Genmab A/S676 employees
- 3shape A/S518 employees
- Carlsberg A/S107 employees
- IQVIA RDS Denmark A/S100 employees
- Nuevolution A/S100 employees
- Sunshine Enterprise Holding A/S73 employees
Same people in management
- GN Store Nord A/Svia Lasse Emil Holmegaard Korff
- Netic A/Svia Thor Jespersen
- TinyMobileRobots ApSvia Thor Jespersen
- Aalborg Energie Technik A/Svia Thor Jespersen
- Evosep ApSvia Tonni Bülow-Nielsen
- Dangard A/Svia Thor Jespersen
Largest in the industry
- Carlsberg A/SDKK 40.2bn
- Zealand Pharma A/SDKK 9.2bn
- Gubra A/SDKK 2.6bn
- Vestas Wind Systems A/SDKK 2.5bn
- Bang & Olufsen A/SDKK 1.4bn
- 3shape A/SDKK 1.3bn
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.