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Cavendish Hydrogen A/S

Public limited companyCVR 26933048HerningActive

Cavendish Hydrogen A/S is a public limited company, based in Herning, active in manufacture of other general-purpose machinery n.e.c., founded in 2003. The company made a loss in both 2024 and 2025, most recently DKK 167.5m. With 75 employees, the company is about 4 times larger than the industry median. Equity fell to DKK 233.5m in 2025.

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Key figures · financial year 2025

RevenueDKK 79.7m−58.7% vs. 2024
Net profit−DKK 167.5m−108.1% vs. 2024
EquityDKK 233.5m−18.8% vs. 2024
Employees75latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit fell 153% (2024 → 2025), to −DKK 28.6m.
  • Revenue fell 59% (2024 → 2025), to DKK 79.7m.
  • The loss grew: from DKK 80.5m to DKK 167.5m (2024 → 2025).
  • Equity fell 19% (2024 → 2025), to DKK 233.5m.

Employees

  • 29 fewer employees than a year earlier: 75 (08/2026) against 104 (08/2025).

Registrations, last 24 months

  • 22/12/2025: Share capital changed from 21,655,000 DKK to 22,765,000 DKK
  • 20/12/2024: Share capital changed from 19,875,000 DKK to 21,655,000 DKK

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 thousand

Equity and net profit

−DKK 300m−DKK 200m−DKK 100mDKK 0DKK 100mDKK 200mDKK 300m202020212022202320242025
EquityNet profit
Financial figures for Cavendish Hydrogen A/S
202020212022202320242025Change
Revenue165,632189,350118,946204,124193,03379,650−58.7%
Gross profit27,622−1,244−85,24533,98653,626−28,635−153.4%
Operating profit (EBIT)−73,607−130,418−270,283−120,630−82,857−163,524−97.4%
Profit before tax−77,275−136,418−273,966−131,285−85,992−170,976−98.8%
Net profit−70,991−129,364−268,466−125,785−80,492−167,499−108.1%
Total assets316,095360,108441,859391,889401,876307,047−23.6%
Equity82,949146,02979,081188,230287,518233,490−18.8%
Liabilities217,866182,979310,045183,71494,51752,902−44%
Cash and cash equivalents21,70434,04312,08748,18647,18833,878−28.2%
Average number of employees136172196195189130−31.2%

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.

Download the figures as CSV · free with an account, amounts in whole DKK

−DKK 100m−DKK 80m−DKK 60m−DKK 40m−DKK 20mDKK 0DKK 20mDKK 40mDKK 60m202020212022202320242025
Gross profitMedian, the industry (123 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Loss 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 31% from 189 in 2024 to 130 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
Annual reports for Cavendish Hydrogen A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202506/07/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202403/07/2025The companyPDFXBRL
202301/01/2023 – 31/12/202309/07/2024The companyPDFXBRL
202201/01/2022 – 31/12/202230/06/2023The companyPDFXBRL
202101/01/2021 – 31/12/202130/06/2022The companyPDFXBRL
202001/01/2020 – 31/12/202007/06/2021The companyPDFXBRL

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 CVR
05010015020025009/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

123 companies in the database

Comparison with the other companies in manufacture of other general-purpose machinery n.e.c. based on the latest financial year.

Gross profit−DKK 28.6mNo. 120 of 122
Better than 2% of the companies in the industry
EquityDKK 233.5mNo. 5 of 123
Better than 97% of the companies in the industry
Number of employees75No. 10 of 123
Better than 93% of the companies in the industry

Industry median: gross profit DKK 11.5m, net profit DKK 678k, equity DKK 7.2m, 17 employees.

DKK 100kDKK 804kDKK 6.5mDKK 52.1mDKK 209m
Distribution of gross profit for 114 companies in the industry (latest financial year, logarithmic scale). Amber bar: where this company sits.

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 50–199 employees4,467 companies in the comparison
No. 4,393of 4,412
Better than 0%
No. 300of 4,466
Better than 93%
Same industry and 50–199 employees27 companies in the comparison
No. 26of 27
Better than 4%
No. 3of 27
Better than 92%
Companies that are between 15 and 29 years old24,910 companies in the comparison
No. 24,768of 24,791
Better than 0%
No. 690of 24,909
Better than 97%
All companies of type A/S18,025 companies in the comparison
No. 17,742of 17,786
Better than 0%
No. 1,278of 18,024
Better than 93%

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

Manufacture of other general-purpose machinery n.e.c.
Gross profit
  1. Cavendish Hydrogen A/S−DKK 28.6m
  2. Nilfisk Holding A/SDKK 418.7m
  3. BWT Danmark A/SDKK 237.5m
Net profit
  1. Cavendish Hydrogen A/S−DKK 167.5m
  2. Nilfisk Holding A/S−DKK 36.7m
  3. BWT Danmark A/SDKK 75.1m
Equity
  1. Cavendish Hydrogen A/SDKK 233.5m
  2. Nilfisk Holding A/SDKK 264.6m
  3. BWT Danmark A/SDKK 137.8m
Employees
  1. Cavendish Hydrogen A/S75
  2. Nilfisk Holding A/S2
  3. BWT Danmark A/S229

Latest financial year per company. Choose up to three companies from the largest in the industry.

Owners and group

from the Public Ownership Register
Owners
  • Cavendish Hydrogen ASA100%
Cavendish Hydrogen A/S

Management

4 active registrations

Executive management

Executive management at Cavendish Hydrogen A/S
NameRoleAppointed
Robert Christian Gustaf BorinCEO02/11/2021

Board of directors

Board of directors at Cavendish Hydrogen A/S
NameRoleAppointed
Peder Hykkelbjerg HansenBoard member12/06/2024
Marcus HallandChair of the board12/06/2024
Michael StefanBoard member12/06/2024
Founders
ApS KBUS 38 nr.3117
Former management (23)
Former management at Cavendish Hydrogen A/S
NameRoleAppointedResigned
Kim MadsenChair of the board01/01/200316/04/2003
Annemette HellerCEO01/01/200316/04/2003
Jacob Bech KrogsgaardBoard member16/04/200329/08/2016
Poul Erik BakDirector16/04/200315/12/2003
Jacob Bech KrogsgaardCEO15/12/200307/02/2019
Poul Erik BakChair of the board15/12/200310/12/2004
Jesper Nissen BoisenBoard member10/12/200414/04/2008
Thomas LuckmannBoard member10/12/200414/04/2008
Svend SigaardChair of the board14/04/200825/06/2015
Mikael SlothBoard member14/04/200825/06/2015
Flemming HansenBoard member14/04/200825/06/2015
Mogens FiltenborgBoard member14/04/200825/06/2015
Lars Christian StugaardBoard member25/06/201529/08/2016
Martin NesChair of the board25/06/201529/08/2016
Mikael SlothBoard member29/08/201602/11/2021
Jon Andre LøkkeChair of the board29/08/201621/12/2022
Bent Mathias SkisakerBoard member29/08/201619/05/2020
Jørn RosenlundCEO07/02/201902/11/2021
Kjell Christian Gyllensten BjørnsenBoard member19/05/202020/12/2022
Torbjørn BergBoard member02/11/202112/06/2024
Robert Christian Gustaf BorinBoard member21/12/202211/01/2023
Kjell Christian Gyllensten BjørnsenChair of the board21/12/202212/06/2024
Henrik Harto ReisvangBoard member11/01/202312/06/2024

Signing rule: Selskabet tegnes af en direktør i forening med et bestyrelsesmedlem eller af to bestyrelsesmedlemmer i forening.

Address and production units

1 active production units

Vejlevej 5
7400 Herning

Herning Municipality · Postcode 7400

Production units
Production unitAddressEmployeesP number
Cavendish Hydrogen A/SVejlevej 5, 7400 Herning751022832669

Purpose

Selskabets formål er at drive handel og industri

The purpose is quoted from the register in Danish.

Changes year by year

93 registered events
20261 changeaccounts 1
  • Annual report for 2025 published
20252 changescapital 1 · accounts 1
  • Share capital changed from 21,655,000 DKK to 22,765,000 DKK
  • Annual report for 2024 published
202411 changescapital 1 · accounts 1 · name 1 · management 6 · ownership 2
  • Share capital changed from 19,875,000 DKK to 21,655,000 DKK
  • Annual report for 2023 published
  • Name changed from Nel Hydrogen A/S to Cavendish Hydrogen A/S
  • Michael Stefan appointed board member
  • Marcus Halland appointed chair of the board
  • Peder Hykkelbjerg Hansen appointed board member
  • Henrik Harto Reisvang stepped down as board member
  • Kjell Christian Gyllensten Bjørnsen stepped down as chair of the board
  • Torbjørn Berg stepped down as board member
  • Cavendish Hydrogen ASA registered as owner (100%)
  • NEL ASA is no longer registered as owner
20234 changescapital 1 · accounts 1 · management 2
  • Share capital changed from 17,535,000 DKK to 19,875,000 DKK
  • Annual report for 2022 published
  • Henrik Harto Reisvang appointed board member
  • Robert Christian Gustaf Borin stepped down as board member
20226 changescapital 1 · management 4 · accounts 1
  • Share capital changed from 15,535,000 DKK to 17,535,000 DKK
  • Kjell Christian Gyllensten Bjørnsen appointed chair of the board
  • Robert Christian Gustaf Borin appointed board member
  • Jon Andre Løkke stepped down as chair of the board
  • Kjell Christian Gyllensten Bjørnsen stepped down as board member
  • Annual report for 2021 published
20216 changescapital 1 · management 4 · accounts 1
  • Share capital changed from 13,635,000 DKK to 15,535,000 DKK
  • Torbjørn Berg appointed board member
  • Robert Christian Gustaf Borin appointed ceo
  • Jørn Rosenlund stepped down as ceo
  • Mikael Sloth stepped down as board member
  • Annual report for 2020 published
20203 changescapital 1 · management 2
  • Share capital changed from 12,485,000 DKK to 13,635,000 DKK
  • Kjell Christian Gyllensten Bjørnsen appointed board member
  • Bent Mathias Skisaker stepped down as board member
20192 changesmanagement 2
  • Jørn Rosenlund appointed ceo
  • Jacob Bech Krogsgaard stepped down as ceo
20183 changescapital 1 · address 2
  • Share capital changed from 11,485,000 DKK to 12,485,000 DKK
  • Moved to Vejlevej 5, 7400 Herning
  • Moved to Vejlevej 5, 7400 Herning
20171 changecapital 1
  • Share capital changed from 11,240,000 DKK to 11,485,000 DKK
20169 changesname 1 · capital 2 · management 6
  • Name changed from H2 LOGIC A/S to Nel Hydrogen A/S
  • Share capital changed from 10,640,000 DKK to 11,240,000 DKK
  • Jon Andre Løkke appointed chair of the board
  • Bent Mathias Skisaker appointed board member
  • Mikael Sloth appointed board member
  • Martin Nes stepped down as chair of the board
  • Lars Christian Stugaard stepped down as board member
  • Jacob Bech Krogsgaard stepped down as board member
  • Share capital changed from 640,000 DKK to 10,640,000 DKK
20159 changesmanagement 6 · ownership 3
  • Martin Nes appointed chair of the board
  • Lars Christian Stugaard appointed board member
  • Mogens Filtenborg stepped down as board member
  • Flemming Hansen stepped down as board member
  • Mikael Sloth stepped down as board member
  • Svend Sigaard stepped down as chair of the board
  • NEL ASA registered as owner (100%)
  • NEBRASKA ApS is no longer registered as owner
  • H2 HOLDING ApS is no longer registered as owner
20141 changeindustry 1
  • Industry changed to Manufacture of other general-purpose machinery n.e.c. (282900)
20104 changescapital 2 · ownership 2
  • Share capital changed from 567,566 DKK to 640,000 DKK
  • NEBRASKA ApS registered as owner (10%)
  • H2 HOLDING ApS registered as owner (66.67%)
  • Share capital changed from 556,080 DKK to 567,566 DKK
20092 changescapital 1 · address 1
  • Share capital changed from 500,000 DKK to 556,080 DKK
  • Moved to Industriparken 34B, Lind, 7400 Herning
20087 changesmanagement 6 · industry 1
  • Mogens Filtenborg appointed board member
  • Flemming Hansen appointed board member
  • Mikael Sloth appointed board member
  • Svend Sigaard appointed chair of the board
  • Jesper Nissen Boisen stepped down as board member
  • Thomas Luckmann stepped down as board member
  • Industry changed to Manufacture of electrical and electronic equipment for motor vehicles (293100)
20073 changesindustry 1 · name 1 · capital 1
  • Industry changed to Fremstilling af andet elektrisk udstyr til motorer og køretøjer i.a.n. (316100)
  • Name changed from H2 LOGIC ApS to H2 LOGIC A/S
  • Share capital changed from 210,000 DKK to 500,000 DKK
20046 changesaddress 1 · management 3 · name 1 · capital 1
  • Moved to Tjelevej 42, Tjørring, 7400 Herning
  • Jesper Nissen Boisen appointed board member
  • Thomas Luckmann appointed board member
  • Poul Erik Bak stepped down as chair of the board
  • Name changed from MINIHYDROGEN ApS to H2 LOGIC ApS
  • Share capital changed from 125,000 DKK to 210,000 DKK
200313 changesmanagement 9 · name 1 · address 1 · industry 1 · founded 1
  • Poul Erik Bak appointed chair of the board
  • Jacob Bech Krogsgaard appointed ceo
  • Poul Erik Bak stepped down as director
  • Name changed from ApS KBIL 17 NR. 1505 to MINIHYDROGEN ApS
  • Moved to Marienlunds Alle 2, 7430 Ikast
  • Poul Erik Bak appointed director
  • Jacob Bech Krogsgaard appointed board member
  • Annemette Heller stepped down as ceo
  • Kim Madsen stepped down as chair of the board
  • Industry changed to Engroshandel med elektriske husholdningsartikler (514340)
  • Registered as ApS KBIL 17 NR. 1505
  • Annemette Heller appointed ceo
  • Kim Madsen appointed chair of the board

Related companies

Same industry in Herning

See all →

Same people in management

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.

View in CVRReport a correction