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Invisible Walls ApS

Private limited companyCVR 38999524København SActive

Invisible Walls ApS is a private limited company, based in København S, active in publishing of computer games, founded in 2017. The company made a loss in both 2025 and 2026, most recently DKK 1.7m. With 20 employees, the company is about 7 times larger than the industry median. Gross profit is higher than that of 79% of the companies in the industry in the database.

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Key figures · financial year 2026

Gross profitDKK 12m+1,954.9% vs. 2025
Net profit−DKK 1.7m+94.4% vs. 2025
EquityDKK 8.6m+126.1% vs. 2025
Employees20latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2026 against 2025

  • The loss got smaller: from DKK 30.8m to DKK 1.7m (2025 → 2026).
  • Equity turned positive again: DKK 8.6m (2025 → 2026).

Employees

  • 1 fewer employees than a year earlier: 20 (07/2026) against 21 (07/2025).

Management and owners, last 24 months

  • New in management: Søren Lundgaard (chair of the board, 09/10/2025) and Ian Gulam (board member, 09/06/2025).
  • Stepped down: Per Arne Lundberg (chair of the board, 09/06/2025), Karl Johan Stefan Gideskog (board member, 09/06/2025) and Ian Gulam (board member, 09/10/2025).
  • New owners registered: Coffee Stain Group AB (31/08/2025).
  • No longer registered as owner: Coffee Stain Group AB (30/08/2025).

Registrations, last 24 months

  • 05/10/2026: Moved to Laplandsgade 4, 2, 2300 København S
  • 15/01/2026: Moved to Frederiksberggade 28, 2. tv, 1459 København K
  • 01/01/2025: Industry changed to Publishing of computer games (582100)

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 2020–2026 · amounts in DKK thousand

Equity and net profit

−DKK 40m−DKK 30m−DKK 20m−DKK 10mDKK 0DKK 10m202020212023202420252026
EquityNet profit
Financial figures for Invisible Walls ApS
202020212023202420252026Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit3,338−22−58450−64912,041+1,954.9%
Operating profit (EBIT)−130−1,937−6,629450−37,063−1,730+95.3%
Profit before tax−172−2,181−7,163−129−38,382−2,584+93.3%
Net profit−172−2,181−5,556−3−30,813−1,739+94.4%
Total assets3,7716,92211,41626,6894,28410,237+138.9%
Equity8342,364−2,248−2,251−33,0658,643+126.1%
Liabilities2,9374,55812,88125,11437,3491,594−95.7%
Cash and cash equivalents6571,3412818912337,390+3,068.8%
Average number of employees91218212117−19%

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, 2023, 2024, 2025, 2026: smaller companies may omit it, and we do not derive it from other figures. The register has no financial statements for 2022 (changed financial year or not filed).

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

−DKK 2mDKK 0DKK 2mDKK 4mDKK 6mDKK 8mDKK 10mDKK 12m202020212023202420252026
Gross profitMedian, the industry (74 companies)

Signals from the financial statements

calculated from the 2026 figures

  • Loss for 6 years in a row

    Net result has been negative in 2020–2026.

    How is this calculated?

    Net result is negative in the two or more 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
Annual reports for Invisible Walls ApS
Financial yearPeriodPublishedFigures forDocuments
202601/04/2025 – 31/03/202612/10/2026The companyPDF not statedXBRL
202501/04/2024 – 31/03/202513/10/2025The companyPDF not statedXBRL
202401/04/2023 – 31/03/202416/10/2024The companyPDFXBRL
202301/01/2022 – 31/03/202304/07/2023The companyPDFXBRL
202101/01/2021 – 31/12/202121/06/2022The companyPDFXBRL
202001/01/2020 – 31/12/202029/06/2021The 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
051015202508/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/26
Employees

Position in the industry

74 companies in the database

Comparison with the other companies in publishing of computer games based on the latest financial year.

Gross profitDKK 12mNo. 16 of 74
Better than 79% of the companies in the industry
EquityDKK 8.6mNo. 19 of 74
Better than 75% of the companies in the industry
Number of employees20No. 15 of 74
Better than 81% of the companies in the industry

Industry median: gross profit DKK 1.4m, net profit −DKK 15,246, equity DKK 416k, 3 employees.

DKK 100kDKK 828kDKK 6.9mDKK 56.7mDKK 232.1mHere
Distribution of gross profit for 58 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 20–49 employees9,922 companies in the comparison
No. 5,097of 9,892
Better than 48%
No. 3,409of 9,922
Better than 66%
Companies that are between 5 and 14 years old33,688 companies in the comparison
No. 3,594of 33,588
Better than 89%
No. 4,123of 33,687
Better than 88%
All companies of type ApS66,508 companies in the comparison
No. 4,832of 66,379
Better than 93%
No. 7,625of 66,505
Better than 89%

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

Publishing of computer games
Gross profit
  1. Invisible Walls ApSDKK 12m
  2. Io Interactive A/SDKK 469.5m
  3. Sybo ApSDKK 367.5m
Net profit
  1. Invisible Walls ApS−DKK 1.7m
  2. Io Interactive A/SDKK 143.4m
  3. Sybo ApSDKK 137.2m
Equity
  1. Invisible Walls ApSDKK 8.6m
  2. Io Interactive A/SDKK 809.3m
  3. Sybo ApSDKK 178.2m
Employees
  1. Invisible Walls ApS20
  2. Io Interactive A/S192
  3. Sybo ApS108

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
  • Coffee Stain Group AB100%
Invisible Walls ApS

Management

2 active registrations

Executive management

Executive management at Invisible Walls ApS
NameRoleAppointed
David Jean Heldager PedersenCEO01/09/2024

Board of directors

Board of directors at Invisible Walls ApS
NameRoleAppointed
Søren LundgaardChair of the board09/10/2025
Founders
David Jean Heldager Pedersen
Former management (15)
Former management at Invisible Walls ApS
NameRoleAppointedResigned
David Jean Heldager PedersenCEO17/10/201712/02/2018
David Jean Heldager PedersenChair of the board17/10/201730/09/2019
Kasper Alexander Dahlsgaard BoisenDeputy board member13/02/201817/11/2019
Kasper Alexander Dahlsgaard BoisenBoard member13/02/201817/11/2019
Sebastian Hurup BevenseeCEO13/02/201815/11/2019
Sebastian Hurup BevenseeBoard member13/02/201816/03/2022
David Jean Heldager PedersenDeputy board member13/02/201830/09/2019
Niels Ahlefeldt WetterbergCEO16/11/201931/08/2024
Niels Ahlefeldt WetterbergBoard member16/11/201916/03/2022
Sebastian Hurup BevenseeDirector16/11/201916/03/2022
David Jean Heldager PedersenDirector16/11/201916/03/2022
David Jean Heldager PedersenChair of the board16/11/201916/03/2022
Per Arne LundbergChair of the board16/03/202209/06/2025
Karl Johan Stefan GideskogBoard member16/03/202209/06/2025
Ian GulamBoard member09/06/202509/10/2025

Signing rule: Selskabet tegnes af den administrerende direktør og et bestyrelsesmedlem i forening eller af den samlede bestyrelse.

Address and production units

1 active production units

Laplandsgade 4
2300 København S

København Municipality · Postcode 2300

Production units
Production unitAddressEmployeesP number
Invisible Walls ApSLaplandsgade 4, 2, 2300 København S231022916250

Purpose

Virksomhedensformål er at udvikle interaktive oplevelser og hermed forbundet virksomhed.

The purpose is quoted from the register in Danish.

Changes year by year

80 registered events
20263 changesaccounts 1 · address 2
  • Annual report for 2026 published
  • Moved to Laplandsgade 4, 2, 2300 København S
  • Moved to Frederiksberggade 28, 2. tv, 1459 København K
20259 changesaccounts 1 · management 5 · ownership 2 · industry 1
  • Annual report for 2025 published
  • Søren Lundgaard appointed chair of the board
  • Ian Gulam stepped down as board member
  • Coffee Stain Group AB registered as owner (100%)
  • Coffee Stain Group AB is no longer registered as owner
  • Ian Gulam appointed board member
  • Per Arne Lundberg stepped down as chair of the board
  • Karl Johan Stefan Gideskog stepped down as board member
  • Industry changed to Publishing of computer games (582100)
20243 changesaccounts 1 · management 2
  • Annual report for 2024 published
  • David Jean Heldager Pedersen appointed ceo
  • Niels Ahlefeldt Wetterberg stepped down as ceo
20231 changeaccounts 1
  • Annual report for 2023 published
202217 changesaccounts 1 · address 1 · capital 1 · management 7 · ownership 7
  • Annual report for 2021 published
  • Moved to Frederiksberggade 28, 2. th, 1459 København K
  • Share capital changed from 52,774 DKK to 64,446 DKK
  • Per Arne Lundberg appointed chair of the board
  • Karl Johan Stefan Gideskog appointed board member
  • Niels Ahlefeldt Wetterberg stepped down as board member
  • Sebastian Hurup Bevensee stepped down as director
  • David Jean Heldager Pedersen stepped down as director
  • David Jean Heldager Pedersen stepped down as chair of the board
  • Sebastian Hurup Bevensee stepped down as board member
  • Coffee Stain Group AB registered as owner (100%)
  • FUNDERBEAM NOMINEES LTD is no longer registered as owner
  • Jacob Raoul Sørvin Honoré is no longer registered as owner
  • Niels Ahlefeldt Wetterberg is no longer registered as owner
  • Sebastian Hurup Bevensee is no longer registered as owner
  • David Jean Heldager Pedersen is no longer registered as owner
  • TRIPLE DRAGON LIMITED is no longer registered as owner
20213 changescapital 1 · ownership 1 · accounts 1
  • Share capital changed from 49,382 DKK to 52,774 DKK
  • FUNDERBEAM NOMINEES LTD registered as owner (5%)
  • Annual report for 2020 published
202011 changescapital 2 · ownership 8 · name 1
  • Share capital changed from 40,000 DKK to 49,382 DKK
  • Jacob Raoul Sørvin Honoré registered as owner (5%)
  • Niels Ahlefeldt Wetterberg registered as owner (15%)
  • Sebastian Hurup Bevensee registered as owner (20%)
  • David Jean Heldager Pedersen registered as owner (20%)
  • TRIPLE DRAGON LIMITED registered as owner (20%)
  • Niels Ahlefeldt Wetterberg is no longer registered as owner
  • Sebastian Hurup Bevensee is no longer registered as owner
  • David Jean Heldager Pedersen is no longer registered as owner
  • Name changed from Invisible Walls IVS to Invisible Walls ApS
  • Share capital changed from 10 DKK to 40,000 DKK
201918 changesmanagement 10 · ownership 6 · address 2
  • Kasper Alexander Dahlsgaard Boisen stepped down as board member
  • Kasper Alexander Dahlsgaard Boisen stepped down as deputy board member
  • Niels Ahlefeldt Wetterberg appointed board member
  • Niels Ahlefeldt Wetterberg appointed ceo
  • Sebastian Hurup Bevensee appointed director
  • David Jean Heldager Pedersen appointed director
  • David Jean Heldager Pedersen appointed chair of the board
  • Niels Ahlefeldt Wetterberg registered as owner (25%)
  • Sebastian Hurup Bevensee registered as owner (33.33%)
  • David Jean Heldager Pedersen registered as owner (33.33%)
  • Kasper Alexander Dahlsgaard Boisen is no longer registered as owner
  • Sebastian Hurup Bevensee stepped down as ceo
  • Sebastian Hurup Bevensee is no longer registered as owner
  • David Jean Heldager Pedersen stepped down as deputy board member
  • David Jean Heldager Pedersen stepped down as chair of the board
  • David Jean Heldager Pedersen is no longer registered as owner
  • Moved to Skindergade 43, 2. tv, 1159 København K
  • Moved to Nordbanegade 18, 1. th, 2200 København N
20189 changesownership 3 · management 6
  • Sebastian Hurup Bevensee registered as owner (66.67%)
  • Sebastian Hurup Bevensee is no longer registered as owner
  • David Jean Heldager Pedersen appointed deputy board member
  • Sebastian Hurup Bevensee appointed ceo
  • Kasper Alexander Dahlsgaard Boisen appointed board member
  • Sebastian Hurup Bevensee appointed board member
  • Kasper Alexander Dahlsgaard Boisen appointed deputy board member
  • Sebastian Hurup Bevensee registered as owner (33.33%)
  • David Jean Heldager Pedersen stepped down as ceo
20176 changesstatus 1 · management 2 · ownership 2 · founded 1
  • Status changed to active
  • David Jean Heldager Pedersen appointed chair of the board
  • David Jean Heldager Pedersen appointed ceo
  • David Jean Heldager Pedersen registered as owner (25%)
  • Kasper Alexander Dahlsgaard Boisen registered as owner (25%)
  • Registered as Invisible Walls IVS

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Same people in management

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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.

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