Keyhole ApS
Private limited companyCVR 40320377HorsensActive
Keyhole ApS is a private limited company, based in Horsens, active in activities of insurance agents and brokers, founded in 2019. Equity was negative at the end of 2025 (−DKK 13.8m). The company made a loss in both 2024 and 2025, most recently DKK 7.4m. 8 other companies in the database are registered at the same address.
Key figures · financial year 2025
Gross profit−DKK 2.1m+5.8% vs. 2024
Net profit−DKK 7.4m−26.3% vs. 2024
Equity−DKK 13.8m−114.8% vs. 2024
Employees4latest month from CVR
What has changed
calculated from recorded figures and datesFinancials: 2025 against 2024
- The loss grew: from DKK 5.9m to DKK 7.4m (2024 → 2025).
Employees
- 5 fewer employees than a year earlier: 4 (07/2026) against 9 (07/2025).
Management and owners, last 24 months
- New in management: Lance Sheldon Warner (board member, 12/11/2024), Frank Nørgaard (board member, 10/10/2025) and Jesper Ratza Hansen (board member, 10/10/2025).
- Stepped down: Thomas Wiborg Steen (ceo, 10/10/2025), Michael Salling (board member, 12/11/2024) and Jørgen Leschly Thorsted (board member, 12/11/2024) (+4).
- New owners registered: PayProff A/S (10/10/2025).
- No longer registered as owner: Correlation Holdings Australia Pty Limited (10/10/2025).
Registrations, last 24 months
- 01/01/2025: Industry changed to Activities of insurance agents and brokers (662200)
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 | −1,641 | −1,891 | −2,016 | −1,614 | −2,276 | −2,144 | +5.8% |
| Operating profit (EBIT) | −3,540 | −4,483 | −4,660 | −4,096 | −5,600 | −6,672 | −19.1% |
| Profit before tax | −3,635 | −4,813 | −4,778 | −4,367 | −5,862 | −7,858 | −34.1% |
| Net profit | −2,840 | −4,257 | −4,728 | −3,928 | −5,862 | −7,401 | −26.3% |
| Total assets | 2,774 | 4,317 | 2,314 | 1,828 | 1,160 | 6,680 | +475.8% |
| Equity | 244 | 1,397 | −509 | −3,083 | −6,446 | −13,847 | −114.8% |
| Liabilities | 2,530 | 2,921 | 2,823 | 4,911 | 7,606 | 20,528 | +169.9% |
| Cash and cash equivalents | 1,581 | 2,149 | 896 | 989 | 602 | 585 | −2.9% |
| Average number of employees | 4 | 5 | 6 | 6 | 6 | 6 | 0% |
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 figuresNegative equity
Equity was −DKK 13.8m at the end of 2025.
How is this calculated?
Equity in the latest annual report is below zero.
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.
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 | 24/07/2026 | The company | PDF not statedXBRL |
| 2024 | 01/01/2024 – 31/12/2024 | 03/08/2025 | The company | PDFXBRL |
| 2023 | 01/01/2023 – 31/12/2023 | 01/07/2024 | The company | PDFXBRL |
| 2022 | 01/01/2022 – 31/12/2022 | 08/08/2023 | The company | PDFXBRL |
| 2021 | 01/01/2021 – 31/12/2021 | 12/05/2022 | The company | PDFXBRL |
| 2020 | 01/01/2020 – 31/12/2020 | 08/04/2021 | 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
142 companies in the databaseComparison with the other companies in activities of insurance agents and brokers based on the latest financial year.
Gross profit−DKK 2.1mNo. 135 of 140
Better than 4% of the companies in the industry
Equity−DKK 13.8mNo. 141 of 142
Better than 1% of the companies in the industry
Number of employees4No. 61 of 142
Better than 57% of the companies in the industry
Industry median: gross profit DKK 3.8m, net profit DKK 489k, equity DKK 1.4m, 3 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. 69,220of 69,742 Better than 1% | No. 69,691of 69,964 Better than 0% |
| Same industry and fewer than 20 employees108 companies in the comparison | No. 106of 108 Better than 2% | No. 108of 108 Better than 0% |
| Companies that are between 5 and 14 years old33,688 companies in the comparison | No. 33,298of 33,588 Better than 1% | No. 33,441of 33,687 Better than 1% |
| All companies of type ApS66,508 companies in the comparison | No. 65,954of 66,379 Better than 1% | No. 66,233of 66,505 Better than 0% |
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
Activities of insurance agents and brokersGross profit
- Keyhole ApS−DKK 2.1m
- Aon Denmark A/SDKK 198.2m
- Marsh A/SDKK 191.6m
Net profit
- Keyhole ApS−DKK 7.4m
- Aon Denmark A/SDKK 8.1m
- Marsh A/SDKK 80.1m
Equity
- Keyhole ApS−DKK 13.8m
- Aon Denmark A/SDKK 120.6m
- Marsh A/SDKK 85.7m
Employees
- Keyhole ApS4
- Aon Denmark A/S162
- Marsh A/S142
Latest financial year per company. Choose up to three companies from the largest in the industry.
Owners and group
from the Public Ownership RegisterOwners
Keyhole ApS
Management
5 active registrationsExecutive management
| Name | Role | Appointed |
|---|---|---|
| Rasmus Lykke Foss Fjord | Director | 01/03/2019 |
Board of directors
| Name | Role | Appointed |
|---|---|---|
| Jørgen Allan Horwitz | Board member | 10/09/2021 |
| Troels Randbøll Støvring | Chair of the board | 10/09/2021 |
| Lance Sheldon Warner | Board member | 12/11/2024 |
| Frank Nørgaard | Board member | 10/10/2025 |
- Founders
- Rasmus Lykke Foss Fjord, Bixel Ventures ApS, Connected Dots ApS
Former management (13)
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| Thomas Wiborg Steen | CEO | 01/03/2019 | 10/10/2025 |
| Mads Bach Andersen | Director | 01/03/2019 | 28/02/2023 |
| Thomas Wiborg Steen | Chair of the board | 13/05/2019 | 02/06/2019 |
| Mads Bach Andersen | Board member | 13/05/2019 | 25/10/2019 |
| Erik Klasson Ljungren | Board member | 13/05/2019 | 02/06/2019 |
| Thomas Wiborg Steen | Board member | 03/06/2019 | 25/10/2019 |
| Erik Klasson Ljungren | Chair of the board | 03/06/2019 | 09/09/2021 |
| Michael Salling | Board member | 16/09/2019 | 12/11/2024 |
| Jørgen Leschly Thorsted | Board member | 25/10/2019 | 12/11/2024 |
| Michael Sæderup | Deputy board member | 10/09/2021 | 12/11/2024 |
| Erik Klasson Ljungren | Board member | 10/09/2021 | 12/11/2024 |
| Per Andersen | Deputy board member | 10/09/2021 | 12/11/2024 |
| Jesper Ratza Hansen | Board member | 10/10/2025 | 10/06/2026 |
Signing rule: Virksomheden tegnes af bestyrelsesformanden sammen med den administrerende direktør i forening eller af den samlede bestyrelse.
Address and production units
1 active production unitsBanegårdsgade 2
8700 Horsens
Horsens Municipality · Postcode 8700
Other companies at the address (8)
- Insero Air Traffic Solutions A/SOther information technology and computer service activities
- Insero A/SBusiness and other management consultancy activities
- InterCode ApSComputer programming activities
- Aksel.nu ApSBrokerage activities in non-specialised retail sale
- NullCarbon ApSComputer programming activities
| Production unit | Address | Employees | P number |
|---|---|---|---|
| Keyhole ApS | Banegårdsgade 2, 8700 Horsens | 4 | 1027821789 |
Purpose
Virksomhedens formål er at drive software virksomhed der servicerer boligudlejningsbranchen.
The purpose is quoted from the register in Danish.
Changes year by year
99 registered events232019
32020
162021
112022
192023
182024
72025
22026
20262 changesaccounts 1 · management 1
- AccountsAnnual report for 2025 published
- ManagementJesper Ratza Hansen stepped down as board member
20257 changesmanagement 3 · ownership 2 · accounts 1 · industry 1
- ManagementJesper Ratza Hansen appointed board member
- ManagementFrank Nørgaard appointed board member
- ManagementThomas Wiborg Steen stepped down as ceo
- OwnershipPayProff A/S registered as owner (100%)
- OwnershipCORRELATION HOLDINGS AUSTRALIA PTY LIMITED is no longer registered as owner
- AccountsAnnual report for 2024 published
- IndustryIndustry changed to Activities of insurance agents and brokers (662200)
202418 changesmanagement 6 · ownership 9 · accounts 1 · address 1 · capital 1
- ManagementLance Sheldon Warner appointed board member
- ManagementMichael Sæderup stepped down as deputy board member
- ManagementErik Klasson Ljungren stepped down as board member
- ManagementPer Andersen stepped down as deputy board member
- ManagementJørgen Leschly Thorsted stepped down as board member
- ManagementMichael Salling stepped down as board member
- OwnershipCORRELATION HOLDINGS AUSTRALIA PTY LIMITED registered as owner (100%)
- OwnershipKeyhole Founders Holdco ApS is no longer registered as owner
- OwnershipNordic Guarantee Försäkringsaktiebolag is no longer registered as owner
- OwnershipFintech Real Estate ApS is no longer registered as owner
- OwnershipDanBAN Co-investment Fond I K/S is no longer registered as owner
- OwnershipConnected Dots ApS is no longer registered as owner
- AccountsAnnual report for 2023 published
- AddressMoved to Banegårdsgade 2, 8700 Horsens
- OwnershipKeyhole Founders Holdco ApS registered as owner (5%)
- CapitalShare capital changed from 116,584 DKK to 128,236 DKK
- OwnershipNordic Guarantee Försäkringsaktiebolag registered as owner (20%)
- OwnershipNordic Guarantee Försäkringsaktiebolag is no longer registered as owner
202319 changescapital 1 · ownership 16 · accounts 1 · management 1
- CapitalShare capital changed from 108,935 DKK to 116,584 DKK
- OwnershipNordic Guarantee Försäkringsaktiebolag registered as owner (20%)
- OwnershipFintech Real Estate ApS registered as owner (15%)
- OwnershipRocketjump ApS is no longer registered as owner
- OwnershipNordic Guarantee Försäkringsaktiebolag is no longer registered as owner
- OwnershipFintech Real Estate ApS is no longer registered as owner
- AccountsAnnual report for 2022 published
- OwnershipDanBAN Co-investment Fond I K/S registered as owner (5%)
- OwnershipKeyhole ApS registered as owner (20%)
- OwnershipKeyhole ApS is no longer registered as owner
- OwnershipRocketjump ApS registered as owner (5%)
- OwnershipNordic Guarantee Försäkringsaktiebolag registered as owner (25%)
- OwnershipFintech Real Estate ApS registered as owner (10%)
- OwnershipKeyhole Founders Holdco ApS is no longer registered as owner
- OwnershipBixel Ventures ApS is no longer registered as owner
- OwnershipNordic Guarantee Försäkringsaktiebolag is no longer registered as owner
- OwnershipDanBAN Co-investment Fond I K/S is no longer registered as owner
- OwnershipFintech Real Estate ApS is no longer registered as owner
- ManagementMads Bach Andersen stepped down as director
202211 changescapital 1 · ownership 9 · accounts 1
- CapitalShare capital changed from 92,540 DKK to 108,935 DKK
- OwnershipKeyhole Founders Holdco ApS registered as owner (5%)
- OwnershipConnected Dots ApS registered as owner (20%)
- OwnershipNordic Guarantee Försäkringsaktiebolag registered as owner (15%)
- OwnershipDanBAN Co-investment Fond I K/S registered as owner (5%)
- OwnershipFintech Real Estate ApS registered as owner (5%)
- OwnershipRocketjump ApS is no longer registered as owner
- OwnershipFintech Real Estate ApS is no longer registered as owner
- OwnershipNordic Guarantee Försäkringsaktiebolag is no longer registered as owner
- OwnershipConnected Dots ApS is no longer registered as owner
- AccountsAnnual report for 2021 published
202116 changesaddress 1 · capital 1 · management 6 · ownership 7 · accounts 1
- AddressMoved to Amaliegade 6, 2. tv, 1256 København K
- CapitalShare capital changed from 75,003 DKK to 92,540 DKK
- ManagementMichael Sæderup appointed deputy board member
- ManagementErik Klasson Ljungren appointed board member
- ManagementPer Andersen appointed deputy board member
- ManagementJørgen Allan Horwitz appointed board member
- ManagementTroels Randbøll Støvring appointed chair of the board
- OwnershipFintech Real Estate ApS registered as owner (5%)
- OwnershipNordic Guarantee Försäkringsaktiebolag registered as owner (20%)
- OwnershipConnected Dots ApS registered as owner (20%)
- OwnershipBixel Ventures ApS registered as owner (20%)
- ManagementErik Klasson Ljungren stepped down as chair of the board
- OwnershipNordic Guarantee Försäkringsaktiebolag is no longer registered as owner
- OwnershipBixel Ventures ApS is no longer registered as owner
- OwnershipConnected Dots ApS is no longer registered as owner
- AccountsAnnual report for 2020 published
20203 changescapital 1 · ownership 2
- CapitalShare capital changed from 71,433 DKK to 75,003 DKK
- OwnershipRocketjump ApS registered as owner (5%)
- OwnershipRasmus Lykke Foss Fjord is no longer registered as owner
201923 changesaddress 2 · management 14 · industry 1 · capital 1 · ownership 4 · founded 1
- AddressMoved to Amaliegade 6, 2. tv, 1256 København K
- ManagementJørgen Leschly Thorsted appointed board member
- ManagementThomas Wiborg Steen stepped down as board member
- ManagementMads Bach Andersen stepped down as board member
- IndustryIndustry changed to Activities of insurance agents and brokers (662200)
- ManagementMichael Salling appointed board member
- AddressMoved to Rådhusgade 3, 8700 Horsens
- ManagementThomas Wiborg Steen appointed board member
- ManagementErik Klasson Ljungren appointed chair of the board
- ManagementErik Klasson Ljungren stepped down as board member
- ManagementThomas Wiborg Steen stepped down as chair of the board
- CapitalShare capital changed from 50,000 DKK to 71,433 DKK
- ManagementErik Klasson Ljungren appointed board member
- ManagementThomas Wiborg Steen appointed chair of the board
- ManagementMads Bach Andersen appointed board member
- OwnershipNordic Guarantee Försäkringsaktiebolag registered as owner (25%)
- FoundedRegistered as Keyhole ApS
- ManagementRasmus Lykke Foss Fjord appointed director
- ManagementMads Bach Andersen appointed director
- ManagementThomas Wiborg Steen appointed ceo
- OwnershipBixel Ventures ApS registered as owner (25%)
- OwnershipConnected Dots ApS registered as owner (25%)
- OwnershipRasmus Lykke Foss Fjord registered as owner (5%)
Related companies
Same people in management
- Pensiondanmark Pensionsforsikringsaktieselskabvia Jørgen Allan Horwitz
- Auction Group A/Svia Jesper Ratza Hansen
- Msch Copenhagen A/Svia Jesper Ratza Hansen
- Pensionsrådgiverne ApSvia Jørgen Leschly Thorsted
- Lauren Erhvervsrengøring A/Svia Michael Salling
- Finansrådgiverne - forsikringsmægler A/Svia Jørgen Leschly Thorsted
Largest in the industry
- Aon Denmark A/SDKK 198.2m
- Marsh A/SDKK 191.6m
- Apc Forsikringsmæglere A/SDKK 172.8m
- balticfinance Danmark A/SDKK 131.5m
- Howden Forsikringsmægler A/SDKK 74.5m
- Söderberg & Partners Forsikringsmæglere A/SDKK 59m
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.