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Mdsi ApS

Private limited companyCVR 38341170Kongens LyngbyActive

Mdsi ApS is a private limited company, based in Kongens Lyngby, active in research and experimental development on natural sciences and engineering, founded in 2017. The company made a loss in both 2024 and 2025, most recently DKK 10m. With 33 employees, the company is about 7 times larger than the industry median. Equity fell to DKK 16.8m in 2025.

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Key figures · financial year 2025

Gross profitDKK 10.4m+10.8% vs. 2024
Net profit−DKK 10m−48.7% vs. 2024
EquityDKK 16.8m−37.3% vs. 2024
Employees33latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 11% (2024 → 2025), to DKK 10.4m.
  • The loss grew: from DKK 6.7m to DKK 10m (2024 → 2025).
  • Equity fell 37% (2024 → 2025), to DKK 16.8m.

Employees

  • 4 more employees than a year earlier: 33 (07/2026) against 29 (07/2025).

Management and owners, last 24 months

  • New in management: Christian Steinø (chair of the board, 01/11/2025), Karsten Anderskov Madsen (board member, 01/11/2025) and Morten Stage (ceo, 01/04/2026) (+4).
  • Stepped down: Karsten Anderskov Madsen (ceo, 31/12/2024), Karsten Anderskov Madsen (board member, 31/12/2024) and Christian Steinø (chair of the board, 31/12/2024) (+4).

Registrations, last 24 months

  • 05/08/2025: Moved to Lundtoftevej 160, 1, 2800 Kongens Lyngby
  • 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 thousand

Equity and net profit

−DKK 10m−DKK 5mDKK 0DKK 5mDKK 10mDKK 15mDKK 20mDKK 25m202020212022202320242025
EquityNet profit
Financial figures for Mdsi ApS
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit4,8534,07710,84416,6749,39210,402+10.8%
Operating profit (EBIT)−808−8115,5934,955−7,137−12,374−73.4%
Profit before tax−946−8265,5594,834−8,810−12,890−46.3%
Net profit−6813104,7633,994−6,725−9,997−48.7%
Total assets20,83527,84138,93345,81158,24471,935+23.5%
Equity−8541,4569,21913,21326,82616,828−37.3%
Liabilities21,68926,10228,53129,32027,94453,351+90.9%
Cash and cash equivalents1,4598427,5801,7893,2787,478+128.1%
Average number of employees888132024+20%

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

DKK 0DKK 2mDKK 4mDKK 6mDKK 8mDKK 10mDKK 12mDKK 14mDKK 16m202020212022202320242025
Gross profitMedian, the industry (431 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Loss for 2 years in a row

    Net result has been negative in 2024–2025.

    How is this calculated?

    Net result is negative in the two or more latest annual reports in a row.

  • Equity fell sharply

    Equity fell 37% from 2024 to 2025 (DKK 26.8m to DKK 16.8m).

    How is this calculated?

    Equity has fallen by at least 30% from the previous annual report, and it was positive 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 Mdsi ApS
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202519/06/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202423/06/2025The companyPDFXBRL
202301/01/2023 – 31/12/202312/07/2024The companyPDFXBRL
202201/01/2022 – 31/12/202205/07/2023The companyPDFXBRL
202101/01/2021 – 31/12/202104/07/2022The companyPDFXBRL
202001/01/2020 – 31/12/202001/07/2021The 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
0510152025303508/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/26
Employees

Position in the industry

431 companies in the database

Comparison with the other companies in research and experimental development on natural sciences and engineering based on the latest financial year.

Gross profitDKK 10.4mNo. 77 of 421
Better than 82% of the companies in the industry
EquityDKK 16.8mNo. 111 of 431
Better than 74% of the companies in the industry
Number of employees33No. 80 of 431
Better than 82% of the companies in the industry

Industry median: gross profit DKK 616k, net profit −DKK 892k, equity DKK 2m, 5 employees.

DKK 100kDKK 2.5mDKK 63.4mDKK 1.6bnDKK 13.7bnHere
Distribution of gross profit for 250 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. 5,625of 9,892
Better than 43%
No. 2,035of 9,922
Better than 79%
Same industry and 20–49 employees64 companies in the comparison
No. 26of 62
Better than 59%
No. 34of 64
Better than 48%
Companies that are between 5 and 14 years old33,688 companies in the comparison
No. 4,175of 33,588
Better than 88%
No. 2,621of 33,687
Better than 92%
All companies of type ApS66,508 companies in the comparison
No. 5,801of 66,379
Better than 91%
No. 4,776of 66,505
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

Research and experimental development on natural sciences and engineering
Gross profit
  1. Mdsi ApSDKK 10.4m
  2. Carlsberg A/SDKK 40.2bn
  3. Zealand Pharma A/SDKK 9.2bn
Net profit
  1. Mdsi ApS−DKK 10m
  2. Carlsberg A/SDKK 7bn
  3. Zealand Pharma A/SDKK 6.5bn
Equity
  1. Mdsi ApSDKK 16.8m
  2. Carlsberg A/SDKK 30.7bn
  3. Zealand Pharma A/SDKK 14.8bn
Employees
  1. Mdsi ApS33
  2. Carlsberg A/S107
  3. 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 Register
Owners
  • MDSI Holding ApS100%
Mdsi ApS

Management

5 active registrations

Executive management

Executive management at Mdsi ApS
NameRoleAppointed
Morten StageCEO01/04/2026

Board of directors

Board of directors at Mdsi ApS
NameRoleAppointed
Kim NødskovBoard member03/10/2017
Jesper Duevang RasmussenBoard member04/09/2023
Christian SteinøChair of the board01/11/2025
Karsten Anderskov MadsenBoard member01/11/2025
Founders
Mydefence Holding ApS
Former management (13)
Former management at Mdsi ApS
NameRoleAppointedResigned
Karsten Anderskov MadsenCEO17/01/201731/12/2024
Christian SteinøChair of the board03/10/201729/03/2021
Hakon SteinøBoard member03/10/201721/01/2022
Karsten Anderskov MadsenBoard member03/10/201731/12/2024
Ole TorpBoard member03/10/201729/03/2021
Lars Stenfeldt HansenChair of the board30/03/202120/09/2021
Christian SteinøBoard member30/03/202119/09/2021
Christian SteinøChair of the board20/09/202131/12/2024
Claus Ørts PedersenBoard member11/11/202126/09/2024
Christian SteinøCEO01/01/202501/11/2025
Christian SteinøBoard member01/01/202531/10/2025
Karsten Anderskov MadsenChair of the board01/01/202531/10/2025
David Wagner ReinhardCEO01/11/202531/03/2026

Signing rule: Virksomheden tegnes af direktionen i forening med bestyrelsens formand eller af direktionen i forening med et bestyrelsesmedlem

Address and production units

1 active production units

Lundtoftevej 160
2800 Kongens Lyngby

Lyngby-Taarbæk Municipality · Postcode 2800

Production units
Production unitAddressEmployeesP number
MDSI ApSLundtoftevej 160, 1, 2800 Kongens Lyngby321022103705

Purpose

Selskabets formål er at beskæftige sig med forskning indenfor flykommunikation samt udvikling, produktion, og salg af nye systemer til militære fly, udvikling af kommando, kontrol og kommunikations netværk, samt levering og salg af behandlet data.

The purpose is quoted from the register in Danish.

Changes year by year

52 registered events
20263 changesaccounts 1 · management 2
  • Annual report for 2025 published
  • Morten Stage appointed ceo
  • David Wagner Reinhard stepped down as ceo
202512 changesmanagement 9 · address 1 · accounts 1 · industry 1
  • David Wagner Reinhard appointed ceo
  • Karsten Anderskov Madsen appointed board member
  • Christian Steinø appointed chair of the board
  • Christian Steinø stepped down as ceo
  • Christian Steinø stepped down as board member
  • Karsten Anderskov Madsen stepped down as chair of the board
  • Moved to Lundtoftevej 160, 1, 2800 Kongens Lyngby
  • Annual report for 2024 published
  • Industry changed to Research and experimental development on natural sciences and engineering (721000)
  • Christian Steinø appointed ceo
  • Christian Steinø appointed board member
  • Karsten Anderskov Madsen appointed chair of the board
20245 changesmanagement 4 · accounts 1
  • Christian Steinø stepped down as chair of the board
  • Karsten Anderskov Madsen stepped down as board member
  • Karsten Anderskov Madsen stepped down as ceo
  • Claus Ørts Pedersen stepped down as board member
  • Annual report for 2023 published
20234 changesmanagement 1 · accounts 1 · address 2
  • Jesper Duevang Rasmussen appointed board member
  • Annual report for 2022 published
  • Moved to Strandboulevarden 96, 2100 København Ø
  • Moved to Langebrogade 3A, 1, 1411 København K
20223 changesaddress 1 · accounts 1 · management 1
  • Moved to Langebrogade 3A, 1411 København K
  • Annual report for 2021 published
  • Hakon Steinø stepped down as board member
20219 changesmanagement 8 · accounts 1
  • Claus Ørts Pedersen appointed board member
  • Christian Steinø appointed chair of the board
  • Lars Stenfeldt Hansen stepped down as chair of the board
  • Christian Steinø stepped down as board member
  • Annual report for 2020 published
  • Christian Steinø appointed board member
  • Lars Stenfeldt Hansen appointed chair of the board
  • Ole Torp stepped down as board member
  • Christian Steinø stepped down as chair of the board
20202 changesaddress 1 · name 1
  • Moved to Langebrogade 1, 1, 1411 København K
  • Name changed from MyDefence System Integration ApS to MDSI ApS
20192 changesname 1 · capital 1
  • Name changed from MyDefence System Integration IVS to MyDefence System Integration ApS
  • Share capital changed from 1,000 DKK to 40,000 DKK
20182 changesaddress 2
  • Moved to Langebrogade 1, 1, 1411 København K
  • Moved to Langebrogade 1B, 1411 København K
201710 changesmanagement 6 · ownership 3 · founded 1
  • Ole Torp appointed board member
  • Kim Nødskov appointed board member
  • Hakon Steinø appointed board member
  • Karsten Anderskov Madsen appointed board member
  • Christian Steinø appointed chair of the board
  • MYDEFENCE HOLDING ApS is no longer registered as owner
  • MDSI Holding ApS registered as owner (100%)
  • Registered as MyDefence System Integration IVS
  • Karsten Anderskov Madsen appointed ceo
  • MYDEFENCE HOLDING ApS registered as owner (100%)

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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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