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Nortec A/S

Public limited companyCVR 19992306VejleActive

Nortec A/S is a public limited company, based in Vejle, active in wholesale of electrical household appliances, founded in 1997. Net profit fell 31% from 2024 to 2025, ending at DKK 12.3m. Measured by gross profit, it ranks no. 4 of 65 companies in the industry in the database. With 126 employees, the company is about 25 times larger than the industry median.

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Key figures · financial year 2025

Gross profitDKK 107.2m+4.3% vs. 2024
Net profitDKK 12.3m−31% vs. 2024
EquityDKK 102.1m+19.9% vs. 2024
Employees126latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 4% (2024 → 2025), to DKK 107.2m.
  • Net profit fell 31% (2024 → 2025), to DKK 12.3m.
  • Equity rose 20% (2024 → 2025), to DKK 102.1m.

Employees

  • 14 more employees than a year earlier: 126 (07/2026) against 112 (07/2025).

Management and owners, last 24 months

  • New in management: Morten Elgaard Bak (board member, 26/11/2024), Morten Elgaard Bak (director, 30/12/2025) and Henrik Sørensen (board member, 16/06/2026) (+1).
  • Stepped down: Tom Steve Madsen (deputy chair, 16/06/2026), Kim Lund Bennedbæk Clausen (board member, 16/06/2026) and Lone Agergaard Jensen (board member, 16/06/2026) (+5).
  • New owners registered: Stenseminde Holding ApS (11/06/2026).

Registrations, last 24 months

  • 11/06/2026: Share capital changed from 1,010,100 DKK to 1,346,800 DKK
  • 13/05/2026: Merger registered in CVR
  • 01/09/2025: Share capital changed from 1,000,000 DKK to 1,010,100 DKK
  • 01/01/2025: Industry changed to Wholesale of electrical household appliances (464310)

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 0DKK 20mDKK 40mDKK 60mDKK 80mDKK 100m202020212022202320242025
EquityNet profit
Financial figures for Nortec A/S
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit60,54862,23874,166102,257102,735107,199+4.3%
Operating profit (EBIT)13,98210,9071,95721,34322,28119,988−10.3%
Profit before tax14,45212,1863,54422,20623,02817,010−26.1%
Net profit11,1799,3342,62617,16517,83812,301−31%
Total assets195,049241,043289,862339,059405,436560,021+38.1%
Equity39,30548,63950,16567,33085,168102,096+19.9%
Liabilities146,722180,529226,904253,895301,572437,188+45%
Cash and cash equivalents2033983681,4529302,026+117.7%
Average number of employees6870959697112+15.5%

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 20mDKK 40mDKK 60mDKK 80mDKK 100m202020212022202320242025
Gross profitMedian, the industry (65 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Profit for five years in a row

    Net result has been positive in 2021–2025.

    How is this calculated?

    Net result is positive in the five 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 Nortec A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202516/06/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202423/05/2025The companyPDFXBRL
202301/01/2023 – 31/12/202303/06/2024The companyPDFXBRL
202201/01/2022 – 31/12/202229/06/2023The companyPDFXBRL
202101/01/2021 – 31/12/202118/05/2022The companyPDFXBRL
202001/01/2020 – 31/12/202025/05/2021The 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
02040608010012008/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/26
Employees

Position in the industry

65 companies in the database

Comparison with the other companies in wholesale of electrical household appliances based on the latest financial year.

Gross profitDKK 107.2mNo. 4 of 65
Better than 95% of the companies in the industry
EquityDKK 102.1mNo. 5 of 65
Better than 94% of the companies in the industry
Number of employees126No. 5 of 65
Better than 94% of the companies in the industry

Industry median: gross profit DKK 4.2m, net profit DKK 569k, equity DKK 3.8m, 5 employees.

DKK 218kDKK 1.1mDKK 5.9mDKK 30.4mDKK 91mHere
Distribution of gross profit for 64 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. 586of 4,412
Better than 87%
No. 657of 4,466
Better than 85%
Companies that are between 15 and 29 years old24,910 companies in the comparison
No. 671of 24,791
Better than 97%
No. 1,331of 24,909
Better than 95%
All companies of type A/S18,025 companies in the comparison
No. 1,481of 17,786
Better than 92%
No. 2,229of 18,024
Better than 88%

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

Wholesale of electrical household appliances
Gross profit
  1. Nortec A/SDKK 107.2m
  2. Miele A/SDKK 157.6m
  3. Oluf Brønnum & Co. A/SDKK 143.4m
Net profit
  1. Nortec A/SDKK 12.3m
  2. Miele A/SDKK 17m
  3. Oluf Brønnum & Co. A/SDKK 14.2m
Equity
  1. Nortec A/SDKK 102.1m
  2. Miele A/SDKK 116m
  3. Oluf Brønnum & Co. A/SDKK 114.8m
Employees
  1. Nortec A/S126
  2. Miele A/S206
  3. Oluf Brønnum & Co. A/S211

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
Nortec A/S
Subsidiaries and ownership shares

Subsidiaries are shown only if they are in the database.

Management

9 active registrations

Executive management

Executive management at Nortec A/S
NameRoleAppointed
Michael SandCEO21/12/2012
Morten Elgaard BakDirector30/12/2025

Board of directors

Board of directors at Nortec A/S
NameRoleAppointed
Michael SandBoard member26/03/1997
Torben BangChair of the board15/06/2020
Lars Tylvad AndersenBoard member22/08/2023
Bjarne Lykkegård RiisBoard member23/10/2023
Morten Elgaard BakBoard member26/11/2024
Henrik SørensenBoard member16/06/2026
Christian Lund MadsenBoard member16/06/2026
Founders
Tom Steve Madsen
Former management (23)
Former management at Nortec A/S
NameRoleAppointedResigned
Tom Steve MadsenDirector26/03/199721/12/2012
Aase MadsenBoard member26/03/199726/06/2006
Maiken SandBoard member26/03/199726/06/2006
Michael FriisBoard member26/06/200625/05/2009
Aage Ryssel RamsgaardChair of the board26/06/200625/05/2009
Tom Steve MadsenDeputy chair21/12/201221/09/2016
Finn Boel PedersenChair of the board21/12/201231/12/2018
Brian KvistBoard member21/12/201207/05/2013
Robert Due KvistgaardBoard member21/12/201221/09/2016
Jacob Amlund JensenBoard member21/12/201231/12/2018
Jannie SandBoard member20/03/201507/11/2019
Tom Steve MadsenDeputy chair22/09/201616/06/2026
Kim Lund Bennedbæk ClausenBoard member22/09/201616/06/2026
Robert Due KvistgaardBoard member22/09/201622/05/2018
Lone Agergaard JensenBoard member22/05/201816/06/2026
Jacob Amlund JensenChair of the board01/01/201924/04/2019
Lars Walter HøegChair of the board25/04/201915/06/2020
Jacob Amlund JensenBoard member25/04/201916/06/2026
Dan Høgh ViumBoard member06/09/201916/06/2026
Steen DuusBoard member18/05/202116/06/2026
René GroesmeyerBoard member21/12/202123/10/2023
Steven JohnsenBoard member21/12/202116/06/2026
Thomas LarsenBoard member21/12/202116/04/2026

Signing rule: Selskabet tegnes af direktionen eller af bestyrelsens formand sammen med et bestyrelsesmedlem

Address and production units

2 active production units

Ellehammersvej 16
7100 Vejle

Vejle Municipality · Postcode 7100

Open in OpenStreetMap
Production units
Production unitAddressEmployeesP number
NORTEC A/SEllehammersvej 16, 7100 Vejle901004172201
NORTEC A/SSøndre Ringvej 49F, 2605 Brøndby361011749409

Purpose

Selskabets formål er at drive virksomhed med håndværk, handel samt enhver aktivitet, der efter bestyrelsens skøn står i forbindelse hermed.

The purpose is quoted from the register in Danish.

Changes year by year

81 registered events
202614 changesmanagement 10 · accounts 1 · capital 1 · ownership 1 · merger 1
  • Christian Lund Madsen appointed board member
  • Henrik Sørensen appointed board member
  • Steven Johnsen stepped down as board member
  • Steen Duus stepped down as board member
  • Dan Høgh Vium stepped down as board member
  • Jacob Amlund Jensen stepped down as board member
  • Lone Agergaard Jensen stepped down as board member
  • Kim Lund Bennedbæk Clausen stepped down as board member
  • Tom Steve Madsen stepped down as deputy chair
  • Annual report for 2025 published
  • Share capital changed from 1,010,100 DKK to 1,346,800 DKK
  • STENSEMINDE HOLDING ApS registered as owner (25%)
  • Merger registered in CVR
  • Thomas Larsen stepped down as board member
20254 changesmanagement 1 · capital 1 · accounts 1 · industry 1
  • Morten Elgaard Bak appointed director
  • Share capital changed from 1,000,000 DKK to 1,010,100 DKK
  • Annual report for 2024 published
  • Industry changed to Wholesale of electrical household appliances (464310)
20242 changesmanagement 1 · accounts 1
  • Morten Elgaard Bak appointed board member
  • Annual report for 2023 published
20239 changesmanagement 3 · ownership 5 · accounts 1
  • Bjarne Lykkegård Riis appointed board member
  • René Groesmeyer stepped down as board member
  • Lars Tylvad Andersen appointed board member
  • 4M HOLDING ApS registered as owner (15%)
  • Norland Invest ApS registered as owner (33.33%)
  • Wepact ApS registered as owner (10%)
  • 4M HOLDING ApS is no longer registered as owner
  • Norland Invest ApS is no longer registered as owner
  • Annual report for 2022 published
20221 changeaccounts 1
  • Annual report for 2021 published
20215 changesmanagement 4 · accounts 1
  • Thomas Larsen appointed board member
  • René Groesmeyer appointed board member
  • Steven Johnsen appointed board member
  • Annual report for 2020 published
  • Steen Duus appointed board member
20202 changesmanagement 2
  • Torben Bang appointed chair of the board
  • Lars Walter Høeg stepped down as chair of the board
20196 changesmanagement 6
  • Jannie Sand stepped down as board member
  • Dan Høgh Vium appointed board member
  • Lars Walter Høeg appointed chair of the board
  • Jacob Amlund Jensen appointed board member
  • Jacob Amlund Jensen stepped down as chair of the board
  • Jacob Amlund Jensen appointed chair of the board
20184 changesmanagement 4
  • Jacob Amlund Jensen stepped down as board member
  • Finn Boel Pedersen stepped down as chair of the board
  • Lone Agergaard Jensen appointed board member
  • Robert Due Kvistgaard stepped down as board member
20172 changescapital 1 · name 1
  • Share capital changed from 800,000 DKK to 1,000,000 DKK
  • Name changed from NORTEC SYSTEM A/S to NORTEC A/S
20165 changesmanagement 5
  • Robert Due Kvistgaard appointed board member
  • Kim Lund Bennedbæk Clausen appointed board member
  • Tom Steve Madsen appointed deputy chair
  • Robert Due Kvistgaard stepped down as board member
  • Tom Steve Madsen stepped down as deputy chair
20151 changemanagement 1
  • Jannie Sand appointed board member
20131 changemanagement 1
  • Brian Kvist stepped down as board member
20127 changesmanagement 7
  • Jacob Amlund Jensen appointed board member
  • Robert Due Kvistgaard appointed board member
  • Tom Steve Madsen appointed deputy chair
  • Brian Kvist appointed board member
  • Finn Boel Pedersen appointed chair of the board
  • Michael Sand appointed ceo
  • Tom Steve Madsen stepped down as director
20112 changesownership 2
  • 4M HOLDING ApS registered as owner (25%)
  • Norland Invest ApS registered as owner (66.67%)
20092 changesmanagement 2
  • Michael Friis stepped down as board member
  • Aage Ryssel Ramsgaard stepped down as chair of the board
20072 changesaddress 1 · industry 1
  • Moved to Ellehammersvej 16, 7100 Vejle
  • Industry changed to Engroshandel med hårde hvidevarer (514310)
20064 changesmanagement 4
  • Michael Friis appointed board member
  • Aage Ryssel Ramsgaard appointed chair of the board
  • Maiken Sand stepped down as board member
  • Aase Madsen stepped down as board member
20041 changeaddress 1
  • Moved to Ellehammersvej 16, 7100 Vejle
20002 changesname 1 · capital 1
  • Name changed from VASCANDIC A/S to NORTEC SYSTEM A/S
  • Share capital changed from 600,000 DKK to 800,000 DKK
19975 changesfounded 1 · management 4
  • Registered as VASCANDIC A/S
  • Maiken Sand appointed board member
  • Michael Sand appointed board member
  • Aase Madsen appointed board member
  • Tom Steve Madsen appointed director

Related companies

Same industry in Vejle

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 23/10/2026. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.

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