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Penneo A/S

Public limited companyCVR 35633766København VActive

Penneo A/S is a public limited company, based in København V, active in other software publishing, founded in 2014. Equity was negative at the end of 2025 (−DKK 16.6m). The company made a loss in both 2024 and 2025, most recently DKK 59m. With 58 employees, the company is about 15 times larger than the industry median.

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Key figures · financial year 2025

Gross profitDKK 65.2m−25.7% vs. 2024
Net profit−DKK 59m−405.6% vs. 2024
Equity−DKK 16.6m−119.8% vs. 2024
Employees58latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit fell 26% (2024 → 2025), to DKK 65.2m.
  • The loss grew: from DKK 11.7m to DKK 59m (2024 → 2025).
  • Equity turned negative: −DKK 16.6m (2024 → 2025).

Employees

  • 25 fewer employees than a year earlier: 58 (07/2026) against 83 (07/2025).

Management and owners, last 24 months

  • New in management: Rasmus Schepelern Hentze (board member, 12/03/2025), Marie Møgelvang Weirich (board member, 12/03/2025) and Mikael Westöö (board member, 12/03/2025) (+6).
  • Stepped down: Rikke Birgitte Skov (board member, 12/03/2025), Morten Kenneth Elk (board member, 12/03/2025) and Christian Stendevad (ceo, 01/04/2025) (+6).
  • New owners registered: Visma Danmark Holding A/S (12/03/2025) and Visma Danmark Holding A/S (03/02/2025).
  • No longer registered as owner: Flora IT ApS (03/02/2025), Clausen Online ApS (03/02/2025) and Biostrat Biotech Consulting ApS (03/02/2025) (+3).

Registrations, last 24 months

  • 03/06/2025: Moved to Gærtorvet 1, 1799 København V
  • 03/02/2025: Share capital changed from 681,825 DKK to 714,781 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 60m−DKK 40m−DKK 20mDKK 0DKK 20mDKK 40mDKK 60mDKK 80mDKK 100m202020212022202320242025
EquityNet profit
Financial figures for Penneo A/S
202020212022202320242025Change
Revenue35,53454,28072,05888,449102,109not stated–
Gross profit19,90544,61759,53576,08687,68365,188−25.7%
Operating profit (EBIT)−16,245−22,723−23,461−23,099−9,788−57,984−492.4%
Profit before tax−17,291−24,171−25,759−24,734−11,490−58,958−413.1%
Net profit−12,803−18,635−20,259−24,734−11,660−58,958−405.6%
Total assets95,889104,481151,991140,749127,45965,727−48.4%
Equity57,57657,044105,50194,08983,846−16,628−119.8%
Liabilities38,31347,43746,49046,66043,61382,355+88.8%
Cash and cash equivalents31,84325,41653,16142,22320,139949−95.3%
Average number of employees–––––77–

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 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 80m202020212022202320242025
Gross profitMedian, the industry (499 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Negative equity

    Equity was −DKK 16.6m 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
Annual reports for Penneo A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202530/06/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202425/03/2025The companyPDF not statedXBRL
202301/01/2023 – 31/12/202323/04/2024The companyPDF not statedXBRL
202201/01/2022 – 31/12/202212/04/2023The companyPDF not statedXBRL
202101/01/2021 – 31/12/202129/04/2022The companyPDF not statedXBRL
202001/01/2020 – 31/12/202012/05/2021The 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

499 companies in the database

Comparison with the other companies in other software publishing based on the latest financial year.

Gross profitDKK 65.2mNo. 22 of 494
Better than 96% of the companies in the industry
Equity−DKK 16.6mNo. 489 of 499
Better than 2% of the companies in the industry
Number of employees58No. 20 of 499
Better than 96% of the companies in the industry

Industry median: gross profit DKK 2.9m, net profit DKK 42,450, equity DKK 1.1m, 4 employees.

DKK 100kDKK 1.2mDKK 14.1mDKK 168.1mDKK 875.9mHere
Distribution of gross profit for 427 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. 1,279of 4,412
Better than 71%
No. 4,406of 4,466
Better than 1%
Same industry and 50–199 employees24 companies in the comparison
No. 13of 23
Better than 45%
No. 23of 24
Better than 4%
Companies that are between 5 and 14 years old33,688 companies in the comparison
No. 515of 33,588
Better than 98%
No. 33,483of 33,687
Better than 1%
All companies of type A/S18,025 companies in the comparison
No. 2,309of 17,786
Better than 87%
No. 17,859of 18,024
Better than 1%

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

Other software publishing
Gross profit
  1. Penneo A/SDKK 65.2m
  2. Milestone Systems A/SDKK 2bn
  3. Visma e-conomic A/SDKK 880.2m
Net profit
  1. Penneo A/S−DKK 59m
  2. Milestone Systems A/SDKK 183.4m
  3. Visma e-conomic A/SDKK 456.2m
Equity
  1. Penneo A/S−DKK 16.6m
  2. Milestone Systems A/SDKK 1.7bn
  3. Visma e-conomic A/SDKK 471.5m
Employees
  1. Penneo A/S58
  2. Milestone Systems A/S531
  3. Visma e-conomic A/S456

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
  • Visma Danmark Holding A/S100%
Penneo A/S

Management

6 active registrations

Executive management

Executive management at Penneo A/S
NameRoleAppointed
Mads Paludan AablingCEO01/04/2025

Board of directors

Board of directors at Penneo A/S
NameRoleAppointed
Rasmus Schepelern HentzeBoard member12/03/2025
Marie Møgelvang WeirichBoard member12/03/2025
Mikael WestööBoard member12/03/2025
Lars Erik JacobsenChair of the board12/03/2025
Oliver Klint PedersenBoard member01/04/2026
Founders
Penneo Holding ApS
Former management (32)
Former management at Penneo A/S
NameRoleAppointedResigned
Jan FloraBoard member09/01/201401/04/2014
Nicolaj Højer NielsenBoard member09/01/201428/09/2020
Jakob Neua NørgaardBoard member09/01/201401/04/2014
Anders EskholmBoard member09/01/201401/04/2014
Mikkel ClausenCEO09/01/201401/04/2014
André Schack ClementBoard member09/01/201401/04/2014
Jakob EkkelundBoard member01/04/201401/05/2015
Morten DamgaardCEO01/04/201427/05/2014
Nicolaj Højer NielsenCEO27/05/201401/10/2014
Janek BorgmannCEO01/10/201408/10/2018
Niels Henrik RasmussenChair of the board08/01/201523/01/2019
Anders TvegaardBoard member08/01/201514/09/2018
Finn Winchler AndersenBoard member11/05/201610/09/2016
Morten Kenneth ElkBoard member14/09/201822/01/2019
Niels Henrik RasmussenDirector08/10/201822/01/2019
Niels Henrik RasmussenCEO23/01/201928/09/2020
Morten Kenneth ElkChair of the board23/01/201927/04/2021
Jan FloraBoard member16/05/201905/03/2021
Michael Moesgaard AndersenBoard member29/12/201907/07/2021
Nicolaj Højer NielsenCEO28/09/202018/08/2021
Rikke Birgitte SkovBoard member05/03/202112/03/2025
Christian SagildChair of the board28/04/202110/04/2024
Morten Kenneth ElkBoard member28/04/202112/03/2025
Christian StendevadCEO18/08/202101/04/2025
Steffen Peter Anker HeegaardBoard member27/04/202210/04/2024
Jakob Neua NørgaardBoard member29/03/202310/04/2024
Kasper Erik BehrensBoard member11/04/202412/03/2025
Eske GungeBoard member11/04/202412/03/2025
Jostein VikChair of the board11/04/202412/03/2025
Kasper LyhrBoard member12/03/202528/02/2026
Loredana Elena MusatBoard member12/03/202531/10/2025
Mohamed Milad SalehBoard member01/11/202531/03/2026

Signing rule: Selskabet tegnes af Selskabets administrerende direktør og bestyrelsesformanden i forening eller af Selskabets administrerende direktør og to bestyrelsesmedlemmer i forening eller af to bestyrelsesmedlemmer og bestyrelsesformanden i forening.

Address and production units

1 active production units

Gærtorvet 1
1799 København V

København Municipality · Postcode 1799

Other companies at the address (2)

Production units
Production unitAddressEmployeesP number
PENNEO A/SGærtorvet 1, 1799 København V571019806614

Purpose

Selskabets formål er udvikling af softwareløsninger til sikker håndtering, procesflow og opbevaring af dokumenter, data og signeringer eller anden tiltrædelse samt hermed beslægtet virksomhed.

The purpose is quoted from the register in Danish.

Changes year by year

158 registered events
20264 changesaccounts 1 · management 3
  • Annual report for 2025 published
  • Oliver Klint Pedersen appointed board member
  • Mohamed Milad Saleh stepped down as board member
  • Kasper Lyhr stepped down as board member
202526 changesmanagement 15 · address 1 · accounts 1 · ownership 8 · capital 1
  • Mohamed Milad Saleh appointed board member
  • Loredana Elena Musat stepped down as board member
  • Moved to Gærtorvet 1, 1799 København V
  • Mads Paludan Aabling appointed ceo
  • Christian Stendevad stepped down as ceo
  • Annual report for 2024 published
  • Marie Møgelvang Weirich appointed board member
  • Rasmus Schepelern Hentze appointed board member
  • Kasper Lyhr appointed board member
  • Loredana Elena Musat appointed board member
  • Lars Erik Jacobsen appointed chair of the board
  • Mikael Westöö appointed board member
  • Kasper Erik Behrens stepped down as board member
  • Jostein Vik stepped down as chair of the board
  • Eske Gunge stepped down as board member
  • Morten Kenneth Elk stepped down as board member
  • Rikke Birgitte Skov stepped down as board member
  • VISMA DANMARK HOLDING A/S registered as owner (100%)
  • VISMA DANMARK HOLDING A/S is no longer registered as owner
  • Share capital changed from 681,825 DKK to 714,781 DKK
  • VISMA DANMARK HOLDING A/S registered as owner (90%)
  • Viking Growth 29 AS is no longer registered as owner
  • Arbejdsmarkedets Tillægspension is no longer registered as owner
  • BIOSTRAT BIOTECH CONSULTING ApS is no longer registered as owner
  • FLORA IT ApS is no longer registered as owner
  • CLAUSEN ONLINE ApS is no longer registered as owner
20249 changesaddress 2 · accounts 1 · management 6
  • Moved to Enghavevej 40, 4, 1674 København V
  • Moved to Enghavevej 40, 4, 1674 København V
  • Annual report for 2023 published
  • Kasper Erik Behrens appointed board member
  • Jostein Vik appointed chair of the board
  • Eske Gunge appointed board member
  • Jakob Neua Nørgaard stepped down as board member
  • Steffen Peter Anker Heegaard stepped down as board member
  • Christian Sagild stepped down as chair of the board
20238 changescapital 4 · ownership 2 · accounts 1 · management 1
  • Share capital changed from 668,654 DKK to 681,825 DKK
  • Share capital changed from 663,354 DKK to 668,654 DKK
  • Viking Growth 29 AS registered as owner (5%)
  • ANDERSEN ADVISORY GROUP A/S is no longer registered as owner
  • Share capital changed from 660,140 DKK to 663,354 DKK
  • Annual report for 2022 published
  • Jakob Neua Nørgaard appointed board member
  • Share capital changed from 642,933 DKK to 660,140 DKK
202215 changescapital 5 · accounts 1 · management 1 · ownership 8
  • Share capital changed from 642,333 DKK to 642,933 DKK
  • Share capital changed from 638,401 DKK to 642,333 DKK
  • Share capital changed from 632,792 DKK to 638,401 DKK
  • Annual report for 2021 published
  • Steffen Peter Anker Heegaard appointed board member
  • NH RASMUSSEN HOLDING II ApS is no longer registered as owner
  • Share capital changed from 632,163 DKK to 632,792 DKK
  • ANDERSEN ADVISORY GROUP A/S registered as owner (5%)
  • Arbejdsmarkedets Tillægspension registered as owner (5%)
  • Niels Henrik Rasmussen is no longer registered as owner
  • NEUA HOLDING ApS is no longer registered as owner
  • ANDRÉ CLÉMENT HOLDING ApS is no longer registered as owner
  • Janek Borgmann is no longer registered as owner
  • ANDERSEN ADVISORY GROUP A/S is no longer registered as owner
  • Share capital changed from 542,579 DKK to 632,163 DKK
202116 changesownership 5 · capital 2 · management 8 · accounts 1
  • NH RASMUSSEN HOLDING II ApS registered as owner (5%)
  • ESKHOLM HOLDING ApS is no longer registered as owner
  • Share capital changed from 541,474 DKK to 542,579 DKK
  • BIOSTRAT BIOTECH CONSULTING ApS registered as owner (5%)
  • BIOSTRAT BIOTECH CONSULTING ApS is no longer registered as owner
  • Niels Henrik Rasmussen registered as owner (5%)
  • Share capital changed from 502,615 DKK to 541,474 DKK
  • Christian Stendevad appointed ceo
  • Nicolaj Højer Nielsen stepped down as ceo
  • Michael Moesgaard Andersen stepped down as board member
  • Annual report for 2020 published
  • Christian Sagild appointed chair of the board
  • Morten Kenneth Elk appointed board member
  • Morten Kenneth Elk stepped down as chair of the board
  • Rikke Birgitte Skov appointed board member
  • Jan Flora stepped down as board member
202022 changesmanagement 3 · capital 4 · ownership 12 · name 1 · merger 1 · address 1
  • Nicolaj Højer Nielsen appointed ceo
  • Niels Henrik Rasmussen stepped down as ceo
  • Nicolaj Højer Nielsen stepped down as board member
  • Share capital changed from 412,199 DKK to 502,615 DKK
  • BIOSTRAT BIOTECH CONSULTING ApS registered as owner (10%)
  • NHN Ventures 2 ApS is no longer registered as owner
  • BIOSTRAT BIOTECH CONSULTING ApS is no longer registered as owner
  • Name changed from PENNEO ApS to PENNEO A/S
  • Share capital changed from 139,813 DKK to 412,199 DKK
  • BIOSTRAT BIOTECH CONSULTING ApS registered as owner (5%)
  • FLORA IT ApS registered as owner (5%)
  • NEUA HOLDING ApS registered as owner (5%)
  • ESKHOLM HOLDING ApS registered as owner (5%)
  • CLAUSEN ONLINE ApS registered as owner (5%)
  • ANDRÉ CLÉMENT HOLDING ApS registered as owner (5%)
  • NHN Ventures 2 ApS registered as owner (5%)
  • Merger registered in CVR
  • Penneo Holding 2 ApS is no longer registered as owner
  • PENNEO HOLDING ApS is no longer registered as owner
  • Share capital changed from 136,394 DKK to 139,813 DKK
  • Share capital changed from 135,995 DKK to 136,394 DKK
  • Moved to Enghavevej 40, 4, 1674 København V
201923 changesmanagement 7 · capital 4 · ownership 10 · address 2
  • Michael Moesgaard Andersen appointed board member
  • Share capital changed from 120,118 DKK to 135,995 DKK
  • ANDERSEN ADVISORY GROUP A/S registered as owner (10%)
  • Penneo Holding 2 ApS registered as owner (15%)
  • Penneo Holding 2 ApS is no longer registered as owner
  • Moved to Gyngemose Parkvej 50, 13, 2860 Søborg
  • Moved to Gyngemose Parkvej 50, 13, 2860 Søborg
  • Share capital changed from 111,610 DKK to 120,118 DKK
  • PENNEO HOLDING ApS registered as owner (50%)
  • Janek Borgmann registered as owner (5%)
  • PENNEO HOLDING ApS is no longer registered as owner
  • Share capital changed from 110,163 DKK to 111,610 DKK
  • Jan Flora appointed board member
  • Share capital changed from 108,567 DKK to 110,163 DKK
  • PENNEO HOLDING ApS registered as owner (66.67%)
  • Penneo Holding 2 ApS registered as owner (20%)
  • Penneo Holding 2 ApS is no longer registered as owner
  • PENNEO HOLDING ApS is no longer registered as owner
  • Morten Kenneth Elk appointed chair of the board
  • Niels Henrik Rasmussen appointed ceo
  • Niels Henrik Rasmussen stepped down as chair of the board
  • Niels Henrik Rasmussen stepped down as director
  • Morten Kenneth Elk stepped down as board member
20185 changescapital 1 · management 4
  • Share capital changed from 106,343 DKK to 108,567 DKK
  • Niels Henrik Rasmussen appointed director
  • Janek Borgmann stepped down as ceo
  • Morten Kenneth Elk appointed board member
  • Anders Tvegaard stepped down as board member
20171 changeaddress 1
  • Moved to Gyngemose Parkvej 50, 13, 2860 Søborg
20164 changesmanagement 2 · ownership 2
  • Finn Winchler Andersen stepped down as board member
  • Penneo Holding 2 ApS registered as owner (20%)
  • PreSeed Ventures A/S is no longer registered as owner
  • Finn Winchler Andersen appointed board member
20154 changesmanagement 3 · industry 1
  • Jakob Ekkelund stepped down as board member
  • Anders Tvegaard appointed board member
  • Niels Henrik Rasmussen appointed chair of the board
  • Industry changed to Other software publishing (582900)
201421 changesmanagement 17 · ownership 2 · capital 1 · founded 1
  • Janek Borgmann appointed ceo
  • Nicolaj Højer Nielsen stepped down as ceo
  • Nicolaj Højer Nielsen appointed ceo
  • Morten Damgaard stepped down as ceo
  • PENNEO HOLDING ApS registered as owner (66.67%)
  • PreSeed Ventures A/S registered as owner (20%)
  • Share capital changed from 89,219 DKK to 106,343 DKK
  • Morten Damgaard appointed ceo
  • Jakob Ekkelund appointed board member
  • André Schack Clement stepped down as board member
  • Mikkel Clausen stepped down as ceo
  • Anders Eskholm stepped down as board member
  • Jakob Neua Nørgaard stepped down as board member
  • Jan Flora stepped down as board member
  • Registered as PENNEO ApS
  • Nicolaj Højer Nielsen appointed board member
  • André Schack Clement appointed board member
  • Mikkel Clausen appointed ceo
  • Anders Eskholm appointed board member
  • Jakob Neua Nørgaard appointed board member
  • Jan Flora appointed board member

Related companies

Same industry in København

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.

View in CVRReport a correction