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Puzzel A/S

Public limited companyCVR 25254864København KActive

Puzzel A/S is a public limited company, based in København K, active in wired, wireless and satellite telecommunications, founded in 2000. Net profit rose 57% from 2024 to 2025, ending at DKK 5.5m. With 65 employees, the company is about 5 times larger than the industry median. Equity grew to DKK 30m in 2025.

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Key figures · financial year 2025

Gross profitDKK 42.7m+92.2% vs. 2024
Net profitDKK 5.5m+56.6% vs. 2024
EquityDKK 30m+20.5% vs. 2024
Employees65latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 92% (2024 → 2025), to DKK 42.7m.
  • Net profit rose 57% (2024 → 2025), to DKK 5.5m.
  • Equity rose 21% (2024 → 2025), to DKK 30m.

Employees

  • 5 fewer employees than a year earlier: 65 (08/2026) against 70 (08/2025).

Management and owners, last 24 months

  • New in management: Elin Filipp (board member, 22/09/2025).
  • Stepped down: Jo Sverre Lindem (board member, 22/09/2025).

Registrations, last 24 months

  • 21/10/2025: Moved to Vestergade 18E, 3, 1456 København K
  • 05/03/2025: Moved to Vesterbrogade 35, 3, 1620 København V
  • 01/01/2025: Industry changed to Wired, wireless and satellite telecommunications (611000)
  • 02/12/2024: Merger registered in CVR
  • 02/12/2024: Share capital changed from 1,633,000 DKK to 1,633,100 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 0DKK 5mDKK 10mDKK 15mDKK 20mDKK 25mDKK 30m202020212022202320242025
EquityNet profit
Financial figures for Puzzel A/S
202020212022202320242025Change
Revenue34,46141,23152,62764,95477,514not stated–
Gross profit14,17437,52310,19714,34822,19642,662+92.2%
Operating profit (EBIT)1,3991,981–––4,403–
Profit before tax1,4002,2591,7164,8864,7777,040+47.4%
Net profit1,0921,7611,3363,6763,5075,491+56.6%
Total assets26,01321,77123,35229,64158,81273,487+25%
Equity4,2943,3944,7308,40624,93230,047+20.5%
Liabilities21,71918,377––33,88042,230+24.6%
Cash and cash equivalents3,1111,12289045312,3832,194−82.3%
Average number of employees11119,0005,0001359+353.8%

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 10mDKK 20mDKK 30mDKK 40m202020212022202320242025
Gross profitMedian, the industry (68 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 Puzzel A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202510/07/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202403/06/2025The companyPDF not statedXBRL
202301/01/2023 – 31/12/202323/04/2024The companyPDF not statedXBRL
202201/01/2022 – 31/12/202217/05/2023The companyPDF not statedXBRL
202101/01/2021 – 31/12/202115/06/2022The companyPDFXBRL
202001/01/2020 – 31/12/202005/05/2021The 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
01020304050607009/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

68 companies in the database

Comparison with the other companies in wired, wireless and satellite telecommunications based on the latest financial year.

Gross profitDKK 42.7mNo. 20 of 65
Better than 70% of the companies in the industry
EquityDKK 30mNo. 25 of 68
Better than 64% of the companies in the industry
Number of employees65No. 14 of 68
Better than 81% of the companies in the industry

Industry median: gross profit DKK 16.3m, net profit DKK 283k, equity DKK 7.8m, 13 employees.

DKK 167kDKK 2.3mDKK 31.8mDKK 438.6mDKK 2.5bnHere
Distribution of gross profit for 61 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. 2,131of 4,412
Better than 52%
No. 1,733of 4,466
Better than 61%
Companies that are between 15 and 29 years old24,906 companies in the comparison
No. 1,678of 24,787
Better than 93%
No. 3,391of 24,905
Better than 86%
All companies of type A/S18,025 companies in the comparison
No. 3,356of 17,786
Better than 81%
No. 4,918of 18,024
Better than 73%

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

Wired, wireless and satellite telecommunications
Gross profit
  1. Puzzel A/SDKK 42.7m
  2. TDC Net A/SDKK 6.1bn
  3. TDC Brands A/SDKK 4.8bn
Net profit
  1. Puzzel A/SDKK 5.5m
  2. TDC Net A/S−DKK 58m
  3. TDC Brands A/S−DKK 562m
Equity
  1. Puzzel A/SDKK 30m
  2. TDC Net A/SDKK 2.2bn
  3. TDC Brands A/SDKK 5.5bn
Employees
  1. Puzzel A/S65
  2. TDC Net A/S1,856
  3. TDC Brands A/S2,940

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
  • Puzzel Bidco Denmark ApS100%
Puzzel A/S

Management

4 active registrations

Executive management

Executive management at Puzzel A/S
NameRoleAppointed
Frederic LaziouDirector26/03/2021

Board of directors

Board of directors at Puzzel A/S
NameRoleAppointed
Frederic LaziouBoard member26/03/2021
Stephen John GristChair of the board11/10/2022
Elin FilippBoard member22/09/2025
Founders
KR 332 ApS
Former management (29)
Former management at Puzzel A/S
NameRoleAppointedResigned
Michael Egede BudtzBoard member09/03/200005/05/2000
Erik Mohr MersingBoard member09/03/200005/05/2000
Anders Bjerre LavesenBoard member09/03/200005/05/2000
Jørgen ByrielDirector09/03/200005/05/2000
Steen MalmbergBoard member05/05/200001/10/2006
Steen MalmbergCEO05/05/200001/10/2006
Terje LangleteBoard member05/05/200018/10/2000
Jan Erik EngebretsenBoard member05/05/200030/10/2001
Ole Hartvik NybøBoard member18/10/200001/10/2006
Marit Elisabeth DøvingBoard member30/03/200127/05/2003
Guttorm JohansenBoard member01/10/200631/01/2007
Guttorm JohansenDirector01/10/200631/01/2007
Eivind Hauglie-HanssenChair of the board31/01/200709/04/2010
Martin VedelerBoard member31/01/200701/11/2008
Martin VedelerDirector31/01/200701/11/2008
Per HesthavenBoard member01/11/200806/05/2010
Per HesthavenDirector01/11/200809/04/2010
André JensenDirector09/04/201023/09/2011
Tone SkjervøBoard member09/04/201024/11/2014
André JensenBoard member06/05/201023/09/2011
Knut Hakon NilsenChair of the board06/05/201029/05/2015
Børge AstrupBoard member23/09/201126/03/2021
Børge AstrupDirector23/09/201126/03/2021
Dag Erik JørgensenBoard member24/11/201401/02/2018
Eirik Olav UtvikChair of the board29/05/201501/02/2018
Gunnar AasenBoard member01/02/201826/08/2021
Ranajay RoyChair of the board01/02/201803/03/2020
Jacob OlsenChair of the board03/03/202011/10/2022
Jo Sverre LindemBoard member26/08/202122/09/2025

Signing rule: Selskabet tegnes af 2 bestyrelsesmedlemmer i forening eller af 1 bestyrelsesmedlem i forening med en direktør.

Address and production units

1 active production units

Vestergade 18E
1456 København K

København Municipality · Postcode 1456

Other companies at the address (1)

Production units
Production unitAddressEmployeesP number
Puzzel A/SVestergade 18E, 3, 1456 København K651007473865

Purpose

Selskabets formål er at drive virksomhed indenfor telekommunikation og dermed beslægtet virksomhed

The purpose is quoted from the register in Danish.

Changes year by year

92 registered events
20261 changeaccounts 1
  • Annual report for 2025 published
20256 changesaddress 2 · management 2 · accounts 1 · industry 1
  • Moved to Vestergade 18E, 3, 1456 København K
  • Elin Filipp appointed board member
  • Jo Sverre Lindem stepped down as board member
  • Annual report for 2024 published
  • Moved to Vesterbrogade 35, 3, 1620 København V
  • Industry changed to Wired, wireless and satellite telecommunications (611000)
20245 changescapital 1 · merger 1 · ownership 2 · accounts 1
  • Share capital changed from 1,633,000 DKK to 1,633,100 DKK
  • Merger registered in CVR
  • Puzzel Bidco Denmark ApS registered as owner (100%)
  • Puzzel AS is no longer registered as owner
  • Annual report for 2023 published
20231 changeaccounts 1
  • Annual report for 2022 published
20223 changesmanagement 2 · accounts 1
  • Stephen John Grist appointed chair of the board
  • Jacob Olsen stepped down as chair of the board
  • Annual report for 2021 published
20217 changesmanagement 6 · accounts 1
  • Jo Sverre Lindem appointed board member
  • Gunnar Aasen stepped down as board member
  • Annual report for 2020 published
  • Frederic Laziou appointed director
  • Frederic Laziou appointed board member
  • Børge Astrup stepped down as director
  • Børge Astrup stepped down as board member
20203 changesaddress 1 · management 2
  • Moved to H.J. Holst Vej 5, 2605 Brøndby
  • Jacob Olsen appointed chair of the board
  • Ranajay Roy stepped down as chair of the board
20184 changesmanagement 4
  • Gunnar Aasen appointed board member
  • Ranajay Roy appointed chair of the board
  • Eirik Olav Utvik stepped down as chair of the board
  • Dag Erik Jørgensen stepped down as board member
20171 changename 1
  • Name changed from INTELECOM DANMARK A/S to Puzzel A/S
20153 changesaddress 1 · management 2
  • Moved to Digevej 114, 1, 2300 København S
  • Eirik Olav Utvik appointed chair of the board
  • Knut Hakon Nilsen stepped down as chair of the board
20142 changesmanagement 2
  • Dag Erik Jørgensen appointed board member
  • Tone Skjervø stepped down as board member
20114 changesmanagement 4
  • Børge Astrup appointed director
  • Børge Astrup appointed board member
  • André Jensen stepped down as board member
  • André Jensen stepped down as director
20109 changescapital 1 · management 7 · ownership 1
  • Share capital changed from 1,632,500 DKK to 1,633,000 DKK
  • André Jensen appointed board member
  • Knut Hakon Nilsen appointed chair of the board
  • Per Hesthaven stepped down as board member
  • Puzzel AS registered as owner (100%)
  • André Jensen appointed director
  • Tone Skjervø appointed board member
  • Per Hesthaven stepped down as director
  • Eivind Hauglie-Hanssen stepped down as chair of the board
20087 changesmanagement 4 · merger 1 · address 1 · industry 1
  • Per Hesthaven appointed director
  • Per Hesthaven appointed board member
  • Martin Vedeler stepped down as director
  • Martin Vedeler stepped down as board member
  • Merger registered in CVR
  • Moved to Stamholmen 157, 2, 2650 Hvidovre
  • Industry changed to Wired, wireless and satellite telecommunications (611000)
20076 changesname 1 · management 5
  • Name changed from CONSORTE DANMARK A/S to INTELECOM DANMARK A/S
  • Eivind Hauglie-Hanssen appointed chair of the board
  • Martin Vedeler appointed director
  • Martin Vedeler appointed board member
  • Guttorm Johansen stepped down as director
  • Guttorm Johansen stepped down as board member
20065 changesmanagement 5
  • Guttorm Johansen appointed director
  • Guttorm Johansen appointed board member
  • Ole Hartvik Nybø stepped down as board member
  • Steen Malmberg stepped down as ceo
  • Steen Malmberg stepped down as board member
20033 changescapital 1 · management 1 · industry 1
  • Share capital changed from 1,602,500 DKK to 1,632,500 DKK
  • Marit Elisabeth Døving stepped down as board member
  • Industry changed to Udbydere af fast telekommunikation (642010)
20022 changescapital 2
  • Share capital changed from 1,600,000 DKK to 1,602,500 DKK
  • Share capital changed from 1,500,000 DKK to 1,600,000 DKK
20014 changescapital 2 · management 2
  • Share capital changed from 1,000,000 DKK to 1,500,000 DKK
  • Jan Erik Engebretsen stepped down as board member
  • Marit Elisabeth Døving appointed board member
  • Share capital changed from 500,000 DKK to 1,000,000 DKK
200016 changesmanagement 14 · industry 1 · founded 1
  • Ole Hartvik Nybø appointed board member
  • Terje Langlete stepped down as board member
  • Steen Malmberg appointed ceo
  • Jan Erik Engebretsen appointed board member
  • Terje Langlete appointed board member
  • Steen Malmberg appointed board member
  • Erik Mohr Mersing stepped down as board member
  • Jørgen Byriel stepped down as director
  • Anders Bjerre Lavesen stepped down as board member
  • Michael Egede Budtz stepped down as board member
  • Industry changed to Telekommunikation (642000)
  • Registered as CONSORTE DANMARK A/S
  • Erik Mohr Mersing appointed board member
  • Jørgen Byriel appointed director
  • Anders Bjerre Lavesen appointed board member
  • Michael Egede Budtz appointed board member

Related companies

Same industry in København

See all →

Same people in management

Largest in the industry

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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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