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QM Technologies ApS

Private limited companyCVR 37786268BallerupActive

QM Technologies ApS is a private limited company, based in Ballerup, active in research and experimental development on natural sciences and engineering, founded in 2016. Equity was negative at the end of 2025 (−DKK 16.6m). The company made a loss in both 2024 and 2025, most recently DKK 22.4m. With 32 employees, the company is about 6 times larger than the industry median.

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Key figures · financial year 2025

Gross profitDKK 339k−98.3% vs. 2024
Net profit−DKK 22.4m−3,597.4% vs. 2024
Equity−DKK 16.6m−387.4% vs. 2024
Employees32latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit fell 98% (2024 → 2025), to DKK 339k.
  • The loss grew: from DKK 605k to DKK 22.4m (2024 → 2025).
  • Equity turned negative: −DKK 16.6m (2024 → 2025).

Employees

  • 6 more employees than a year earlier: 32 (07/2026) against 26 (07/2025).

Management and owners, last 24 months

  • New in management: Itamar Sivan (director, 26/11/2025) and Yonatan Cohen (director, 26/11/2025).
  • Stepped down: Jonatan Kutchinsky (director, 26/11/2025), Itamar Sivan (chair of the board, 26/11/2025) and Yonatan Cohen (board member, 26/11/2025).

Registrations, last 24 months

  • 05/05/2025: Name changed from QDevil ApS to QM Technologies ApS
  • 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 25m−DKK 20m−DKK 15m−DKK 10m−DKK 5mDKK 0DKK 5m202020212022202320242025
EquityNet profit
Financial figures for QM Technologies ApS
202020212022202320242025Change
Revenuenot statednot statednot statednot statednot statednot stated–
Gross profit4,4318,06515,03315,90019,810339−98.3%
Operating profit (EBIT)123−4342,292−3,687−2,065−20,898−911.9%
Profit before tax109−6192,263−3,941−1,108−21,280−1,819.9%
Net profit83−2681,945−3,068−605−22,356−3,597.4%
Total assets6,5827,84511,67612,60625,89124,299−6.1%
Equity1,7181,4504,4036,3755,771−16,585−387.4%
Liabilities4,8286,3957,2686,23120,12040,885+103.2%
Cash and cash equivalents1,6507302,2931,0277,010438−93.8%
Average number of employees61217252827−3.6%

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 16mDKK 18mDKK 20m202020212022202320242025
Gross profitMedian, the industry (431 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 3 years in a row

    Net result has been negative in 2023–2025.

    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 QM Technologies ApS
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202517/07/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202426/06/2025The companyPDFXBRL
202301/01/2023 – 31/12/202323/06/2024The companyPDFXBRL
202201/07/2021 – 30/06/202222/05/2023The companyPDFXBRL
202101/07/2020 – 30/06/202129/11/2021The companyPDFXBRL
202001/07/2019 – 30/06/202008/12/2020The 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 339kNo. 225 of 421
Better than 47% of the companies in the industry
Equity−DKK 16.6mNo. 412 of 431
Better than 4% of the companies in the industry
Number of employees32No. 71 of 431
Better than 84% 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. 9,575of 9,892
Better than 3%
No. 9,838of 9,922
Better than 1%
Same industry and 20–49 employees64 companies in the comparison
No. 42of 62
Better than 33%
No. 55of 64
Better than 14%
Companies that are between 5 and 14 years old33,688 companies in the comparison
No. 28,791of 33,588
Better than 14%
No. 33,482of 33,687
Better than 1%
All companies of type ApS66,508 companies in the comparison
No. 54,904of 66,379
Better than 17%
No. 66,287of 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

Research and experimental development on natural sciences and engineering
Gross profit
  1. QM Technologies ApSDKK 339k
  2. Carlsberg A/SDKK 40.2bn
  3. Zealand Pharma A/SDKK 9.2bn
Net profit
  1. QM Technologies ApS−DKK 22.4m
  2. Carlsberg A/SDKK 7bn
  3. Zealand Pharma A/SDKK 6.5bn
Equity
  1. QM Technologies ApS−DKK 16.6m
  2. Carlsberg A/SDKK 30.7bn
  3. Zealand Pharma A/SDKK 14.8bn
Employees
  1. QM Technologies ApS32
  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
  • QM Technologies Inc.100%
QM Technologies ApS

Management

2 active registrations

Executive management

Executive management at QM Technologies ApS
NameRoleAppointed
Itamar SivanDirector26/11/2025
Yonatan CohenDirector26/11/2025
Founders
Kutchinsky Holding ApS, Gersemi Holding ApS, CMarcus IVS, Zero Point Consulting IVS
Former management (8)
Former management at QM Technologies ApS
NameRoleAppointedResigned
Jonatan KutchinskyDirector31/05/201626/11/2025
Jonatan KutchinskyChair of the board31/05/201621/07/2022
Ferdinand KümmethBoard member31/05/201621/07/2022
Charles Masamed MarcusBoard member31/05/201601/07/2017
David John ReillyBoard member31/05/201601/07/2017
Henrik Taudorf LorensenBoard member01/05/202121/07/2022
Itamar SivanChair of the board21/07/202226/11/2025
Yonatan CohenBoard member21/07/202226/11/2025

Signing rule: Selskabet tegnes af én direktør.

Address and production units

1 active production units

Lautrupvang 2
2750 Ballerup

Ballerup Municipality · Postcode 2750

Production units
Production unitAddressEmployeesP number
QM Technologies ApSLautrupvang 2, 2750 Ballerup311021497165

Purpose

Selskabets formål er anden forskning og eksperimental udvikling af Naturvidenskab og Engineering, samt anden hermed beslægtet virksomhed efter ledelsens skøn.

The purpose is quoted from the register in Danish.

Changes year by year

51 registered events
20261 changeaccounts 1
  • Annual report for 2025 published
20258 changesmanagement 5 · accounts 1 · name 1 · industry 1
  • Yonatan Cohen appointed director
  • Itamar Sivan appointed director
  • Itamar Sivan stepped down as chair of the board
  • Yonatan Cohen stepped down as board member
  • Jonatan Kutchinsky stepped down as director
  • Annual report for 2024 published
  • Name changed from QDevil ApS to QM Technologies ApS
  • Industry changed to Research and experimental development on natural sciences and engineering (721000)
20243 changesaccounts 1 · address 2
  • Annual report for 2023 published
  • Moved to Lautrupvang 2, 2750 Ballerup
  • Moved to Lautrupvang 2A, 2750 Ballerup
20231 changeaccounts 1
  • Annual report for 2022 published
202210 changesmanagement 5 · ownership 4 · capital 1
  • Itamar Sivan appointed chair of the board
  • Yonatan Cohen appointed board member
  • Henrik Taudorf Lorensen stepped down as board member
  • Ferdinand Kümmeth stepped down as board member
  • Jonatan Kutchinsky stepped down as chair of the board
  • QM Technologies Inc. registered as owner (100%)
  • Anders van der Aa Kühle is no longer registered as owner
  • Kutchinsky Holding ApS is no longer registered as owner
  • Gersemi Holding ApS is no longer registered as owner
  • Share capital changed from 53,768 DKK to 56,479 DKK
20215 changesaccounts 1 · capital 2 · ownership 1 · management 1
  • Annual report for 2021 published
  • Share capital changed from 52,628 DKK to 53,768 DKK
  • Anders van der Aa Kühle registered as owner (5%)
  • Share capital changed from 50,000 DKK to 52,628 DKK
  • Henrik Taudorf Lorensen appointed board member
20201 changeaccounts 1
  • Annual report for 2020 published
201711 changesname 1 · capital 1 · address 1 · ownership 6 · management 2
  • Name changed from QDevil IVS to QDevil ApS
  • Share capital changed from 4,000 DKK to 50,000 DKK
  • Moved to Fruebjergvej 3, 2100 København Ø
  • CMarcus IVS is no longer registered as owner
  • David John Reilly stepped down as board member
  • Charles Masamed Marcus stepped down as board member
  • Kutchinsky Holding ApS registered as owner (33.33%)
  • Gersemi Holding ApS registered as owner (33.33%)
  • Zero Point Consulting IVS is no longer registered as owner
  • Kutchinsky Holding ApS is no longer registered as owner
  • Gersemi Holding ApS is no longer registered as owner
201611 changesaddress 1 · founded 1 · management 5 · ownership 4
  • Moved to Jagtvej 157, 2200 København N
  • Registered as QDevil IVS
  • Jonatan Kutchinsky appointed director
  • David John Reilly appointed board member
  • Charles Masamed Marcus appointed board member
  • Ferdinand Kümmeth appointed board member
  • Jonatan Kutchinsky appointed chair of the board
  • Kutchinsky Holding ApS registered as owner (25%)
  • Gersemi Holding ApS registered as owner (25%)
  • CMarcus IVS registered as owner (25%)
  • Zero Point Consulting IVS registered as owner (25%)

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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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