Quadsat ApS
Private limited companyCVR 38495224Odense NActive
Quadsat ApS is a private limited company, based in Odense N, 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 18.8m. With 37 employees, the company is about 7 times larger than the industry median. Equity grew to DKK 35.2m in 2025.
Key figures · financial year 2025
What has changed
calculated from recorded figures and datesFinancials: 2025 against 2024
- Gross profit rose 275% (2024 → 2025), to DKK 6.4m.
- The loss grew: from DKK 17.7m to DKK 18.8m (2024 → 2025).
- Equity rose 111% (2024 → 2025), to DKK 35.2m.
Employees
- 11 fewer employees than a year earlier: 37 (07/2026) against 48 (07/2025).
Management and owners, last 24 months
- New in management: Jan Nils Borgstädt (board member, 03/07/2025) and Niels Bjerregaard (ceo, 01/01/2026).
- Stepped down: Andrian Buchi (director, 03/07/2025), Joakim Espeland (ceo, 31/12/2025) and Max Bautin (board member, 03/07/2025).
- New owners registered: Join Capital Fund II GmbH & Co. KG (03/07/2025) and North Ventures Fund I K/S (04/09/2026).
- No longer registered as owner: Tpc Management ApS (03/07/2025).
Registrations, last 24 months
- 12/10/2026: Moved to Lufthavnvej 131, Beldringe, 5270 Odense N
- 07/10/2026: Moved to Lumbyvej 26B, 5000 Odense C
- 04/09/2026: Share capital changed from 184,669 DKK to 202,149 DKK
- 19/03/2026: Moved to Lufthavnvej 131, Beldringe, 5270 Odense N
- 03/07/2025: Share capital changed from 146,233 DKK to 184,669 DKK
- 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 thousandEquity and net profit
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change | |
|---|---|---|---|---|---|---|---|
| Revenue | not stated | not stated | not stated | not stated | not stated | not stated | – |
| Gross profit | −5,117 | −1,370 | −3,266 | −10,685 | 1,698 | 6,363 | +274.7% |
| Operating profit (EBIT) | −10,883 | −10,797 | −14,675 | −26,925 | −21,482 | −23,260 | −8.3% |
| Profit before tax | −11,125 | −11,218 | −15,818 | −27,130 | −21,411 | −23,882 | −11.5% |
| Net profit | −8,865 | −8,891 | −13,467 | −23,819 | −17,705 | −18,752 | −5.9% |
| Total assets | 11,234 | 14,614 | 23,100 | 50,326 | 30,801 | 48,484 | +57.4% |
| Equity | 8,933 | 3,827 | −9,640 | 34,393 | 16,688 | 35,244 | +111.2% |
| Liabilities | 2,301 | 10,787 | 32,740 | 15,933 | 14,113 | 13,240 | −6.2% |
| Cash and cash equivalents | 6,896 | 8,498 | 17,064 | 42,599 | 19,170 | 29,171 | +52.2% |
| Average number of employees | 12 | – | – | 24 | 33 | 41 | +24.2% |
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
Signals from the financial statements
calculated from the 2025 figuresLoss 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| Financial year | Period | Published | Figures for | Documents |
|---|---|---|---|---|
| 2025 | 01/01/2025 – 31/12/2025 | 30/06/2026 | The company | PDF not statedXBRL |
| 2024 | 01/01/2024 – 31/12/2024 | 08/07/2025 | The company | PDFXBRL |
| 2023 | 01/01/2023 – 31/12/2023 | 18/06/2024 | The company | PDFXBRL |
| 2022 | 01/01/2022 – 31/12/2022 | 06/07/2023 | The company | PDFXBRL |
| 2021 | 01/01/2021 – 31/12/2021 | 05/07/2022 | The company | PDFXBRL |
| 2020 | 01/01/2020 – 31/12/2020 | 24/06/2021 | The company | PDFXBRL |
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 CVRPosition in the industry
431 companies in the databaseComparison with the other companies in research and experimental development on natural sciences and engineering based on the latest financial year.
Industry median: gross profit DKK 616k, net profit −DKK 892k, equity DKK 2m, 5 employees.
Compared with similar companies
size, age and company form| Group | Gross profit | Equity |
|---|---|---|
| Companies with 20–49 employees9,922 companies in the comparison | No. 7,086of 9,892 Better than 28% | No. 1,025of 9,922 Better than 90% |
| Same industry and 20–49 employees64 companies in the comparison | No. 34of 62 Better than 46% | No. 28of 64 Better than 57% |
| Companies that are between 5 and 14 years old33,688 companies in the comparison | No. 6,948of 33,588 Better than 79% | No. 1,564of 33,687 Better than 95% |
| All companies of type ApS66,508 companies in the comparison | No. 10,649of 66,379 Better than 84% | No. 2,791of 66,505 Better than 96% |
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- Quadsat ApSDKK 6.4m
- Carlsberg A/SDKK 40.2bn
- Zealand Pharma A/SDKK 9.2bn
- Quadsat ApS−DKK 18.8m
- Carlsberg A/SDKK 7bn
- Zealand Pharma A/SDKK 6.5bn
- Quadsat ApSDKK 35.2m
- Carlsberg A/SDKK 30.7bn
- Zealand Pharma A/SDKK 14.8bn
- Quadsat ApS37
- Carlsberg A/S107
- 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- Helge Munk Holding ApS15%
- Buchi Holding ApS10%
- J. Espeland Holding ApS10%
- Seraphim Space Investment Trust plc10%
- IQ Capital Fund IV A LP5%
- Danmarks Eksport- og Investeringsfond10%
- Join Capital Fund II GmbH & Co. KG10%
- North Ventures Fund I K/S10%
Management
7 active registrationsExecutive management
| Name | Role | Appointed |
|---|---|---|
| Niels Bjerregaard | CEO | 01/01/2026 |
Board of directors
| Name | Role | Appointed |
|---|---|---|
| Joakim Espeland | Board member | 12/11/2018 |
| Simon Frederik Loft Øelund | Board member | 10/07/2020 |
| Rob Desborough | Board member | 10/07/2020 |
| Helge Munk | Board member | 27/01/2021 |
| Karina Bergstrøm Larsen | Chair of the board | 20/02/2024 |
| Jan Nils Borgstädt | Board member | 03/07/2025 |
- Founders
- Buchi Holding ApS, J. Espeland Holding ApS
Former management (7)
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| Andrian Buchi | Director | 15/03/2017 | 03/07/2025 |
| Joakim Espeland | CEO | 15/03/2017 | 31/12/2025 |
| Helge Munk | Chair of the board | 12/11/2018 | 26/01/2021 |
| Andrian Buchi | Board member | 12/11/2018 | 20/02/2024 |
| Torben Frigaard Rasmussen | Chair of the board | 27/01/2021 | 20/02/2024 |
| Daniel Carew | Board member | 16/03/2023 | 21/04/2023 |
| Max Bautin | Board member | 21/04/2023 | 03/07/2025 |
Signing rule: Selskabet tegnes af bestyrelsens formand i forening med den administrerende direktør eller af den samlede bestyrelse
Address and production units
1 active production unitsLufthavnvej 131
5270 Odense N
Nordfyns Municipality · Postcode 5270
Other companies at the address (4)
- Hans Christian Andersen Airport P/SService activities incidental to air transportation
- Uni-fly A/SCharter and taxi air passenger transport
- Thunderstrike EU ApSManufacture of optical instruments, magnetic and optical media and photographic equipment
- Aero Interior & Maintenance ApSRepair and maintenance of aircraft and spacecraft
| Production unit | Address | Employees | P number |
|---|---|---|---|
| Quadsat ApS | Lufthavnvej 131, Beldringe, 5270 Odense N | 37 | 1022279439 |
Purpose
Selskabets formål er at drive handels-, industri-, udviklings- og investeringsvirksomhed.
The purpose is quoted from the register in Danish.
Changes year by year
64 registered events20267 changesaddress 3 · capital 1 · ownership 1 · accounts 1 · management 1
- AddressMoved to Lufthavnvej 131, Beldringe, 5270 Odense N
- AddressMoved to Lumbyvej 26B, 5000 Odense C
- CapitalShare capital changed from 184,669 DKK to 202,149 DKK
- OwnershipNorth Ventures Fund I K/S registered as owner (10%)
- AccountsAnnual report for 2025 published
- AddressMoved to Lufthavnvej 131, Beldringe, 5270 Odense N
- ManagementNiels Bjerregaard appointed ceo
20259 changesmanagement 4 · accounts 1 · capital 1 · ownership 2 · industry 1
- ManagementJoakim Espeland stepped down as ceo
- AccountsAnnual report for 2024 published
- CapitalShare capital changed from 146,233 DKK to 184,669 DKK
- ManagementJan Nils Borgstädt appointed board member
- ManagementMax Bautin stepped down as board member
- ManagementAndrian Buchi stepped down as director
- OwnershipJoin Capital Fund II GmbH & Co. KG registered as owner (10%)
- OwnershipTPC MANAGEMENT ApS is no longer registered as owner
- IndustryIndustry changed to Research and experimental development on natural sciences and engineering (721000)
20245 changesaccounts 1 · name 1 · management 3
- AccountsAnnual report for 2023 published
- NameName changed from QuadSAT ApS to Quadsat ApS
- ManagementKarina Bergstrøm Larsen appointed chair of the board
- ManagementTorben Frigaard Rasmussen stepped down as chair of the board
- ManagementAndrian Buchi stepped down as board member
20238 changesaccounts 1 · management 3 · ownership 3 · capital 1
- AccountsAnnual report for 2022 published
- ManagementMax Bautin appointed board member
- ManagementDaniel Carew stepped down as board member
- OwnershipDanmarks Eksport- og Investeringsfond registered as owner (10%)
- OwnershipVÆKSTFONDEN is no longer registered as owner
- CapitalShare capital changed from 96,127 DKK to 146,233 DKK
- ManagementDaniel Carew appointed board member
- OwnershipIQ Capital Fund IV A LP registered as owner (5%)
20221 changeaccounts 1
- AccountsAnnual report for 2021 published
20218 changesownership 3 · accounts 1 · capital 1 · management 3
- OwnershipSeraphim Space Investment Trust plc registered as owner (10%)
- OwnershipSeraphim Space LP is no longer registered as owner
- AccountsAnnual report for 2020 published
- CapitalShare capital changed from 89,912 DKK to 96,127 DKK
- ManagementHelge Munk appointed board member
- ManagementTorben Frigaard Rasmussen appointed chair of the board
- OwnershipTPC MANAGEMENT ApS registered as owner (5%)
- ManagementHelge Munk stepped down as chair of the board
202011 changescapital 1 · management 2 · ownership 8
- CapitalShare capital changed from 52,000 DKK to 89,912 DKK
- ManagementSimon Frederik Loft Øelund appointed board member
- ManagementRob Desborough appointed board member
- OwnershipBuchi Holding ApS registered as owner (10%)
- OwnershipVÆKSTFONDEN registered as owner (15%)
- OwnershipSeraphim Space LP registered as owner (15%)
- OwnershipHELGE MUNK HOLDING ApS registered as owner (15%)
- OwnershipJ. Espeland Holding ApS registered as owner (10%)
- OwnershipHELGE MUNK HOLDING ApS is no longer registered as owner
- OwnershipBuchi Holding ApS is no longer registered as owner
- OwnershipJ. Espeland Holding ApS is no longer registered as owner
20191 changeaddress 1
- AddressMoved to Lufthavnvej 151, Beldringe, 5270 Odense N
20187 changesmanagement 3 · capital 2 · name 1 · ownership 1
- ManagementJoakim Espeland appointed board member
- ManagementHelge Munk appointed chair of the board
- ManagementAndrian Buchi appointed board member
- CapitalShare capital changed from 50,000 DKK to 52,000 DKK
- NameName changed from QuadSAT IVS to QuadSAT ApS
- CapitalShare capital changed from 1 DKK to 50,000 DKK
- OwnershipHELGE MUNK HOLDING ApS registered as owner (15%)
20177 changesaddress 1 · capital 1 · founded 1 · management 2 · ownership 2
- AddressMoved to Lufthavnvej 151, Beldringe, 5270 Odense N
- CapitalShare capital changed from 1 DKK to 1 DKK
- FoundedRegistered as QuadSAT IVS
- ManagementAndrian Buchi appointed director
- ManagementJoakim Espeland appointed ceo
- OwnershipBuchi Holding ApS registered as owner (33.33%)
- OwnershipJ. Espeland Holding ApS registered as owner (33.33%)
Related companies
Same people in management
- Visma e-conomic A/Svia Torben Frigaard Rasmussen
- Karl Chr. Skov Jensen A/Svia Torben Frigaard Rasmussen
- Casual Dining A/Svia Torben Frigaard Rasmussen
- Hesehus A/Svia Helge Munk
- Umbraco A/Svia Torben Frigaard Rasmussen
- Gatehouse Satcom A/Svia Karina Bergstrøm Larsen
Largest in the industry
- Carlsberg A/SDKK 40.2bn
- Zealand Pharma A/SDKK 9.2bn
- Gubra A/SDKK 2.6bn
- Vestas Wind Systems A/SDKK 2.5bn
- Bang & Olufsen A/SDKK 1.4bn
- 3shape A/SDKK 1.3bn
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.