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Shine A/S

Public limited companyCVR 33966369København KActive

Shine A/S is a public limited company, based in København K, active in other software publishing, founded in 2011. The company made a loss in both 2024 and 2025, most recently DKK 10.8m. With 42 employees, the company is about 11 times larger than the industry median. Equity grew to DKK 154.1m in 2025.

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Key figures · financial year 2025

RevenueDKK 85.6m+54.4% vs. 2024
Net profit−DKK 10.8m−2.1% vs. 2024
EquityDKK 154.1m+35.6% vs. 2024
Employees42latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 54% (2024 → 2025), to DKK 76.8m.
  • Revenue rose 54% (2024 → 2025), to DKK 85.6m.
  • The loss grew: from DKK 10.6m to DKK 10.8m (2024 → 2025).
  • Equity rose 36% (2024 → 2025), to DKK 154.1m.

Employees

  • 12 more employees than a year earlier: 42 (08/2026) against 30 (08/2025).

Management and owners, last 24 months

  • New in management: Imke Wieboldt (board member, 21/04/2026), Xiaojiao Ma (board member, 22/05/2025) and Gilbert Benjamin Kamieniecky (chair of the board, 14/11/2025) (+1).
  • Stepped down: Gilbert Benjamin Kamieniecky (board member, 13/11/2025), Siegfried Wolfgang Heimgärtner (chair of the board, 13/11/2025) and Ariel Lebowits (board member, 24/07/2025) (+3).
  • New owners registered: Vinde BidCo ApS (21/04/2026), Nexus Investment Limited (25/07/2025) and Investcorp Technology Partners V SCA SICAV-RAIF (30/10/2025).
  • No longer registered as owner: Lugard Road Capital Master Fund, LP (30/10/2025), Qena Capital Partners Offshore Master Fund, LP (30/10/2025) and Armadillo Investment Limited (21/04/2026) (+2).

Registrations, last 24 months

  • 20/03/2026: Share capital changed from 3,066,259 DKK to 3,078,260 DKK
  • 17/03/2026: Share capital changed from 2,807,142 DKK to 3,066,259 DKK
  • 05/03/2026: Share capital changed from 2,802,472 DKK to 2,807,142 DKK
  • 23/10/2025: Name changed from AGERAS A/S to Shine A/S
  • 22/09/2025: Share capital changed from 2,798,927 DKK to 2,802,472 DKK
  • 16/09/2025: Share capital changed from 2,793,964 DKK to 2,798,927 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 300m−DKK 200m−DKK 100mDKK 0DKK 100mDKK 200mDKK 300m202020212022202320242025
EquityNet profit
Financial figures for Shine A/S
202020212022202320242025Change
Revenuenot stated99,634156,601235,43655,45585,604+54.4%
Gross profit−10,72511,05948,037191,28949,97176,789+53.7%
Operating profit (EBIT)−24,294−149,299–235−1,661−7,803−369.8%
Profit before tax−52,606−172,092−205,575−93,351−9,192−11,005−19.7%
Net profit−54,054−172,488−206,3761,473−10,562−10,785−2.1%
Total assets115,526456,143522,481711,164174,068218,214+25.4%
Equity18,304199,493237,699341,117113,671154,104+35.6%
Liabilities88,598255,064281,595352,57258,76162,390+6.2%
Cash and cash equivalents2,63059,89168,67583,54022,11735,793+61.8%
Average number of employees15164210202–––

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: 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 50mDKK 0DKK 50mDKK 100mDKK 150mDKK 200m202020212022202320242025
Gross profitMedian, the industry (499 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Loss for 2 years in a row

    Net result has been negative in 2024–2025.

    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 Shine A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202523/07/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202404/06/2025The companyPDF not statedXBRL
202301/01/2023 – 31/12/202313/06/2024The groupPDFXBRL
202201/01/2022 – 31/12/202206/06/2023The groupPDFXBRL
202101/01/2021 – 31/12/202129/06/2022The groupPDFXBRL
202001/01/2020 – 31/12/202014/06/2021The 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
01020304009/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

499 companies in the database

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

Gross profitDKK 76.8mNo. 15 of 494
Better than 97% of the companies in the industry
EquityDKK 154.1mNo. 10 of 499
Better than 98% of the companies in the industry
Number of employees42No. 37 of 499
Better than 93% 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 20–49 employees9,922 companies in the comparison
No. 203of 9,892
Better than 98%
No. 239of 9,922
Better than 98%
Same industry and 20–49 employees64 companies in the comparison
No. 3of 63
Better than 97%
No. 2of 64
Better than 98%
Companies that are between 15 and 29 years old24,910 companies in the comparison
No. 923of 24,791
Better than 96%
No. 974of 24,909
Better than 96%
All companies of type A/S18,025 companies in the comparison
No. 1,980of 17,786
Better than 89%
No. 1,712of 18,024
Better than 91%

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. Shine A/SDKK 76.8m
  2. Milestone Systems A/SDKK 2bn
  3. Visma e-conomic A/SDKK 880.2m
Net profit
  1. Shine A/S−DKK 10.8m
  2. Milestone Systems A/SDKK 183.4m
  3. Visma e-conomic A/SDKK 456.2m
Equity
  1. Shine A/SDKK 154.1m
  2. Milestone Systems A/SDKK 1.7bn
  3. Visma e-conomic A/SDKK 471.5m
Employees
  1. Shine A/S42
  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
  • Vinde BidCo ApS100%
Shine A/S
Subsidiaries and ownership shares

Subsidiaries are shown only if they are in the database.

Management

4 active registrations

Executive management

Executive management at Shine A/S
NameRoleAppointed
Rico Adlor-AndersenCEO18/10/2011

Board of directors

Board of directors at Shine A/S
NameRoleAppointed
Rico Adlor-AndersenBoard member07/01/2012
Martin Hegelund MøllerBoard member13/03/2017
Imke WieboldtBoard member21/04/2026
Founders
Rico Andersen Invest ApS
Former management (14)
Former management at Shine A/S
NameRoleAppointedResigned
Maximilian FrimmerDirector18/10/201123/12/2011
Martin Hegelund MøllerDirector07/01/201202/07/2012
Martin Hegelund MøllerChair of the board02/07/201212/03/2017
Martin Buch ThorborgBoard member02/07/201213/03/2017
Nicolai Frisch ErichsenBoard member02/07/201213/01/2016
Gilbert Benjamin KamienieckyChair of the board13/03/201701/11/2017
Julian Charles Lucas BennetBoard member13/03/201711/06/2024
Gilbert Benjamin KamienieckyBoard member02/11/201713/11/2025
Siegfried Wolfgang HeimgärtnerChair of the board02/11/201713/11/2025
Jeroen Dirk van DoornikBoard member26/06/202019/02/2021
Ariel LebowitsBoard member19/02/202124/07/2025
Xiaojiao MaBoard member22/05/202521/04/2026
Gilbert Benjamin KamienieckyChair of the board14/11/202521/04/2026
Siegfried Wolfgang HeimgärtnerBoard member14/11/202521/04/2026

Signing rule: Selskabet tegnes af direktøren og et bestyrelsesmedlem i forening, eller af to bestyrelsesmedlemmer i forening, eller af den samlede bestyrelse.

Address and production units

1 active production units

Fiolstræde 17B
1171 København K

København Municipality · Postcode 1171

Other companies at the address (3)

Production units
Production unitAddressEmployeesP number
Shine A/SFiolstræde 17B, 1171 København K421017204293

Purpose

Selskabets formål er at yde og udvikle serviceydelser til advokater, revisorer og bogholdere og anden dermed forbundet virksomhed.

The purpose is quoted from the register in Danish.

Changes year by year

119 registered events
202612 changesaccounts 1 · management 4 · ownership 4 · capital 3
  • Annual report for 2025 published
  • Imke Wieboldt appointed board member
  • Siegfried Wolfgang Heimgärtner stepped down as board member
  • Gilbert Benjamin Kamieniecky stepped down as chair of the board
  • Xiaojiao Ma stepped down as board member
  • Vinde BidCo ApS registered as owner (100%)
  • Investcorp Technology Partners V SCA SICAV-RAIF is no longer registered as owner
  • Nexus Investment Limited is no longer registered as owner
  • Armadillo Investment Limited is no longer registered as owner
  • Share capital changed from 3,066,259 DKK to 3,078,260 DKK
  • Share capital changed from 2,807,142 DKK to 3,066,259 DKK
  • Share capital changed from 2,802,472 DKK to 2,807,142 DKK
202520 changesmanagement 6 · ownership 4 · name 1 · capital 7 · accounts 1 · industry 1
  • Siegfried Wolfgang Heimgärtner appointed board member
  • Gilbert Benjamin Kamieniecky appointed chair of the board
  • Gilbert Benjamin Kamieniecky stepped down as board member
  • Siegfried Wolfgang Heimgärtner stepped down as chair of the board
  • Investcorp Technology Partners V SCA SICAV-RAIF registered as owner (10%)
  • Lugard Road Capital Master Fund, LP is no longer registered as owner
  • Qena Capital Partners Offshore Master Fund, LP is no longer registered as owner
  • Name changed from AGERAS A/S to Shine A/S
  • Share capital changed from 2,798,927 DKK to 2,802,472 DKK
  • Share capital changed from 2,793,964 DKK to 2,798,927 DKK
  • Share capital changed from 2,597,968 DKK to 2,793,964 DKK
  • Share capital changed from 2,618,433 DKK to 2,597,968 DKK
  • Nexus Investment Limited registered as owner (5%)
  • Ariel Lebowits stepped down as board member
  • Annual report for 2024 published
  • Xiaojiao Ma appointed board member
  • Share capital changed from 2,567,683 DKK to 2,618,433 DKK
  • Share capital changed from 2,466,163 DKK to 2,567,683 DKK
  • Share capital changed from 2,464,137 DKK to 2,466,163 DKK
  • Industry changed to Other software publishing (582900)
202410 changesmerger 1 · capital 4 · ownership 2 · accounts 1 · management 1 · address 1
  • Merger registered in CVR
  • Share capital changed from 2,264,961 DKK to 2,464,137 DKK
  • Share capital changed from 2,203,148 DKK to 2,264,961 DKK
  • HEGELUND EQUITIES ApS is no longer registered as owner
  • RICO ANDERSEN INVEST ApS is no longer registered as owner
  • Annual report for 2023 published
  • Share capital changed from 2,223,668 DKK to 2,203,148 DKK
  • Julian Charles Lucas Bennet stepped down as board member
  • Share capital changed from 1,935,993 DKK to 2,223,668 DKK
  • Moved to Fiolstræde 17B, 1171 København K
20234 changescapital 1 · ownership 2 · accounts 1
  • Share capital changed from 1,882,997 DKK to 1,935,993 DKK
  • HEGELUND EQUITIES ApS registered as owner (5%)
  • RICO ANDERSEN INVEST ApS registered as owner (5%)
  • Annual report for 2022 published
202214 changescapital 6 · ownership 7 · accounts 1
  • Share capital changed from 1,903,397 DKK to 1,882,997 DKK
  • Share capital changed from 1,898,624 DKK to 1,903,397 DKK
  • Share capital changed from 1,886,336 DKK to 1,898,624 DKK
  • Share capital changed from 1,872,876 DKK to 1,886,336 DKK
  • Luxor Capital Partners, LP is no longer registered as owner
  • Annual report for 2021 published
  • Share capital changed from 1,856,558 DKK to 1,872,876 DKK
  • Share capital changed from 1,626,147 DKK to 1,856,558 DKK
  • Armadillo Investment Limited registered as owner (33.33%)
  • Luxor Capital Partners, LP registered as owner (5%)
  • Rabo Frontier Ventures B.V. is no longer registered as owner
  • RICO ANDERSEN INVEST ApS is no longer registered as owner
  • HEGELUND EQUITIES ApS is no longer registered as owner
  • Armadillo Investment Limited is no longer registered as owner
202113 changescapital 4 · accounts 1 · management 2 · ownership 6
  • Share capital changed from 1,622,691 DKK to 1,626,147 DKK
  • Share capital changed from 1,582,973 DKK to 1,622,691 DKK
  • Share capital changed from 1,278,410 DKK to 1,582,973 DKK
  • Annual report for 2020 published
  • Share capital changed from 948,931 DKK to 1,278,410 DKK
  • Ariel Lebowits appointed board member
  • Jeroen Dirk van Doornik stepped down as board member
  • Rabo Frontier Ventures B.V. registered as owner (5%)
  • Armadillo Investment Limited registered as owner (50%)
  • Lugard Road Capital Master Fund, LP registered as owner (10%)
  • Qena Capital Partners Offshore Master Fund, LP registered as owner (10%)
  • Rabo Frontier Ventures B.V. is no longer registered as owner
  • Armadillo Investment Limited is no longer registered as owner
20204 changescapital 2 · management 1 · ownership 1
  • Share capital changed from 917,645 DKK to 948,931 DKK
  • Share capital changed from 877,290 DKK to 917,645 DKK
  • Jeroen Dirk van Doornik appointed board member
  • Rabo Frontier Ventures B.V. registered as owner (5%)
20193 changescapital 1 · ownership 2
  • Share capital changed from 568,083 DKK to 877,290 DKK
  • Armadillo Investment Limited registered as owner (66.67%)
  • Armadillo Investment Limited is no longer registered as owner
20182 changesaddress 1 · capital 1
  • Moved to Vesterbrogade 1E, 6, 1620 København V
  • Share capital changed from 544,778 DKK to 568,083 DKK
201715 changesmanagement 8 · capital 1 · ownership 6
  • Gilbert Benjamin Kamieniecky appointed board member
  • Siegfried Wolfgang Heimgärtner appointed chair of the board
  • Gilbert Benjamin Kamieniecky stepped down as chair of the board
  • Share capital changed from 500,000 DKK to 544,778 DKK
  • Julian Charles Lucas Bennet appointed board member
  • Martin Hegelund Møller appointed board member
  • Gilbert Benjamin Kamieniecky appointed chair of the board
  • Martin Buch Thorborg stepped down as board member
  • RICO ANDERSEN INVEST ApS registered as owner (5%)
  • Armadillo Investment Limited registered as owner (50%)
  • HEGELUND EQUITIES ApS registered as owner (5%)
  • AMINO ApS is no longer registered as owner
  • Martin Hegelund Møller stepped down as chair of the board
  • RICO ANDERSEN INVEST ApS is no longer registered as owner
  • HEGELUND EQUITIES ApS is no longer registered as owner
20163 changesname 1 · capital 1 · management 1
  • Name changed from AGERA ApS to AGERAS A/S
  • Share capital changed from 94,126 DKK to 500,000 DKK
  • Nicolai Frisch Erichsen stepped down as board member
20155 changesaddress 1 · capital 1 · ownership 3
  • Moved to Nygårdsvej 5, 2100 København Ø
  • Share capital changed from 80,000 DKK to 94,126 DKK
  • AMINO ApS registered as owner (33.33%)
  • RICO ANDERSEN INVEST ApS registered as owner (20%)
  • HEGELUND EQUITIES ApS registered as owner (20%)
20131 changeaddress 1
  • Moved to Hillerødgade 30A, 1, 2200 København N
20129 changesindustry 1 · management 6 · address 1 · name 1
  • Industry changed to Webportaler (631200)
  • Martin Buch Thorborg appointed board member
  • Nicolai Frisch Erichsen appointed board member
  • Martin Hegelund Møller appointed chair of the board
  • Martin Hegelund Møller stepped down as director
  • Moved to Nattergalevej 6, 1, 2400 København NV
  • Name changed from FDG EUROPE ApS to AGERA ApS
  • Rico Adlor-Andersen appointed board member
  • Martin Hegelund Møller appointed director
20114 changesmanagement 3 · founded 1
  • Maximilian Frimmer stepped down as director
  • Registered as FDG EUROPE ApS
  • Rico Adlor-Andersen appointed ceo
  • Maximilian Frimmer appointed director

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