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Tristate Holding ApS

Private limited companyCVR 25815629København ØActive

Tristate Holding ApS is a private limited company, based in København Ø, active in non-financial holding companies, founded in 2001. The company made a loss in both 2024 and 2025, most recently DKK 189.7m. Gross profit is higher than that of 96% of the companies in the industry in the database.

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Key figures · financial year 2025

RevenueDKK 416m+40.7% vs. 2024
Net profit−DKK 189.7m−74.9% vs. 2024
EquityDKK 9m+111.2% vs. 2024
Employees2latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit fell 8% (2024 → 2025), to DKK 178.5m.
  • Revenue rose 41% (2024 → 2025), to DKK 416m.
  • The loss grew: from DKK 108.4m to DKK 189.7m (2024 → 2025).
  • Equity turned positive again: DKK 9m (2024 → 2025).

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 2019–2025 · amounts in DKK thousand

Equity and net profit

−DKK 200m−DKK 150m−DKK 100m−DKK 50mDKK 0DKK 50mDKK 100mDKK 150mDKK 200m201920212022202320242025
EquityNet profit
Financial figures for Tristate Holding ApS
201920212022202320242025Change
Revenuenot statednot stated133,736208,169295,768416,010+40.7%
Gross profit–−57866,517120,188193,370178,506−7.7%
Operating profit (EBIT)−2,457−1,187−115,086−70,589−93,100−163,507−75.6%
Profit before tax−2,0392,866−125,743−87,050−111,565−191,790−71.9%
Net profit−2,1162,408−121,416−82,659−108,415−189,656−74.9%
Total assets31,198200,859243,463321,621419,938740,664+76.4%
Equity23,708197,88145,435−39,340−80,4089,021+111.2%
Liabilities7,4902,978198,028360,961500,346731,643+46.2%
Cash and cash equivalents2,5953,07370,62296,994135,459327,673+141.9%
Average number of employees–1168190245404+64.9%

Source: annual reports filed with the Danish Business Authority (XBRL). Group figures; change is the latest year against the year before. “–” means the figure is not stated in the annual report. Revenue is not stated for 2019, 2021: smaller companies may omit it, and we do not derive it from other figures. The register has no financial statements for 2020 (changed financial year or not filed).

Download the figures as CSV · free with an account, amounts in whole DKK

−DKK 20mDKK 0DKK 20mDKK 40mDKK 60mDKK 80mDKK 100mDKK 120mDKK 140mDKK 160mDKK 180mDKK 200m201920212022202320242025
Gross profitMedian, the industry (2,138 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Loss for 4 years in a row

    Net result has been negative in 2022–2025.

    How is this calculated?

    Net result is negative in the two or more latest annual reports in a row.

  • Low equity ratio

    Equity makes up 1% of total assets in 2025.

    How is this calculated?

    Equity ÷ total assets is below 10% in the latest annual report. Banks, insurers and some industries naturally have a low ratio.

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 Tristate Holding ApS
Financial yearPeriodPublishedFigures forDocuments
202501/10/2024 – 30/09/202527/03/2026The groupPDF not statedXBRL
202401/10/2023 – 30/09/202425/02/2025The groupPDFXBRL
202301/10/2022 – 30/09/202304/04/2024The groupPDFXBRL
202201/10/2021 – 30/09/202203/04/2023The groupPDFXBRL
202101/10/2020 – 30/09/202107/03/2022The companyPDFXBRL
201901/10/2018 – 30/09/201904/03/2020The 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
0112209/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/2608/26
Employees

Position in the industry

2,138 companies in the database

Comparison with the other companies in non-financial holding companies based on the latest financial year.

Gross profitDKK 178.5mNo. 84 of 2,093
Better than 96% of the companies in the industry
EquityDKK 9mNo. 1571 of 2,138
Better than 27% of the companies in the industry
Number of employees2No. 56 of 2,138
Better than 97% of the companies in the industry

Industry median: gross profit −DKK 31,805, net profit DKK 701k, equity DKK 32.1m, 1 employees.

DKK 100kDKK 2.1mDKK 44.6mDKK 942.6mDKK 7.2bnHere
Distribution of gross profit for 820 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 fewer than 20 employees69,967 companies in the comparison
No. 190of 69,742
Better than 100%
No. 9,699of 69,964
Better than 86%
Same industry and fewer than 20 employees2,092 companies in the comparison
No. 68of 2,048
Better than 97%
No. 1,536of 2,092
Better than 27%
Companies that are between 15 and 29 years old24,910 companies in the comparison
No. 379of 24,791
Better than 98%
No. 7,123of 24,909
Better than 71%
All companies of type ApS66,508 companies in the comparison
No. 146of 66,379
Better than 100%
No. 7,424of 66,505
Better than 89%

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

Non-financial holding companies
Gross profit
  1. Tristate Holding ApSDKK 178.5m
  2. Heartland A/SDKK 19.9bn
  3. Andel A.M.B.A.DKK 5.6bn
Net profit
  1. Tristate Holding ApS−DKK 189.7m
  2. Heartland A/SDKK 4.9bn
  3. Andel A.M.B.A.−DKK 2.9bn
Equity
  1. Tristate Holding ApSDKK 9m
  2. Heartland A/SDKK 39.2bn
  3. Andel A.M.B.A.DKK 29.5bn
Employees
  1. Tristate Holding ApS2
  2. Heartland A/S34
  3. Andel A.M.B.A.28

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
  • Morten Felsvang100%
Tristate Holding ApS

Management

2 active registrations

Executive management

Executive management at Tristate Holding ApS
NameRoleAppointed
Morten FelsvangDirector17/01/2001
Karsten Stig FelsvangDirector28/02/2014
Founders
Preben Bang Henriksen. Aalborg ApS
Former management (1)
Former management at Tristate Holding ApS
NameRoleAppointedResigned
Preben Bang HenriksenDirector01/01/200117/01/2001

Signing rule: Selskabet tegnes af en direktør.

Address and production units

1 active production units

Per Henrik Lings Allé 4
2100 København Ø

København Municipality · Postcode 2100

Other companies at the address (2)

Production units
Production unitAddressEmployeesP number
TRISTATE HOLDING ApSPer Henrik Lings Allé 4, 7, 2100 København Ø21008532288

Purpose

Selskabets formål er handel og investering og dermed beslægtet virksomhed, samt at være holdingselskab.

The purpose is quoted from the register in Danish.

Changes year by year

18 registered events
20261 changeaccounts 1
  • Annual report for 2025 published
20251 changeaccounts 1
  • Annual report for 2024 published
20241 changeaccounts 1
  • Annual report for 2023 published
20231 changeaccounts 1
  • Annual report for 2022 published
20221 changeaccounts 1
  • Annual report for 2021 published
20201 changeaccounts 1
  • Annual report for 2019 published
20181 changeaddress 1
  • Moved to Per Henrik Lings Allé 4, 7, 2100 København Ø
20141 changemanagement 1
  • Karsten Stig Felsvang appointed director
20121 changeaddress 1
  • Moved to Per Henrik Lings Allé 4, 4, 2100 København Ø
20081 changeindustry 1
  • Industry changed to Ikke-finansielle holdingselskaber (642020)
20061 changeaddress 1
  • Moved to Lautrupsgade 9, 1, 2100 København Ø
20017 changesname 1 · address 1 · management 3 · ownership 1 · founded 1
  • Name changed from PBH 27.520 ApS to TRISTATE HOLDING ApS
  • Moved to Maglebjergvej 5D, 2800 Kgs.Lyngby
  • Morten Felsvang appointed director
  • Preben Bang Henriksen stepped down as director
  • Morten Felsvang registered as owner (100%)
  • Registered as PBH 27.520 ApS
  • Preben Bang Henriksen appointed director

Related companies

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. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.

View in CVRReport a correction