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Understory A/S

Public limited companyCVR 43717960Aarhus CActive

Understory A/S is a public limited company, based in Aarhus C, active in computer programming activities, founded in 2022. The company made a loss in both 2024 and 2025, most recently DKK 34.1m. With 60 employees, the company is about 15 times larger than the industry median. Equity grew to DKK 83.2m in 2025.

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Key figures · financial year 2025

Gross profit−DKK 4.4m+44.2% vs. 2024
Net profit−DKK 34.1m−57.4% vs. 2024
EquityDKK 83.2m+213.3% vs. 2024
Employees60latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • The loss grew: from DKK 21.7m to DKK 34.1m (2024 → 2025).
  • Equity rose 213% (2024 → 2025), to DKK 83.2m.

Employees

  • 16 more employees than a year earlier: 60 (07/2026) against 44 (07/2025).

Management and owners, last 24 months

  • New in management: Ulla Brockenhuus-Schack (board member, 14/08/2025) and Jonathan Andrew Lerner (board member, 14/08/2025).
  • Stepped down: Peter Mühlendorph Egehoved (board member, 14/08/2025) and Anders Boelskifte Mogensen (board member, 14/08/2025).
  • New owners registered: LK Online ApS (14/08/2025), 1337 ApS (14/08/2025) and Seed Capital Denmark IV K/S (14/08/2025) (+4).
  • No longer registered as owner: Kirchner ApS (06/12/2024), Bullgood A/S (06/12/2024) and LK Online ApS (13/08/2025) (+6).

Registrations, last 24 months

  • 23/07/2026: Share capital changed from 8,126,789 DKK to 8,137,538 DKK
  • 14/08/2025: Share capital changed from 5,720,326 DKK to 8,126,789 DKK
  • 14/08/2025: Name changed from Holdbar.com A/S to Understory A/S
  • 06/12/2024: Share capital changed from 5,085,104 DKK to 5,720,326 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 2023–2025 · amounts in DKK thousand

Equity and net profit

−DKK 40m−DKK 20mDKK 0DKK 20mDKK 40mDKK 60mDKK 80m202320242025
EquityNet profit
Financial figures for Understory A/S
202320242025Change
Revenuenot statednot statednot stated–
Gross profit−2,147−7,968−4,448+44.2%
Operating profit (EBIT)−6,133−21,566−34,602−60.4%
Net profit−6,254−21,667−34,110−57.4%
Total assets26,47231,17685,361+173.8%
Equity24,20326,57283,238+213.3%
Liabilities2,2694,6042,123−53.9%
Cash and cash equivalents44227,36676,716+180.3%
Average number of employees51940+110.5%

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 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 8m−DKK 6m−DKK 4m−DKK 2mDKK 0DKK 2m202320242025
Gross profitMedian, the industry (1,661 companies)

Signals from the financial statements

calculated from the 2025 figures

  • 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

3 financial years
Annual reports for Understory A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202526/03/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202429/04/2025The companyPDFXBRL
202311/12/2022 – 31/12/202329/06/2024The 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
01020304050607008/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/26
Employees

Position in the industry

1,661 companies in the database

Comparison with the other companies in computer programming activities based on the latest financial year.

Gross profit−DKK 4.4mNo. 1643 of 1,656
Better than 1% of the companies in the industry
EquityDKK 83.2mNo. 50 of 1,661
Better than 97% of the companies in the industry
Number of employees60No. 133 of 1,661
Better than 92% of the companies in the industry

Industry median: gross profit DKK 2.6m, net profit DKK 93,491, equity DKK 1m, 4 employees.

DKK 100kDKK 978kDKK 9.6mDKK 93.7mDKK 428.6m
Distribution of gross profit for 1,474 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. 4,368of 4,412
Better than 1%
No. 797of 4,466
Better than 82%
Same industry and 50–199 employees99 companies in the comparison
No. 98of 99
Better than 1%
No. 19of 99
Better than 82%
Companies that are founded within the last five years16,662 companies in the comparison
No. 16,544of 16,614
Better than 0%
No. 238of 16,661
Better than 99%
All companies of type A/S18,025 companies in the comparison
No. 17,630of 17,786
Better than 1%
No. 2,586of 18,024
Better than 86%

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

Computer programming activities
Gross profit
  1. Understory A/S−DKK 4.4m
  2. Stibo Systems A/SDKK 916.6m
  3. Trackunit ApSDKK 897.1m
Net profit
  1. Understory A/S−DKK 34.1m
  2. Stibo Systems A/SDKK 155.9m
  3. Trackunit ApSDKK 206.3m
Equity
  1. Understory A/SDKK 83.2m
  2. Stibo Systems A/SDKK 309.7m
  3. Trackunit ApSDKK 1.7bn
Employees
  1. Understory A/S60
  2. Stibo Systems A/S201
  3. Trackunit ApS249

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
  • LK Online ApS15%
  • 1337 ApS5%
  • Seed Capital Denmark IV K/S20%
  • firstminute capital III LP15%
  • Smedvig Ventures 2 LP10%
Understory A/S

Management

6 active registrations

Executive management

Executive management at Understory A/S
NameRoleAppointed
Lasse Fænø Kallesøe KjærDirector11/12/2022

Board of directors

Board of directors at Understory A/S
NameRoleAppointed
Lasse Fænø Kallesøe KjærBoard member11/12/2022
Lars Daniel Blom RasmussenBoard member15/03/2023
Anders Kynde FrederiksenChair of the board19/04/2024
Ulla Brockenhuus-SchackBoard member14/08/2025
Jonathan Andrew LernerBoard member14/08/2025
Founders
Kirchner ApS, Mvp Holding 2007 ApS, LK Online ApS, Bullgood A/S, 1337 ApS, Apn Holding ApS, Laugo Holding ApS, JB Herman Holding ApS
Former management (5)
Former management at Understory A/S
NameRoleAppointedResigned
Poul ThyregodBoard member11/12/202215/03/2023
Per KirchnerChair of the board11/12/202215/03/2023
Anders Boelskifte MogensenChair of the board15/03/202318/04/2024
Peter Mühlendorph EgehovedBoard member22/12/202314/08/2025
Anders Boelskifte MogensenBoard member19/04/202414/08/2025

Signing rule: Selskabet tegnes af en direktør i forening med bestyrelsesformanden, eller af den samlede bestyrelse.

Address and production units

1 active production units

Vestergade 4
8000 Aarhus C

Aarhus Municipality · Postcode 8000

Production units
Production unitAddressEmployeesP number
Understory A/SVestergade 4, 2, 8000 Aarhus C601028848923

Purpose

Selskabets formål er at drive virksomhed med udvikling og vedligeholdelse af softwareprodukter, samt at udøve enhver aktivitet, der efter ledelsens skøn er forbundet hermed.

The purpose is quoted from the register in Danish.

Changes year by year

71 registered events
20262 changescapital 1 · accounts 1
  • Share capital changed from 8,126,789 DKK to 8,137,538 DKK
  • Annual report for 2025 published
202517 changesname 1 · capital 1 · management 4 · ownership 10 · accounts 1
  • Name changed from Holdbar.com A/S to Understory A/S
  • Share capital changed from 5,720,326 DKK to 8,126,789 DKK
  • Jonathan Andrew Lerner appointed board member
  • Ulla Brockenhuus-Schack appointed board member
  • Anders Boelskifte Mogensen stepped down as board member
  • Peter Mühlendorph Egehoved stepped down as board member
  • Seed Capital Denmark IV K/S registered as owner (20%)
  • Smedvig Ventures 2 LP registered as owner (10%)
  • firstminute capital III LP registered as owner (15%)
  • 1337 ApS registered as owner (5%)
  • LK ONLINE ApS registered as owner (15%)
  • Founderment A/S is no longer registered as owner
  • Seed Capital Denmark IV K/S is no longer registered as owner
  • firstminute capital III LP is no longer registered as owner
  • 1337 ApS is no longer registered as owner
  • LK ONLINE ApS is no longer registered as owner
  • Annual report for 2024 published
202415 changescapital 4 · ownership 6 · address 1 · accounts 1 · management 3
  • Share capital changed from 5,085,104 DKK to 5,720,326 DKK
  • Seed Capital Denmark IV K/S registered as owner (20%)
  • firstminute capital III LP registered as owner (15%)
  • BULLGOOD A/S is no longer registered as owner
  • KIRCHNER ApS is no longer registered as owner
  • Seed Capital Denmark IV K/S is no longer registered as owner
  • firstminute capital III LP is no longer registered as owner
  • Share capital changed from 5,053,971 DKK to 5,085,104 DKK
  • Moved to Vestergade 4, 2, 8000 Aarhus C
  • Annual report for 2023 published
  • Share capital changed from 5,013,498 DKK to 5,053,971 DKK
  • Anders Boelskifte Mogensen appointed board member
  • Anders Kynde Frederiksen appointed chair of the board
  • Anders Boelskifte Mogensen stepped down as chair of the board
  • Share capital changed from 4,963,793 DKK to 5,013,498 DKK
202328 changescapital 3 · management 5 · ownership 19 · address 1
  • Share capital changed from 3,573,620 DKK to 4,963,793 DKK
  • Peter Mühlendorph Egehoved appointed board member
  • 1337 ApS registered as owner (10%)
  • LK ONLINE ApS registered as owner (25%)
  • Seed Capital Denmark IV K/S registered as owner (15%)
  • Founderment A/S registered as owner (5%)
  • firstminute capital III LP registered as owner (10%)
  • Founderment A/S is no longer registered as owner
  • LK ONLINE ApS is no longer registered as owner
  • 1337 ApS is no longer registered as owner
  • Share capital changed from 3,444,197 DKK to 3,573,620 DKK
  • BULLGOOD A/S registered as owner (5%)
  • Founderment A/S registered as owner (10%)
  • KIRCHNER ApS registered as owner (5%)
  • Founderment A/S is no longer registered as owner
  • KIRCHNER ApS is no longer registered as owner
  • BULLGOOD A/S is no longer registered as owner
  • Lars Daniel Blom Rasmussen appointed board member
  • Anders Boelskifte Mogensen appointed chair of the board
  • Per Kirchner stepped down as chair of the board
  • Poul Thyregod stepped down as board member
  • Moved to M.P. Bruuns Gade 46B, 1, 8000 Aarhus C
  • Share capital changed from 3,000,000 DKK to 3,444,197 DKK
  • LK ONLINE ApS registered as owner (33.33%)
  • Founderment A/S registered as owner (5%)
  • 1337 ApS registered as owner (15%)
  • LK ONLINE ApS is no longer registered as owner
  • 1337 ApS is no longer registered as owner
20229 changesfounded 1 · management 4 · ownership 4
  • Registered as Holdbar.com A/S
  • Lasse Fænø Kallesøe Kjær appointed director
  • Per Kirchner appointed chair of the board
  • Poul Thyregod appointed board member
  • Lasse Fænø Kallesøe Kjær appointed board member
  • KIRCHNER ApS registered as owner (5%)
  • BULLGOOD A/S registered as owner (5%)
  • LK ONLINE ApS registered as owner (50%)
  • 1337 ApS registered as owner (20%)

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Same people in management

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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.

View in CVRReport a correction