Vivino ApS

Private limited companyCVR 32081193København SActive

Vivino ApS is a private limited company, based in København S, active in other information service activities, founded in 2009. Equity was negative at the end of 2025 (−DKK 40.9m). Measured by gross profit, it ranks no. 4 of 53 companies in the industry in the database. The company made a loss in both 2024 and 2025, most recently DKK 25.6m.

PDF report Compare

Key figures · financial year 2025

Gross profitDKK 57.1m−15.5% vs. 2024

Net profit−DKK 25.6m+5.4% vs. 2024

Equity−DKK 40.9m+89.2% vs. 2024

Employees94latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

Gross profit fell 15% (2024 → 2025), to DKK 57.1m.
The loss got smaller: from DKK 27.1m to DKK 25.6m (2024 → 2025).

Management and owners, last 24 months

New in management: Michael Thomas Karl Horvath (ceo, 16/10/2026).
Stepped down: Morten Heuing (ceo, 16/10/2026).

Registrations, last 24 months

01/01/2025: Industry changed to Other information service activities (639200)

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

EquityNet profit

Financial figures for Vivino ApS
	2020	2021	2022	2023	2024	2025	Change
Revenue	not stated	not stated	not stated	not stated	not stated	not stated	–
Gross profit	36,760	26,618	77,570	24,901	67,589	57,125	−15.5%
Operating profit (EBIT)	−18,718	−61,360	−35,205	−60,395	−1,760	−25,633	−1,356.3%
Profit before tax	−7,070	−80,291	−54,580	−64,576	−27,108	−25,634	+5.4%
Net profit	−7,070	−80,291	−54,580	−64,576	−27,108	−25,634	+5.4%
Total assets	39,985	79,047	58,763	53,737	62,637	42,599	−32%
Equity	−152,531	−232,822	−287,402	−351,978	−379,086	−40,934	+89.2%
Liabilities	192,516	311,869	346,165	405,715	441,724	83,533	−81.1%
Cash and cash equivalents	3,100	32,877	14,558	18,963	29,825	13,351	−55.2%
Average number of employees	69	114	143	112	85	90	+5.9%

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

Compare with the industry (53 companies)

Gross profitMedian, the industry (53 companies)

Signals from the financial statements

calculated from the 2025 figures

Negative equity
Equity was −DKK 40.9m at the end of 2025.
How is this calculated?
Equity in the latest annual report is below zero.
Loss 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

Annual reports for Vivino ApS
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	30/06/2025	The company	PDF XBRL
2023	01/01/2023 – 31/12/2023	14/05/2024	The company	PDF XBRL
2022	01/01/2022 – 31/12/2022	26/06/2023	The company	PDF XBRL
2021	01/01/2021 – 31/12/2021	19/05/2022	The company	PDF XBRL
2020	01/01/2020 – 31/12/2020	26/05/2021	The company	PDF XBRL

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

Employees

Position in the industry

53 companies in the database

Comparison with the other companies in other information service activities based on the latest financial year.

Gross profitDKK 57.1mNo. 4 of 53

Better than 94% of the companies in the industry

Equity−DKK 40.9mNo. 51 of 53

Better than 4% of the companies in the industry

Number of employees94No. 3 of 53

Better than 96% of the companies in the industry

Industry median: gross profit DKK 1.6m, net profit DKK 20,328, equity DKK 164k, 3 employees.

Distribution of gross profit for 48 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
Group	Gross profit	Equity
Companies with 50–199 employees4,467 companies in the comparison	No. 1,523of 4,412 Better than 65%	No. 4,434of 4,466 Better than 1%
Companies that are between 15 and 29 years old24,910 companies in the comparison	No. 1,252of 24,791 Better than 95%	No. 24,864of 24,909 Better than 0%
All companies of type ApS66,508 companies in the comparison	No. 598of 66,379 Better than 99%	No. 66,415of 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

Other information service activities

Gross profit

Vivino ApSDKK 57.1m
Iqvia Solutions Denmark A/SDKK 124.9m
Usercentrics A/SDKK 100.2m

Net profit

Vivino ApS−DKK 25.6m
Iqvia Solutions Denmark A/SDKK 41.6m
Usercentrics A/SDKK 47.7m

Equity

Vivino ApS−DKK 40.9m
Iqvia Solutions Denmark A/SDKK 88.1m
Usercentrics A/SDKK 109.2m

Employees

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

Vivino, Inc.100%

Vivino ApS

Management

1 active registrations

Executive management

Executive management at Vivino ApS
Name	Role	Appointed
Michael Thomas Karl Horvath	CEO	16/10/2026

Auditor: EY Godkendt Revisionspartnerselskab
Founders: Z-holding ApS

Former management (12)

Former management at Vivino ApS
Name	Role	Appointed	Resigned
Heini Zachariassen	Board member	18/11/2011	12/06/2015
Heini Zachariassen	CEO	18/11/2011	08/05/2018
Jakob Ekkelund	Board member	18/11/2011	15/07/2013
Niels Vejrup Carlsen	Chair of the board	18/11/2011	12/06/2015
Uffe Hyldgaard	Board member	31/05/2012	15/07/2013
Martin Sigurd Hauge	Board member	13/12/2012	12/06/2015
Lars Andersen	Board member	15/07/2013	12/06/2015
Roberto Bonanzinga	Board member	15/07/2013	12/06/2015
Theis Regner Riber Søndergaard	Director	22/09/2015	30/11/2022
Christopher Emmanuel Tsakalakis	CEO	08/05/2018	30/10/2019
Heini Zachariassen	CEO	30/10/2019	01/02/2024
Morten Heuing	CEO	01/02/2024	16/10/2026

Signing rule: Selskabet tegnes af en direktør

Address and production units

1 active production units

Njalsgade 21G
2300 København S

København Municipality · Postcode 2300

Production units
Production unit	Address	Industry	Employees	P number
VIVINO ApS	Njalsgade 21G, 5, 2300 København S	Other information service activities	94	1015153950

Purpose

Selskabets formål er at udvikle og drive online services inklusiv apps til mobil og web til salg og promovering af vin online

The purpose is quoted from the register in Danish.

Changes year by year

49 registered events

82015

12016

02017

22018

22019

12020

12021

32022

12023

32024

22025

32026

20263 changesmanagement 2 · accounts 1

16/10ManagementMichael Thomas Karl Horvath appointed ceo
16/10ManagementMorten Heuing stepped down as ceo
30/06AccountsAnnual report for 2025 published

20252 changesaccounts 1 · industry 1

30/06AccountsAnnual report for 2024 published
01/01IndustryIndustry changed to Other information service activities (639200)

20243 changesaccounts 1 · management 2

14/05AccountsAnnual report for 2023 published
01/02ManagementMorten Heuing appointed ceo
01/02ManagementHeini Zachariassen stepped down as ceo

20231 changeaccounts 1

26/06AccountsAnnual report for 2022 published

20223 changesmanagement 1 · address 1 · accounts 1

30/11ManagementTheis Regner Riber Søndergaard stepped down as director
08/09AddressMoved to Njalsgade 21G, 5, 2300 København S
19/05AccountsAnnual report for 2021 published

20211 changeaccounts 1

26/05AccountsAnnual report for 2020 published

20201 changeaddress 1

12/10AddressMoved to Njalsgade 21G, 5, 2300 København S

20192 changesmanagement 2

30/10ManagementHeini Zachariassen appointed ceo
30/10ManagementChristopher Emmanuel Tsakalakis stepped down as ceo

20182 changesmanagement 2

08/05ManagementChristopher Emmanuel Tsakalakis appointed ceo
08/05ManagementHeini Zachariassen stepped down as ceo

20161 changeaddress 1

13/04AddressMoved to Njalsgade 21G, 1, 2300 København S

20158 changesmanagement 6 · ownership 2

22/09ManagementTheis Regner Riber Søndergaard appointed director
12/06ManagementLars Andersen stepped down as board member
12/06ManagementRoberto Bonanzinga stepped down as board member
12/06ManagementMartin Sigurd Hauge stepped down as board member
12/06ManagementNiels Vejrup Carlsen stepped down as chair of the board
12/06ManagementHeini Zachariassen stepped down as board member
12/06OwnershipVivino Inc. registered as owner (100%)
12/06OwnershipVivino Inc. is no longer registered as owner

20141 changeownership 1

26/06OwnershipVivino, Inc. registered as owner (100%)

20137 changesaddress 2 · capital 1 · management 4

26/09AddressMoved to Njalsgade 21E, 2, 2300 København S
15/07CapitalShare capital changed from 209,478 DKK to 354,695 DKK
15/07ManagementLars Andersen appointed board member
15/07ManagementRoberto Bonanzinga appointed board member
15/07ManagementUffe Hyldgaard stepped down as board member
15/07ManagementJakob Ekkelund stepped down as board member
21/01AddressMoved to Amagerfælledvej 56, 2300 København S

20125 changescapital 3 · management 2

13/12CapitalShare capital changed from 183,945 DKK to 209,478 DKK
13/12ManagementMartin Sigurd Hauge appointed board member
20/08CapitalShare capital changed from 175,208 DKK to 183,945 DKK
31/05CapitalShare capital changed from 166,472 DKK to 175,208 DKK
31/05ManagementUffe Hyldgaard appointed board member

20117 changescapital 2 · management 4 · address 1

18/11CapitalShare capital changed from 149,000 DKK to 166,472 DKK
18/11ManagementHeini Zachariassen appointed ceo
18/11ManagementNiels Vejrup Carlsen appointed chair of the board
18/11ManagementJakob Ekkelund appointed board member
18/11ManagementHeini Zachariassen appointed board member
05/05AddressMoved to Havnegade 41, 2, 1058 København K
25/02CapitalShare capital changed from 125,000 DKK to 149,000 DKK

20101 changeindustry 1

01/12IndustryIndustry changed to Andre informationstjenester i.a.n. (639900)

20091 changefounded 1

19/03FoundedRegistered as VIVINO ApS

Related companies

Same industry in København

Retriever Danmark A/S112 employees
Pleo Technologies A/S92 employees
Iqvia Solutions Denmark A/S58 employees
Usercentrics A/S43 employees
CoCoach ApS13 employees
Autobutler ApS11 employees

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Same people in management

Visma e-conomic A/Svia Lars Andersen
Lunar Bank A/Svia Lars Andersen
Trustpilot A/Svia Lars Andersen
Columbus A/Svia Lars Andersen
Flatpay ApSvia Lars Andersen
Too Good To Go ApSvia Theis Regner Riber Søndergaard

Largest in the industry

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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 CVR Report a correction