ZS Associates A/S

Public limited companyCVR 31883962Kgs. LyngbyActive

ZS Associates A/S is a public limited company, based in Kgs. Lyngby, active in computer programming activities, founded in 2008. Equity was negative at the end of 2025 (−DKK 10.8m). After a loss in 2024, the company made a profit of DKK 1.8m in 2025. With 45 employees, the company is about 11 times larger than the industry median.

PDF report Compare

Key figures · financial year 2025

Gross profitDKK 57.9m+127% vs. 2024

Net profitDKK 1.8m+106.6% vs. 2024

Equity−DKK 10.8m+14.4% vs. 2024

Employees45latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

Gross profit rose 127% (2024 → 2025), to DKK 57.9m.
Net profit went from a loss of DKK 27.8m to a profit of DKK 1.8m (2024 → 2025).

Employees

8 fewer employees than a year earlier: 45 (08/2026) against 53 (08/2025).

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 2020–2025 · amounts in DKK thousand

Equity and net profit

EquityNet profit

Financial figures for ZS Associates A/S
	2020	2021	2022	2023	2024	2025	Change
Revenue	not stated	not stated	not stated	not stated	not stated	not stated	–
Gross profit	13,712	17,450	25,556	32,301	25,503	57,902	+127%
Operating profit (EBIT)	−1,394	1,371	−9,826	−16,878	−26,916	−1,152	+95.7%
Profit before tax	−1,556	1,274	−9,668	−16,197	−27,810	1,828	+106.6%
Net profit	−1,115	1,198	−9,326	−16,197	−27,810	1,828	+106.6%
Total assets	12,254	15,411	22,365	60,662	65,845	96,564	+46.7%
Equity	1,570	3,033	−6,123	15,142	−12,667	−10,839	+14.4%
Liabilities	10,684	12,035	28,488	45,520	78,512	107,403	+36.8%
Cash and cash equivalents	4,621	1,931	4,729	7,295	7,836	12,091	+54.3%
Average number of employees	25	27	37	44	47	48	+2.1%

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 (1,661 companies)

Gross profitMedian, the industry (1,661 companies)

Signals from the financial statements

calculated from the 2025 figures

Negative equity
Equity was −DKK 10.8m at the end of 2025.
How is this calculated?
Equity in the latest annual report is below zero.

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 ZS Associates A/S
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	27/06/2025	The company	PDF XBRL
2023	01/01/2023 – 31/12/2023	29/06/2024	The company	PDF XBRL
2022	01/01/2022 – 31/12/2022	03/07/2023	The company	PDF XBRL
2021	01/01/2021 – 31/12/2021	19/04/2022	The company	PDF XBRL
2020	01/01/2020 – 31/12/2020	28/06/2021	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

1,661 companies in the database

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

Gross profitDKK 57.9mNo. 80 of 1,656

Better than 95% of the companies in the industry

Equity−DKK 10.8mNo. 1612 of 1,661

Better than 3% of the companies in the industry

Number of employees45No. 115 of 1,661

Better than 93% of the companies in the industry

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

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
Group	Gross profit	Equity
Companies with 20–49 employees9,922 companies in the comparison	No. 328of 9,892 Better than 97%	No. 9,797of 9,922 Better than 1%
Same industry and 20–49 employees183 companies in the comparison	No. 9of 182 Better than 96%	No. 173of 183 Better than 5%
Companies that are between 15 and 29 years old24,910 companies in the comparison	No. 1,235of 24,791 Better than 95%	No. 24,767of 24,909 Better than 1%
All companies of type A/S18,025 companies in the comparison	No. 2,546of 17,786 Better than 86%	No. 17,803of 18,024 Better than 1%

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

ZS Associates A/SDKK 57.9m
Stibo Systems A/SDKK 916.6m
Trackunit ApSDKK 897.1m

Net profit

ZS Associates A/SDKK 1.8m
Stibo Systems A/SDKK 155.9m
Trackunit ApSDKK 206.3m

Equity

ZS Associates A/S−DKK 10.8m
Stibo Systems A/SDKK 309.7m
Trackunit ApSDKK 1.7bn

Employees

ZS Associates A/S45
Stibo Systems A/S201
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

ZS Associates International, Inc.100%

ZS Associates A/S

Management

4 active registrations

Executive management

Executive management at ZS Associates A/S
Name	Role	Appointed
Pratap Shankar Khedkar	CEO	29/04/2022

Board of directors

Board of directors at ZS Associates A/S
Name	Role	Appointed
Pratap Shankar Khedkar	Board member	29/04/2022
Aaron Wade Mitchell	Board member	29/04/2022
William Coyle	Chair of the board	27/06/2024

Auditor: PKF Munkebo Eriksen Funch, Statsautoriseret Revisionsaktieselskab
Founders: Intomics Holding ApS

Former management (8)

Former management at ZS Associates A/S
Name	Role	Appointed	Resigned
Thomas Skøt Jensen	Director	15/12/2008	29/04/2022
Søren Brunak	Board member	22/06/2009	29/04/2022
Thomas Skøt Jensen	Board member	22/06/2009	06/11/2009
Jens Frederik Lage Hansen	Chair of the board	28/08/2013	29/04/2022
Jon Ingi Benediktsson	Board member	28/08/2013	18/01/2016
Finn Winchler Andersen	Board member	18/01/2016	29/04/2022
Anders Mørkeberg Hinsby	Board member	28/10/2019	29/04/2022
Jaideep Singh Bajaj	Chair of the board	29/04/2022	27/06/2024

Signing rule: Selskabet tegnes af tre bestyrelsesmedlemmer eller af selskabets administrerende direktør og bestyrelsesformanden i forening. Dog kan selskabets administrerende direktør tegne enhver kundeaftale alene.

Address and production units

1 active production units

Lottenborgvej 26
2800 Kgs. Lyngby

Lyngby-Taarbæk Municipality · Postcode 2800

Production units
Production unit	Address	Industry	Employees	P number
ZS Associates A/S	Lottenborgvej 26, 2800 Kgs. Lyngby	Computer programming activities	45	1014943923

Purpose

Selskabets formål er at drive virksomhed relateret til konsulentydelser til sundheds- og teknologisektoren. Selskabet kan efter direktionens nærmere skøn udøve virksomhed indenfor beslægtede områder eller med beslægtet formål.

The purpose is quoted from the register in Danish.

Changes year by year

41 registered events

02015

32016

12017

02018

12019

02020

22021

132022

22023

32024

12025

12026

20261 changeaccounts 1

30/06AccountsAnnual report for 2025 published

20251 changeaccounts 1

27/06AccountsAnnual report for 2024 published

20243 changesaccounts 1 · management 2

29/06AccountsAnnual report for 2023 published
27/06ManagementWilliam Coyle appointed chair of the board
27/06ManagementJaideep Singh Bajaj stepped down as chair of the board

20232 changesaccounts 1 · name 1

03/07AccountsAnnual report for 2022 published
31/03NameName changed from INTOMICS A/S to ZS Associates A/S

202213 changesmanagement 9 · ownership 3 · accounts 1

29/04ManagementJaideep Singh Bajaj appointed chair of the board
29/04ManagementAaron Wade Mitchell appointed board member
29/04ManagementPratap Shankar Khedkar appointed ceo
29/04ManagementPratap Shankar Khedkar appointed board member
29/04ManagementAnders Mørkeberg Hinsby stepped down as board member
29/04ManagementFinn Winchler Andersen stepped down as board member
29/04ManagementJens Frederik Lage Hansen stepped down as chair of the board
29/04ManagementSøren Brunak stepped down as board member
29/04ManagementThomas Skøt Jensen stepped down as director
29/04OwnershipZS Associates International, Inc. registered as owner (100%)
29/04OwnershipPreSeed Ventures A/S is no longer registered as owner
29/04OwnershipINTOMICS HOLDING ApS is no longer registered as owner
19/04AccountsAnnual report for 2021 published

20212 changescapital 1 · accounts 1

17/12CapitalShare capital changed from 583,333 DKK to 600,833 DKK
28/06AccountsAnnual report for 2020 published

20191 changemanagement 1

28/10ManagementAnders Mørkeberg Hinsby appointed board member

20171 changeaddress 1

15/08AddressMoved to Lottenborgvej 26, 2800 Kgs. Lyngby

20163 changesaddress 1 · management 2

11/04AddressMoved to Diplomvej 377, 1, 2800 Kgs. Lyngby
18/01ManagementFinn Winchler Andersen appointed board member
18/01ManagementJon Ingi Benediktsson stepped down as board member

20132 changesmanagement 2

28/08ManagementJon Ingi Benediktsson appointed board member
28/08ManagementJens Frederik Lage Hansen appointed chair of the board

20111 changeaddress 1

06/07AddressMoved to Diplomvej 377, 1, 2800 Kgs.Lyngby

20099 changesmanagement 3 · address 1 · name 1 · capital 2 · ownership 2

06/11ManagementThomas Skøt Jensen stepped down as board member
17/09AddressMoved to Diplomvej 373, 2800 Kgs.Lyngby
24/06NameName changed from INTOMICS ApS to INTOMICS A/S
24/06CapitalShare capital changed from 158,334 DKK to 583,333 DKK
24/06OwnershipPreSeed Ventures A/S registered as owner (15%)
24/06OwnershipINTOMICS HOLDING ApS registered as owner (66.67%)
22/06CapitalShare capital changed from 125,000 DKK to 158,334 DKK
22/06ManagementThomas Skøt Jensen appointed board member
22/06ManagementSøren Brunak appointed board member

20082 changesfounded 1 · management 1

15/12FoundedRegistered as INTOMICS ApS
15/12ManagementThomas Skøt Jensen appointed director

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Same people in management

Foss Analytical A/Svia Jens Frederik Lage Hansen
Penneo A/Svia Finn Winchler Andersen
Tamigo ApSvia Finn Winchler Andersen
Motilitycount ApSvia Jon Ingi Benediktsson
Cercare Medical A/Svia Jon Ingi Benediktsson
Muna Therapeutics ApSvia Anders Mørkeberg Hinsby

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

View in CVR Report a correction