M-Sun ApS

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CVR 43531190Ryvejen 39, 8660 SkanderborgDay spa, sauna and steam bath activities· NACE 9623Est. 2022 · 4 years old— employees

Overview

M-Sun ApS is a Danish APS based in Skanderborg, operating in the Day spa, sauna and steam bath activities sector. Incorporated in 2022, the company reported a gross profit of DKK 250.4k in its latest annual filing.

Gross profit 2025

250.4K DKK

+1692% vs 2024

EBITDA margin (of gross profit)

63.1 %

+1030% vs 2024

Net profit 2025

107.2K DKK

+902% vs 2024

Key ratios

See full ratios →

16.5 %

Weak

Among the 40% lowest rated companies in the industry

20232025

1.2×

Average

Around the average of companies in the same industry

20232025

14.5 %

Strong

Among the 30% highest rated companies in the industry

20232025

EBITDA — year on year

DKK thousands

Key figures

Annual report 2025

Gross profit	250.4K DKK	+1692%
EBITDA	157.9K DKK	+1030%
Net profit	107.2K DKK	+902%
Total assets	737.2K DKK	+421%
Equity	122K DKK	+246%
Employees	—	—

Contact

Address

Ryvejen 39, 8660 Skanderborg

Phone

+45 3095 0066

mads@matchbyg.dk

Advertising protection

Active — opted out of marketing use

Recent events

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Financial development

In its most recent annual report (2025), M-Sun ApS reported a gross profit of DKK 250.4k, an increase of 1692% on the year before. The figures on this page draw on 3 annual filings covering 2023 to 2025. The bottom line showed a net profit of DKK 107.2k, and the EBITDA margin stood at 63.1%.

At the end of 2025, equity financed 16.5% of the balance sheet, and current assets covered short-term debt 1.2 times.

Financials

Gross profit

DKK thousands

EBITDA

DKK thousands

Income statement

DKK thousands

Item	2025	2024	2023
Gross profit	250	14	-82
Staff expenses	-92	-0	-0
EBITDA	158	14	-82
Depreciation & amort.	-16	-16	-42
EBIT	142	-2	-123
Net financials	0	-10	-1
Profit before tax	142	-12	-124
Tax	35	2	-0
Net profit	107	-13	-124

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Balance sheet

DKK thousands

Item	2025	2024	2023
Total assets	737	141	88
Equity	122	-84	-84
Long-term debt	0	0	171
Short-term debt	615	225	0
Total debt	615	225	172

Financial ratios

5-year trend

EBITDA margin (of gross profit)

63.1 %

20232025

Equity ratio

16.5 %

Weak

Among the 40% lowest rated companies in the industry

20232025

Return on equity

87.9 %

Very strong

Among the 10% highest rated companies in the industry

20232025

Net profit margin (of gross profit)

42.8 %

20232025

Asset turnover (of gross profit)

0.34×

20232025

Debt / equity

5.04×

Very weak

Among the 20% lowest rated companies in the industry

20232025

Sector performance

21 of 28 ratios graded

28 financial ratios from the latest filing, each graded against companies in the same industry.

Profitability

Return on equity (ROE)Very strong

Among the 10% highest rated companies in the industry

Net profit as a percentage of equity — the return the owners earned on their invested capital this year.

Return on assets (ROA)Strong

Among the 30% highest rated companies in the industry

Net profit as a percentage of total assets — the return generated on the capital employed.

Return on net assets (RONA)Very strong

Among the 10% highest rated companies in the industry

Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.

Basic earning power (BEP)Strong

Among the 30% highest rated companies in the industry

EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.

Capacity ratioVery strong

Among the 10% highest rated companies in the industry

Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.

Gross marginNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.

Operating marginNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.

Net profit marginNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

The profit for the year as a share of revenue — the company's ability to turn revenue into profit.

Liquidity

Current ratioAverage

Around the average of companies in the same industry

Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.

Quick ratioAverage

Around the average of companies in the same industry

Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.

Cash ratioAverage

Around the average of companies in the same industry

Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.

Current assets to equityVery weak

Among the 10% lowest rated companies in the industry

Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.

Fixed assets to long-term capitalAverage

Around the average of companies in the same industry

Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.

Cash conversion ratioStrong

Among the 40% highest rated companies in the industry

Cash flow relative to profit — the ability to convert reported profits into accessible cash.

Debt & solvency

Solidity ratioWeak

Among the 40% lowest rated companies in the industry

Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.

Debt ratioWeak

Among the 40% lowest rated companies in the industry

Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.

Debt to equityVery weak

Among the 20% lowest rated companies in the industry

Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.

Liabilities to equityVery weak

Among the 20% lowest rated companies in the industry

Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.

Income to debtAverage

Around the average of companies in the same industry

Profit relative to debt — the ability to create earnings while operating with debt.

EBITDA to debtAverage

Around the average of companies in the same industry

EBITDA relative to debt — how much operating earnings are available to service the debt.

Interest rate on debtVery strong

Among the 10% highest rated companies in the industry

Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.

Interest marginVery strong

Among the 20% highest rated companies in the industry

The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.

Interest coverageNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

The ability to pay the interest on the company's debt out of its earnings.

Efficiency & development

Equity to contributed capitalAverage

Around the average of companies in the same industry

Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.

One-year change in debtVery weak

Among the 10% lowest rated companies in the industry

The size of this year's increase or decrease in the company's debt.

Asset turnoverNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

Revenue relative to total assets — the ability to generate revenue from the asset base.

Inventory turnoverNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.

One-year change in equityNot rated

Cannot be graded — the figures this ratio builds on are not available in the latest filing.

The size of this year's increase or decrease in the company's equity.

Annual reports & filings

Annual report 2025
Filed via CVR / Virk · Period 2025-01-01 – 2025-12-31
View PDF
Annual report 2024
Filed via CVR / Virk · Period 2024-01-01 – 2024-12-31
View PDF
Annual report 2023
Filed via CVR / Virk · Period 2022-09-22 – 2023-12-31
View PDF

People & ownership

Management

Actively employed in the business

Name	Role	Member since
Current (1)
MH Mads Hedegaard Andersen Management	Management	2026

Board of directors

Non-executive oversight

No data on file.

Shareholders

Active legal owners

Shareholder	Type	Ownership	Votes	Registered
MA Invest Holding ApS	Company	100%	100%	2022
Alexander Simmenæs Holding ApS	Company	50–66.65%	50–66.65%	2022

Beneficial ownership (UBO) data access is restricted in Denmark as of September 2025 per the EU 6th AML Directive. Learn more.

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Related companies

Company hierarchy

MA Invest Holding ApS100%

Alexander Simmenæs Holding ApS50%

M-Sun ApS (this company)

Board network connections

Board members of M-Sun ApS also hold positions in 1 other company.

Person	Role here	Other companies
Mads Hedegaard Andersen	Management	1 company

Frequently asked questions

What is the CVR number of M-Sun ApS?

M-Sun ApS is registered with CVR / Virk under CVR 43531190.

What is the gross profit of M-Sun ApS?

M-Sun ApS reported a gross profit of DKK 250.4k in 2025.

Where is M-Sun ApS headquartered?

M-Sun ApS's registered address is Ryvejen 39.