Bitfire Games ApS
APSActiveAdvertising protectionCVR 43735209Njalsgade 76, 2300 København SPublishing of video games· NACE 5821Est. 2022 · 3 years old7 employees
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Overview
Bitfire Games ApS is a Danish APS based in København S, operating in the Publishing of video games sector. Incorporated in 2022, the company has 7 employees and reported a gross profit of DKK 3.2m in its latest annual filing.
Gross profit 2025
3.2M DKK
−5337% vs 2024
EBITDA margin (of gross profit)
−8.5 %
+13% vs 2024
Net profit 2025
-0.2M DKK
+2% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
-3.2 %
WeakAmong the 30% lowest rated companies in the industry
20232025
Liquidity ratioCurrent assets ÷ Short-term debt
0.1×
Very weakAmong the 10% lowest rated companies in the industry
20232025
Return on assets (ROA)Net profit ÷ Total assets × 100
-1.8 %
AverageAround the average of companies in the same industry
20232025
EBITDA — year on year
DKK thousandsKey figures
Annual report 2025| Gross profit | 3.2M DKK | -5337% |
| EBITDA | -0.3M DKK | +13% |
| Net profit | -0.2M DKK | +2% |
| Total assets | 11.6M DKK | +80% |
| Equity | -0.4M DKK | -140% |
| Employees | 7 | — |
Company information
Legal name
Bitfire Games ApS
CVR number
43735209
Legal form
Anpartsselskab
NACE code
5821 · Publishing of video games
Founded
27 December 2022 · 3 years
Share capital
DKK 60,000
Employees
7 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Selskabet tegnes af en direktør.
Company purpose
Selskabets formål er at drive virksomhed med udvikling og markedsføring af
computerspil samt hermed beslægtet virksomhed.
(no translation available)
Contact
Address
Njalsgade 76, 2300 København S
Advertising protection
Active — opted out of marketing use
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Financial development
In its most recent annual report (2025), Bitfire Games ApS reported a gross profit of DKK 3.2m. The figures on this page draw on 3 annual filings covering 2023 to 2025. The bottom line showed a net loss of DKK 213.8k, and the EBITDA margin stood at -8.5%.
At the end of 2025, current assets covered short-term debt 0.1 times.
Financials
Gross profit
DKK thousandsEBITDA
DKK thousandsIncome statement
DKK thousands| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Gross profit | 3,152 | -60 | -20 |
| Staff expenses | -3,421 | -250 | -106 |
| EBITDA | -269 | -310 | -126 |
| Depreciation & amort. | -0 | -0 | -0 |
| EBIT | -269 | -310 | -126 |
| Net financials | -10 | -10 | -9 |
| Profit before tax | -279 | -320 | -134 |
| Tax | -65 | -101 | -0 |
| Net profit | -214 | -219 | -134 |
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Balance sheet
DKK thousands| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total assets | 11,621 | 6,448 | 3,293 |
| Equity | -366 | -152 | 67 |
| Long-term debt | 279 | 269 | 259 |
| Short-term debt | 11,709 | 6,332 | 2,968 |
| Total debt | 11,987 | 6,600 | 3,226 |
Financial ratios
5-year trendEBITDA margin (of gross profit)
-8.5 %
20232025
Equity ratio
-3.2 %
WeakAmong the 30% lowest rated companies in the industry
20232025
Return on equity
—
20232025
Net profit margin (of gross profit)
-6.8 %
20232025
Asset turnover (of gross profit)
0.27×
20232025
Debt / equity
—
20232025
Sector performance
16 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Basic earning power (BEP)Average
Around the average of companies in the same industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioWeak
Among the 40% lowest 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.
Return on equity (ROE)Not rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on net assets (RONA)Not rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Liquidity
Current ratioVery weak
Among the 10% lowest rated companies in the 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 ratioVery weak
Among the 10% lowest rated companies in the 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 ratioWeak
Among the 30% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
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.
Current assets to equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
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 capitalNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
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.
Debt & solvency
Solidity ratioWeak
Among the 30% 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 30% 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.
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 coverageVery weak
Among the 20% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtStrong
Among the 30% highest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginAverage
Around the average of companies in the same 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.
Debt to equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Efficiency & development
Equity to contributed capitalVery weak
Among the 10% lowest rated companies in the 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 20% 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
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
JE Management | Management | 2022 |
HO Chief Executive Officer | Chief Executive Officer | 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
JE Board of Directors | Board of Directors | 2023 |
HO Board of Directors | Board of Directors | 2023 |
MM Chairman | Chairman | 2023 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 66.67–89.99% | 66.67–89.99% | 2022 | |
| Company | 15–19.99% | 15–19.99% | 2023 |
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
GHOST SHIP HOLDING ApS
Bitfire Games ApS Board network connections
Board members of Bitfire Games ApS also hold positions in 11 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Mikkel Martin Pedersen | Chairman | 5 companies |
| Jonas Ejby Raagaard | Management | 3 companies |
| Hans Oxmond | Chief Executive Officer | 3 companies |
Frequently asked questions
What is the CVR number of Bitfire Games ApS?
Bitfire Games ApS is registered with CVR / Virk under CVR 43735209.
What is the gross profit of Bitfire Games ApS?
Bitfire Games ApS reported a gross profit of DKK 3.2m in 2025.
How many employees does Bitfire Games ApS have?
Bitfire Games ApS employs 7 people as of the latest annual report.
Who is the CEO of Bitfire Games ApS?
Hans Oxmond is the CEO of Bitfire Games ApS, in role since 2023.
Who is the chairman of Bitfire Games ApS?
Mikkel Martin Pedersen chairs the board of Bitfire Games ApS, in role since 2023.
Where is Bitfire Games ApS headquartered?
Bitfire Games ApS's registered address is Njalsgade 76, 4..