Black Swans Exist — Board Finance

Group — three-year view (DKK)

Year	DK revenue	DE revenue	ES revenue	Group revenue	DK result	DE result	ES result	Group result
2024 (Jan-Dec)	10,360,170	237,000	n/a	10,597,170	1,754,252	88,531	n/a	1,842,783
2025 (Jan-Dec)	8,751,141	0	n/a	8,751,141	-92,083	-141,108	n/a	-233,191
2026 (Jan-Jul)	4,509,834	0	n/d	4,509,834	-63,784	-8,140	n/d	-71,924

Profit / loss before tax. 2024 and 2025 are full years; 2026 is January–June only, so the 2026 row is not comparable to the two before it without annualising. Spain was incorporated in February 2026, hence "n/a" for prior years. Germany converted at EUR × 7.47. Spain shows external revenue only — the intra-group recharge to Denmark is excluded.

Group consolidation — Denmark + Spain + Germany

DKK	Q2 2026	July 2026
Group revenue	1,831,606	895,200
Group profit / loss before tax	-158,825	237,882
memo: intercompany mismatch	230,524	230,524

Spain converted at EUR × 7.47. Intercompany eliminated: Spain invoices the Danish parent for cross-border services (a legal requirement) — 30,845.50 EUR in Q2. That revenue in Spain is a cost in Denmark, so it nets out at group level and only Spain's external revenue (the 3PBIOVIAN invoice, 5,400 EUR) is added. Denmark and Germany are included for July; Spain is excluded from the July column because no Spanish data has been received for that month yet (the year-to-date and Q2 figures do include Spain). Germany converted at EUR × 7.47. Because the intercompany revenue sits inside Spain's result and the matching cost inside Denmark's, summing the entities already cancels them — no separate adjustment is applied. The memo line shows how much does not cancel: only 108 DKK in Q2 (immaterial), but 115,262 DKK in June, where Denmark booked the recharge cost and Spain had not yet raised the invoice. Over Jan–Jun the gap is 345,894 DKK (Denmark 576,310 vs Spain 230,416), as Denmark booked Jan–Mar before Spain began invoicing — worth reconciling with both accountants. Germany has had no revenue since 2024 and contributes only rent and administrative costs.

Quarter on quarter — Q2 (Apr–Jun)

Revenue — sales, Q2

Q2 20242.04m

Q2 20251.67m

Q2 20261.83m

Q2 2026 vs 2025: +9%

Result before tax — Q2

Q2 2024-73,546

Q2 2025-600,943

Q2 2026-158,825

loss much smaller than 2025

Operating costs — Q2

Q2 20242.01m

Q2 20252.19m

Q2 20261.97m

Q2 2026 vs 2025: −10%

Monthly sales — 3-year

Year to date — same period (Jan–July)

Revenue — sales, H1

20245.97m

20255.12m

20264.51m

2026 vs 2025: −12%

Result before tax — H1

20241,042,042

2025-254,951

2026-63,784

swung from profit to loss

Operating costs — H1

20244.69m

20255.18m

20264.43m

2026 vs 2025: −14%

Reading it

H1 sales fell ~29%, tipping the firm into a loss — but Q2 alone recovered; the drop was concentrated in Q1.

Cash & liquidity — Per's priority

Net cash flow — change this year

-319,038

Jan–Jun

Cash runway — months left

17.8 mo

at recent spend

Expected receipts — ≤30d

from customers

Expected receipts — 31–60d

from customers

Overdue AR — late payments

94,290

past due

Accounts receivable — owed to us

4,506,567

incl. German entity

Accounts payable — owed to suppliers

435,260

unpaid bills

DSO — avg days to get paid

179.9 d

skewed by entity

Trends — Jan to July 2026

Revenue, cost & result — monthly

Net cash movement — monthly

Cash balance

Cost breakdown (YTD) — click a segment for detail

Click a slice to see its largest items.

Productivity & staff ratios — Q2 and July, vs prior year

KPI	Q2 2026	Q2 2025	July 2026	July 2025
NP % — net profit margin	-8.7%	-35.9%	27.5%	n/m
Total staff costs to NFI %	38.4%	63.2%	23.8%	n/m
Sales staff to NFI %	23.7%	14.3%	28.6%	n/m
Average fees per head	305,268	278,792	149,200	2,482
Average costs per head	328,512	365,699	98,325	122,449
Average profit per head	-26,471	-100,157	41,004	-123,773
Average perm fee	68,000	171,000	80,567	—
No. perm fees (placements)	25	10	12	—
Fee earners (heads)	6	6	6	6

DK entity. NFI ≈ revenue (perm placement carries no cost-of-sale). Financials from the general ledger (reconciled to trial balance); staff cost includes commission. Sales staff = fee earners only: payroll cost (Indkomst + employer ATP + pension) plus contractor payments for Anders (GL 140215) and Christoph (GL 140360). Per-head figures use 6 consultants in every period. Per's cost comes from the Spanish trial balance for 2026 — his 80.1% share of entity gross salary plus employer social security, EUR × 7.47 — and from his DK payroll for 2025.

Consultant performance — Bullhorn (2026-07)

Consultant	Total sales	Actual salary cost	Jobs ÷ placements	Jobs added	Placements	Interviews	Avg time to fill
Anders Sandberg	120,700	32,126	0.00	0	1.33	7	77
Christoph Buhl	46,300	36,027	0.00	0	0.5	0	38
Jon McNab	0	61,400*	—	4	0	10	0
Per Christensen	288,000	71,657	2.11	4	1.9	5	63
Søren Spanner Bach	321,500	35,198	0.28	2	7.17	8	86
Uta Talkenberg-Rasmussen	190,200	50,198	0.00	0	1.1	46	84.5
Company total	966,700	286,606	0.83	10	12	76	79.3

Jobs ÷ placements = jobs added divided by total placements (roles opened per placement; "—" where no placements). Actual salary cost = June payroll incl. commission + employer ATP/pension (Uta, Søren) or GL contractor payment (Anders 140215, Christoph 140360). * = budget figure — Jon is not in DK payroll and Per is on the Spanish payroll. Placements fractional where credit is shared. Sources: Bullhorn; payroll export; DK general ledger.

Sales vs actual salary by consultant (June)

Salary bars are actual cost — DK payroll (Uta, Søren), contractor payments (Anders, Christoph), and the Spanish trial balance for Per (his 80.1% share of entity gross salary + employer social security, EUR × 7.47). Jon has no bar — he isn't on the DK payroll.

Consultant sales ÷ salary — quarterly (2025 → 2026) — latest complete quarter; 2026 Q3 once September is in

Consultant	2026 Q2	2026 Q1	2025 Q4	2025 Q3	2025 Q2	2025 Q1
Anders Sandberg	1.2×	0.9×	1.1×	2.8×	0.5×	3.8×
Christoph Buhl	3.1×	3.8×	0.9×	1.3×	0.0×	0.8×
Jon McNab	0.0×	0.0×	—	—	—	—
Per Christensen	2.1×	4.5×	7.7×	2.8×	3.7×	3.9×
Søren Spanner Bach	2.6×	0.1×	—	—	—	—
Uta Talkenberg-Rasmussen	2.4×	4.1×	4.6×	0.9×	2.7×	3.6×

Each cell = that quarter's sales ÷ salary (quarterly salary = 3× monthly) — a productivity multiple. 2025 uses 2025 salaries, 2026 uses 2026 salaries. Green ≥3×, amber 2–3×, red <2×. Jon and Søren were not employed in 2025, shown as "—". Sources: Bullhorn Quarterly Dashboard 25–26; salaries from Budget 2025 & 2026.

What the numbers say — in plain terms
• July was the strongest month of the year — revenue 895,200 and a profit of 246,022, the first clearly profitable month since January.
• That pulled the year-to-date loss down to -63,785 (before tax) from around 310k at the half-year mark — so the trend has turned, not just flattened.
• Year-to-date sales are 4,509,834 against 5.12m last year (−12%). The gap has narrowed sharply: it was roughly −29% at the half-year, now −12%.
• Productivity improved — Q2 net margin went from -35.9% (2025) to -8.7% (2026), with staff cost down from 63.2% to 38.4% of revenue.
• Cash stands at 813,104, down -319,038 since January but with roughly 17.8 months of runway on the recent trend.
• Most of the 4,506,567 owed to the company is an intercompany balance from the German entity, not customer debt; genuinely overdue customer invoices are 94,290.
• Not yet in this view: Spanish figures for July, a budget baseline for variance, and a July Bullhorn export for consultant metrics.

Black Swans Exist — Board Finance Dashboard July 2026

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