20718196 2025-01-01 2025-12-31 2 20718196 2025-01-01 2025-12-31 3 20718196 2025-01-01 2025-12-31 20718196 2025-01-01 2025-12-31 1 20718196 2024-01-01 2024-12-31 20718196 2025-12-31 20718196 2024-12-31 20718196 2025-01-01 d:AcquiredIntangibleAssetsMember 20718196 2025-01-01 2025-12-31 d:AcquiredIntangibleAssetsMember 20718196 2025-12-31 d:AcquiredIntangibleAssetsMember 20718196 2025-01-01 d:GoodwillMember 20718196 2025-12-31 d:GoodwillMember 20718196 2025-01-01 2025-12-31 d:GoodwillMember 20718196 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 20718196 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 20718196 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 20718196 2025-01-01 d:LeaseholdImprovementsMember 20718196 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 20718196 2025-12-31 d:LeaseholdImprovementsMember 20718196 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 20718196 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 20718196 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 20718196 2025-01-01 d:ContributedCapitalMember 20718196 2024-01-01 d:ContributedCapitalMember 20718196 2025-12-31 d:ContributedCapitalMember 20718196 2024-12-31 d:ContributedCapitalMember 20718196 2025-01-01 d:RetainedEarningsMember 20718196 2024-01-01 d:RetainedEarningsMember 20718196 2025-01-01 2025-12-31 d:RetainedEarningsMember 20718196 2024-01-01 2024-12-31 d:RetainedEarningsMember 20718196 2025-12-31 d:RetainedEarningsMember 20718196 2024-12-31 d:RetainedEarningsMember 20718196 2025-01-01 2025-12-31 1 20718196 2025-01-01 2025-12-31 1 20718196 2025-01-01 2025-12-31 2 20718196 2025-01-01 2025-12-31 3 20718196 2023-01-01 2023-12-31 20718196 2022-01-01 2022-12-31 20718196 2021-01-01 2021-12-31 20718196 2023-12-31 20718196 2022-12-31 20718196 2021-12-31 20718196 2025-01-01 2025-12-31 2 20718196 2024-01-01 2024-12-31 2 20718196 2023-01-01 2023-12-31 2 20718196 2022-01-01 2022-12-31 2 20718196 2021-01-01 2021-12-31 2 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 20718196 Carglass A/S Roskildevej 16 2620 Albertslund Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Jacob Helly Juell-Hansen statsautoriseret revisor mne36169 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-05-20 Lars Juhl Jensen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren København 2026-05-20 Albertslund 2026-05-20 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equityThe key figures appearing from the survey have been calculated as follows:Acid test ratio                  Current assets x 100                 / Short term liabilities other than provisionsSolvency ratio Equity, closing balance x 100 / Total assets, closing balanceReturn on equity Net profit or loss for the year x 100 / Average equity 172425000 151339000 147872000 141326000 4962000 5873000 19591000 4140000 370000 1645000 19221000 2495000 -6200000 -2028000 25421000 4523000 25421000 4523000 650000 220000 3761000 4890000 4411000 5110000 5430000 6164000 8546000 7954000 13976000 14118000 6812000 6590000 6812000 6590000 25199000 25818000 6905000 7215000 6905000 7215000 11236000 12614000 22136000 7693000 10900000 4700000 1929000 2097000 370000 543000 46571000 27647000 13506000 19943000 66982000 54805000 92181000 80623000 0 1006000 1006000 49346000 23925000 50352000 24931000 2625000 0 5548000 5807000 1794000 19179000 31862000 30706000 41829000 55692000 41829000 55692000 92181000 80623000 132963000 125838000 13678000 14310000 1231000 1178000 147872000 141326000 266 260 359000 926000 11000 719000 370000 1645000 15575000 672000 16247000 15356000 241000 15597000 650000 7900000 7900000 3010000 1129000 4139000 3761000 14871000 1309000 16180000 8707000 2043000 10750000 5430000 16197000 2142000 61000 18278000 8243000 1499000 10000 9732000 8546000 6590000 222000 6812000 6812000 1006000 1006000 1006000 1006000 23925000 19402000 25421000 4523000 49346000 23925000 Today, the Board of Directors and the Managing Director have approved the annual report of Carglass A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Mads Søgaard Carina Bukkehave Lars Juhl Jensen Mads Søgaard We have audited the financial statements of Carglass A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 0 0 97563000 0 0 3267000 370000 1645000 1574000 291000 -206000 0 0 4661000 0 0 44446000 3451000 5999000 5999000 11721000 1440000 0 0 14076000 0 0 183 Likviditetsgrad Likviditetsgrad Likviditetsgrad Likviditetsgrad Likviditetsgrad 160.1 98.4 87.8 78.0 102.4 54.6 30.9 23.2 21.3 31.7 67.5 20.0 19.7 17.3 39.7 Description of key activities of the companyThe company's primary activity is vehicle glass repair and replacement.  Development in activities and financial mattersThe company's income statement for the year ended 31 December 2025 shows a profit of TDKK 25.421 and the balance sheet at 31 December 2025 shows equity of TDKK 50.352. Management considers the performance for the year satisfactory and exceeding the communication in the 2024 Annual Report. Development for the year relative to the expectationsIn the annual report 2024, a projected profit from ordinary activities after tax of DKK 4.500 were announced. The actual gross profit for 2025 amounts to TDKK 19.591 and the actual net profit after tax amounts to TDKK 25.421. The deviation is primarily driven by a revised commercial model within the Belron Group. In addition, the deviation between the projected and actual profit from ordinary activities after tax is also driven by the full recognition of deferred tax in the 2025 results. Expected developmentsIt is Management's expectation that the market activity will increase in 2026. The company will continue to invest in new technology and in our network of workshops covering Denmark throughout 2025 but profit does not depend on specialized knowledge capital. Overall, we expect a result in line with 2025 TDKK 25.421. Environmental issues The company has invested heavily in reducing it´s carbon footprint and have reduced waste going to landfill to zero. This is a journey we expect will continue over the coming years, where travel and consumption of energy will be the focus.   Events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. The annual report for Carglass A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of s.a. D'leteren n.v., Belgium.   Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, other operating income and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Intangible assetsSoftwareSoftware is measured at cost less accrued amortisation. Software is amortised on a straightline basis over the expected usefull period, which is estimated at 7 years. GoodwillAcquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make a reliable estimate of the useful life, the amortisation period is set at 10 years. Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Depreciation is done on a straight-line basis according to an assessment of the expected useful life:    Plant and machinery Useful life 5-10 yearsOther fixtures and fittings, tools and equipment Useful life 3-5 yearsProfit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments Deposits Deposits are measured at amortised cost and represent lease deposits, etc. InventoriesInventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as the estimated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. 8.Deferred tax assetsDeferred tax assets 1 January 20254.7002.800Deferred tax of the net profit or loss for the year6.2001.900 10.9004.700 The company expects to utilize the deferred tax assets through future income within a period of 3-5 years based on budgets for the financial statements. The non-stated deferred tax asset amounts to 4.533 TDKK. 11.ContingenciesContingent liabilitiesLease liabilities:The company has entered into operational leases concerning rent payments of TDKK 42.237.Payments under operating leases concerning cars amount to TDKK 6.922. 12.Related partiesControlling interestCarglass Autoglass b.v.Majority shareholder Carglass Autoglass b.v., Jeroen Boschlaan 220, 5613 GD Eindhoven, The Netherlands. Carglass Autoglass b.v. is part of the consolidated financial statements of Belron SA, Luxembourg, which is the smallest group in which the company is included as a subsidiary. The consolidated financial statements of Belron SA can be obtained by contacting the company. Belron SA is part of the consolidated financial statemetns of s.a. D'leteren n.v., Belgium, which is the largests group in which the company is included as a subsidiary. The concolidated financial statements of s.a. D'leteren n.v. can be obtained by contacting the company.  Transactions 2025 Purchase of goods100.510Intercompany sale16.383