11560776 2025-01-01 2025-12-31 2 11560776 2025-01-01 2025-12-31 2 11560776 2025-01-01 2025-12-31 11560776 2024-01-01 2024-12-31 11560776 2025-12-31 11560776 2024-12-31 11560776 2025-01-01 d:PlantAndMachineryMember 11560776 2025-01-01 2025-12-31 d:PlantAndMachineryMember 11560776 2025-12-31 d:PlantAndMachineryMember 11560776 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 11560776 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 11560776 2025-01-01 d:LeaseholdImprovementsMember 11560776 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 11560776 2025-12-31 d:LeaseholdImprovementsMember 11560776 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 11560776 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 11560776 2025-01-01 d:ContributedCapitalMember 11560776 2024-01-01 d:ContributedCapitalMember 11560776 2025-12-31 d:ContributedCapitalMember 11560776 2024-12-31 d:ContributedCapitalMember 11560776 2025-01-01 d:RetainedEarningsMember 11560776 2024-01-01 d:RetainedEarningsMember 11560776 2025-01-01 2025-12-31 d:RetainedEarningsMember 11560776 2024-01-01 2024-12-31 d:RetainedEarningsMember 11560776 2025-12-31 d:RetainedEarningsMember 11560776 2024-12-31 d:RetainedEarningsMember 11560776 2025-01-01 d:ProposedDividendRecognisedInEquityMember 11560776 2024-01-01 d:ProposedDividendRecognisedInEquityMember 11560776 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 11560776 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 11560776 2025-12-31 d:ProposedDividendRecognisedInEquityMember 11560776 2024-12-31 d:ProposedDividendRecognisedInEquityMember 11560776 2025-01-01 11560776 2024-01-01 11560776 2025-01-01 2025-12-31 1 11560776 2025-01-01 2025-12-31 1 11560776 2025-01-01 2025-12-31 2 iso4217:DKK xbrli:pure Årsrapport 32285201 Martinsen, Statsautoriseret Revisionspartnerselskab Banegårdsgade, 2 8300, Odder 2024-01-01 2024-12-31 2025-01-01 2025-12-31 11560776 JUVEL A/S Livøvej 22 8800 Viborg 1987-11-01 36340288 Forvis Mazars,  31061741 Kurt Christensen statsautoriseret revisor mne26824 Midtermolen 1, 2.tv. 2100 København Ø Danmark 2026-07-07 Ka Ming Larry Yuen Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark aktionærerne København Ø 2026-07-07 Viborg 2026-07-07 Grundlag for konklusion Konklusion 13303487 13279666 12871760 12538654 185572 158911 246155 582101 953234 1306703 412703 0 786686 1888804 180113 416190 606573 1472614 0 7460000 606573 -5987386 50629 51391 617425 691768 668054 743159 1317650 1317650 1317650 1317650 1985704 2060809 2271586 2204800 12767351 14394978 15038937 16599778 11212873 7467594 29437747 31800494 143303 108453 22353 25506 824417 2285979 41640693 41688026 56679630 58287804 58665334 60348613 0 6000000 6000000 7968186 7361613 0 7460000 13968186 20821613 61468 59203 40000 109406 101468 168609 3727617 3726734 39088905 34169683 1779158 1461974 44595680 39358391 44595680 39358391 58665334 60348613 11749155 11531032 805784 732184 316821 275438 12871760 12538654 19 19 412703 0 412703 0 3164125 23792 3187917 3112734 24554 3137288 50629 381981 381981 381981 381981 2280220 86675 2366895 1588452 161018 1749470 617425 1317650 1317650 1317650 6000000 6000000 6000000 6000000 7361613 13348999 606573 -5987386 7968186 7361613 7460000 0 7460000 0 0 7460000 0 7460000 59203 55711 2265 3492 61468 59203 Today, the Board of Directors and the Managing Director have approved the annual report of JUVEL A/S for the financial year 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. Ka Ming Larry Yuen Ka Ming Larry Yuen Mauro Avila Correia We have audited the financial statements of JUVEL 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. Description of key activities of the companyLike previous years, the key activities from the sale and logistics centre in Viborg is sale and distribution of stainless steel kitchen and bathroom sinks, sale of stainless steel sanitary products, mini kitches and other kitchen and bathroom sinks. Here, the products are completed and distributed to Denmark, Europe, and North America, primarily. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 13.303.487 against DKK 13.279.666 last year. Profit or loss from ordinary activities after tax totals DKK 606.573 against DKK 1.472.614 last year. Management considers the net profit or loss for the year satisfactory. Events occurring after the end of the financial yearNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 7.Provisions for deferred taxProvisions for deferred tax 1 January 202559.20355.711Deferred tax of the results for the year2.2653.492 61.46859.203 8.Contractual obligations and contingencies, etc. 31/12 2025 DKK in thousands Lease liabilities849 Total contractual obligations849 Total contingent liabilities0 Total contractual obligations and contingent liabilities849 Other contingent liabilitiesJuvel A/S has entered into a leasy of the Company's premises with an agreed termination period of 6-12 months from the leaseholder. The obligations amount to TDKK 1.032. 9.Related partiesConsolidated financial statementsThe company is included in the consolidated financial statements of Teka Industrial S.A., Calle Cajo, 17, Santander, Spain. The annual report for JUVEL A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. 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. Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, 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 and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. 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, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, 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.  Property, plant, and equipmentOther property, 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. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueLeasehold improvements5-10years0%Plant and machinery5-10years0%Other fixtures and fittings, tools and equipment3-6years0% Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit 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. Property, plant, and equipment in progressProperty, plant, and equipment in progress are measured and recognised as the total costs incurred. When the work has been completed, the total value is transferred to the relevant item under property, plant, and equipment and is amortised from the date of entry into service. LeasesLeases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Leasehold improvementsLeasehold improvements are measured at cost less accrued depreciations. Depreciation is done on a straightline basis over the estimated useful life of the asset, which is set at 5-10 years. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. 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. The net realisable value for inventories is recognised as the estimated selling price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated 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 is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. 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. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.