Mindshift AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Key facts
Is the company run well?
Five key figures against companies in the Morning class Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 3.2% Weaker than the industry Industry: 9.8%
- Returns · return on assets 6.8% Weaker than the industry Industry: 22.4%
- Solidity · equity ratio 62.1% Better than the industry Industry: 26.0%
- Liquidity · current ratio 1.60 Better than the industry Industry: 1.28
- Growth · revenue growth −8.4% Weaker than the industry Industry: 8.3%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
49of 100
How to read this: the company is ahead of 45 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 600 of 1,090 · What are Morning company classes?
Place in the whole sector: 3,557 of 6,604 · Revisjon, regnskap og rådgivning
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 27 and resilience 73 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Mindshift AS is 2 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,090 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 3.2% (median 9.8%) and equity ratio 62.1% (median 26.0%).
How it has gone · 2023–2025
Revenue fell by 36 % from 2023 to 2025, to 16.2 MNOK. The operating margin fell from 7.3% in 2023 to 3.2% in 2025. The equity ratio rose from 57.4% in 2023 to 62.1% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 25.4 MNOK | 17.6 MNOK | 16.2 MNOK |
| Operating profit | 1.8 MNOK | −2.2 MNOK | 0.5 MNOK |
| Net profit | 1.5 MNOK | −2.2 MNOK | 0.5 MNOK |
| Total assets | 11.6 MNOK | 7.7 MNOK | 8.0 MNOK |
| Equity | 6.7 MNOK | 4.4 MNOK | 5.0 MNOK |
| Total liabilities | 5.0 MNOK | 3.3 MNOK | 3.0 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 818500912
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Purpose
- Å levere rådgivnings- og konsulenttjenester innenfor digitalisering og kundeopplevelse, samt delta i virksomhet med beslektet type aktivitet.
- Morning company class
- Small
- Employees
- 9 registered 10 May 2026
- Founded
- 4 January 2017 9 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Wergelandsveien 21B, 0167 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Mindshift AS has a score of 49 for 2025, rank 3,557 of 6,604 in the sector.
Strongest: Solidity: percentile 86 against peers, equity ratio 62.1% against a median of 26.0%. Liquidity: percentile 67 against peers, current ratio 1.60 against a median of 1.28.
Weakest: Profitability: percentile 27 against peers, operating margin 3.2% against a median of 9.8%.
Worth a closer look
- What lies behind weak profitability, and will it last?
- The change in operating margin in 2025 was 14.6 percentage points better than for comparable companies: the company +15.8, the industry +1.2 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Worth a closer look
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.3% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 5.7%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 27 | weight 40% |
|---|---|---|
| Solidity | 86 | weight 20% |
| Liquidity | 67 | weight 5% |
| Growth | 52 | weight 25% |
| Consistency | 48 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 46 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 16 MNOK | 17 MNOK |
| Operating margin | 3.2% | 9.8% |
| Profit margin | 3.3% | 10.5% |
| Return on assets | 6.8% | 22.4% |
| Equity ratio | 62.1% | 26.0% |
| Debt-to-equity | 0.61 | 2.64 |
| Current ratio | 1.60 | 1.28 |
| Revenue growth | −8.4% | 8.3% |
| Revenue per employee | 1.80 MNOK | 1.58 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 49, Mindshift AS does better than 45% of companies in the Morning class Small in the same sector (1,090 companies) in 2025.
Score 2023–2025
- Mindshift AS
- Median: companies in the Morning class Small in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
35 days | 67 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
0 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
−9.4% | −7.5% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
68.6% | 44.6% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
64.7 | 60.8 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
0.3% | 0.3% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 4.8% | |
Net working capital (current assets less bank deposits less current liabilities): −1.5 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
The industry or the company: what drove the result?
In 2025 the operating margin of Mindshift AS rose by 15.8 percentage points. Comparable companies rose by a median 1.2 points. So the company did 14.6 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Mindshift AS moved the same way as comparable companies 2 times. About 4% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | −12.6% | 8.5% | −19.9 percentage points | −0.4 percentage points | −19.5 percentage points |
| 2025 | 3.2% | 9.8% | +15.8 percentage points | +1.2 percentage points | +14.6 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Mindshift AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
Turnover index: legal and accounting activities rose 4.8% in 2025; the operating margin of Mindshift AS rose 15.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | 7.3% | −12.6% | 3.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
Turnover index: management consultancy rose 6.5% in 2025; the operating margin of Mindshift AS rose 15.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | 7.3% | −12.6% | 3.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
Service prices: legal and accounting rose 4.9% in 2025; the operating margin of Mindshift AS rose 15.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | 7.3% | −12.6% | 3.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Mindshift AS rose 15.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | 7.3% | −12.6% | 3.2% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Mindshift AS rose 15.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | 7.3% | −12.6% | 3.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
Wage index: legal and accounting rose 5.4% in 2025; the operating margin of Mindshift AS rose 15.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | 7.3% | −12.6% | 3.2% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Mindshift AS had an operating margin of 3.2% and an equity ratio of 62.1% in 2025, and ranks 3,557 of 6,604 in Revisjon, regnskap og rådgivning.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −12.6% to 3.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 4 MNOK and 13 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | not meaningful |
| EV/EBIT | 17.4 | 4 MNOK |
| P/B | 4.1 | 13 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 1 MNOK |
| Enterprise value after the size adjustment | 1 MNOK |
| Less net debt (rough figure) | −3 MNOK |
| Equity value | 4 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is −664% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The NACE code has no listed industry of its own in the table, so the multiples are the sector median: Business & Consumer Services.
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Questions and answers
How profitable is Mindshift AS?
The operating margin was 3.2% in 2025, against a median of 9.8% among companies in the Morning class Small in the same sector. Return on assets was 6.8%.
How solid is Mindshift AS?
The equity ratio was 62.1% in 2025 (median 26.0%). Debt-to-equity was 0.61 (median 2.64).
What is the liquidity of Mindshift AS like?
The current ratio was 1.60 in 2025 (median 1.28).
How does Mindshift AS compare in Revisjon, regnskap og rådgivning?
Mindshift AS ranks 3,557 of 6,604 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Small it is number 600 of 1,090. Revenue changed by −8.4% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Magna Prosjekt Sør AS |  Cheetah |
17 MNOK | 11.4% | 47 |
| Prismatch AS · same municipality |  Beaver |
17 MNOK | 0.6% | 23 |
| Betongpark Solutions AS · same municipality |  Lion |
17 MNOK | 18.9% | 75 |
| Event Works AS | Beaver |
17 MNOK | 0.3% | 19 |
| Plait AS · same municipality | Cheetah |
16 MNOK | 75.6% | 68 |
| Mindshift AS (this company) |  Elephant |
16 MNOK | 3.2% | 49 |
| HW Consulting AS | Lion |
16 MNOK | 29.3% | 67 |
| Systems7 AS · same municipality | Cheetah |
16 MNOK | 7.8% | 46 |
| Sensum Event og Kultur AS · same municipality | Beaver |
16 MNOK | −11.0% | 4 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- value not stated
- Framework agreements
- 1
- Left out of the total: the value is a ceiling, not actual spend.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 11 July 2024 | Direktoratet for byggkvalitet | Kunngjøring av kontraktstildeling, konsulenttjenester innen prosjekt- og prosesstøtte | value not stated |
| 19 September 2019 | Direktoratet for byggkvalitet | Prosjekt- og prosesstøtte | 0.0 MNOK |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Dependence on public contracts
Awarded value in the year seen against revenue the same year. This is not a share of revenue: the value is the whole contract, often for several years, and it does not necessarily become revenue that year.
| Year | Contracts | Awarded value | Awarded value against revenue |
|---|---|---|---|
| 2024 | 0 | not stated | – |
Framework agreements are left out (1 since 2024). A ceiling is not a purchase.
Largest public buyers since 2024
| Buyer | Contracts | Value | Share of value |
|---|---|---|---|
| Direktoratet for byggkvalitet | 1 | not stated | – |
Key contracts
The largest contracts by awarded value, framework agreements excluded.
| Date | Buyer | Contract | Value |
|---|---|---|---|
| 19 September 2019 | Direktoratet for byggkvalitet | Prosjekt- og prosesstøtte | 0.0 MNOK |
- The value is the whole contract as stated by the buyer, often for several years.
- Framework agreements are left out of the sums, since the value is a ceiling. Many frameworks are not marked in Doffin and may still be included.
- Only awards where Doffin gives the company's organisation number.
- Contracts without a stated value are counted but not summed.
- An indication of dependence, not an accounting figure. End dates are rarely in the Doffin data.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 6
- Largest owner
- 30.2% · top three 63.4%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 53%
- Haipa Holding AS · 30.2%
- Jodal Holding AS · 16.6%
- Hallan Holding AS · 16.6%
- Mindshift Holding AS · 14.0%
- Tfe Holding AS · 11.7%
- Non Troppo AS · 10.9%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Is this your company? Suggest changes or add information
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 63 | 27 | 49 | |
| Rank | 1,681 | 5,615 | 3,557 | |
| Operating margin | 7.3% | −12.6% | 3.2% | |
| Return on assets | 16.1% | −28.5% | 6.8% | |
| Equity ratio | 57.4% | 57.7% | 62.1% | |
| Current ratio | 1.86 | 1.30 | 1.60 | |
| Revenue growth | – | −30.4% | −8.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 25.4 MNOK | 17.6 MNOK | 16.2 MNOK |
| Operating profit | 1.8 MNOK | −2.2 MNOK | 0.5 MNOK |
| Profit before tax | 1.9 MNOK | −2.2 MNOK | 0.5 MNOK |
| Tax expense | 0.4 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 1.5 MNOK | −2.2 MNOK | 0.5 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 11.6 MNOK | 7.7 MNOK | 8.0 MNOK |
| Current assets | 9.3 MNOK | 4.2 MNOK | 4.9 MNOK |
| Equity | 6.7 MNOK | 4.4 MNOK | 5.0 MNOK |
| Retained earnings | 6.3 MNOK | 4.1 MNOK | 4.6 MNOK |
| Total liabilities | 5.0 MNOK | 3.3 MNOK | 3.0 MNOK |
| Current liabilities | 5.0 MNOK | 3.3 MNOK | 3.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6923728.
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