Matbu 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
Score · fiscal year 2025
65of 100
How to read this: the company is ahead of 79 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 446 of 2,159 · What are Morning company classes?
Place in the whole sector: 1,477 of 6,735 · Overnatting og servering
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 76 and resilience 36 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Matbu AS is 14 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 2,159 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 7.6% (median 5.0%) and equity ratio 10.8% (median 19.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 14 MNOK | 16 MNOK |
| Operating margin | 7.6% | 5.0% |
| Profit margin | 7.7% | 4.7% |
| Return on assets | 39.9% | 14.4% |
| Equity ratio | 10.8% | 19.4% |
| Debt-to-equity | 8.28 | 2.95 |
| Current ratio | 0.76 | 1.04 |
| Revenue growth | 59.4% | 5.7% |
| Revenue per employee | 0.65 MNOK | 0.73 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 65, Matbu AS does better than 79% of companies in the Morning class Small in the same sector (2,159 companies) in 2025.
Score 2023–2025
- Matbu AS
- Median: companies in the Morning class Small in the same sector
Matbu AS has a score of 65 for 2025, rank 1,477 of 6,735 in the sector.
Strongest: Growth: percentile 89 against peers, revenue growth 59.4% against a median of 5.7%. Profitability: percentile 76 against peers, operating margin 7.6% against a median of 5.0%.
Weakest: Liquidity: percentile 25 against peers, current ratio 0.76 against a median of 1.04. Solidity: percentile 31 against peers, equity ratio 10.8% against a median of 19.4%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.3 times current assets. Based on: current ratio 0.76 (median 1.04).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 59.4% (median 5.7%); current ratio 0.76 (median 1.04).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 3.3 percentage points better than for comparable companies: the company +6.0, the industry +2.8 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
The industry or the company: what drove the result?
In 2025 the operating margin of Matbu AS rose by 6.0 percentage points. Comparable companies rose by a median 2.8 points. So the company did 3.3 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Matbu AS moved the same way as comparable companies 2 times. About 23% 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 | 1.6% | 2.3% | +8.2 percentage points | +0.4 percentage points | +7.7 percentage points |
| 2025 | 7.6% | 5.0% | +6.0 percentage points | +2.8 percentage points | +3.3 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 Matbu AS. The figures stand side by side; we claim no cause.
Service prices: accommodation and food (indeks (2021 = 100))
Service prices: accommodation and food rose 3.6% in 2025; the operating margin of Matbu AS rose 6.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: accommodation and food, annual average | 100.0 | 107.9 | 114.0 | 118.8 | 123.1 | 126.9 (so far) |
| Change from the year before | – | +7.9% | +5.7% | +4.1% | +3.6% | +3.1% |
| The company's operating margin | – | – | −6.6% | 1.6% | 7.6% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: accommodation and food service (indeks (2021 = 100))
Turnover index: accommodation and food service rose 2.3% in 2025; the operating margin of Matbu AS rose 6.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: accommodation and food service, annual average | 97.0 | 139.7 | 153.5 | 157.8 | 161.5 | 170.4 (so far) |
| Change from the year before | +23.4% | +44.1% | +9.9% | +2.8% | +2.3% | +5.5% |
| The company's operating margin | – | – | −6.6% | 1.6% | 7.6% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Matbu AS rose 6.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | −6.6% | 1.6% | 7.6% | – |
Source: SSB (14710, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Matbu AS rose 6.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | −6.6% | 1.6% | 7.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Matbu AS rose 6.0 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 | – | – | −6.6% | 1.6% | 7.6% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: food and beverage service (indeks)
Wage index: food and beverage service rose 6.5% in 2025; the operating margin of Matbu AS rose 6.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: food and beverage service, annual average | 88.0 | 91.3 | 96.4 | 101.5 | 108.1 | 110.6 (so far) |
| Change from the year before | +3.5% | +3.8% | +5.6% | +5.4% | +6.5% | +2.3% |
| The company's operating margin | – | – | −6.6% | 1.6% | 7.6% | – |
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
Matbu AS had an operating margin of 7.6% and an equity ratio of 10.8% in 2025, and ranks 1,477 of 6,735 in Overnatting og servering.
From 2024 to 2025: the equity ratio rose from −35.6% to 10.8% and revenue grew by 59%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 4 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 19.8 | 3 MNOK |
| EV/EBIT | 16.2 | 4 MNOK |
| P/B | 3.3 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 5 MNOK |
| Enterprise value after the size adjustment | 3 MNOK |
| Less net debt (rough figure) | −1 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 −50% 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 multiples are from the listed industry that matches the NACE code (56): Restaurant/Dining.
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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.3 times current assets.
Based on: Current ratio 0.76 (median 1.04).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 59.4% (median 5.7%); Current ratio 0.76 (median 1.04).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 1.8%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 76 | weight 40% |
|---|---|---|
| Solidity | 31 | weight 20% |
| Liquidity | 25 | weight 5% |
| Growth | 89 | weight 25% |
| Consistency | 50 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 41 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Matbu AS?
The operating margin was 7.6% in 2025, against a median of 5.0% among companies in the Morning class Small in the same sector. Return on assets was 39.9%.
How solid is Matbu AS?
The equity ratio was 10.8% in 2025 (median 19.4%). Debt-to-equity was 8.28 (median 2.95).
What is the liquidity of Matbu AS like?
The current ratio was 0.76 in 2025 (median 1.04). Current assets did not cover current liabilities.
How does Matbu AS compare in Overnatting og servering?
Matbu AS ranks 1,477 of 6,735 in Overnatting og servering for 2025. Among companies in the Morning class Small it is number 446 of 2,159. Revenue changed by 59.4% 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.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Alna Grill AS |  Lion |
14 MNOK | 5.1% | 66 |
| Peking-House AS | Lion |
14 MNOK | 20.0% | 75 |
| Matbu AS (this company) |  Cheetah |
14 MNOK | 7.6% | 65 |
| Kenneth Eimstad Restaurantdrift AS | Lion |
14 MNOK | 16.2% | 68 |
| Orion Pizzagrill AS | Cheetah |
14 MNOK | 12.4% | 48 |
| Ålgård Pizza AS | Cheetah |
14 MNOK | 16.7% | 58 |
| Erketunet Gardsbakeri Oslo AS |  Beaver |
14 MNOK | 4.9% | 58 |
| Arendal City Pizza AS | Beaver |
14 MNOK | −24.2% | 5 |
| Fauske Jernbanekafe Takeoverco AS |  Elephant |
14 MNOK | 1.9% | 53 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
2 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Thai Smile Asia Market AS. Persons are not shown by name.
Thai Smile Asia Market AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Overnatting og servering (2 companies) 2 of 2 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 21 in all. Bergen 21 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Changed 2024–2025
- 1 company joined the group: Matbu AS.
-
Thai Smile Asia Market AS
- Matbu AS you are here
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
From the Central Coordinating Register
- Org. no.
- 825425322
- Legal form
- AS
- Sector
- Overnatting og servering (56.110)
- Morning company class
- Small
- Employees
- 21 registered 10 September 2026
- Founded
- 11 June 2020 6 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Kong Oscars gate 44, 5017 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
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
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 0%
- Group chain
-
Owned by: Thai Smile Asia Market AS (100%)
Ultimate owner: private person
- Thai Smile Asia Market AS · 100.0%
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 | 9 | 48 | 65 | |
| Rank | 5,426 | 3,376 | 1,477 | |
| Operating margin | −6.6% | 1.6% | 7.6% | |
| Return on assets | −60.5% | 7.3% | 39.9% | |
| Equity ratio | −173.6% | −35.6% | 10.8% | |
| Current ratio | 0.45 | 0.55 | 0.76 | |
| Revenue growth | – | 97.8% | 59.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 4.4 MNOK | 8.6 MNOK | 13.8 MNOK |
| Operating profit | −0.3 MNOK | 0.1 MNOK | 1.1 MNOK |
| Profit before tax | −0.3 MNOK | 0.1 MNOK | 1.1 MNOK |
| Tax expense | – | – | 0.1 MNOK |
| Net profit | −0.3 MNOK | 0.1 MNOK | 1.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.5 MNOK | 1.9 MNOK | 2.6 MNOK |
| Current assets | 0.3 MNOK | 0.8 MNOK | 1.8 MNOK |
| Equity | −0.8 MNOK | −0.7 MNOK | 0.3 MNOK |
| Retained earnings | −0.9 MNOK | −0.7 MNOK | 0.2 MNOK |
| Total liabilities | 1.3 MNOK | 2.6 MNOK | 2.4 MNOK |
| Current liabilities | 0.8 MNOK | 1.4 MNOK | 2.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 7089847.
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