Cartesian AS
Score · fiscal year 2025
37of 100
How to read this: the company is ahead of 26 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,506 of 2,035 · What are Morning company classes?
Place in the whole sector: 3,051 of 4,004 · Teknisk tjenesteyting og forskning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 4 and solidity 69 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Cartesian AS is 13 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 2,034 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −297.2% (median 4.9%) and equity ratio 61.7% (median 41.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 5 MNOK | 3 MNOK |
| Operating margin | −297.2% | 4.9% |
| Profit margin | −291.3% | 4.8% |
| Return on assets | −53.3% | 10.1% |
| Equity ratio | 61.7% | 41.2% |
| Debt-to-equity | 0.62 | 1.10 |
| Current ratio | 6.00 | 1.67 |
| Revenue growth | −20.6% | 5.1% |
| Revenue per employee | 0.54 MNOK | 0.72 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 37, Cartesian AS does better than 26% of companies in the Morning class Micro in the same sector (2,035 companies) in 2025.
Score 2023–2025
- Cartesian AS
- Median: companies in the Morning class Micro in the same sector
Cartesian AS has a score of 37 for 2025, rank 3,051 of 4,004 in the sector.
Strongest: Liquidity: percentile 91 against peers, current ratio 6.00 against a median of 1.67. Solidity: percentile 69 against peers, equity ratio 61.7% against a median of 41.2%.
Weakest: Profitability: percentile 4 against peers, operating margin −297.2% against a median of 4.9%. Consistency: percentile 14 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −291.3% (median 4.8%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −297.2% (median 4.9%).
- What lies behind weak profitability, and will it last?
- What lies behind weak consistency, and will it last?
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 Cartesian AS fell by 94.9 percentage points. Comparable companies fell by a median 0.9 points. So the company did 94.0 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Cartesian AS moved the same way as comparable companies 1 times. About 0% 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 | −202.2% | 5.8% | +1,544.6 percentage points | +0.0 percentage points | +1,544.5 percentage points |
| 2025 | −297.2% | 4.9% | −94.9 percentage points | −0.9 percentage points | −94.0 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 Cartesian AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Cartesian AS fell 94.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Cartesian AS fell 94.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Cartesian AS fell 94.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Cartesian AS fell 94.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Cartesian AS fell 94.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Cartesian AS fell 94.9 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 | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Cartesian AS fell 94.9 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 | – | – | −1,746.8% | −202.2% | −297.2% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Cartesian AS fell 94.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | −1,746.8% | −202.2% | −297.2% | – |
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
Cartesian AS had an operating margin of −297.2% and an equity ratio of 61.7% in 2025, and ranks 3,051 of 4,004 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from −202.2% to −297.2% and the equity ratio rose from 20.0% to 61.7%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 29 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | not meaningful |
| EV/EBIT | 15.9 | not meaningful |
| P/B | 3.2 | 29 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
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
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −291.3% (median 4.8%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −297.2% (median 4.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.4% 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
- watch Extreme margin: check the figures
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 4 | weight 30% |
|---|---|---|
| Solidity | 69 | weight 25% |
| Liquidity | 91 | weight 15% |
| Growth | 17 | weight 15% |
| Consistency | 14 | weight 15% |
Durability: 34 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Cartesian AS?
The operating margin was −297.2% in 2025, against a median of 4.9% among companies in the Morning class Micro in the same sector. Return on assets was −53.3%. The company made a loss before tax.
How solid is Cartesian AS?
The equity ratio was 61.7% in 2025 (median 41.2%). Debt-to-equity was 0.62 (median 1.10).
What is the liquidity of Cartesian AS like?
The current ratio was 6.00 in 2025 (median 1.67).
How does Cartesian AS compare in Teknisk tjenesteyting og forskning?
Cartesian AS ranks 3,051 of 4,004 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 1,506 of 2,035. Revenue changed by −20.6% from the year before.
From the Central Coordinating Register
- Org. no.
- 830975012
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (74.110)
- Morning company class
- Micro
- Employees
- 10 registered 10 October 2026
- Founded
- 6 February 2023 3 years in operation
- Share capital
- 1.09 MNOK
- Business address
- Tempevegen 22, 7031 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.cartesian.no
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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 12
- Largest owner
- 34.8% · top three 59.6%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 70%
- SINTEF Venture VI AS · 34.8%
- Eviny Ventures AS · 14.6%
- Altes AS · 10.2%
- Cadenza AS · 10.2%
- Nyhushaugen AS · 9.2%
- Såkorn 1 Midt AS · 6.0%
- Kongsberg Pre-Såkorn Fond 1 AS · 5.2%
- Ystvika Holding AS · 3.0%
- Devico Invest AS · 3.0%
- Vårvind AS · 2.5%
- 1 private persons · 0.1%
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.
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 32 | 37 | |
| Rank | – | 3,202 | 3,051 | |
| Operating margin | −1,746.8% | −202.2% | −297.2% | |
| Return on assets | −13.7% | −134.0% | −53.3% | |
| Equity ratio | 72.3% | 20.0% | 61.7% | |
| Current ratio | 2.68 | 1.76 | 6.00 | |
| Revenue growth | – | 3,960.7% | −20.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.2 MNOK | 6.9 MNOK | 5.4 MNOK |
| Operating profit | −3.0 MNOK | −13.9 MNOK | −16.2 MNOK |
| Profit before tax | −2.9 MNOK | −13.5 MNOK | −15.9 MNOK |
| Tax expense | – | – | – |
| Net profit | −2.9 MNOK | −13.5 MNOK | −15.9 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.2 MNOK |
| Total assets | 21.4 MNOK | 10.1 MNOK | 29.5 MNOK |
| Current assets | 15.9 MNOK | 5.4 MNOK | 25.7 MNOK |
| Equity | 15.5 MNOK | 2.0 MNOK | 18.2 MNOK |
| Retained earnings | −2.9 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total liabilities | 5.9 MNOK | 8.0 MNOK | 11.3 MNOK |
| Current liabilities | 5.9 MNOK | 3.0 MNOK | 4.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6922000.
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