Belmare AS
Score · fiscal year 2025
7of 100
How to read this: the company is ahead of 1 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 3,488 of 3,541 · What are Morning company classes?
Place in the whole sector: 5,933 of 5,998 · Overnatting og servering
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 5 and solidity 0 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Belmare AS is 42 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 49 among 3,534 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −16.3% (median 1.5%) and equity ratio −86.9% (median 13.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 5 MNOK |
| Operating margin | −16.3% | 1.5% |
| Profit margin | −16.6% | 1.1% |
| Return on assets | −159.0% | 5.5% |
| Equity ratio | −86.9% | 13.1% |
| Debt-to-equity | – | 2.02 |
| Current ratio | 0.06 | 1.01 |
| Revenue growth | −7.6% | 5.7% |
| Revenue per employee | 0.04 MNOK | 0.44 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 7, Belmare AS does better than 1% of companies in the Morning class Micro in the same sector (3,541 companies) in 2025.
Score 2023–2025
- Belmare AS
- Median: companies in the Morning class Micro in the same sector
Belmare AS has a score of 7 for 2025, rank 5,933 of 5,998 in the sector.
Strongest: Consistency: percentile 17 against peers.
Weakest: Solidity: percentile 0 against peers, equity ratio −86.9% against a median of 13.1%. Liquidity: percentile 1 against peers, current ratio 0.06 against a median of 1.01.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −86.9% (median 13.1%).
- Consider strengthening liquidity: current liabilities are 16.5 times current assets. Based on: current ratio 0.06 (median 1.01).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −16.6% (median 1.1%).
- What lies behind weak solidity, 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 Belmare AS fell by 23.3 percentage points. Comparable companies fell by a median 0.8 points. So the company did 22.5 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Belmare 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 | 7.0% | 2.3% | +6.5 percentage points | +0.5 percentage points | +6.1 percentage points |
| 2025 | −16.3% | 1.5% | −23.3 percentage points | −0.8 percentage points | −22.5 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 Belmare 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 Belmare AS fell 23.3 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 | – | – | 0.4% | 7.0% | −16.3% | – |
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 Belmare AS fell 23.3 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 | – | – | 0.4% | 7.0% | −16.3% | – |
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 Belmare AS fell 23.3 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 | – | – | 0.4% | 7.0% | −16.3% | – |
Source: SSB (14710, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Belmare AS fell 23.3 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 | – | – | 0.4% | 7.0% | −16.3% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Belmare AS fell 23.3 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 | – | – | 0.4% | 7.0% | −16.3% | – |
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 Belmare AS fell 23.3 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 | – | – | 0.4% | 7.0% | −16.3% | – |
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
Belmare AS had an operating margin of −16.3% and an equity ratio of −86.9% in 2025, and ranks 5,933 of 5,998 in Overnatting og servering.
From 2024 to 2025: the equity ratio fell from 28.6% to −86.9% and the operating margin fell from 7.0% to −16.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.4 | not meaningful |
| EV/EBIT | 15.5 | not meaningful |
| P/B | 3.5 | not meaningful |
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
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −86.9% (median 13.1%).
- critical
Consider strengthening liquidity: current liabilities are 16.5 times current assets.
Based on: Current ratio 0.06 (median 1.01).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −16.6% (median 1.1%).
- 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 −16.3% (median 1.5%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.8% 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
- critical Negative equity
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 1.3%. 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 | 5 | weight 30% |
|---|---|---|
| Solidity | 0 | weight 25% |
| Liquidity | 1 | weight 15% |
| Growth | 16 | weight 15% |
| Consistency | 17 | weight 15% |
Durability: 35 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Belmare AS?
The operating margin was −16.3% in 2025, against a median of 1.5% among companies in the Morning class Micro in the same sector. Return on assets was −159.0%. The company made a loss before tax.
How solid is Belmare AS?
The equity ratio was −86.9% in 2025 (median 13.1%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Belmare AS like?
The current ratio was 0.06 in 2025 (median 1.01). Current assets did not cover current liabilities.
How does Belmare AS compare in Overnatting og servering?
Belmare AS ranks 5,933 of 5,998 in Overnatting og servering for 2025. Among companies in the Morning class Micro it is number 3,488 of 3,541. Revenue changed by −7.6% from the year before.
Group structure · 2025
5 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.
Italian House Invest Eood (foreign company) owns 100% of the shares in Milmil Invest AS.
Milmil Invest 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 5 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
- 54 in all. Holmestrand 37, Tønsberg 17 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Belmare AS
- Loss
- 2 companies: Bella Vista Revetal AS, Belmare AS
- Changed 2024–2025
- 4 companies joined the group: Belmare AS, Bella Vista Holmestrand AS, Bella Vista Revetal AS, Bella Vista Drøbak AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Milmil Invest AS
- Belmare AS you are here
- Bella Vista Revetal AS
- Bella Vista Drøbak AS
- Bella Vista Holmestrand AS
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.
- 831236892
- Legal form
- AS
- Sector
- Overnatting og servering (56.110)
- Morning company class
- Micro
- Employees
- 37 registered 10 October 2026
- Founded
- 1 February 2023 3 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Weidemanns gate 13, 3080 HOLMESTRAND
- Municipality
- Holmestrand rank 7–14 of 27 in KOSTRA group 9
- Audit
- Audit opted out from 24 April 2023
- 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
- 100%
- Group chain
-
Owned by: Milmil Invest AS (100%)
Ultimate owner: ITALIAN HOUSE INVEST EOOD
- Milmil Invest 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.
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 34 | 66 | 7 | |
| Rank | 3,610 | 1,145 | 5,933 | |
| Operating margin | 0.4% | 7.0% | −16.3% | |
| Return on assets | 1.4% | 28.1% | −159.0% | |
| Equity ratio | 6.7% | 28.6% | −86.9% | |
| Current ratio | 0.46 | 1.20 | 0.06 | |
| Revenue growth | – | 21.1% | −7.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.3 MNOK | 1.5 MNOK | 1.4 MNOK |
| Operating profit | 0.0 MNOK | 0.1 MNOK | −0.2 MNOK |
| Profit before tax | 0.0 MNOK | 0.1 MNOK | −0.2 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | 0.1 MNOK | −0.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.4 MNOK | 0.4 MNOK | 0.1 MNOK |
| Current assets | 0.2 MNOK | 0.2 MNOK | 0.0 MNOK |
| Equity | 0.0 MNOK | 0.1 MNOK | −0.1 MNOK |
| Retained earnings | 0.0 MNOK | 0.1 MNOK | −0.2 MNOK |
| Total liabilities | 0.4 MNOK | 0.3 MNOK | 0.3 MNOK |
| Current liabilities | 0.4 MNOK | 0.2 MNOK | 0.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6981966.
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