Heiro AS
Score · fiscal year 2025
45of 100
How to read this: the company is ahead of 40 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 6,826 of 11,289 · What are Morning company classes?
Place in the whole sector: 14,024 of 22,952 · Handel
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 61 and solidity 29 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Heiro AS is 5 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 11,286 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 13.7% (median 2.6%) and equity ratio 18.7% (median 33.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 4 MNOK |
| Operating margin | 13.7% | 2.6% |
| Profit margin | −32.8% | 2.1% |
| Return on assets | 2.0% | 6.1% |
| Equity ratio | 18.7% | 33.5% |
| Debt-to-equity | 4.33 | 1.25 |
| Current ratio | 0.70 | 1.74 |
| Revenue growth | 105.6% | 4.0% |
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 45, Heiro AS does better than 40% of companies in the Morning class Micro in the same sector (11,289 companies) in 2025.
Score 2023–2025
- Heiro AS
- Median: companies in the Morning class Micro in the same sector
Heiro AS has a score of 45 for 2025, rank 14,024 of 22,952 in the sector.
Strongest: Growth: percentile 92 against peers, revenue growth 105.6% against a median of 4.0%. Profitability: percentile 61 against peers, operating margin 13.7% against a median of 2.6%.
Weakest: Liquidity: percentile 12 against peers, current ratio 0.70 against a median of 1.74. Consistency: percentile 24 against peers.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.4 times current assets. Based on: current ratio 0.70 (median 1.74).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −32.8% (median 2.1%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 105.6% (median 4.0%); current ratio 0.70 (median 1.74).
- 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
What the numbers say
Heiro AS had an operating margin of 13.7% and an equity ratio of 18.7% in 2025, and ranks 14,024 of 22,952 in Handel.
From 2024 to 2025: revenue grew by 106% and the operating margin fell from 27.9% to 13.7%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 3 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | debt above value |
| P/B | 1.0 | 3 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.4 times current assets.
Based on: Current ratio 0.70 (median 1.74).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −32.8% (median 2.1%).
- 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 105.6% (median 4.0%); Current ratio 0.70 (median 1.74).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 8.2% 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 1.5%. Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 61 | weight 30% |
|---|---|---|
| Solidity | 29 | weight 25% |
| Liquidity | 12 | weight 15% |
| Growth | 92 | weight 15% |
| Consistency | 24 | weight 15% |
Durability: 53 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Heiro AS?
The operating margin was 13.7% in 2025, against a median of 2.6% among companies in the Morning class Micro in the same sector. Return on assets was 2.0%. The company made a loss before tax.
How solid is Heiro AS?
The equity ratio was 18.7% in 2025 (median 33.5%). Debt-to-equity was 4.33 (median 1.25).
What is the liquidity of Heiro AS like?
The current ratio was 0.70 in 2025 (median 1.74). Current assets did not cover current liabilities.
How does Heiro AS compare in Handel?
Heiro AS ranks 14,024 of 22,952 in Handel for 2025. Among companies in the Morning class Micro it is number 6,826 of 11,289. Revenue changed by 105.6% from the year before.
From the Central Coordinating Register
- Org. no.
- 889192372
- Legal form
- AS
- Sector
- Handel (47.810)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 22 December 2005 20 years in operation
- Share capital
- 0.07 MNOK
- Business address
- Husløsveien 44, 1626 MANSTAD (FREDRIKSTAD)
- Municipality
- Fredrikstad rank 11 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 15 December 2022
- 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
- Chief executive
- Roger Bakkerud
- Chair of the board
- Roger Bakkerud
- Board member
- Heidi Solveig Larsen Bakkerud
- Accountant
- Resultat Regnskap AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 26 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 62 | 45 | |
| Rank | – | 6,250 | 14,024 | |
| Operating margin | 36.5% | 27.9% | 13.7% | |
| Return on assets | 2.3% | 2.2% | 2.0% | |
| Equity ratio | 44.5% | 40.7% | 18.7% | |
| Current ratio | 0.22 | 3.17 | 0.70 | |
| Revenue growth | – | 35.5% | 105.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.8 MNOK | 1.1 MNOK | 2.2 MNOK |
| Operating profit | 0.3 MNOK | 0.3 MNOK | 0.3 MNOK |
| Profit before tax | −0.1 MNOK | −0.2 MNOK | −0.7 MNOK |
| Net profit | −0.1 MNOK | −0.2 MNOK | −0.5 MNOK |
| Financial expenses | 0.4 MNOK | 0.5 MNOK | 1.0 MNOK |
| Total assets | 12.5 MNOK | 13.2 MNOK | 15.2 MNOK |
| Current assets | 0.1 MNOK | 0.4 MNOK | 1.9 MNOK |
| Equity | 5.6 MNOK | 5.4 MNOK | 2.9 MNOK |
| Retained earnings | 5.4 MNOK | 5.2 MNOK | 2.8 MNOK |
| Total liabilities | 7.0 MNOK | 7.8 MNOK | 12.4 MNOK |
| Current liabilities | 0.4 MNOK | 0.1 MNOK | 2.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6740694.
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