Subsurface AS
Score · fiscal year 2025
22of 100
How to read this: the company is ahead of 10 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,839 of 2,035 · What are Morning company classes?
Place in the whole sector: 3,662 of 4,004 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 32 and solidity 7 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Subsurface AS is 28 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 0.1% (median 4.9%) and equity ratio 0.4% (median 41.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 3 MNOK |
| Operating margin | 0.1% | 4.9% |
| Profit margin | 0.1% | 4.8% |
| Return on assets | 0.0% | 10.1% |
| Equity ratio | 0.4% | 41.2% |
| Debt-to-equity | 234.80 | 1.10 |
| Current ratio | 0.14 | 1.67 |
| Revenue growth | −35.3% | 5.1% |
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 22, Subsurface AS does better than 10% of companies in the Morning class Micro in the same sector (2,035 companies) in 2025.
Score 2023–2025
- Subsurface AS
- Median: companies in the Morning class Micro in the same sector
Subsurface AS has a score of 22 for 2025, rank 3,662 of 4,004 in the sector.
Strongest: Consistency: percentile 62 against peers.
Weakest: Liquidity: percentile 1 against peers, current ratio 0.14 against a median of 1.67. Solidity: percentile 7 against peers, equity ratio 0.4% against a median of 41.2%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 7.0 times current assets. Based on: current ratio 0.14 (median 1.67).
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 0.4% (median 41.2%).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 0.9 percentage points better than for comparable companies: the company −0.1, the industry −0.9 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 Subsurface AS fell by 0.1 percentage points. Comparable companies fell by a median 0.9 points. So the company did 0.9 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Subsurface AS moved the same way as comparable companies 0 times. About 46% 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 | 0.1% | 5.8% | −0.2 percentage points | +0.0 percentage points | −0.3 percentage points |
| 2025 | 0.1% | 4.9% | −0.1 percentage points | −0.9 percentage points | +0.9 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 Subsurface 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 Subsurface AS fell 0.1 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 | – | – | 0.4% | 0.1% | 0.1% | – |
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 Subsurface AS fell 0.1 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 | – | – | 0.4% | 0.1% | 0.1% | – |
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 Subsurface AS fell 0.1 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 | – | – | 0.4% | 0.1% | 0.1% | – |
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 Subsurface AS fell 0.1 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 | – | – | 0.4% | 0.1% | 0.1% | – |
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 Subsurface AS fell 0.1 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 | – | – | 0.4% | 0.1% | 0.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Subsurface AS fell 0.1 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% | 0.1% | 0.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Subsurface AS fell 0.1 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% | 0.1% | 0.1% | – |
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 Subsurface AS fell 0.1 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 | – | – | 0.4% | 0.1% | 0.1% | – |
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
Subsurface AS had an operating margin of 0.1% and an equity ratio of 0.4% in 2025, and ranks 3,662 of 4,004 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: revenue fell by 35%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | 0 MNOK |
| EV/EBIT | 15.9 | 0 MNOK |
| P/B | 3.2 | 0 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
- critical
Consider strengthening liquidity: current liabilities are 7.0 times current assets.
Based on: Current ratio 0.14 (median 1.67).
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 0.4% (median 41.2%).
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 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 | 32 | weight 30% |
|---|---|---|
| Solidity | 7 | weight 25% |
| Liquidity | 1 | weight 15% |
| Growth | 9 | weight 15% |
| Consistency | 62 | weight 15% |
Durability: 23 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Subsurface AS?
The operating margin was 0.1% in 2025, against a median of 4.9% among companies in the Morning class Micro in the same sector. Return on assets was 0.0%.
How solid is Subsurface AS?
The equity ratio was 0.4% in 2025 (median 41.2%). Debt-to-equity was 234.80 (median 1.10).
What is the liquidity of Subsurface AS like?
The current ratio was 0.14 in 2025 (median 1.67). Current assets did not cover current liabilities.
How does Subsurface AS compare in Teknisk tjenesteyting og forskning?
Subsurface AS ranks 3,662 of 4,004 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 1,839 of 2,035. Revenue changed by −35.3% from the year before.
Group structure · 2025
3 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.
No owner holds more than half of the shares in Subsurface AS.
Subsurface AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Subsurface 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.
- 915432808
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 8 May 2015 11 years in operation
- Share capital
- 0.03 MNOK
- Business address
- c/o People Performance AS, Energivegen 20, 4056 TANANGER (SOLA)
- Municipality
- Sola rank 2 of 27 in KOSTRA group 9
- Audit
- Audit opted out from 26 May 2015
- Latest accounts filed
- 2025
- Website
- www.subsurfaceas.com
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 2 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 3
- Largest owner
- 20.0%
- Split
- companies 20% · private persons 30% · foreign 15%
- Kasisto AS · 40.0%
- 2 private persons · 30.0%
The company is new in the shareholder register in 2025.
Majority owner of: Bluelux AS (100%), Subcem AS (60%)
Holds shares in: Bluelux AS (100%), Subcem AS (60%)
The owners' shares do not add up to the company's total number of shares in the source.
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 31 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 16 | 32 | 22 | |
| Rank | 3,517 | 3,206 | 3,662 | |
| Operating margin | 0.4% | 0.1% | 0.1% | |
| Return on assets | 0.1% | 0.1% | 0.0% | |
| Equity ratio | 0.6% | 0.5% | 0.4% | |
| Current ratio | 0.04 | 0.06 | 0.14 | |
| Revenue growth | – | 132.1% | −35.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.5 MNOK | 3.5 MNOK | 2.3 MNOK |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Profit before tax | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Tax expense | – | – | – |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 5.7 MNOK | 7.5 MNOK | 9.3 MNOK |
| Current assets | 0.2 MNOK | 0.5 MNOK | 0.6 MNOK |
| Equity | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Retained earnings | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total liabilities | 5.6 MNOK | 7.4 MNOK | 9.2 MNOK |
| Current liabilities | 5.6 MNOK | 7.4 MNOK | 4.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 7131785.
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