Holtskogen N4b 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
Key facts
Is the company run well?
Five key figures against companies in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Returns · return on assets −6.6% Weaker than the industry Industry: 7.8%
- Solidity · equity ratio 11.2% Weaker than the industry Industry: 27.9%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
Not enough data: Revenue not reported
Based on the annual accounts for 2025
How it has gone · 2023–2025
The equity ratio fell from 19.3% in 2023 to 11.2% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.5 MNOK | 0.6 MNOK | 0.6 MNOK |
| Equity | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total liabilities | 0.4 MNOK | 0.5 MNOK | 0.5 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 915654398
- Legal form
- AS
- Sector
- Eiendom (68.110)
- Purpose
- Erverv, planlegging og prosjektering, utbygging, drift og utleie av eiendom og bygg. Videre har selskapet til formål å organisere eller delta i tiltak eller selskap som har sammenheng med ovennevnte formål.
- Employees
- 0–4 (not registered)
- Founded
- 25 June 2015 11 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Søndre gate 15, 7011 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- 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
Worth a closer look
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) −1.4 (median 1.8); Financial costs as a share of debt 5.2% (median 4.9%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 23.2%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.2% 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
- watch Revenue not reported
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 15.0%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating margin | – | 46.3% |
| Profit margin | – | 23.2% |
| Return on assets | −6.6% | 7.8% |
| Equity ratio | 11.2% | 27.9% |
| Debt-to-equity | 7.96 | 2.15 |
| Current ratio | – | 1.36 |
| Revenue growth | – | 3.5% |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
– | 42 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
– | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
– | −10.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
– | 48.9% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
−1.4 | 1.8 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
5.2% | 4.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 86.6% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
−56.5% | 12.2% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
−59.5% | 7.9% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
– | 18.5% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
– | 0.17 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
8.96 | 3.14 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
– | 6.7 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
– | 1.01 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
– | 1.19 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
– | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
– | 1.3 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
– | 12.5% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
– | 79.2% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
– | 9 mo. | |
The operating result is not positive, so net debt over operating result and the safety margin are not calculated.
The median and the bar are for companies in the same sector in 2025. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
The industry or the company: what drove the result?
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 Holtskogen N4b AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
| 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 | – | – | – | – | – | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.7 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.9% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | – | – | – | – |
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
Holtskogen N4b AS had an equity ratio of 11.2% in 2025. The company is not ranked: revenue not reported.
From 2024 to 2025: the equity ratio fell from 18.0% to 11.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 0 MNOK
The mean of the 1 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 1.03 NOK per share, on 33,000 shares in the shareholder register.
One method gives a figure: 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 11.3 | not meaningful |
| EV/EBIT | 16.6 | not meaningful |
| P/B | 0.9 | 0 MNOK |
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 (68.1): Real Estate (Development).
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
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Equity paid out or paid in
- Equity moved as the result implied in 2025.
Calculated as equity at the start of the year + net result − equity at the end of the year. What remains is dividends and group contributions, less new capital, plus other entries made directly to equity. It is not a dividend figure. - Self-financed growth
- Equity grew −44% from its own earnings in 2025.
Calculated as net result less what left equity, over equity at the start of the year. It is not growth as reported in the accounts. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- 0 of 2 on the board are 60 or older.
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
Questions and answers
How profitable is Holtskogen N4b AS?
The operating margin was – in 2025, against a median of 46.3% among companies in the same sector. Return on assets was −6.6%. The company made a loss before tax.
How solid is Holtskogen N4b AS?
The equity ratio was 11.2% in 2025 (median 27.9%). Debt-to-equity was 7.96 (median 2.15).
Group structure · 2025
100 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.
3log ANS owns 75% of the shares in Relog AS.
Group accounts. Relog AS for 2025: index 55 of 100, number 32 of 80 groups. See the group accounts
The group in figures
- Sectors
- Eiendom (94 companies), Teknisk tjenesteyting og forskning (2 companies), Revisjon, regnskap og rådgivning (2 companies) 98 of 100 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
- 28 in all. Trondheim 28 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 14 companies: Nedre Kalbakkvei 82 AS, Lurahøyden Bolig AS, Butikkeiendom II Skjæveland AS, Nhp Klett AS, Kvenild Areal AS, SØ Industri II AS …
- Loss
- 44 companies: Nedre Kalbakkvei 82 AS, Login Narvik AS, Lurabyen Eiendom AS, Lurahøyden Bolig AS, Sandmoen Utvikling AS, Nye Støren Industrieiendom AS …
- Changed 2024–2025
- 1 company joined the group: Nedre Kalbakkvei 82 AS. 2 companies left, among them: Ringdal Sør 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.
-
Relog AS
-
Relog Energy AS
-
Org. no. 922694591
- Org. no. 819715742
-
The tree shows up to 4 levels below the top. Large groups have more companies than shown.
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.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 2 November 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: Holtskogen Utvikling AS (100%)
Ultimate owner: 3Log ANS
- Holtskogen Utvikling 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 31 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | – | – | |
| Rank | – | – | – | |
| Operating margin | – | – | – | |
| Return on assets | −4.4% | −4.8% | −6.6% | |
| Equity ratio | 19.3% | 18.0% | 11.2% | |
| Current ratio | 0.09 | 0.15 | – | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Profit before tax | 0.0 MNOK | −0.1 MNOK | −0.1 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.5 MNOK | 0.6 MNOK | 0.6 MNOK |
| Current assets | 0.0 MNOK | 0.1 MNOK | – |
| Equity | 0.1 MNOK | 0.1 MNOK | 0.1 MNOK |
| Retained earnings | 0.0 MNOK | – | 0.0 MNOK |
| Total liabilities | 0.4 MNOK | 0.5 MNOK | 0.5 MNOK |
| Current liabilities | 0.4 MNOK | 0.5 MNOK | 0.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 6693158.