Holtskogen N3 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 0.0% Weaker than the industry Industry: 7.0%
- Solidity · equity ratio −0.2% Weaker than the industry Industry: 27.6%
- Liquidity · current ratio 0.02 Weaker than the industry Industry: 1.36
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 2023
Not enough data: Revenue not reported
Based on the annual accounts for 2023
How it has gone · 2023–2025
Revenue rose by 1,227 % from 2024 to 2025, to 21.5 MNOK. The operating margin fell from 96.6% in 2024 to 61.8% in 2025. The equity ratio rose from −0.2% in 2023 to 14.7% 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 | – | 1.6 MNOK | 21.5 MNOK |
| Operating profit | 0.0 MNOK | 1.6 MNOK | 13.3 MNOK |
| Net profit | −1.0 MNOK | −4.9 MNOK | 2.7 MNOK |
| Total assets | 82.8 MNOK | 219.2 MNOK | 237.8 MNOK |
| Equity | −0.1 MNOK | 20.8 MNOK | 35.0 MNOK |
| Total liabilities | 82.9 MNOK | 198.4 MNOK | 202.8 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.
- 915654886
- 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
- Yes
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
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −0.2% (median 27.6%).
- critical
Consider strengthening liquidity: current liabilities are 65.9 times current assets.
Based on: Current ratio 0.02 (median 1.36).
- 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) 0.0 (median 1.8); Financial costs as a share of debt 1.5% (median 4.4%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 21.4%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.5% of the debt in 2023. The policy rate averaged 3.54 % 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
- watch No revenue but large assets
- 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 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 | – | 44.2% |
| Profit margin | – | 21.4% |
| Return on assets | 0.0% | 7.0% |
| Equity ratio | −0.2% | 27.6% |
| Debt-to-equity | – | 2.23 |
| Current ratio | 0.02 | 1.36 |
| Revenue growth | – | 6.7% |
The median and “ahead of” refer to companies in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
Score 2023–2025
- Holtskogen N3 AS
- Median: companies in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
– | 49 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. |
– | −11.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
– | 48.6% | |
| 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. |
0.0 | 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. |
1.5% | 4.4% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 80.9% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Of the financial costs of 1.2 MNOK, 1.2 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the same sector in 2023. 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.
What the numbers say
Holtskogen N3 AS had an equity ratio of −0.2% in 2023. The company is not ranked: revenue not reported.
This text is generated automatically from the 2023 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 11.3 | not meaningful |
| EV/EBIT | 16.6 | not meaningful |
| P/B | 0.9 | not meaningful |
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
Questions and answers
How profitable is Holtskogen N3 AS?
The operating margin was – in 2023, against a median of 44.2% among companies in the same sector. Return on assets was 0.0%. The company made a loss before tax.
How solid is Holtskogen N3 AS?
The equity ratio was −0.2% in 2023 (median 27.6%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Holtskogen N3 AS like?
The current ratio was 0.02 in 2023 (median 1.36). Current assets did not cover current liabilities.
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 | – | 41 | 45 | |
| Rank | – | 20,236 | 19,056 | |
| Operating margin | – | 96.6% | 61.8% | |
| Return on assets | 0.0% | 0.9% | 5.6% | |
| Equity ratio | −0.2% | 9.5% | 14.7% | |
| Current ratio | 0.02 | 0.01 | 0.01 | |
| Revenue growth | – | – | 1,226.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | 1.6 MNOK | 21.5 MNOK |
| Operating profit | 0.0 MNOK | 1.6 MNOK | 13.3 MNOK |
| Profit before tax | −1.3 MNOK | −6.3 MNOK | 3.4 MNOK |
| Tax expense | −0.3 MNOK | −1.4 MNOK | 0.8 MNOK |
| Net profit | −1.0 MNOK | −4.9 MNOK | 2.7 MNOK |
| Financial expenses | 1.2 MNOK | 8.3 MNOK | 9.9 MNOK |
| Total assets | 82.8 MNOK | 219.2 MNOK | 237.8 MNOK |
| Current assets | 1.3 MNOK | 1.7 MNOK | 1.9 MNOK |
| Equity | −0.1 MNOK | 20.8 MNOK | 35.0 MNOK |
| Retained earnings | −0.2 MNOK | −9.0 MNOK | 2.7 MNOK |
| Total liabilities | 82.9 MNOK | 198.4 MNOK | 202.8 MNOK |
| Current liabilities | 82.9 MNOK | 176.0 MNOK | 181.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 5088751.