Flowchange AS
Score · fiscal year 2025
48of 100
How to read this: the company is ahead of 46 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 723 of 1,343 · What are Morning company classes?
Place in the whole sector: 1,244 of 2,337 · Revisjon, regnskap og rådgivning
Profile
Cheetah · Sprinter
High profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 94 and solidity 28 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Flowchange AS is 2 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 1,343 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 57.2% (median 9.0%) and equity ratio 24.9% (median 43.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 9 MNOK | 3 MNOK |
| Operating margin | 57.2% | 9.0% |
| Profit margin | 57.3% | 9.6% |
| Return on assets | 69.7% | 16.9% |
| Equity ratio | 24.9% | 43.0% |
| Debt-to-equity | 3.02 | 1.11 |
| Current ratio | 1.33 | 1.66 |
| Revenue growth | −11.8% | 5.8% |
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 48, Flowchange AS does better than 46% of companies in the Morning class Micro in the same sector (1,343 companies) in 2025.
Score 2023–2025
- Flowchange AS
- Median: companies in the Morning class Micro in the same sector
Flowchange AS has a score of 48 for 2025, rank 1,244 of 2,337 in the sector.
Strongest: Profitability: percentile 94 against peers, operating margin 57.2% against a median of 9.0%.
Weakest: Growth: percentile 18 against peers, revenue growth −11.8% against a median of 5.8%. Solidity: percentile 28 against peers, equity ratio 24.9% against a median of 43.0%.
Worth a closer look
- What lies behind weak growth, and will it last?
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 39.6 percentage points better than for comparable companies: the company +39.0, the industry −0.6 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 Flowchange AS rose by 39.0 percentage points. Comparable companies fell by a median 0.6 points. So the company did 39.6 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Flowchange AS moved the same way as comparable companies 0 times. About 2% 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 | 18.2% | 9.6% | −3.3 percentage points | −0.2 percentage points | −3.1 percentage points |
| 2025 | 57.2% | 9.0% | +39.0 percentage points | −0.6 percentage points | +39.6 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 Flowchange AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
Turnover index: legal and accounting activities rose 4.8% in 2025; the operating margin of Flowchange AS rose 39.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | 21.5% | 18.2% | 57.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
Turnover index: management consultancy rose 6.5% in 2025; the operating margin of Flowchange AS rose 39.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | 21.5% | 18.2% | 57.2% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
Service prices: legal and accounting rose 4.9% in 2025; the operating margin of Flowchange AS rose 39.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | 21.5% | 18.2% | 57.2% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Flowchange AS rose 39.0 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 | – | – | 21.5% | 18.2% | 57.2% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Flowchange AS rose 39.0 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 | – | – | 21.5% | 18.2% | 57.2% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
Wage index: legal and accounting rose 5.4% in 2025; the operating margin of Flowchange AS rose 39.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | 21.5% | 18.2% | 57.2% | – |
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
Flowchange AS had an operating margin of 57.2% and an equity ratio of 24.9% in 2025, and ranks 1,244 of 2,337 in Revisjon, regnskap og rådgivning.
From 2024 to 2025: the operating margin rose from 18.2% to 57.2% and the equity ratio fell from 73.2% to 24.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 4 MNOK and 27 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 24 MNOK |
| EV/EBIT | 17.4 | 27 MNOK |
| P/B | 4.1 | 4 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
No rules were triggered for this year.
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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 5.4%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 94 | weight 30% |
|---|---|---|
| Solidity | 28 | weight 25% |
| Liquidity | 36 | weight 15% |
| Growth | 18 | weight 15% |
| Consistency | 33 | weight 15% |
Durability: 63 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Flowchange AS?
The operating margin was 57.2% in 2025, against a median of 9.0% among companies in the Morning class Micro in the same sector. Return on assets was 69.7%.
How solid is Flowchange AS?
The equity ratio was 24.9% in 2025 (median 43.0%). Debt-to-equity was 3.02 (median 1.11).
What is the liquidity of Flowchange AS like?
The current ratio was 1.33 in 2025 (median 1.66).
How does Flowchange AS compare in Revisjon, regnskap og rådgivning?
Flowchange AS ranks 1,244 of 2,337 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Micro it is number 723 of 1,343. Revenue changed by −11.8% from the year before.
Group structure · 2025
2 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.
Private persons own 100% of the shares in Shortsea Services AS. Persons are not shown by name.
Shortsea Services AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Shortsea Services AS
- Flowchange 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.
- 917893799
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 7 September 2016 10 years in operation
- Share capital
- 0.13 MNOK
- Business address
- Ullernveien 19C, 0280 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 66.7%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 67%
- Group chain
-
Owned by: Shortsea Services AS (67%)
Ultimate owner: private person
- Shortsea Services AS · 66.7%
- Knus P Leadership AS · 33.3%
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 31 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 70 | 72 | 48 | |
| Rank | 432 | 247 | 1,244 | |
| Operating margin | 21.5% | 18.2% | 57.2% | |
| Return on assets | 30.8% | 70.7% | 69.7% | |
| Equity ratio | 64.3% | 73.2% | 24.9% | |
| Current ratio | 2.18 | 3.74 | 1.33 | |
| Revenue growth | – | −0.4% | −11.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 9.8 MNOK | 9.8 MNOK | 8.6 MNOK |
| Operating profit | 2.1 MNOK | 1.8 MNOK | 4.9 MNOK |
| Profit before tax | 2.1 MNOK | 1.8 MNOK | 4.9 MNOK |
| Tax expense | 1.1 MNOK | 0.1 MNOK | 1.1 MNOK |
| Net profit | 1.0 MNOK | 1.7 MNOK | 3.9 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 6.8 MNOK | 2.5 MNOK | 7.1 MNOK |
| Current assets | 5.3 MNOK | 2.5 MNOK | 7.1 MNOK |
| Equity | 4.4 MNOK | 1.8 MNOK | 1.8 MNOK |
| Retained earnings | 4.2 MNOK | 1.6 MNOK | 1.6 MNOK |
| Total liabilities | 2.4 MNOK | 0.7 MNOK | 5.3 MNOK |
| Current liabilities | 2.4 MNOK | 0.7 MNOK | 5.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 31 October 2026, accounts id 7099050.
Further
Similar companies
- Seneca AS index 48, rank 1,241 · compare
- At Your Service AS index 48, rank 1,243 · compare
- Solid Regnskap AS index 48, rank 1,245 · compare
- Drivdahl AS index 48, rank 1,246 · compare
- Pro-Revisjon AS index 48, rank 1,247 · compare