Source 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
Score · fiscal year 2023
58of 100
How to read this: the company is ahead of 63 % of companies in the Morning class Small in the same sector in 2023. What does this mean?
Rank in the Morning class Small: 514 of 1,392 · What are Morning company classes?
Place in the whole sector: 2,412 of 6,515 · Informasjon og kommunikasjon
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 55 and resilience 61 out of 100 among companies in the Morning class Small in the same sector in 2023. Methodology
Against the sector
Source AS is 7 points above the median for companies in the Morning class Small in the same sector in 2023.
Median score 51 among 1,392 companies.
Against companies in the Morning class Small in the same sector in 2023: operating margin 5.8% (median 4.9%) and equity ratio 40.9% (median 35.4%).
How it has gone · 2023–2025
Revenue fell by 31 % from 2023 to 2025, to 12.3 MNOK. The operating margin fell from 5.8% in 2023 to 3.0% in 2025. The equity ratio is about the same: 41.8% in 2025 against 40.9% in 2023.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Worth a closer look
- watch
The operating result covers the financial costs less than one and a half times. How much higher interest or a weaker year can the company take?
Based on: Interest coverage (times) 1.5 (median 6.7); Financial costs as a share of debt 13.6% (median 0.9%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 13.6% 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
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 4.1%. 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 | 55 | weight 40% |
|---|---|---|
| Solidity | 55 | weight 20% |
| Liquidity | 61 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 74 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 18 MNOK | 20 MNOK |
| Operating margin | 5.8% | 4.9% |
| Profit margin | 2.4% | 5.3% |
| Return on assets | 12.8% | 9.2% |
| Equity ratio | 40.9% | 35.4% |
| Debt-to-equity | 1.45 | 1.62 |
| Current ratio | 1.60 | 1.34 |
| Revenue growth | – | 19.8% |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 58, Source AS does better than 63% of companies in the Morning class Small in the same sector (1,392 companies) in 2023.
Score 2023–2025
- Source AS
- Median: companies in the Morning class Small 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. |
62 days | 78 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. |
22 days | 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. |
−6.5% | −7.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
51.4% | 39.9% | |
| 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. |
1.5 | 6.7 | |
| 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. |
13.6% | 0.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): −1.2 MNOK.
Of the financial costs of 0.7 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small 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
Source AS had an operating margin of 5.8% and an equity ratio of 40.9% in 2023, and ranks 2,412 of 6,515 in Informasjon og kommunikasjon.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 2 MNOK and 14 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 2 MNOK |
| EV/EBIT | 14.9 | 14 MNOK |
| P/B | 3.6 | 8 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 15 MNOK |
| Enterprise value after the size adjustment | 10 MNOK |
| Less net debt (rough figure) | −4 MNOK |
| Equity value | 14 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is −46% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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 (62): Computer Services.
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 Source AS?
The operating margin was 5.8% in 2023, against a median of 4.9% among companies in the Morning class Small in the same sector. Return on assets was 12.8%.
How solid is Source AS?
The equity ratio was 40.9% in 2023 (median 35.4%). Debt-to-equity was 1.45 (median 1.62).
What is the liquidity of Source AS like?
The current ratio was 1.60 in 2023 (median 1.34).
How does Source AS compare in Informasjon og kommunikasjon?
Source AS ranks 2,412 of 6,515 in Informasjon og kommunikasjon for 2023. Among companies in the Morning class Small it is number 514 of 1,392.
Public contracts
- Contracts awarded since 2024
- 0
- Total awarded value since 2024
- value not stated
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 21 December 2020 | Norsk Helsenett SF | Etablering av dynamisk innkjøpsordning for konsulenttjenester innen Systemutvikling .Net | 6.0 MNOK |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Dependence on public contracts
Awarded value in the year seen against revenue the same year. This is not a share of revenue: the value is the whole contract, often for several years, and it does not necessarily become revenue that year.
Key contracts
The largest contracts by awarded value, framework agreements excluded.
| Date | Buyer | Contract | Value |
|---|---|---|---|
| 21 December 2020 | Norsk Helsenett SF | Etablering av dynamisk innkjøpsordning for konsulenttjenester innen Systemutvikling .Net | 6.0 MNOK |
- The value is the whole contract as stated by the buyer, often for several years.
- Framework agreements are left out of the sums, since the value is a ceiling. Many frameworks are not marked in Doffin and may still be included.
- Only awards where Doffin gives the company's organisation number.
- Contracts without a stated value are counted but not summed.
- An indication of dependence, not an accounting figure. End dates are rarely in the Doffin data.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 918496688
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Purpose
- Programmeringstjenester.
- Morning company class
- Small
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 9.5 MNOK (2023).
- Founded
- 17 January 2017 9 years in operation
- Share capital
- 0.07 MNOK
- Business address
- Sandgata 10, 7012 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.source.no
- Former names
- CM Development AS until 2017
- LEI
- 549300FU8HEG78TIAH03 not renewed (lapsed)
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.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 3
- Largest owner
- 33.3%
- Split
- companies 100% · private persons 0% · foreign 0%
- Creatorsjourney AS · 33.3%
- Axel Kvale AS · 33.3%
- Muttok 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.
Is this your company? Suggest changes or add information
Figures last fetched 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 58 | 57 | 43 | |
| Rank | 2,412 | 2,498 | 4,732 | |
| Operating margin | 5.8% | 4.7% | 3.0% | |
| Return on assets | 12.8% | 20.8% | 6.1% | |
| Equity ratio | 40.9% | 56.1% | 41.8% | |
| Current ratio | 1.60 | 2.25 | 1.72 | |
| Revenue growth | – | −6.7% | −25.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 17.8 MNOK | 16.6 MNOK | 12.3 MNOK |
| Operating profit | 1.0 MNOK | 0.8 MNOK | 0.4 MNOK |
| Profit before tax | 0.4 MNOK | 1.0 MNOK | 0.4 MNOK |
| Tax expense | 0.2 MNOK | 0.3 MNOK | 0.1 MNOK |
| Net profit | 0.2 MNOK | 0.7 MNOK | 0.3 MNOK |
| Financial expenses | 0.7 MNOK | 0.4 MNOK | 0.0 MNOK |
| Total assets | 8.9 MNOK | 6.6 MNOK | 6.1 MNOK |
| Current assets | 8.4 MNOK | 6.6 MNOK | 6.1 MNOK |
| Equity | 3.6 MNOK | 3.7 MNOK | 2.5 MNOK |
| Retained earnings | 3.5 MNOK | 3.6 MNOK | 2.4 MNOK |
| Total liabilities | 5.3 MNOK | 2.9 MNOK | 3.5 MNOK |
| Current liabilities | 5.3 MNOK | 2.9 MNOK | 3.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 5042433.
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