Base 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 Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 26.5% Weaker than the industry Industry: 47.7%
- Returns · return on assets 8.1% About like the industry Industry: 7.8%
- Solidity · equity ratio 26.3% About like the industry Industry: 27.9%
- Liquidity · current ratio 6.22 Better than the industry Industry: 1.40
- Growth · revenue growth 119.6% Better than the industry Industry: 3.3%
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
55of 100
How to read this: the company is ahead of 62 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 9,134 of 23,905 · What are Morning company classes?
Place in the whole sector: 11,470 of 30,132 · Eiendom
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 41 and resilience 50 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Base AS is 5 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 23,899 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 26.5% (median 47.7%) and equity ratio 26.3% (median 27.9%).
How it has gone · 2023–2025
Revenue rose by 244 % from 2023 to 2025, to 1.3 MNOK. The operating margin fell from 46.1% in 2023 to 26.5% in 2025. The equity ratio fell from 27.7% in 2023 to 26.3% 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 | 0.4 MNOK | 0.6 MNOK | 1.3 MNOK |
| Operating profit | 0.2 MNOK | 0.1 MNOK | 0.3 MNOK |
| Net profit | 0.0 MNOK | −0.1 MNOK | 0.2 MNOK |
| Total assets | 4.2 MNOK | 4.6 MNOK | 4.5 MNOK |
| Equity | 1.2 MNOK | 1.0 MNOK | 1.2 MNOK |
| Total liabilities | 3.0 MNOK | 3.6 MNOK | 3.3 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.
- 921140916
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Utleie av egen eiendom.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.0 MNOK (2025).
- Founded
- 25 June 2018 8 years in operation
- Share capital
- 0.20 MNOK
- Business address
- Årvollveien 56F, 0590 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 16 July 2026
- 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
Base AS has a score of 55 for 2025, rank 11,470 of 30,132 in the sector.
Strongest: Growth: percentile 85 against peers, revenue growth 119.6% against a median of 3.3%. Liquidity: percentile 82 against peers, current ratio 6.22 against a median of 1.40.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 13.2 percentage points better than for comparable companies: the company +14.0, the industry +0.7 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
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 6.2% 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
No anomalies found in the figures.
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
What the score is made of
| Profitability | 41 | weight 40% |
|---|---|---|
| Solidity | 46 | weight 20% |
| Liquidity | 82 | weight 5% |
| Growth | 85 | weight 25% |
| Consistency | 42 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | 26.5% | 47.7% |
| Profit margin | 12.0% | 24.4% |
| Return on assets | 8.1% | 7.8% |
| Equity ratio | 26.3% | 27.9% |
| Debt-to-equity | 2.80 | 2.10 |
| Current ratio | 6.22 | 1.40 |
| Revenue growth | 119.6% | 3.3% |
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 55, Base AS does better than 62% of companies in the Morning class Micro in the same sector (23,905 companies) in 2025.
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. |
33 days | 40 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 | 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. |
7.1% | −12.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
28.8% | 54.9% | |
| 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. |
1.7 | 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. |
6.2% | 5.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
99.2% | 87.8% | |
Net working capital (current assets less bank deposits less current liabilities): 0.1 MNOK.
Of the financial costs of 0.2 MNOK, 0.2 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Base AS rose by 14.0 percentage points. Comparable companies rose by a median 0.7 points. So the company did 13.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Base AS moved the same way as comparable companies 1 times. About 3% 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 | 12.5% | 46.9% | −33.5 percentage points | +0.9 percentage points | −34.4 percentage points |
| 2025 | 26.5% | 47.7% | +14.0 percentage points | +0.7 percentage points | +13.2 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 Base AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Base AS rose 14.0 percentage points.
| 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 | – | – | 46.1% | 12.5% | 26.5% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Base AS rose 14.0 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 | – | – | 46.1% | 12.5% | 26.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Base AS rose 14.0 percentage points.
| 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 | – | – | 46.1% | 12.5% | 26.5% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Base AS rose 14.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 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 | – | – | 46.1% | 12.5% | 26.5% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Base AS rose 14.0 percentage points.
| 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 | – | – | 46.1% | 12.5% | 26.5% | – |
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
Base AS had an operating margin of 26.5% and an equity ratio of 26.3% in 2025, and ranks 11,470 of 30,132 in Eiendom.
From 2024 to 2025: revenue grew by 120% and went from a loss to a profit before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 0 MNOK
The mean of the 2 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. The methods differ widely (the highest is 9.7 times the lowest), so the estimate is uncertain.
That is about 1,400 NOK per share, on 200 shares in the shareholder register.
The methods give between 0 MNOK and 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 0 MNOK |
| EV/EBIT | 19.2 | debt above value |
| P/B | 0.7 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 4 MNOK |
| Enterprise value after the size adjustment | 2 MNOK |
| Less net debt (rough figure) | 3 MNOK |
| Equity value | debt above value |
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 136% 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 (68.2): R.E.I.T..
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.
Over 2 years it equals 0% of the sum of the results.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- The managing director is under 60.
- 0 of 1 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 Base AS?
The operating margin was 26.5% in 2025, against a median of 47.7% among companies in the Morning class Micro in the same sector. Return on assets was 8.1%.
How solid is Base AS?
The equity ratio was 26.3% in 2025 (median 27.9%). Debt-to-equity was 2.80 (median 2.10).
What is the liquidity of Base AS like?
The current ratio was 6.22 in 2025 (median 1.40).
How does Base AS compare in Eiendom?
Base AS ranks 11,470 of 30,132 in Eiendom for 2025. Among companies in the Morning class Micro it is number 9,134 of 23,905. Revenue changed by 119.6% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Eibh AS |  Cheetah |
1 MNOK | 80.9% | 49 |
| Wessels Gate 1 AS |  Lion |
1 MNOK | 75.7% | 68 |
| Sentrumsgården Kragerø AS |  Beaver |
1 MNOK | 25.2% | 22 |
| Base AS (this company) | Beaver |
1 MNOK | 26.5% | 55 |
| E18rom AS | Beaver |
1 MNOK | 22.5% | 21 |
| Mivo Eiendom AS | Beaver |
1 MNOK | 37.1% | 29 |
| J P T Eiendom AS | Lion |
1 MNOK | 57.9% | 68 |
| Hustadvika Gjestegård AS | Beaver |
1 MNOK | 2.8% | 37 |
| Thorseth Eiendom AS | Cheetah |
1 MNOK | 70.1% | 57 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 3 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 100%
- Group chain
- Ultimate owner: SE Invest APS
- SE Invest APS (Denmark) · 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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | – | 55 | |
| Rank | – | – | 11,470 | |
| Operating margin | 46.1% | 12.5% | 26.5% | |
| Return on assets | 4.4% | 1.8% | 8.1% | |
| Equity ratio | 27.7% | 22.2% | 26.3% | |
| Current ratio | 6.32 | 1.28 | 6.22 | |
| Revenue growth | – | 56.6% | 119.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.4 MNOK | 0.6 MNOK | 1.3 MNOK |
| Operating profit | 0.2 MNOK | 0.1 MNOK | 0.3 MNOK |
| Profit before tax | 0.0 MNOK | −0.1 MNOK | 0.2 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | −0.1 MNOK | 0.2 MNOK |
| Financial expenses | 0.2 MNOK | 0.2 MNOK | 0.2 MNOK |
| Total assets | 4.2 MNOK | 4.6 MNOK | 4.5 MNOK |
| Current assets | 0.1 MNOK | 0.2 MNOK | 0.2 MNOK |
| Equity | 1.2 MNOK | 1.0 MNOK | 1.2 MNOK |
| Retained earnings | 1.0 MNOK | 0.8 MNOK | 1.0 MNOK |
| Total liabilities | 3.0 MNOK | 3.6 MNOK | 3.3 MNOK |
| Current liabilities | 0.0 MNOK | 0.1 MNOK | 0.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 7097724.
Further
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News and announcements
- 16 July 2026 Endring av revisor (opens in a new tab) Source: Brønnøysundregistrene
From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link