E-Sulation 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 −2,310.2% Weaker than the industry Industry: 14.1%
- Solidity · equity ratio −12,032.9% Weaker than the industry Industry: 39.6%
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 2024
Not enough data: Revenue not reported
Based on the annual accounts for 2024
How it has gone · 2023–2025
The equity ratio fell from −513.0% in 2023 to −5,308.7% 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 | – | – | – |
| Operating profit | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Net profit | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Total assets | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
| Equity | −0.4 MNOK | −0.5 MNOK | −0.6 MNOK |
| Total liabilities | 0.5 MNOK | 0.5 MNOK | 0.6 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.
- 921215274
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Drive med alle former for aktiviteter knyttet til utvikling av, og industriell produksjon og salg av ren og fornybart isolasjonsmateriale og annet som naturlig faller sammen med dette, herunder å delta i andre selskaper med lignende virksomhet, kjøp og salg av aksjer, eller på annen måte gjøre seg interessert i andre foretagender.
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.0 MNOK (2024).
- Founded
- 22 May 2018 8 years in operation
- Share capital
- 0.36 MNOK
- Business address
- Årbogveien 100, 3515 HØNEFOSS (RINGERIKE)
- Municipality
- Ringerike rank 6–11 of 13 in KOSTRA group 10
- Audit
- Audit opted out from 3 August 2018
- 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
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −12,032.9% (median 39.6%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 7.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.1% of the debt in 2024. The policy rate averaged 4.50 % 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
- critical Negative equity
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. 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 | – | 6.9% |
| Profit margin | – | 7.0% |
| Return on assets | −2,310.2% | 14.1% |
| Equity ratio | −12,032.9% | 39.6% |
| Debt-to-equity | – | 1.23 |
| Current ratio | – | 1.56 |
| Revenue growth | – | 7.1% |
The median and “ahead of” refer to companies in the same sector in 2024. 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. |
– | 55 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. |
– | −6.2% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
100.0% | 50.8% | |
| 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. |
−162.3 | 12.6 | |
| 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. |
0.1% | 0.8% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
109.9% | 0.0% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): 0.0 MNOK.
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 2024. 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
E-Sulation AS had an equity ratio of −12,032.9% in 2024. The company is not ranked: revenue not reported.
From 2023 to 2024: the equity ratio fell from −513.0% to −12,032.9%.
This text is generated automatically from the 2024 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.3 | not meaningful |
The multiples are from the listed industry that matches the NACE code (71.1): Engineering/Construction.
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 E-Sulation AS?
The operating margin was – in 2024, against a median of 6.9% among companies in the same sector. Return on assets was −2,310.2%. The company made a loss before tax.
How solid is E-Sulation AS?
The equity ratio was −12,032.9% in 2024 (median 39.6%). Equity is negative, so liabilities exceed assets.
Group structure · 2025
4 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 Elfinans AS. Persons are not shown by name.
Elfinans AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Teknisk tjenesteyting og forskning (2 companies), Informasjon og kommunikasjon (1 company), Sjømat (1 company) 4 of 4 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 3 companies: Vestnorsk Fisk AS, E-Sulation AS, Elsoft AS
- Loss
- 3 companies: Vestnorsk Fisk AS, E-Sulation AS, Elsoft 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.
-
Elfinans AS
- E-Sulation AS you are here
- Elsoft AS
- Vestnorsk Fisk AS
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 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 4 (one owner holds more than half)
- Largest owner
- 77.9% · top three 98.8%
- Split
- companies 98% · private persons 2% · foreign 0%
- Owned from the same municipality
- 0%
- Group chain
-
Owned by: Elfinans AS (78%)
Ultimate owner: private person
- Elfinans AS · 77.9%
- Njordur AS · 18.8%
- Tuft Invest AS · 1.2%
- 1 private persons · 2.1%
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 | – | – | – | |
| Rank | – | – | – | |
| Operating margin | – | – | – | |
| Return on assets | −149.7% | −2,310.2% | −1,119.3% | |
| Equity ratio | −513.0% | −12,032.9% | −5,308.7% | |
| Current ratio | 0.97 | – | – | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Profit before tax | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Tax expense | – | – | – |
| Net profit | −0.1 MNOK | −0.1 MNOK | −0.1 MNOK |
| Financial expenses | – | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
| Current assets | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
| Equity | −0.4 MNOK | −0.5 MNOK | −0.6 MNOK |
| Retained earnings | −1.6 MNOK | −1.7 MNOK | −1.8 MNOK |
| Total liabilities | 0.5 MNOK | 0.5 MNOK | 0.6 MNOK |
| Current liabilities | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 5914749.