Ibcon 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.
- Profitability · operating margin −148.4% Weaker than the industry Industry: 7.8%
- Returns · return on assets 1.8% Weaker than the industry Industry: 14.1%
- Solidity · equity ratio 97.6% Better than the industry Industry: 43.1%
- Liquidity · current ratio 42.14 Better than the industry Industry: 1.71
- Growth · revenue growth −61.4% Weaker than the industry Industry: 6.8%
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
Not enough data: Not enough data (below minimum revenue)
Based on the annual accounts for 2025
How it has gone · 2023–2025
Revenue fell by 79 % from 2023 to 2025, to 0.2 MNOK. The operating margin fell from 64.3% in 2023 to −148.4% in 2025. The equity ratio rose from 88.9% in 2023 to 97.6% 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 | 1.0 MNOK | 0.6 MNOK | 0.2 MNOK |
| Operating profit | 0.7 MNOK | 0.1 MNOK | −0.3 MNOK |
| Net profit | 0.6 MNOK | 0.3 MNOK | 0.0 MNOK |
| Total assets | 2.6 MNOK | 2.8 MNOK | 2.7 MNOK |
| Equity | 2.3 MNOK | 2.7 MNOK | 2.6 MNOK |
| Total liabilities | 0.3 MNOK | 0.1 MNOK | 0.1 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.
- 921432437
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Drive konsulent virksomhet innen logistikk, energi og generell ledelse. Samt å forvalte de verdier som genereres igjennom daglig virksomhet som investering i næringsvirksomhet, herunder aksjer og andeler, samt deltagelse i andre selskaper med lignende virksomhet.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.4 MNOK (2025).
- Founded
- 6 September 2018 8 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Toppåsveien 29, 1352 KOLSÅS (BÆRUM)
- Municipality
- Bærum rank 1 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 20 September 2018
- Latest accounts filed
- 2025
- VAT registered
- Yes
- LEI
- 9845006D5F71C5E97E92 renews 9 June 2027
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
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) −3.7 (median 14.9); Financial costs as a share of debt 139.8% (median 0.6%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −18.9% (median 7.8%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −148.4% (median 7.8%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 139.8% 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
- watch Extreme margin: check the figures
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 revenue | 0 MNOK | 2 MNOK |
| Operating margin | −148.4% | 7.8% |
| Profit margin | −18.9% | 7.8% |
| Return on assets | 1.8% | 14.1% |
| Equity ratio | 97.6% | 43.1% |
| Debt-to-equity | 0.02 | 1.04 |
| Current ratio | 42.14 | 1.71 |
| Revenue growth | −61.4% | 6.8% |
The median and “ahead of” refer to companies in the same sector in 2025. 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. |
1 days | 44 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. |
3,581 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. |
952.4% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
19.8% | 57.8% | |
| 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. |
−3.7 | 14.9 | |
| 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. |
139.8% | 0.6% | |
| 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% | 2.3% | |
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): 2.1 MNOK.
Of the financial costs of 0.1 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 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
−1.6% | 24.6% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
−12.4% | 23.2% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
−18.9% | 6.2% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
0.08 | 1.71 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
1.02 | 2.04 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
– | −1.2 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
– | 2.03 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
8.35 | 1.54 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
– | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
5.4 | 1.6 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
163.1% | 51.0% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
– | 23.9% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
20 mo. | 17 mo. | |
DuPont on the closing balance: net margin −18.9% × asset turnover 0.08 × multiplier 1.02 = −1.6% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
The operating result is not positive, so net debt over operating result and the safety margin are not calculated.
The median and the bar are for companies in the same sector in 2025. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
The industry or the company: what drove the result?
In 2025 the operating margin of Ibcon AS fell by 173.1 percentage points. Comparable companies fell by a median 0.2 points. So the company did 172.9 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Ibcon AS moved the same way as comparable companies 2 times. About 0% 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 | 24.7% | 8.0% | −39.7 percentage points | −0.5 percentage points | −39.2 percentage points |
| 2025 | −148.4% | 7.8% | −173.1 percentage points | −0.2 percentage points | −172.9 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 Ibcon AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ibcon AS fell 173.1 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 | – | – | 64.3% | 24.7% | −148.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Ibcon AS fell 173.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 64.3% | 24.7% | −148.4% | – |
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
Ibcon AS had an equity ratio of 97.6% in 2025. The company is not ranked: not enough data (below minimum revenue).
From 2024 to 2025: the operating margin fell from 24.7% to −148.4% and went from a profit to a loss before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 3 MNOK
The mean of the 3 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. The median of the methods is 3 MNOK. The mean is the suggested price, but the median is less sensitive to one method that deviates.
That is about 93.33 NOK per share, on 30,000 shares in the shareholder register.
The methods give between 2 MNOK and 4 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 3 MNOK |
| EV/EBIT | 14.3 | 2 MNOK |
| P/B | 2.3 | 4 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 2 MNOK |
| Enterprise value after the size adjustment | 1 MNOK |
| Less net debt (rough figure) | −1 MNOK |
| Equity value | 2 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 −38% 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 (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
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
- Implied dividend (net payout)
- 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
- Several signs that a generation change may be coming.
- 99% of the shares held by persons are held by people aged 60 or older.
- The chair is 60 or older.
- The managing director is 60 or older.
- 2 of 2 on the board are 60 or older.
- What the largest owner can do alone
- The largest owner holds 49.7% of the shares, more than a third but not a majority. The owner can alone stop decisions that need two thirds, such as changes to the articles (Companies Act § 5-18), but cannot alone secure ordinary decisions.
The owner is a private person.
Applies to the largest single owner in the shareholder register (2025). The articles can limit voting rights and owners can vote together, and we cannot see either. Ownership through other companies is not counted. - Board and managing director as owners
- 2 of the 2 who sit on the board or are managing director hold shares directly, together at least 99.3% of the shares.
A combined figure with no names. The people are found by the same birth year and the same words in the name in the company's owner list (2025). Someone who owns through a holding company, or is entered under another name, is not found, so the figure is a lower bound and does not say the others own nothing.
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 Ibcon AS?
The operating margin was −148.4% in 2025, against a median of 7.8% among companies in the same sector. Return on assets was 1.8%. The company made a loss before tax.
How solid is Ibcon AS?
The equity ratio was 97.6% in 2025 (median 43.1%). Debt-to-equity was 0.02 (median 1.04).
What is the liquidity of Ibcon AS like?
The current ratio was 42.14 in 2025 (median 1.71).
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 3 November 2026. Only names are shown.
- Parent company
- No known owner
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 4
- Largest owner
- 49.7% · top three 99.7%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
- Owners over 60
- 99% of the shares held by persons (median age 67)
The company is new in the shareholder register in 2025.
The portfolio: 6 of the companies it owns shares in have accounts with us, 0 of them as majority owner. The average index is 51. 0 have negative equity and 0 made a loss in the latest year.
Holds shares in: Equinor ASA (0%), Norsk Hydro ASA (0%), DNB Bank ASA (0%), Kongsberg Gruppen ASA (0%), Gjensidige Forsikring ASA (0%), Yara International ASA (0%), Aker ASA (0%), Tomra Systems ASA (0%)
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 | 87 | – | – | |
| Rank | 259 | – | – | |
| Operating margin | 64.3% | 24.7% | −148.4% | |
| Return on assets | 27.2% | 18.3% | 1.8% | |
| Equity ratio | 88.9% | 96.7% | 97.6% | |
| Current ratio | 9.01 | 30.03 | 42.14 | |
| Revenue growth | – | −44.4% | −61.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.0 MNOK | 0.6 MNOK | 0.2 MNOK |
| Operating profit | 0.7 MNOK | 0.1 MNOK | −0.3 MNOK |
| Profit before tax | 0.7 MNOK | 0.4 MNOK | 0.0 MNOK |
| Tax expense | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.6 MNOK | 0.3 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.1 MNOK | 0.1 MNOK |
| Total assets | 2.6 MNOK | 2.8 MNOK | 2.7 MNOK |
| Current assets | 2.6 MNOK | 2.8 MNOK | 2.7 MNOK |
| Equity | 2.3 MNOK | 2.7 MNOK | 2.6 MNOK |
| Retained earnings | 2.3 MNOK | 2.7 MNOK | 2.6 MNOK |
| Total liabilities | 0.3 MNOK | 0.1 MNOK | 0.1 MNOK |
| Current liabilities | 0.3 MNOK | 0.1 MNOK | 0.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6474707.