B Smart AS
Score · fiscal year 2025
30of 100
How to read this: the company is ahead of 14 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 944 of 1,101 · What are Morning company classes?
Place in the whole sector: 2,800 of 3,294 · Informasjon og kommunikasjon
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 2 and solidity 21 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
B Smart AS is 20 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 1,101 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −104.8% (median 4.8%) and equity ratio 14.2% (median 34.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 10 MNOK | 22 MNOK |
| Operating margin | −104.8% | 4.8% |
| Profit margin | −105.5% | 5.0% |
| Return on assets | −152.8% | 9.1% |
| Equity ratio | 14.2% | 34.3% |
| Debt-to-equity | 6.06 | 1.62 |
| Current ratio | 3.37 | 1.33 |
| Revenue growth | 15.2% | 7.9% |
| Revenue per employee | 1.50 MNOK | 1.81 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 30, B Smart AS does better than 14% of companies in the Morning class Small in the same sector (1,101 companies) in 2025.
Score 2023–2025
- B Smart AS
- Median: companies in the Morning class Small in the same sector
B Smart AS has a score of 30 for 2025, rank 2,800 of 3,294 in the sector.
Strongest: Liquidity: percentile 91 against peers, current ratio 3.37 against a median of 1.33. Growth: percentile 65 against peers, revenue growth 15.2% against a median of 7.9%.
Weakest: Profitability: percentile 2 against peers, operating margin −104.8% against a median of 4.8%. Consistency: percentile 7 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −105.5% (median 5.0%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −104.8% (median 4.8%).
- What lies behind weak profitability, and will it last?
- What lies behind weak consistency, and will it last?
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 B Smart AS fell by 61.8 percentage points. Comparable companies rose by a median 1.7 points. So the company did 63.5 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes B Smart AS moved the same way as comparable companies 0 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 | −43.0% | 3.1% | +2.0 percentage points | −0.4 percentage points | +2.4 percentage points |
| 2025 | −104.8% | 4.8% | −61.8 percentage points | +1.7 percentage points | −63.5 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 B Smart AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
Service prices: information and communication rose 4.0% in 2025; the operating margin of B Smart AS fell 61.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | −45.0% | −43.0% | −104.8% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
Turnover index: information and communication rose 4.6% in 2025; the operating margin of B Smart AS fell 61.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | −45.0% | −43.0% | −104.8% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of B Smart AS fell 61.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | −45.0% | −43.0% | −104.8% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of B Smart AS fell 61.8 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 | – | – | −45.0% | −43.0% | −104.8% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of B Smart AS fell 61.8 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 | – | – | −45.0% | −43.0% | −104.8% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
Wage index: IT services rose 4.4% in 2025; the operating margin of B Smart AS fell 61.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | −45.0% | −43.0% | −104.8% | – |
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
B Smart AS had an operating margin of −104.8% and an equity ratio of 14.2% in 2025, and ranks 2,800 of 3,294 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin fell from −43.0% to −104.8% and the equity ratio fell from 88.8% to 14.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.6 | 1 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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −105.5% (median 5.0%).
- 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 −104.8% (median 4.8%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.2% 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
- watch Extreme margin: check 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 | 2 | weight 30% |
|---|---|---|
| Solidity | 21 | weight 25% |
| Liquidity | 91 | weight 15% |
| Growth | 65 | weight 15% |
| Consistency | 7 | weight 15% |
Durability: 46 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is B Smart AS?
The operating margin was −104.8% in 2025, against a median of 4.8% among companies in the Morning class Small in the same sector. Return on assets was −152.8%. The company made a loss before tax.
How solid is B Smart AS?
The equity ratio was 14.2% in 2025 (median 34.3%). Debt-to-equity was 6.06 (median 1.62).
What is the liquidity of B Smart AS like?
The current ratio was 3.37 in 2025 (median 1.33).
How does B Smart AS compare in Informasjon og kommunikasjon?
B Smart AS ranks 2,800 of 3,294 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Small it is number 944 of 1,101. Revenue changed by 15.2% from the year before.
Group structure · 2025
9 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.
No owner holds more than half of the shares in Varme & Bad AS.
Group accounts. Varme & Bad AS for 2025: index 28 of 100, number 113 of 126 groups. See the group accounts
-
Varme & Bad AS
- B Smart AS you are here
- VB Handel AS
- Org. no. 915808026
- Org. no. 917843600
- Org. no. 929432479
- VB Holding AS
- VB Service AS
- Varme & Bad Bedrift 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.
From the Central Coordinating Register
- Org. no.
- 921962282
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.200)
- Morning company class
- Small
- Employees
- 7 registered 10 February 2026
- Founded
- 24 October 2018 8 years in operation
- Share capital
- 0.05 MNOK
- Business address
- Forusparken 2, 4031 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- 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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 93.3%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 93%
- Group chain
-
Owned by: VARME & Bad AS (93%)
Ultimate owner: VARME & Bad AS
The owner: the majority owner VARME & Bad AS (holds 93%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- VARME & Bad AS · 93.3%
- VVS Norge AS · 6.7%
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 7 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 59 | 49 | 30 | |
| Rank | 1,000 | 1,736 | 2,800 | |
| Operating margin | −45.0% | −43.0% | −104.8% | |
| Return on assets | −22.1% | −28.6% | −152.8% | |
| Equity ratio | 91.1% | 88.8% | 14.2% | |
| Current ratio | 4.05 | 2.45 | 3.37 | |
| Revenue growth | – | 5.8% | 15.2% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 8.6 MNOK | 9.1 MNOK | 10.5 MNOK |
| Operating profit | −3.9 MNOK | −3.9 MNOK | −11.0 MNOK |
| Profit before tax | −4.0 MNOK | −3.9 MNOK | −11.1 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −4.0 MNOK | −3.9 MNOK | −11.1 MNOK |
| Financial expenses | 0.2 MNOK | – | 0.1 MNOK |
| Total assets | 17.5 MNOK | 13.6 MNOK | 7.2 MNOK |
| Current assets | 6.3 MNOK | 3.8 MNOK | 7.1 MNOK |
| Equity | 16.0 MNOK | 12.1 MNOK | 1.0 MNOK |
| Retained earnings | – | – | – |
| Total liabilities | 1.6 MNOK | 1.5 MNOK | 6.2 MNOK |
| Current liabilities | 1.6 MNOK | 1.5 MNOK | 2.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 7 November 2026, accounts id 6800590.
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