Boolean AS

Org. no. 922584923 · Oslo · 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

Employees – Not registered in the Central Coordinating Register
Operating revenue · 2025 22.2 MNOK Small
Net profit · 2025 18.1 MNOK
Equity · 2025 39.7 MNOK
Founded 2019 7 years in operation
Sector Eiendom 68.110
Quick check · fiscal year 2025

Is the company run well?

Five key figures against companies in the Morning class Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.

  • Profitability · operating margin 99.3% Better than the industry Industry: 40.6%
  • Returns · return on assets 29.3% Better than the industry Industry: 7.8%
  • Solidity · equity ratio 47.4% Better than the industry Industry: 27.3%
  • Liquidity · current ratio 1.89 Better than the industry Industry: 1.27
  • Growth · revenue growth 32.7% Better than the industry Industry: 4.1%

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

77of 100

How to read this: the company is ahead of 97 % of companies in the Morning class Small in the same sector in 2025. What does this mean?

Rank in the Morning class Small: 173 of 5,128 · What are Morning company classes?
Place in the whole sector: 1,172 of 30,124 · Eiendom

Profile

Lion · Leader

High profitability, high resilience

Position against comparable companies in 2025, not a verdict on the company. Based on profitability 94 and resilience 69 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology

Against the sector

Boolean AS is 27 points above the median for companies in the Morning class Small in the same sector in 2025.

Median score 50 among 5,127 companies.

Against companies in the Morning class Small in the same sector in 2025: operating margin 99.3% (median 40.6%) and equity ratio 47.4% (median 27.3%).

Source: Register of Company Accounts and Central Coordinating RegisterFetched 8 November 2026Report an issue
Development

How it has gone · 2023–2025

Revenue rose by 404 % from 2023 to 2025, to 22.2 MNOK. The operating margin rose from 77.0% in 2023 to 99.3% in 2025. The equity ratio rose from 12.4% in 2023 to 47.4% in 2025.

Score · 2025 77 +15 points since 2023 (better)
Operating revenue · 2025 22.2 MNOK +404% since 2023 (better)
Net profit · 2025 18.1 MNOK +699% since 2023 (better)
Operating margin · 2025 99.3% +22.3 pp since 2023 (better)
Equity ratio · 2025 47.4% +35.0 pp since 2023 (better)
Current ratio · 2025 1.89 +0.74 since 2023 (better)

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 figure202320242025
Operating revenue4.4 MNOK16.7 MNOK22.2 MNOK
Operating profit3.4 MNOK16.6 MNOK22.1 MNOK
Net profit2.3 MNOK14.5 MNOK18.1 MNOK
Total assets20.3 MNOK45.8 MNOK83.7 MNOK
Equity2.5 MNOK21.6 MNOK39.7 MNOK
Total liabilities17.8 MNOK24.2 MNOK44.1 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.
922584923
Legal form
AS · part of a group
Sector
Eiendom (68.110)
Purpose
Investering i fast eiendom og verdipapirer, samt alt som står i forbindelse med dette.
Morning company class
Small
Employees
0–4 (not registered)
Founded
1 March 2019 7 years in operation
Share capital
0.10 MNOK
Business address
c/o Tigerstaden AS, Olav Vs gate 5, 0161 OSLO
Municipality
Oslo rank 63–220 of 357 in Norway
Latest accounts filed
2025
VAT registered
No
Former names
Haien AS until 2022
LEI
54930036AZV41F5MTK54 renews 18 August 2027
The company's business municipality, Oslo. The map shows the municipality, not the address. Map source: Kartverket (CC BY 4.0).

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

Summary analysis

Boolean AS has a score of 77 for 2025, rank 1,172 of 30,124 in the sector.

Strongest: Profitability: percentile 94 against peers, operating margin 99.3% against a median of 40.6%. Consistency: percentile 70 against peers.

No area is clearly below its peers.

Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made

Indications · 2025

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 10.9% 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.

Stress test · 2022

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

Components · 2025

What the score is made of

Profitability94 weight 40%
Solidity69 weight 20%
Liquidity64 weight 5%
Growth61 weight 25%
Consistency70 weight 10%

Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?

Durability: 75 (average over 3 years)

Index version 3. Data completeness 100%: the share of the weights that had data.

Key figures · 2025

The numbers behind the score

The numbers behind the score · 2025
MeasureCompanyMedianAhead of
Operating revenue22 MNOK17 MNOK
Operating margin 99.3% 40.6% 99 %
Profit margin 88.8% 19.3% shown, not part of the index
Return on assets 29.3% 7.8% 89 %
Equity ratio 47.4% 27.3% 70 %
Debt-to-equity 1.11 2.34 68 %
Current ratio 1.89 1.27 64 %
Revenue growth 32.7% 4.1% 79 %

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 77, Boolean AS does better than 97% of companies in the Morning class Small in the same sector (5,128 companies) in 2025.

Over time

Score 2023–2025

CompanyMedian0255075100202320242025
  • Boolean AS
  • Median: companies in the Morning class Small in the same sector
Working capital and debt · 2025

Working capital and debt

Working capital and debt · 2025
MeasureCompanyMedianHigher than
Working capital
Receivable days
All current receivables, including those on group companies, in days of revenue.
23 days 50 days 35 %
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.
1,299 days 0 days 96 %
Net working capital to revenue
Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations.
163.8% −6.0% 91 %
Cash share of current assets
How much of the short-term buffer is bank deposits and cash.
3.3% 30.5% 21 %
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.
4.6 2.0 66 %
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.
10.9% 4.7% 94 %
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% 83.5% 2 %

Net working capital (current assets less bank deposits less current liabilities): 36.4 MNOK.

Of the financial costs of 4.8 MNOK, 2.5 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 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.

Our calculations Returns and quality · 2025

Returns, debt against earnings and quality

Returns, debt against earnings and quality · 2025
MeasureCompanyMedianHigher than
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.
59.2% 12.9% 81 %
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.
55.6% 8.3% 88 %
Net margin
Net result over revenue. The first part of the DuPont split of return on equity.
81.5% 15.0% 94 %
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.
0.27 0.18 61 %
Equity multiplier
Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split.
2.11 3.34 32 %
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.
−0.1 6.5 14 %
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.
79.36 1.01 98 %
Quick ratio (without inventory)
Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments.
0.09 1.08 8 %
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.
8.2% 22.0% 11 %
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.
1.0 1.3 40 %
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.
– 13.3% not compared
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.
– 68.8% not compared
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.
– 8 mo. not compared

DuPont on the closing balance: net margin 81.5% × asset turnover 0.27 × multiplier 2.11 = 45.7% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.

Net debt is negative: the company holds more cash than long-term debt.

The median and the bar are for companies in the Morning class Small 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 Boolean AS rose by 0.0 percentage points. Comparable companies rose by a median 0.2 points. So the company did 0.2 points weaker than the industry, for reasons of its own.

Over 2 year-to-year changes Boolean AS moved the same way as comparable companies 1 times. About 17% of the changes in operating margin were common to the industry; the rest was the company's own.

The operating margin of Boolean AS against comparable companies, year by year
YearThe companyComparable (median) Change, companyChange, industryThe company's own
202499.3%40.5% +22.3 percentage points −5.6 percentage points +27.9 percentage points
202599.3%40.6% +0.0 percentage points +0.2 percentage points −0.2 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 Boolean 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 Boolean AS rose 0.0 percentage points.

House prices (existing homes) per year and the operating margin of Boolean AS
Measure202120222023202420252026
House prices (existing homes), annual average134.5141.6140.8144.6152.5158.7 (so far)
Change from the year before+10.5%+5.2%−0.5%+2.7%+5.5%+4.1%
The company's operating margin––77.0%99.3%99.3%–

Source: SSB (07221, CC BY 4.0). Source

Policy rate (prosent)

Policy rate fell 0.20 percentage points in 2025; the operating margin of Boolean AS rose 0.0 percentage points.

Policy rate per year and the operating margin of Boolean AS
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (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––77.0%99.3%99.3%–

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 Boolean AS rose 0.0 percentage points.

Construction cost index for dwellings per year and the operating margin of Boolean AS
Measure202120222023202420252026
Construction cost index for dwellings, annual average124.2135.1141.1146.4152.7158.7 (so far)
Change from the year before+8.7%+8.8%+4.4%+3.7%+4.3%+3.9%
The company's operating margin––77.0%99.3%99.3%–

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 Boolean AS rose 0.0 percentage points.

Consumer price index per year and the operating margin of Boolean AS
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0103.0 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+3.0%
The company's operating margin––77.0%99.3%99.3%–

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 Boolean AS rose 0.0 percentage points.

Wage index: real estate per year and the operating margin of Boolean AS
Measure202120222023202420252026
Wage index: real estate, annual average91.794.396.8103.2108.5111.3 (so far)
Change from the year before+5.2%+2.9%+2.6%+6.5%+5.2%+2.6%
The company's operating margin––77.0%99.3%99.3%–

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.

Analysis · 2025

What the numbers say

Boolean AS had an operating margin of 99.3% and an equity ratio of 47.4% in 2025, and ranks 1,172 of 30,124 in Eiendom.

From 2024 to 2025: revenue grew by 33%.

This text is generated automatically from the 2025 accounts.

Estimated value · 2025

Three simple methods

Our calculations

Suggested price: about 92 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 methods differ widely (the highest is 6.6 times the lowest), so the estimate is uncertain.
That is about 920,000 NOK per share, on 100 shares in the shareholder register.

The methods give between 24 MNOK and 161 MNOK.

MethodInputMultipleListed basisEstimate
P/E Net profit (mean 2023–2025): 11.6 MNOK 11.3 132 MNOK 90 MNOK
EV/EBIT Operating profit (mean 2023–2025): 14.0 MNOK
less net debt −2.8 MNOK (rough figure)
16.6 236 MNOK 161 MNOK
P/B Equity: 39.7 MNOK 0.9 36 MNOK 24 MNOK
EV/EBIT: from enterprise value to equityNOK
Enterprise value (EV) at the listed multiple233 MNOK
Enterprise value after the size adjustment159 MNOK
Less net debt (rough figure)−3 MNOK
Equity value161 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.

The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% 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 (68.1): Real Estate (Development).

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

Our calculations

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.
  • 0 of 2 on the board are 60 or older.
Age is this year minus the birth year in the registers and can be a year off. It says something about age, not about anyone planning to step down.

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

2025

Questions and answers

How profitable is Boolean AS?

The operating margin was 99.3% in 2025, against a median of 40.6% among companies in the Morning class Small in the same sector. Return on assets was 29.3%.

How solid is Boolean AS?

The equity ratio was 47.4% in 2025 (median 27.3%). Debt-to-equity was 1.11 (median 2.34).

What is the liquidity of Boolean AS like?

The current ratio was 1.89 in 2025 (median 1.27).

How does Boolean AS compare in Eiendom?

Boolean AS ranks 1,172 of 30,124 in Eiendom for 2025. Among companies in the Morning class Small it is number 173 of 5,128. Revenue changed by 32.7% from the year before.

2025

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.

Belsby Bygg AS: 30 / 75Viridis Gardermoen AS: 35 / 54AS SEABIRD: 97 / 77Gumpen Bileiendom AS: 69 / 65Mesna Senter AS: 24 / 30Boolean AS: 94 / 69Ø-Bo Prosjekt AS: 19 / 43Krøgenes Vekst AS: 46 / 57Havnegården Eiendom AS: 79 / 6500252550507575100100Resilience, percentile against peers →↑ Profitability, percentile against peers

CompanyProfileOperating revenueOperating marginScore
Belsby Bygg AS Elephant 24 MNOK 4.0% 57
Viridis Gardermoen AS · same municipality Elephant 23 MNOK 41.7% 50
AS SEABIRD · same municipality Lion 23 MNOK 98.6% 89
Gumpen Bileiendom AS Lion 23 MNOK 68.4% 59
Mesna Senter AS Beaver 22 MNOK 12.3% 31
Boolean AS (this company) Lion 22 MNOK 99.3% 77
Ø-Bo Prosjekt AS Beaver 22 MNOK 4.1% 36
Krøgenes Vekst AS Elephant 22 MNOK 53.3% 49
Havnegården Eiendom AS Lion 21 MNOK 72.8% 65

The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis

Group accounts

The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.

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.

Group structure · 2025

11 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 Tigerstaden AS. Persons are not shown by name.

Tigerstaden 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
Eiendom (11 companies) 11 of 11 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
Loss
2 companies: Lunor Capital AS, Vieto AS
Changed 2024–2025
1 company joined the group: Lunor Capital 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.

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.

Parent company
Tigerstaden AS (Norway)

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
2 (one owner holds more than half)
Largest owner
51.0%
Split
companies 100% · private persons 0% · foreign 0%
Owned from the same municipality
100%
Group chain
Owned by: Tigerstaden AS (51%)
Ultimate owner: private person

The company is new in the shareholder register in 2025.

The portfolio: 14 of the companies it owns shares in have accounts with us, 0 of them as majority owner. The average index is 45. 0 have negative equity and 5 made a loss in the latest year.

Holds shares in: Vistin Pharma ASA (1%), Goodtech ASA (1%), Akastor ASA (0%), Norse Atlantic ASA (0%), Link Mobility Group Holding ASA (0%), Fjord Defence Group ASA (0%), Nekkar ASA (0%), Pexip Holding 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.

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Figures last fetched 8 November 2026.

Details

Year by year · 2023–2025

Key figure202320242025Trend
Index628677
Rank7,4643101,172
Operating margin77.0%99.3%99.3%
Return on assets17.4%39.9%29.3%
Equity ratio12.4%47.1%47.4%
Current ratio1.141.891.89
Revenue growth–279.6%32.7%

Accounts

From the Brønnøysund Register Centre, in the company's reporting currency (NOK).

Key figure202320242025
Operating revenue4.4 MNOK16.7 MNOK22.2 MNOK
Operating profit3.4 MNOK16.6 MNOK22.1 MNOK
Profit before tax2.7 MNOK16.6 MNOK19.7 MNOK
Tax expense0.5 MNOK2.1 MNOK1.6 MNOK
Net profit2.3 MNOK14.5 MNOK18.1 MNOK
Financial expenses0.8 MNOK1.6 MNOK4.8 MNOK
Total assets20.3 MNOK45.8 MNOK83.7 MNOK
Current assets20.3 MNOK45.8 MNOK83.2 MNOK
Equity2.5 MNOK21.6 MNOK39.7 MNOK
Retained earnings2.4 MNOK17.0 MNOK35.1 MNOK
Total liabilities17.8 MNOK24.2 MNOK44.1 MNOK
Current liabilities17.8 MNOK24.2 MNOK44.1 MNOK

Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6973374.