Variable 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
Score · fiscal year 2023
34of 100
How to read this: the company is ahead of 27 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 3,142 of 4,300 · What are Morning company classes?
Place in the whole sector: 4,861 of 6,515 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 19 and resilience 50 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Variable AS is 16 points below the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 4,298 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin −14.7% (median 6.0%) and equity ratio 74.4% (median 40.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | −14.7% | 6.0% |
| Profit margin | −14.2% | 6.3% |
| Return on assets | −6.5% | 11.4% |
| Equity ratio | 74.4% | 40.4% |
| Debt-to-equity | 0.34 | 1.10 |
| Current ratio | 0.93 | 1.57 |
| Revenue growth | – | 0.0% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 34, Variable AS does better than 27% of companies in the Morning class Micro in the same sector (4,300 companies) in 2023.
Score 2023–2025
- Variable AS
- Median: companies in the Morning class Micro in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
71 days | 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 | 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. |
−36.4% | −8.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
62.6% | 55.3% | |
| 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. |
−105.6 | 8.1 | |
| 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. |
0.2% | 0.5% | |
| 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% | 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): −0.5 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 Morning class Micro in the same sector in 2023. 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
Variable AS had an operating margin of −14.7% and an equity ratio of 74.4% in 2023, and ranks 4,861 of 6,515 in Informasjon og kommunikasjon.
This text is generated automatically from the 2023 accounts.
Three simple methods
One method gives a figure: 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | not meaningful |
| EV/EBIT | 14.9 | not meaningful |
| P/B | 3.6 | 5 MNOK |
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 (62): Computer Services.
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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.1 times current assets.
Based on: Current ratio 0.93 (median 1.57).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −14.2% (median 6.3%).
- 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 −14.7% (median 6.0%).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −36.4% (median −8.6%); Current ratio 0.93 (median 1.57).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.2% of the debt in 2023. The policy rate averaged 3.54 % 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 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 | 19 | weight 40% |
|---|---|---|
| Solidity | 80 | weight 20% |
| Liquidity | 19 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 5 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
Questions and answers
How profitable is Variable AS?
The operating margin was −14.7% in 2023, against a median of 6.0% among companies in the Morning class Micro in the same sector. Return on assets was −6.5%. The company made a loss before tax.
How solid is Variable AS?
The equity ratio was 74.4% in 2023 (median 40.4%). Debt-to-equity was 0.34 (median 1.10).
What is the liquidity of Variable AS like?
The current ratio was 0.93 in 2023 (median 1.57). Current assets did not cover current liabilities.
How does Variable AS compare in Informasjon og kommunikasjon?
Variable AS ranks 4,861 of 6,515 in Informasjon og kommunikasjon for 2023. Among companies in the Morning class Micro it is number 3,142 of 4,300.
From the Central Coordinating Register
- Org. no.
- 922971188
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 4 June 2019 7 years in operation
- Share capital
- 0.06 MNOK
- Business address
- Torggata 23, 0183 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 27 June 2019
- 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 3 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 10
- Largest owner
- 38.3% · top three 78.3%
- Split
- companies 99% · private persons 1% · foreign 4%
- Adm Invest AS · 38.3%
- Onh Invest AS · 20.0%
- Earth Invest AS · 20.0%
- W.A.Y. Holding AS · 6.0%
- NORTH CLEANTECH ADVISORY & Invest AS · 6.0%
- Life Forager Holding AS · 5.0%
- PK INVEST UG (Germany) · 2.0%
- Malop Investments LTD HE 457701 (Cyprus) · 1.4%
- 2 private persons · 1.2%
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 34 | 71 | 62 | |
| Rank | 4,861 | 766 | 1,926 | |
| Operating margin | −14.7% | 19.7% | 12.2% | |
| Return on assets | −6.5% | 13.0% | 9.4% | |
| Equity ratio | 74.4% | 83.0% | 88.0% | |
| Current ratio | 0.93 | 1.85 | 3.27 | |
| Revenue growth | – | 150.0% | 95.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.3 MNOK | 3.3 MNOK | 6.4 MNOK |
| Operating profit | −0.2 MNOK | 0.6 MNOK | 0.8 MNOK |
| Profit before tax | −0.2 MNOK | 0.7 MNOK | 0.8 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −0.2 MNOK | 0.7 MNOK | 0.8 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 2.9 MNOK | 5.1 MNOK | 8.8 MNOK |
| Current assets | 0.7 MNOK | 1.6 MNOK | 3.4 MNOK |
| Equity | 2.1 MNOK | 4.2 MNOK | 7.7 MNOK |
| Retained earnings | −5.1 MNOK | −4.5 MNOK | −3.6 MNOK |
| Total liabilities | 0.7 MNOK | 0.9 MNOK | 1.0 MNOK |
| Current liabilities | 0.7 MNOK | 0.9 MNOK | 1.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 5161925.
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