Haystack Holding 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 −6.1% Weaker than the industry Industry: 11.7%
- Solidity · equity ratio 51.5% Better than the industry Industry: 36.4%
- Liquidity · current ratio 0.26 Weaker than the industry Industry: 1.41
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: Revenue not reported
Based on the annual accounts for 2025
How it has gone · 2023–2025
The equity ratio fell from 68.2% in 2023 to 51.5% 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 | −0.2 MNOK | −1.7 MNOK | −8.0 MNOK |
| Net profit | −5.0 MNOK | −29.5 MNOK | −13.5 MNOK |
| Total assets | 149.8 MNOK | 127.8 MNOK | 128.9 MNOK |
| Equity | 102.1 MNOK | 79.9 MNOK | 66.4 MNOK |
| Total liabilities | 47.7 MNOK | 47.9 MNOK | 62.5 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.
- 924490357
- Legal form
- AS · part of a group
- Sector
- Informasjon og kommunikasjon (62.200)
- Purpose
- Eie aksjer i andre selskap, investere i aksjer og andre verdipapirer, samt annen virksomhet som står i naturlig tilknytning til dette.
- Employees
- 0–4 (not registered)
- Founded
- 4 January 2020 6 years in operation
- Share capital
- 8.07 MNOK
- Business address
- c/o Mont Investor Partners AS, Wergelandsveien 7, 0167 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- No
- Former names
- Legentic Invest AS until 2022, Mohawk Invest AS until 2021
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
Consider strengthening liquidity: current liabilities are 3.9 times current assets.
Based on: Current ratio 0.26 (median 1.41).
- 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) −1.4 (median 8.3); Financial costs as a share of debt 9.0% (median 1.0%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin – (median 6.5%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 9.0% 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 Revenue not reported
- watch No revenue but large assets
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
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating margin | – | 6.1% |
| Profit margin | – | 6.5% |
| Return on assets | −6.1% | 11.7% |
| Equity ratio | 51.5% | 36.4% |
| Debt-to-equity | 0.94 | 1.34 |
| Current ratio | 0.26 | 1.41 |
| Revenue growth | – | 7.1% |
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. |
– | 58 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. |
– | −8.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
80.6% | 48.8% | |
| 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. |
−1.4 | 8.3 | |
| 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. |
9.0% | 1.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
76.0% | 2.6% | |
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): −14.3 MNOK.
Of the financial costs of 5.6 MNOK, 5.4 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.
The industry or the company: what drove the result?
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 Haystack Holding AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
| 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 | – | – | – | – | – | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
| 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 | – | – | – | – | – | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
| 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 | – | – | – | – | – | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
| 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 | – | – | – | – | – | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | – | – | – | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
| 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 | – | – | – | – | – | – |
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
Haystack Holding AS had an equity ratio of 51.5% in 2025. The company is not ranked: revenue not reported.
From 2024 to 2025: the equity ratio fell from 62.5% to 51.5%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 163 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | not meaningful |
| EV/EBIT | 14.9 | not meaningful |
| P/B | 3.6 | 163 MNOK |
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 (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
Questions and answers
How profitable is Haystack Holding AS?
The operating margin was – in 2025, against a median of 6.1% among companies in the same sector. Return on assets was −6.1%. The company made a loss before tax.
How solid is Haystack Holding AS?
The equity ratio was 51.5% in 2025 (median 36.4%). Debt-to-equity was 0.94 (median 1.34).
What is the liquidity of Haystack Holding AS like?
The current ratio was 0.26 in 2025 (median 1.41). Current assets did not cover current liabilities.
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
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 Brødrene Jensen Selskap AS.
Brødrene Jensen Selskap 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
- Informasjon og kommunikasjon (4 companies), Teknisk tjenesteyting og forskning (3 companies) 7 of 9 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
- 1 company: MA Midco II AS
- Loss
- 5 companies: Brødrene Jensen Selskap AS, Legentic Holdco AS, Haystack Holding AS, MA Midco II AS, Mont Invest 30 AS
- Changed 2024–2025
- 7 companies joined the group, among them: Legentic Holdco AS, MA Midco AS, MA Lowco AS, MA Midco II AS, Mont Invest 30 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.
-
Brødrene Jensen Selskap AS
-
Haystack Holding AS you are here
-
Org. no. 936752004
- Org. no. 934004035
- Mont Invest 30 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 4 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 3 (one owner holds more than half)
- Largest owner
- 72.4%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 88%
- Group chain
-
Owned by: Brødrene Jensen Selskap AS (72%)
Ultimate owner: Brødrene Jensen Selskap AS
The owner: the majority owner Brødrene Jensen Selskap AS (holds 72%) 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.
- Brødrene Jensen Selskap AS · 72.4%
- Aubert Invest AS · 18.1%
- Ikab AS · 9.5%
The company is new in the shareholder register in 2025.
Majority owner of: Legentic Holdco AS (55%)
Holds shares in: Legentic Holdco AS (55%)
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 | – | – | – | |
| Rank | – | – | – | |
| Operating margin | – | – | – | |
| Return on assets | 0.9% | −1.3% | −6.1% | |
| Equity ratio | 68.2% | 62.5% | 51.5% | |
| Current ratio | 183.25 | 0.06 | 0.26 | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | – |
| Operating profit | −0.2 MNOK | −1.7 MNOK | −8.0 MNOK |
| Profit before tax | −5.0 MNOK | −29.5 MNOK | −13.5 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −5.0 MNOK | −29.5 MNOK | −13.5 MNOK |
| Financial expenses | 6.3 MNOK | 27.8 MNOK | 5.6 MNOK |
| Total assets | 149.8 MNOK | 127.8 MNOK | 128.9 MNOK |
| Current assets | 39.2 MNOK | 2.8 MNOK | 3.9 MNOK |
| Equity | 102.1 MNOK | 79.9 MNOK | 66.4 MNOK |
| Retained earnings | −16.7 MNOK | −46.2 MNOK | 6.3 MNOK |
| Total liabilities | 47.7 MNOK | 47.9 MNOK | 62.5 MNOK |
| Current liabilities | 0.2 MNOK | 47.9 MNOK | 15.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6569249.
Further
News and announcements
- 18 May 2026 Kapital (opens in a new tab) Source: Brønnøysundregistrene
- 5 March 2026 Kapital (opens in a new tab) Source: Brønnøysundregistrene
From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link