Simugolf 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 2025
Not enough data: Not enough data (below minimum revenue)
Based on the annual accounts for 2025
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 0 MNOK | 3 MNOK |
| Operating margin | 19.3% | 4.5% |
| Profit margin | 22.1% | 4.0% |
| Return on assets | 12.9% | 8.9% |
| Equity ratio | 94.4% | 30.8% |
| Debt-to-equity | 0.06 | 1.44 |
| Current ratio | 17.83 | 1.33 |
| Revenue growth | 3.8% | 8.7% |
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. |
30 days | 39 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. |
−1.3% | −8.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
95.2% | 53.7% | |
| 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. |
– | 4.0 | |
| 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. |
0.0% | 1.2% | |
| 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% | 22.0% | |
Net working capital (current assets less bank deposits less current liabilities): 0.0 MNOK.
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?
In 2025 the operating margin of Simugolf AS rose by 17.3 percentage points. Comparable companies rose by a median 0.0 points. So the company did 17.3 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Simugolf AS moved the same way as comparable companies 1 times. About 1% 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 | 1.9% | 4.5% | −8.6 percentage points | −0.3 percentage points | −8.3 percentage points |
| 2025 | 19.3% | 4.5% | +17.3 percentage points | +0.0 percentage points | +17.3 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 Simugolf AS. The figures stand side by side; we claim no cause.
Service prices: business support services (indeks (2021 = 100))
Service prices: business support services rose 3.8% in 2025; the operating margin of Simugolf AS rose 17.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: business support services, annual average | 100.0 | 104.9 | 111.1 | 116.9 | 121.3 | 122.3 (so far) |
| Change from the year before | – | +4.9% | +5.9% | +5.2% | +3.8% | +0.8% |
| The company's operating margin | – | – | 10.5% | 1.9% | 19.3% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: administrative and support services (indeks (2021 = 100))
Turnover index: administrative and support services rose 5.8% in 2025; the operating margin of Simugolf AS rose 17.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: administrative and support services, annual average | 99.5 | 117.4 | 126.0 | 130.8 | 138.4 | 141.3 (so far) |
| Change from the year before | +5.3% | +17.9% | +7.4% | +3.8% | +5.8% | +2.1% |
| The company's operating margin | – | – | 10.5% | 1.9% | 19.3% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Simugolf AS rose 17.3 percentage points.
| 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 | – | – | 10.5% | 1.9% | 19.3% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Simugolf AS rose 17.3 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 | – | – | 10.5% | 1.9% | 19.3% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: business support services (indeks)
Wage index: business support services rose 5.7% in 2025; the operating margin of Simugolf AS rose 17.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: business support services, annual average | 81.5 | 85.5 | 89.7 | 94.8 | 100.3 | 106.3 (so far) |
| Change from the year before | +3.5% | +4.9% | +4.9% | +5.7% | +5.7% | +6.0% |
| The company's operating margin | – | – | 10.5% | 1.9% | 19.3% | – |
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.
What the numbers say
Simugolf AS had an equity ratio of 94.4% in 2025. The company is not ranked: not enough data (below minimum revenue).
From 2024 to 2025: the operating margin rose from 1.9% to 19.3% and the equity ratio rose from 89.3% to 94.4%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.3 | 0 MNOK |
| EV/EBIT | 14.1 | 0 MNOK |
| P/B | 2.7 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 0 MNOK |
| Enterprise value after the size adjustment | 0 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 0 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 −179% 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Business & Consumer Services, Office Equipment & 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
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 19.3% (median 4.5%); Equity ratio 94.4% (median 30.8%); Current ratio 17.83 (median 1.33).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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
No anomalies found in 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 0.4%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
Questions and answers
How profitable is Simugolf AS?
The operating margin was 19.3% in 2025, against a median of 4.5% among companies in the same sector. Return on assets was 12.9%.
How solid is Simugolf AS?
The equity ratio was 94.4% in 2025 (median 30.8%). Debt-to-equity was 0.06 (median 1.44).
What is the liquidity of Simugolf AS like?
The current ratio was 17.83 in 2025 (median 1.33).
Group structure · 2025
5 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 Bees Holding AS.
Bees Holding 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
- Industri (1 company), Eiendom (2 companies), Forretningsmessig tjenesteyting (1 company), Bygg og anlegg (1 company) 5 of 5 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 41 in all. Årdal 41 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 1 company: Penta Stillas Utleige 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.
-
Bees Holding AS
- Simugolf AS you are here
- Impec 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.
- 925741736
- Legal form
- AS
- Sector
- Forretningsmessig tjenesteyting (77.210)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 18 September 2020 6 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Storevegen 22, 6884 ØVRE ÅRDAL
- Municipality
- Årdal rank 7–16 of 18 in KOSTRA group 2
- Audit
- Audit opted out from 7 October 2020
- 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 4 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Bees Holding AS (100%)
Ultimate owner: Bees Holding AS
- Bees Holding AS · 100.0%
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 | – | – | – | |
| Rank | – | – | – | |
| Operating margin | 10.5% | 1.9% | 19.3% | |
| Return on assets | 6.4% | 1.2% | 12.9% | |
| Equity ratio | 91.2% | 89.3% | 94.4% | |
| Current ratio | 9.39 | 7.70 | 17.83 | |
| Revenue growth | – | −3.2% | 3.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.2 MNOK | 0.2 MNOK | 0.2 MNOK |
| Operating profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Profit before tax | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 0.3 MNOK | 0.3 MNOK | 0.3 MNOK |
| Current assets | 0.2 MNOK | 0.2 MNOK | 0.3 MNOK |
| Equity | 0.3 MNOK | 0.3 MNOK | 0.3 MNOK |
| Retained earnings | 0.2 MNOK | 0.2 MNOK | 0.2 MNOK |
| Total liabilities | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Current liabilities | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6642967.