Brilliance 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 Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −71.5% Weaker than the industry Industry: 5.0%
- Returns · return on assets −70.8% Weaker than the industry Industry: 8.9%
- Solidity · equity ratio 68.0% Better than the industry Industry: 36.4%
- Liquidity · current ratio 0.59 Weaker than the industry Industry: 1.52
- Growth · revenue growth −49.4% Weaker than the industry Industry: 5.7%
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 2024
23of 100
How to read this: the company is ahead of 12 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 1,984 of 2,251 · What are Morning company classes?
Place in the whole sector: 2,584 of 2,910 · Kultur og fritid
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 3 and resilience 61 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Brilliance AS is 28 points below the median for companies in the Morning class Micro in the same sector in 2024.
Median score 51 among 2,250 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin −71.5% (median 5.0%) and equity ratio 68.0% (median 36.4%).
How it has gone · 2023–2025
Revenue fell by 29 % from 2023 to 2025, to 1.4 MNOK. The operating margin fell from −3.3% in 2023 to −9.8% in 2025. The equity ratio rose from 35.7% in 2023 to 46.8% 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 | 2.0 MNOK | 1.0 MNOK | 1.4 MNOK |
| Operating profit | −0.1 MNOK | −0.7 MNOK | −0.1 MNOK |
| Net profit | 0.0 MNOK | −0.7 MNOK | 0.1 MNOK |
| Total assets | 3.6 MNOK | 0.9 MNOK | 1.8 MNOK |
| Equity | 1.3 MNOK | 0.6 MNOK | 0.8 MNOK |
| Total liabilities | 2.3 MNOK | 0.3 MNOK | 1.0 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.
- 925893188
- Legal form
- AS
- Sector
- Kultur og fritid (90.390)
- Purpose
- Å tilby management, booking, promotering og plateselskap/publishing for norske artister. I tillegg skal selskapet kunne stå for ulike konsertproduksjoner, og annet som naturlig hører til dette.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.0 MNOK (2024).
- Founded
- 24 September 2020 6 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Vaskerelven 8, 5014 BERGEN
- Municipality
- Bergen rank 9 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 3 November 2020
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Brilliance 2 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
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) −52.4 (median 4.5); Financial costs as a share of debt 4.6% (median 1.0%).
- watch
Consider strengthening liquidity: current liabilities are 1.7 times current assets.
Based on: Current ratio 0.59 (median 1.52).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −66.3% (median 4.0%).
- 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 −71.5% (median 5.0%).
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 133 days (median 22 days).
- 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 −94.0% (median −7.9%); Current ratio 0.59 (median 1.52).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 4.6% of the debt in 2024. The policy rate averaged 4.50 % 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 1.4%. 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 | 3 | weight 40% |
|---|---|---|
| Solidity | 73 | weight 20% |
| Liquidity | 15 | weight 5% |
| Growth | 2 | weight 25% |
| Consistency | 61 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 32 (average over 2 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 3 MNOK |
| Operating margin | −71.5% | 5.0% |
| Profit margin | −66.3% | 4.0% |
| Return on assets | −70.8% | 8.9% |
| Equity ratio | 68.0% | 36.4% |
| Debt-to-equity | 0.47 | 1.12 |
| Current ratio | 0.59 | 1.52 |
| Revenue growth | −49.4% | 5.7% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 23, Brilliance AS does better than 12% of companies in the Morning class Micro in the same sector (2,251 companies) in 2024.
Score 2023–2025
- Brilliance 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. |
133 days | 22 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. |
−94.0% | −7.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
52.6% | 63.2% | |
| 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. |
−52.4 | 4.5 | |
| 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. |
4.6% | 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. |
−344.3% | 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): −0.9 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 2024. 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| 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. |
−69.1% | 17.2% | |
| 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. |
– | 13.8% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
−65.8% | 3.3% | |
| 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. |
1.09 | 1.89 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
1.47 | 2.12 | |
| 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. |
– | −1.1 | |
| 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. |
−2.59 | 1.35 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
0.59 | 1.39 | |
| 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. |
– | 22.0% | |
| 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. |
– | 1.6 | |
| 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. |
3.3% | 31.8% | |
| 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. |
– | 28.2% | |
| 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. |
7 mo. | 16 mo. | |
DuPont on the closing balance: net margin −65.8% × asset turnover 1.09 × multiplier 1.47 = −105.6% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
The operating result is not positive, so net debt over operating result and the safety margin are not calculated.
The median and the bar are for companies in the Morning class Micro in the same sector in 2024. 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
What the numbers say
Brilliance AS had an operating margin of −71.5% and an equity ratio of 68.0% in 2024, and ranks 2,584 of 2,910 in Kultur og fritid.
From 2023 to 2024: the operating margin fell from −3.3% to −71.5% and the equity ratio rose from 35.7% to 68.0%.
This text is generated automatically from the 2024 accounts.
Three simple methods
Suggested price: about 1 MNOK
The mean of the 1 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. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 43.33 NOK per share, on 30,000 shares in the shareholder register.
One method gives a figure: 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 21.1 | not meaningful |
| EV/EBIT | 19.9 | not meaningful |
| P/B | 3.3 | 1 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Recreation.
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
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
- 0.1 MNOK came into equity beyond the result in 2025.
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.
- The managing director is under 60.
- 0 of 1 on the board are 60 or older.
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
Questions and answers
How profitable is Brilliance AS?
The operating margin was −71.5% in 2024, against a median of 5.0% among companies in the Morning class Micro in the same sector. Return on assets was −70.8%. The company made a loss before tax.
How solid is Brilliance AS?
The equity ratio was 68.0% in 2024 (median 36.4%). Debt-to-equity was 0.47 (median 1.12).
What is the liquidity of Brilliance AS like?
The current ratio was 0.59 in 2024 (median 1.52). Current assets did not cover current liabilities.
How does Brilliance AS compare in Kultur og fritid?
Brilliance AS ranks 2,584 of 2,910 in Kultur og fritid for 2024. Among companies in the Morning class Micro it is number 1,984 of 2,251. Revenue changed by −49.4% from the year before.
Group structure · 2025
2 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 Nesse Invest AS. Persons are not shown by name.
Nesse Invest 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
- Kultur og fritid (2 companies) 2 of 2 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
- 1 company: Nesse Invest 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.
-
Nesse Invest AS
- Brilliance AS you are here
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
- 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: Nesse Invest AS (100%)
Ultimate owner: private person
The owner: the majority owner Nesse Invest AS (holds 100%) 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.
- Nesse Invest 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 | 40 | 23 | 50 | |
| Rank | 1,813 | 2,584 | 1,567 | |
| Operating margin | −3.3% | −71.5% | −9.8% | |
| Return on assets | −0.4% | −70.8% | 6.4% | |
| Equity ratio | 35.7% | 68.0% | 46.8% | |
| Current ratio | 2.00 | 0.59 | 0.64 | |
| Revenue growth | – | −49.4% | 40.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.0 MNOK | 1.0 MNOK | 1.4 MNOK |
| Operating profit | −0.1 MNOK | −0.7 MNOK | −0.1 MNOK |
| Profit before tax | 0.0 MNOK | −0.7 MNOK | 0.1 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.0 MNOK | −0.7 MNOK | 0.1 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 3.6 MNOK | 0.9 MNOK | 1.8 MNOK |
| Current assets | 3.5 MNOK | 0.8 MNOK | 0.5 MNOK |
| Equity | 1.3 MNOK | 0.6 MNOK | 0.8 MNOK |
| Retained earnings | 1.3 MNOK | 0.6 MNOK | 0.8 MNOK |
| Total liabilities | 2.3 MNOK | 0.3 MNOK | 1.0 MNOK |
| Current liabilities | 1.8 MNOK | 1.3 MNOK | 0.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6085181.
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