Varder 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 2.1% About like the industry Industry: 4.5%
- Returns · return on assets 5.0% About like the industry Industry: 8.9%
- Solidity · equity ratio 20.0% Weaker than the industry Industry: 30.8%
- Liquidity · current ratio 1.19 About like the industry Industry: 1.33
- Growth · revenue growth 4.8% About like the industry Industry: 8.7%
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 2025
41of 100
How to read this: the company is ahead of 34 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 2,737 of 4,145 · What are Morning company classes?
Place in the whole sector: 4,250 of 6,321 · Forretningsmessig tjenesteyting
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 41 and resilience 42 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Varder AS is 9 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 4,138 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 2.1% (median 4.5%) and equity ratio 20.0% (median 30.8%).
How it has gone · 2023–2025
Revenue rose by 159 % from 2023 to 2025, to 9.1 MNOK. The operating margin fell from 8.3% in 2023 to 2.1% in 2025. The equity ratio fell from 31.4% in 2023 to 20.0% 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 | 3.5 MNOK | 8.7 MNOK | 9.1 MNOK |
| Operating profit | 0.3 MNOK | 0.6 MNOK | 0.2 MNOK |
| Net profit | 0.5 MNOK | 0.4 MNOK | 0.2 MNOK |
| Total assets | 1.7 MNOK | 4.9 MNOK | 4.5 MNOK |
| Equity | 0.5 MNOK | 1.0 MNOK | 0.9 MNOK |
| Total liabilities | 1.2 MNOK | 4.0 MNOK | 3.6 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.
- 926448005
- Legal form
- AS
- Sector
- Forretningsmessig tjenesteyting (82.100)
- Purpose
- Yte fellestjenester, levere administrative tjenester og arrangere kurs, og annen virksomhet som naturlig sammenfaller med det nevnte. Selskapet skal være eier av varemerker, kjennetegn, navnerettigheter og øvrige immaterielle rettigheter som Advokatfirmaet Varder AS, Revisjonsselskapet Varder AS og Varder Rådgivning AS benytter seg av i fellesskap. Dette inkluderer navnet "Varder" i enhver form.
- Morning company class
- Micro
- Employees
- 5 registered 10 November 2026
- Founded
- 5 January 2021 5 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Henrik Ibsens gate 60A, 0255 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Revisjonsfirmaet Varder AS until 2021, Varder Revisjon 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
Varder AS has a score of 41 for 2025, rank 4,250 of 6,321 in the sector.
Strongest: Consistency: percentile 60 against peers.
Weakest: Solidity: percentile 33 against peers, equity ratio 20.0% against a median of 30.8%. Growth: percentile 39 against peers, revenue growth 4.8% against a median of 8.7%.
Worth a closer look
- 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 127 days (median 39 days).
- 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 −4.8% (median −8.3%); current ratio 1.19 (median 1.33).
- What lies behind weak solidity, and will it last?
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Worth a closer look
- 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 127 days (median 39 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 −4.8% (median −8.3%); Current ratio 1.19 (median 1.33).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.1% 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
What the score is made of
| Profitability | 41 | weight 40% |
|---|---|---|
| Solidity | 33 | weight 20% |
| Liquidity | 43 | weight 5% |
| Growth | 39 | weight 25% |
| Consistency | 60 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 51 (average over 3 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 | 9 MNOK | 3 MNOK |
| Operating margin | 2.1% | 4.5% |
| Profit margin | 2.4% | 4.0% |
| Return on assets | 5.0% | 8.9% |
| Equity ratio | 20.0% | 30.8% |
| Debt-to-equity | 3.99 | 1.44 |
| Current ratio | 1.19 | 1.33 |
| Revenue growth | 4.8% | 8.7% |
| Revenue per employee | 1.51 MNOK | 0.44 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 41, Varder AS does better than 34% of companies in the Morning class Micro in the same sector (4,145 companies) in 2025.
Score 2023–2025
- Varder 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. |
127 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. |
−4.8% | −8.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
26.1% | 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. |
82.7 | 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. |
0.1% | 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. |
– | 22.1% | |
Net working capital (current assets less bank deposits less current liabilities): −0.4 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 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 Varder AS fell by 4.6 percentage points. Comparable companies rose by a median 0.0 points. So the company did 4.6 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Varder AS moved the same way as comparable companies 1 times. About 4% 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 | 6.8% | 4.5% | −1.5 percentage points | −0.3 percentage points | −1.2 percentage points |
| 2025 | 2.1% | 4.5% | −4.6 percentage points | +0.0 percentage points | −4.6 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 Varder 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 Varder AS fell 4.6 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 | – | – | 8.3% | 6.8% | 2.1% | – |
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 Varder AS fell 4.6 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 | – | – | 8.3% | 6.8% | 2.1% | – |
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 Varder AS fell 4.6 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 | – | – | 8.3% | 6.8% | 2.1% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Varder AS fell 4.6 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 | – | – | 8.3% | 6.8% | 2.1% | – |
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 Varder AS fell 4.6 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 | – | – | 8.3% | 6.8% | 2.1% | – |
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
Varder AS had an operating margin of 2.1% and an equity ratio of 20.0% in 2025, and ranks 4,250 of 6,321 in Forretningsmessig tjenesteyting.
From 2024 to 2025: the operating margin fell from 6.8% to 2.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 3 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.2 | 3 MNOK |
| EV/EBIT | 10.8 | 3 MNOK |
| P/B | 1.3 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 4 MNOK |
| Enterprise value after the size adjustment | 2 MNOK |
| Less net debt (rough figure) | −1 MNOK |
| Equity value | 3 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 −47% 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 multiples are from the listed industry that matches the NACE code (82.1): 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
Questions and answers
How profitable is Varder AS?
The operating margin was 2.1% in 2025, against a median of 4.5% among companies in the Morning class Micro in the same sector. Return on assets was 5.0%.
How solid is Varder AS?
The equity ratio was 20.0% in 2025 (median 30.8%). Debt-to-equity was 3.99 (median 1.44).
What is the liquidity of Varder AS like?
The current ratio was 1.19 in 2025 (median 1.33).
How does Varder AS compare in Forretningsmessig tjenesteyting?
Varder AS ranks 4,250 of 6,321 in Forretningsmessig tjenesteyting for 2025. Among companies in the Morning class Micro it is number 2,737 of 4,145. Revenue changed by 4.8% from the year before.
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.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Thon Hotels Salg AS · same municipality |  Lion |
24 MNOK | 5.0% | 59 |
| INCHCAPE SHIPPING SERVICES (NORWAY) AS · same municipality | Lion |
12 MNOK | 11.7% | 59 |
| Varder AS (this company) |  Beaver |
9 MNOK | 2.1% | 41 |
| Peak Sunnfjord AS |  Cheetah |
8 MNOK | 15.1% | 51 |
| Vestoppgjør AS | Cheetah |
8 MNOK | 21.8% | 62 |
| WE Assist AS · same municipality | Lion |
7 MNOK | 5.8% | 57 |
| Ecomarin AS |  Elephant |
6 MNOK | −0.7% | 39 |
| Personell Nord AS | Lion |
5 MNOK | 10.9% | 63 |
| Lister og Dalane Avfallsservice AS | Elephant |
4 MNOK | 2.6% | 63 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
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.
No owner holds more than half of the shares in Varder AS.
Varder 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
- Forretningsmessig tjenesteyting (1 company), Revisjon, regnskap og rådgivning (1 company) 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.
- Employees in Norway
- 5 in all. Oslo 5 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
-
Varder 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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 7
- Largest owner
- 14.3% · top three 42.9%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 43%
- Owners over 60
- 14% of the shares held by persons (median age 51)
The company is new in the shareholder register in 2025.
Majority owner of: Varder Rådgivning AS (100%)
Holds shares in: Varder Rådgivning AS (100%)
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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 60 | 53 | 41 | |
| Rank | 1,906 | 2,674 | 4,250 | |
| Operating margin | 8.3% | 6.8% | 2.1% | |
| Return on assets | 34.7% | 11.9% | 5.0% | |
| Equity ratio | 31.4% | 19.7% | 20.0% | |
| Current ratio | 0.90 | 1.11 | 1.19 | |
| Revenue growth | – | 147.6% | 4.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 3.5 MNOK | 8.7 MNOK | 9.1 MNOK |
| Operating profit | 0.3 MNOK | 0.6 MNOK | 0.2 MNOK |
| Profit before tax | 0.6 MNOK | 0.6 MNOK | 0.2 MNOK |
| Tax expense | 0.1 MNOK | 0.1 MNOK | 0.0 MNOK |
| Net profit | 0.5 MNOK | 0.4 MNOK | 0.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.7 MNOK | 4.9 MNOK | 4.5 MNOK |
| Current assets | 1.0 MNOK | 4.4 MNOK | 4.3 MNOK |
| Equity | 0.5 MNOK | 1.0 MNOK | 0.9 MNOK |
| Retained earnings | 0.5 MNOK | 0.9 MNOK | 0.9 MNOK |
| Total liabilities | 1.2 MNOK | 4.0 MNOK | 3.6 MNOK |
| Current liabilities | 1.2 MNOK | 4.0 MNOK | 3.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 7089402.
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News and announcements
- 30 September 2026 Endring i styret (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