Vetlebu 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
17of 100
How to read this: the company is ahead of 6 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 3,897 of 4,147 · What are Morning company classes?
Place in the whole sector: 5,986 of 6,320 · Forretningsmessig tjenesteyting
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 19 and resilience 12 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Vetlebu AS is 33 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 4,140 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −6.3% (median 4.5%) and equity ratio −0.4% (median 30.8%).
How it has gone · 2024–2025
Revenue fell by 15 % from 2024 to 2025, to 3.0 MNOK. The operating margin fell from 4.0% in 2024 to −6.3% in 2025. The equity ratio fell from 4.2% in 2024 to −0.4% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Vetlebu AS has a score of 17 for 2025, rank 5,986 of 6,320 in the sector.
Strongest: Consistency: percentile 30 against peers.
Weakest: Solidity: percentile 0 against peers, equity ratio −0.4% against a median of 30.8%. Profitability: percentile 19 against peers, operating margin −6.3% against a median of 4.5%.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −0.4% (median 30.8%).
- Consider strengthening liquidity: current liabilities are 1.2 times current assets. Based on: current ratio 0.84 (median 1.33).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −5.5% (median 4.0%).
- What lies behind weak solidity, 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
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −0.4% (median 30.8%).
- watch
Consider strengthening liquidity: current liabilities are 1.2 times current assets.
Based on: Current ratio 0.84 (median 1.33).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −5.5% (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 −6.3% (median 4.5%).
- 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 −56.2% (median −8.3%); Current ratio 0.84 (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
- critical Negative equity
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 | 19 | weight 40% |
|---|---|---|
| Solidity | 0 | weight 20% |
| Liquidity | 24 | weight 5% |
| Growth | 21 | weight 25% |
| Consistency | 30 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 25 (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 | 3 MNOK | 3 MNOK |
| Operating margin | −6.3% | 4.5% |
| Profit margin | −5.5% | 4.0% |
| Return on assets | −6.0% | 8.9% |
| Equity ratio | −0.4% | 30.8% |
| Debt-to-equity | – | 1.44 |
| Current ratio | 0.84 | 1.33 |
| Revenue growth | −15.5% | 8.7% |
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 17, Vetlebu AS does better than 6% of companies in the Morning class Micro in the same sector (4,147 companies) in 2025.
Score 2024–2025
- Vetlebu 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. |
15 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. |
116 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. |
−56.2% | −8.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
53.9% | 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. |
−78.4 | 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. |
– | 22.0% | |
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): −1.7 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 Vetlebu AS fell by 10.3 percentage points. Comparable companies rose by a median 0.0 points. So the company did 10.3 points weaker than the industry, for reasons of its own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2025 | −6.3% | 4.5% | −10.3 percentage points | +0.0 percentage points | −10.3 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 Vetlebu 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 Vetlebu AS fell 10.3 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 | – | – | – | 4.0% | −6.3% | – |
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 Vetlebu AS fell 10.3 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 | – | – | – | 4.0% | −6.3% | – |
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 Vetlebu AS fell 10.3 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 | – | – | – | 4.0% | −6.3% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Vetlebu AS fell 10.3 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 | – | – | – | 4.0% | −6.3% | – |
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 Vetlebu AS fell 10.3 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 | – | – | – | 4.0% | −6.3% | – |
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
Vetlebu AS had an operating margin of −6.3% and an equity ratio of −0.4% in 2025, and ranks 5,986 of 6,320 in Forretningsmessig tjenesteyting.
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 4.0% to −6.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.3 | not meaningful |
| EV/EBIT | 14.1 | not meaningful |
| P/B | 2.7 | not meaningful |
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
Questions and answers
How profitable is Vetlebu AS?
The operating margin was −6.3% in 2025, against a median of 4.5% among companies in the Morning class Micro in the same sector. Return on assets was −6.0%. The company made a loss before tax.
How solid is Vetlebu AS?
The equity ratio was −0.4% in 2025 (median 30.8%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Vetlebu AS like?
The current ratio was 0.84 in 2025 (median 1.33). Current assets did not cover current liabilities.
How does Vetlebu AS compare in Forretningsmessig tjenesteyting?
Vetlebu AS ranks 5,986 of 6,320 in Forretningsmessig tjenesteyting for 2025. Among companies in the Morning class Micro it is number 3,897 of 4,147. Revenue changed by −15.5% 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 |
|---|---|---|---|---|
| Mile Mobility AS |  Cheetah |
3 MNOK | 33.2% | 59 |
| Just Best Padel AS | Cheetah |
3 MNOK | 10.8% | 59 |
| Rulle AS | Cheetah |
3 MNOK | 7.4% | 43 |
| Vetlebu AS (this company) |  Beaver |
3 MNOK | −6.3% | 17 |
| Seaweis AS | Beaver |
3 MNOK | 1.9% | 32 |
| Bedre Teltutleie AS | Beaver |
3 MNOK | −20.2% | 10 |
| Slaatta Skiutleie AS | Cheetah |
3 MNOK | 42.6% | 63 |
| Hafjell Skiutleie AS | Beaver |
3 MNOK | −17.1% | 30 |
| Morten Hagen Graveservice AS |  Elephant |
3 MNOK | 5.0% | 54 |
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
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.
Private persons own 100% of the shares in Lrf AS. Persons are not shown by name.
Lrf 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 (1 company), Forretningsmessig tjenesteyting (2 companies), Eiendom (1 company), Revisjon, regnskap og rådgivning (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
- 6 in all. Sauda 6 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Vetlebu AS
- Loss
- 2 companies: Sauda Skisenter AS, Vetlebu 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.
-
Lrf AS
-
Skisauda AS
-
Sauda Skitrekk A/S
- Vetlebu AS you are here
- Sauda Skisenter 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.
- 932765721
- Legal form
- AS
- Sector
- Forretningsmessig tjenesteyting (77.210)
- Purpose
- Forretningsvirksomhet innen utleie og salg av skiutstyr, samt tilby service og vedlikehold av eiendom. Selskapet skal engasjere seg i alle aktiviteter og tjenester som naturlig henger sammen med dette.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 1.6 MNOK (2025).
- Founded
- 20 December 2023 2 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Svandalsvegen 248, 4208 SAUDASJØEN
- Municipality
- Sauda rank 2–12 of 28 in KOSTRA group 6
- Audit
- Audit opted out from 4 January 2024
- Latest accounts filed
- 2025
- VAT registered
- Yes
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 5 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 80.0%
- Split
- companies 80% · private persons 20% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Sauda Skitrekk A/S (80%)
Ultimate owner: private person
- Sauda Skitrekk A/S · 80.0%
- 1 private persons · 20.0%
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 · 2024–2025
| Key figure | 2024 | 2025 | Trend |
|---|---|---|---|
| Index | 34 | 17 | |
| Rank | 4,624 | 5,986 | |
| Operating margin | 4.0% | −6.3% | |
| Return on assets | 4.6% | −6.0% | |
| Equity ratio | 4.2% | −0.4% | |
| Current ratio | 0.96 | 0.84 | |
| Revenue growth | – | −15.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 3.5 MNOK | 3.0 MNOK |
| Operating profit | 0.1 MNOK | −0.2 MNOK |
| Profit before tax | 0.1 MNOK | −0.2 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.1 MNOK | −0.1 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK |
| Total assets | 3.2 MNOK | 2.7 MNOK |
| Current assets | 2.9 MNOK | 2.3 MNOK |
| Equity | 0.1 MNOK | 0.0 MNOK |
| Retained earnings | 0.1 MNOK | 0.0 MNOK |
| Total liabilities | 3.1 MNOK | 2.7 MNOK |
| Current liabilities | 3.0 MNOK | 2.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6402015.
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