Binary Security 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 2024
55of 100
How to read this: the company is ahead of 58 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 3,018 of 7,108 · What are Morning company classes?
Place in the whole sector: 4,044 of 9,534 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 92 and resilience 12 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Binary Security AS is 4 points above the median for companies in the Morning class Micro in the same sector in 2024.
Median score 51 among 7,104 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin 40.9% (median 8.0%) and equity ratio 1.0% (median 44.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 9 MNOK | 2 MNOK |
| Operating margin | 40.9% | 8.0% |
| Profit margin | 42.2% | 7.9% |
| Return on assets | 84.4% | 14.6% |
| Equity ratio | 1.0% | 44.0% |
| Debt-to-equity | 103.19 | 1.00 |
| Current ratio | 0.98 | 1.69 |
| Revenue growth | – | 6.8% |
| Revenue per employee | 1.85 MNOK | 0.81 MNOK |
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 55, Binary Security AS does better than 58% of companies in the Morning class Micro in the same sector (7,108 companies) in 2024.
Score 2024–2025
- Binary Security 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. |
76 days | 47 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. |
−29.2% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
57.6% | 56.7% | |
| 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. |
128.6 | 13.8 | |
| 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. |
0.6% | 0.7% | |
| 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% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): −2.7 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 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.
What the numbers say
Binary Security AS had an operating margin of 40.9% and an equity ratio of 1.0% in 2024, and ranks 4,044 of 9,534 in Teknisk tjenesteyting og forskning.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 0 MNOK and 36 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 28 MNOK |
| EV/EBIT | 14.3 | 36 MNOK |
| P/B | 2.3 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 54 MNOK |
| Enterprise value after the size adjustment | 33 MNOK |
| Less net debt (rough figure) | −3 MNOK |
| Equity value | 36 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.
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 (71.1): Engineering/Construction.
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
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 1.0% (median 44.0%).
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.98 (median 1.69).
- 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 −29.2% (median −7.1%); Current ratio 0.98 (median 1.69).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.6% 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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. 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 | 92 | weight 40% |
|---|---|---|
| Solidity | 7 | weight 20% |
| Liquidity | 18 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 21 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
Questions and answers
How profitable is Binary Security AS?
The operating margin was 40.9% in 2024, against a median of 8.0% among companies in the Morning class Micro in the same sector. Return on assets was 84.4%.
How solid is Binary Security AS?
The equity ratio was 1.0% in 2024 (median 44.0%). Debt-to-equity was 103.19 (median 1.00).
What is the liquidity of Binary Security AS like?
The current ratio was 0.98 in 2024 (median 1.69). Current assets did not cover current liabilities.
How does Binary Security AS compare in Teknisk tjenesteyting og forskning?
Binary Security AS ranks 4,044 of 9,534 in Teknisk tjenesteyting og forskning for 2024. Among companies in the Morning class Micro it is number 3,018 of 7,108.
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 Binary Security Holding AS.
Binary Security 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
- Teknisk tjenesteyting og forskning (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.
- 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.
-
Binary Security Holding AS
- Binary Security 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.
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- 0.3 MNOK
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 10 October 2024 | Digitaliseringsdirektoratet | Dynamisk innkjøpsordning - Sikkerhetsrådgivning og -tester | 0.3 MNOK |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Dependence on public contracts
Awarded value in the year seen against revenue the same year. This is not a share of revenue: the value is the whole contract, often for several years, and it does not necessarily become revenue that year.
| Year | Contracts | Awarded value | Awarded value against revenue |
|---|---|---|---|
| 2024 | 1 | 0.3 MNOK | 4% |
Largest public buyers since 2024
100% of the awarded value since 2024 came from Digitaliseringsdirektoratet. Public buyers in all: 1.
| Buyer | Contracts | Value | Share of value |
|---|---|---|---|
| Digitaliseringsdirektoratet | 1 | 0.3 MNOK | 100% |
Key contracts
The largest contracts by awarded value, framework agreements excluded.
| Date | Buyer | Contract | Value |
|---|---|---|---|
| 10 October 2024 | Digitaliseringsdirektoratet | Dynamisk innkjøpsordning - Sikkerhetsrådgivning og -tester | 0.3 MNOK |
- The value is the whole contract as stated by the buyer, often for several years.
- Framework agreements are left out of the sums, since the value is a ceiling. Many frameworks are not marked in Doffin and may still be included.
- Only awards where Doffin gives the company's organisation number.
- Contracts without a stated value are counted but not summed.
- An indication of dependence, not an accounting figure. End dates are rarely in the Doffin data.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 933452212
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Micro
- Employees
- 5 registered 10 October 2024
- Founded
- 16 April 2024 2 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Torggata 11, 0181 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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 1 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: Binary Security Holding AS (100%)
Ultimate owner: Binary Security Holding AS
- Binary Security 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 8 November 2026.
Year by year · 2024–2025
| Key figure | 2024 | 2025 | Trend |
|---|---|---|---|
| Index | 55 | 55 | |
| Rank | 4,044 | 4,186 | |
| Operating margin | 40.9% | 31.3% | |
| Return on assets | 84.4% | 64.1% | |
| Equity ratio | 1.0% | 1.5% | |
| Current ratio | 0.98 | 1.00 | |
| Revenue growth | – | 19.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 9.2 MNOK | 11.0 MNOK |
| Operating profit | 3.8 MNOK | 3.5 MNOK |
| Profit before tax | 3.9 MNOK | 3.5 MNOK |
| Tax expense | 0.9 MNOK | 0.8 MNOK |
| Net profit | 3.0 MNOK | 2.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK |
| Total assets | 4.7 MNOK | 5.5 MNOK |
| Current assets | 4.5 MNOK | 5.4 MNOK |
| Equity | 0.0 MNOK | 0.1 MNOK |
| Retained earnings | 0.0 MNOK | 0.1 MNOK |
| Total liabilities | 4.6 MNOK | 5.5 MNOK |
| Current liabilities | 4.6 MNOK | 5.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 5502159.
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