Spel AS
Score · fiscal year 2025
54of 100
How to read this: the company is ahead of 58 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,494 of 3,541 · What are Morning company classes?
Place in the whole sector: 2,562 of 5,998 · Overnatting og servering
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 34 and solidity 64 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Spel AS is 5 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 49 among 3,534 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −2.3% (median 1.5%) and equity ratio 38.2% (median 13.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 5 MNOK |
| Operating margin | −2.3% | 1.5% |
| Profit margin | −6.1% | 1.1% |
| Return on assets | −1.8% | 5.5% |
| Equity ratio | 38.2% | 13.1% |
| Debt-to-equity | 1.62 | 2.02 |
| Current ratio | 1.06 | 1.01 |
| Revenue growth | 451.7% | 5.7% |
| Revenue per employee | 0.28 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 54, Spel AS does better than 58% of companies in the Morning class Micro in the same sector (3,541 companies) in 2025.
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.
Spel AS has a score of 54 for 2025, rank 2,562 of 5,998 in the sector.
Strongest: Growth: percentile 98 against peers, revenue growth 451.7% against a median of 5.7%. Solidity: percentile 64 against peers, equity ratio 38.2% against a median of 13.1%.
Weakest: Consistency: percentile 32 against peers. Profitability: percentile 34 against peers, operating margin −2.3% against a median of 1.5%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −6.1% (median 1.1%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 451.7% (median 5.7%); current ratio 1.06 (median 1.01).
- What lies behind weak consistency, and will it last?
- What lies behind weak profitability, 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
The industry or the company: what drove the result?
In 2025 the operating margin of Spel AS fell by 6.7 percentage points. Comparable companies fell by a median 0.8 points. So the company did 5.9 points weaker than the industry, for reasons of its own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2025 | −2.3% | 1.5% | −6.7 percentage points | −0.8 percentage points | −5.9 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 Spel AS. The figures stand side by side; we claim no cause.
Service prices: accommodation and food (indeks (2021 = 100))
Service prices: accommodation and food rose 3.6% in 2025; the operating margin of Spel AS fell 6.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: accommodation and food, annual average | 100.0 | 107.9 | 114.0 | 118.8 | 123.1 | 126.9 (so far) |
| Change from the year before | – | +7.9% | +5.7% | +4.1% | +3.6% | +3.1% |
| The company's operating margin | – | – | – | 4.4% | −2.3% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: accommodation and food service (indeks (2021 = 100))
Turnover index: accommodation and food service rose 2.3% in 2025; the operating margin of Spel AS fell 6.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: accommodation and food service, annual average | 97.0 | 139.7 | 153.5 | 157.8 | 161.5 | 170.4 (so far) |
| Change from the year before | +23.4% | +44.1% | +9.9% | +2.8% | +2.3% | +5.5% |
| The company's operating margin | – | – | – | 4.4% | −2.3% | – |
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 Spel AS fell 6.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | – | 4.4% | −2.3% | – |
Source: SSB (14710, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Spel AS fell 6.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | – | 4.4% | −2.3% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Spel AS fell 6.7 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 | – | – | – | 4.4% | −2.3% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: food and beverage service (indeks)
Wage index: food and beverage service rose 6.5% in 2025; the operating margin of Spel AS fell 6.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: food and beverage service, annual average | 88.0 | 91.3 | 96.4 | 101.5 | 108.1 | 110.6 (so far) |
| Change from the year before | +3.5% | +3.8% | +5.6% | +5.4% | +6.5% | +2.3% |
| The company's operating margin | – | – | – | 4.4% | −2.3% | – |
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
Spel AS had an operating margin of −2.3% and an equity ratio of 38.2% in 2025, and ranks 2,562 of 5,998 in Overnatting og servering.
From 2024 to 2025: revenue grew by 452% and the operating margin fell from 4.4% to −2.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 2 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.4 | not meaningful |
| EV/EBIT | 15.5 | not meaningful |
| P/B | 3.5 | 2 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
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 company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −6.1% (median 1.1%).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 451.7% (median 5.7%); Current ratio 1.06 (median 1.01).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.4% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 1.3%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 34 | weight 30% |
|---|---|---|
| Solidity | 64 | weight 25% |
| Liquidity | 53 | weight 15% |
| Growth | 98 | weight 15% |
| Consistency | 32 | weight 15% |
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Spel AS?
The operating margin was −2.3% in 2025, against a median of 1.5% among companies in the Morning class Micro in the same sector. Return on assets was −1.8%. The company made a loss before tax.
How solid is Spel AS?
The equity ratio was 38.2% in 2025 (median 13.1%). Debt-to-equity was 1.62 (median 2.02).
What is the liquidity of Spel AS like?
The current ratio was 1.06 in 2025 (median 1.01).
How does Spel AS compare in Overnatting og servering?
Spel AS ranks 2,562 of 5,998 in Overnatting og servering for 2025. Among companies in the Morning class Micro it is number 1,494 of 3,541. Revenue changed by 451.7% from the year before.
From the Central Coordinating Register
- Org. no.
- 933482111
- Legal form
- AS
- Sector
- Overnatting og servering (56.110)
- Morning company class
- Micro
- Employees
- 10 registered 10 June 2026
- Founded
- 10 April 2024 2 years in operation
- Share capital
- 1.50 MNOK
- Business address
- Bygdinvegen 3787, 2953 BEITOSTØLEN (ØYSTRE SLIDRE)
- Municipality
- Øystre Slidre rank 3 of 39 in KOSTRA group 4
- Audit
- Audit opted out from 20 February 2026
- 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
- 3
- Largest owner
- 33.3%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Stian Hagen AS · 33.3%
- Beitostølen Barcraft AS · 33.3%
- Beitostølen Resort AS · 33.3%
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.
Figures last fetched 5 November 2026.
Year by year · 2024–2025
| Key figure | 2024 | 2025 | Trend |
|---|---|---|---|
| Index | – | 54 | |
| Rank | – | 2,562 | |
| Operating margin | 4.4% | −2.3% | |
| Return on assets | 0.6% | −1.8% | |
| Equity ratio | 38.5% | 38.2% | |
| Current ratio | 1.39 | 1.06 | |
| Revenue growth | – | 451.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 0.5 MNOK | 2.8 MNOK |
| Operating profit | 0.0 MNOK | −0.1 MNOK |
| Profit before tax | 0.0 MNOK | −0.2 MNOK |
| Tax expense | – | – |
| Net profit | 0.0 MNOK | −0.2 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK |
| Total assets | 3.8 MNOK | 3.4 MNOK |
| Current assets | 1.2 MNOK | 0.8 MNOK |
| Equity | 1.5 MNOK | 1.3 MNOK |
| Retained earnings | 0.0 MNOK | −0.2 MNOK |
| Total liabilities | 2.3 MNOK | 2.1 MNOK |
| Current liabilities | 0.8 MNOK | 0.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6728910.
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