Workation 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
39of 100
How to read this: the company is ahead of 32 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 2,830 of 4,147 · What are Morning company classes?
Place in the whole sector: 4,408 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 46 and resilience 32 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Workation AS is 11 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 0.3% (median 4.5%) and equity ratio 19.1% (median 30.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 3 MNOK |
| Operating margin | 0.3% | 4.5% |
| Profit margin | 0.7% | 4.0% |
| Return on assets | 13.6% | 8.9% |
| Equity ratio | 19.1% | 30.8% |
| Debt-to-equity | 4.25 | 1.44 |
| Current ratio | 0.98 | 1.33 |
| Revenue growth | – | 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 39, Workation AS does better than 32% of companies in the Morning class Micro in the same sector (4,147 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.
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. |
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. |
−1.7% | −8.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
35.0% | 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. |
11.8 | 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. |
0.5% | 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% | |
Net working capital (current assets less bank deposits less current liabilities): −0.1 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.
Workation AS has a score of 39 for 2025, rank 4,408 of 6,320 in the sector.
Strongest: Profitability: percentile 46 against peers, operating margin 0.3% against a median of 4.5%.
Weakest: Liquidity: percentile 30 against peers, current ratio 0.98 against a median of 1.33. Solidity: percentile 32 against peers, equity ratio 19.1% against a median of 30.8%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.0 times current assets. Based on: current ratio 0.98 (median 1.33).
- 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 −1.7% (median −8.3%); current ratio 0.98 (median 1.33).
- 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
The industry or the company: what drove the result?
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 Workation AS. The figures stand side by side; we claim no cause.
Service prices: business support services (indeks (2021 = 100))
| 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 | – | – | – | – | 0.3% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: administrative and support services (indeks (2021 = 100))
| 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 | – | – | – | – | 0.3% | – |
Source: SSB (13863, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
| 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 | – | – | – | – | 0.3% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
| 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 | – | – | – | – | 0.3% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: business support services (indeks)
| 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 | – | – | – | – | 0.3% | – |
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
Workation AS had an operating margin of 0.3% and an equity ratio of 19.1% in 2025, and ranks 4,408 of 6,320 in Forretningsmessig tjenesteyting.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 0 MNOK and 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.3 | 0 MNOK |
| EV/EBIT | 14.1 | 0 MNOK |
| P/B | 2.7 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 0 MNOK |
| Enterprise value after the size adjustment | 0 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 0 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 −65% 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 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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.98 (median 1.33).
- 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 −1.7% (median −8.3%); Current ratio 0.98 (median 1.33).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.5% 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 | 46 | weight 40% |
|---|---|---|
| Solidity | 32 | weight 20% |
| Liquidity | 30 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 32 | 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 Workation AS?
The operating margin was 0.3% in 2025, against a median of 4.5% among companies in the Morning class Micro in the same sector. Return on assets was 13.6%.
How solid is Workation AS?
The equity ratio was 19.1% in 2025 (median 30.8%). Debt-to-equity was 4.25 (median 1.44).
What is the liquidity of Workation AS like?
The current ratio was 0.98 in 2025 (median 1.33). Current assets did not cover current liabilities.
How does Workation AS compare in Forretningsmessig tjenesteyting?
Workation AS ranks 4,408 of 6,320 in Forretningsmessig tjenesteyting for 2025. Among companies in the Morning class Micro it is number 2,830 of 4,147.
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 |
|---|---|---|---|---|
| Silvercon Bemanning AS |  Beaver |
3 MNOK | 1.1% | 49 |
| Branchy Rekruttering AS | Beaver |
3 MNOK | −10.0% | 29 |
| Nord Rekruttering AS | Beaver |
3 MNOK | −1.3% | 34 |
| Fokus Rekruttering AS |  Elephant |
3 MNOK | 0.1% | 40 |
| Collett AS |  Lion |
3 MNOK | 28.1% | 78 |
| Top Recruit AS | Lion |
3 MNOK | 22.7% | 79 |
| Workation AS (this company) | Beaver |
3 MNOK | 0.3% | 39 |
| Capus Bergen AS |  Cheetah |
3 MNOK | 8.3% | 63 |
| Larsen Rekruttering og Salgstjenester AS | Cheetah |
3 MNOK | 29.5% | 60 |
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 Workation AS.
Workation 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), Informasjon og kommunikasjon (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.
- Loss
- 1 company: Reliance AS
- Changed 2024–2025
- 1 company joined the group: Reliance 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.
-
Workation 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.
From the Central Coordinating Register
- Org. no.
- 933916111
- Legal form
- AS
- Sector
- Forretningsmessig tjenesteyting (78.100)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 8 August 2024 2 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Ødegårds vei 19, 1470 LØRENSKOG
- Municipality
- Lørenskog rank 1–10 of 13 in KOSTRA group 10
- Audit
- Audit opted out from 13 August 2024
- 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 5 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 50%
The company is new in the shareholder register in 2025.
Majority owner of: Reliance AS (67%)
Holds shares in: Reliance AS (67%)
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
Trends appear once there is more than one fiscal year.
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2025 |
|---|---|
| Operating revenue | 3.2 MNOK |
| Operating profit | 0.0 MNOK |
| Profit before tax | 0.0 MNOK |
| Tax expense | 0.0 MNOK |
| Net profit | 0.0 MNOK |
| Financial expenses | 0.0 MNOK |
| Total assets | 0.2 MNOK |
| Current assets | 0.1 MNOK |
| Equity | 0.0 MNOK |
| Retained earnings | 0.0 MNOK |
| Total liabilities | 0.1 MNOK |
| Current liabilities | 0.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6752546.
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