GPU & Code 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
86of 100
How to read this: the company is ahead of 99 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 40 of 4,590 · What are Morning company classes?
Place in the whole sector: 66 of 6,996 · Informasjon og kommunikasjon
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 97 and resilience 72 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
GPU & Code AS is 35 points above the median for companies in the Morning class Micro in the same sector in 2024.
Median score 51 among 4,589 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin 98.9% (median 6.5%) and equity ratio 62.9% (median 40.0%).
How it has gone · 2024–2025
Revenue rose by 240 % from 2024 to 2025, to 5.1 MNOK. The operating margin fell from 98.9% in 2024 to 53.4% in 2025. The equity ratio fell from 62.9% in 2024 to 12.1% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Worth a closer look
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.1% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 4.1%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 97 | weight 40% |
|---|---|---|
| Solidity | 68 | weight 20% |
| Liquidity | 80 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 77 | 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.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 3 MNOK |
| Operating margin | 98.9% | 6.5% |
| Profit margin | 100.4% | 6.7% |
| Return on assets | 78.7% | 12.1% |
| Equity ratio | 62.9% | 40.0% |
| Debt-to-equity | 0.59 | 1.09 |
| Current ratio | 3.56 | 1.55 |
| Revenue growth | – | 8.0% |
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 86, GPU & Code AS does better than 99% of companies in the Morning class Micro in the same sector (4,590 companies) in 2024.
Score 2024–2025
- GPU & Code 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. |
86 days | 49 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. |
23.1% | −9.2% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
53.7% | 55.6% | |
| 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. |
2,726.3 | 9.6 | |
| 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% | 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. |
24.5% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): 0.3 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
GPU & Code AS had an operating margin of 98.9% and an equity ratio of 62.9% in 2024, and ranks 66 of 6,996 in Informasjon og kommunikasjon.
This text is generated automatically from the 2024 accounts.
Three simple methods
The methods give between 3 MNOK and 14 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | 13 MNOK |
| EV/EBIT | 14.9 | 14 MNOK |
| P/B | 3.6 | 3 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 22 MNOK |
| Enterprise value after the size adjustment | 14 MNOK |
| Less net debt (rough figure) | −1 MNOK |
| Equity value | 14 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 (62): Computer 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 GPU & Code AS?
The operating margin was 98.9% in 2024, against a median of 6.5% among companies in the Morning class Micro in the same sector. Return on assets was 78.7%.
How solid is GPU & Code AS?
The equity ratio was 62.9% in 2024 (median 40.0%). Debt-to-equity was 0.59 (median 1.09).
What is the liquidity of GPU & Code AS like?
The current ratio was 3.56 in 2024 (median 1.55).
How does GPU & Code AS compare in Informasjon og kommunikasjon?
GPU & Code AS ranks 66 of 6,996 in Informasjon og kommunikasjon for 2024. Among companies in the Morning class Micro it is number 40 of 4,590.
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.
Private persons own 100% of the shares in Nenakhovholding AS. Persons are not shown by name.
Nenakhovholding 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
- Informasjon og kommunikasjon (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.
- Loss
- 1 company: Nenakhovholding 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.
-
Nenakhovholding AS
- Gpu & Code 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.
- 933926664
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Purpose
- Levering av programmeringstjenester herunder utvikling og optimalisering av programvare, samt utvikle egne produkter og tjenester med basis i selskapets kompetanse og utøve annen virksomhet som naturlig faller inn under dette formålet.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 7 August 2024 2 years in operation
- Share capital
- 0.03 MNOK
- Business address
- St. Edmunds vei 25, 0280 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 15 August 2024
- Latest accounts filed
- 2025
- VAT registered
- Yes
- LEI
- 636700EEAHLKWXCY7W36 not renewed (lapsed)
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.
- Parent company
- Parent does not consolidate the company
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
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: Nenakhovholding AS (100%)
Ultimate owner: private person
The owner: the majority owner Nenakhovholding AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Nenakhovholding 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 9 November 2026.
Year by year · 2024–2025
| Key figure | 2024 | 2025 | Trend |
|---|---|---|---|
| Index | 86 | 57 | |
| Rank | 66 | 2,664 | |
| Operating margin | 98.9% | 53.4% | |
| Return on assets | 78.7% | 55.7% | |
| Equity ratio | 62.9% | 12.1% | |
| Current ratio | 3.56 | 0.70 | |
| Revenue growth | – | 240.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2024 | 2025 |
|---|---|---|
| Operating revenue | 1.5 MNOK | 5.1 MNOK |
| Operating profit | 1.5 MNOK | 2.7 MNOK |
| Profit before tax | 1.5 MNOK | 2.5 MNOK |
| Tax expense | 0.3 MNOK | 0.5 MNOK |
| Net profit | 1.2 MNOK | 1.9 MNOK |
| Financial expenses | 0.0 MNOK | 0.4 MNOK |
| Total assets | 1.9 MNOK | 5.1 MNOK |
| Current assets | 1.9 MNOK | 2.6 MNOK |
| Equity | 1.2 MNOK | 0.6 MNOK |
| Retained earnings | 1.2 MNOK | 0.6 MNOK |
| Total liabilities | 0.7 MNOK | 4.5 MNOK |
| Current liabilities | 0.5 MNOK | 3.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 5658389.
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