Gexcon Solutions 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
12of 100
How to read this: the company is ahead of 2 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 602 of 615 · What are Morning company classes?
Place in the whole sector: 9,782 of 10,057 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 5 and resilience 24 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Gexcon Solutions AS is 39 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 615 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −24.5% (median 5.6%) and equity ratio 4.7% (median 32.7%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 64 MNOK | 95 MNOK |
| Operating margin | −24.5% | 5.6% |
| Profit margin | −31.5% | 5.6% |
| Return on assets | −22.9% | 12.6% |
| Equity ratio | 4.7% | 32.7% |
| Debt-to-equity | 20.32 | 1.95 |
| Current ratio | 2.67 | 1.34 |
| Revenue growth | – | 10.2% |
| Revenue per employee | 1.51 MNOK | 3.04 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 12, Gexcon Solutions AS does better than 2% of companies in the Morning class Medium in the same sector (615 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. |
159 days | 90 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 | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
– | −1.3% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
– | 24.7% | |
| 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. |
−4.3 | 8.3 | |
| 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. |
5.3% | 1.7% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
84.5% | 10.0% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Of the financial costs of 3.6 MNOK, 2.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Medium 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.
Gexcon Solutions AS has a score of 12 for 2025, rank 9,782 of 10,057 in the sector.
Strongest: Liquidity: percentile 89 against peers, current ratio 2.67 against a median of 1.34.
Weakest: Profitability: percentile 5 against peers, operating margin −24.5% against a median of 5.6%. Solidity: percentile 8 against peers, equity ratio 4.7% against a median of 32.7%.
Worth a closer look
- The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say? Based on: interest coverage (times) −4.3 (median 8.3); financial costs as a share of debt 5.3% (median 1.7%).
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 4.7% (median 32.7%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −31.5% (median 5.6%).
- 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?
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 Gexcon Solutions AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | – | – | −24.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | – | – | −24.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | – | – | −24.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | – | – | −24.5% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | – | – | −24.5% | – |
Source: SSB (08799, 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 | – | – | – | – | −24.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
| 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 | – | – | – | – | −24.5% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | – | – | −24.5% | – |
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
Gexcon Solutions AS had an operating margin of −24.5% and an equity ratio of 4.7% in 2025, and ranks 9,782 of 10,057 in Teknisk tjenesteyting og forskning.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.3 | 5 MNOK |
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
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) −4.3 (median 8.3); Financial costs as a share of debt 5.3% (median 1.7%).
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 4.7% (median 32.7%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −31.5% (median 5.6%).
- 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 −24.5% (median 5.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.3% 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 −0.2%. 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 | 5 | weight 40% |
|---|---|---|
| Solidity | 8 | weight 20% |
| Liquidity | 89 | weight 5% |
| Growth | – | no data, left out |
| Consistency | – | no data, left out |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 65%: the share of the weights that had data.
Questions and answers
How profitable is Gexcon Solutions AS?
The operating margin was −24.5% in 2025, against a median of 5.6% among companies in the Morning class Medium in the same sector. Return on assets was −22.9%. The company made a loss before tax.
How solid is Gexcon Solutions AS?
The equity ratio was 4.7% in 2025 (median 32.7%). Debt-to-equity was 20.32 (median 1.95).
What is the liquidity of Gexcon Solutions AS like?
The current ratio was 2.67 in 2025 (median 1.34).
How does Gexcon Solutions AS compare in Teknisk tjenesteyting og forskning?
Gexcon Solutions AS ranks 9,782 of 10,057 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Medium it is number 602 of 615.
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 |
|---|---|---|---|---|
| Visitech Lithography AS |  Cheetah |
64 MNOK | 9.4% | 43 |
| Omexom Elsikkerhet AS |  Beaver |
64 MNOK | 5.4% | 38 |
| Logtek AS | Cheetah |
64 MNOK | 41.3% | 62 |
| Enøk Total AS |  Elephant |
64 MNOK | −15.6% | 27 |
| Step Solutions AS | Elephant |
64 MNOK | −3.5% | 37 |
| Ubiq Aerospace AS | Cheetah |
64 MNOK | 20.9% | 67 |
| Gexcon Solutions AS (this company) | Beaver |
64 MNOK | −24.5% | 12 |
| Kasomo Energy AS |  Lion |
63 MNOK | 3.9% | 55 |
| Marine Support AS | Lion |
62 MNOK | 7.2% | 71 |
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.
No owner holds more than half of the shares in Blast Holding AS.
Blast 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 (5 companies) 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
- 64 in all. Bergen 64 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Gexcon Certification AS
- Loss
- 3 companies: Gexcon Solutions AS, Blast Midco AS, Gexcon Certification AS
- Changed 2024–2025
- 1 company joined the group: Gexcon Solutions 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.
-
Blast Holding AS
-
Blast Midco AS
-
Gexcon Solutions AS you are here
- Gexcon 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.
- 936760287
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Medium
- Employees
- 42 registered 10 August 2026
- Founded
- 3 October 2025 1 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Kanalveien 105A, 5068 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- 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 31 October 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: Blast Midco AS (100%)
Ultimate owner: Blast Holding AS
The owner: the majority owner Blast Midco 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.
- Blast Midco AS · 100.0%
The company is new in the shareholder register in 2025.
Majority owner of: Gexcon Certification AS (100%)
Holds shares in: Gexcon Certification AS (100%)
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 4 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 | 63.5 MNOK |
| Operating profit | −15.5 MNOK |
| Profit before tax | −20.0 MNOK |
| Tax expense | −4.0 MNOK |
| Net profit | −16.0 MNOK |
| Financial expenses | 3.6 MNOK |
| Total assets | 71.5 MNOK |
| Current assets | 28.2 MNOK |
| Equity | 3.4 MNOK |
| Retained earnings | – |
| Total liabilities | 68.2 MNOK |
| Current liabilities | 10.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 7158041.
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