Horizon Software AS
Score · fiscal year 2025
35of 100
How to read this: the company is ahead of 20 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 885 of 1,101 · What are Morning company classes?
Place in the whole sector: 2,620 of 3,294 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 4 and solidity 57 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Horizon Software AS is 15 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 1,101 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −132.5% (median 4.8%) and equity ratio 42.2% (median 34.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 25 MNOK | 22 MNOK |
| Operating margin | −132.5% | 4.8% |
| Profit margin | −136.2% | 5.0% |
| Return on assets | −51.2% | 9.1% |
| Equity ratio | 42.2% | 34.3% |
| Debt-to-equity | 1.37 | 1.62 |
| Current ratio | 1.62 | 1.33 |
| Revenue growth | 0.7% | 7.9% |
| Revenue per employee | 2.24 MNOK | 1.81 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 35, Horizon Software AS does better than 20% of companies in the Morning class Small in the same sector (1,101 companies) in 2025.
Score 2023–2025
- Horizon Software AS
- Median: companies in the Morning class Small in the same sector
Horizon Software AS has a score of 35 for 2025, rank 2,620 of 3,294 in the sector.
Strongest: Liquidity: percentile 64 against peers, current ratio 1.62 against a median of 1.33.
Weakest: Profitability: percentile 4 against peers, operating margin −132.5% against a median of 4.8%. Growth: percentile 32 against peers, revenue growth 0.7% against a median of 7.9%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −136.2% (median 5.0%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −132.5% (median 4.8%).
- What lies behind weak profitability, and will it last?
- What lies behind weak growth, 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 Horizon Software AS fell by 77.7 percentage points. Comparable companies rose by a median 0.3 points. So the company did 78.0 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Horizon Software AS moved the same way as comparable companies 0 times. About 0% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | −54.8% | 4.5% | +26.1 percentage points | +0.1 percentage points | +26.1 percentage points |
| 2025 | −132.5% | 4.8% | −77.7 percentage points | +0.3 percentage points | −78.0 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 Horizon Software AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
Service prices: information and communication rose 4.0% in 2025; the operating margin of Horizon Software AS fell 77.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | −80.9% | −54.8% | −132.5% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
Turnover index: information and communication rose 4.6% in 2025; the operating margin of Horizon Software AS fell 77.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | −80.9% | −54.8% | −132.5% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Horizon Software AS fell 77.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | −80.9% | −54.8% | −132.5% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Horizon Software AS fell 77.7 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 | – | – | −80.9% | −54.8% | −132.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Horizon Software AS fell 77.7 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 | – | – | −80.9% | −54.8% | −132.5% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
Wage index: IT services rose 4.4% in 2025; the operating margin of Horizon Software AS fell 77.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | −80.9% | −54.8% | −132.5% | – |
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
Horizon Software AS had an operating margin of −132.5% and an equity ratio of 42.2% in 2025, and ranks 2,620 of 3,294 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin fell from −54.8% to −132.5% and the equity ratio fell from 60.5% to 42.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 34 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.6 | 34 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 −136.2% (median 5.0%).
- 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 −132.5% (median 4.8%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.8% 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
- watch Extreme margin: check the figures
Scenario analysis: the sector's weakest year
We have no accounts for 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, 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 | 4 | weight 30% |
|---|---|---|
| Solidity | 57 | weight 25% |
| Liquidity | 64 | weight 15% |
| Growth | 32 | weight 15% |
| Consistency | 33 | weight 15% |
Durability: 32 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Horizon Software AS?
The operating margin was −132.5% in 2025, against a median of 4.8% among companies in the Morning class Small in the same sector. Return on assets was −51.2%. The company made a loss before tax.
How solid is Horizon Software AS?
The equity ratio was 42.2% in 2025 (median 34.3%). Debt-to-equity was 1.37 (median 1.62).
What is the liquidity of Horizon Software AS like?
The current ratio was 1.62 in 2025 (median 1.33).
How does Horizon Software AS compare in Informasjon og kommunikasjon?
Horizon Software AS ranks 2,620 of 3,294 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Small it is number 885 of 1,101. Revenue changed by 0.7% from the year before.
Group structure · 2025
12 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 Bluefront Capital II AS.
Bluefront Capital II AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Bluefront Capital II AS
-
Bluefront Vii Topco AS
-
Bluefront Vii Midco AS
- Horizon Software AS you are here
-
-
Org. no. 933824535
- Org. no. 933824659
-
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.
- 950847441
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (58.290)
- Morning company class
- Small
- Employees
- 11 registered 10 October 2026
- Founded
- 8 February 1989 37 years in operation
- Share capital
- 1.20 MNOK
- Business address
- Ranheimsvegen 9, 7044 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.horizonsoftware.no
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 3 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
- 0%
- Group chain
-
Owned by: Bluefront Vii Midco AS (100%)
Ultimate owner: Bluefront Capital II AS
- Bluefront Vii Midco AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 5 departed owners). The majority owner changed.
New owners (companies): Bluefront Vii Midco AS
Departed (companies): Horizon Software AS
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 · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 17 | 44 | 35 | |
| Rank | 2,886 | 2,065 | 2,620 | |
| Operating margin | −80.9% | −54.8% | −132.5% | |
| Return on assets | −22.0% | −2.6% | −51.2% | |
| Equity ratio | 15.7% | 60.5% | 42.2% | |
| Current ratio | 0.52 | 1.39 | 1.62 | |
| Revenue growth | – | −3.3% | 0.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 25.3 MNOK | 24.4 MNOK | 24.6 MNOK |
| Operating profit | −20.5 MNOK | −13.4 MNOK | −32.6 MNOK |
| Profit before tax | −23.8 MNOK | −4.9 MNOK | −33.5 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 5.4 MNOK |
| Net profit | −23.8 MNOK | −4.9 MNOK | −38.9 MNOK |
| Financial expenses | 3.4 MNOK | 2.6 MNOK | 1.0 MNOK |
| Total assets | 92.7 MNOK | 87.5 MNOK | 63.5 MNOK |
| Current assets | 16.1 MNOK | 14.6 MNOK | 18.2 MNOK |
| Equity | 14.5 MNOK | 53.0 MNOK | 26.8 MNOK |
| Retained earnings | 4.1 MNOK | – | 0.0 MNOK |
| Total liabilities | 78.1 MNOK | 34.5 MNOK | 36.7 MNOK |
| Current liabilities | 31.3 MNOK | 10.5 MNOK | 11.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7214064.
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