Properate AS
Score · fiscal year 2025
19of 100
How to read this: the company is ahead of 7 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 1,268 of 1,358 · What are Morning company classes?
Place in the whole sector: 3,726 of 4,004 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 8 and solidity 0 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Properate AS is 32 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,358 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −31.7% (median 5.6%) and equity ratio −40.1% (median 33.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 33 MNOK | 20 MNOK |
| Operating margin | −31.7% | 5.6% |
| Profit margin | −44.0% | 5.7% |
| Return on assets | −17.6% | 14.0% |
| Equity ratio | −40.1% | 33.5% |
| Debt-to-equity | – | 1.73 |
| Current ratio | 0.88 | 1.43 |
| Revenue growth | 84.9% | 8.6% |
| Revenue per employee | 1.59 MNOK | 1.60 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 19, Properate AS does better than 7% of companies in the Morning class Small in the same sector (1,358 companies) in 2025.
Score 2023–2025
- Properate AS
- Median: companies in the Morning class Small in the same sector
Properate AS has a score of 19 for 2025, rank 3,726 of 4,004 in the sector.
Strongest: Growth: percentile 93 against peers, revenue growth 84.9% against a median of 8.6%.
Weakest: Solidity: percentile 0 against peers, equity ratio −40.1% against a median of 33.5%. Consistency: percentile 8 against peers.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −40.1% (median 33.5%).
- Consider strengthening liquidity: current liabilities are 1.1 times current assets. Based on: current ratio 0.88 (median 1.43).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −44.0% (median 5.7%).
- 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?
In 2025 the operating margin of Properate AS rose by 22.5 percentage points. Comparable companies rose by a median 0.8 points. So the company did 21.7 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Properate AS moved the same way as comparable companies 2 times. About 4% 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 | −54.1% | 4.8% | −5.1 percentage points | −0.3 percentage points | −4.9 percentage points |
| 2025 | −31.7% | 5.6% | +22.5 percentage points | +0.8 percentage points | +21.7 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 Properate AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Properate AS rose 22.5 percentage points.
| 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Properate AS rose 22.5 percentage points.
| 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Properate AS rose 22.5 percentage points.
| 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Properate AS rose 22.5 percentage points.
| 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Properate AS rose 22.5 percentage points.
| 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Properate AS rose 22.5 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Properate AS rose 22.5 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 | – | – | −49.0% | −54.1% | −31.7% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Properate AS rose 22.5 percentage points.
| 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 | – | – | −49.0% | −54.1% | −31.7% | – |
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
Properate AS had an operating margin of −31.7% and an equity ratio of −40.1% in 2025, and ranks 3,726 of 4,004 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from −54.1% to −31.7% and revenue grew by 85%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | not meaningful |
| EV/EBIT | 15.9 | not meaningful |
| P/B | 3.2 | not meaningful |
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
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −40.1% (median 33.5%).
- watch
Consider strengthening liquidity: current liabilities are 1.1 times current assets.
Based on: Current ratio 0.88 (median 1.43).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −44.0% (median 5.7%).
- 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 −31.7% (median 5.6%).
- 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 84.9% (median 8.6%); Current ratio 0.88 (median 1.43).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.2% 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
- critical Negative equity
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 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 8 | weight 30% |
|---|---|---|
| Solidity | 0 | weight 25% |
| Liquidity | 12 | weight 15% |
| Growth | 93 | weight 15% |
| Consistency | 8 | weight 15% |
Durability: 17 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Properate AS?
The operating margin was −31.7% in 2025, against a median of 5.6% among companies in the Morning class Small in the same sector. Return on assets was −17.6%. The company made a loss before tax.
How solid is Properate AS?
The equity ratio was −40.1% in 2025 (median 33.5%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Properate AS like?
The current ratio was 0.88 in 2025 (median 1.43). Current assets did not cover current liabilities.
How does Properate AS compare in Teknisk tjenesteyting og forskning?
Properate AS ranks 3,726 of 4,004 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 1,268 of 1,358. Revenue changed by 84.9% from the year before.
Group structure · 2025
6 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 Ahnsa AS.
Ahnsa AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Ahnsa AS
- Properate AS you are here
- Energima Gruppen Eiendom AS
- Noma Capital 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.
Public contracts
- Contracts awarded since 2024
- 1
- Total awarded value since 2024
- 35.0 MNOK
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 24 April 2024 | NORGES BANK | SD anlegg (sentral driftskontroll) - kontraktstildeling | 35.0 MNOK |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 968430742
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Small
- Employees
- 21 registered 10 October 2026
- Founded
- 10 January 1994 32 years in operation
- Share capital
- 0.20 MNOK
- Business address
- Fornebuveien 50, 1366 LYSAKER (BÆRUM)
- Municipality
- Bærum rank 1 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.properate.com
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
- 12 (one owner holds more than half)
- Largest owner
- 65.5% · top three 88.5%
- Split
- companies 94% · private persons 6% · foreign 0%
- Owned from the same municipality
- 90%
- Owners over 60
- 0% of the shares held by persons (median age 40)
- Group chain
-
Owned by: Ahnsa AS (66%)
Ultimate owner: Ahnsa AS
The owner: the majority owner Ahnsa AS (holds 66%) 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.
- Ahnsa AS · 65.5%
- Investhuse AS · 20.0%
- Einir AS · 3.0%
- Deeptech Holding AS · 2.0%
- Mhj Holding AS · 2.0%
- AEB HOLDING & CO AS · 1.0%
- Alauritz Invest AS · 0.5%
- Reecap AS · 0.5%
- 4 private persons · 5.5%
Change 2007–2025:
100% of the shares changed owner (12 new and 4 departed owners). The majority owner changed.
New owners (companies): AEB HOLDING & CO AS, Ahnsa AS, Alauritz Invest AS, Deeptech Holding AS, Einir AS
Departed (companies): Ansnes AS, Brakall 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 | 13 | 19 | 19 | |
| Rank | 3,607 | 3,648 | 3,726 | |
| Operating margin | −49.0% | −54.1% | −31.7% | |
| Return on assets | −16.2% | −16.3% | −17.6% | |
| Equity ratio | 13.3% | −5.7% | −40.1% | |
| Current ratio | 0.99 | 1.20 | 0.88 | |
| Revenue growth | – | 21.3% | 84.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 14.8 MNOK | 18.0 MNOK | 33.3 MNOK |
| Operating profit | −7.3 MNOK | −9.7 MNOK | −10.5 MNOK |
| Profit before tax | −7.8 MNOK | −11.9 MNOK | −14.7 MNOK |
| Tax expense | −1.8 MNOK | −2.6 MNOK | 0.0 MNOK |
| Net profit | −6.1 MNOK | −9.3 MNOK | −14.7 MNOK |
| Financial expenses | 0.6 MNOK | 2.2 MNOK | 4.3 MNOK |
| Total assets | 44.5 MNOK | 59.5 MNOK | 59.0 MNOK |
| Current assets | 6.8 MNOK | 11.4 MNOK | 12.3 MNOK |
| Equity | 5.9 MNOK | −3.4 MNOK | −23.7 MNOK |
| Retained earnings | −2.7 MNOK | −12.0 MNOK | −32.3 MNOK |
| Total liabilities | 38.6 MNOK | 62.9 MNOK | 82.7 MNOK |
| Current liabilities | 6.9 MNOK | 9.5 MNOK | 14.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7127029.
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