Gexcon 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 2023
13of 100
How to read this: the company is ahead of 5 % of companies in the Morning class Medium in the same sector in 2023. What does this mean?
Rank in the Morning class Medium: 467 of 491 · What are Morning company classes?
Place in the whole sector: 8,394 of 9,005 · Teknisk tjenesteyting og forskning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 11 and resilience 16 out of 100 among companies in the Morning class Medium in the same sector in 2023. Methodology
Against the sector
Gexcon AS is 38 points below the median for companies in the Morning class Medium in the same sector in 2023.
Median score 51 among 491 companies.
Against companies in the Morning class Medium in the same sector in 2023: operating margin −9.3% (median 4.9%) and equity ratio 14.0% (median 30.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 111 MNOK | 93 MNOK |
| Operating margin | −9.3% | 4.9% |
| Profit margin | −14.4% | 6.1% |
| Return on assets | −5.6% | 12.5% |
| Equity ratio | 14.0% | 30.9% |
| Debt-to-equity | 6.14 | 2.13 |
| Current ratio | 0.84 | 1.33 |
| Revenue growth | – | 3.5% |
| Revenue per employee | 5.06 MNOK | 2.67 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 13, Gexcon AS does better than 5% of companies in the Morning class Medium in the same sector (491 companies) in 2023.
Score 2023–2025
- Gexcon AS
- Median: companies in the Morning class Medium 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. |
222 days | 97 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. |
1 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. |
−14.7% | −0.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
3.7% | 22.8% | |
| 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. |
−1.8 | 6.7 | |
| 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. |
3.6% | 1.3% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
47.0% | 0.0% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Net working capital (current assets less bank deposits less current liabilities): −16.3 MNOK.
Of the financial costs of 5.7 MNOK, 2.9 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 2023. 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
Gexcon AS had an operating margin of −9.3% and an equity ratio of 14.0% in 2023, and ranks 8,394 of 9,005 in Teknisk tjenesteyting og forskning.
This text is generated automatically from the 2023 accounts.
Three simple methods
One method gives a figure: 73 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | not meaningful |
| EV/EBIT | 17.4 | not meaningful |
| P/B | 4.1 | 73 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% 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 (74): Business & Consumer 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
- 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) −1.8 (median 6.7); Financial costs as a share of debt 3.6% (median 1.3%).
- watch
Consider strengthening liquidity: current liabilities are 1.2 times current assets.
Based on: Current ratio 0.84 (median 1.33).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −14.4% (median 6.1%).
- 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 −9.3% (median 4.9%).
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 222 days (median 97 days).
- 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 −14.7% (median −0.4%); Current ratio 0.84 (median 1.33).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.6% of the debt in 2023. The policy rate averaged 3.54 % 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 | 11 | weight 40% |
|---|---|---|
| Solidity | 18 | weight 20% |
| Liquidity | 8 | 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 AS?
The operating margin was −9.3% in 2023, against a median of 4.9% among companies in the Morning class Medium in the same sector. Return on assets was −5.6%. The company made a loss before tax.
How solid is Gexcon AS?
The equity ratio was 14.0% in 2023 (median 30.9%). Debt-to-equity was 6.14 (median 2.13).
What is the liquidity of Gexcon AS like?
The current ratio was 0.84 in 2023 (median 1.33). Current assets did not cover current liabilities.
How does Gexcon AS compare in Teknisk tjenesteyting og forskning?
Gexcon AS ranks 8,394 of 9,005 in Teknisk tjenesteyting og forskning for 2023. Among companies in the Morning class Medium it is number 467 of 491.
Group accounts · 2024
36 of 100
Rank 35 of 47 groups in the Morning class Medium in Teknisk tjenesteyting og forskning. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 292 MNOK
- Operating profit, group
- −3 MNOK
- Profit before tax, group
- −7 MNOK
- Total assets, group
- 260 MNOK
- Equity, group
- 36 MNOK
| Key figure | The group | The company alone (2023) |
|---|---|---|
| Operating margin | −1.2% | – |
| Return on assets | −0.8% | – |
| Equity ratio | 13.8% | – |
| Current ratio | 1.04 | – |
| Revenue growth | 17.8% | – |
Group index in earlier years: 2023: 25 (51 of 55).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2024 (open data, NLOD 2.0).
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 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.
- 979879342
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (74.990)
- Morning company class
- Medium
- Employees
- 22 registered 10 June 2026
- Founded
- 18 May 1998 28 years in operation
- Share capital
- 8.86 MNOK
- Business address
- Kanalveien 105A, 5068 BERGEN
- Municipality
- Bergen rank 8 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.gexcon.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
- 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%
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed.
New owners (companies): Blast Midco AS
Departed (companies): Christian Michelsen Research 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.
Is this your company? Suggest changes or add information
Figures last fetched 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 13 | 23 | 41 | |
| Rank | 8,394 | 8,607 | 6,887 | |
| Operating margin | −9.3% | −8.9% | 16.2% | |
| Return on assets | −5.6% | −5.0% | 6.0% | |
| Equity ratio | 14.0% | 4.9% | 10.2% | |
| Current ratio | 0.84 | 0.87 | 0.67 | |
| Revenue growth | – | 19.0% | −36.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 111.3 MNOK | 132.5 MNOK | 84.0 MNOK |
| Operating profit | −10.4 MNOK | −11.7 MNOK | 13.6 MNOK |
| Profit before tax | −16.0 MNOK | −18.9 MNOK | 8.1 MNOK |
| Tax expense | −1.2 MNOK | −4.0 MNOK | 1.5 MNOK |
| Net profit | −14.8 MNOK | −14.9 MNOK | 6.6 MNOK |
| Financial expenses | 5.7 MNOK | 7.6 MNOK | 5.6 MNOK |
| Total assets | 185.5 MNOK | 225.9 MNOK | 228.9 MNOK |
| Current assets | 70.8 MNOK | 98.4 MNOK | 98.4 MNOK |
| Equity | 26.0 MNOK | 11.1 MNOK | 23.4 MNOK |
| Retained earnings | – | 0.0 MNOK | – |
| Total liabilities | 159.5 MNOK | 214.8 MNOK | 205.5 MNOK |
| Current liabilities | 84.6 MNOK | 112.8 MNOK | 145.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 5437131.
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