Bluestone AS
Score · fiscal year 2025
33of 100
How to read this: the company is ahead of 16 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 599 of 710 · What are Morning company classes?
Place in the whole sector: 2,400 of 2,930 · Informasjon og kommunikasjon
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 4 and solidity 43 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Bluestone AS is 17 points below the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 710 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin −39.4% (median 6.0%) and equity ratio 26.7% (median 30.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 67 MNOK | 109 MNOK |
| Operating margin | −39.4% | 6.0% |
| Profit margin | −40.8% | 6.7% |
| Return on assets | −27.9% | 11.9% |
| Equity ratio | 26.7% | 30.1% |
| Debt-to-equity | 2.74 | 2.26 |
| Current ratio | 0.99 | 1.15 |
| Revenue growth | 32.5% | 7.2% |
| Revenue per employee | 3.75 MNOK | 2.92 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 33, Bluestone AS does better than 16% of companies in the Morning class Medium in the same sector (710 companies) in 2025.
Score 2023–2025
- Bluestone AS
- Median: companies in the Morning class Medium in the same sector
Bluestone AS has a score of 33 for 2025, rank 2,400 of 2,930 in the sector.
Strongest: Growth: percentile 87 against peers, revenue growth 32.5% against a median of 7.2%.
Weakest: Profitability: percentile 4 against peers, operating margin −39.4% against a median of 6.0%. Consistency: percentile 26 against peers.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.0 times current assets. Based on: current ratio 0.99 (median 1.15).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −40.8% (median 6.7%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −39.4% (median 6.0%).
- 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
What the numbers say
Bluestone AS had an operating margin of −39.4% and an equity ratio of 26.7% in 2025, and ranks 2,400 of 2,930 in Informasjon og kommunikasjon.
From 2024 to 2025: the operating margin fell from −20.1% to −39.4% and revenue grew by 33%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 26 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 26 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.99 (median 1.15).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −40.8% (median 6.7%).
- 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 −39.4% (median 6.0%).
- 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 32.5% (median 7.2%); Current ratio 0.99 (median 1.15).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
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 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 | 43 | weight 25% |
| Liquidity | 29 | weight 15% |
| Growth | 87 | weight 15% |
| Consistency | 26 | weight 15% |
Durability: 40 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Bluestone AS?
The operating margin was −39.4% in 2025, against a median of 6.0% among companies in the Morning class Medium in the same sector. Return on assets was −27.9%. The company made a loss before tax.
How solid is Bluestone AS?
The equity ratio was 26.7% in 2025 (median 30.1%). Debt-to-equity was 2.74 (median 2.26).
What is the liquidity of Bluestone AS like?
The current ratio was 0.99 in 2025 (median 1.15). Current assets did not cover current liabilities.
How does Bluestone AS compare in Informasjon og kommunikasjon?
Bluestone AS ranks 2,400 of 2,930 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Medium it is number 599 of 710. Revenue changed by 32.5% from the year before.
Group accounts · 2025
28 of 100
Rank 56 of 65 groups in the Morning class Medium in Informasjon og kommunikasjon. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 68 MNOK
- Operating profit, group
- −24 MNOK
- Profit before tax, group
- −27 MNOK
- Total assets, group
- 95 MNOK
- Equity, group
- 25 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | −35.7% | −39.4% |
| Return on assets | −29.0% | −27.9% |
| Equity ratio | 26.8% | 26.7% |
| Current ratio | 1.06 | 0.99 |
| Revenue growth | – | 32.5% |
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 2025 (open data, NLOD 2.0).
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 982017440
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.200)
- Morning company class
- Medium
- Employees
- 18 registered 10 February 2026
- Founded
- 12 May 2000 26 years in operation
- Share capital
- 0.17 MNOK
- Business address
- Nedre Langgate 43, 3126 TØNSBERG
- Municipality
- Tønsberg rank 2 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
- Website
- bluestonepim.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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 48
- Largest owner
- 21.3% · top three 40.1%
- Split
- companies 36% · private persons 14% · foreign 3%
- Owners over 60
- 7% of the shares held by persons (median age 58)
- Waterside Capital AS · 42.7%
- Scale Leap Capital i AS · 23.0%
- NARWHAL INVESTMENTS (Netherlands) · 4.0%
- Cloft Consulting AS · 0.7%
- Vichara Capital GMBH (Germany) · 0.6%
- Olette Holding AS · 0.3%
- Lofgren IT Consulting Pte LTD (Singapore) · 0.1%
- Bluestone AS · 0.0%
- 40 private persons · 28.5%
Change 2007–2025:
42% of the shares changed owner (39 new and 2 departed owners). The majority owner changed.
New owners (companies): Bluestone AS, Cloft Consulting AS, Lofgren IT Consulting Pte LTD, NARWHAL INVESTMENTS, Olette Holding AS
Holds shares in: Bluestone AS (0%)
The owners' shares do not add up to the company's total number of shares in the source.
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 | 47 | 41 | 33 | |
| Rank | 1,534 | 2,024 | 2,400 | |
| Operating margin | 12.7% | −20.1% | −39.4% | |
| Return on assets | 16.0% | −5.3% | −27.9% | |
| Equity ratio | 25.8% | 32.7% | 26.7% | |
| Current ratio | 0.69 | 1.91 | 0.99 | |
| Revenue growth | – | 4.8% | 32.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 48.6 MNOK | 50.9 MNOK | 67.5 MNOK |
| Operating profit | 6.2 MNOK | −10.2 MNOK | −26.6 MNOK |
| Profit before tax | 4.1 MNOK | −6.2 MNOK | −27.5 MNOK |
| Tax expense | – | – | – |
| Net profit | 4.1 MNOK | −9.9 MNOK | −27.5 MNOK |
| Financial expenses | 2.7 MNOK | 0.8 MNOK | – |
| Total assets | 42.5 MNOK | 102.1 MNOK | 98.8 MNOK |
| Current assets | 14.7 MNOK | 56.8 MNOK | 35.0 MNOK |
| Equity | 11.0 MNOK | 33.4 MNOK | 26.4 MNOK |
| Retained earnings | 7.4 MNOK | −2.5 MNOK | – |
| Total liabilities | 31.5 MNOK | 68.7 MNOK | 72.4 MNOK |
| Current liabilities | 21.1 MNOK | 29.7 MNOK | 35.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7104623.
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