Vitrium 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
Key facts
Is the company run well?
Five key figures against companies in the Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −94.4% Weaker than the industry Industry: 47.7%
- Returns · return on assets 0.0% Weaker than the industry Industry: 7.8%
- Solidity · equity ratio 46.4% Better than the industry Industry: 27.9%
- Liquidity · current ratio 4.35 Better than the industry Industry: 1.40
- Growth · revenue growth 532.9% Better than the industry Industry: 3.3%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
46of 100
How to read this: the company is ahead of 41 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 14,193 of 23,905 · What are Morning company classes?
Place in the whole sector: 18,002 of 30,132 · Eiendom
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 7 and resilience 54 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Vitrium AS is 4 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 23,899 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −94.4% (median 47.7%) and equity ratio 46.4% (median 27.9%).
How it has gone · 2023–2025
Revenue fell by 48 % from 2023 to 2025, to 1.4 MNOK. The operating margin fell from 28.8% in 2023 to −94.4% in 2025. The equity ratio fell from 69.2% in 2023 to 46.4% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.6 MNOK | 0.2 MNOK | 1.4 MNOK |
| Operating profit | 0.8 MNOK | −1.4 MNOK | −1.3 MNOK |
| Net profit | −9.5 MNOK | −12.4 MNOK | −6.4 MNOK |
| Total assets | 56.2 MNOK | 45.6 MNOK | 37.1 MNOK |
| Equity | 38.9 MNOK | 26.0 MNOK | 17.2 MNOK |
| Total liabilities | 17.3 MNOK | 19.5 MNOK | 19.9 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 985684367
- Legal form
- AS · part of a group
- Sector
- Eiendom (68.200)
- Purpose
- Erverv og drift av fast eiendom. Erverv og forvaltning av aksjer og verdipapirer, samt forøvrig delta i andre virksomheter.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 1.3 MNOK (2025).
- Founded
- 6 May 2003 23 years in operation
- Share capital
- 0.27 MNOK
- Business address
- Industriveien 3, 1890 RAKKESTAD
- Municipality
- Rakkestad rank 20–35 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- VAT registered
- Yes
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
Vitrium AS has a score of 46 for 2025, rank 18,002 of 30,132 in the sector.
Strongest: Growth: percentile 98 against peers, revenue growth 532.9% against a median of 3.3%. Liquidity: percentile 76 against peers, current ratio 4.35 against a median of 1.40.
Weakest: Profitability: percentile 7 against peers, operating margin −94.4% against a median of 47.7%. Consistency: percentile 24 against peers.
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) −0.2 (median 1.8); financial costs as a share of debt 32.1% (median 5.0%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −469.8% (median 24.4%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −94.4% (median 47.7%).
- 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
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) −0.2 (median 1.8); Financial costs as a share of debt 32.1% (median 5.0%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −469.8% (median 24.4%).
- 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 −94.4% (median 47.7%).
- 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 2,032 days (median 40 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 32.1% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 15.0%. 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 | 7 | weight 40% |
|---|---|---|
| Solidity | 64 | weight 20% |
| Liquidity | 76 | weight 5% |
| Growth | 98 | weight 25% |
| Consistency | 24 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 53 (average over 2 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | −94.4% | 47.7% |
| Profit margin | −469.8% | 24.4% |
| Return on assets | 0.0% | 7.8% |
| Equity ratio | 46.4% | 27.9% |
| Debt-to-equity | 1.16 | 2.10 |
| Current ratio | 4.35 | 1.40 |
| Revenue growth | 532.9% | 3.3% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 46, Vitrium AS does better than 41% of companies in the Morning class Micro in the same sector (23,905 companies) in 2025.
Score 2023–2025
- Vitrium AS
- Median: companies in the Morning class Micro 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. |
2,032 days | 40 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. |
2,413 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. |
936.6% | −12.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
0.5% | 54.9% | |
| 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. |
−0.2 | 1.8 | |
| 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. |
32.1% | 5.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
80.8% | 87.8% | |
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): 12.7 MNOK.
Of the financial costs of 6.4 MNOK, 0.2 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Vitrium AS rose by 579.6 percentage points. Comparable companies rose by a median 0.7 points. So the company did 578.9 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Vitrium AS moved the same way as comparable companies 1 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 | −674.0% | 46.9% | −702.8 percentage points | +0.9 percentage points | −703.7 percentage points |
| 2025 | −94.4% | 47.7% | +579.6 percentage points | +0.7 percentage points | +578.9 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 Vitrium AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Vitrium AS rose 579.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | 28.8% | −674.0% | −94.4% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Vitrium AS rose 579.6 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 | – | – | 28.8% | −674.0% | −94.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Vitrium AS rose 579.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.7 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.9% |
| The company's operating margin | – | – | 28.8% | −674.0% | −94.4% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Vitrium AS rose 579.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | 28.8% | −674.0% | −94.4% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Vitrium AS rose 579.6 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | 28.8% | −674.0% | −94.4% | – |
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
Vitrium AS had an operating margin of −94.4% and an equity ratio of 46.4% in 2025, and ranks 18,002 of 30,132 in Eiendom.
From 2024 to 2025: the operating margin rose from −674.0% to −94.4% and revenue grew by 533%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 7 MNOK
The mean of the 1 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 74,000 NOK per share, on 100 shares in the shareholder register.
One method gives a figure: 7 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | not meaningful |
| EV/EBIT | 19.2 | not meaningful |
| P/B | 0.7 | 7 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 (68.2): R.E.I.T..
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
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Equity paid out or paid in
- 2.5 MNOK left equity beyond the result in 2025.
Capital left in a year with a loss.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- One sign that a generation change may be coming.
- The chair is 60 or older.
- 1 of 1 on the board are 60 or older.
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
Questions and answers
How profitable is Vitrium AS?
The operating margin was −94.4% in 2025, against a median of 47.7% among companies in the Morning class Micro in the same sector. Return on assets was 0.0%. The company made a loss before tax.
How solid is Vitrium AS?
The equity ratio was 46.4% in 2025 (median 27.9%). Debt-to-equity was 1.16 (median 2.10).
What is the liquidity of Vitrium AS like?
The current ratio was 4.35 in 2025 (median 1.40).
How does Vitrium AS compare in Eiendom?
Vitrium AS ranks 18,002 of 30,132 in Eiendom for 2025. Among companies in the Morning class Micro it is number 14,193 of 23,905. Revenue changed by 532.9% from the year before.
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 |
|---|---|---|---|---|
| Iversby Eiendom AS |  Lion |
1 MNOK | 62.5% | 66 |
| Arendal Boligutvikling AS |  Beaver |
1 MNOK | 46.0% | 36 |
| Backers Rederi AS |  Elephant |
1 MNOK | 32.8% | 50 |
| TK Eiendomsselskap AS | Lion |
1 MNOK | 54.4% | 71 |
| Anton Walles Vei 34 AS | Beaver |
1 MNOK | −51.0% | 21 |
| Oslopaviljongen AS |  Cheetah |
1 MNOK | 47.0% | 50 |
| Vitrium AS (this company) | Elephant |
1 MNOK | −94.4% | 46 |
| Asbjørn Krogstad Eiendom AS | Cheetah |
1 MNOK | 58.5% | 39 |
| Mastiago AS | Lion |
1 MNOK | 69.4% | 69 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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.
Group structure · 2025
8 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.
Private persons own 100% of the shares in Vitrium AS. Persons are not shown by name.
Vitrium 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
- Bygg og anlegg (1 company), Eiendom (6 companies), Teknisk tjenesteyting og forskning (1 company) 8 of 8 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
- 5 in all. Rakkestad 5 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: ÅS Prosjekt AS
- Loss
- 6 companies: Vitrium AS, Nygård Næringspark AS, ÅS Prosjekt AS, Sydaksen Eiendom AS, Element AS, Vitrium International 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.
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.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 7 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 0%
- Group chain
- Ultimate owner: private person
Change 2007–2025: no material change in the owners.
Majority owner of: Husvik Bygg AS (100%), Nygård Næringspark AS (100%), Åsgårdstrand Panorama AS (100%), Element AS (100%), Vitrium International AS (100%), Sydaksen Eiendom AS (79%), ÅS Prosjekt AS (55%)
The portfolio: 10 of the companies it owns shares in have accounts with us, 7 of them as majority owner. The average index is 45. 3 have negative equity and 8 made a loss in the latest year.
Holds shares in: Vitrium International AS (100%), Sydaksen Eiendom AS (79%), Mathuset Winther AS (8%), ÅS Prosjekt AS (55%), Bunnefjorden Eiendom AS (36%), Husvik Bygg AS (100%), Åsgårdstrand Panorama AS (100%), Element 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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 59 | – | 46 | |
| Rank | 8,687 | – | 18,002 | |
| Operating margin | 28.8% | −674.0% | −94.4% | |
| Return on assets | 5.4% | 0.3% | 0.0% | |
| Equity ratio | 69.2% | 57.1% | 46.4% | |
| Current ratio | 28.00 | 7.99 | 4.35 | |
| Revenue growth | – | −91.9% | 532.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.6 MNOK | 0.2 MNOK | 1.4 MNOK |
| Operating profit | 0.8 MNOK | −1.4 MNOK | −1.3 MNOK |
| Profit before tax | −9.5 MNOK | −12.4 MNOK | −6.4 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −9.5 MNOK | −12.4 MNOK | −6.4 MNOK |
| Financial expenses | 12.5 MNOK | 12.6 MNOK | 6.4 MNOK |
| Total assets | 56.2 MNOK | 45.6 MNOK | 37.1 MNOK |
| Current assets | 34.5 MNOK | 23.1 MNOK | 16.6 MNOK |
| Equity | 38.9 MNOK | 26.0 MNOK | 17.2 MNOK |
| Retained earnings | 38.6 MNOK | 25.8 MNOK | 16.9 MNOK |
| Total liabilities | 17.3 MNOK | 19.5 MNOK | 19.9 MNOK |
| Current liabilities | 1.2 MNOK | 2.9 MNOK | 3.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 7213318.
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News and announcements
- 19 October 2026 Fisjonsbeslutning (opens in a new tab) Source: Brønnøysundregistrene · important
From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link