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 28.8% Weaker than the industry Industry: 46.0%
- Returns · return on assets 5.4% Weaker than the industry Industry: 7.0%
- Solidity · equity ratio 69.2% Better than the industry Industry: 27.5%
- Liquidity · current ratio 28.00 Better than the industry Industry: 1.38
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 2023
59of 100
How to read this: the company is ahead of 68 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 6,949 of 21,545 · What are Morning company classes?
Place in the whole sector: 8,687 of 27,039 · Eiendom
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 37 and resilience 85 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Vitrium AS is 9 points above the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 21,543 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 28.8% (median 46.0%) and equity ratio 69.2% (median 27.5%).
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 (2023).
- 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
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) 0.1 (median 1.7); Financial costs as a share of debt 72.1% (median 4.5%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −359.6% (median 22.8%).
- 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 2,673 days (median 47 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 72.1% 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 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 | 37 | weight 40% |
|---|---|---|
| Solidity | 80 | weight 20% |
| Liquidity | 96 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 90 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 2 MNOK |
| Operating margin | 28.8% | 46.0% |
| Profit margin | −359.6% | 22.8% |
| Return on assets | 5.4% | 7.0% |
| Equity ratio | 69.2% | 27.5% |
| Debt-to-equity | 0.45 | 2.20 |
| Current ratio | 28.00 | 1.38 |
| Revenue growth | – | 5.6% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 59, Vitrium AS does better than 68% of companies in the Morning class Micro in the same sector (21,545 companies) in 2023.
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. |
2,673 days | 47 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. |
2,109 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. |
1,263.2% | −13.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
0.3% | 54.1% | |
| 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. |
0.1 | 1.7 | |
| 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. |
72.1% | 4.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
92.9% | 83.0% | |
Net working capital (current assets less bank deposits less current liabilities): 33.2 MNOK.
Of the financial costs of 12.5 MNOK, 0.0 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 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.
Returns, debt against earnings and quality
The accounts for 2023 lack the figures needed.
What the numbers say
Vitrium AS had an operating margin of 28.8% and an equity ratio of 69.2% in 2023, and ranks 8,687 of 27,039 in Eiendom.
This text is generated automatically from the 2023 accounts.
Three simple methods
Suggested price: about 17 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 170,000 NOK per share, on 100 shares in the shareholder register.
One method gives a figure: 17 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | not meaningful |
| EV/EBIT | 19.2 | debt above value |
| P/B | 0.7 | 17 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 15 MNOK |
| Enterprise value after the size adjustment | 9 MNOK |
| Less net debt (rough figure) | 16 MNOK |
| Equity value | debt above value |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is 179% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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 28.8% in 2023, against a median of 46.0% among companies in the Morning class Micro in the same sector. Return on assets was 5.4%. The company made a loss before tax.
How solid is Vitrium AS?
The equity ratio was 69.2% in 2023 (median 27.5%). Debt-to-equity was 0.45 (median 2.20).
What is the liquidity of Vitrium AS like?
The current ratio was 28.00 in 2023 (median 1.38).
How does Vitrium AS compare in Eiendom?
Vitrium AS ranks 8,687 of 27,039 in Eiendom for 2023. Among companies in the Morning class Micro it is number 6,949 of 21,545.
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 5197733.
Further
Similar companies
- Håland Næringspark AS index 59, rank 8,684 · compare
- Heggstadmoen 47 AS index 59, rank 8,686 · compare
- Macama AS index 59, rank 8,688 · compare
- Kulden Eiendom AS index 59, rank 8,689 · compare
- Helene Eiendom AS index 59, rank 8,690 · compare
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