Karde 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 2025
21of 100
How to read this: the company is ahead of 7 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 4,927 of 5,281 · What are Morning company classes?
Place in the whole sector: 6,188 of 6,603 · Revisjon, regnskap og rådgivning
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 5 and resilience 12 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Karde AS is 30 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 5,279 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −18.8% (median 11.4%) and equity ratio 4.4% (median 44.0%).
How it has gone · 2023–2025
Revenue fell by 7 % from 2023 to 2025, to 4.0 MNOK. The operating margin fell from 1.2% in 2023 to −18.8% in 2025. The equity ratio fell from 52.2% in 2023 to 4.4% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Karde AS has a score of 21 for 2025, rank 6,188 of 6,603 in the sector.
Strongest: Growth: percentile 58 against peers, revenue growth 16.1% against a median of 6.5%.
Weakest: Profitability: percentile 5 against peers, operating margin −18.8% against a median of 11.4%. Solidity: percentile 9 against peers, equity ratio 4.4% against a median of 44.0%.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 4.4% (median 44.0%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −18.5% (median 12.4%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −18.8% (median 11.4%).
- 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
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 4.4% (median 44.0%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −18.5% (median 12.4%).
- 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 −18.8% (median 11.4%).
- 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 −44.2% (median −7.1%); Current ratio 1.05 (median 1.68).
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 6.4%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 5 | weight 40% |
|---|---|---|
| Solidity | 9 | weight 20% |
| Liquidity | 19 | weight 5% |
| Growth | 58 | weight 25% |
| Consistency | 17 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 25 (average over 3 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 | 4 MNOK | 3 MNOK |
| Operating margin | −18.8% | 11.4% |
| Profit margin | −18.5% | 12.4% |
| Return on assets | −27.5% | 18.5% |
| Equity ratio | 4.4% | 44.0% |
| Debt-to-equity | 21.83 | 1.09 |
| Current ratio | 1.05 | 1.68 |
| Revenue growth | 16.1% | 6.5% |
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 21, Karde AS does better than 7% of companies in the Morning class Micro in the same sector (5,281 companies) in 2025.
Score 2023–2025
- Karde 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. |
74 days | 52 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. |
– | 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. |
−44.2% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
69.9% | 54.7% | |
| 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. |
– | 28.2 | |
| 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. |
– | 0.4% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 1.6% | |
Net working capital (current assets less bank deposits less current liabilities): −1.8 MNOK.
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 Karde AS rose by 0.2 percentage points. Comparable companies fell by a median 0.4 points. So the company did 0.5 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Karde AS moved the same way as comparable companies 1 times. About 7% 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 | −19.0% | 11.8% | −20.2 percentage points | −1.0 percentage points | −19.2 percentage points |
| 2025 | −18.8% | 11.4% | +0.2 percentage points | −0.4 percentage points | +0.5 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 Karde AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
Turnover index: legal and accounting activities rose 4.8% in 2025; the operating margin of Karde AS rose 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | 1.2% | −19.0% | −18.8% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
Turnover index: management consultancy rose 6.5% in 2025; the operating margin of Karde AS rose 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | 1.2% | −19.0% | −18.8% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
Service prices: legal and accounting rose 4.9% in 2025; the operating margin of Karde AS rose 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | 1.2% | −19.0% | −18.8% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Karde AS rose 0.2 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 | – | – | 1.2% | −19.0% | −18.8% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Karde AS rose 0.2 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 | – | – | 1.2% | −19.0% | −18.8% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
Wage index: legal and accounting rose 5.4% in 2025; the operating margin of Karde AS rose 0.2 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | 1.2% | −19.0% | −18.8% | – |
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
Karde AS had an operating margin of −18.8% and an equity ratio of 4.4% in 2025, and ranks 6,188 of 6,603 in Revisjon, regnskap og rådgivning.
From 2024 to 2025: the equity ratio fell from 27.7% to 4.4% and revenue grew by 16%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 0 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | not meaningful |
| EV/EBIT | 17.4 | not meaningful |
| P/B | 4.1 | 0 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: 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
Questions and answers
How profitable is Karde AS?
The operating margin was −18.8% in 2025, against a median of 11.4% among companies in the Morning class Micro in the same sector. Return on assets was −27.5%. The company made a loss before tax.
How solid is Karde AS?
The equity ratio was 4.4% in 2025 (median 44.0%). Debt-to-equity was 21.83 (median 1.09).
What is the liquidity of Karde AS like?
The current ratio was 1.05 in 2025 (median 1.68).
How does Karde AS compare in Revisjon, regnskap og rådgivning?
Karde AS ranks 6,188 of 6,603 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Micro it is number 4,927 of 5,281. Revenue changed by 16.1% 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 |
|---|---|---|---|---|
| City Marine AS |  Lion |
4 MNOK | 94.9% | 75 |
| OC Consulting AS | Lion |
4 MNOK | 22.7% | 53 |
| Kaizen Consult AS |  Beaver |
4 MNOK | 9.2% | 46 |
| Frøy Konsulenter AS | Beaver |
4 MNOK | 2.2% | 31 |
| Karde AS (this company) | Beaver |
4 MNOK | −18.8% | 21 |
| Projektil AS | Lion |
4 MNOK | 96.0% | 88 |
| Hjertaker AS | Lion |
4 MNOK | 48.1% | 68 |
| Aksarben AS · same municipality | Lion |
4 MNOK | 92.3% | 86 |
| Asap Drift AS | Beaver |
4 MNOK | 0.0% | 28 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
3 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 Hybrion AS.
Hybrion 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
- Revisjon, regnskap og rådgivning (2 companies), Teknisk tjenesteyting og forskning (1 company) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 1 company: Mylifeproducts AS
- Loss
- 3 companies: Karde AS, Hybrion AS, Mylifeproducts 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.
-
Hybrion AS
-
Karde 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.
- 986429360
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Purpose
- Å drive virksomhetsrådgivning, samt å utvikle, implementere og drifte ikt-tjenester for omstilling og effektivisering av offentlige og private virksomheter i Norge og i utlandet, herunder å delta i andre selskaper som aksjonær eller på annen måte.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 2.0 MNOK (2025).
- Founded
- 1 January 2004 22 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Irisveien 14, 0870 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.karde.no
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 7 November 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: Hybrion AS (100%)
Ultimate owner: Hybrion AS
The owner: the majority owner Hybrion 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.
- Hybrion 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): Hybrion AS
Departed (companies): Palpacom AS
Majority owner of: Mylifeproducts AS (60%)
Holds shares in: Mylifeproducts AS (60%)
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 | 38 | 16 | 21 | |
| Rank | 4,188 | 6,048 | 6,188 | |
| Operating margin | 1.2% | −19.0% | −18.8% | |
| Return on assets | 2.2% | −23.4% | −27.5% | |
| Equity ratio | 52.2% | 27.7% | 4.4% | |
| Current ratio | 2.09 | 1.38 | 1.05 | |
| Revenue growth | – | −19.5% | 16.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 4.3 MNOK | 3.4 MNOK | 4.0 MNOK |
| Operating profit | 0.1 MNOK | −0.7 MNOK | −0.8 MNOK |
| Profit before tax | 0.1 MNOK | −0.6 MNOK | −0.7 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.1 MNOK | −0.6 MNOK | −0.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | – |
| Total assets | 2.7 MNOK | 2.7 MNOK | 2.7 MNOK |
| Current assets | 2.7 MNOK | 2.7 MNOK | 2.7 MNOK |
| Equity | 1.4 MNOK | 0.8 MNOK | 0.1 MNOK |
| Retained earnings | 1.3 MNOK | 0.7 MNOK | 0.0 MNOK |
| Total liabilities | 1.3 MNOK | 2.0 MNOK | 2.6 MNOK |
| Current liabilities | 1.3 MNOK | 2.0 MNOK | 2.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6385589.
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