Herlog 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 same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −339.5% Weaker than the industry Industry: 7.8%
- Returns · return on assets 18.5% Better than the industry Industry: 14.1%
- Solidity · equity ratio 98.3% Better than the industry Industry: 43.1%
- Liquidity · current ratio 45.85 Better than the industry Industry: 1.71
- Growth · revenue growth −80.9% Weaker than the industry Industry: 6.9%
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
Not enough data: Not enough data (below minimum revenue)
Based on the annual accounts for 2025
How it has gone · 2023–2025
Revenue fell by 93 % from 2023 to 2025, to 0.0 MNOK. The operating margin fell from 77.7% in 2023 to −339.5% in 2025. The equity ratio is about the same: 98.3% in 2025 against 98.3% in 2023.
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 | 0.6 MNOK | 0.2 MNOK | 0.0 MNOK |
| Operating profit | 0.5 MNOK | −0.2 MNOK | −0.1 MNOK |
| Net profit | 2.7 MNOK | 3.1 MNOK | 2.8 MNOK |
| Total assets | 12.2 MNOK | 16.9 MNOK | 18.2 MNOK |
| Equity | 12.0 MNOK | 15.1 MNOK | 17.9 MNOK |
| Total liabilities | 0.2 MNOK | 1.8 MNOK | 0.3 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.
- 989238159
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Yte konsulenttjenester og å eie aksjer i andre selskaper og annen investeringsvirksomhet.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 12 December 2005 20 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Tjernsrudveien 17A, 1358 JAR (BÆRUM)
- Municipality
- Bærum rank 1 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 26 October 2024
- Latest accounts filed
- 2025
- VAT registered
- Yes
- LEI
- 549300X8X4FZ6G5QPQ42 not renewed (lapsed)
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) −0.3 (median 14.8); Financial costs as a share of debt 159.3% (median 0.6%).
- 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 −339.5% (median 7.8%).
- 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 4,477 days (median 44 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 159.3% 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
- watch Extreme margin: check 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
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 0 MNOK | 2 MNOK |
| Operating margin | −339.5% | 7.8% |
| Profit margin | 6,752.9% | 7.8% |
| Return on assets | 18.5% | 14.1% |
| Equity ratio | 98.3% | 43.1% |
| Debt-to-equity | 0.02 | 1.04 |
| Current ratio | 45.85 | 1.71 |
| Revenue growth | −80.9% | 6.9% |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
4,477 days | 44 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. |
106,652 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. |
29,739.0% | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
6.1% | 57.8% | |
| 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. |
−0.3 | 14.8 | |
| 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. |
159.3% | 0.6% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 2.3% | |
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 0.5 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies 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 Herlog AS fell by 253.3 percentage points. Comparable companies fell by a median 0.2 points. So the company did 253.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Herlog AS moved the same way as comparable companies 2 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 | −86.2% | 8.0% | −163.9 percentage points | −0.5 percentage points | −163.4 percentage points |
| 2025 | −339.5% | 7.8% | −253.3 percentage points | −0.2 percentage points | −253.1 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 Herlog AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Herlog AS fell 253.3 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 | – | – | 77.7% | −86.2% | −339.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Herlog AS fell 253.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | 77.7% | −86.2% | −339.5% | – |
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
Herlog AS had an equity ratio of 98.3% in 2025. The company is not ranked: not enough data (below minimum revenue).
From 2024 to 2025: the operating margin fell from −86.2% to −339.5% and revenue fell by 81%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 26 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 26 MNOK |
| EV/EBIT | 14.3 | 1 MNOK |
| P/B | 2.3 | 25 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 1 MNOK |
| Enterprise value after the size adjustment | 0 MNOK |
| Less net debt (rough figure) | −1 MNOK |
| Equity value | 1 MNOK |
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 −191% 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 (71.1): Engineering/Construction.
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 Herlog AS?
The operating margin was −339.5% in 2025, against a median of 7.8% among companies in the same sector. Return on assets was 18.5%.
How solid is Herlog AS?
The equity ratio was 98.3% in 2025 (median 43.1%). Debt-to-equity was 0.02 (median 1.04).
What is the liquidity of Herlog AS like?
The current ratio was 45.85 in 2025 (median 1.71).
Group structure · 2025
2 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 Herlog AS. Persons are not shown by name.
Herlog 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 (2 companies) 2 of 2 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
-
Herlog 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.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 7 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
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
- 100%
- Group chain
- Ultimate owner: private person
Change 2007–2025: no material change in the owners.
Majority owner of: More Valves AS (100%)
The portfolio: 8 of the companies it owns shares in have accounts with us, 1 of them as majority owner. The average index is 59. 0 have negative equity and 2 made a loss in the latest year.
Holds shares in: Tracking Systems AS (0%), Gamle Borgenvei 20 Invest AS (1%), Easee AS (0%), Stabæk Fotball AS (6%), Storebrand ASA (0%), More Valves AS (100%), Bevest ASA (0%), Haga Golf AS (0%)
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 10 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | – | – | |
| Rank | – | – | – | |
| Operating margin | 77.7% | −86.2% | −339.5% | |
| Return on assets | 27.6% | 20.2% | 18.5% | |
| Equity ratio | 98.3% | 89.1% | 98.3% | |
| Current ratio | 39.85 | 4.62 | 45.85 | |
| Revenue growth | – | −64.4% | −80.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.6 MNOK | 0.2 MNOK | 0.0 MNOK |
| Operating profit | 0.5 MNOK | −0.2 MNOK | −0.1 MNOK |
| Profit before tax | 2.8 MNOK | 3.2 MNOK | 2.9 MNOK |
| Tax expense | 0.2 MNOK | 0.0 MNOK | 0.1 MNOK |
| Net profit | 2.7 MNOK | 3.1 MNOK | 2.8 MNOK |
| Financial expenses | 0.5 MNOK | 0.3 MNOK | 0.5 MNOK |
| Total assets | 12.2 MNOK | 16.9 MNOK | 18.2 MNOK |
| Current assets | 8.3 MNOK | 8.5 MNOK | 13.9 MNOK |
| Equity | 12.0 MNOK | 15.1 MNOK | 17.9 MNOK |
| Retained earnings | 10.7 MNOK | 13.8 MNOK | 16.6 MNOK |
| Total liabilities | 0.2 MNOK | 1.8 MNOK | 0.3 MNOK |
| Current liabilities | 0.2 MNOK | 1.8 MNOK | 0.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 6751776.