Initial Force AS
Score · fiscal year 2025
23of 100
How to read this: the company is ahead of 9 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 1,240 of 1,358 · What are Morning company classes?
Place in the whole sector: 3,624 of 4,004 · Teknisk tjenesteyting og forskning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 8 and solidity 61 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Initial Force AS is 28 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,358 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −25.6% (median 5.6%) and equity ratio 42.1% (median 33.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 35 MNOK | 20 MNOK |
| Operating margin | −25.6% | 5.6% |
| Profit margin | −26.7% | 5.7% |
| Return on assets | −24.5% | 14.0% |
| Equity ratio | 42.1% | 33.5% |
| Debt-to-equity | 1.37 | 1.73 |
| Current ratio | 0.34 | 1.43 |
| Revenue growth | −3.6% | 8.6% |
| Revenue per employee | 1.76 MNOK | 1.60 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 23, Initial Force AS does better than 9% of companies in the Morning class Small in the same sector (1,358 companies) in 2025.
Score 2023–2025
- Initial Force AS
- Median: companies in the Morning class Small in the same sector
Initial Force AS has a score of 23 for 2025, rank 3,624 of 4,004 in the sector.
Strongest: Solidity: percentile 61 against peers, equity ratio 42.1% against a median of 33.5%.
Weakest: Liquidity: percentile 2 against peers, current ratio 0.34 against a median of 1.43. Profitability: percentile 8 against peers, operating margin −25.6% against a median of 5.6%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 3.0 times current assets. Based on: current ratio 0.34 (median 1.43).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −26.7% (median 5.7%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −25.6% (median 5.6%).
- 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
The industry or the company: what drove the result?
In 2025 the operating margin of Initial Force AS fell by 9.8 percentage points. Comparable companies rose by a median 0.8 points. So the company did 10.6 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Initial Force AS moved the same way as comparable companies 1 times. About 5% 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 | −15.8% | 4.8% | −10.4 percentage points | −0.3 percentage points | −10.1 percentage points |
| 2025 | −25.6% | 5.6% | −9.8 percentage points | +0.8 percentage points | −10.6 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 Initial Force 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 Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
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 Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
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 Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
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 Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
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 Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
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 Initial Force AS fell 9.8 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 | – | – | −5.5% | −15.8% | −25.6% | – |
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
Initial Force AS had an operating margin of −25.6% and an equity ratio of 42.1% in 2025, and ranks 3,624 of 4,004 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin fell from −15.8% to −25.6% and the equity ratio fell from 59.8% to 42.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 23 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | not meaningful |
| EV/EBIT | 15.9 | not meaningful |
| P/B | 3.2 | 23 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 51% for an unlisted company: 20% for lack of marketability and 38% for size (a small-company premium of 4% on the cost of equity).
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
Worth a closer look
- critical
Consider strengthening liquidity: current liabilities are 3.0 times current assets.
Based on: Current ratio 0.34 (median 1.43).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −26.7% (median 5.7%).
- 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 −25.6% (median 5.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 4.5% 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 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 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 8 | weight 30% |
|---|---|---|
| Solidity | 61 | weight 25% |
| Liquidity | 2 | weight 15% |
| Growth | 24 | weight 15% |
| Consistency | 13 | weight 15% |
Durability: 36 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Initial Force AS?
The operating margin was −25.6% in 2025, against a median of 5.6% among companies in the Morning class Small in the same sector. Return on assets was −24.5%. The company made a loss before tax.
How solid is Initial Force AS?
The equity ratio was 42.1% in 2025 (median 33.5%). Debt-to-equity was 1.37 (median 1.73).
What is the liquidity of Initial Force AS like?
The current ratio was 0.34 in 2025 (median 1.43). Current assets did not cover current liabilities.
How does Initial Force AS compare in Teknisk tjenesteyting og forskning?
Initial Force AS ranks 3,624 of 4,004 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 1,240 of 1,358. Revenue changed by −3.6% from the year before.
Group accounts · 2025
31 of 100
Rank 30 of 34 groups in the Morning class Medium in Teknisk tjenesteyting og forskning. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 54 MNOK
- Operating profit, group
- −2 MNOK
- Profit before tax, group
- −3 MNOK
- Total assets, group
- 38 MNOK
- Equity, group
- 16 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | −4.3% | −25.6% |
| Return on assets | −4.6% | −24.5% |
| Equity ratio | 40.6% | 42.1% |
| Current ratio | 0.46 | 0.34 |
| Revenue growth | 25.0% | −3.6% |
Group index in earlier years: 2023: 58 (5 of 10), 2024: 33 (67 of 85).
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).
The shareholder register shows no Norwegian majority owner and no subsidiaries for this company.
From the Central Coordinating Register
- Org. no.
- 990340048
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (74.990)
- Morning company class
- Small
- Employees
- 20 registered 10 September 2026
- Founded
- 6 September 2006 20 years in operation
- Share capital
- 14.66 MNOK
- Business address
- Stiklestadveien 1, Lade Teknopark, 7041 TRONDHEIM
- Municipality
- Trondheim rank 3 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.initialforce.com
- LEI
- 636700UESPU92831U396 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
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
- Parent company
- No known owner
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 50
- Largest owner
- 18.8% · top three 31.7%
- Split
- companies 45% · private persons 5% · foreign 4%
- Owners over 60
- 62% of the shares held by persons (median age 75)
- JENSSEN & CO AS · 37.6%
- Blue River Invest AS · 18.5%
- Berme LLC (USA) · 7.2%
- Lyng Gruppen AS · 6.3%
- Bagøien AS · 5.2%
- Boddco AS · 4.1%
- Vidvangen AS · 4.0%
- SP Management AS · 2.2%
- Kafo Utvikling AS · 1.7%
- Mcb Invest AS · 1.1%
- 34 private persons · 4.6%
Change 2007–2025:
71% of the shares changed owner (41 new and 2 departed owners).
New owners (companies): Bai AS, Berme LLC, Blue River Invest AS, Boddco AS, Dahlemoen Næringspark AS
Departed (companies): NTNU Technology Transfer AS, Steinbra-Coaching AS
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 | 37 | 23 | |
| Rank | 2,063 | 2,960 | 3,624 | |
| Operating margin | −5.5% | −15.8% | −25.6% | |
| Return on assets | −1.8% | −13.0% | −24.5% | |
| Equity ratio | 62.5% | 59.8% | 42.1% | |
| Current ratio | 1.87 | 0.87 | 0.34 | |
| Revenue growth | – | 6.9% | −3.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 34.2 MNOK | 36.5 MNOK | 35.2 MNOK |
| Operating profit | −1.9 MNOK | −5.8 MNOK | −9.0 MNOK |
| Profit before tax | −1.6 MNOK | −6.0 MNOK | −9.4 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | – |
| Net profit | −1.6 MNOK | −6.0 MNOK | −9.4 MNOK |
| Financial expenses | 1.1 MNOK | 1.4 MNOK | 0.9 MNOK |
| Total assets | 28.6 MNOK | 35.1 MNOK | 34.8 MNOK |
| Current assets | 17.6 MNOK | 11.7 MNOK | 6.7 MNOK |
| Equity | 17.9 MNOK | 21.0 MNOK | 14.6 MNOK |
| Retained earnings | −1.8 MNOK | – | – |
| Total liabilities | 10.7 MNOK | 14.1 MNOK | 20.1 MNOK |
| Current liabilities | 9.4 MNOK | 13.4 MNOK | 19.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 7240416.
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