VARME & BAD AS
Score · fiscal year 2025
40of 100
How to read this: the company is ahead of 28 % of large companies in the same sector in 2025. What does this mean?
Rank: 14,266 of 20,440 · Bygg og anlegg
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 4 and solidity 69 out of 100 among large companies in the same sector in 2025. Methodology
Against the sector
VARME & BAD AS is 12 points below the median for large companies in the same sector in 2025.
Median score 52 among 62 companies.
Against large companies in the same sector in 2025: operating margin −6.8% (median 3.4%) and equity ratio 27.2% (median 21.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1,563 MNOK | 1,868 MNOK |
| Operating margin | −6.8% | 3.4% |
| Profit margin | −10.9% | 3.8% |
| Return on assets | −6.6% | 8.7% |
| Equity ratio | 27.2% | 21.3% |
| Debt-to-equity | 2.68 | 3.57 |
| Current ratio | 1.22 | 1.19 |
| Revenue growth | 19.7% | 3.4% |
| Revenue per employee | 1.80 MNOK | 5.14 MNOK |
The median and “ahead of” refer to large companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 40, VARME & BAD AS does better than 28% of large companies in the same sector (62 companies) in 2025.
Score 2023–2025
- VARME & BAD AS
- Median: large companies in the same sector
VARME & BAD AS has a score of 40 for 2025, rank 14,266 of 20,440 in the sector.
Strongest: Growth: percentile 72 against peers, revenue growth 19.7% against a median of 3.4%. Solidity: percentile 69 against peers, equity ratio 27.2% against a median of 21.3%.
Weakest: Profitability: percentile 4 against peers, operating margin −6.8% against a median of 3.4%. Consistency: percentile 14 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −10.9% (median 3.8%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −6.8% (median 3.4%).
- What lies behind weak profitability, and will it last?
- What lies behind weak consistency, 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
What the numbers say
VARME & BAD AS had an operating margin of −6.8% and an equity ratio of 27.2% in 2025, and ranks 14,266 of 20,440 in Bygg og anlegg.
From 2024 to 2025: revenue grew by 20% and the equity ratio fell from 34.8% to 27.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 380 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 380 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −10.9% (median 3.8%).
- 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 −6.8% (median 3.4%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 7.7% 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.
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 1.8%. 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 | 4 | weight 30% |
|---|---|---|
| Solidity | 69 | weight 25% |
| Liquidity | 56 | weight 15% |
| Growth | 72 | weight 15% |
| Consistency | 14 | weight 15% |
Durability: 40 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is VARME & BAD AS?
The operating margin was −6.8% in 2025, against a median of 3.4% among large companies in the same sector. Return on assets was −6.6%. The company made a loss before tax.
How solid is VARME & BAD AS?
The equity ratio was 27.2% in 2025 (median 21.3%). Debt-to-equity was 2.68 (median 3.57).
What is the liquidity of VARME & BAD AS like?
The current ratio was 1.22 in 2025 (median 1.19).
How does VARME & BAD AS compare in Bygg og anlegg?
VARME & BAD AS ranks 14,266 of 20,440 in Bygg og anlegg for 2025. Among companies of the same size (large companies) it ranks 45 of 62. Revenue changed by 19.7% from the year before.
Group accounts · 2025
24 of 100
Rank 1380 of 1507 groups with group accounts. Groups are ranked only against each other, not against single companies.
- Operating revenue, group
- 2,057 MNOK
- Operating profit, group
- −114 MNOK
- Profit before tax, group
- −160 MNOK
- Total assets, group
- 1,396 MNOK
- Equity, group
- 373 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | −5.6% | −6.8% |
| Return on assets | −8.0% | −6.6% |
| Equity ratio | 26.7% | 27.2% |
| Current ratio | 1.27 | 1.22 |
| Revenue growth | 1.7% | 19.7% |
Group index in earlier years: 2023: 25 (1704 of 1951), 2024: 40 (1097 of 1561).
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).
We do not show the group structure, because open data does not say who owns whom.
Public contracts
- Contracts awarded since 2024
- 9
- in 6 notices (lots counted separately)
- Total awarded value since 2024
- value not stated
- Framework agreements
- 9
- Left out of the total: the value is a ceiling, not actual spend.
| Date | Buyer | Notice | Value |
|---|---|---|---|
| 4 March 2026 | Viken Vest Innkjøpssamarbeid (VVI) | (2025/9143) Utskifting av vannmålere, rammeavtale | 104.0 MNOK (framework) |
| 2 March 2026 | Anskaffelser i Akershus, Buskerud og Østfold KO | Rørleggertjenester og rørfaglige entreprenørtjenester for Ringerike - Rammeavtale | 10.0 MNOK (framework) |
| 16 December 2025 | Vestland fylkeskommune | Røyrleggjartenester | 17.0 MNOK (framework) |
| 16 October 2025 | Tromsø kommune | Rammeavtale tine- og spyletjenester | 8.0 MNOK (framework) |
| 27 February 2025 | Inderøy kommune | Rammeavtale - Håndverkertjenester Inderøy kommune | value not stated (2 lots) |
| 1 October 2024 | Rogaland fylkeskommune | Rørleggertjenester og tilhørende materiell | value not stated (3 lots) |
Based on notices in Doffin. Does not show call-offs under framework agreements or purchases below the publication threshold. Values are as stated by the buyer.
Source: Doffin (DFØ), fetched 27 October 2026. Winners are matched on organisation number.
Contains data under the Norwegian licence for public data (NLOD 2.0) made available by Doffin/the Norwegian Agency for Public and Financial Management (DFØ). NLOD 2.0
From the Central Coordinating Register
- Org. no.
- 991603344
- Legal form
- AS
- Sector
- Bygg og anlegg (43.221)
- Size tier
- large
- Employees
- 868 registered 10 October 2026
- Founded
- 6 August 2007 19 years in operation
- Share capital
- 0.99 MNOK
- Business address
- Forusparken 2, 4031 STAVANGER
- Municipality
- Stavanger rank 5 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.vb.no
- LEI
- 894500RICO6A1JYO3943 renews 18 January 2027
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
- Chief executive
- Anders Almestad
- Chair of the board
- Tone Bjørnov
- Board member
- Jan Terje Kristiansen
- Board member
- Kari Anne Slettevold Bjørshol
- Board member
- Hilde Elisabeth Horn Gilen
- Board member
- Ellen Merete Hanetho
- Board member
- Espen Grongstad
- Board member
- Morten Hegreberg
- Board member
- Erlend Wærøy Granbo
- Board member
- Kenneth Richstad
- Deputy member
- Merete Aarhus
- Deputy member
- Andre Bruntveit
- Deputy member
- Dorthe Aurora Olsen Gulseth
- Auditor
- KPMG AS
- Accountant
- RESPIRARE ACCOUNTING AS
- Accountant
- RESPIRARE ACCOUNTING STAVANGER AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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 29 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 23 | 56 | 40 | |
| Rank | 15,504 | 7,722 | 14,266 | |
| Operating margin | −27.6% | −7.9% | −6.8% | |
| Return on assets | 2.3% | −5.2% | −6.6% | |
| Equity ratio | 31.7% | 34.8% | 27.2% | |
| Current ratio | 0.60 | 1.24 | 1.22 | |
| Revenue growth | – | 1,348.6% | 19.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 90.1 MNOK | 1,305.9 MNOK | 1,563.2 MNOK |
| Operating profit | −24.9 MNOK | −103.0 MNOK | −105.8 MNOK |
| Profit before tax | 4.3 MNOK | −127.1 MNOK | −171.0 MNOK |
| Net profit | −8.2 MNOK | −113.3 MNOK | −163.3 MNOK |
| Financial expenses | 23.0 MNOK | 51.2 MNOK | 78.3 MNOK |
| Total assets | 1,184.9 MNOK | 1,451.8 MNOK | 1,397.8 MNOK |
| Current assets | 221.3 MNOK | 521.3 MNOK | 634.3 MNOK |
| Equity | 376.0 MNOK | 505.5 MNOK | 379.6 MNOK |
| Retained earnings | 8.3 MNOK | – | – |
| Total liabilities | 808.9 MNOK | 946.3 MNOK | 1,018.3 MNOK |
| Current liabilities | 367.5 MNOK | 419.9 MNOK | 521.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 29 October 2026, accounts id 6797706.
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