Normak 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
Not enough data: Not enough data (below minimum revenue)
Based on the annual accounts for 2025
How it has gone · 2023–2025
Revenue rose by 14 % from 2023 to 2025, to 0.6 MNOK. The operating margin rose from −82.2% in 2023 to 47.9% in 2025. The equity ratio is about the same: 72.0% in 2025 against 71.8% in 2023.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
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) 0.9 (median 1.8); Financial costs as a share of debt 5.8% (median 5.0%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −4.5% (median 24.4%).
- 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 1,495 days (median 40 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.8% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 15.2%. 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 | 1 MNOK | 2 MNOK |
| Operating margin | 47.9% | 47.7% |
| Profit margin | −4.5% | 24.4% |
| Return on assets | 1.5% | 7.8% |
| Equity ratio | 72.0% | 27.9% |
| Debt-to-equity | 0.39 | 2.10 |
| Current ratio | 1.85 | 1.40 |
| Revenue growth | −54.3% | 3.3% |
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. |
1,495 days | 40 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 | 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. |
185.7% | −12.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
1.3% | 54.9% | |
| 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. |
0.9 | 1.8 | |
| 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. |
5.8% | 5.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
75.3% | 87.8% | |
Net working capital (current assets less bank deposits less current liabilities): 1.1 MNOK.
Of the financial costs of 0.3 MNOK, 0.3 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 Normak AS fell by 15.1 percentage points. Comparable companies rose by a median 0.7 points. So the company did 15.9 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Normak AS moved the same way as comparable companies 1 times. About 1% 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 | 63.1% | 46.9% | +145.3 percentage points | +0.9 percentage points | +144.4 percentage points |
| 2025 | 47.9% | 47.7% | −15.1 percentage points | +0.7 percentage points | −15.9 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 Normak AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Normak AS fell 15.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | −82.2% | 63.1% | 47.9% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Normak AS fell 15.1 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 | – | – | −82.2% | 63.1% | 47.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Normak AS fell 15.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| The company's operating margin | – | – | −82.2% | 63.1% | 47.9% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Normak AS fell 15.1 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 | – | – | −82.2% | 63.1% | 47.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Normak AS fell 15.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | −82.2% | 63.1% | 47.9% | – |
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
Normak AS had an equity ratio of 72.0% in 2025. The company is not ranked: not enough data (below minimum revenue).
From 2024 to 2025: went from a profit to a loss before tax and the operating margin fell from 63.1% to 47.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 2 MNOK and 6 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 2 MNOK |
| EV/EBIT | 19.2 | debt above value |
| P/B | 0.7 | 6 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 4 MNOK |
| Enterprise value after the size adjustment | 3 MNOK |
| Less net debt (rough figure) | 4 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 152% 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
Questions and answers
How profitable is Normak AS?
The operating margin was 47.9% in 2025, against a median of 47.7% among companies in the same sector. Return on assets was 1.5%. The company made a loss before tax.
How solid is Normak AS?
The equity ratio was 72.0% in 2025 (median 27.9%). Debt-to-equity was 0.39 (median 2.10).
What is the liquidity of Normak AS like?
The current ratio was 1.85 in 2025 (median 1.40).
Group structure · 2025
4 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 Normak AS. Persons are not shown by name.
Normak 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
- Eiendom (4 companies) 4 of 4 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: Colletts Gate 33 Invest AS
- Loss
- 3 companies: Colletts Gate 33 AS, Normak AS, Colletts Gate 33 Invest AS
- Changed 2024–2025
- 1 company joined the group: Nye Bokvaliteter 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.
-
Normak 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.
- 992177446
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Kjøp og salg av eiendom, samt tilhørende logistikktjenester og annet som naturlig faller sammen med dette, herunder å delta i andre selskaper med lignende virksomhet, kjøp og salg av aksjer, eller på annen måte gjøre seg interessert i andre foretagender.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.1 MNOK (2025).
- Founded
- 1 January 2008 18 years in operation
- Share capital
- 0.10 MNOK
- Business address
- v/Aker Brygge Business Village, v/Igor Pancevski, Grundingen 6, 0250 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 21 November 2011
- 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
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 8 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
- 100%
- Group chain
- Ultimate owner: private person
The company is new in the shareholder register in 2025.
Majority owner of: Colletts Gate 33 Invest AS (51%)
Holds shares in: Sparkpark AS (50%), Colletts Gate 33 Invest AS (51%)
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 | – | 68 | – | |
| Rank | – | 3,569 | – | |
| Operating margin | −82.2% | 63.1% | 47.9% | |
| Return on assets | −2.3% | 4.3% | 1.5% | |
| Equity ratio | 71.8% | 72.3% | 72.0% | |
| Current ratio | 2.94 | 2.74 | 1.85 | |
| Revenue growth | – | 148.8% | −54.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.5 MNOK | 1.2 MNOK | 0.6 MNOK |
| Operating profit | −0.4 MNOK | 0.8 MNOK | 0.3 MNOK |
| Profit before tax | −0.7 MNOK | 0.4 MNOK | 0.0 MNOK |
| Tax expense | −1.4 MNOK | 0.0 MNOK | – |
| Net profit | 0.7 MNOK | 0.4 MNOK | 0.0 MNOK |
| Financial expenses | 0.3 MNOK | 0.3 MNOK | 0.3 MNOK |
| Total assets | 17.9 MNOK | 18.3 MNOK | 18.4 MNOK |
| Current assets | 1.9 MNOK | 2.3 MNOK | 2.4 MNOK |
| Equity | 12.8 MNOK | 13.3 MNOK | 13.2 MNOK |
| Retained earnings | 5.2 MNOK | 5.6 MNOK | 5.6 MNOK |
| Total liabilities | 5.0 MNOK | 5.1 MNOK | 5.1 MNOK |
| Current liabilities | 0.6 MNOK | 0.9 MNOK | 1.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 6669504.