Cloudberry Develop 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
85of 100
How to read this: the company is ahead of 99 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 86 of 7,471 · What are Morning company classes?
Place in the whole sector: 114 of 10,057 · Teknisk tjenesteyting og forskning
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 78 and resilience 93 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Cloudberry Develop AS is 34 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 7,467 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 110.1% (median 7.8%) and equity ratio 99.3% (median 43.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 3 MNOK | 2 MNOK |
| Operating margin | 110.1% | 7.8% |
| Profit margin | 3,064.9% | 7.8% |
| Return on assets | 18.2% | 14.1% |
| Equity ratio | 99.3% | 43.1% |
| Debt-to-equity | 0.01 | 1.04 |
| Current ratio | 106.83 | 1.71 |
| Revenue growth | – | 6.9% |
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 85, Cloudberry Develop AS does better than 99% of companies in the Morning class Micro in the same sector (7,471 companies) in 2025.
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. |
58,535 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. |
– | 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. |
– | −7.1% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
– | 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. |
0.1 | 14.9 | |
| 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. |
521.9% | 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% | |
Of the financial costs of 26.6 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
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.
Cloudberry Develop AS has a score of 85 for 2025, rank 114 of 10,057 in the sector.
Strongest: Liquidity: percentile 100 against peers, current ratio 106.83 against a median of 1.71. Solidity: percentile 100 against peers, equity ratio 99.3% against a median of 43.1%.
No area is clearly below its peers.
Worth a closer look
- 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) 0.1 (median 14.9); financial costs as a share of debt 521.9% (median 0.6%).
- 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 58,535 days (median 44 days).
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?
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 Cloudberry Develop AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
| 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 | – | – | – | – | 110.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
| 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 | – | – | – | – | 110.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
| 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 | – | – | – | – | 110.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
| 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 | – | – | – | – | 110.1% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
| 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 | – | – | – | – | 110.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
| 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 | – | – | – | – | 110.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
| 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 | – | – | – | – | 110.1% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
| 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 | – | – | – | – | 110.1% | – |
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
Cloudberry Develop AS had an operating margin of 110.1% and an equity ratio of 99.3% in 2025, and ranks 114 of 10,057 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the equity ratio rose from 50.5% to 99.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 980 MNOK and 1,254 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 980 MNOK |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.3 | 1,254 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 2% on the cost of equity gives a value 24% 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
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) 0.1 (median 14.9); Financial costs as a share of debt 521.9% (median 0.6%).
- 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 58,535 days (median 44 days).
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 110.1% (median 7.8%); Equity ratio 99.3% (median 43.1%); Current ratio 106.83 (median 1.71).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 521.9% 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
What the score is made of
| Profitability | 78 | weight 40% |
|---|---|---|
| Solidity | 100 | weight 20% |
| Liquidity | 100 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 75 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
Questions and answers
How profitable is Cloudberry Develop AS?
The operating margin was 110.1% in 2025, against a median of 7.8% among companies in the Morning class Micro in the same sector. Return on assets was 18.2%.
How solid is Cloudberry Develop AS?
The equity ratio was 99.3% in 2025 (median 43.1%). Debt-to-equity was 0.01 (median 1.04).
What is the liquidity of Cloudberry Develop AS like?
The current ratio was 106.83 in 2025 (median 1.71).
How does Cloudberry Develop AS compare in Teknisk tjenesteyting og forskning?
Cloudberry Develop AS ranks 114 of 10,057 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Micro it is number 86 of 7,471.
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 |
|---|---|---|---|---|
| Bie Sprinkler AS |  Cheetah |
3 MNOK | 26.4% | 52 |
| Transition AS | Cheetah |
3 MNOK | 47.7% | 65 |
| Cloudberry Develop AS (this company) |  Lion |
3 MNOK | 110.1% | 85 |
| Polar Reservoir Consultants AS | Lion |
3 MNOK | 65.9% | 84 |
| Smart Plants AS |  Beaver |
3 MNOK | 0.0% | 29 |
| 3. Leg Consulting AS | Lion |
3 MNOK | 27.9% | 59 |
| Tossan Consulting AS | Lion |
3 MNOK | 92.8% | 79 |
| Pinestone AS | Lion |
3 MNOK | 10.0% | 56 |
| Kaphnordic AS | Beaver |
3 MNOK | 1.5% | 36 |
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
23 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 Cloudberry Clean Energy ASA.
Group accounts. Cloudberry Clean Energy ASA for 2025: index 40 of 100, number 29 of 42 groups. See the group accounts
The group in figures
- Sectors
- Kraft og energi (19 companies), Eiendom (1 company), Teknisk tjenesteyting og forskning (2 companies) 22 of 23 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 43 in all. Oslo 29, Eidskog 14 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 10 companies: Tverrdalselvi Kraft AS, Skeidsflåten Kraft AS, Setredalen Kraft AS, Cloudberry Clean Energy ASA, Anga Kraft AS, Dyrdal Kraft AS …
- Changed 2024–2025
- 15 companies joined the group, among them: Botna Kraft AS, Skeidsflåten Kraft AS, Strupen Kraft AS, Anga Kraft AS, Tverrdalselvi Kraft AS, Dyrdal Kraft AS. 7 companies left, among them: Forte Vannkraft Utvikling AS, Ramsliåna Kraftverk AS, Skåråna Kraft AS, Øvre Kvemma Kraftverk AS, Bøen Kraft AS, Tinnkraft 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.
-
Cloudberry Clean Energy ASA
-
Cloudberry Develop AS you are here
-
Captiva Asset Management AS
- Enestor AS
- Org. no. 921064241
-
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.
- 992889713
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 26 May 2008 18 years in operation
- Share capital
- 400.00 MNOK
- Business address
- Bergehus, Frøyas gate 15, 0273 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.cloudberry.no
- LEI
- 549300RYT1LR2U58T028 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 8 November 2026. Only names are shown.
- Parent company
- Cloudberry Clean Energy ASA (Norway)
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 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Cloudberry Clean Energy ASA (100%)
Ultimate owner: Cloudberry Clean Energy ASA
The owner: the majority owner Cloudberry Clean Energy ASA (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.
- Cloudberry Clean Energy ASA · 100.0%
The company is new in the shareholder register in 2025.
Majority owner of: Skogvind AS (67%)
Holds shares in: Skogvind AS (67%), Dingelsundet Energy AS (50%)
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 | – | – | 85 | |
| Rank | – | – | 114 | |
| Operating margin | – | – | 110.1% | |
| Return on assets | 24.6% | 5.3% | 18.2% | |
| Equity ratio | 26.3% | 50.5% | 99.3% | |
| Current ratio | 3.05 | 0.99 | 106.83 | |
| Revenue growth | – | – | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | – | – | 3.4 MNOK |
| Operating profit | −3.4 MNOK | −0.7 MNOK | 3.7 MNOK |
| Profit before tax | 117.5 MNOK | 38.0 MNOK | 104.2 MNOK |
| Tax expense | 0.0 MNOK | 0.6 MNOK | 0.0 MNOK |
| Net profit | 117.5 MNOK | 37.4 MNOK | 104.2 MNOK |
| Financial expenses | 85.9 MNOK | 26.3 MNOK | 26.6 MNOK |
| Total assets | 827.7 MNOK | 1,210.9 MNOK | 720.6 MNOK |
| Current assets | 429.9 MNOK | 595.4 MNOK | 545.3 MNOK |
| Equity | 217.5 MNOK | 610.9 MNOK | 715.5 MNOK |
| Retained earnings | 115.0 MNOK | 152.4 MNOK | 256.6 MNOK |
| Total liabilities | 610.2 MNOK | 600.0 MNOK | 5.1 MNOK |
| Current liabilities | 140.8 MNOK | 599.7 MNOK | 5.1 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 7149639.
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