VTBG AS
Score · fiscal year 2025
33of 100
How to read this: the company is ahead of 26 % of small companies in the same sector in 2025. What does this mean?
Rank: 23,119 of 30,442 · Handel
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 15 and solidity 0 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
VTBG AS is 17 points below the median for small companies in the same sector in 2025.
Median score 50 among 28,491 companies.
Against small companies in the same sector in 2025: operating margin −31.2% (median 2.2%) and equity ratio −134.7% (median 35.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 3 MNOK |
| Operating margin | −31.2% | 2.2% |
| Profit margin | −31.2% | 2.0% |
| Return on assets | −17.7% | 3.2% |
| Equity ratio | −134.7% | 35.1% |
| Debt-to-equity | – | 1.05 |
| Current ratio | 3.16 | 1.64 |
| Revenue growth | 910.8% | 3.8% |
The median and “ahead of” refer to small companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 33, VTBG AS does better than 26% of small companies in the same sector (28,889 companies) in 2025.
Score 2023–2025
- VTBG AS
- Median: small companies in the same sector
VTBG AS has a score of 33 for 2025, rank 23,119 of 30,442 in the sector.
Strongest: Growth: percentile 98 against peers, revenue growth 910.8% against a median of 3.8%. Liquidity: percentile 73 against peers, current ratio 3.16 against a median of 1.64.
Weakest: Solidity: percentile 0 against peers, equity ratio −134.7% against a median of 35.1%. Profitability: percentile 15 against peers, operating margin −31.2% against a median of 2.2%.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −134.7% (median 35.1%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −31.2% (median 2.0%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −31.2% (median 2.2%).
- What lies behind weak solidity, 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
VTBG AS had an operating margin of −31.2% and an equity ratio of −134.7% in 2025, and ranks 23,119 of 30,442 in Handel.
From 2024 to 2025: revenue grew by 911% and the operating margin fell from −5.4% to −31.2%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | not meaningful |
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
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −134.7% (median 35.1%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −31.2% (median 2.0%).
- 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 −31.2% (median 2.2%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Data quality
- critical Negative equity
Scenario analysis: the sector's weakest year
We have no accounts for 2017, the sector's weakest year, for this company.
The sector's weakest year was 2017, with a median operating margin of −134.9%. 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 | 15 | weight 30% |
|---|---|---|
| Solidity | 0 | weight 25% |
| Liquidity | 73 | weight 15% |
| Growth | 98 | weight 15% |
| Consistency | 20 | weight 15% |
Durability: 27 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is VTBG AS?
The operating margin was −31.2% in 2025, against a median of 2.2% among small companies in the same sector. Return on assets was −17.7%. The company made a loss before tax.
How solid is VTBG AS?
The equity ratio was −134.7% in 2025 (median 35.1%). Equity is negative, so liabilities exceed assets.
What is the liquidity of VTBG AS like?
The current ratio was 3.16 in 2025 (median 1.64).
How does VTBG AS compare in Handel?
VTBG AS ranks 23,119 of 30,442 in Handel for 2025. Among companies of the same size (small companies) it ranks 21,481 of 28,889. Revenue changed by 910.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 897851512
- Legal form
- AS
- Sector
- Handel (46.860)
- Size tier
- small
- Employees
- 0–4 (not registered)
- Founded
- 2 January 2012 14 years in operation
- Share capital
- 0.38 MNOK
- Business address
- Liaveien 18B, 3173 VEAR (TØNSBERG)
- Municipality
- Tønsberg rank 2 of 10 in KOSTRA group 11
- Audit
- Audit opted out from 23 January 2012
- Latest accounts filed
- 2025
- Website
- www.veloshop.no
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
- Hans Petter Engelstad
- Chair of the board
- Hans Petter Engelstad
- Deputy member
- Rebecca Engelstad Klausen
- Accountant
- BØR ØKONOMI AS
Source: Central Coordinating Register, fetched 25 October 2026. Only names are shown.
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 26 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 19 | 30 | 33 | |
| Rank | 22,979 | 22,711 | 23,119 | |
| Operating margin | −39.1% | −5.4% | −31.2% | |
| Return on assets | −7.9% | −0.3% | −17.7% | |
| Equity ratio | −130.7% | −90.0% | −134.7% | |
| Current ratio | 2.35 | 30.46 | 3.16 | |
| Revenue growth | – | −71.2% | 910.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.2 MNOK | 0.1 MNOK | 0.6 MNOK |
| Operating profit | −0.1 MNOK | 0.0 MNOK | −0.2 MNOK |
| Profit before tax | −0.1 MNOK | 0.0 MNOK | −0.2 MNOK |
| Net profit | −0.1 MNOK | 0.0 MNOK | −0.2 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.0 MNOK | 1.0 MNOK | 1.1 MNOK |
| Current assets | 0.2 MNOK | 0.2 MNOK | 0.1 MNOK |
| Equity | −1.4 MNOK | −0.9 MNOK | −1.5 MNOK |
| Retained earnings | −1.9 MNOK | −1.4 MNOK | −2.0 MNOK |
| Total liabilities | 2.4 MNOK | 1.9 MNOK | 2.5 MNOK |
| Current liabilities | 0.1 MNOK | 0.0 MNOK | 0.0 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 6986968.
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