Forces AS
Score · fiscal year 2025
38of 100
How to read this: the company is ahead of 27 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 4,083 of 5,557 · What are Morning company classes?
Place in the whole sector: 14,520 of 20,338 · Bygg og anlegg
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 44 and solidity 22 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Forces AS is 13 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 5,557 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 2.9% (median 4.5%) and equity ratio 17.8% (median 34.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 28 MNOK | 19 MNOK |
| Operating margin | 2.9% | 4.5% |
| Profit margin | 2.5% | 4.2% |
| Return on assets | 10.2% | 10.9% |
| Equity ratio | 17.8% | 34.1% |
| Debt-to-equity | 4.63 | 1.72 |
| Current ratio | 0.97 | 1.48 |
| Revenue growth | 377.0% | 6.0% |
| Revenue per employee | 0.47 MNOK | 1.70 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 38, Forces AS does better than 27% of companies in the Morning class Small in the same sector (5,557 companies) in 2025.
Score 2023–2025
- Forces AS
- Median: companies in the Morning class Small in the same sector
Forces AS has a score of 38 for 2025, rank 14,520 of 20,338 in the sector.
Strongest: Growth: percentile 99 against peers, revenue growth 377.0% against a median of 6.0%.
Weakest: Liquidity: percentile 15 against peers, current ratio 0.97 against a median of 1.48. Consistency: percentile 18 against peers.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.0 times current assets. Based on: current ratio 0.97 (median 1.48).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 377.0% (median 6.0%); current ratio 0.97 (median 1.48).
- 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
Forces AS had an operating margin of 2.9% and an equity ratio of 17.8% in 2025, and ranks 14,520 of 20,338 in Bygg og anlegg.
From 2024 to 2025: revenue grew by 377% and the operating margin fell from 27.7% to 2.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 2 MNOK and 8 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 5 MNOK |
| EV/EBIT | 8.0 | 8 MNOK |
| P/B | 1.0 | 2 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
Consider strengthening liquidity: current liabilities are 1.0 times current assets.
Based on: Current ratio 0.97 (median 1.48).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 377.0% (median 6.0%); Current ratio 0.97 (median 1.48).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.1% 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 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 | 44 | weight 30% |
|---|---|---|
| Solidity | 22 | weight 25% |
| Liquidity | 15 | weight 15% |
| Growth | 99 | weight 15% |
| Consistency | 18 | weight 15% |
Durability: 53 (average over 2 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Forces AS?
The operating margin was 2.9% in 2025, against a median of 4.5% among companies in the Morning class Small in the same sector. Return on assets was 10.2%.
How solid is Forces AS?
The equity ratio was 17.8% in 2025 (median 34.1%). Debt-to-equity was 4.63 (median 1.72).
What is the liquidity of Forces AS like?
The current ratio was 0.97 in 2025 (median 1.48). Current assets did not cover current liabilities.
How does Forces AS compare in Bygg og anlegg?
Forces AS ranks 14,520 of 20,338 in Bygg og anlegg for 2025. Among companies in the Morning class Small it is number 4,083 of 5,557. Revenue changed by 377.0% from the year before.
From the Central Coordinating Register
- Org. no.
- 922382980
- Legal form
- AS
- Sector
- Bygg og anlegg (41.000)
- Morning company class
- Small
- Employees
- 60 registered 10 October 2026
- Founded
- 10 February 2019 7 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Mælagata sør 58, 3716 SKIEN
- Municipality
- Skien rank 9 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
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
- Chair of the board
- Kamil Majkowski
- Auditor
- Nordic Revisjon AS
- Accountant
- Mta Group AS
Source: Central Coordinating Register, fetched 29 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 | – | 67 | 38 | |
| Rank | – | 3,743 | 14,520 | |
| Operating margin | −60.2% | 27.7% | 2.9% | |
| Return on assets | – | 65.6% | 10.2% | |
| Equity ratio | – | 44.8% | 17.8% | |
| Current ratio | 0.00 | 0.47 | 0.97 | |
| Revenue growth | – | 16,650.5% | 377.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.0 MNOK | 5.9 MNOK | 28.1 MNOK |
| Operating profit | 0.0 MNOK | 1.6 MNOK | 0.8 MNOK |
| Profit before tax | 0.0 MNOK | 1.6 MNOK | 0.7 MNOK |
| Net profit | 0.0 MNOK | 1.3 MNOK | 0.5 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.2 MNOK |
| Total assets | 0.0 MNOK | 2.5 MNOK | 9.2 MNOK |
| Current assets | 0.0 MNOK | 0.6 MNOK | 5.4 MNOK |
| Equity | −0.2 MNOK | 1.1 MNOK | 1.6 MNOK |
| Retained earnings | −0.2 MNOK | 1.1 MNOK | 1.6 MNOK |
| Total liabilities | 0.2 MNOK | 1.4 MNOK | 7.6 MNOK |
| Current liabilities | 0.0 MNOK | 1.3 MNOK | 5.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 26 October 2026, accounts id 7239318.
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