BELSHIPS AS
Score · fiscal year 2025
36of 100
How to read this: the company is ahead of 23 % of small companies in the same sector in 2025. What does this mean?
Rank: 792 of 1,016 · Sjøfart
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 14 and solidity 44 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
BELSHIPS AS is 14 points below the median for small companies in the same sector in 2025.
Median score 50 among 705 companies.
Against small companies in the same sector in 2025: operating margin −95.8% (median 11.0%) and equity ratio 42.1% (median 44.4%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 27 MNOK | 21 MNOK |
| Operating margin | −95.8% | 11.0% |
| Profit margin | −251.7% | 9.1% |
| Return on assets | 1.0% | 7.6% |
| Equity ratio | 42.1% | 44.4% |
| Debt-to-equity | 1.38 | 1.04 |
| Current ratio | 0.13 | 1.67 |
| Revenue growth | 159.3% | 2.9% |
| Revenue per employee | 3.37 MNOK | 1.42 MNOK |
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 36, BELSHIPS AS does better than 23% of small companies in the same sector (705 companies) in 2025.
Score 2023–2025
- BELSHIPS AS
- Median: small companies in the same sector
BELSHIPS AS has a score of 36 for 2025, rank 792 of 1,016 in the sector.
Strongest: Growth: percentile 93 against peers, revenue growth 159.3% against a median of 2.9%.
Weakest: Liquidity: percentile 6 against peers, current ratio 0.13 against a median of 1.67. Profitability: percentile 14 against peers, operating margin −95.8% against a median of 11.0%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 7.5 times current assets. Based on: current ratio 0.13 (median 1.67).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −251.7% (median 9.1%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −95.8% (median 11.0%).
- What lies behind weak profitability, 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
BELSHIPS AS had an operating margin of −95.8% and an equity ratio of 42.1% in 2025, and ranks 792 of 1,016 in Sjøfart.
From 2024 to 2025: the operating margin rose from −461.5% to −95.8% and revenue grew by 159%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 185 MUSD.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | 185 MUSD |
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
Consider strengthening liquidity: current liabilities are 7.5 times current assets.
Based on: Current ratio 0.13 (median 1.67).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −251.7% (median 9.1%).
- 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 −95.8% (median 11.0%).
- 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 159.3% (median 2.9%); Current ratio 0.13 (median 1.67).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 4.3% 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
- watch Reports in a currency other than NOK
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 5.1%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 14 | weight 30% |
|---|---|---|
| Solidity | 44 | weight 25% |
| Liquidity | 6 | weight 15% |
| Growth | 93 | weight 15% |
| Consistency | 40 | weight 15% |
Durability: 38 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is BELSHIPS AS?
The operating margin was −95.8% in 2025, against a median of 11.0% among small companies in the same sector. Return on assets was 1.0%. The company made a loss before tax.
How solid is BELSHIPS AS?
The equity ratio was 42.1% in 2025 (median 44.4%). Debt-to-equity was 1.38 (median 1.04).
What is the liquidity of BELSHIPS AS like?
The current ratio was 0.13 in 2025 (median 1.67). Current assets did not cover current liabilities.
How does BELSHIPS AS compare in Sjøfart?
BELSHIPS AS ranks 792 of 1,016 in Sjøfart for 2025. Among companies of the same size (small companies) it ranks 546 of 705. Revenue changed by 159.3% from the year before.
Group accounts · 2025
49 of 100
Rank 721 of 1354 groups with group accounts. Groups are ranked only against each other, not against single companies.
- Operating revenue, group
- 352 MUSD
- ≈ 3,657 MNOK at Norges Bank's rate for the period
- Operating profit, group
- 63 MUSD
- ≈ 657 MNOK at Norges Bank's rate for the period
- Profit before tax, group
- 37 MUSD
- ≈ 385 MNOK at Norges Bank's rate for the period
- Total assets, group
- 841 MUSD
- ≈ 8,474 MNOK at Norges Bank's rate for the period
- Equity, group
- 263 MUSD
- ≈ 2,652 MNOK at Norges Bank's rate for the period
The group accounts are in USD. Amounts are shown in USD, with NOK below. Ratios are computed in USD.
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 18.0% | −95.8% |
| Return on assets | 7.9% | 1.0% |
| Equity ratio | 31.3% | 42.1% |
| Current ratio | 1.48 | 0.13 |
| Revenue growth | −18.1% | 159.3% |
Group index in earlier years: 2023: 60 (584 of 1757), 2024: 52 (636 of 1400).
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).
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.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 930776793
- Legal form
- AS · part of a group
- Sector
- Sjøfart (50.201)
- Size tier
- small
- Employees
- 8 registered 10 October 2026
- Founded
- 7 October 1935 91 years in operation
- Share capital
- 506.27 MNOK
- Business address
- Lilleakerveien 6D, 0283 OSLO
- Municipality
- Oslo rank 63–221 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.belships.com
- LEI
- 5967007LIEEXZXJCKO49 renews 30 November 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
- Ivar Hansson Myklebust
- Chair of the board
- Ivar Hansson Myklebust
- Board member
- Svein Engh
- Board member
- Omer Donnerstein
- Board member
- Birthe Cecilie Lepsøe
- Board member
- Jorunn Seglem
- Board member
- Christian Vinther Christensen
- Board member
- Gaby Bornheim
- Board member
- Hans Nikolaus Schües
- Auditor
- PRICEWATERHOUSECOOPERS 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 27 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 44 | 33 | 36 | |
| Rank | 525 | 791 | 792 | |
| Operating margin | 58.6% | −461.5% | −95.8% | |
| Return on assets | 5.7% | 11.9% | 1.0% | |
| Equity ratio | 32.5% | 38.9% | 42.1% | |
| Current ratio | 0.39 | 0.89 | 0.13 | |
| Revenue growth | – | −91.3% | 159.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 11.5 MUSD | 1.0 MUSD | 2.6 MUSD |
| Operating profit | 6.7 MUSD | −4.6 MUSD | −2.5 MUSD |
| Profit before tax | 36.7 MUSD | 59.3 MUSD | −6.5 MUSD |
| Net profit | 36.5 MUSD | 61.5 MUSD | −6.5 MUSD |
| Financial expenses | 4.6 MUSD | 8.7 MUSD | 11.0 MUSD |
| Total assets | 729.0 MUSD | 572.3 MUSD | 440.3 MUSD |
| Current assets | 146.7 MUSD | 208.4 MUSD | 6.1 MUSD |
| Equity | 236.6 MUSD | 222.5 MUSD | 185.2 MUSD |
| Retained earnings | 115.0 MUSD | 99.7 MUSD | 42.2 MUSD |
| Total liabilities | 492.4 MUSD | 349.8 MUSD | 255.1 MUSD |
| Current liabilities | 380.1 MUSD | 234.9 MUSD | 45.7 MUSD |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 7160923.
Further
Similar companies
- ODFJELL HAKATA MARITIME AS index 36, rank 790 · compare
- BOA CONTRACTING AS index 36, rank 791 · compare
- NORTHERN EXPEDITIONS AS index 36, rank 793 · compare
- PROJECT PISSARRO AS index 36, rank 794 · compare
- ISLAND CHAMPION AS index 36, rank 795 · compare