SMART VARME AS
Score · fiscal year 2025
29of 100
How to read this: the company is ahead of 19 % of small companies in the same sector in 2025. What does this mean?
Rank: 26,723 of 32,582 · 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 22 and solidity 22 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
SMART VARME AS is 21 points below the median for small companies in the same sector in 2025.
Median score 50 among 31,472 companies.
Against small companies in the same sector in 2025: operating margin −5.1% (median 3.7%) and equity ratio 15.3% (median 36.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 27 MNOK | 3 MNOK |
| Operating margin | −5.1% | 3.7% |
| Profit margin | −8.0% | 3.4% |
| Return on assets | −8.4% | 5.7% |
| Equity ratio | 15.3% | 36.5% |
| Debt-to-equity | 5.52 | 1.20 |
| Current ratio | 1.63 | 1.45 |
| Revenue growth | −24.1% | 3.0% |
| Revenue per employee | 2.65 MNOK | 1.46 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 29, SMART VARME AS does better than 19% of small companies in the same sector (31,720 companies) in 2025.
Score 2023–2025
- SMART VARME AS
- Median: small companies in the same sector
SMART VARME AS has a score of 29 for 2025, rank 26,723 of 32,582 in the sector.
Strongest: Liquidity: percentile 56 against peers, current ratio 1.63 against a median of 1.45.
Weakest: Growth: percentile 20 against peers, revenue growth −24.1% against a median of 3.0%. Profitability: percentile 22 against peers, operating margin −5.1% against a median of 3.7%.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −8.0% (median 3.4%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −5.1% (median 3.7%).
- What lies behind weak growth, and will it last?
- 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
SMART VARME AS had an operating margin of −5.1% and an equity ratio of 15.3% in 2025, and ranks 26,723 of 32,582 in Bygg og anlegg.
From 2024 to 2025: the operating margin fell from 4.3% to −5.1% and the equity ratio fell from 34.4% to 15.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 2 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| 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
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −8.0% (median 3.4%).
- 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 −5.1% (median 3.7%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.9% 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.
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 2.5%. 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 | 22 | weight 30% |
|---|---|---|
| Solidity | 22 | weight 25% |
| Liquidity | 56 | weight 15% |
| Growth | 20 | weight 15% |
| Consistency | 33 | weight 15% |
Durability: 45 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is SMART VARME AS?
The operating margin was −5.1% in 2025, against a median of 3.7% among small companies in the same sector. Return on assets was −8.4%. The company made a loss before tax.
How solid is SMART VARME AS?
The equity ratio was 15.3% in 2025 (median 36.5%). Debt-to-equity was 5.52 (median 1.20).
What is the liquidity of SMART VARME AS like?
The current ratio was 1.63 in 2025 (median 1.45).
How does SMART VARME AS compare in Bygg og anlegg?
SMART VARME AS ranks 26,723 of 32,582 in Bygg og anlegg for 2025. Among companies of the same size (small companies) it ranks 25,743 of 31,720. Revenue changed by −24.1% from the year before.
From the Central Coordinating Register
- Org. no.
- 997556623
- Legal form
- AS
- Sector
- Bygg og anlegg (43.222)
- Size tier
- small
- Employees
- 10 registered 10 September 2026
- Founded
- 17 October 2011 15 years in operation
- Share capital
- 0.48 MNOK
- Business address
- Janaflaten 52, 5179 GODVIK (BERGEN)
- Municipality
- Bergen rank 9 of 11 in KOSTRA group 12
- Latest accounts filed
- 2025
- Website
- www.smartvarme.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
- Nikolaj Grove
- Chair of the board
- Nikolaj Grove
- Board member
- Silje Marie Grove
- Auditor
- BJØRGVIN REVISJON AS
- Accountant
- AIDER 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 29 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 57 | 50 | 29 | |
| Rank | 11,178 | 15,726 | 26,723 | |
| Operating margin | 15.4% | 4.3% | −5.1% | |
| Return on assets | 20.9% | 8.7% | −8.4% | |
| Equity ratio | 23.4% | 34.4% | 15.3% | |
| Current ratio | 2.06 | 2.93 | 1.63 | |
| Revenue growth | – | −28.3% | −24.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 48.7 MNOK | 34.9 MNOK | 26.5 MNOK |
| Operating profit | 7.5 MNOK | 1.5 MNOK | −1.3 MNOK |
| Profit before tax | 5.8 MNOK | 0.0 MNOK | −2.1 MNOK |
| Net profit | 4.5 MNOK | 0.0 MNOK | −2.1 MNOK |
| Financial expenses | 1.7 MNOK | 1.6 MNOK | 0.8 MNOK |
| Total assets | 35.8 MNOK | 18.3 MNOK | 15.8 MNOK |
| Current assets | 20.4 MNOK | 16.3 MNOK | 14.3 MNOK |
| Equity | 8.4 MNOK | 6.3 MNOK | 2.4 MNOK |
| Retained earnings | 7.5 MNOK | 5.5 MNOK | 1.7 MNOK |
| Total liabilities | 27.4 MNOK | 12.0 MNOK | 13.4 MNOK |
| Current liabilities | 9.9 MNOK | 5.6 MNOK | 8.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 29 October 2026, accounts id 6946618.
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