Sector

Overnatting og servering

47 companies ranked against comparable companies in four Morning company classes. Fiscal year 2022. Source: Brønnøysund Register Centre. Methodology

Morning company class

Morning company classes are our own division by revenue, not an official standard: Micro NOK 1m–10 MNOK, Small 10 MNOK–50 MNOK, Medium 50 MNOK–500 MNOK, Large from 500 MNOK. Companies are ranked only against others in the same class, and every figure below is for the class you have chosen. What are Morning company classes?

Ranking · 2022 · Morning class Small

Morning class Small · 2022
#	Company	Profile	Score	Change
1	Cesar Bar og Cafe AS	Leader	92	–
2	Sandvika Sushi AS	Leader	85	–
3	Victoria Pub AS	Leader	80	–
4	Vågå Hotel AS	Sprinter	62	–
5	Yummy Time Bryne AS	Leader	61	–
6	BRIS.NO AS	Leader	60	–
7	Jafs Sem AS	Sprinter	58	–
8	Drøbak Pubdrift AS	Sprinter	48	–
9	Alem AS	Builder	23	–
10	Gudvangen Hotelldrift AS	Builder	22	–
11	Restaurant Heftye AS	Builder	19	–
12	Grand Taj Restaurant AS	Builder	14	–
13	Kebabish Original Oslo AS	Builder	11	–
14	Biblioteket Bar AS	Builder	4	–

Download as CSV (opens in Excel)

The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode

Biggest moves · Morning class Small

Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.

Top lists in the sector · 2022 · Morning class Small

The five largest companies account for 39% of the sector's revenue. Combined profit before tax for the 14 ranked companies: 0 MNOK.

Highest revenue

Gudvangen Hotelldrift AS 34 MNOK
Restaurant Heftye AS 16 MNOK
Sandvika Sushi AS 15 MNOK
Vågå Hotel AS 13 MNOK
Kebabish Original Oslo AS 13 MNOK

Operating revenue.

Highest operating margin

Sandvika Sushi AS 34.0%
Vågå Hotel AS 21.4%
Cesar Bar og Cafe AS 10.0%
Victoria Pub AS 8.1%
Jafs Sem AS 6.3%

Operating result divided by operating revenue.

Largest profit

Sandvika Sushi AS 5 MNOK
Vågå Hotel AS 3 MNOK
Cesar Bar og Cafe AS 1 MNOK
Victoria Pub AS 1 MNOK
Drøbak Pubdrift AS 1 MNOK

Profit before tax.

Largest loss

Restaurant Heftye AS −8 MNOK
Gudvangen Hotelldrift AS −2 MNOK
Grand Taj Restaurant AS −1 MNOK
Biblioteket Bar AS −1 MNOK
Kebabish Original Oslo AS 0 MNOK

Profit before tax, the largest negative.

Most solid

Cesar Bar og Cafe AS 71.6%
Victoria Pub AS 61.7%
Sandvika Sushi AS 61.5%
BRIS.NO AS 35.6%
Yummy Time Bryne AS 28.3%

Equity ratio: equity divided by total assets.

Fastest growth

No company meets the requirement this year.

Revenue growth from the year before, only from at least NOK 10 million in revenue.

Largest revenue decline

No company meets the requirement this year.

Revenue decline from the year before, only from at least NOK 10 million in revenue.

Biggest climbers

Requires an index for two financial years.

Change in index points from the year before.

Biggest fallers

Requires an index for two financial years.

Change in index points from the year before.

Most employees

Employees according to the Central Coordinating Register.

Highest revenue per employee

Kebabish Original Oslo AS 2.6 MNOK
Jafs Sem AS 2.1 MNOK
Drøbak Pubdrift AS 1.3 MNOK
Yummy Time Bryne AS 1.1 MNOK
BRIS.NO AS 0.8 MNOK

Only companies with at least 5 employees.

The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.

Quadrant analysis

Positions in the sector · 2022 · Morning class Small

Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.

Bubble size shows relative revenue, not exact figures.

Lion · LeaderHigh profitability, high solidity
Cheetah · SprinterHigh profitability, lower solidity
Elephant · StewardLower profitability, high solidity
Beaver · BuilderLower profitability, lower solidity

Show the positions as a list

Company	Profile	Profitability	Solidity	In 2021 (profitability / solidity)
Sandvika Sushi AS	Lion	92	78	–
Vågå Hotel AS	Cheetah	92	45	–
Cesar Bar og Cafe AS	Lion	81	100	–
Drøbak Pubdrift AS	Cheetah	81	0	–
Jafs Sem AS	Cheetah	69	34	–
Victoria Pub AS	Lion	62	89	–
Yummy Time Bryne AS	Lion	58	56	–
BRIS.NO AS	Lion	50	67	–
Alem AS	Beaver	38	0	–
Gudvangen Hotelldrift AS	Beaver	27	0	–
Kebabish Original Oslo AS	Beaver	23	0	–
Grand Taj Restaurant AS	Beaver	15	0	–
Biblioteket Bar AS	Beaver	12	0	–
Restaurant Heftye AS	Beaver	0	23	–

The sector in numbers

Summary · fiscal year 2022 · Morning class Small

The sector's median operating margin is 5.2%. 8 of 21 companies have negative equity. The median equity ratio is 16.5%.

Companies with accounts21

Total revenue314 MNOK

Median operating margin5.2%

Median equity ratio16.5%

Share with a loss29%

Share with negative equity38%

All figures are for fiscal year 2022. Ranked: 14 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index

Growth is not included in the index: it needs the previous year's accounts.

Climbers and fallers · Morning class Small

Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.

Awards · 2022 · Morning class Small

Most profitableSandvika Sushi AS34.0%

Strongest balance sheetCesar Bar og Cafe AS71.6%

Largest revenueGudvangen Hotelldrift AS34 MNOK

Highest revenue per employeeKebabish Original Oslo AS2.6 MNOK

Needs attention · 2022 · Morning class Small

12 companies show at least one warning sign. Showing the 12 most important.

criticalGudvangen Hotelldrift ASNegative equity · Current ratio below 1 (0.53) · Loss before tax
criticalDråpen Solsiden ASNegative equity · Current ratio below 1 (0.84) · Loss before tax
criticalKebabish Original Oslo ASNegative equity · Current ratio below 1 (0.30) · Loss before tax
criticalBiblioteket Bar ASNegative equity · Current ratio below 1 (0.16) · Loss before tax
criticalGrand Taj Restaurant ASNegative equity · Current ratio below 1 (0.33) · Loss before tax
criticalBien Basar ASNegative equity · Current ratio below 1 (0.32)
criticalAlem ASNegative equity · Current ratio below 1 (0.64)
criticalDrøbak Pubdrift ASNegative equity · Current ratio below 1 (0.99)
watchRestaurant Heftye ASCurrent ratio below 1 (0.93) · Loss before tax
watchBar-Dus ASVery low equity ratio (9.4%)
watchVågå Hotel ASCurrent ratio below 1 (0.49)
watchBRIS.NO ASCurrent ratio below 1 (0.98)

Sector map · 2022 · Morning class Small

Profitability against solidity for the ranked companies. Size shows revenue. Coral triangle: negative equity. Click to open the company. Outliers are placed on the edge.

Show the map's figures as a table

Company	Operating margin	Equity ratio	Revenue
Cesar Bar og Cafe AS	10.0%	71.6%	13 MNOK
Sandvika Sushi AS	34.0%	61.5%	15 MNOK
Victoria Pub AS	8.1%	61.7%	12 MNOK
Vågå Hotel AS	21.4%	22.9%	13 MNOK
Yummy Time Bryne AS	5.3%	28.3%	10 MNOK
BRIS.NO AS	5.2%	35.6%	11 MNOK
Jafs Sem AS	6.3%	21.9%	11 MNOK
Drøbak Pubdrift AS	6.1%	−0.4%	10 MNOK
Alem AS	0.5%	−44.2%	11 MNOK
Gudvangen Hotelldrift AS	−2.6%	−5.8%	34 MNOK
Restaurant Heftye AS	−42.9%	11.0%	16 MNOK
Grand Taj Restaurant AS	−7.5%	−10.7%	13 MNOK
Kebabish Original Oslo AS	−2.0%	−46.8%	13 MNOK
Biblioteket Bar AS	−4.0%	−402.6%	13 MNOK

Scenario analysis: the sector's weakest year

The sector's weakest year was 2022, with a median operating margin of 1.3%.

Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported.

Fiscal year	Median operating margin	Median equity ratio
2017	–	–
2019	–	–
2020	–	–
2021	–	–
2022 · weakest year	1.3%	11.9%
2023	2.9%	18.9%
2024	3.4%	18.7%
2025	3.8%	20.5%
2026	11.3%	34.6%

In 2022, 19 ranked companies did better than the sector, 5 about the same and 23 weaker.

Held up best in 2022

1Mattis Mat ASequity ratio 80.2%40.8%
2Sandvika Sushi ASequity ratio 61.5%34.0%
3Asian Wok ASequity ratio 70.4%30.5%
4GREEK & Grill ASequity ratio 11.9%27.4%
5Vågå Hotel ASequity ratio 22.9%21.4%
6Mai Sushi ASequity ratio 8.1%18.8%
7Martins ASequity ratio 79.0%10.7%
8Makalaus ASequity ratio 61.2%10.6%
9Cesar Bar og Cafe ASequity ratio 71.6%10.0%
10Burger'n ASequity ratio 62.7%8.8%

Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology

Drivers in the sector

Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.

Consumer price index (indeks (2025 = 100))

Latest value: 104.0 (2026M09)

Consumer price index rose 3.0% in 2025; the sector's median operating margin rose 0.4 percentage points.

Consumer price index per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Consumer price index, annual average	84.3	89.2	94.1	97.0	100.0	102.9 (so far)
Change from the year before	+3.5%	+5.8%	+5.5%	+3.2%	+3.0%	+2.9%
Sector's median operating margin	–	1.3%	2.9%	3.4%	3.8%	11.3%

Source: SSB (14710, CC BY 4.0). Source · fetched 1 November 2026

EUR/NOK (kr)

Latest value: 10.59 (2026-10)

EUR/NOK rose 0.8% in 2025; the sector's median operating margin rose 0.4 percentage points.

EUR/NOK per year and the sector's median operating margin
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%
Sector's median operating margin	–	1.3%	2.9%	3.4%	3.8%	11.3%

Source: Norges Bank (EXR, NLOD 2.0). Source · fetched 1 November 2026

Policy rate (prosent)

Latest value: 4.30 (2026-09)

Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin rose 0.4 percentage points.

Policy rate per year and the sector's median operating margin
Measure	2021	2022	2023	2024	2025	2026
Policy rate, annual average	0.08	1.32	3.54	4.50	4.30	4.14 (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	−0.16 percentage points
Sector's median operating margin	–	1.3%	2.9%	3.4%	3.8%	11.3%

Source: Norges Bank (IR, NLOD 2.0). Source · fetched 1 November 2026

When policy rate fell in 2025, 1,171 of 2,316 ranked companies kept their operating margin at or above the year before. Among the largest: Scandic Hotels AS (6.6% → 8.4%), Radisson Hotels Norway AS (2.5% → 2.5%), Select Service Partner AS (0.3% → 3.8%), Strawberry Services AS (3.2% → 17.4%), 4Service Landanlegg AS (13.7% → 16.5%).

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.

The sector in Norway (SSB)

The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.

Enterprises, employment and turnover · 2024

Enterprises: 13,724; +1.2% from 2023
Persons employed: 118,290; +0.6% from 2023
Turnover: NOK 131.9 bn; +6.1% from 2023
Gross operating margin: 7.1%; Gross operating surplus divided by turnover

All enterprises, sole proprietorships included.

Bankruptcies in the industry

399 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −5.0% against the four quarters before (420). That is about 29.1 per 1,000 enterprises.

Foreign-controlled enterprises · 2024

Share of enterprises: 1.7%
Share of persons employed: 13.9%
Share of turnover: 18.2%

SSB publishes this for groups of industries only. The figures are for the group “Overnattings- og serveringsvirksomhet”.

Turnover index · Overnattings- og serveringsvirksomhet

171.6 index, 2021 = 100, seasonally adjusted · 2026M08
+5.0% against 2025M08.

Monthly, 2023M08 to 2026M08.

Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13863. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.

Latest bankruptcies and liquidations

Arctic Tide AS 936039758 Voluntary liquidation · 31 October 2026
Aroy Thai TO AS 926599992 Voluntary liquidation · 31 October 2026
Chicken House AS 927520680 Forced dissolution · 31 October 2026 · 8 MNOK (2025)
Fanky Oysters and Champagne Restauration AS 935234115 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Fjellhjerte AS 938537038 Voluntary liquidation · 31 October 2026
Kronajordet AS 896897462 Voluntary liquidation · 31 October 2026
Levanger Sentrum AS 928026167 Voluntary liquidation · 31 October 2026 · 0 MNOK (2025)
Mirchi Lillestrøm AS 937415354 Voluntary liquidation · 31 October 2026

All bankruptcies and liquidations in the sector

Industry codes (NACE)

Code	Description
55*	Hele hovedgruppe 55
55.100	Drift av hoteller
55.200	Drift av vandrerhjem og ferieleiligheter
55.300	Drift av campingplasser
55.400	Formidlingstjenester tilknyttet overnattingsvirksomhet
55.900	Annen overnattingsvirksomhet
56*	Hele hovedgruppe 56
56.110	Drift av restauranter
56.120	Drift av mobile serveringssteder
56.210	Catering for arrangementer
56.220	Kantinedrift og annen cateringvirksomhet
56.300	Drift av barer
56.400	Formidlingstjenester tilknyttet serveringsvirksomhet