What they do
A help company in Bergen
Lifekeys sells psychology and therapy-related services. Think: people (and maybe workplaces) pay them for mental-health help — not a lemonade stand, but the money math works the same way.
Simple version
Explain it like I’m ten
Same company, fewer jargon words. These are still real numbers from the 2025 accounts — just said more simply. [R2025]
How much they sold
About 10 million kr
In 2025 they took in roughly NOK 9.9m from sales. That’s almost the same as 2024 — not a big jump, not a crash. [C01]
For every 1 kr they sold
About 0.09 kr left
For every 1 kr of sales, about 9 øre was left as profit after costs (~9%). So out of 100 kr sold, roughly 9 kr stayed. The rest paid for people, tools, and running the company. [C10]
For every 1 kr in the bank
They owe ~2.2 kr
Cash in the bank: ~1.6m. Bank loan: ~3.7m. So for every kroner sitting in the account, they still owe the bank a bit more than two. [C11]
Team size
4 people
On average, four full-time jobs. With ~10m in sales, that’s roughly 2.5m kr of sales per person in 2025. [C12]
Owner money vs company money
Own cushion: ~0.5m
After years of ups and downs, the company’s “own money” (equity) is only about half a million. Owners put more in earlier; big losses ate a lot of it. In 2025 some debt was turned into ownership instead of being paid back in cash. [C06]
The story in five beats
- Started tiny (2017) — almost no sales, spent more than they earned.
- Grew fast — by 2024–25 they were selling about 10 million kr a year.
- Hit a rough patch (2022–23) — costs shot up, big losses, cash got low.
- 2024 looked amazing — but part of that boost was a one-time accounting reverse (like getting a grade bumped by a correction, not only by better homework).
- 2025: still in the green — profitable, quieter than 2024’s headline, still paying down a bank loan, still building their product/tools on the balance sheet.
What we still don’t know
The reports don’t say exactly who the customers are, why salary
costs dropped so hard from 2023 to 2024, or what will happen next
year. Simple ≠ guessing.
Key figures
2025 at a glance
All figures in NOK unless noted. Deltas are calculated from consecutive annual reports (2017–2025 series in charts and sources).
Sales revenue
9.93m
−0.4% YoY · [C01]
Total revenue
9.93m
−2.1% YoY · [C02]
Operating result
1.21m
−67.0% YoY · [C03]
Net result
908k
vs 3.32m · [R2025]
Total equity
514k
from −1.14m · [C06]
Paid-in equity
782k
+744k conversion · [C05]
Cash
1.64m
−10.0% YoY · [C07]
Capitalized development
3.01m
+430k · [C08]
Bank debt (DNB)
3.67m
from 4.00m · [R2025]
Salary costs
2.24m
2025 · [R2025]
Employees (avg.)
4.0
FTEs · [R2025]
Auditor
Forvis Mazars
unqualified · [R2025]
Quick health
Stats worth a second look
Revenue / employee
2.48m
NOK per FTE · [C12]
Net margin
9.1%
~0.09 kr per 1 kr sales · [C10]
Equity ratio
9.4%
Thin cushion · [C18]
Intangibles / assets
55%
Soft balance sheet · [C22]
Interest coverage
4.1×
Op. profit / interest · [C20]
Customer pay time
30d
Days sales outstanding · [C17]
Trends
Nine years of published accounts (2017–2025)
Cost structure (where disclosed)
Salary, cost of goods sold, and other operating expenses in 2025 total NOK 8.06m against ~NOK 9.93m revenue [R2025 · P&L]. The 2023→2024 salary swing is visible in the series but not explained in the extracted notes Unknown.
Salary costs (lønnskostnader)
FTEs (årsverk)
From notes when disclosed; blank years mean not found in OCR.
Watch list
Three things to notice
-
2024 profit had a one-off boost
Impairment reversal of NOK 1.61m inflated last year’s headline. 2025 is the cleaner “normal” year.
-
Equity is positive but thin
Book equity is only ~9% of assets after repair — profitable, still fragile.
-
Half the balance sheet is development
Capitalized software/development is ~55% of assets — soft assets, impairment risk.
Analyst briefing
Company read — signals, board & numbers
Auto-written from filings, Brreg kunngjøringer, board timeline, address history, and the signal board. Interpretive — not investment advice.
Year by year
Comparing consecutive annual reports
Each filing pair has a dedicated, crawlable article page (main SEO surface). Below is a preview of the latest comparison — open the hub for every year.
Executive summary
Commercial operator, not a pre-revenue startup
LIFEKEYS AS was incorporated on 28 July 2017 [R2017] and reports under small-company rules (NRS 8) as a psychology and psychotherapy services company in Bergen [R2025]. In its latest accounts — Årsregnskap 2025, approved 30 April 2026 (journal 2026 427512) — Forvis Mazars AS issued an unqualified opinion on a net profit of NOK 908,386 [R2025 · auditor].
The arc across nine published years is uneven but legible. From negligible sales and deep losses in 2017–2019, revenue reached NOK 4.4m in 2020 and peaked near NOK 10m in 2024–2025 [R2020] [R2025]. Cumulative sales 2017–2025 are approximately NOK 48.8m [C09] — materially different from a venture still hunting its first customer.
A major equity event in 2021 raised paid-in capital to roughly NOK 5.16m [R2021 · note 8], coinciding with capitalized development of NOK 1.81m. The following two years burned through that buffer: operating losses of NOK 4.2m and NOK 4.5m in 2022 and 2023 drove equity to −NOK 4.45m [R2023].
2024 looked like a sharp recovery — operating result NOK 3.68m, net NOK 3.32m [R2024] — but the accounts also record impairment reversal income of NOK 1.61m, which is not recurring [R2024 · notes]. Stripping that one-off, underlying 2024 operating profit was about NOK 2.07m [C04]. In 2025, operating profit fell to NOK 1.21m [C03], still positive but roughly 41% below that adjusted 2024 baseline [C04].
2024 profit overstated sustainable earnings; 2025 confirms the company can operate profitably at ~NOK 10m revenue, but at a lower margin than the headline 2024 figures implied.
Balance-sheet repair in 2025 came partly from operations and partly from a capital conversion of a loan to equity of NOK 744,198 [C05] [R2025 · notes 5, 8], lifting total equity from −NOK 1.14m to NOK 514,310 [C06]. Convertible debt fell to zero from NOK 650,000 [R2025], while bank debt to DNB remained at NOK 3.67m [R2025 · balance]. The company continues to capitalize development (+NOK 1.10m in 2025; cumulative NOK 3.01m) [C08] [R2025].
At year-end 2025, owners were EBENEZER AS (77.3%), HELLESTØL HOLDING AS (18.9%), and 179 Dwight ehf (3.8%) [R2025 · ownership]. The board lists Gudmundur Ebeneser Birgisson (chair/CEO) and Erik Hellestøl [R2025]. Average headcount was 4.00 FTEs [R2025 · note 3].
Unknown from the filings
The reports do not fully explain the sharp salary-cost swing between
2023 and 2024, the commercial mix behind ~NOK 10m revenue (B2B vs
consumer, contracts vs sessions), or how 2023 equity injections
related to loss coverage. FirmaIQ does not invent product roadmap,
customer names, or market-share claims.
What improved
Equity repaired; leverage partly converted
-
Solvency ↑
Negative equity reversed
Total equity moved from −NOK 1.14m (2024) to NOK 514,310 (2025), a swing of roughly NOK 1.65m [C06]. Retained earnings still reflect years of accumulated losses, but the balance sheet no longer shows negative equity on its face Interpretation.
-
Funding ↑
Loan converted to equity — NOK 744k
Paid-in equity rose by NOK 744,198 through capital conversion of a loan [C05] [R2025 · notes 5, 8]. Convertible debt was reduced to zero from NOK 650,000 [R2025], shifting part of the capital stack from debt-like instruments into equity.
-
Profitability ↑
Second consecutive profitable year (reported)
Net profit NOK 908,386 in 2025 follows NOK 3.32m in 2024 [R2025]. Even after adjusting 2024 for the NOK 1.61m impairment reversal [C04], 2025 operating profit of NOK 1.21m indicates the core business can generate positive results at current scale — unlike the deep losses of 2022–23 Interpretation.
-
Commercial scale ↑
~NOK 10m revenue maintained
Sales revenue of NOK 9.93m in 2025 [R2025] confirms sustained commercial activity. Cumulative sales since 2017 approximate NOK 48.8m [C09].
What deteriorated
Earnings normalized down; leverage and capitalization persist
-
Margins ↓
Operating profit −67% YoY
Reported operating result fell from NOK 3.68m to NOK 1.21m [C03]. Against an underlying 2024 baseline of ~NOK 2.07m (excluding the impairment reversal) [C04], 2025 is still down ~41%.
The 2024 rebound was partly accounting-driven; 2025 is the cleaner read on run-rate operating performance — positive, but materially thinner.
-
Liquidity ↓
Cash −10% to NOK 1.64m
Cash fell by NOK 183k (−10.0%) year-over-year [C07], from NOK 1.82m to NOK 1.64m [R2025], despite profitability — consistent with debt service, working-capital needs, or continued investment, but the exact split is not stated Unknown.
-
Leverage →
DNB bank debt NOK 3.67m
Long-term bank debt to DNB was NOK 3.67m at year-end 2025 (down from NOK 4.00m) [R2025], with short-term debt of NOK 1.31m. Equity repair did not eliminate balance-sheet leverage Interpretation.
-
Tax asset risk
Tax loss carryforward NOK 5.18m
Deferred tax assets tied to tax loss carryforwards of NOK 5.18m [R2025 · note] reflect prior-year losses; realizability depends on future taxable profits — not guaranteed by historical profitability alone Interpretation.
Capital & ownership
Equity events visible in the accounts
Constructed from year-end balances and notes. Ownership percentages are taken from the 2025 shareholder note; earlier-year registers are not fully extracted here.
2017
Incorporation — pre-revenue losses
Founded 28.07.2017; sales NOK 36k, net loss −NOK 398k, paid-in equity NOK 19k [R2017]. Cash elevated relative to scale — likely funding not yet reflected in revenue Unknown.
2018–2019
Early commercial traction, still loss-making
Sales grew to NOK 997k (2018) and NOK 1.69m (2019); cumulative losses deepened equity to −NOK 1.07m [R2019].
2020
First profitable year — NOK 4.4m sales
Operating result NOK 1.09m, net NOK 866k [R2020]. Equity remained negative on accumulated losses [R2020 · balance].
2021
Major capital raise — paid-in to NOK 5.16m
Paid-in equity jumped from NOK 19k to NOK 5.16m [R2021 · note 8]. Development costs capitalized: NOK 1.81m. Equity turned strongly positive at NOK 4.72m before the subsequent downturn.
2022–2023
Scale-up losses — equity destroyed
Revenue held at NOK 7.5–7.6m but operating losses exceeded NOK 4.4m each year [R2022] [R2023]. Paid-in equity in 2023 shows NOK 38k on the balance sheet — the relationship between reported paid-in, losses, and any restructurings is not fully clear from the headline figures alone Unknown.
2024
Rebound + impairment reversal; convertible NOK 650k
Revenue NOK 10.1m, operating result NOK 3.68m including impairment reversal income NOK 1.61m [R2024]. Equity still negative at −NOK 1.14m.
2025
Loan conversion +744k; ownership consolidated
Capital conversion of loan to equity NOK 744,198 [C05]; convertible cleared. Owners 31.12.2025: EBENEZER AS 77.3%, HELLESTØL HOLDING AS 18.9%, 179 Dwight ehf 3.8% [R2025 · ownership].
Signals & anomalies
Patterns a human analyst would pause on
-
2024 profit boosted by non-recurring reversal
Impairment reversal income of NOK 1.61m in 2024 [R2024] materially lifted operating and net results. Comparing 2025 to unadjusted 2024 overstates the deterioration; comparing to underlying 2024 (~NOK 2.07m op) is more informative [C04] Interpretation.
-
Volatile equity path despite ~NOK 10m revenue
The company reached commercial scale by 2022 yet still recorded multi-million operating losses in 2022–23 [R2022] [R2023] — suggesting a cost base and capitalization policy that outran margins during scaling. Whether that reflects product investment, delivery model, or one-off items is not fully disclosed Unknown.
-
Continued development capitalization
Capitalized development rose by NOK 430k to NOK 3.01m cumulative [C08], with NOK 1.10m added in 2025 alone [R2025]. Future impairment or amortization could affect reported earnings — the 2024 reversal is a reminder that these balances are judgment-sensitive.
-
Salary cost discontinuity 2023→2024
2025 salary costs are NOK 2.24m for 4 FTEs [R2025], but the multi-year series shows a sharp move in the prior two years that the extracted notes do not explain (headcount changes, contractor reclassification, or capitalization) Unknown.
-
Concentrated ownership; related-party capital moves
Three shareholders control 100%; loan-to-equity conversion and prior convertible instruments suggest capital has flowed through related entities [R2025 · ownership, notes]. Arm’s-length terms are not assessed here beyond what the filings state.
Questions for management
What the latest report leaves unanswered
-
What drove the 2023→2024 salary and opex profile change?
Reported personnel costs appear to move sharply while revenue stayed near NOK 10m. Was headcount reclassified, work capitalized into development, or delivery outsourced?
-
What is the revenue mix at ~NOK 10m scale?
The accounts aggregate sales; they do not break out B2B contracts, insurance pathways, digital vs in-person services, or geographic mix. Commercial durability cannot be assessed without that split.
-
What is capitalized in development (NOK 3.01m)?
Note-level detail on projects, amortization policy, and impairment testing would clarify how much of future earnings is tied to intangible balances — especially after the 2024 reversal.
-
How is DNB debt scheduled to amortize?
With NOK 3.67m bank debt and NOK 1.64m cash, covenant and repayment timing matter for runway even with positive net profit.
-
What happened to paid-in equity between 2021 and 2023?
Paid-in equity of NOK 5.16m in 2021–22 contrasts with NOK 38k reported in 2023. The filings may explain via reorganizations or offsetting entries not visible in headline KPIs — that reconciliation belongs in due diligence.
Founder or management responses
Verified commentary
Optional, attributed replies from the company. Not present unless verified. This keeps analysis from being one-sided without inventing a company voice.
Company response
No verified founder or management response has been submitted for this analysis.
Ratios
Seven ratios that explain the real shape
Curated set — productivity, margins, solvency, debt service, and balance-sheet quality. Select one year for a snapshot, or multiple years to graph each metric.
Signals
Hard · medium · soft
Derived from published accounts, Brreg roles, and kunngjøringer. Soft signals are interpretive — not facts or buying proof.
Ownership
Aksjonærregisteret · year-end snapshots
Direct and beneficial ownership from Skatteetaten’s shareholder register (not the annual accounts). Trees expand holdcos to the person behind them when the register allows. Soft signals and YoY diffs are derived from 2024→2025 extracts — not investment advice.
Buyer profile
What they may buy next
Sales-oriented read of industry, stage, filings, and registry signals — what this company is likely to purchase or hire over the next year. Interpretive, not a stated budget.
Registered address
Where the company sat over time
From Brreg «Endring av forretningsadresse» filings. Hubs and c/o addresses are tagged so you can see the path from incubator to own office.
Board & management
Who joined and left
Diffed from Styre / Daglig leder kunngjøringer (full public history).
Kunngjøringer