A young holding company incorporated in late 2021 with NOK 30k in capital — nearly dormant through 2022, then a sharp 2023 surge to NOK 1.24m revenue and profit on one FTE, followed by a revenue collapse in 2024–25 with partial rebound but continued losses. Cash crashed in 2024 and was only partly rebuilt; equity is thin and the current ratio sits below 1.0 at year-end 2025.
Simple version
Same company, fewer jargon words. These are still real numbers from the 2025 accounts — just said more simply. [R2025]
ABREU HOLDING AS is registered as a holding company (NACE 00.000 — “unspecified”). Think of it as a box that owns or manages other business interests — but the annual reports do not say exactly what it trades or invests in. Unknown
In 2025 they took in roughly NOK 485k from sales — up about 21% from 2024, but still far below the NOK 1.24m peak in 2023. [C01]
For every 1 kr of sales, the company lost about 15 øre after all costs (~−15% net margin). So out of 100 kr sold, roughly 15 kr disappeared as a loss — not a profit. [C08]
Cash at year-end 2025: ~57k. That is much better than the ~5.5k left in 2024, when cash nearly ran out — but still modest for a company carrying ~205k in short-term debt. [C04]
One full-time job on average in 2025. With ~485k in sales, that is roughly 485k kr of sales per person — but salary costs alone are about 393k, eating most of the revenue. [C05] [C09]
The company’s “own money” (equity) is only about 22 thousand kr — roughly 10% of everything it owns on paper. Losses in 2024–25 ate away most of the buffer built in 2023. [C06]
Key figures
All figures in NOK unless noted. Deltas are calculated from consecutive annual reports (2021–2025 series in charts and sources).
Quick health
Trends
Revenue was zero in 2021–22, spiked to NOK 1.24m in 2023, collapsed to NOK 402k in 2024, then partially rebounded to NOK 485k in 2025 [C01]. Only five filing years exist — no earlier accounts on record.
Salary, cost of goods sold, and other operating expenses in 2025 total NOK 536,785 against NOK 484,653 revenue [R2025 · P&L]. Salary alone is ~81% of revenue [C09]. What drove the 2023 cost/revenue profile is not explained in the extracted notes Unknown.
From notes when disclosed; blank years mean not found in OCR.
Watch list
Sales jumped from zero to NOK 1.24m with no prior commercial history. The filings do not identify counterparties or activity type.
Two consecutive loss years cut book equity from NOK 233k to NOK 22.5k — a thin buffer for a leveraged balance sheet.
Short-term liabilities (NOK 205k) exceed current assets (NOK 170k) at year-end 2025 — liquidity pressure if receivables slow.
Analyst briefing
Auto-written from filings, Brreg kunngjøringer, board timeline, address history, and the signal board. Interpretive — not investment advice.
Year by year
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
ABREU HOLDING AS was incorporated on 30 November 2021 [R2021] and reports from Alta under NACE 00.000 (unspecified / holding) [R2025]. In its latest accounts — Årsregnskap 2025, approved 13 July 2026 (journal 2026 679893, registry 15 July 2026) — the company reports a net loss of NOK 73,283 [R2025].
The published series spans only five years (2021–2025). The company began with NOK 30,000 in paid-in capital and no revenue through 2022, recording a small cumulative loss of NOK 7,610 by year-end 2022 [R2021] [R2022].
2023 marks a discontinuity: sales revenue of NOK 1,237,244, operating profit NOK 266,052, net profit NOK 210,665, and one FTE [R2023]. Cash rose to NOK 745,779 and equity to NOK 233,054. The accounts do not disclose what commercial activity produced this spike Unknown.
2024 reversed sharply: revenue fell to NOK 401,618 (−67.5% vs 2023), operating loss −NOK 135,202, net loss −NOK 137,298, and cash collapsed to NOK 5,527 [R2024] [C04]. Equity fell to NOK 95,756.
2025 shows a partial commercial rebound (+20.7% sales YoY) and a narrowed loss, but the company remains unprofitable with thin equity and a current ratio below 1.0 — a different risk profile than the 2023 peak year implied.
In 2025, sales reached NOK 484,653 [C01], operating loss narrowed to −NOK 72,837, and net loss to −NOK 73,283 [C02]. Cash partially rebuilt to NOK 56,614 [C04], but total equity eroded further to NOK 22,473 (equity ratio 9.9%) [C03] [C06]. Short-term debt stood at NOK 204,680 against current assets of NOK 170,418 (current ratio 0.83) [C07] [R2025]. Salary costs of NOK 392,764 represent ~81% of revenue [C09].
What improved
Sales revenue rose from NOK 401,618 to NOK 484,653 [C01] — a partial recovery from the 2024 collapse, though still ~61% below the 2023 peak.
Net result improved from −NOK 137,298 (2024) to −NOK 73,283 (2025) [C02]. Still loss-making, but the headline deterioration slowed Interpretation.
Cash rose from NOK 5,527 to NOK 56,614 [C04] — a tenfold increase from a critically low 2024 base, though still modest relative to short-term debt of NOK 204,680 [R2025].
Every published annual report (2021–2025) was registered with Brønnøysundregistrene on or before the 31 July fee deadline (§ 8-3) [R2025 · registry]. The 2025 accounts were approved 13 July 2026 — 13 days after the 30 June ordinary approval cutoff — but registered 15 July, still before the fee deadline Reported fact.
What deteriorated
Net margin of −15.1% [C08] — the company spent more than it earned for the second consecutive year after the 2023 profit.
Total equity fell from NOK 95,756 to NOK 22,473 [C03]. Equity ratio 9.9% [C06] — book cushion is thin after cumulative 2024–25 losses eroded the 2023 peak.
The 2023 profit year built equity to NOK 233k; two loss years consumed most of that buffer. The balance sheet now relies heavily on liabilities rather than retained capital.
Current assets NOK 170,418 vs short-term debt NOK 204,680 [C07]. Without timely receivable collection or refinancing, near-term obligations exceed liquid resources on the face of the balance sheet.
Salary costs of NOK 392,764 against NOK 484,653 sales [C09] — personnel dominates the cost base relative to reported revenue at current scale.
Capital & ownership
Constructed from year-end balances and published P&L. Only five filing years exist — no earlier annual accounts on record.
Founded 30.11.2021; zero revenue, zero operating result, equity NOK 30,000, cash NOK 30,000 [R2021].
Zero sales; operating loss −NOK 7,610, equity NOK 22,390, cash NOK 12,390 [R2022].
Sales NOK 1,237,244, operating profit NOK 266,052, net NOK 210,665, one FTE. Equity NOK 233,054, cash NOK 745,779, short-term debt NOK 558,625 [R2023]. Activity type not disclosed Unknown.
Sales NOK 401,618 (−67.5% vs 2023), operating loss −NOK 135,202, net −NOK 137,298. Equity NOK 95,756, cash NOK 5,527 [R2024].
Signals & anomalies
Sales jumped from zero to NOK 1.24m in a single year with no prior commercial history [R2023]. The accounts do not identify counterparties, contracts, or the nature of the activity Unknown.
Revenue swung from NOK 0 → 1.24m → 402k → 485k across four active years. NACE is unspecified (00.000). Without knowing what the holding trades, durability of the 2025 rebound cannot be assessed Interpretation.
Cash fell from NOK 746k (2023) to NOK 5.5k (2024) — a 99% drop — then recovered partially to NOK 57k (2025) [C04]. The drivers (debt service, distributions, working capital) are not fully explained in headline figures Unknown.
2025 salary of NOK 393k on NOK 485k revenue [C09] — compared to 2023 when salary was NOK 720k on NOK 1.24m revenue [R2023]. Headcount stayed at one FTE throughout 2023–25.
Cost of goods sold reported as −NOK 24,000 in 2024 [R2024] — unusual sign; may reflect reversals or reclassifications not visible in headline notes Unknown.
Questions for management
NACE is listed as 00.000 (unspecified). The accounts aggregate sales but do not describe the underlying business activity, subsidiaries held, or investment portfolio.
Revenue went from zero to over one million in a single year with one employee. Was this a one-off transaction, pass-through activity, or the start of recurring operations?
Receivables were NOK 114k at year-end 2025 (DSO ~86 days). Customer concentration, contract terms, and collection risk are not disclosed in the extracted accounts.
With current ratio 0.83 and cash of NOK 57k, repayment timing and any covenant terms matter for near-term liquidity even if losses narrow.
Cash fell from NOK 746k to NOK 5.5k while short-term debt also fell (from NOK 559k to NOK 107k). The cash-flow bridge is not visible from headline balance-sheet items alone.
Founder or management responses
Optional, attributed replies from the company. Not present unless verified. This keeps analysis from being one-sided without inventing a company voice.
No verified founder or management response has been submitted for this analysis.
Ratios
Curated ratios from published accounts. Select one year for a snapshot, or multiple years to graph each metric.
Signals
Derived from published accounts, Brreg roles, and kunngjøringer. Soft signals are interpretive — not facts or buying proof.
Ownership
Aksjonærregisteret trees when available; otherwise Brreg officers (name + birth date) and any «Aksjeeiere» note from the annual accounts. Soft signals and YoY diffs are from the local register extract — not investment advice.
Buyer profile
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
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
Diffed from Styre / Daglig leder kunngjøringer (full public history).
Løsøreregisteret
Active pant / utlegg and other registrations from Brreg’s public rettsstiftelser oppslag (not a full credit report).
Kunngjøringer