SMARTDOK AS

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

A growing Visma software unit, not a stand-alone balance sheet

What improved

Top-line and operating profit still climbing

• Revenue ↑

  NOK 162.4m operating income

  Up from NOK 148.1m (2024), NOK 33.3m (2017), and NOK 0.12m at founding (2005) [C01].

• Profit ↑

  Operating result NOK 61.8m

  Op. profit rose from NOK 53.5m (2024); the long arc is from a founding-year operating loss (−NOK 63k) to NOK 62m [C06].

• Scale ↑

  Payroll ~NOK 60m

  Salary cost NOK 59.9m (2025) vs NOK 15.0m (2017) — consistent with a larger organisation [R2025]. Brreg employee count 65 is registry metadata, not the filing’s årsverk note Unknown.

What deteriorated / structural

Equity and free cash stripped by the group

• Solvency ↓

  Equity from NOK 60.9m (2021) to NOK 1.7m

  Peak book equity NOK 60.9m (2021) fell as group contributions rose: NOK 29.9m (2022) → 64.1m (2023) → 74.5m (2024) → 51.0m (2025) [C07].

• Liquidity shape

  Cash NOK 162m → NOK 17m

  2023 cash ~NOK 162m; 2024–25 cash ~NOK 13.6–17.4m while konsernfordringer stay ~NOK 120–140m [C08]. Short-term debt ~NOK 150m is mostly group-related. Current ratio on published lines is ~1.0 — solvent only because receivables are intra-group Interpretation.

• Parent flag

  “Morselskap i konsern” flipped

  Filings through 2024 marked the company as a group parent; 2025 says no. Exact restructure details are not spelled out in the OCR’d pages Unknown.

Related entities & people

Ownership chain and local holdcos

• Visma Norge Holding AS (982 844 576)

  100% shareholder of SmartDok. Itself 100% owned by Visma AS.

• Visma AS (936 796 702)

  Norwegian Visma topco in the register; 100% Synaferd AS, whose largest holders are PE vehicles (e.g. Vanahall Pikco S.à r.l. ~70%).

• Hagberg Holding AS · Bjørn Tore Hagberg

  CEO of SmartDok; 100% owner of Hagberg Holding (Alta).

• Liv-Kari Kroken · Fibie Invest AS

  Board chair of SmartDok; 50% of Fibie Invest AS (with Egil Johnsen).

• Are Meisfjord · Meisfjord Holding AS

  Board member; 100% of Meisfjord Holding AS.

• Eirik Sønju Friise · Freir Invest AS

  Board member; 100% of Freir Invest AS.

• Christina Karlsson

  Board member; small stake in VMIN 5 AS in the register.

Cross-entity reconstruction

Visma entry — from holdco filings, not press

Scalable pattern: when a target’s ownership changes, read the seller holdco accounts in the same years. Cash / finance-income spikes and subsidiary notes often date the deal and bound valuation — without leaving the annual-report corpus.

• Fact

  2017: Hagberg Holding owns 62%

  Hagberg Holding AS lists SmartDok AS 62% / 62% as a subsidiary. [RH2017]

• Fact

  2018: explicit partial sale

  Hagberg note: “Deler av aksjene i Smartdok AS er solgt i 2018.” Stake reclassified to associated company at 26.38% — i.e. about 35.6 percentage points sold in the 2018 accounts. [RH2018] Reported fact

• Fact

  2018: seller cash & income spike

  Same year Hagberg reports income on investment in subsidiaries NOK 58.09m (was 2.86m), cash 0.50m → 25.66m, equity 2.27m → 37.45m, net result NOK 57.18m. [RH2018]

• Estimate

  Implied equity value ~NOK 163m

  If the 2018 investment-income line is treated as approximate proceeds for the 35.62 pp sold, then 58.09m / 0.3562 ≈ NOK 163m equity value. Book cost of the whole SmartDok line was only ~NOK 0.7m in 2017, so gain ≈ proceeds for this line. [C09] Calculated Mixed dividends from other holdings would bias this — treat as an estimate, not an SPA quote. Interpretation

• Fact

  2020 target note: Visma already majority

  SmartDok’s own 2020 shareholder table: Visma Holding AS 70%, Hagberg Holding 19.79%, others 10.21%. [R2020] Hagberg’s 2020 note still prints 26.38% — the two filings disagree; unresolved from OCR alone. Unknown

• Watch

  Later: 100% Visma Norge Holding

  Year-end register 2024–25: 100% Visma Norge Holding. SmartDok drops out of Hagberg’s named associated table after 2020 while Hagberg’s associated-investment income stays large (e.g. 26.2m in 2021) — consistent with a further residual exit, but without a second “solgt” sentence as clear as 2018. [RH2021] Interpretation

• Limit

  Buyer holdco does not isolate the price

  Visma Norge Holding’s investment-in-subsidiaries balance moves by hundreds of millions per year. Without a note naming SmartDok, that line cannot attribute the deal price. Scalable rule: prefer seller holdcos when the buyer is a serial acquirer. Unknown

Still open

What filings still don’t settle

• Exact closing day & SPA price

  Accounts date the sale to financial year 2018 and bound value via the seller income line — they do not quote the share-purchase agreement. Unknown

• Second-tranche economics

  Path from Hagberg’s residual ~20–26% to today’s 100% Visma Norge Holding is visible as an ownership outcome, not as a clean second valuation. Unknown

• Cash-pool terms

  Interest, draw rights, and subordination of konsernfordringer are not fully readable from the OCR’d note pages.

• Product / customer mix

  Accounts do not break down SaaS vs services or concentration risk.

Ratios

Ratios from the accounts

Curated set calculated from published figures. Select one year for a snapshot, or multiple years to graph each metric.

Source citations

Every material claim traces here

• [Brreg]Enhetsregisteret · SMARTDOK AS · founded 2005-08-24 · former name Ascella AS · NACE 62.100 · ~65 employees · Markveien 2, AltaRegistry
• [R2005]Årsregnskap 2005 · Ascella AS founding year · rev 0.12m · op −63k · net −65k · equity 35kReport
• [R2006]Årsregnskap 2006 · rev 0.49m · op 10k · net 5k · equity 41kReport
• [R2007]Årsregnskap 2007 · sales 0.53m · op 79k · net 90k · equity 131kReport
• [R2008]Årsregnskap 2008 · sales 1.32m · op 128k · net 120k · equity 250kReport
• [R2009]Årsregnskap 2009 · sales 2.08m · op 42k · net 38k · equity 288k · journal 2010 610456Report
• [R2010]Årsregnskap 2010 · rev 4.70m · op 1.42m · net 1.04m · equity 501k · dividend 730kReport
• [R2011]Årsregnskap 2011 · rev 6.73m · op 1.73m · net 1.25m · equity 948k · cash 2.05mReport
• [R2012]Årsregnskap 2012 · rev 9.14m · op 2.49m · net 1.98m · equity 1.94m · cash 3.11mReport
• [R2013]Årsregnskap 2013 · rev 10.57m · op 2.18m · net 2.40m · equity 1.54m · cash 5.19mReport
• [R2014]Årsregnskap 2014 · rev 16.56m · op 4.53m · net 3.42m · equity 3.27m · cash 9.99mReport
• [R2015]Årsregnskap 2015 · rename year · rev 19.77m · op 4.23m · net 3.21m · equity 4.88mReport
• [R2016]Årsregnskap 2016 · rev 26.10m · op 2.49m · net 2.22m · equity 5.89m · cash 13.47mReport
• [R2017]Årsregnskap 2017 · rev ~33.3m · op 5.4m · net 4.3m · equity 3.3m · journal 2018 382952Report
• [R2018]Årsregnskap 2018 · op 5.8m · net −1.36m (financial impairment) · equity 2.6mReport
• [R2019]Årsregnskap 2019 · sales 56.0m · op 15.8m · net 8.4m · equity 11.0mReport
• [R2020]Årsregnskap 2020 · sales 73.2m · op 28.7m · net 20.9m · equity 31.9m · cash 73.2mReport
• [R2021]Årsregnskap 2021 · sales 92.2m · op 39.2m · net 29.1m · equity 60.9m (peak) · cash 112.8mReport
• [R2022]Årsregnskap 2022 · sales 106.0m · op 36.5m · net 26.9m · konsernbidrag 29.9m · equity 57.9mReport
• [R2023]Årsregnskap 2023 · sales 120.9m · op 44.3m · net 36.2m · konsernbidrag 64.1m · equity 30.1m · cash 162.3mReport
• [R2024]Årsregnskap 2024 · rev 148.1m · op 53.5m · net 45.7m · konsernbidrag 74.5m · equity 1.37m · cash 13.6m · group receivables 140.2mReport
• [R2025]Årsregnskap 2025 · rev 162.4m · op 61.8m · net 51.2m · konsernbidrag 51.0m · equity 1.66m · cash 17.4m · group receivables 119.5m · journal 2026 622277Report
• [C01]Revenue: 0.12m (2005) → 26.1m (2016) → 33.3m (2017) → 148.1m (2024) → 162.4m (2025)Calc
• [C05]Equity ratio 2025: 1,658,452 / 151,743,561 ≈ 1.1%Calc
• [C06]Net margin 2025: 51,237,988 / 162,394,471 ≈ 31.6%Calc
• [C07]Group contributions: 29.9m (2022) → 64.1m → 74.5m → 51.0m (2025)Calc
• [C08]Cash: 162.3m (2023) → 13.6m (2024) → 17.4m (2025); group receivables 140.2m → 119.5mCalc
• [C09]Deal estimate: Hagberg sold 62%−26.38%=35.62 pp in 2018; investment income 58,085,271 / 0.3562 ≈ NOK 163m implied equity value (assumes income≈proceeds for this line)Calc
• [RH2017]Hagberg Holding AS (996 563 537) Årsregnskap 2017 · Note investments: SmartDok AS 62% subsidiary · book investment in subsidiaries 712,690 · cash 497,774 · equity 2,271,523Related report
• [RH2018]Hagberg Holding AS Årsregnskap 2018 · “Deler av aksjene i Smartdok AS er solgt i 2018” · SmartDok now associated 26.38% · income on subsidiaries 58,085,271 · cash 25,659,435 · equity 37,449,907 · net 57,178,384Related report
• [RH2020]Hagberg Holding AS Årsregnskap 2020 · still lists SmartDok AS associated 26.38%Related report
• [RH2021]Hagberg Holding AS Årsregnskap 2021 · SmartDok no longer named in associated table · income on associated investments 26,235,394 · book associated investments 1,241,373 (was 2,299,261)Related report

Original annual reports

Source documents

All annual accounts Brønnøysundregistrene publish for org.nr 988 578 932 (2005–2025; filed as Ascella AS through 2015). Registry date = Brønnøysund kopi header where OCR’d. On-time status uses the fee deadline (§ 8-3): send before 1 August — shown as 31 July.

Signals

Hard · medium · soft

Derived from published accounts, Brreg roles, and kunngjøringer. Soft signals are interpretive — not facts or buying proof.

Ownership

Owners, officers & filing notes

Aksjonærregisteret trees when available (Visma → Synaferd PE layer at the top; Synaferd truncated). Also Brreg officers and any «Aksjeeiere» filing note. Soft signals are derived — 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).

Løsøreregisteret

Heftelser & rettsstiftelser

Active pant / utlegg and other registrations from Brreg’s public rettsstiftelser oppslag (not a full credit report).

Kunngjøringer

Full registry history