SMARTDOK AS: årsregnskap 2024 vs 2023
Grew 13% on revenue, stronger earnings, cash halved-plus
approved 28.05.2025; registry 18.06.2025; journal 2025 531238
Summary
What changed
Comparing Årsregnskap 2024 with 2023 for SMARTDOK AS. Revenue 130.95m NOK → 148.14m NOK (+13.1%). Net result +36.24m NOK → +45.74m NOK. Equity 30.10m NOK → 1.37m NOK.
On the constructive side: revenue rose; operating result improved; net result improved. Pressures included: equity eroded; cash fell; current ratio dropped below 1×.
Also worth watching: thin equity buffer; sharp cash drawdown; payroll increased. All figures are taken from the published annual accounts for SMARTDOK AS.
At a glance
Scorecard
What improved
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Revenue rose
Operating income / revenue moved from 130.95m NOK to 148.14m NOK (+13.1% YoY). Calculated
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Operating result improved
Operating result +44.34m NOK → +53.54m NOK (op. margin 33.9% → 36.1%). Calculated
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Net result improved
Net result +36.24m NOK → +45.74m NOK (net margin 27.7% → 30.9%). Calculated
What deteriorated
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↓
Equity eroded
Book equity 30.10m NOK → 1.37m NOK (equity ratio 16.7% → 0.8%). Calculated
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Cash fell
Bank deposits 162.32m NOK → 13.57m NOK (-91.6% YoY). Calculated
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Current ratio dropped below 1×
Current ratio 1.08× → 0.08× — short-term liabilities now exceed liquid/current assets on the published lines. Calculated
Things to notice
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Thin equity buffer
Equity ratio is 0.8% of assets — limited loss-absorbing capacity on a stand-alone basis. Interpretation
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Sharp cash drawdown
Cash fell by more than 60% YoY (162.32m NOK → 13.57m NOK). Check whether funds moved to group receivables, investments, or operating burn. Interpretation
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Payroll increased
Salary cost 50.22m NOK → 55.16m NOK (38% → 37% of revenue). Calculated
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COGS moved
COGS / varekostnad 10.40m NOK → 12.67m NOK (+21.8% YoY). Calculated
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Group contribution upstreamed
Group contribution (avgitt konsernbidrag) 64.07m NOK → 74.46m NOK. Large vs net profit (45.74m NOK) — earnings are largely upstreamed. Reported fact