Middelborg AS
ASActiveOrg 889048182Storgaten 32, 3126 TønsbergBuying and selling of own real estate· NACE 6811Est. 2005 · 20 years old8 employeeshttps://www.middelborg.no
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Overview
Middelborg AS is a Norwegian AS based in Tønsberg, operating in the Buying and selling of own real estate sector. Incorporated in 2005, the company has 8 employees and reported revenue of NOK 12.3m in its latest annual filing.
Revenue 2025
12.3M NOK
+195% vs 2024
EBITDA margin
−70.4 %
+37% vs 2024
Net profit 2025
3.2M NOK
-84% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
59.8 %
StrongAmong the 40% highest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
0.2×
Very weakAmong the 20% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
2.5 %
StrongAmong the 40% highest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 12.3M NOK | +195% |
| EBITDA | -8.7M NOK | +37% |
| Net profit | 3.2M NOK | -84% |
| Total assets | 126.1M NOK | -13% |
| Equity | 75.5M NOK | +9% |
| Employees | 8 | — |
Company information
Legal name
MIDDELBORG AS
Org number
889048182
Legal form
Aksjeselskap
NACE code
Founded
1 November 2005 · 20 years
Share capital
NOK 500,000
Employees
8 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Kristian gjertsen lundkvist
Company purpose
Kjøp og salg av verdipapirer og fast eiendom, rådgivning og deltagelse i andre virksomheter, samt utleie av driftsmidler. Selskapets virksomhet omfatter også utvikling, vedlikehold og utleie av fast eiendom, samt håndverkertjenester og salg av produkter i den forbindelse.
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Contact
Address
Storgaten 32, 3126 Tønsberg
Website
https://www.middelborg.no
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Financial development
In its most recent annual report (2025), Middelborg AS reported revenue of NOK 12.3m, an increase of 195% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net profit of NOK 3.2m, and the EBITDA margin stood at -70.4%.
At the end of 2025, equity financed 59.8% of the balance sheet, and current assets covered short-term debt 0.2 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 12,314 | 4,176 | 6,313 | 5,981 | 9,196 |
| Staff expenses | -6,004 | -8,213 | -8,334 | -11,157 | -10,215 |
| EBITDA | -8,671 | -13,776 | -21,191 | -15,876 | -6,532 |
| Depreciation & amort. | -242 | -287 | -294 | -296 | -256 |
| EBIT | -8,912 | -14,063 | -21,486 | -16,173 | -6,788 |
| Net financials | 12,066 | 33,277 | 12,595 | -312 | -2,951 |
| Profit before tax | 3,154 | 19,214 | -8,891 | -16,485 | -9,739 |
| Tax | -0 | -0 | -0 | -0 | -0 |
| Net profit | 3,154 | 19,214 | -8,891 | -16,485 | -9,739 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 126,102 | 145,632 | 144,932 | 203,960 | 223,335 |
| Equity | 75,453 | 68,953 | 49,739 | 58,630 | 75,114 |
| Long-term debt | 32,211 | 55,403 | 72,998 | 125,615 | 106,803 |
| Short-term debt | 18,438 | 21,276 | 22,196 | 19,715 | 41,417 |
| Total debt | 50,649 | 76,679 | 95,193 | 145,330 | 148,220 |
Financial ratios
5-year trendEBITDA margin
-70.4 %
20212025
Equity ratio
59.8 %
StrongAmong the 40% highest rated companies in the industry
20212025
Return on equity
4.2 %
AverageAround the average of companies in the same industry
20212025
Net profit margin
25.6 %
StrongAmong the 40% highest rated companies in the industry
20212025
Asset turnover
0.10×
AverageAround the average of companies in the same industry
20212025
Debt / equity
0.67×
AverageAround the average of companies in the same industry
20212025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginWeak
Among the 30% lowest rated companies in the industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginVery weak
Among the 20% lowest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginStrong
Among the 40% highest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Average
Around the average of companies in the same industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Strong
Among the 40% highest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Average
Around the average of companies in the same industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Very weak
Among the 20% lowest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioAverage
Around the average of companies in the same industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioVery weak
Among the 20% lowest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioVery weak
Among the 20% lowest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioVery weak
Among the 20% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 20% highest rated companies in the industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalWeak
Among the 30% lowest rated companies in the industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioVery weak
Among the 10% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioStrong
Among the 40% highest rated companies in the industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioStrong
Among the 40% highest rated companies in the industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityAverage
Around the average of companies in the same industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityAverage
Around the average of companies in the same industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtStrong
Among the 40% highest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtVery weak
Among the 20% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageVery weak
Among the 20% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 10% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginAverage
Around the average of companies in the same industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverAverage
Around the average of companies in the same industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalVery strong
Among the 20% highest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityStrong
Among the 30% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtVery strong
Among the 20% highest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
KG Chief Executive Officer | Chief Executive Officer | 2013 |
TL Deputy Member | Deputy Member | 2011 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
KG Chairman | Chairman | 2011 |
Shareholders
Active legal ownersNo shareholder data available.
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Company hierarchy
Middelborg AS (this company)
Middelborg Invest As100% ownedZono Holding As85.1317% ownedPenny Venture As50% ownedLunor Capital As49.999% ownedAlm Investments As33.3333% ownedShe Community As57.8947% ownedEssegent As5.1482% ownedZono Invest As100% ownedGimleborg AS50% ownedHaugåker Prosjekt AS60% ownedEmercor As100% ownedFolksom As41.3417% ownedNebo Topco As5% ownedSea Core AS50% ownedMiddelborg Eiendom As50% ownedMiddelborg Utvikling AS90.0815% ownedSes Shipping AS63.058% ownedAvarius As50% ownedSeg Group AS100% ownedComo AS50% ownedDbet AS50% ownedBonum Prosjekt 6 AS25% ownedBitco Invest As50% ownedBoard network connections
Board members of Middelborg AS also hold positions in 51 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Kristian Gjertsen Lundkvist | Chief Executive Officer | 38 companiesMany roles |
| Terje Lundkvist | Deputy Member | 13 companiesMany roles |
Frequently asked questions
What is the Org number of Middelborg AS?
Middelborg AS is registered with Brønnøysundsregistrene under Org 889048182.
What is the revenue of Middelborg AS?
Middelborg AS reported revenue of NOK 12.3m in 2025.
How many employees does Middelborg AS have?
Middelborg AS employs 8 people as of the latest annual report.
Who is the CEO of Middelborg AS?
Kristian Gjertsen Lundkvist is the CEO of Middelborg AS, in role since 2013.
Who is the chairman of Middelborg AS?
Kristian Gjertsen Lundkvist chairs the board of Middelborg AS, in role since 2011.
Where is Middelborg AS headquartered?
Middelborg AS's registered address is Storgaten 32.