Blåfall AS
ASActiveOrg 914546702Karenslyst Allé 2, 0278 OsloProduction of electricity from renewable sources· NACE 3512Est. 2014 · 12 years old7 employeeshttps://www.norskvannkraft.no
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Overview
Blåfall AS is a Norwegian AS based in Oslo, operating in the Production of electricity from renewable sources sector. Incorporated in 2014, the company has 7 employees and reported revenue of NOK 19.7m in its latest annual filing.
Revenue 2025
19.7M NOK
−23% vs 2024
EBITDA margin
0.5 %
−91% vs 2024
Net profit 2025
-0M NOK
-100% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
45.9 %
AverageAround the average of companies in the same industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
0.8×
WeakAmong the 30% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-0.5 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
NOK thousandsKey figures
Annual report 2025| Revenue | 19.7M NOK | -23% |
| EBITDA | 0.1M NOK | -91% |
| Net profit | -0M NOK | -100% |
| Total assets | 7.8M NOK | -62% |
| Equity | 3.6M NOK | -1% |
| Employees | 7 | — |
Company information
Legal name
BLÅFALL AS
Org number
914546702
Legal form
Aksjeselskap
NACE code
Founded
27 August 2014 · 12 years
Share capital
NOK 30,000
Employees
7 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Styrets leder alene.
Company purpose
Drive generell investeringsvirksomhet, herunder relatert til vannkraft spesielt, og annet som naturlig faller sammen med dette, herunder å delta i andre selskaper med lignende virksomhet, kjøp og salg av aksjer, eller på annen måte gjøre seg interessert i andre foretagender.
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Contact
Address
Karenslyst Allé 2, 0278 Oslo
Phone
+47 90 58 00 80
Email
post@norskvannkraft.no
Website
https://www.norskvannkraft.no
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Financial development
In its most recent annual report (2025), Blåfall AS reported revenue of NOK 19.7m, a decrease of 23% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net loss of NOK 40.1k, and the EBITDA margin stood at 0.5%.
At the end of 2025, equity financed 45.9% of the balance sheet, and current assets covered short-term debt 0.8 times.
Financials
Revenue
NOK millionsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 19,727 | 25,635 | 15,102 | 9,493 | 8,828 |
| Staff expenses | -13,641 | -13,929 | -12,220 | -7,667 | -6,445 |
| EBITDA | 100 | 1,071 | 83 | -135 | 849 |
| Depreciation & amort. | -108 | -1,001 | -534 | -1,136 | -11 |
| EBIT | -9 | 70 | -451 | -1,271 | 838 |
| Net financials | -32 | 23,783 | -9,494 | -175 | -182 |
| Profit before tax | -40 | 23,853 | -9,945 | -1,446 | 656 |
| Tax | -0 | -0 | -0 | -0 | -0 |
| Net profit | -40 | 23,853 | -9,945 | -1,446 | 656 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 7,800 | 20,559 | 4,335 | 11,658 | 15,296 |
| Equity | 3,583 | 3,623 | -8,360 | 1,585 | 3,031 |
| Long-term debt | 149 | 320 | 9,454 | 8,021 | 10,662 |
| Short-term debt | 4,068 | 16,616 | 3,241 | 2,052 | 1,604 |
| Total debt | 4,217 | 16,935 | 12,695 | 10,073 | 12,266 |
Financial ratios
5-year trendEBITDA margin
0.5 %
20212025
Equity ratio
45.9 %
AverageAround the average of companies in the same industry
20212025
Return on equity
-1.1 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Net profit margin
-0.2 %
AverageAround the average of companies in the same industry
20212025
Asset turnover
2.53×
Very strongAmong the 10% highest rated companies in the industry
20212025
Debt / equity
1.18×
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 marginAverage
Around the average of companies in the same 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 marginWeak
Among the 40% 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 marginAverage
Around the average of companies in the same industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Weak
Among the 40% lowest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Weak
Among the 40% lowest rated companies in the 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)Average
Around the average of companies in the same 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 ratioWeak
Among the 30% 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 ratioWeak
Among the 30% 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 ratioAverage
Around the average of companies in the same industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityWeak
Among the 40% lowest 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 capitalVery weak
Among the 20% 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 ratioAverage
Around the average of companies in the same industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioAverage
Around the average of companies in the same 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 debtAverage
Around the average of companies in the same industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtAverage
Around the average of companies in the same industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageAverage
Around the average of companies in the same industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtAverage
Around the average of companies in the same 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 turnoverVery strong
Among the 10% highest rated companies in the 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 equityAverage
Around the average of companies in the same industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtVery strong
Among the 10% 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 (1) | ||
LJ Chief Executive Officer | Chief Executive Officer | 2023 |
Former (1)
JH Contact Person | Contact Person | 2017 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
SL Board of Directors | Board of Directors | 2017 |
PE Chairman | Chairman | 2017 |
JA Board of Directors | Board of Directors | 2017 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 2020 |
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Company hierarchy
Infranordic As100%
Blåfall AS (this company)Storvatnet Kraftverk AS100% ownedKjøtåa Kraftverk AS100% ownedBlåfall Energi As100% ownedØvre Vikdalselva Kraftverk AS100% ownedEinbugga Kraftverk AS100% ownedNedre Vikdalselva Kraftverk AS100% ownedKastadalselvi Kraftverk AS100% ownedStelåga Kraftverk AS100% ownedSagelva Todalen AS100% ownedStorsteinåa Kraftverk AS100% ownedLøvhaugsåa Kraftverk AS100% ownedMelfjordbotn Kraftverk AS100% ownedBlåfall Kraftverk AS100% ownedGjervalåga Kraftverk AS100% ownedKvernåa Kraftverk AS100% ownedRandalen Kraftverk AS100% ownedBoard network connections
Board members of Blåfall AS also hold positions in 141 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Johannes Hjelmstad | Contact Person | 34 companiesMany roles |
| Lars Jacob Haugom | Chief Executive Officer | 32 companiesMany roles |
| Stephan Lødding | Board of Directors | 30 companiesMany roles |
| Per Espen Watle | Chairman | 28 companiesMany roles |
| Jon Anders Idebøen | Board of Directors | 17 companiesMany roles |
Frequently asked questions
What is the Org number of Blåfall AS?
Blåfall AS is registered with Brønnøysundsregistrene under Org 914546702.
What is the revenue of Blåfall AS?
Blåfall AS reported revenue of NOK 19.7m in 2025.
How many employees does Blåfall AS have?
Blåfall AS employs 7 people as of the latest annual report.
Who is the CEO of Blåfall AS?
Lars Jacob Haugom is the CEO of Blåfall AS, in role since 2023.
Who is the chairman of Blåfall AS?
Per Espen Watle chairs the board of Blåfall AS, in role since 2017.
Where is Blåfall AS headquartered?
Blåfall AS's registered address is Karenslyst Allé 2.