Ecas AS

ASActive

Org 937815751Nedre Vei 8, 3183 HortenManufacture of electricity distribution and control apparatus· NACE 2712Est. 1986 · 40 years old6 employeeshttps://www.ecas.no

Overview

Ecas AS is a Norwegian AS based in Horten, operating in the Manufacture of electricity distribution and control apparatus sector. Incorporated in 1986, the company has 6 employees and reported revenue of NOK 10.6m in its latest annual filing.

Revenue 2025

10.6M NOK

+86% vs 2024

EBITDA margin

43.3 %

+287% vs 2024

Net profit 2025

3.5M NOK

+300% vs 2024

Key ratios

See full ratios →

27.5 %

Weak

Among the 40% lowest rated companies in the industry

20212025

1.2×

Weak

Among the 40% lowest rated companies in the industry

20212025

59.6 %

Very strong

Among the 10% highest rated companies in the industry

20212025

EBITDA — year on year

NOK thousands

Key figures

Annual report 2025

Revenue	10.6M NOK	+86%
EBITDA	4.6M NOK	+287%
Net profit	3.5M NOK	+300%
Total assets	5.9M NOK	+120%
Equity	1.6M NOK	+23%
Employees	6	—

Contact

Address

Nedre Vei 8, 3183 Horten

Phone

+47 33 04 40 95

tore@ecas.no

Website

https://www.ecas.no

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Financial development

In its most recent annual report (2025), Ecas AS reported revenue of NOK 10.6m, an increase of 86% 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 3.5m, and the EBITDA margin stood at 43.3%.

At the end of 2025, equity financed 27.5% of the balance sheet, and current assets covered short-term debt 1.2 times.

Financials

Revenue

NOK millions

EBITDA

NOK thousands

Income statement

NOK thousands

Item	2025	2024	2023	2022	2021
Revenue	10,578	5,695	4,493	4,615	4,601
Staff expenses	-2,982	-2,761	-2,496	-2,614	-2,091
EBITDA	4,581	1,183	327	758	302
Depreciation & amort.	-50	-45	-0	-0	-0
EBIT	4,531	1,138	327	758	302
Net financials	-6	-9	-20	-22	-15
Profit before tax	4,525	1,129	306	736	287
Tax	996	246	67	162	61
Net profit	3,528	883	239	574	226

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Balance sheet

NOK thousands

Item	2025	2024	2023	2022	2021
Total assets	5,919	2,689	1,595	1,897	1,587
Equity	1,628	1,323	440	801	577
Long-term debt	27	9	0	0	0
Short-term debt	4,264	1,356	1,154	1,096	1,010
Total debt	4,291	1,366	1,154	1,096	1,010

Financial ratios

5-year trend

EBITDA margin

43.3 %

20212025

Equity ratio

27.5 %

Weak

Among the 40% lowest rated companies in the industry

20212025

Return on equity

216.7 %

Very strong

Among the 10% highest rated companies in the industry

20212025

Net profit margin

33.4 %

Very strong

Among the 10% highest rated companies in the industry

20212025

Asset turnover

1.79×

Strong

Among the 40% highest rated companies in the industry

20212025

Debt / equity

2.64×

Weak

Among the 30% lowest rated companies in the industry

20212025

Sector performance

28 of 28 ratios graded

28 financial ratios from the latest filing, each graded against companies in the same industry.

Profitability

Gross marginStrong

Among the 40% highest 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 strong

Among the 10% highest 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 marginVery strong

Among the 10% 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)Very strong

Among the 10% highest 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)Very strong

Among the 10% 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)Very strong

Among the 10% highest 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)Very strong

Among the 10% highest rated companies in the industry

EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.

Capacity ratioVery strong

Among the 10% highest rated companies in the 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 40% 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 40% 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 ratioStrong

Among the 40% highest 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 weak

Among the 20% 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 capitalAverage

Around the average of companies in the same 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 ratioStrong

Among the 40% highest rated companies in the industry

Cash flow relative to profit — the ability to convert reported profits into accessible cash.

Debt & solvency

Solidity ratioWeak

Among the 40% lowest 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 ratioWeak

Among the 40% lowest 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 equityWeak

Among the 30% lowest rated companies in the industry

Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.

Liabilities to equityWeak

Among the 30% lowest rated companies in the industry

Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.

Income to debtVery strong

Among the 20% highest rated companies in the industry

Profit relative to debt — the ability to create earnings while operating with debt.

EBITDA to debtVery strong

Among the 10% highest rated companies in the industry

EBITDA relative to debt — how much operating earnings are available to service the debt.

Interest coverageVery strong

Among the 10% highest rated companies in the 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 marginVery strong

Among the 10% highest rated companies in the 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 turnoverStrong

Among the 40% highest rated companies in the industry

Revenue relative to total assets — the ability to generate revenue from the asset base.

Inventory turnoverAverage

Around the average of companies in the same industry

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.

Equity to contributed capitalStrong

Among the 40% 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 weak

Among the 10% lowest rated companies in the industry

The size of this year's increase or decrease in the company's debt.

Annual reports & filings

Annual report 2025
Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
View PDF
Annual report 2024
Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
View PDF
Annual report 2023
Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
View PDF
Annual report 2022
Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
View PDF
Annual report 2021
Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
View PDF

People & ownership

Management

Actively employed in the business

Name	Role	Member since
Current (1)
BM Brith Marie Plath Gulbrandsen Deputy Member	Deputy Member	1989

Former (1)


TR Tore Rolf Gulbrandsen Contact Person	Contact Person	1997 – 2026

Board of directors

Non-executive oversight

Name	Role	Member since
Current (1)
TR Tore Rolf Gulbrandsen Chairman	Chairman	1989

Shareholders

Active legal owners

No shareholder data available.

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Related companies

Company hierarchy

No registered parent or subsidiaries

Board network connections

Board members of Ecas AS hold no positions in other companies.

Frequently asked questions

What is the Org number of Ecas AS?

Ecas AS is registered with Brønnøysundsregistrene under Org 937815751.

What is the revenue of Ecas AS?

Ecas AS reported revenue of NOK 10.6m in 2025.

How many employees does Ecas AS have?

Ecas AS employs 6 people as of the latest annual report.

Who is the chairman of Ecas AS?

Tore Rolf Gulbrandsen chairs the board of Ecas AS, in role since 1989.

Where is Ecas AS headquartered?

Ecas AS's registered address is Nedre Vei 8.