Modena Fliser AS
ASActiveOrg 963193149Brannstasjonsveien 22, 4312 SandnesRetail sale of hardware, building materials, paints and glass· NACE 4752Est. 1991 · 34 years old131 employeeshttps://www.mur-bygg.no
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Overview
Modena Fliser AS is a Norwegian AS based in Sandnes, operating in the Retail sale of hardware, building materials, paints and glass sector. Incorporated in 1991, the company has 131 employees and reported revenue of NOK 435.4m in its latest annual filing.
Revenue 2025
435.4M NOK
−5% vs 2024
EBITDA margin
−2.9 %
−97% vs 2024
Net profit 2025
-13.3M NOK
-37% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
14.3 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
1.0×
WeakAmong the 30% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-10.8 %
WeakAmong the 30% lowest rated companies in the industry
20212025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 435.4M NOK | -5% |
| EBITDA | -12.5M NOK | -97% |
| Net profit | -13.3M NOK | -37% |
| Total assets | 122.6M NOK | +7% |
| Equity | 17.6M NOK | -43% |
| Employees | 131 | — |
Company information
Legal name
MODENA FLISER AS
Org number
963193149
Legal form
Aksjeselskap
NACE code
Founded
21 December 1991 · 34 years
Share capital
NOK 1,700,000
Employees
131 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Styrets leder og ett styremedlem i fellesskap.
Contact
Address
Brannstasjonsveien 22, 4312 Sandnes
Phone
+47 51 44 31 70
Email
post@modena.no
Website
https://www.mur-bygg.no
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Financial development
In its most recent annual report (2025), Modena Fliser AS reported revenue of NOK 435.4m, a decrease of 5% 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 13.3m, and the EBITDA margin stood at -2.9%.
At the end of 2025, equity financed 14.3% of the balance sheet, and current assets covered short-term debt 1 times.
Financials
Revenue
NOK millionsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 435,352 | 458,932 | 487,348 | 481,905 | 250,344 |
| Staff expenses | -76,055 | -75,409 | -74,473 | -73,402 | -35,602 |
| EBITDA | -12,510 | -6,337 | 1,460 | 21,372 | 15,988 |
| Depreciation & amort. | -4,217 | -4,336 | -4,106 | -3,289 | -1,019 |
| EBIT | -16,727 | -10,673 | -2,645 | 18,083 | 14,969 |
| Net financials | 22 | -1,370 | -733 | -332 | -11 |
| Profit before tax | -16,706 | -12,043 | -3,378 | 17,751 | 14,958 |
| Tax | -3,447 | -2,369 | -450 | 4,042 | 3,324 |
| Net profit | -13,259 | -9,674 | -2,928 | 13,709 | 11,634 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 122,635 | 114,714 | 135,936 | 145,823 | 73,892 |
| Equity | 17,570 | 30,829 | 40,503 | 43,471 | 19,843 |
| Long-term debt | 3,220 | 4,321 | 5,048 | 6,085 | 1,486 |
| Short-term debt | 101,845 | 79,564 | 90,386 | 96,267 | 52,563 |
| Total debt | 105,065 | 83,886 | 95,434 | 102,352 | 54,049 |
Financial ratios
5-year trendEBITDA margin
-2.9 %
20212025
Equity ratio
14.3 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Return on equity
-75.5 %
Very weakAmong the 10% lowest rated companies in the industry
20212025
Net profit margin
-3.0 %
WeakAmong the 30% lowest rated companies in the industry
20212025
Asset turnover
3.55×
Very strongAmong the 20% highest rated companies in the industry
20212025
Debt / equity
5.98×
Very weakAmong the 20% lowest rated companies in the industry
20212025
Sector performance
28 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginWeak
Among the 40% 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 marginWeak
Among the 30% 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 marginWeak
Among the 30% lowest 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 weak
Among the 10% 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)Weak
Among the 30% lowest 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 weak
Among the 10% 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)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 ratioWeak
Among the 40% lowest 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 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 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 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 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 ratioWeak
Among the 40% lowest 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 equityVery weak
Among the 20% 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 equityVery weak
Among the 20% 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 debtWeak
Among the 30% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtWeak
Among the 30% 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 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 marginWeak
Among the 30% lowest 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 turnoverVery strong
Among the 20% 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 equityVery weak
Among the 20% lowest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtWeak
Among the 30% 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 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) | ||
TM Chief Executive Officer | Chief Executive Officer | 2023 |
Former (1)
TC Chief Executive Officer | Chief Executive Officer | 2017 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
FG Chairman | Chairman | 2017 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 100% | 100% | 2020 |
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Related companies
Company hierarchy
L T L As
Modena Fliser AS Board network connections
Board members of Modena Fliser AS also hold positions in 49 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Fred Gundersen | Chairman | 23 companiesMany roles |
| Tommy Morten Ivesdal | Chief Executive Officer | 18 companiesMany roles |
| Tom Christian Egeland | Chief Executive Officer | 8 companiesMany roles |
Frequently asked questions
What is the Org number of Modena Fliser AS?
Modena Fliser AS is registered with Brønnøysundsregistrene under Org 963193149.
What is the revenue of Modena Fliser AS?
Modena Fliser AS reported revenue of NOK 435.4m in 2025.
How many employees does Modena Fliser AS have?
Modena Fliser AS employs 131 people as of the latest annual report.
Who is the CEO of Modena Fliser AS?
Tommy Morten Ivesdal is the CEO of Modena Fliser AS, in role since 2023.
Who is the chairman of Modena Fliser AS?
Fred Gundersen chairs the board of Modena Fliser AS, in role since 2017.
Where is Modena Fliser AS headquartered?
Modena Fliser AS's registered address is Brannstasjonsveien 22.