Bluware AS
ASActiveOrg 9897079064. Etasje Nedre Vollgate 5, 0158 OsloComputer programming activities· NACE 6210Est. 2006 · 20 years old17 employeeshttps://bluware.com
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Overview
Bluware AS is a Norwegian AS based in Oslo, operating in the Computer programming activities sector. Incorporated in 2006, the company has 17 employees and reported revenue of NOK 54.3m in its latest annual filing.
Revenue 2025
54.3M NOK
+58% vs 2023
EBITDA margin
−2.3 %
−127% vs 2023
Net profit 2025
3.3M NOK
+9% vs 2023
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
75.2 %
StrongAmong the 40% highest rated companies in the industry
20202025
Liquidity ratioCurrent assets ÷ Short-term debt
0.6×
WeakAmong the 30% lowest rated companies in the industry
20202025
Return on assets (ROA)Net profit ÷ Total assets × 100
2.8 %
AverageAround the average of companies in the same industry
20202025
EBITDA — year on year
NOK thousandsKey figures
Annual report 2025| Revenue | 54.3M NOK | +58% |
| EBITDA | -1.2M NOK | -127% |
| Net profit | 3.3M NOK | +9% |
| Total assets | 115.6M NOK | +542% |
| Equity | 87M NOK | +1015% |
| Employees | 17 | — |
Company information
Legal name
BLUWARE AS
Org number
989707906
Legal form
Aksjeselskap
NACE code
Founded
31 March 2006 · 20 years
Share capital
NOK 400,000
Employees
17 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-03-31
Financial year
January – December
Signatory rights
Styrets medlemmer hver for seg. Daglig leder alene.
Company purpose
Utvikle og selge kommersielle produkter og tjenester innen informasjonsteknologi
(no translation available)
Contact
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Financial development
In its most recent annual report (2025), Bluware AS reported revenue of NOK 54.3m, an increase of 58% on the year before. The figures on this page draw on 5 annual filings covering 2020 to 2025. The bottom line showed a net profit of NOK 3.3m, and the EBITDA margin stood at -2.3%.
At the end of 2025, equity financed 75.2% of the balance sheet, and current assets covered short-term debt 0.6 times.
Financials
Revenue
NOK millionsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2025 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 54,273 | 34,391 | 28,485 | 29,998 | 36,003 |
| Staff expenses | -0 | -0 | -0 | -0 | -0 |
| EBITDA | -1,238 | 4,621 | 630 | 1,003 | 5,012 |
| Depreciation & amort. | -390 | -130 | -136 | -122 | -112 |
| EBIT | -1,627 | 4,491 | 494 | 881 | 4,900 |
| Net financials | 5,887 | -610 | 269 | 100 | -1,803 |
| Profit before tax | 4,259 | 3,881 | 763 | 981 | 3,097 |
| Tax | -0 | -0 | -0 | -0 | 1,000 |
| Net profit | 3,288 | 3,027 | 611 | 813 | 2,097 |
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Balance sheet
NOK thousands| Item | 2025 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total assets | 115,570 | 17,992 | 9,978 | 14,543 | 15,002 |
| Equity | 86,964 | 7,797 | 4,769 | 4,734 | 4,558 |
| Long-term debt | 4,529 | 5 | 8 | 19 | 30 |
| Short-term debt | 24,078 | 10,190 | 5,200 | 9,790 | 10,414 |
| Total debt | 28,606 | 10,195 | 5,208 | 9,808 | 10,444 |
Financial ratios
5-year trendEBITDA margin
-2.3 %
20202025
Equity ratio
75.2 %
StrongAmong the 40% highest rated companies in the industry
20202025
Return on equity
3.8 %
AverageAround the average of companies in the same industry
20202025
Net profit margin
6.1 %
AverageAround the average of companies in the same industry
20202025
Asset turnover
0.47×
AverageAround the average of companies in the same industry
20202025
Debt / equity
0.33×
StrongAmong the 40% highest rated companies in the industry
20202025
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)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)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)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)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 ratioWeak
Among the 30% 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 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 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 30% 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 equityStrong
Among the 40% highest rated companies in the 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 coverageWeak
Among the 40% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtWeak
Among the 30% 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 10% 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 strong
Among the 10% 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 20% lowest 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 2024-01-01 – 2025-03-31
- 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
- Annual report 2020Filed via Brønnøysundsregistrene · Period 2020-01-01 – 2020-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
AL Chief Executive Officer | Chief Executive Officer | 2026 |
Former (2)
HJ Chief Executive Officer | Chief Executive Officer | 2025 – 2026 |
AB Chief Executive Officer | Chief Executive Officer | 2023 – 2025 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
AT Chairman | Chairman | 2026 |
SM Board of Directors | Board of Directors | 2026 |
AL Board of Directors | Board of Directors | 2025 |
Former (4)
TM Board of Directors | Board of Directors | 2019 – 2025 |
HJ Chairman | Chairman | 2025 – 2026 |
AB | Chairman | 2023 – 2025 |
DB Chairman | Chairman | 2019 – 2023 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
Bluwareheadwave Ventures Inc. | Company | 100% | 100% | 2025 |
Bluware-Headwave Ventures Inc. | Company | 100% | 100% | 2020 |
Bluwareheadwave Ventures Inc. | Company | 100% | 100% | 2023 |
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Company hierarchy
Bluwareheadwave Ventures Inc.100%Bluware-Headwave Ventures Inc.100%
Bluware AS (this company)Board network connections
Board members of Bluware AS also hold positions in 20 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Aurélien Benoit Philippe Vanwelden | Chief Executive Officer | 8 companiesMany roles |
| Adnan Latif | Chief Executive Officer | 3 companies |
| Sonia Maria Da Silva Pereira E Assuncao | Board of Directors | 3 companies |
| Diderich Buch | Chairman | 3 companies |
| Tom Mundheim | Board of Directors | 2 companies |
| Adrian Thomas Smith | Chairman | 1 company |
Frequently asked questions
What is the Org number of Bluware AS?
Bluware AS is registered with Brønnøysundsregistrene under Org 989707906.
What is the revenue of Bluware AS?
Bluware AS reported revenue of NOK 54.3m in 2025.
How many employees does Bluware AS have?
Bluware AS employs 17 people as of the latest annual report.
Who is the CEO of Bluware AS?
Adnan Latif is the CEO of Bluware AS, in role since 2026.
Who is the chairman of Bluware AS?
Adrian Thomas Smith chairs the board of Bluware AS, in role since 2026.
Where is Bluware AS headquartered?
Bluware AS's registered address is 4. Etasje Nedre Vollgate 5.