Make AS
ASActiveOrg 993555002Sandakerveien 116, 0484 OsloComputer programming activities· NACE 6210Est. 2008 · 17 years old21 employeeshttps://www.make.as
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Overview
Make AS is a Norwegian AS based in Oslo, operating in the Computer programming activities sector. Incorporated in 2008, the company has 21 employees and reported revenue of NOK 39.2m in its latest annual filing.
Revenue 2025
39.2M NOK
+22% vs 2024
EBITDA margin
5.5 %
−61% vs 2024
Net profit 2025
2.4M NOK
-59% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
10.3 %
WeakAmong the 30% lowest rated companies in the industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
1.1×
WeakAmong the 40% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
8.1 %
StrongAmong the 40% highest rated companies in the industry
20212025
EBITDA — year on year
NOK thousandsKey figures
Annual report 2025| Revenue | 39.2M NOK | +22% |
| EBITDA | 2.2M NOK | -61% |
| Net profit | 2.4M NOK | -59% |
| Total assets | 29.2M NOK | +16% |
| Equity | 3M NOK | -33% |
| Employees | 21 | — |
Company information
Legal name
MAKE AS
Org number
993555002
Legal form
Aksjeselskap
NACE code
Founded
23 December 2008 · 17 years
Share capital
NOK 3,000,000
Employees
21 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Daglig leder, styrets leder og nestleder hver for seg.
Company purpose
Fremstilling/salg av nettbasert programvare og andre produkter som naturlig faller sammen med dette, herunder å delta i andre selskaper med liknende virksomhet, kjøp og salg av aksjer, eller på annen måte gjøre seg interessert i andre foretagender.
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Contact
Address
Sandakerveien 116, 0484 Oslo
Website
https://www.make.as
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Financial development
In its most recent annual report (2025), Make AS reported revenue of NOK 39.2m, an increase of 22% 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 2.4m, and the EBITDA margin stood at 5.5%.
At the end of 2025, equity financed 10.3% of the balance sheet, and current assets covered short-term debt 1.1 times.
Financials
Revenue
NOK millionsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 39,151 | 32,150 | 27,207 | 18,205 | 14,456 |
| Staff expenses | -24,563 | -17,973 | -14,004 | -10,519 | -7,193 |
| EBITDA | 2,155 | 5,514 | 2,599 | 856 | 1,898 |
| Depreciation & amort. | -184 | -168 | -96 | -38 | -15 |
| EBIT | 1,971 | 5,346 | 2,502 | 817 | 1,883 |
| Net financials | 908 | 1,719 | 109 | 1 | -4 |
| Profit before tax | 2,879 | 7,065 | 2,611 | 818 | 1,878 |
| Tax | 499 | 1,222 | 575 | 180 | 324 |
| Net profit | 2,380 | 5,843 | 2,036 | 638 | 1,554 |
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Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 29,222 | 25,241 | 17,665 | 11,483 | 8,116 |
| Equity | 3,000 | 4,506 | 663 | 627 | 988 |
| Long-term debt | 0 | 0 | 0 | 5 | 1 |
| Short-term debt | 26,222 | 20,735 | 17,002 | 10,851 | 7,127 |
| Total debt | 26,222 | 20,735 | 17,002 | 10,856 | 7,128 |
Financial ratios
5-year trendEBITDA margin
5.5 %
20212025
Equity ratio
10.3 %
WeakAmong the 30% lowest rated companies in the industry
20212025
Return on equity
79.3 %
Very strongAmong the 20% highest rated companies in the industry
20212025
Net profit margin
6.1 %
AverageAround the average of companies in the same industry
20212025
Asset turnover
1.34×
StrongAmong the 30% highest rated companies in the industry
20212025
Debt / equity
8.74×
Very weakAmong the 10% lowest rated companies in the 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 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 marginAverage
Around the average of companies in the same 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)Very strong
Among the 20% 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)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)Very strong
Among the 20% 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)Strong
Among the 30% 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 ratioStrong
Among the 40% 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 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 equityVery weak
Among the 10% 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 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 30% 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 30% 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 10% 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 10% 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 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 debtStrong
Among the 40% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageStrong
Among the 30% 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 marginStrong
Among the 40% 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 30% highest rated companies in the industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalWeak
Among the 40% lowest 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 40% 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 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) | ||
SF Chief Executive Officer | Chief Executive Officer | 2009 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (5) | ||
TT Board of Directors | Board of Directors | 2011 |
LW Board of Directors | Board of Directors | 2023 |
SB Board of Directors | Board of Directors | 2011 |
RA Chairman | Chairman | 2011 |
SF Board of Directors | Board of Directors | 2026 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 35% | 35% | 2020 | |
| Company | 33% | 33% | 2023 | |
| Company | 17% | 17% | 2025 | |
| Company | 8% | 8% | 2025 | |
| Company | 7% | 7% | 2025 | |
| Individual | 17% | 17% | 2020 | |
| Individual | 8% | 8% | 2023 | |
| Individual | 7% | 7% | 2020 |
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Related companies
Company hierarchy
Stutteri Medvind Holding As
Make AS (this company)Board network connections
Board members of Make AS also hold positions in 45 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Torbjørn Tiltnes | Board of Directors | 24 companiesMany roles |
| Stian Bærland Pedersen | Board of Directors | 9 companiesMany roles |
| Stian Fongaard | Chief Executive Officer | 4 companies |
| Leif William Øberg | Board of Directors | 4 companies |
| Raymond Andre Bakken | Chairman | 4 companies |
Frequently asked questions
What is the Org number of Make AS?
Make AS is registered with Brønnøysundsregistrene under Org 993555002.
What is the revenue of Make AS?
Make AS reported revenue of NOK 39.2m in 2025.
How many employees does Make AS have?
Make AS employs 21 people as of the latest annual report.
Who is the CEO of Make AS?
Stian Fongaard is the CEO of Make AS, in role since 2009.
Who is the chairman of Make AS?
Raymond Andre Bakken chairs the board of Make AS, in role since 2011.
Where is Make AS headquartered?
Make AS's registered address is Sandakerveien 116.