The balance sheet looks stronger than the profit line

HANSEN TECHNOLOGIES NORWAY AS, an Oslo-based limited company, earned an operating profit of NOK 10.5m in FY2025, the year to the end of June 2025. That is 67.0% less than the NOK 31.9m of the year before. Revenue slipped only 4.4%, to NOK 227m, so the pressure most likely came from costs rather than from sales. The operating margin fell to 4.6% from 13.4%, a drop of 8.8 pp. Net profit followed, down to NOK 10.1m from NOK 25.4m.

When revenue dips a little and profit drops a lot, the cost base is often the reason: wages, rent and contracts do not shrink as fast as sales. The accounts do not show which costs rose. The balance sheet looks better than the income statement. Equity rose to NOK 18.4m from NOK 8.2m, lifting the equity ratio to 17.0%, while cash eased to NOK 24.0m. The company also has a new chief executive and a new chair of the board, entered in October 2026. One thinner year is not a trend, but the margin is the line I would watch.