Why CBA Fagformidling lost NOK 13.1m with a near-zero operating result

CBA Fagformidling AS, an Oslo limited company, grew revenue 11.1% to NOK 65.5m in FY2025. Operating result slipped from a profit of NOK 1.2m to a loss of NOK 147k, which is close to break-even. The net result was far worse: a loss of NOK 13.1m, against a profit of NOK 805k a year earlier. That puts the net margin at -20.0%, while the median of the four comparable companies is -0.2%. The gap to that median is 19.8 pp, and almost all of it opens below the operating line.

The operating margin of -0.2% sits next to the peer median of -0.1%, so the trading itself looks ordinary for this group. The damage is in the balance sheet. Equity fell to NOK 775k from NOK 13.9m, and the equity ratio dropped to 6.1% from 54.1%. Cash held at NOK 3.5m. The accounts do not say what the charge below the operating line was. The company has also changed its chief executive and board members. The trading looks ordinary; the balance sheet is what changed.