BOHUS LOGISTIKK grew revenue faster than its equity, which now covers a thin slice of assets

BOHUS LOGISTIKK AS, a limited company based in Fetsund, Norway, grew revenue by 22.5% in FY2025, to NOK 2.1bn from NOK 1.7bn. Profit stayed small: operating profit was NOK 9.8m and net profit NOK 7.7m, an operating margin of 0.5%. Assets grew faster than equity. Total assets rose to NOK 399m from NOK 320m, while equity moved only to NOK 31.9m from NOK 31.1m. The equity ratio therefore slipped to 8.0% from 9.7%. Cash rose to NOK 53.6m, which softens the picture but does not change the structure.

Growth on thin margins is usually financed by suppliers and banks, because receivables and payables expand before profit does. That leaves a small layer of equity carrying a larger balance sheet. The operating margin of 0.5% sits below the peer median of 4.7% across 8 companies in the same industry, so a weak year would eat into equity quickly. The company has a new chief executive and a new chair of the board, which adds a change of leadership to a thin equity base. I would watch the equity ratio before the revenue line.