How to read the financial statements of Scandinavian companies

Where to find the statements of companies in Norway, Sweden and Denmark?

Each country has a separate place where filed statements sit. In Norway it is Regnskapsregisteret, run by BRREG (the annual accounts, årsregnskap). In Sweden the statements (årsredovisning) are received by Bolagsverket. In Denmark annual reports (årsrapport) are available through CVR and the Virk portal (virk.dk).

Note: not every entity files full accounts. The obligation applies mainly to capital companies; the smallest sole proprietorships often have no duty to publish accounts. A missing statement for a small business is usually normal, not data hiding — unlike a missing recent report for a company that is required to file one.

What to read first in a statement?

Instead of reading everything, start with a few items that quickly give a picture of the company's health. The most important are: the year's result (profit or loss), equity (whether it is positive), the balance-sheet total (the company's scale) and — if given — revenue and the number of employees. Together, these figures tell you whether the company earns, whether it has a capital cushion and what its scale is.

The second step is comparison over time: if you have two years, look at the direction (is the result and equity rising or falling). The third is context: a very small company with low figures is not necessarily risky, and large figures do not guarantee solvency. The key terms in three languages are set out in the table below.

What to watch for — the most common pitfalls

The first pitfall is missing revenue for a small company. In Denmark the extent of disclosed data depends on the size class (regnskabsklasse) — the smallest companies may not show turnover, and that is normal, not a sign of fraud. Similar simplifications exist in other countries.

The second is freshness: a statement describes a closed financial year, so always look at the date — figures from two years ago say little about today's liquidity. The third is negative equity — a warning sign (the company may be eroding capital), but it needs context, as it can be temporary. The fourth is language: items are in Norwegian, Swedish or Danish, and similar words mean different things — it is easy to confuse revenue with result. The fifth is a missing recent statement for a company required to file one — in Norway, persistent failures can even lead to compulsory dissolution.

The statement is not everything

A statement is about the past — about a closed financial year. A full picture of reliability emerges only when you combine it with the company's current status (whether it is in bankruptcy or liquidation), registry data and legal form, and, for larger trade-credit limits, with a commercial risk report.

The problem is that statements are in local languages, in different registers, and items are easy to confuse. A NordScan report reads a Scandinavian company's key financial figures and presents them together with its status and registry data in your language, in a single PDF — without needing Norwegian, Swedish or Danish. We describe the whole verification step by step in our guides on checking a company in Norway, Sweden and Denmark.

Frequently asked questions

Does every Scandinavian company publish financial statements?

No. The obligation applies mainly to capital companies (Norwegian AS, Swedish AB, Danish ApS/A/S). The smallest sole proprietorships often do not have to publish accounts. A missing statement for a small business is usually normal, not data hiding.

Why does a small company not show revenue?

Because the rules allow the smallest companies to use simplifications. In Denmark it depends on the size class (regnskabsklasse) — the smallest companies may omit a full income statement, including turnover. Similar reliefs exist in other countries. So missing revenue for a small company is usually normal, not a sign of fraud.

What does negative equity mean?

It is a situation where liabilities exceed assets — a warning sign, because the company may be eroding capital. It needs context, though: it can be temporary (e.g. investment, a young company) and should be read together with the result, trend and status. Negative equity alone does not determine insolvency, but it warrants caution.

How old can a financial report be?

A statement always describes a closed financial year, so by nature it looks back. A freshly filed report concerns the previous year; the older it is, the less it says about today's liquidity. Always check the date, and remember that a missing recent statement for a company required to file one is a warning sign.

Are Scandinavian statements in English?

As a rule no — statements are filed in local languages (Norwegian, Swedish, Danish), and items have local names that are easy to confuse. So without knowing the language, reading them can be risky. A NordScan report reads the key financial figures and presents them in your language.

Related guides

• How to check a company in Norway
• Brønnøysundregistrene (BRREG) — the Norwegian company register explained
• How to start a company in Norway — step by step
• Sole proprietorship in Norway (enkeltpersonforetak) — taxes and costs
• AS company in Norway (aksjeselskap) — how it works and what it costs
• Running a business in Norway — obligations and formalities
• Glossary — companies in Norway, Sweden and Denmark
• Beneficial owner (UBO) in Norway, Sweden and Denmark — who stands behind a company
• Åpenhetsloven — Norway's Transparency Act and what it means for a partner
• AML and KYC — when you must verify a B2B counterparty