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Lieblad's clue led to a website giving the history of NORA knives, which were surprisingly made in Norway (at Trondheim), not Sweden. The company A/S Knivfabriken NORA existed from 1915 to 1920. (There was also a mention of some Chinese-made knockoffs of the Mora 670, with the blade marked "Nora Sweden", being sold in 2007.)
There was no mention of anything like axes being made at the NORA knife factory, so my money is still on Hults Bruk as being the maker of the "NORA YXAN" labelled axe.
Information and photos from Knivprat fra Per Thoresen, http://kniver.blogspot.com/2012_01_01_archive.html.
This forum never disappoints, I find it unbelievable how you guys can find so much information. Many thanks for this interesting piece of information. I bet my money on H-B too.