Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 10/2004 |  | Jóhann Aðalgeirsson | MF |  | UMF Njarðvík | UMF Njarðvík |
| 07/2004 | | Guðmundur Sigurðsson | MA | |||
| 07/2004 |  | Momir Mileta | MF | |||
| 05/2004 | | Albert Sævarsson | GK |  | B68 Toftir | B68 |
| 05/2004 | | Slavisa Kaplanovic | MF | |||
| 05/2004 | | Aleksandar Petković | MF | |||
| 01/2004 | | Hjörtur Pálsson | GK | |||
| 01/2004 | | Óskar Pétursson | GK | |||
| 01/2004 | | Heiðar Aðalgeirsson | MF |  | Sindri Höfn | Sindri Höfn |
| 01/2004 | | Páll Guðmundsson | MF | |||
| 01/2004 | | Óskar Hauksson | FW |  | Sogndal IL | Sogndal IL |
| 01/2004 | | Orri Freyr Hjaltalín | FW |  | Þór Akureyri | Þór |
| 01/2004 | | Emil Símonarson | FW | |||
| 01/2004 | Zeljko Sankovic | MA |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 11/2004 | | Grétar Hjartarson | FW |  | KR Reykjavík | KR |
| 07/2004 | | Michael Jónsson | DF | | UMF Njarðvík | UMF Njarðvík |
| 07/2004 | | Jóhann Aðalgeirsson | MF | | UMF Njarðvík | UMF Njarðvík |
| 04/2004 | | Ólafur Gottskálksson | GK |  | Keflavík ÍF | Keflavík |
| 01/2004 | | Ólafur Bjarnason | DF |  | SK Brann | SK Brann |
| 01/2004 | | Daníel Pálmason | MF |  | Huginn | Huginn |
| 01/2004 | | Bjarni Jóhannsson | MA |  | Breiðablik | Breiðablik |