Bolaro Score
22/ 100
High risk profile
Revenue
SEK 68.4m
Growth
-4.1%
Operating margin
-3.2%
Equity ratio
23.1%
Summary
Weak financial profile
What looks solid
Nothing in the available data falls into this group.
What deserves a closer look
- Cash position has declined 4 consecutive years
- Material portion of equity consists of intangible assets
- Repeated shareholder contributions
What we cannot assess yet
- Current debt balance
- Current cash position
- Pledged assets and guarantees
9 of 17 questions are marked as high priority for a closer look.
How is the company doing?
Size, direction, earning power and financial resilience.
Does the company make good money on its sales?
-3.2%
For every SEK 100 the company sells, roughly SEK -3 is left from day-to-day operations, before interest and tax. This is called the operating margin, or EBIT margin.
How financially resilient is the company?
23.1%
Roughly SEK 23 of every SEK 100 of assets is financed by equity, the rest by debt.
Financial year 2025 · 366 datapoints from official filings
How does Bolaro rate the company?
A deterministic score from 0 to 100, built from six areas.
- Financial PerformanceWeak
- Financial StrengthWeak
- GrowthWeak
- Cash & LiquidityNormal
- StabilityWeak
- Quality / RiskWeak
The Bolaro Score summarises the company's financial profile across six areas. It is not a probability, not a percentile and not a recommendation to buy, sell or invest.
How Bolaro Score worksHow does it compare?
Comparable companies are chosen by industry, size and financial year — never by how well they perform.
Bolaro does not yet have enough comparable companies for a reliable comparison.
What deserves attention
Observations from the rules engine, in plain language.
Cash position has declined 4 consecutive years
What happened?
Cash and bank balances fell from SEK 6.2m (2021) to SEK 1.4m (2025).
Why is it worth noticing?
A multi-year cash decline alongside reported profits usually means earnings are being consumed by working capital, investments, dividends or amortisation of debt.
A good question to ask
”What has consumed the operating cash flow over the last three years, and what is the current cash and credit facility position?”
Material portion of equity consists of intangible assets
What happened?
Intangible assets corresponded to 55.7% of adjusted equity in 2025.
Why is it worth noticing?
Intangible assets are not always realisable and may be written down. A high proportion reduces the tangible equity backing the balance sheet.
A good question to ask
”What assumptions support the carrying value of intangible assets, and when was the last impairment test performed?”
Repeated shareholder contributions
What happened?
Shareholder contributions have been received in 2 of the last 5 financial years (2024 and 2025).
Why is it worth noticing?
Repeated owner funding usually indicates that operations have not been self-financing.
A good question to ask
”Why were shareholder contributions required, are they conditional, and how are they treated at closing?”
What do we still not know?
Information the public filings do not answer.
- Customers
Customer concentration
Revenue split by customer is not disclosed in Swedish annual reports for SMEs.
- Customers
Customer churn
No public source reports customer retention.
- Commercial
Recurring revenue share
Revenue is reported as a single line item.
- Commercial
Current order book
Order intake is not part of statutory reporting.
- Commercial
Customer contract terms
Contracts, notice periods and change-of-control clauses are not publicly available.
How reliable is this?
100% data coverage
Data coverage shows how much of the information Bolaro needs for the analysis is available. It is not a measure of the probability that the analysis is correct.
- Source
- Official annual report
- Benchmark
- Bolaro does not yet have enough comparable companies for a reliable comparison.
- Missing
- Current debt balance
- Current cash position
- Pledged assets and guarantees