Identify risks
What Bolaro noticed
Observations from the rules engine, in plain language.
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?”
Inventory growing faster than revenue
What happened?
Inventory increased +6.8% while revenue increased -4.1% in 2025.
Why is it worth noticing?
Inventory build-up ahead of sales can indicate slow-moving goods, obsolescence risk or a deliberate stock strategy. It consumes cash regardless of the reason.
A good question to ask
”How is the inventory composed by age, and what write-down policy has been applied over the last three years?”
Equity ratio has deteriorated materially
What happened?
The equity ratio fell from 30.3% to 23.1% (-7.2 percentage points).
Why is it worth noticing?
A falling equity ratio reduces the buffer against losses and typically limits future debt capacity in an acquisition financing structure.
A good question to ask
”What has driven the reduction in the equity ratio, and are there plans for shareholder contributions or amortisation?”