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 4.6m (2021) to SEK 3.1m (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?”
Accounts receivable growing faster than revenue
What happened?
Accounts receivable increased +41.2% while revenue increased +18.4% in 2025.
Why is it worth noticing?
Receivables increasing materially faster than revenue may indicate changed payment terms, a shifted customer mix or weaker collection quality. It also ties up cash that is not visible in the profit and loss account.
A good question to ask
”What explains the increase in accounts receivable, and what proportion of balances older than 90 days has been collected after year-end?”
Inventory growing faster than revenue
What happened?
Inventory increased +28.3% while revenue increased +18.4% 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?”
Revenue growing while operating margin declines
What happened?
Revenue grew +18.4% in 2025 while the operating margin fell from 15.2% to 13.7% (-1.5 percentage points).
Why is it worth noticing?
Growth that does not convert proportionally into operating profit may indicate price pressure, a less profitable customer or product mix, or cost growth ahead of scale.
A good question to ask
”Which customers or product groups drove the revenue increase, and what gross margin did they carry compared with the existing portfolio?”
Auditor change registered
What happened?
An auditor change was registered on 18 June 2024.
Why is it worth noticing?
Auditor changes are common and often procedural, but the timing relative to a sale process is worth understanding.
A good question to ask
”What was the reason for the change of auditor?”
What looks solid
operating margin in the 89th peer percentile
Sustained profitability above the peer group usually reflects pricing power, product mix or cost efficiency.
Revenue growth in the 97th peer percentile
Growth clearly above the peer group indicates share gains or exposure to a stronger segment.
Positive operating profit in 5 consecutive years
Consistent profitability through varying market conditions reduces earnings risk.