Bolaro Score
69/ 100
Solid profile
Revenue
SEK 48.0m
Growth
11.1%
Operating margin
4.7%
Equity ratio
70.3%
Summary
Mixed financial profile
What looks solid
- Positive operating profit in 5 consecutive years
- Strong equity ratio
- Improving cash position
What deserves a closer look
- Material portion of equity consists of capitalised development expenditure
- Material part of profit derives from financial income
- Revenue growing while operating margin declines
What we cannot assess yet
- Current debt balance
- Current cash position
- Pledged assets and guarantees
8 of 16 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?
4.7%
For every SEK 100 the company sells, roughly SEK 5 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?
70.3%
Roughly SEK 70 of every SEK 100 of assets is financed by equity, the rest by debt.
Financial year 2025 · 370 datapoints from official filings
How does Bolaro rate the company?
A deterministic score from 0 to 100, built from six areas.
- Financial PerformanceWeak
- Financial StrengthStrong
- GrowthNormal
- Cash & LiquidityStrong
- StabilityStrong
- Quality / RiskNormal
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.
Material portion of equity consists of capitalised development expenditure
What happened?
Capitalised development expenditure corresponded to 45.3% of adjusted equity in 2025.
Why is it worth noticing?
Capitalisation shifts development cost from the income statement to the balance sheet. Reported profit is therefore sensitive to the capitalisation policy.
A good question to ask
”What is the capitalisation policy for development expenditure, and what would EBIT have been if all development cost had been expensed?”
Material part of profit derives from financial income
What happened?
Financial income corresponded to 34.9% of profit after financial items in 2025.
Why is it worth noticing?
Financial income is not operating profit and may not be transferable to a buyer, particularly if it derives from surplus cash or intra-group balances.
A good question to ask
”What does the financial income consist of, and is it recurring?”
Revenue growing while operating margin declines
What happened?
Revenue grew +11.1% in 2025 while the operating margin fell from 6.6% to 4.7% (-1.9 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?”
What looks solid
Positive operating profit in 5 consecutive years
Consistent profitability through varying market conditions reduces earnings risk.
Strong equity ratio
A strong equity base provides resilience and headroom for acquisition financing.
Improving cash position
A rising cash balance indicates that earnings are converting into cash.
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