Identify risks
What Bolaro noticed
Observations from the rules engine, in plain language.
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?”
Material portion of equity consists of intangible assets
What happened?
Intangible assets corresponded to 45.3% 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?”
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.