Captain Virgil van Dijk says the Netherlands may have overestimated themselves going into Euro 2024.
The Dutch only qualified for the last 16 as one of the best third-placed finishers after losing to Austria on Tuesday.
"I can completely understand the criticism," Van Dijk said.
"Things overall can and should be better. Maybe we overestimate ourselves."
Ronald Koeman's side finished behind France as Austria topped Group D with an impressive six points.
The Netherlands, who last won the European Championship 36 years ago, know they are going to have to play much better to repeat that success in Germany.