Captain Virgil van Dijk admitted that the Netherlands might have overestimated their abilities heading into Euro 2024.
The Dutch team only secured a spot in the last 16 as one of the best third-placed finishers after their defeat 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.
Van Dijk added: “A lot had to be said [following the defeat to Austria] and we had to analyse a lot.
“It was not the tactics where things went wrong. It was mainly the will to win, so we have talked about that and with harsh words.”
Van Dijk was heavily criticised by former midfielder Rafael van der Vaart on Dutch TV channel NOS. Van der Vaart accused him of showing a lack of passion in an overall “disgraceful performance” against Austria.
The Liverpool captain was at fault for the third and decisive Austria goal in Berlin and the 32-year-old told the media on Friday he knows he has to defend to a higher standard.
“I’m not stupid,” Van Dijk said. “I also know that I can do better and that it should be better, and that’s what I’m working on.”
The Netherlands play Romania for a place in the quarter-finals on Tuesday with kick-off at 17:00 BST on BBC One.