It’s a sitting dog.
Look at the logo on German Wikipedia page, it’s clearer.
It’s consitent with the description on Discogs:
The Electrola brand was established as a counterpart of the British “His Master’s Voice” label by the Gramophone Co. Ltd.
Shame on me: I’ve looked already a while to the logo and also to other/older logos, including HMV’s Nipper logo, but I was not able to identify the dog.
Now I see him, very clearly.