BELORGSTANKINPROM Institute
OJSC BELORGSTANKINPROM Institute
UNP: 100088758 · 16 Dolgobrodskaya St., Minsk 220038
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 1 170 | 1 064 |
| Intangible assets | 17 | 26 |
| Investments in long-term assets | — | 1 |
| Long-term financial investments | 34 | 34 |
| Total Section I (long-term assets) | 1 221 | 1 125 |
| Inventories | 375 | 425 |
| — materials | 78 | 413 |
| — finished goods and merchandise | 297 | 12 |
| Deferred expenses | 12 | 11 |
| VAT on acquired goods, works, services | — | 124 |
| Short-term receivables | 38 436 | 22 957 |
| Cash and cash equivalents | 1 426 | 6 142 |
| Total Section II (short-term assets) | 40 249 | 29 659 |
| BALANCE (assets) | 41 470 | 30 784 |
| Charter capital | 516 | 516 |
| Reserve capital | 4 | 4 |
| Additional capital | 882 | 760 |
| Retained earnings (uncovered loss) | -1 542 | -1 649 |
| Total Section III (equity) | -140 | -369 |
| Long-term loans and borrowings | — | — |
| Total Section IV (long-term liabilities) | — | — |
| Short-term loans and borrowings | 7 029 | 3 717 |
| Short-term payables | 34 581 | 27 436 |
| — to suppliers, contractors, providers | 22 077 | — |
| — on payroll | 126 | 143 |
| Total Section V (short-term liabilities) | 41 610 | 31 153 |
| BALANCE (equity and liabilities) | 41 470 | 30 784 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Negative equity: the total of Section III is −140m BYN (accumulated loss −1,542 exceeds charter and reserve capital); real accumulated capital −1,026m BYN. The nominal capital is not positive — it holds only on revaluation (additional paid-in capital 882).F1.490 · F1.460 · F1.450
- Current liabilities are not covered by current assets: current ratio 0.97 — below the declared threshold of 1.0; own-working-capital provision −0.03.F1.290 · F1.690
- Negative cash flow from current activity: −7,378m BYN (deepening from −2,000). Accrued profit is not backed by cash — funds are locked in receivables, which grew from 22,957 to 38,436m BYN.F4.040 · F1.250
- Growing credit load: short-term loans and borrowings grew from 3,717 to 7,029m BYN (+89%); loan drawdowns finance the cash gap.F1.610
- Concentration of receivables and payables: receivables 38,436 and payables 34,581m BYN dominate the balance sheet (assets 41,470); of payables, 22,077 is to suppliers. The financial condition critically depends on collecting these settlements.F1.250 · F1.630 · F1.631 · F1.300
- A sharp turnaround of operating activity into profit: profit on sales +2,798m BYN versus a loss of −1,366 a year earlier; result of current activity +1,599 versus −1,518. Sales profitability rose from −19.0% to +4.7%.F2.060 · F2.090 · F2.010
- The net result moved from loss into profit: net profit +107m BYN versus a loss of −1,574; comprehensive income +229 versus −1,459.F2.210 · F2.240
- Multifold revenue growth: from 7,185 to 59,711m BYN.F2.010
- Accumulated loss is shrinking: from −1,649 to −1,542m BYN; equity is recovering (−369 → −140).F1.460 · F1.490
Recommendation
OJSC BELORGSTANKINPROM Institute is a specialized scientific-and-technical institute (expert examination, technical testing) under republican subordination (Ministry of Industry), in full state ownership (state share 100%). The 2025 statements show a contradictory picture: a striking operating turnaround against a persisting structural breakdown of the balance sheet.
Recommendation: Restructuring. The enterprise cannot be liquidated — operationally it revived, revenue and profitability demonstrated a turnaround, and the profile (expert examination in machine-tool building) retains value. But leaving the balance sheet in its current form is also unacceptable: negative capital, negative operating cash flow and dependence on uncollected receivables require financial remediation — recapitalization, normalization of settlements and restoration of solvency. Privatization in the current state is unrealistic: with negative capital and a qualified audit opinion, investment attractiveness is absent until the balance sheet is rehabilitated.
Why restructuring. At the operating level the year is strong: revenue grew more than eightfold (7,185 → 59,711m BYN), activity moved from loss into profit (profit on sales −1,366 → +2,798), the net result changed sign (−1,574 → +107). But this turnaround does not convert into financial health. Equity is negative (−140m BYN): accumulated loss −1,542 exceeds charter capital, and nominally capital holds on revaluation. Current liquidity is below one (0.97) — current liabilities are not covered by current assets. Cash flow from current activity is deeply negative (−7,378): accrued profit is locked in short-term receivables, which grew to 38,436m BYN, and the cash gap is financed by building up loans (+89%). In addition, the statements carry a qualified audit opinion — key items (receivables, payables, cash, VAT) were not confirmed by the auditor.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.