BELSANTEKHMONTAZH-2
OJSC "BELSANTEKHMONTAZH-2"
UNP: 100286253 · 15 Brilevskaya St., 220039 Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 14 102 | 19 642 |
| Investments in long-term assets | 873 | — |
| Long-term financial investments | 381 | 403 |
| Total Section I (long-term assets) | 8 041 | 7 428 |
| Inventories | 1 131 | 1 975 |
| — materials | 1 081 | 1 862 |
| — finished goods and merchandise | 50 | 113 |
| Long-term assets held for sale | 2 | — |
| Deferred expenses | 15 | 19 |
| VAT on acquired goods, works, services | 1 | — |
| Short-term receivables | 3 593 | 3 482 |
| Cash and cash equivalents | 1 103 | 14 939 |
| Other short-term assets | 1 638 | 964 |
| Total Section II (short-term assets) | 7 483 | 21 379 |
| BALANCE (assets) | 15 524 | 28 807 |
| Charter capital | 1 787 | 1 787 |
| Reserve capital | 644 | 644 |
| Additional capital | 11 730 | 14 469 |
| Retained earnings (uncovered loss) | -2 602 | -18 619 |
| Total Section III (equity) | 11 559 | -1 719 |
| Total Section IV (long-term liabilities) | 0 | 0 |
| Short-term loans and borrowings | 0 | 1 345 |
| Short-term payables | 3 846 | 13 773 |
| — to suppliers, contractors, providers | 1 022 | 3 997 |
| — on advances received | 120 | 437 |
| — on taxes and duties | 1 486 | 5 719 |
| — on social insurance and security | 93 | 92 |
| — on payroll | 59 | 42 |
| — to the owner of property (founders, participants) | 120 | 123 |
| — to other creditors | 946 | 3 363 |
| Deferred income | 0 | 15 306 |
| Provisions for future payments | 119 | 102 |
| Total Section V (short-term liabilities) | 3 965 | 30 526 |
| BALANCE (equity and liabilities) | 15 524 | 28 807 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow -12,372k BYN — operations burn cash at 5x revenue
- Gross profit negative (-52): cost of sales 2,412 > revenue 2,360, core production loss-making
- Cash down 93% (14,939 → 1,103) — liquidity reserve nearly exhausted
- K2 sales -30.3% — fundamentally unprofitable operating model, -2.4pp deterioration
- Other current-activity payments 7,601k BYN — 3.2x revenue, require explanation from management
- Charter fund +77.4% state-funded, but capital restored via a one-off event, not operating profit — cosmetic balance-sheet recovery
- Total profit 13,277 = 95% from F2.230 'result from other operations' (+12,302) — large non-capital event whose nature the card cannot determine
- Sharp downsizing: balance shrank from 28.8m to 15.5m (-46%)
- Tax payables cut 5,719 → 1,486 via F4.033=-2,634 — tax debt settled out of the cash reserve
- Dividends = 0 in both periods, yet 3k BYN went through F4.092 — a technical, not corporate, payment
- Basic EPS 0.11 BYN (charter fund 1,787, 2,829 shareholders) — symbolic yield
- K1 current ratio 1.89 — formally above the 1.25 construction norm
- K1 SOS 0.47 — formally above the 0.15 norm
- Full repayment of debt obligations (1,345 → 0) and sharp cut in payables (13,773 → 3,846)
- Net profit turned positive (+176 vs -1,212)
- Auditor LLC 'MAiS Konsalt Belstroy' issued an unqualified opinion on the statements
- Asset backing per share 7.24 BYN vs -1.08 BYN a year earlier — formal recovery of shareholder value
Recommendation
BELSANTEKHMONTAZH-2 is a republican OJSC (77.4% state-owned) in the sanitary-engineering field, Minsk, 2,829 shareholders. As of end-2025, the enterprise's formal financial indicators look significantly better than the prior period: net profit returned to positive territory (+176 vs −1,212), equity was restored from negative territory (−1,719 → +11,559), debt obligations were fully repaid (1,345 → 0), and liquidity and own-working-capital ratios are formally above the required thresholds. This is a picture of successful financial recovery — on paper.
Yet behind the formal improvement lies a fundamentally non-working operating model: gross profit is negative (−BYN 52k: cost of sales exceeds revenue), operating cash flow is −BYN 12,372k (5.2× annual revenue), and the cash reserve fell 93% (14,939 → 1,103). The restoration of capital and the balance sheet came not through operating success but through a large non-capital event — +BYN 12,978k via F3.153 "income from other operations," probably linked to F1.650 "deferred income" of 2024 (15,306 → 0). The nature of this tranche requires clarification — the hypothesis is that it is financing from the owner of property (the state) received in 2024 as targeted funding and recognized as income in 2025. Proposed outcome — Restructuring (3): the enterprise needs not financial restructuring (already done) but restructuring of operating activity — a review of cost of works, pricing, and contract volumes, or strategic repurposing.