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 revenueF4.040 · F2.010
- Gross profit negative (-52): cost of sales 2,412 > revenue 2,360, core production loss-makingF2.030 · F2.020 · F2.010
- Cash down 93% (14,939 → 1,103) — liquidity reserve nearly exhaustedF1.270
- Sales profitability -30.3% — fundamentally unprofitable operating model, -2.4pp deteriorationF2.060 · F2.010
- Other current-activity payments 7,601k BYN — 3.2x revenue; the composition of these payments is not disclosed in the statementsF4.034 · F2.010
- Equity restored from -1,719 to +11,559 by a one-off non-capital result F2.230 +12,302 rather than by operating profit (+176) — cosmetic balance-sheet recoveryF1.490 · F2.230 · F2.210
- Total comprehensive profit 13,277 is 92.7% formed by F2.230 'result from other operations' (+12,302) — a large non-capital event whose nature is not disclosed in the statementsF2.240 · F2.230
- Sharp downsizing: balance shrank from 28.8m to 15.5m (-46%)F1.300
- Tax payables fell 5,719 → 1,486; cash paid was 2,634 (F4.033) — the remaining reduction (1,599) cannot be derived from F1–F4F1.633 · F4.033
- Dividends F4.092: 0 in 2024, 3k BYN in 2025 — a technical, not corporate, paymentF4.092
- Basic EPS 0.11 BYN against a charter capital of 1,787k BYN — symbolic yieldF2.250 · F1.410
- Own working capital ratio: +0.470 using the section I total (F1.190 8,041) vs -0.507 using the sum of its lines (F1.110 14,102 + F1.140 873 + F1.150 381) — the sign depends on the gap between the section total and the sum of its linesF1.490 · F1.190 · F1.290 · F1.110 · F1.140 · F1.150
- Current ratio 1.89 — short-term assets 7,483 cover short-term liabilities 3,965F1.290 · F1.690
- Full repayment of debt obligations (1,345 → 0) and sharp cut in payables (13,773 → 3,846)F1.610 · F1.630
- Net profit turned positive (+176 vs -1,212)F2.210
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.
Recommendation: Restructuring — 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.
Why restructuring. 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.
Confidence: MEDIUM. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass. The score is capped: with negative real equity the model assigns no value above 0.85 regardless of other indicators.