Belsolod
OJSC Belsolod
UNP: 200075434 · 32 Polevaya St., Ivanovo, Brest Region, 225685
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 110 071 | 103 693 |
| Intangible assets | 131 | 128 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 5 719 | 4 819 |
| Long-term financial investments | 5 730 | 5 607 |
| Long-term receivables | 785 | 1 445 |
| Total Section I (long-term assets) | 122 543 | 115 821 |
| Inventories | 83 474 | 78 314 |
| — materials | 72 853 | 67 774 |
| — work in progress | 2 128 | 1 662 |
| — finished goods and merchandise | 8 493 | 8 878 |
| — goods shipped | — | — |
| Deferred expenses | 32 | 27 |
| VAT on acquired goods, works, services | 34 | 45 |
| Short-term receivables | 27 567 | 25 984 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 1 663 | 735 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 112 770 | 105 105 |
| BALANCE (assets) | 235 313 | 220 926 |
| Charter capital | 29 507 | 29 507 |
| Reserve capital | 998 | 789 |
| Additional capital | 92 874 | 83 994 |
| Retained earnings (uncovered loss) | 30 927 | 23 976 |
| Total Section III (equity) | 154 306 | 138 266 |
| Long-term loans and borrowings | 60 | 300 |
| Long-term lease liabilities | — | — |
| Deferred income | 4 500 | 5 163 |
| Total Section IV (long-term liabilities) | 4 560 | 5 463 |
| Short-term loans and borrowings | 20 524 | 23 746 |
| Current portion of long-term liabilities | 50 073 | 43 044 |
| Short-term payables | 5 184 | 7 097 |
| — to suppliers, contractors, providers | 3 160 | 3 491 |
| — on payroll | 228 | 191 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 76 447 | 77 197 |
| BALANCE (equity and liabilities) | 235 313 | 220 926 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- High aggregate credit load: short-term loans F1.610 BYN 20,524k, current portion of long-term F1.620 BYN 50,073k, long-term F1.510 BYN 60k — against total liabilities F1.700 BYN 235,313k. Interest paid F4.093 BYN 3,985k; financing-activity expenses F2.130 BYN 10,626k against income F2.120 BYN 6,650k.F1.610 · F1.620 · F1.510 · F1.700 · F4.093 · F2.130 · F2.120
- Inventories F1.210 78,314 → BYN 83,474k (+6.6%), mainly raw materials F1.211 67,774 → BYN 72,853k (+7.5%) — working capital is tied up; growth is slower than revenue F2.010 (+10.4%).F1.210 · F1.211 · F2.010
- Other operating expenses F2.080 BYN 65,708k exceed other operating income F2.070 BYN 62,226k — the result on other operating activity is BYN −3,482k.F2.080 · F2.070
- The debt structure is shifting to the short end: canonical debt F1.510+F1.610 fell 24,046 → BYN 20,584k (−14.4%), but the current portion of long-term loans F1.620 rose 43,044 → BYN 50,073k (+16.3%) — a decline on one pair of lines does not mean interest-bearing obligations are shrinking overall.F1.510 · F1.610 · F1.620
- Current ratio 1.48 (F1.290 112,770 / F1.690 76,447) against 1.36 a year earlier (105,105 / 77,197) — above the declared 1.0 threshold.F1.290 · F1.690
- Own working capital is positive: (F1.490 154,306 − F1.190 122,543) / F1.290 112,770 = +0.28, up from +0.21.F1.490 · F1.190 · F1.290
- Operating cash flow F4.040 is positive and growing: 6,942 → BYN 9,561k, or 7.1% of revenue F2.010 BYN 134,428k.F4.040 · F2.010
- Revenue F2.010 121,739 → BYN 134,428k (+10.4%) with profit on sales F2.060 29,347 → BYN 32,297k (+10.1%), sales profitability 24.11 → 24.03%. Net profit F2.210 16,831 → BYN 17,632k (+4.8%) grows more slowly than revenue — net profitability 13.83 → 13.12%.F2.010 · F2.060 · F2.411 · F2.210 · F2.412
Recommendation
By the close of 2025 Belsolod shows a stable financial profile with signs of improvement.
Recommendation: Privatization. Its financial condition does not call for state capital; export resilience and market margins make it suitable for privatization on market terms while preserving export potential.
Why privatization. Revenue rose 10.4% (121,739 → 134,428k BYN) and net profit 4.8% (16,831 → 17,632), with sales profitability held at a high 24%. The balance sheet reconciles and equity is backed by real retained earnings; current liquidity (1.36 → 1.48) and own-working-capital provision (0.21 → 0.28) are improving and above the declared thresholds. The enterprise is a major export-oriented malt producer supplying Africa and other non-CIS distant markets. The credit load remains noticeable: the decline in loans and borrowings (−14.4%) is accompanied by growth in the current portion of long-term loans (43,044 → 50,073), so interest-bearing obligations are not shrinking overall; operating cash flow is positive and growing.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.