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 debt load: loans and borrowings (long-term + short-term + current portion of long-term) make up a significant share of liabilities; BYN 3,985k went to interest, and financing-activity expenses (10,626) exceed financing-activity income.
- Inventories up 6.6% (78,314 → 83,474), mainly raw materials (malting barley) — typical of seasonal raw-material procurement, but it ties up working capital.
- Other operating expenses (65,708) exceed other operating income (62,226) — a BYN 3,482k loss on other operating activity (FX operations, material aid, sponsorship).
- Current ratio above norm: 1.48 against a ≥1.25 norm, improving year-on-year.
- Positive own-working-capital provision 0.28 (norm ≥0.15), up from 0.21.
- Falling debt load: loans and borrowings −14.4% (24,046 → 20,584).
- Positive and growing operating cash flow: 6,942 → 9,561 (OCF margin 7.1%).
- Revenue up +10.4% and net profit +4.8%, with sales profitability steady at a high 24%.
- Strong export position: goods exports USD 38.8m (+5.8%), positive foreign-trade balance USD 21.8m; malt exported to Africa and other non-CIS distant markets.
- Unqualified audit opinion; liability-to-asset coverage ratio 0.34 (low bankruptcy risk).
Recommendation
By the close of 2025 Belsolod shows a stable financial profile with signs of improvement. 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 (1.48) and own-working-capital provision (0.28) are above norms and improving. The enterprise is a major export-oriented malt producer supplying Africa and other non-CIS distant markets, with a positive foreign-trade balance of USD 21.8m and an export share of roughly 76% of output. The debt load remains noticeable but is falling (−14.4% in loans and borrowings), and operating cash flow is positive and growing. 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.