Construction Trust No. 25
OJSC Construction Trust No. 25
UNP: 200168373 · 26-1 Komsomolskaya St., Baranovichi, Brest Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 27 051 | 23 199 |
| Intangible assets | 2 | 2 |
| Investments in long-term assets | 135 | 100 |
| Long-term financial investments | — | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 27 189 | 23 302 |
| Inventories | 10 168 | 8 900 |
| — materials | 7 217 | 6 210 |
| — work in progress | 688 | 434 |
| — finished goods and merchandise | 2 263 | 2 256 |
| — goods shipped | — | — |
| Deferred expenses | 131 | 101 |
| VAT on acquired goods, works, services | 433 | 156 |
| Short-term receivables | 7 591 | 6 725 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 10 268 | 2 978 |
| Other short-term assets | 1 | 1 |
| Total Section II (short-term assets) | 28 592 | 18 861 |
| BALANCE (assets) | 55 781 | 42 163 |
| Charter capital | 3 916 | 3 916 |
| Reserve capital | 440 | 440 |
| Additional capital | 25 061 | 24 036 |
| Retained earnings (uncovered loss) | -5 801 | -5 391 |
| Total Section III (equity) | 23 616 | 23 001 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | 1 649 | 646 |
| Deferred income | 1 460 | 92 |
| Total Section IV (long-term liabilities) | 3 109 | 738 |
| Short-term loans and borrowings | 2 002 | 1 563 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 26 933 | 16 861 |
| — to suppliers, contractors, providers | 6 236 | 4 725 |
| — on payroll | 1 582 | 1 510 |
| — on lease payments | 547 | 262 |
| Total Section V (short-term liabilities) | 29 056 | 18 424 |
| BALANCE (equity and liabilities) | 55 781 | 42 163 |
Computed metrics
Integrity checks
Checks passed: 5 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Negative real equity: charter capital F1.410 3,916 and the accumulated loss F1.460 −5,801 sum to −1,885k BYN; the positive total F1.490 23,616 holds through additional paid-in capital from revaluation F1.450 25,061 — a structural sign of financial instability.F1.410 · F1.460 · F1.490 · F1.450
- Liquidity below one: current liquidity ratio 0.984 — current assets F1.290 28,592 are insufficient to cover current liabilities F1.690 29,056.F1.290 · F1.690
- Negative own-working-capital ratio: −0.125 = (F1.490 23,616 − F1.190 27,189) / F1.290 28,592; working capital is entirely financed by liabilities.F1.490 · F1.190 · F1.290
- Liabilities grow faster than assets: short-term loans and borrowings F1.610 1,563 → 2,002 (+28%; the trust has no long-term loans), current liabilities F1.690 18,424 → 29,056 (+57.7%) against balance-sheet growth F1.300 42,163 → 55,781 (+32.3%).F1.610 · F1.690 · F1.300
- Token net profit: F2.210 28k BYN on revenue F2.010 90,093 (profitability 0.03%) — at the edge of break-even, despite emerging from the prior year's loss of −1,344.F2.210 · F2.010
- The accumulated uncovered loss F1.460 deepened over the year: −5,391 → −5,801k BYN.F1.460
- Growth of payables: to suppliers F1.631 4,725 → 6,236, total short-term payables F1.630 16,861 → 26,933 (+59.7%).F1.631 · F1.630
- Strong positive operating cash flow: result of current activity F4.040 −2,048 → 9,114k BYN (margin 10.1% of revenue) — a sharp turnaround.F4.040 · F2.010
- Revenue growth: F2.010 78,093 → 90,093 (+15.4%), gross profit F2.030 6,965 → 10,235.F2.010 · F2.030
- Exit from loss: net result F2.210 −1,344 → +28; profit on sales F2.060 1,302 → 3,383 (×2.6), current activity F2.090 −526 → 1,244.F2.210 · F2.060 · F2.090
- Cash-balance growth: F4.130 2,978 → 10,268k BYN — improved current solvency.F4.130
- Low interest burden: interest paid F4.093 159k BYN (242 a year earlier); no long-term loans, while long-term lease obligations F1.520 grew 646 → 1,649.F4.093 · F1.520
Recommendation
This oblast-level construction organization with near-full state participation shows a divergence between reviving operating activity and an unhealthy balance-sheet structure.
Recommendation: Restructuring — restoration of equity and normalization of working capital while preserving the growing production core. Privatization is inadvisable with negative real capital, and liquidation with positive cash flow and growing revenue.
Why restructuring. On the operating side, 2025 is positive: revenue grew 15.4%, the organization exited loss (net result +28k versus −1,344k), and operating cash flow swung to a strong positive (9,114k, margin 10.12%). However, the capital structure is concerning: real equity is negative (charter capital minus the accumulated uncovered loss of −5,801k gives −1,885k), and the positive total capital holds solely on asset revaluation. Current liquidity is below the critical norm (0.984), own working capital is negative, and the credit load is rising. A significant part of cash flow is provided by a sharp rise in customer advances (almost doubled) — this improves current liquidity but raises dependence on contract fulfilment.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; of the 6 cross-form consistency checks 5 pass — the net-profit reconciliation (F2.210 against F3.151) is unresolved. The score is capped: with negative real equity and a current ratio below 1 the model assigns no value above 0.85 regardless of other indicators.