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 and accumulated profit together −1,885k (uncovered loss −5,801k); the positive total capital 23,616k holds only through asset revaluation (additional paid-in capital 25,061k) — a structural sign of financial instability.
- Liquidity below the critical norm: current liquidity ratio 0.984 (<1.0) — current assets are insufficient to cover current liabilities.
- Negative working-capital ratio: ratio −0.125 (norm ≥0.15) — working capital is entirely financed by liabilities.
- Debt load up 28%; a sharp rise in advances received from customers (from 8,706 to 16,976k, ×1.95) — obligations to clients support cash flow but create risk if contracts are not fulfilled.
- Token net profit: 28k on revenue of 90,093k (profitability 0.03%) — at the edge of break-even, despite emerging from the prior year's loss.
- Accumulated uncovered loss −5,801k grew over the year (was −5,391k).
- Growth of payables to suppliers (from 4,725 to 6,236k) and total short-term payables up 60% (16,861 → 26,933k).
- Strong positive operating cash flow: result of current activity 9,114k versus −2,048k a year earlier (margin 10.12%) — a sharp cash-flow turnaround.
- Revenue growth of 15.4% (from 78,093 to 90,093k) — a real increase in construction volumes.
- Exit from loss: the net result is positive for the first time (28k versus −1,344k); profit on sales grew threefold.
- Cash-balance growth: from 2,978 to 10,268k — improved current solvency.
- Low interest burden: interest payable 161k, no long-term loans.
Recommendation
This oblast-level construction organization with near-full state participation shows a divergence between reviving operating activity and an unhealthy balance-sheet structure. 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 debt 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. The combination of operating revival with negative real capital and insufficient liquidity points to a need for 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.