Rechitsa Textile
OJSC Rechitsa Textile
UNP: 400016802 · 131 Naumova St., Rechitsa, Gomel Oblast 247500
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 26 355 | 42 273 |
| Intangible assets | 2 | 4 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 726 | 593 |
| Long-term financial investments | 3 | 3 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 27 375 | 42 873 |
| Inventories | 2 227 | 4 068 |
| — materials | 589 | 1 155 |
| — work in progress | 34 | 259 |
| — finished goods and merchandise | 1 604 | 2 654 |
| — goods shipped | — | — |
| Deferred expenses | 10 | 4 |
| VAT on acquired goods, works, services | 4 | — |
| Short-term receivables | 2 130 | 1 698 |
| Short-term financial investments | — | 102 |
| Cash and cash equivalents | 36 | 6 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 4 407 | 5 878 |
| BALANCE (assets) | 31 782 | 48 751 |
| Charter capital | 9 660 | 9 660 |
| Reserve capital | 12 | 12 |
| Additional capital | 26 144 | 37 793 |
| Retained earnings (uncovered loss) | -22 504 | -18 075 |
| Total Section III (equity) | 13 312 | 29 390 |
| Long-term loans and borrowings | 4 022 | 7 439 |
| Long-term lease liabilities | — | — |
| Deferred income | 819 | 441 |
| Total Section IV (long-term liabilities) | 4 841 | 7 880 |
| Short-term loans and borrowings | 47 | 2 042 |
| Current portion of long-term liabilities | 5 567 | 2 254 |
| Short-term payables | 8 015 | 7 185 |
| — to suppliers, contractors, providers | 3 892 | 4 112 |
| — on payroll | 239 | 211 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 13 629 | 11 481 |
| BALANCE (equity and liabilities) | 31 782 | 48 751 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Net loss for the second year running and growing: −4,429k BYN for 2025 versus −2,963 for 2024; accumulated uncovered loss reached −22,504k BYN.
- Real equity is deeply negative: without revaluation of fixed assets (additional paid-in capital 26,144k BYN), own funds amount to −12,844k BYN — the positive total of Section III (13,312) rests solely on revaluation.
- Current liquidity is critically low: K1 = 0.32 (norm ≥1.25) — current assets cover only about a third of current liabilities; there is no own working capital (K1_OWC = −3.19).
- Operations are loss-making at every level: sales profitability −17.9%, net margin −36.7%; gross profit almost wiped out (324k BYN on revenue of 12,059).
- The enterprise discloses overdue obligations (5,426k BYN at end-2025) and assesses its bankruptcy risk as medium.
- The value of fixed assets fell sharply (42,273 → 26,355k BYN) — mainly through a downward revaluation of buildings (−11,649k BYN) rather than disposal; capital investment is minimal.
- The short-term portion of long-term liabilities grew (2,254 → 5,567k BYN): a significant share of long-term debt falls due within the year, intensifying liquidity pressure.
- Over the course of 2025 the enterprise's management changed three times — a sign of managerial instability.
- Operating cash flow remains positive: +518k BYN (+4.3% of revenue) — current activity generates cash despite the accounting loss (the loss is largely non-cash).
Recommendation
Rechitsa Textile is a manufacturer of textile articles (light industry) managed by a sector-specific state concern, with a state share of about 98.9%. The 2025 financial result is deeply negative: net loss of −4,429k BYN widened from −2,963 a year earlier, operations are loss-making at every level (sales profitability −17.9%, net −36.7%), and current liquidity is critical (K1 = 0.32) with no own working capital. The key structural problem is deeply negative real equity (−12,844k BYN): the positive balance-sheet total is provided solely by revaluation of fixed assets. Accumulated uncovered loss is −22,504k BYN; the enterprise discloses overdue obligations and assesses bankruptcy risk as medium.
At the same time the business retains a cash core: operating flow remains positive (+518k BYN), a significant part of the loss is non-cash (downward revaluation of buildings −11,649k BYN), overdue obligations nearly halved over the year, the self-assessed bankruptcy risk was lowered from high to medium, and revenue grew nominally. A state-supported modernization is under way at the enterprise. The combination of factors — an undercapitalized, loss-making balance sheet with critical liquidity, but an operating core that still generates cash — points to restructuring (recapitalization).