Grodnopromstroy
Open Joint-Stock Company Grodnopromstroy
UNP: 500036537 · 52 Kosmonavtov Ave., Grodno, Grodno Oblast 230003
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 42 573 | 37 482 |
| Intangible assets | 260 | 7 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 490 | 601 |
| Long-term financial investments | 2 | 2 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 43 325 | 38 092 |
| Inventories | 18 120 | 22 460 |
| — materials | 13 613 | 18 136 |
| — work in progress | 194 | 852 |
| — finished goods and merchandise | 4 313 | 3 470 |
| — goods shipped | — | — |
| Deferred expenses | 649 | 666 |
| VAT on acquired goods, works, services | 702 | 413 |
| Short-term receivables | 13 177 | 15 243 |
| Short-term financial investments | — | 200 |
| Cash and cash equivalents | 3 600 | 8 157 |
| Other short-term assets | 1 | 35 |
| Total Section II (short-term assets) | 36 249 | 47 174 |
| BALANCE (assets) | 79 574 | 85 266 |
| Charter capital | 3 559 | 3 559 |
| Reserve capital | 7 483 | 7 483 |
| Additional capital | 43 054 | 43 296 |
| Retained earnings (uncovered loss) | -78 336 | -73 544 |
| Total Section III (equity) | -24 240 | -19 206 |
| Long-term loans and borrowings | 25 550 | 25 546 |
| Long-term lease liabilities | 2 010 | 327 |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 61 956 | 61 427 |
| Short-term loans and borrowings | 5 631 | 5 007 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 31 491 | 37 565 |
| — to suppliers, contractors, providers | 8 067 | 5 893 |
| — on payroll | 2 216 | 2 474 |
| — on lease payments | 806 | 450 |
| Total Section V (short-term liabilities) | 41 858 | 43 045 |
| BALANCE (equity and liabilities) | 79 574 | 85 266 |
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 equity: the total of Section III is −24,240k BYN, accumulated uncovered loss −78,336k BYN — liabilities exceed assets on an equity basis; the positive additional paid-in capital (43,054) was formed by revaluation and does not reflect a real capital base.
- Net loss for 2025: −5,257k BYN versus net profit of +10,145 in 2024 — a reversal of the financial result.
- Current liquidity below one: K1 = 0.87 — current assets do not cover current liabilities.
- Negative working-capital ratio: −1.86 — turnover is financed entirely by borrowed and attracted funds.
- Negative operating cash flow: −3,293k BYN (though the outflow halved relative to −12,490 in 2024).
- Revenue fell 15.7% year on year (141,639 versus 168,073).
- Bottom-line profitability fell from +6.0% to −3.7% — by almost 10 percentage points.
- Profit on sales shrank more than twofold (2,606 versus 6,228), sales profitability falling to 1.8%.
- Inventories fell 19% (18,120 versus 22,460) amid falling revenue — possible winding-down of work volumes.
- Cash shrank from 8,157 to 3,600k BYN over the year.
- The operating cash outflow narrowed markedly: −3,293 versus −12,490 in 2024 — the operating loss funnel is narrowing.
- Loan and borrowing debt load is almost stable (+2.1% year on year), with no sharp build-up of debt.
- Significant scale of activity is retained: revenue 141.6m BYN, receipts from customers 140.7m BYN — the enterprise is operationally functioning.
Recommendation
The enterprise shows a sustained structural crisis while retaining operating scale. Equity is negative (−24,240k BYN), accumulated uncovered loss reached −78,336k BYN and grew by a further ~4.8m BYN over the year; the formally positive additional paid-in capital was formed by revaluation of long-term assets and is not a real capital cushion. Current liquidity fell below one (0.87), and the working-capital ratio is deeply negative. The financial result reversed from profit to loss (−5,257 versus +10,145), and revenue fell 15.7%. At the same time, the negative operating cash flow more than halved and the debt load is stable — i.e. the acute phase of cash outflow is easing. The profile fits not liquidation but deep restructuring/rehabilitation: a large construction turnover and a function within the republican construction-complex system are retained, while the capital structure requires restoration (recapitalization, restructuring of the accumulated loss, normalization of working capital). The recommendation is restructuring at a critical level of financial condition.