Bellakt
Volkovysk OJSC "Bellakt"
UNP: 500043093 · 133 Oktyabrskaya St., Volkovysk, Grodno Region 230415
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 181 492 | 113 586 |
| Intangible assets | 327 | 65 |
| Income-bearing investments in tangible assets | 281 | 0 |
| Investments in long-term assets | 23 676 | 37 002 |
| Long-term financial investments | 16 844 | 21 681 |
| Long-term receivables | 239 | 890 |
| Total Section I (long-term assets) | 222 860 | 173 224 |
| Inventories | 168 406 | 68 682 |
| — materials | 47 915 | 38 540 |
| — work in progress | 4 889 | 4 218 |
| — finished goods and merchandise | 114 136 | 25 052 |
| — goods shipped | 1 466 | 872 |
| Deferred expenses | 3 898 | 4 969 |
| VAT on acquired goods, works, services | 2 575 | 2 633 |
| Short-term receivables | 44 410 | 59 024 |
| Short-term financial investments | 9 | 0 |
| Cash and cash equivalents | 6 041 | 23 065 |
| Other short-term assets | 147 | 147 |
| Total Section II (short-term assets) | 225 486 | 158 520 |
| BALANCE (assets) | 448 346 | 331 744 |
| Charter capital | 3 301 | 3 128 |
| Reserve capital | 415 | 594 |
| Additional capital | 150 927 | 105 700 |
| Retained earnings (uncovered loss) | 121 963 | 152 998 |
| Total Section III (equity) | 276 606 | 262 420 |
| Long-term loans and borrowings | 138 | 0 |
| Long-term lease liabilities | 8 107 | 8 300 |
| Total Section IV (long-term liabilities) | 8 258 | 8 307 |
| Short-term loans and borrowings | 103 699 | 15 556 |
| Current portion of long-term liabilities | 417 | 0 |
| Short-term payables | 58 860 | 45 450 |
| — to suppliers, contractors, providers | 42 025 | 29 438 |
| — on payroll | 2 899 | 2 390 |
| — on lease payments | 7 027 | 7 383 |
| Total Section V (short-term liabilities) | 163 482 | 61 017 |
| BALANCE (equity and liabilities) | 448 346 | 331 744 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Net profit from +30,448 to -12,002 — a 42.5m BYN swingF2.210
- Finished goods up 4.6x (F1.214: 25,052 → 114,136k BYN) — a sales crisisF1.214
- Short-term loans ×6.7 (F1.610: 15,556 → 103,699k BYN) — explosive debt build-upF1.610
- Operating cash flow negative -43.8m BYN — core activity burning cashF4.040 · F2.010
- Cash fell 74% (from 23.1 to 6.0m BYN)F1.270
- Sales profitability fell from 8.54% to 1.40% (F2.060/F2.010) and net profitability from 5.18% to −2.20%: the model stopped generating marginF2.060 · F2.010 · F2.210
- Short-term liabilities +168% — balance-sheet structure degradingF1.690
- Financing is refinancing-driven: 420,433 received against 350,828 repaid (F4.080/F4.090) — net new funding of 69,605k BYN to cover the operating deficitF4.080 · F4.090
- Revenue fell 'only' 5.5% — but with production up (finished goods ×4.5) → the real drop in unit sales is largerF2.010
- Admin expenses +43% (from 28.7 to 41.2m BYN) on falling profitF2.040
- Selling expenses +25% (from 38.3 to 47.8m BYN)F2.050
- Total profit including fixed-asset revaluation is positive +7.9m BYN — but this is paper profitF2.240 · F2.220
- Wages in F4 up 21% (from 37 to 45m BYN) — social burden rising on falling salesF4.032
- Inventories up 145% (F1.210: 68,682 → 168,406k BYN) while revenue fell 5.5% — working capital locked in stockF1.210 · F2.010
- Balance sheet up 35% (F1.300: 331,744 → 448,346k BYN) — driven by fixed assets (F1.110: 113,586 → 181,492, +60%)F1.300 · F1.110
- Reorganization supported capital: F3.157 +29,362k BYN, while the reverse entry F3.167 was −16,062F3.157_reorg_in · F3.167_reorg_out
- Long-term liabilities stable 8.3 → 8.3m BYN (lease)F1.590
- Short-term receivables fell 25% (from 59 to 44m) — customers pay fasterF1.250
Recommendation
Bellakt shows a classic pattern of inventory build-up in a declining market: with consistently high output (finished goods grew 4.5× — from BYN 25m to 114m), revenue fell 5.5%, and operating cash flow went to minus BYN 43.8m.
Recommendation: Restructuring — with anti-crisis management: operations are burning cash, the loan balance is explosive, and urgent intervention in inventory and sales management is required.
Why restructuring. The shortfall was covered by mass short-term borrowing — the portfolio grew 6.7× (from BYN 15.5m to 103.7m). If the trend continues without structural change (new sales markets, capacity optimization, loan-portfolio restructuring) — critical condition within 1–2 years. The Belarusian dairy sector has traditionally been oriented toward the Russian market; the revenue decline may be linked to competition from Russian producers or to regulatory restrictions.
Confidence: HIGH. The dual position within the holding structure (Bellakt belongs to the "Grodnomyasomolprom" holding management company and has itself historically been a "holding management company") complicates the analysis — data on other holding members are needed to understand whether this is a local Bellakt problem or a systemic one for the holding. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.