An open analytical platform that scores state-owned enterprises from their published financial statements and proposes a preliminary route for each: privatisation, restructuring or liquidation. Pilot of 100 enterprises presented in Warsaw, August 2026.
The problem
Belarus has more than 1 500 state-owned enterprises. Roughly a third are loss-making and survive on hidden subsidies. Any democratic government will have to decide — quickly and transparently — which of them to privatise, restructure or close. Without a method, those decisions will be political and arbitrary.
What the platform does
Belsoe.org takes an enterprise's published financial statements (Forms 1–4), computes nine indicators across six dimensions, and produces a health score and a preliminary route:
| Dimension | Weight | What it measures |
|---|---|---|
| Profitability | 0.25 | net margin, return on sales |
| Capital | 0.20 | own working capital ratio |
| Cash flow | 0.20 | operating cash flow |
| Debt load | 0.10 | liabilities to assets |
| Liquidity | 0.10 | current ratio |
| Dynamics | 0.15 | revenue growth, adjusted for debt growth |
Missing data never becomes a zero: the dimension is excluded and weights are redistributed. Defensive rules cap the score when real capital is negative, when the current ratio is below 1 or when operating cash flow is negative.
Health categories: financially strong (> 1.20), stable (1.00–1.20), problematic (0.70–1.00), critical (< 0.70).
Routes: strong and stable → privatisation; problematic → restructuring; critical → liquidation only if real capital, operating cash flow and revenue dynamics are all negative, otherwise restructuring. "Special state consideration" is a manual, traceable human decision based on a three-step significance test — it is never derived from the numbers alone.
Pilot results — 100 enterprises (mid-2026)
- 12 strong · 24 stable · 56 problematic · 6 critical · 2 with insufficient data
- Proposed routes: 60 restructuring · 35 privatisation · 4 special state consideration · 1 liquidation
- Two systemic signals: positive capital held up only by asset revaluation (widespread), and a 2025 margin squeeze in about half the sample, with payroll growing 20–40 % year on year.
The pilot was presented on 7 August 2026 in Warsaw at the side event "Artificial intelligence for a new Belarus: a tool of efficient governance or of total control?", organised by the Representation for Economy and Finance. The full list contains about 700 enterprises; the next tranche adds 100.
Why AI
The method is deterministic and auditable; AI is used to read filings at scale, cross-check them (seven consistency checks per card) and draft recommendations. Every number on a card links back to the source statement. This is what AI in governance should look like: faster, more transparent, and always with a human decision at the end.
