After the crackdown: The 2025 finances of six remaining private schools After the crackdown: The 2025 finances of six remaining private schools
Nearly three years after the introduction of mandatory licensing for schools and two years after the “Staying alive” investigation, Buro examined the financial statements of the surviving private schools in Belarus.
At the time, we reported that only six out of 35 private schools had received a licence following the sweep in the education sector. The institutions that survived were distinguished by their airtight documentation and compliance with the new requirements, as well as their connections to major businesses, government officials, the ruling elite, the Lukashenko family and state-aligned organisations.
These include the Konkord, Eko-El, Alternativa, Ichthys and Eliseevy Polya schools, as well as the Minsk International Gymnasium.
Alternativa: Steady growth
At the end of 2025, Alternativa High School had generated revenue of 5.3 million Belarusian rubles, resulting in a net profit of 1.8 million. Targeted funding is reported as a separate line item in the financial statements. In 2025, for example, the school received 127,000 Belarusian rubles in grants and sponsorships.
Despite the crackdown on private schools, Alternativa was able to resume operations quickly. Journalists have uncovered a link between the school and Mikhail Mironchyk, the former head of the Department of Education Quality Control at the Ministry of Education. He was responsible for licensing and accreditation. Before his appointment, he had worked at Alternativa for a considerable period.
Eko-El: Highest revenue with nearly zero profit
With 7.6 million rubles, the private school Eko-El reported the highest revenue among the six institutions. However, its net profit was only 81,000 rubles, amounting to around 1% of its revenue.
Operational costs almost entirely offset the revenue. With revenue of 7.6 million rubles, costs amounted to 7.56 million. The previous year, the school had made a net profit of 322,000 rubles.
Eko-El is considered to be a school for the children of the Belarusian elite. The journalists identified the grandson of Viktar Sheiman and the granddaughter of Uladzimir Kanapliou among the students, as well as the children of prominent businesspeople and members of the ruling elite.
Ichthys: Profit nearly doubled revenue
The private Orthodox school, Ichthys, which is affiliated with the St Elisabeth Convent, submitted an unusual financial report.
In 2025, the school’s revenue was 1.5 million rubles, while its net profit was almost twice as much at 2.9 million rubles. This is due to the school’s revenue structure: it received 1.8 million Belarusian rubles in other operating income and 735,000 rubles in investment income. Additionally, the amount of targeted funding in 2025 was 742,000 rubles.
Our investigation revealed that Ichthys is an ideological project associated with groups that advocate for the pro-Lukashenko agenda, militarisation, and the concept of the “Russian World”.
Minsk International Gymnasium: The largest targeted funding
Founded by Iryna Abelskaya, the mother of Nikolai Lukashenko, the Minsk International Gymnasium ended 2025 with revenue of 3.5 million rubles and a net profit of 591,000 rubles. With 1.8 million rubles, targeted funding was more than double that of any of the other six schools.
What sets the school apart from other private institutions is that it has received government funding since its foundation, including through government procurement.
Eliseevy Polya: High returns and dividends
Eliseevy Polya finished 2025 with revenues totalling 2 million rubles and a net profit of 1.3 million rubles. The profitability rate was around 65%, one of the highest among the six institutions. That same year, the company allocated 929,000 rubles to dividend payments, distributing a significant portion of its profits to the owner.
Eliseevy Polya is a kindergarten and elementary school founded by Alena Miashkova. Her husband, Maksim Miashkou, used to work in the Criminal Investigation Department of the Savetski District Internal Affairs Directorate in Minsk. He then became a businessman. Buro’s sources were unable to provide a clear explanation as to why the agency was permitted to continue operating. One source suggested that the reason was its “extreme loyalty” to the government.
Konkord: Modest results
At the end of 2025, the Konkord School in Mahilou generated revenue of 1.7 million rubles, resulting in a net profit of 118,000 rubles. With 18,000 rubles, targeted funding was the lowest among the six schools.
Following the sweep, Mahilou State School No. 12 temporarily took over the administration of Konkord, making it its second facility. Following the granting of its licence, the school resumed operations as an independent, private institution.
The 2025 financial statements show that, overall, the six private schools permitted to remain open by the authorities following the crackdown are operating steadily and increasing their revenue.
The Belarusian authorities have effectively created preferential conditions for a few institutions by narrowing the market down to just them. Financial results for 2025 show that these schools have not only survived but continue to generate millions of rubles in revenue, profits, assets and targeted funding.