Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 63 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
GMR Group from Oostende, company number BE0553588995, closed financial year 2025 with a result of € 6,581 after tax. For that financial year GMR Group recorded a gross margin of € 160,429 and equity of € 94,165. Compared with financial year 2024, the result moved from € -4,370 to € 6,581. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on November 21, 2025.
€ 94,165
▲ 8% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 6,581
▲ still € 4,370 loss in 2024
Profit after tax over the fiscal year.
€ 46,173
▼ 10% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 87,965.
People and assets in 2025
€ 102,766
▲ 107% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 430,554
Loans from banks and other lenders, long and short.
€ 34,643
▲ 97% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 9,340
▼ 56% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 92,308 | € 131,011 | € 60,256 | € 160,429 | ▲ 166% |
| Profit after taxes | € 2,100 | € 58,352 | € -4,370 | € 6,581 | ▲ € 10,951 |
| Equity | € 42,403 | € 91,955 | € 87,585 | € 94,165 | ▲ 8% |
| Total debts | € 104,730 | € 81,908 | € 53,874 | € 558,662 | ▲ € 504,788 |
| Cash | € 22,622 | € 38,768 | € 51,512 | € 46,173 | ▼ 10% |
| Land & buildings | - | - | - | € 480,381 | |
| Retained profit | € 36,203 | € 85,755 | € 81,385 | € 87,965 | ▲ 8% |
| Dividend | € 0 | € 8,800 | € 0 | € 0 | |
| Bank debt | € 0 | € 0 | € 0 | € 430,554 | |
| Balance sheet total | € 147,134 | € 173,863 | € 141,459 | € 652,827 | ▲ € 511,368 |
Key figures of GMR Group, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 October 2026.
What happened to GMR Group?
What happened at GMR Group in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 6,581. filed late Source: NBB ↗
- MIKAYEL GHAZARYAN became a director. NBB
- New establishment in Oostende. KBO
- Start of the company according to the CBE. KBO
In short
From € 2,100 profit in 2022 to € 6,581 profit in 2025.
Paid € 30,408 in corporate taxes since 2022.
Best year ever: 2023, with € 58,352 profit.
Paid out € 8,800 in dividends to the owners in total.
Management
Behind GMR Group is MIKAYEL GHAZARYAN. MIKAYEL GHAZARYAN is also behind CM HOMES.
Directors
According to the 2025 annual accounts
since 2016
Establishments
Establishment units
Physical locations of this company
Koolmeesstraat 4
8400 Oostende
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0553.588.995
- VAT number
- BE 0553.588.995
- Registered office
- Koolmeesstraat 4, 8400 Oostende
- Names & denominations
- GMR Group
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 31 May 2014
- Peppol
- Active · Active since 5 Jan 2026
- Activities · NACE
Overige werkzaamheden in verband met de afwerking van gebouwen
Installatie van isolatie
Detailhandel in andere tweedehandsgoederen, muv tweedehandskleding
Reparatie en onderhoud van machines
Verhuisactiviteiten
Isolatiewerkzaamheden