Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
-
Tight liquidity NBB
Cash and receivables cover 33 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Ghl Logistics from Oostende, company number BE0670990174, closed financial year 2025 with a result of € 26,796 after tax. For that financial year Ghl Logistics recorded a gross margin of € 2.7 million and equity of € -7,803. Compared with financial year 2024, the result moved from € -104,021 to € 26,796. Profitable, and profit is growing. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 31, 2026.
€ -7,803
▲ € 26,796 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 26,796
▲ still € 104,021 loss in 2024
Profit after tax over the fiscal year.
€ 9,365
▲ € 7,209 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 € -17,803.
People and assets in 2025
48.3
▼ 3.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.2 million
▲ 23% vs 2024
€ 45,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 838,602
▲ 21% vs 2024
Of which on lease € 729,959.
Debts at end 2025
€ 768,120
▲ 22% vs 2024
€ 296,437 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 386,365
▲ 114% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 564,114
▲ 2% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 1,268,320 | € 1,739,035 | € 1,983,639 | € 2,684,737 | ▲ 35% |
| Profit after taxes | € 2,506 | € -104,674 | € -104,021 | € 26,796 | ▲ € 130,817 |
| Equity | € 174,096 | € 69,422 | € -34,599 | € -7,803 | ▲ € 26,796 |
| Total debts | € 910,172 | € 1,375,222 | € 1,417,765 | € 1,808,854 | ▲ 28% |
| Cash | € 13,804 | € 12,265 | € 2,155 | € 9,365 | ▲ € 7,209 |
| Retained profit | € 164,096 | € 59,422 | € -44,599 | € -17,803 | ▲ € 26,796 |
| Bank debt | € 448,831 | € 590,441 | € 631,977 | € 768,120 | ▲ 22% |
| Balance sheet total | € 1,084,268 | € 1,444,644 | € 1,383,166 | € 1,801,051 | ▲ 30% |
| Employees (FTE) | 30 | 38.4 | 51.9 | 48.3 | ▼ 3.6 |
Key figures of Ghl Logistics, 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 July 2027.
What happened to Ghl Logistics?
What happened at Ghl Logistics in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 26,796. Source: NBB ↗
- New establishment in Oostende. KBO
- Lilia Movsesyan became a director. NBB
- Hayk Ghazaryan became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 2,506 profit in 2022 to € 26,796 profit in 2025.
Paid € 1,405 in corporate taxes since 2022.
Best year ever: 2025, with € 26,796 profit.
On average € 55,600 of value added per employee in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind Ghl Logistics are Lilia Movsesyan and Hayk Ghazaryan.
Directors
According to the 2025 annual accounts
Lilia Movsesyan
Manager
since 2017
Hayk Ghazaryan
Manager
since 2017
Establishments
Establishment units
Physical locations of this company
Zandvoordestraat 507
8400 Oostende
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
CLOUDFLARENET - Cloudflare, Inc., US
DNS
Cloudflare DNS
Domain
Domain
ghllogistics.be
Registered
2019-06-07
Website info
Features
Security
Network
Details
- Company number
- 0670.990.174
- VAT number
- BE 0670.990.174
- Registered office
- Zandvoordestraat 507, 8400 Oostende
- Names & denominations
- Ghl Logistics
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 20 January 2017
- Peppol
- Active · Active since 4 Dec 2024
- Activities · NACE
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