Courtois SA: Revenue Skyrockets, but Losses Multiply by 30
In 2025, Courtois SA saw a significant increase in its consolidated business, primarily driven by the advancement of a major real estate program. The consolidated revenue reached €2,563K, up by €1,618K from 2024. At the same time, the results remain negative, with a marked deterioration in the company's accounts.
Significant Growth in Consolidated Revenue
The group's consolidated revenue stood at €2,563K in 2025, compared to €945K in 2024, an increase of €1,618K. This rise is mainly due to the progress of the Courbevoie project, which contributed €2,052K to the year's revenue. This program, involving 14 residential lots, represents a business volume including reservations of €4,248K, approximately 50% of the total revenue when including these reservations. The major construction work is nearing completion, with delivery scheduled for the second half of 2026. Concurrently, the group continues its property management activity in Toulouse, notably with the rehabilitation of the building located on Rue de Rémusat. A partial handover of the premises was completed in March 2026.
Despite Revenue Growth, Net Results Remain Negative
Despite the increase in activity, the consolidated net result, attributable to the group, remained negative at €383K in 2025, compared to a loss of €347K in 2024, a deterioration of €36K. At the level of the company's accounts, the net loss amounted to €1,080K, compared to €35K in 2024, a multiplication by about 30. This development is part of a context marked by several elements related to the Rue de Rémusat building. The rehabilitation works led to expenses of €320K (tenant search, financing, taxes, and safety measures) and the write-off of fixed assets amounting to €102K. Additionally, the departure of a tenant resulted in a €754K decrease in rents and charges for the year.
Courbevoie Project: The Main Driver of Group Activity
The Courbevoie project is the main driver of the group's activity. Following the withdrawal of a buyer in early 2026, the business volume including reservations stands at €4,248K. In this context, a request for the extension of a loan of €1,350K, initially due in June 2026, is underway. Furthermore, the Board of Directors will propose at the General Meeting on May 21, 2026, not to distribute dividends for the fiscal year 2025. The social and consolidated accounts will be submitted for shareholder approval, with the auditors' report currently being prepared.
