Courbet Heritage: profit of €829,074 in 2025, assets linked to the sale of a hotel in Prague
The 2025 annual accounts of Courbet Heritage, renamed OTT Heritage Hospitality after closure, show a net profit of €829,074, compared to €66,013 in 2024. Operating activity returned to profitability, while the recovery of a significant receivable depends on the disposal of a hotel in Prague and the continuity of operations takes into account in particular the planned entry of new investors in the subsidiaries.
Positive operating profit of €1.46 million after a loss in 2024
Revenue reached €5,243,810 in 2025, compared to €1,469,829 in 2024. The comparison should be read with caution: the accounts are drawn up for the first time in accordance with ANC regulation 2022-06, which notably modifies the definition of revenue and the presentation of exceptional items, with no impact on net profit or equity. All of this revenue corresponds to services billed to group subsidiaries. Centifolia accounts for €2,231 million, Racing Real Estate €1,035 million, Christ Roi €1,018 million and SCEP €601 million. The share generated from exports amounts to €140,341. Operating expenses increased from €1,581,819 to €3,803,147. They include the depreciation of €1,453,434 related to SCEP and other purchases and external charges which increased from €1,534,328 to €2,311,802. Current profit before tax stands at €846,117, compared to -€272,373 in 2024. Exceptional profit, which was positive at €338,386 a year earlier, is negative at €37,952 in 2025.
An ORA of €15.4 million on the liabilities side and several holdings under scrutiny
The total balance sheet reached €37,526,994 on 31 December 2025, compared to €32,606,638 a year earlier. Equity increased from €9,798,517 to €10,665,542. Total debt rose from €22,808,122 to €26,861,452. The main liability item is the convertible bond (ORA) subscribed from shareholder OTT Heritage, for €15,380,137, of which €380,137 in accrued interest. Interest charges to related companies totaled €1,191,539, of which €1,079,592 related to current accounts. In comparison, financial income from these same entities amounted to €1,005,074. This liability has since evolved. On 23 September 2026, the board of directors noted the repayment in shares of 15,000 bonds subscribed by OTT Heritage, which raised the share capital to €13,078,672.20, compared to €9,861,997.20 at the end of 2025. On 31 December 2025, OTT Heritage held 65.03% and 23.02% of the capital through two separate lines. On the assets side, several holdings are subject to close monitoring as their book value exceeds the net assets of the subsidiary. This is the case with Chauny Cannes (securities of €5,700,000 for €599,649 in equity) and Christ Roi (€3,357,965 for €946,404). No impairment of securities was recorded on 31 December 2025.
Sale of the Grand Hotel Mozart expected in the second half of 2026
Receivables related to holdings amount to €12,290,539, of which €8,916,299 on the Grand Hotel Mozart. According to the notes, the recovery of this receivable is linked to the disposal of the Prague asset. The subsidiary holding the hotel signed a sale protocol after closure, with payment expected in the second half of 2026. A capital increase of the Centifolia and Racing Real Estate subsidiaries is also planned for the second half of 2026, with the entry of Banque des Territoires as an institutional investor. The accounts were finalized in accordance with the going concern convention. Given the level of cash at closing, the company indicates that it benefits from the support of its shareholder OTT Heritage, the expected cash flows from the sale of the Mozart hotel and the planned entry of investors into the capital of its subsidiaries. On the basis of projected cash over a twelve-month period, management considers this convention appropriate. With €8,916,299 out of €12,290,539 in related receivables, the Grand Hotel Mozart constitutes the holding's main exposure to its subsidiaries.
