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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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Shrinking team NBB
FTE fell two years in a row, from 4 to 3.5.
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Figures corrected NBB
Corrected annual account filed for 2021.
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Busy address KBO
59 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
CTH INVEST from Watermaal-Bosvoorde, company number BE0660681450, closed financial year 2025 with a result of € -138.1 million after tax. For that financial year CTH INVEST recorded revenue of € 1.3 million and equity of € 5 billion. Compared with financial year 2024, the result moved from € -99.5 million to € -138.1 million. The company made a loss. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on February 26, 2026.
€ 5 billion
▲ 28% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -138.1 million
▼ 39 % more loss than in 2024
Profit after tax over the fiscal year.
€ 6.4 million
▼ 37% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -588.5 million.
People and assets in 2025
3.5
▼ 0.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.6 million
▼ 13% vs 2024
€ 466,700 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.
€ 165,320
▼ 32% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.4 billion
▼ 43% vs 2024
Loans from banks and other lenders, long and short.
€ 5.8 million
▲ 25% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 111 days on average.
€ 190,251
▲ 9% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2021 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 136,500 | € 386,500 | € 231,500 | € 1,318,249 | ▲ € 1.1 million |
| Profit after taxes | € -5,179,808 | € -363,942,552 | € -99,477,781 | € -138,147,820 | ▼ € 38.7 million |
| Equity | € 3,942,542,681 | € 3,996,856,085 | € 3,897,378,305 | € 4,993,383,530 | ▲ 28% |
| Total debts | € 1,576,854,988 | € 1,300,036,306 | € 2,415,767,040 | € 1,369,194,377 | ▼ 43% |
| Cash | € 113,386,580 | € 4,640,828 | € 10,165,513 | € 6,407,694 | ▼ 37% |
| Retained profit | € 13,101,079 | € -350,841,473 | € -450,319,254 | € -588,467,073 | ▼ € 138.1 million |
| Bank debt | € 1,532,016,062 | € 1,267,217,404 | € 2,367,887,322 | € 1,361,500,002 | ▼ 43% |
| Balance sheet total | € 5,519,397,670 | € 5,296,892,392 | € 6,313,145,345 | € 6,362,577,907 | ▲ 1% |
| Employees (FTE) | 4 | 4 | 3.8 | 3.5 | ▼ 0.3 |
Key figures of CTH INVEST, fiscal years 2021 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 March 2027.
What happened to CTH INVEST?
What happened at CTH INVEST in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 138.1 million. Source: NBB ↗
- CHRISTIAN CHERUY stepped down as director. NBB
- GUIDO GIANNOTTA stepped down as director. NBB
- PAOLA ROSSI stepped down as director. NBB
- GIOVANNI FERRERO stepped down as director. NBB
- CHRISTIAN CHERUY became a director. NBB
- GUIDO GIANNOTTA became a director. NBB
- PAOLA ROSSI became a director. NBB
In short
From € 5.2 million loss in 2021 to € 138.1 million loss in 2025.
Paid € 31.3 million in corporate taxes since 2021.
Pays suppliers within 111 days on average.
A new publication or filing at CTH INVEST? We notify you, reason included.
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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
It owns 300% of TESEO, 100% of MICHEL ET AUGUSTIN, 100% of FINE BISCUITS COMPANY, 100% of KAY CAPITAL, 100% of Hadrian Finco Limited and 100% of Fox’s Burton’s Company Group Limited itself.
Directors
According to the 2025 annual accounts
CHRISTIAN CHERUY
Director
since 2025 · until 2026
since 2025 · until 2026
PAOLA ROSSI
Managing director
since 2025 · until 2026
GIOVANNI FERRERO
Director
since 2025 · until 2026
Establishments
Establishment units
Physical locations of this company
Terhulpsesteenweg 187
1170 Watermaal-Bosvoorde
Heilig Verbondplein 16
1180 Ukkel
Active since 3 August 2016
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 59 companies are registered at this address.
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€ 424,912 gross margin · 2025
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€ 27,945 gross margin · 2025
ELMAR IMMO
€ 390,066 gross margin · 2025
JANSON
€ 21.7 million revenue · 2025
+54 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0660.681.450
- VAT number
- BE 0660.681.450
- Registered office
- Terhulpsesteenweg 187, 1170 Watermaal-Bosvoorde
- Names & denominations
- CTH INVEST
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 3 August 2016
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Activiteiten van holdings
Holdings