2025 was a landmark year, as KEKROPS, following a long period of legal and urban planning disputes, proceeded to develop a significant portion of its assets, the company notes in a statement.
At the same time, KEKROPS successfully completed its restructuring plan, fully repaying all of its loan obligations during the second half of 2025. It now has a positive cash position and zero debt. It should be noted that over the past two fiscal years, total repayments of debt obligations to banks and shareholders amounted to €5.6 million. Kekrops’ sales in 2025 amounted to €2.08 million, while pre-tax losses stood at €903,000 compared to losses of €1,378,000 in the previous fiscal year, a 34% decrease.
Regarding the development project for a 105-acre site in Lavrio, KEKROPS increased its stake in the investment vehicle to 14%. With the completion of the Lavrio General Urban Plan, mixed land uses (residential and commercial) were established, while the development planning will be carried out in collaboration with Dimand.
Specifically, in Psychiko, the company is moving forward with the development of its city-plan-compliant plots and the Old Market building, as the relevant legal and urban planning issues are expected to be definitively resolved within the next two years.
Regarding the use of the Old Market, the municipal authority’s motion for annulment was heard on May 13—following four requests for postponement by the municipality. At the same time, the Ministry of Environment and Energy has approved the inclusion of two plots totaling 3,000 square meters in the city plan.
Regarding the approximately 300-acre area in the Paleo Psychiko district (known as the “Latomeio” area) claimed by the Greek State, KEKROPS has appealed to the European Court of Human Rights (ECHR).
KEKROPS has always sought sincere dialogue with municipal authorities for the benefit of the local community. However, this effort was “sacrificed” on the altar of petty political interests, perpetuating an “urban myth” about the company’s refusal to reach a mutually acceptable solution.
Management noted that KEKROPS intends to take legal action against specific petty political interests, which for years have systematically undermined the legitimate interests of the company’s shareholders, without at the same time ensuring —as is now evident—any substantial benefit for the residents and the municipality of Filothei-Psychiko.