RHEA SYSTEM

Active Public limited companyfounded 1992active for 34 yearsChaussée de Tervuren 60, 1410 WaterlooKBO/BCE: BE 0447.709.339 subsidiary of Belgo Investment#3 company by total assets in Waterloo, Telecoms and IT sector

Part of the group Belgo Investment 14 companies in 11 countries

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RHEA SYSTEM

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Holdings

own 2021 accounts, the bar shows equity in euros

This companyRHEA SYSTEM12 holdings, 11 countries 2021 accounts

Belgium 2 Year Equity Result

BE RHEA Group Technologies 2025-€1.8m result -€873,200 (2025)
BE RHEA Group Cyber Security Services S.A. 2025-€3.5m result -€3.5m (2025)

Europe 9 Year Equity Result

NL RHEA System B.V. 2020€2.1m result -€208,626 (2020)
IT RHEA System SpA 2020€224,704 result €5,180 (2020)
LU RHEA System Luxembourg 2020-€24,765 result -€54,765 (2020)
DE RHEA System GmbH 2020-€88,463 result -€41,213 (2020)
CZ RHEA System CZ s.r.o. 2020-CZK 126,000 result -CZK 323,000 (2020)
CH RHEA System Schweiz GmbH 2020CHF 20,000 result - (2020)
GB RHEATECH Ltd 2020GBP 1.9m result -GBP 77,799 (2020)
FR RHEA Groupe France SAS - result -
ES RHEA System Spain S.L.U. - result -

North America 1 Year Equity Result

CA RHEA Inc. 2020-CAD 137,944 result CAD 2.2m (2020)

Source: list of holdings in its own 2021 accounts. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.

Part of the group Belgo Investment Group, risk and exposure

Parent

Belgo Investment

0759.413.196 · 96.8% of the shares · equity €5.5m · profit €5,121 (2025)

At the same address

Chaussée de Tervuren 60, 1410 Waterloo · 9 other companies

VERALYN registered office since 19-07-1983 · founded in 1983	1.2 FTE (2025) 0424.539.405
DEBROUX et Associés Experts comptables - Conseils Fiscaux establishment since 01-05-2017 · founded in 2000	11 FTE (2025) 0473.073.255
DEBROUX et ASSOCIES W registered office since 27-07-2009 · founded in 2009	2.8 FTE (2025) 0817.646.850
LIBERIMMO establishment since 01-01-1975 · founded in 1975	total assets €694,171 (2025) 0414.839.405
I.D.C. MANAGEMENT registered office since 16-07-1999 · founded in 1999	total assets €335,408 (2025) 0466.558.914
SEIFERT EN CO registered office since 10-06-1993 · founded in 1992 · negative equity (2025)	total assets €264,266 (2025) 0447.379.836
DCR INVEST registered office since 20-03-1986 · founded in 1986	total assets €126,600 (2025) 0428.703.475
MONDAY registered office since 23-04-2003 · founded in 2003 · negative equity (2025)	total assets €51,088 (2025) 0479.794.662
Association des copropriétaires de la résidence sise à Waterloo à l'angle de l'Avenue Bel Air et de la chaussée de Tervuren, 60 registered office since 24-03-2014	founded in 2014 0548.812.340

Earlier ties

Starion Group via ADANT Emmanuel, at RHEA SYSTEM until 2024 · Managing director · deed of 28-05-2024 founded in 2024	37 FTE (2025)
MAM INTERNATIONAL CONSULTING via Michel BOSCO, at RHEA SYSTEM until 2025 · Director · deed of 25-07-2022 founded in 2017	total assets €291,334 (2025)
Nexova Group via ADANT Emmanuel, at RHEA SYSTEM until 2024 · Daily management delegate · deed of 28-05-2024 founded in 2024	total assets €101,802 (2025)
Association europeénne des Sociétés de Télédétection via MATTHYSSEN Arne, at RHEA SYSTEM until 2025 · Director · deed of 08-01-2024	founded in 1992
ICHEC Alumni via ADANT Emmanuel, at RHEA SYSTEM until 2024 · Director · deed of 09-10-2026	founded in 1970

Holdings and subsidiaries

12 holdings

Share, source and own figures per holding (12)

Source for every holding own accounts 2021

Nexova Cybersubsidiary
Equity -€3.5m Loss of €3.5m in 2025 (loss of €2.4m in 2024) Checked score 53

100%
RHEA Groupe France SASFRsubsidiary

100%
RHEA Inc.CAsubsidiary
Equity -CAD 137,944Result CAD 2.2m

100%
RHEA System B.V.NLsubsidiary
Equity €2.1mResult -€208,626

100%
RHEA System CZ s.r.o.CZsubsidiary
Equity -CZK 126,000Result -CZK 323,000

100%
RHEA System GmbHDEsubsidiary
Equity -€88,463Result -€41,213

100%
RHEA System LuxembourgLUsubsidiary
Equity -€24,765Result -€54,765

100%+ 100% via subsidiaries
RHEA System Schweiz GmbHCHsubsidiary
Equity CHF 20,000

100%
RHEA System SpAITsubsidiary
Equity €224,704Result €5,180

100%
RHEA System Spain S.L.U.ESsubsidiary

100%
RHEATECH LtdGBsubsidiary
Equity GBP 1.9mResult -GBP 77,799

100%
Starion Technologiessubsidiary
Equity -€1.8m Loss of €873,200 in 2025 (loss of €517,295 in 2024) Checked score 52

100%

Holdings through the years 2012 to 2021

Holdings through the years
Name	2012	2013	2015	2016	2017	2018	2019	2020	2021
Nexova Cyber 2021: 100%									100%
RHEA Groupe France SASFR 2021: 100%									100%
RHEA Inc.CA 2016 to 2021: 100%				100%
RHEA System B.V.NL 2021: 100%									100%
RHEA System CZ s.r.o.CZ 2017 to 2021: 100%					100%
RHEA System GmbHDE 2012 to 2021: 100%	100%
RHEA System LuxembourgLU 2020 to 2021: 100%								100%
RHEA System Schweiz GmbHCH 2018 to 2021: 100%						100%
RHEA System SpAIT 2016 to 2021: 100%				100%
RHEA System Spain S.L.U.ES 2021: 100%									100%
RHEATECH LtdGB 2012: 1% 2013 to 2021: 100%	1%	100%
Starion Technologies 2018 to 2021: 100%						100%
J-CDS B.V.NL 2012 to 2018: 70% 2019 to 2020: 100%	70%						100%
SixSq (Sarl)CH 2015: 55% 2019: 55% 2020: 25%			55%				55%	25%
SixsqCH 2016 to 2018: 55%				55%

Source: list of holdings in its own accounts

Board mandates elsewhere

1 board mandate

Board mandates of RHEA SYSTEMRHEA SYSTEM sits on their board1

Entreprises wallonnes de l'Aéronautique

Director

Founded in 1994

Acquisitions and mergers

4 transactions

Split off to:Nexova Group

BE 1008.811.777partial demerger · Gazette deed of 30-01-2025 (2 deeds) · effective 01-01-2024

Split off to:Starion Group

BE 1008.811.084partial demerger · Gazette deed of 30-01-2025 (2 deeds) · effective 01-01-2024

Split off to:Nexova Group

BE 1008.811.777partial demerger · Gazette deed of 22-05-2024 (3 deeds)

Split off to:Starion Group

BE 1008.811.084Gazette deed of 22-05-2024 (2 deeds)

Connections & network

Depth

Shared directors

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