ACTIVE

Heulens

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Financial year 2025 · closed on 31/12/2025

Net result

864,1 k €

-48.6% YoY

Gross margin

3,1 M €

-27.4% YoY

Equity

10,5 M €

+9.0% YoY

Workforce

26,2 ETP

+20.2% YoY

What does Heulens do?

Heulens is a Private limited company incorporated in 1988. Its registered office is in Boechout. It employs on average 26,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0434.651.060

Incorporation

01/07/1988

Legal form

Private limited company

Registered office

Beemdweg 16
2531 Boechout · FlandreSee on map

Contributed capital

1 502 900,00 €

Latest accounts

31/12/2025

Average workforce

26,2 ETP

Joint committees (4)

145
1450
200
218

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2013		2012		2011		2010		2009		2008		2006
Income statement
Gross margin	3,1 M €	-27.4%	4,3 M €	+5.6%	4 M €	+56.4%	2,6 M €	+45.7%	1,8 M €	-35.7%	2,8 M €	+20.3%	2,3 M €	+24.7%	1,8 M €	-38.9%	3 M €	+42.6%	2,1 M €	-15.2%	2,5 M €	+50.3%	1,7 M €	+32.1%	1,3 M €	+17.7%	1,1 M €	-52.2%	2,2 M €	+132%	964,4 k €	+207%	314,3 k €	-4.8%	330,1 k €
EBITDA	1,9 M €	-38.8%	3,1 M €	+1.1%	3,1 M €	+69.4%	1,8 M €	+70.4%	1,1 M €	-41.1%	1,8 M €	-12.2%	2,1 M €	+82.7%	1,1 M €	-53.1%	2,4 M €	+53.7%	1,6 M €	-21.0%	2 M €	+68.5%	1,2 M €	+45.4%	814,9 k €	+19.9%	679,9 k €	-63.1%	1,8 M €	+220%	576,9 k €	+605%	81,8 k €	-64.3%	229,3 k €
Operating result	1,2 M €	-51.1%	2,4 M €	+1.6%	2,3 M €	+170%	859,1 k €	+917%	84,4 k €	-90.0%	843,4 k €	-20.4%	1,1 M €	+161%	405,1 k €	-68.7%	1,3 M €	+200%	430,9 k €	-50.9%	877 k €	+65.3%	530,6 k €	+201%	176,2 k €	+5450%	-3,3 k €	-100%	1,2 M €	+1137%	-113,2 k €	+79.7%	-558,7 k €	-1035%	59,7 k €
Net result	864,1 k €	-48.6%	1,7 M €	+1.7%	1,7 M €	+188%	573,7 k €	+1731%	31,3 k €	-94.5%	569,3 k €	-34.0%	862,1 k €	+235%	257,3 k €	-69.0%	831 k €	+257%	233 k €	-51.4%	479,8 k €	+12.2%	427,7 k €	+141%	177,8 k €	+200%	-177,4 k €	-116%	1,1 M €	+564%	-232 k €	+37.9%	-373,8 k €	-522%	-60,1 k €
Balance sheet
Equity	10,5 M €	+9.0%	9,6 M €	+21.3%	7,9 M €	+26.4%	6,3 M €	+10.1%	5,7 M €	+0.6%	5,7 M €	+11.2%	5,1 M €	+20.4%	4,2 M €	+6.2%	4 M €	+18.8%	3,3 M €	+6.7%	3,1 M €	+326%	735,8 k €	-61.7%	1,9 M €	+10.2%	1,7 M €	-9.2%	1,9 M €	+128%	843,1 k €	-21.6%	1,1 M €	+77.9%	604,2 k €
Total assets	12,7 M €	+7.3%	11,8 M €	+10.2%	10,7 M €	+8.9%	9,8 M €	-3.4%	10,2 M €	+3.0%	9,9 M €	-6.1%	10,5 M €	+62.1%	6,5 M €	-7.7%	7 M €	+2.3%	6,9 M €	-4.5%	7,2 M €	+29.0%	5,6 M €	-11.3%	6,3 M €	+7.3%	5,9 M €	-10.2%	6,5 M €	-7.9%	7,1 M €	-4.4%	7,4 M €	+296%	1,9 M €
Cash	2,2 M €	+6.7%	2 M €	+61.9%	1,3 M €	+214%	398,3 k €	+161%	152,6 k €	-76.4%	646,3 k €	-65.3%	1,9 M €	+38.4%	1,3 M €	-16.4%	1,6 M €	+91.3%	842,3 k €	+79.5%	469,4 k €	+128%	206,3 k €	-56.9%	478,7 k €	+26.1%	379,6 k €	-22.7%	490,8 k €	+454%	88,6 k €	+4029%	2,1 k €	-99.5%	407,5 k €
Debts	2,2 M €	+0.1%	2,2 M €	-21.2%	2,8 M €	-19.7%	3,5 M €	-20.8%	4,4 M €	+4.2%	4,2 M €	-22.2%	5,4 M €	+209%	1,8 M €	-30.9%	2,5 M €	-20.2%	3,2 M €	-18.2%	3,9 M €	-19.6%	4,8 M €	+10.9%	4,4 M €	+6.1%	4,1 M €	-7.6%	4,5 M €	-27.6%	6,2 M €	-2.8%	6,3 M €	+401%	1,3 M €
Other
Workforce	26,2 ETP	+20.2%	21,8 ETP	-7.2%	23,5 ETP	+10.8%	21,2 ETP	+0.5%	21,1 ETP	+6.6%	19,8 ETP	+1.0%	19,6 ETP	-2.0%	20,0 ETP	+3.6%	19,3 ETP	+16.3%	16,6 ETP	+9.9%	15,1 ETP	+3.4%	14,6 ETP	-5.2%	15,4 ETP	+2.7%	15,0 ETP	+0.7%	14,9 ETP	-5.1%	15,7 ETP	+67.0%	9,4 ETP	+129%	4,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 5 ended

Active mandates

Ann Heulens

Director

Active

Jan Heulens

Director

Active

Tomas Heulens

Director

Active

Ended mandates

ANN HEULENS

Director · since 13 juillet 2007

Ended

ANN HEULENS

Manager · since 13 juillet 2007

Ended

Tomas Heulens

Manager · since 01 juillet 1988

Ended

HEULENS JAN

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/07/2026	18/07/2025	30/07/2024	30/08/2023	11/08/2022	31/08/2021
General meeting	21/06/2026	20/06/2025	30/06/2024	31/07/2023	31/07/2022	01/08/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	21/06/2026	29/07/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	18/07/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	31/07/2023	30/08/2023	Dutch	PDF
Abridged model	31/12/2021	31/07/2022	11/08/2022	Dutch	PDF
Abridged model	31/12/2020	01/08/2021	31/08/2021	Dutch	PDF
Abridged model	31/12/2019	30/09/2020	29/10/2020	Dutch	PDF
Abridged model	31/12/2018	31/07/2019	29/08/2019	Dutch	PDF
Abridged model	31/12/2017	31/07/2018	30/08/2018	Dutch	PDF
Abridged model	31/12/2016	31/07/2017	23/08/2017	Dutch	PDF
Abridged model	31/12/2015	31/07/2016	30/08/2016	Dutch	PDF
Abridged model	31/12/2014	28/08/2015	28/08/2015	Dutch	PDF
Abridged model	31/12/2013	30/05/2014	26/06/2014	Dutch	PDF
Abridged model	31/12/2012	30/08/2013	25/09/2013	Dutch	PDF
Abridged model	31/12/2011	15/09/2012	04/10/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	23/07/2011	Dutch	PDF
Abridged model	31/12/2009	30/06/2010	29/07/2010	Dutch	PDF
Abridged model	31/12/2008	12/08/2009	11/09/2009	Dutch	PDF
Abridged model	31/12/2007	30/09/2008	25/10/2008	Dutch	PDF
Abridged model	31/12/2006	30/05/2007	14/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 5 ended

Active mandates

Ann Heulens

Director

Active

Jan Heulens

Director

Active

Tomas Heulens

Director

Active

Ended mandates

ANN HEULENS

Director · since 13 juillet 2007

Ended

ANN HEULENS

Manager · since 13 juillet 2007

Ended

Tomas Heulens

Manager · since 01 juillet 1988

Ended

HEULENS JAN

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other12/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DOEL
PDF
Restructuring17/06/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Capital / shares06/05/2014
KAPITAAL - AANDELEN
PDF
Restructuring10/04/2014
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring31/07/2007
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - WIJZIGING RECHTSVORM - MAATSCHAPPELIJKE ZETEL - BENAMING - KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Restructuring04/06/2007
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Capital / shares03/01/2005
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025864,1 k €↓
2024
Annual accounts 20241,7 M €↑
2023
Annual accounts 20231,7 M €↑
2022
Annual accounts 2022573,7 k €↑
2021
Annual accounts 202131,3 k €↓
2020
Annual accounts 2020569,3 k €↓
2019
Annual accounts 2019862,1 k €↑
2018
Annual accounts 2018257,3 k €↓
2017
Annual accounts 2017831 k €↑
2016
Annual accounts 2016233 k €↓
2015
Annual accounts 2015479,8 k €↑
2013
Annual accounts 2013427,7 k €↑
2012
Annual accounts 2012177,8 k €↑
2011
Annual accounts 2011-177,4 k €↓
2010
Annual accounts 20101,1 M €↑
2009
Annual accounts 2009-232 k €↑
2008
Annual accounts 2008-373,8 k €↓
2008
Name changeHEULENS
2006
Annual accounts 2006-60,1 k €
2006
Name changeTUINDERIJ HEULENS
01/07/1988
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Heulens

Overview

What does Heulens do?

Trend over 18 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline