ACTIVE

HECO ET CIE (SA)

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Financial year 2025 · closed on 31/12/2025

Net result

296,1 k €

+42.0% YoY

Gross margin

529,8 k €

+47.2% YoY

Equity

721,2 k €

+69.6% YoY

What does HECO ET CIE do?

HECO ET CIE is a Public limited company incorporated in 1989. Its registered office is in Wavre.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0436.788.921

Incorporation

21/02/1989

Legal form

Public limited company

Registered office

Avenue Montesquieu 8
1300 Wavre · WallonieSee on map

Contributed capital

61 702,50 €

Latest accounts

31/12/2025

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	529,8 k €	+47.2%	359,8 k €	+240%	105,8 k €	+19.1%	88,8 k €	+18.1%	75,2 k €	-20.6%	94,7 k €	-3.0%	97,7 k €	+47.6%	66,2 k €	-28.9%	93,1 k €	+0.4%	92,8 k €	+7.4%	86,4 k €	+2.8%	84 k €	+3.3%	81,4 k €	-14.1%	94,7 k €	+3.3%	91,7 k €	+10.2%	83,2 k €	-77.0%	361,2 k €	+33.2%	271,1 k €	+148%	109,5 k €	+12.0%	97,8 k €
EBITDA	517 k €	+51.0%	342,4 k €	+314%	82,7 k €	+17.3%	70,5 k €	+24.2%	56,8 k €	-24.8%	75,4 k €	-6.4%	80,6 k €	+65.0%	48,8 k €	-29.0%	68,7 k €	-2.9%	70,8 k €	+8.4%	65,3 k €	+5.9%	61,7 k €	+3.2%	59,8 k €	-18.5%	73,4 k €	+3.3%	71 k €	+9.8%	64,7 k €	-74.3%	251,9 k €	+0.8%	249,9 k €	+170%	92,7 k €	+18.6%	78,2 k €
Operating result	470,8 k €	+63.3%	288,2 k €	+1298%	20,6 k €	+203%	6,8 k €	+5.5%	6,4 k €	-75.2%	26 k €	-16.2%	31 k €	+1843%	-1,8 k €	-112%	15,1 k €	-24.2%	20 k €	+32.7%	15 k €	-3.3%	15,5 k €	-8.0%	16,9 k €	-36.8%	26,7 k €	+146%	10,9 k €	+142%	-26,1 k €	-113%	201,1 k €	+3.3%	194,7 k €	+354%	42,9 k €	+119%	19,6 k €
Net result	296,1 k €	+42.0%	208,5 k €	+2279%	8,8 k €	+482%	-2,3 k €	+36.5%	-3,6 k €	-132%	11,2 k €	-38.7%	18,3 k €	+587%	-3,8 k €	-278%	2,1 k €	+50.0%	1,4 k €	-80.4%	7,2 k €	-95.7%	165,4 k €	+1568%	-11,3 k €	-508%	-1,9 k €	+90.6%	-19,6 k €	+61.8%	-51,4 k €	-130%	169 k €	+279%	44,6 k €	+342%	-18,4 k €	+33.4%	-27,6 k €
Balance sheet
Equity	721,2 k €	+69.6%	425,2 k €	+96.3%	216,6 k €	+4.2%	207,9 k €	-1.1%	210,2 k €	-1.7%	213,8 k €	+5.5%	202,6 k €	+9.9%	184,2 k €	-2.0%	188 k €	-51.9%	390,8 k €	+0.4%	389,4 k €	+1.9%	382,3 k €	+76.2%	216,9 k €	-4.9%	228,1 k €	-0.8%	230 k €	-7.9%	249,6 k €	-54.7%	551,3 k €	+44.2%	382,2 k €	+13.2%	337,7 k €	-5.2%	356,1 k €
Total assets	1,1 M €	+22.3%	924,6 k €	+39.0%	665,3 k €	-10.8%	746,3 k €	-0.4%	749,2 k €	-6.0%	797,4 k €	-2.8%	820,2 k €	-2.2%	838,4 k €	-4.1%	874,6 k €	-3.8%	909,5 k €	-4.6%	953,2 k €	-12.5%	1,1 M €	+17.6%	926 k €	-4.8%	972,3 k €	-3.9%	1 M €	-5.2%	1,1 M €	-3.1%	1,1 M €	-20.0%	1,4 M €	+13.0%	1,2 M €	-3.4%	1,3 M €
Cash	732,2 k €	+77.6%	412,3 k €	+407%	81,3 k €	+9.5%	74,2 k €	-40.5%	124,8 k €	-6.2%	133,1 k €	+6.9%	124,5 k €	+11.1%	112 k €	+16.3%	96,3 k €	+6.8%	90,1 k €	+2.0%	88,3 k €	-58.4%	212,2 k €	+2761%	7,4 k €	+13.4%	6,5 k €	-25.1%	8,7 k €	-44.2%	15,7 k €	-93.3%	233,5 k €	+3153%	7,2 k €	-48.4%	13,9 k €	+4.8%	13,3 k €
Debts	361,4 k €	-5.2%	381,3 k €	-4.1%	397,6 k €	-17.8%	483,9 k €	+0.8%	480,2 k €	-8.0%	521,7 k €	-6.9%	560,2 k €	-6.0%	595,6 k €	-3.7%	618,7 k €	+41.1%	438,6 k €	-10.3%	488,7 k €	-21.0%	618,5 k €	-3.3%	639,9 k €	-4.9%	672,8 k €	-4.3%	703,4 k €	-5.5%	744,2 k €	+58.1%	470,6 k €	-34.8%	722,3 k €	+1.7%	710,5 k €	-2.7%	730,2 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		0,2 ETP	0.0%	0,2 ETP	0.0%	0,2 ETP	0.0%	0,2 ETP	0.0%	0,2 ETP	0.0%	0,2 ETP	0.0%	0,2 ETP	0.0%	0,2 ETP	-50.0%	0,4 ETP	0.0%	0,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 16 ended

Active mandates

Alain Ercolani

Director · since 02 mai 2022 · until 02 mai 2028

Active

Colette Hanchard

Managing director · since 02 mai 2022 · until 02 mai 2028

Active

Ended mandates

Alain Ercolani

Director · since 02 mai 2016 · until 02 mai 2022

Ended

Colette Hanchard

Managing director · since 02 mai 2016 · until 02 mai 2022

Ended

Alain ERCOLANI

Director · since 25 janvier 2010 · until 25 janvier 2016

Ended

Alain ERCOLANI

Director · since 25 janvier 2010 · until 02 mai 2016

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	30/06/2026	04/06/2025	12/06/2024	16/06/2023	25/05/2022	07/05/2021
General meeting	04/06/2026	05/05/2025	06/05/2024	01/05/2023	02/05/2022	03/05/2021
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
Micro model	31/12/2025	04/06/2026	30/06/2026	French	PDF
Micro model	31/12/2024	05/05/2025	04/06/2025	French	PDF
Micro model	31/12/2023	06/05/2024	12/06/2024	French	PDF
Micro model	31/12/2022	01/05/2023	16/06/2023	French	PDF
Micro model	31/12/2021	02/05/2022	25/05/2022	French	PDF
Micro model	31/12/2020	03/05/2021	07/05/2021	French	PDF
Micro model	31/12/2019	04/05/2020	16/06/2020	French	PDF
Micro model	31/12/2018	06/05/2019	12/06/2019	French	PDF
Micro model	31/12/2017	07/05/2018	31/05/2018	French	PDF
Micro model	31/12/2016	01/05/2017	08/05/2017	French	PDF
Abridged model	31/12/2015	02/05/2016	17/06/2016	French	PDF
Abridged model	31/12/2014	04/05/2015	12/06/2015	French	PDF
Abridged model	31/12/2013	05/05/2014	19/06/2014	French	PDF
Abridged model	31/12/2012	06/05/2013	31/05/2013	French	PDF
Abridged model	31/12/2011	07/05/2012	13/08/2012	French	PDF
Abridged model	31/12/2010	02/05/2011	15/06/2011	French	PDF
Abridged model	31/12/2009	03/05/2010	31/05/2010	French	PDF
Abridged model	31/12/2008	04/05/2009	27/07/2009	French	PDF
Abridged model	31/12/2007	05/05/2008	04/06/2008	French	PDF
Abridged model	31/12/2006	28/08/2007	29/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 2 active · 16 ended

Active mandates

Alain Ercolani

Director · since 02 mai 2022 · until 02 mai 2028

Active

Colette Hanchard

Managing director · since 02 mai 2022 · until 02 mai 2028

Active

Ended mandates

Alain Ercolani

Director · since 02 mai 2016 · until 02 mai 2022

Ended

Colette Hanchard

Managing director · since 02 mai 2016 · until 02 mai 2022

Ended

Alain ERCOLANI

Director · since 25 janvier 2010 · until 25 janvier 2016

Ended

Alain ERCOLANI

Director · since 25 janvier 2010 · until 02 mai 2016

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/06/2022
DEMISSIONS, NOMINATIONS
PDF
Capital / shares22/12/2017
CAPITAL, ACTIONS
PDF
Mandates27/06/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates10/04/2014
DEMISSIONS, NOMINATIONS
PDF
Capital / shares15/04/2010
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates31/03/2010
DEMISSIONS, NOMINATIONS
PDF
Mandates15/04/2008
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates30/11/2004
DEMISSIONS, NOMINATIONS
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 2025296,1 k €↑
2024
Annual accounts 2024208,5 k €↑
2023
Annual accounts 20238,8 k €↑
2022
Annual accounts 2022-2,3 k €↑
2021
Annual accounts 2021-3,6 k €↓
2021
Name changeHECO SA
2020
Annual accounts 202011,2 k €↓
2019
Annual accounts 201918,3 k €↑
2018
Annual accounts 2018-3,8 k €↓
2017
Annual accounts 20172,1 k €↑
2016
Annual accounts 20161,4 k €↓
2015
Annual accounts 20157,2 k €↓
2014
Annual accounts 2014165,4 k €↑
2013
Annual accounts 2013-11,3 k €↓
2012
Annual accounts 2012-1,9 k €↑
2011
Annual accounts 2011-19,6 k €↑
2010
Annual accounts 2010-51,4 k €↓
2009
Annual accounts 2009169 k €↑
2008
Annual accounts 200844,6 k €↑
2007
Annual accounts 2007-18,4 k €↑
2006
Annual accounts 2006-27,6 k €
2006
Name changeHECO ET CIE
21/02/1989
IncorporationPublic 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

HECO ET CIE (SA)

Overview

What does HECO ET CIE do?

Trend over 20 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