ACTIVE

HEPPEN RETAIL ASSOCIATE

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Financial year 2025 · closed on 31/12/2025
Net result
-328,9 k €
-3246.0% YoY
Revenue
2,8 M €
+29.8% YoY
Equity
3,5 M €
-8.5% YoY
Workforce
5,8 ETP
-31.8% YoY

What does HEPPEN RETAIL ASSOCIATE do?

HEPPEN RETAIL ASSOCIATE is a Public limited company incorporated in 2007. Its main activity is: Retail sale in non-specialised stores with food, beverages or tobacco predominating. Its registered office is in Zaventem. It employs on average 5,8 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0893.618.933
Incorporation
21/11/2007
Legal form
Public limited company
Registered office
Da Vincilaan 3 box 3
1930 Zaventem · FlandreSee on map
Contributed capital
3 861 307,43 €
Latest accounts
31/12/2025
Average workforce
5,8 ETP
Activities (NACE)
47110Retail sale in non-specialised stores with food, beverages or tobacco predominating· main47113Retail sale in non-specialised stores with food, beverages or tobacco predominating47115Retail sale in non-specialised stores with food, beverages or tobacco predominating52115Warehousing and storage
Joint committees (1)
  • 201
Signals
Solid equityLow riskGood liquidityHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 18 financial years

202520242023202220212020201920182017201620152014201320122011201020092008
Income statement
Revenue2,8 M €2,1 M €419,4 k €61,8 k €1,9 M €4,7 M €2,8 M €–812,1 k €1,3 M €3,2 M €2,2 M €1,4 M €166,4 k €14,8 k €783,8 k €1,6 M €800,4 k €
EBITDA-335,0 k €-334,8 k €-241,0 k €-42,8 k €-63,4 k €-422,8 k €-207,9 k €491,7 k €397,1 k €177,6 k €-624,0 k €181,5 k €-35,7 k €315,8 k €344,6 k €-44,4 k €-140,6 k €-63,2 k €
Operating result-277,1 k €17,0 k €-292,4 k €-75,7 k €-181,2 k €-669,4 k €-477,3 k €317,5 k €-404,4 k €-732,7 k €-1,0 M €-539,6 k €-407,0 k €-204,7 k €43,4 k €-415,5 k €-175,6 k €-163,7 k €
Net result-328,9 k €10,5 k €-260,6 k €-73,0 k €-210,7 k €-690,3 k €-516,7 k €317,9 k €-419,3 k €-769,0 k €-1,4 M €-538,3 k €-729,8 k €-329,6 k €-182,2 k €-752,4 k €-406,5 k €-231,1 k €
Balance sheet
Equity3,5 M €3,9 M €1,9 M €2,1 M €2,2 M €2,4 M €3,1 M €3,6 M €3,3 M €1,2 M €2,0 M €3,4 M €1,0 M €1,8 M €-210,8 k €-28,6 k €723,8 k €-169,6 k €
Total assets3,9 M €4,2 M €2,0 M €2,3 M €2,5 M €3,1 M €3,8 M €3,9 M €3,8 M €3,9 M €3,9 M €4,4 M €2,4 M €2,9 M €1,9 M €2,2 M €1,2 M €30,1 k €
Cash28,4 k €13,1 k €–26,2 k €–77,3 k €55,2 k €––6,0 k €19,5 k €47,5 k €22,4 k €32,9 k €–10,6 k €81,7 k €–
Debts402,5 k €340,7 k €124,6 k €197,1 k €120,0 k €563,7 k €628,6 k €198,9 k €387,4 k €2,4 M €1,6 M €911,7 k €1,3 M €1,2 M €2,1 M €2,2 M €510,4 k €199,7 k €
Other
Workforce5,8 ETP8,5 ETP0,9 ETP0,5 ETP5,3 ETP3,8 ETP2,7 ETP0,5 ETP1,6 ETP1,0 ETP1,4 ETP2,0 ETP2,8 ETP0,4 ETP–0,3 ETP3,5 ETP30,7 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 · 3 active · 51 ended

Active mandates

Matthias Locker

Director · since 01 octobre 2025 · until 20 juin 2028

Active
Giosino Cornacchia

Director · since 17 juin 2025 · until 20 juin 2028

Active
Pascal Boon

Director · since 17 juin 2025 · until 20 juin 2028

Active

Ended mandates

Pascal Boon

Director · since 30 septembre 2022 · until 17 juin 2025

Ended
Sébastien Cayla

Director · since 01 janvier 2022 · until 17 juin 2025

Ended
Francis Costenoble

Director · since 15 juin 2021 · until 15 juin 2024

Ended
Giosino Cornacchia

Director · since 16 juin 2020 · until 16 juin 2023

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date25/06/202608/07/202524/06/202404/07/202324/06/202212/07/2021
General meeting16/06/202617/06/202518/06/202420/06/202321/06/202215/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

18 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202516/06/202625/06/2026DutchPDF
Full model31/12/202417/06/202508/07/2025DutchPDF
Full model31/12/202318/06/202424/06/2024DutchPDF
Full model31/12/202220/06/202304/07/2023DutchPDF
Full model31/12/202121/06/202224/06/2022DutchPDF
Full model31/12/202015/06/202112/07/2021DutchPDF
Full model31/12/201916/06/202006/07/2020DutchPDF
Full model31/12/201818/06/201917/07/2019DutchPDF
Full model31/12/201719/06/201809/07/2018DutchPDF
Full model31/12/201620/06/201710/07/2017DutchPDF
Full model31/12/201521/06/201612/07/2016DutchPDF
Full model31/12/201416/06/201508/07/2015DutchPDF
Full model31/12/201317/06/201408/07/2014DutchPDF
Full model31/12/201218/06/201310/07/2013DutchPDF
Full model31/12/201119/06/201210/07/2012DutchPDF
Full model31/12/201021/06/201112/07/2011DutchPDF
Full model31/12/200915/06/201012/07/2010DutchPDF
Full model31/12/200816/06/200914/07/2009DutchPDF
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 · 3 active · 51 ended

Active mandates

Matthias Locker

Director · since 01 octobre 2025 · until 20 juin 2028

Active
Giosino Cornacchia

Director · since 17 juin 2025 · until 20 juin 2028

Active
Pascal Boon

Director · since 17 juin 2025 · until 20 juin 2028

Active

Ended mandates

Pascal Boon

Director · since 30 septembre 2022 · until 17 juin 2025

Ended
Sébastien Cayla

Director · since 01 janvier 2022 · until 17 juin 2025

Ended
Francis Costenoble

Director · since 15 juin 2021 · until 15 juin 2024

Ended
Giosino Cornacchia

Director · since 16 juin 2020 · until 16 juin 2023

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates01/07/2026
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates21/10/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates07/08/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares04/04/2025
    CAPITAL, ACTIONS
    PDF
  • Capital / shares04/04/2025
    KAPITAAL - AANDELEN
    PDF
  • Capital / shares20/01/2025
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - KAPITAAL - AANDELEN
    PDF
  • Capital / shares20/01/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS
    PDF
  • Other27/12/2024
    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

Timeline

  1. 2025
    Annual accounts 2025-328,9 k €↓
  2. 2024
    Annual accounts 202410,5 k €↑
  3. 2023
    Annual accounts 2023-260,6 k €↓
  4. 2022
    Annual accounts 2022-73,0 k €↑
  5. 2022
    Name changeHeppen RA NV
  6. 2021
    Annual accounts 2021-210,7 k €↑
  7. 2020
    Annual accounts 2020-690,3 k €↓
  8. 2019
    Annual accounts 2019-516,7 k €↓
  9. 2018
    Annual accounts 2018317,9 k €↑
  10. 2017
    Annual accounts 2017-419,3 k €↑
  11. 2016
    Annual accounts 2016-769,0 k €↑
  12. 2015
    Annual accounts 2015-1,4 M €↓
  13. 2014
    Annual accounts 2014-538,3 k €↑
  14. 2013
    Annual accounts 2013-729,8 k €↓
  15. 2012
    Annual accounts 2012-329,6 k €↓
  16. 2011
    Annual accounts 2011-182,2 k €↑
  17. 2010
    Annual accounts 2010-752,4 k €↓
  18. 2009
    Annual accounts 2009-406,5 k €↓
  19. 2008
    Annual accounts 2008-231,1 k €
  20. 2008
    Name changeHEPPEN RETAIL ASSOCIATE
  21. 21/11/2007
    IncorporationPublic limited company