ACTIVE

HEPPEN RETAIL ASSOCIATE

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Financial year 2025 · Closed on 31/12/2025

Net result-328,9 k €-3 246,0 %over 1 year

Revenue2,8 M €+29,8 %over 1 year

Equity3,5 M €-8,5 %over 1 year

Workforce5,8 ETP-31,8 %over 1 year

Identity

Source · BCE/KBO

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· main 47113Retail sale in non-specialised stores with food, beverages or tobacco predominating 47115Retail sale in non-specialised stores with food, beverages or tobacco predominating 52115Warehousing and storage

Joint committees (1)

Signals

Solid equityLow riskGood liquidityHealthy social debtsHigh revenue

Financials

Source · NBB, 18 filings

Trend over 18 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	2,8 M €	+29.8%	2,1 M €	+408%	419,4 k €	+579%	61,8 k €	-96.8%	1,9 M €
EBITDA	-335 k €	-0.0%	-334,8 k €	-38.9%	-241 k €	-463%	-42,8 k €	+32.4%	-63,4 k €
Operating result	-277,1 k €	-1729%	17 k €	+106%	-292,4 k €	-286%	-75,7 k €	+58.2%	-181,2 k €
Net result	-328,9 k €	-3246%	10,5 k €	+104%	-260,6 k €	-257%	-73 k €	+65.3%	-210,7 k €
Balance sheet
Equity	3,5 M €	-8.5%	3,9 M €	+108%	1,9 M €	-12.3%	2,1 M €	-3.3%	2,2 M €
Total assets	3,9 M €	-6.4%	4,2 M €	+112%	2 M €	-14.7%	2,3 M €	-6.4%	2,5 M €
Cash	28,4 k €	+116%	13,1 k €		–		26,2 k €		–
Debts	402,5 k €	+18.2%	340,7 k €	+173%	124,6 k €	-36.8%	197,1 k €	+64.2%	120 k €
Other
Workforce	5,8 ETP	-31.8%	8,5 ETP	+844%	0,9 ETP	+80.0%	0,5 ETP	-90.6%	5,3 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 15 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Matthias Locker	Director01/10/2025 → 20/06/2028
Giosino Cornacchia	Director21/06/2011 → 20/06/2028
Pascal Boon	Director30/09/2022 → 20/06/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Sébastien Cayla	Director01/01/2022 → 2024 accounts
Francis Costenoble	Director15/06/2021 → 2021 accounts
Hilde Decadt	Director18/06/2019 → 2021 accounts

Other companies at this address

Da Vincilaan 3 1930 Zaventem

Company	CBE no.
CAPARBEL● Active	0886.364.719
CARREFOUR BELGIUM● Active	0448.826.918
Carrefour Drive 2● Active	0539.931.494
ECLAIR● Active	0464.484.696
FILUNIC● Active	0412.632.753
GROSFRUIT● Active	0416.677.257
HALLE RETAIL ASSOCIATE● Active	0893.617.448
HITACHI VANTARA BELGIUM● Active	0472.137.206
Market A1 CBRA● Active	0502.866.113
Market C3 CBRA● Active	0502.866.410
Market D4 CBRA● Active	0502.865.915
Market E5 CBRA● Active	0627.808.645
Market F6 CBRA● Active	0627.800.331
ORTHROS● Active	0448.826.720
PEPSICO BELUX● Active	0448.207.405
PepsiCo Services● Active	0433.279.402
RESTORA● Active	0450.479.876
SCHILCO● Active	0453.577.938
Shipto● Active	0696.990.332
SOUTH MED INVESTMENTS LIMITED● Active	0471.991.904

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	25/06/2026	08/07/2025	24/06/2024	04/07/2023	24/06/2022	12/07/2021
General meeting	16/06/2026	17/06/2025	18/06/2024	20/06/2023	21/06/2022	15/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 18 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	16/06/2026	25/06/2026	Dutch	PDF
Full model	31/12/2024	17/06/2025	08/07/2025	Dutch	PDF
Full model	31/12/2023	18/06/2024	24/06/2024	Dutch	PDF
Full model	31/12/2022	20/06/2023	04/07/2023	Dutch	PDF
Full model	31/12/2021	21/06/2022	24/06/2022	Dutch	PDF
Full model	31/12/2020	15/06/2021	12/07/2021	Dutch	PDF
Full model	31/12/2019	16/06/2020	06/07/2020	Dutch	PDF
Full model	31/12/2018	18/06/2019	17/07/2019	Dutch	PDF
Full model	31/12/2017	19/06/2018	09/07/2018	Dutch	PDF
Full model	31/12/2016	20/06/2017	10/07/2017	Dutch	PDF
Full model	31/12/2015	21/06/2016	12/07/2016	Dutch	PDF
Full model	31/12/2014	16/06/2015	08/07/2015	Dutch	PDF
Full model	31/12/2013	17/06/2014	08/07/2014	Dutch	PDF
Full model	31/12/2012	18/06/2013	10/07/2013	Dutch	PDF
Full model	31/12/2011	19/06/2012	10/07/2012	Dutch	PDF
Full model	31/12/2010	21/06/2011	12/07/2011	Dutch	PDF
Full model	31/12/2009	15/06/2010	12/07/2010	Dutch	PDF
Full model	31/12/2008	16/06/2009	14/07/2009	Dutch	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 15 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Matthias Locker	Director01/10/2025 → 20/06/2028
Giosino Cornacchia	Director21/06/2011 → 20/06/2028
Pascal Boon	Director30/09/2022 → 20/06/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Sébastien Cayla	Director01/01/2022 → 2024 accounts
Francis Costenoble	Director15/06/2021 → 2021 accounts
Hilde Decadt	Director18/06/2019 → 2021 accounts

Ownership and network

Looking for more information about this company?

Try for free

Belgian Official Gazette publications

Source · Belgian Official Gazette

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

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings18 filings

Mandates

Matthias Locker

Giosino Cornacchia

Pascal Boon

Sébastien Cayla

Francis Costenoble

Marijke Vandewiele

Hilde Decadt

Geoffroy Gersdorff

François-Melchior de Polignac

Javier-Miguel Rubio Alonso

Luc Demez

Javier Miguel Rubio Alonso

Show the 6 other mandates

2007200820092010201120122013201420152016201720182019202020212022202320242025202620272028

Heppen RA NVHEPPEN RETAIL ASSOCIATE

Da Vincilaan 3 bte 3, 1930 Zaventem

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Da Vincilaan 3 bte 3, 1930 ZaventemCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00206322
Olympiadenlaan 20, 1140 Evere	accounts 2021	Accounts 2021 · 2022-20097528

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
HEPPEN RETAIL ASSOCIATECurrent		CBE
Heppen RA NV	accounts 2022 → 2025	Accounts 2025 · 2026-00206322
HEPPEN RETAIL ASSOCIATE	accounts 2008 → 2021	Accounts 2021 · 2022-20097528

Events

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

HEPPEN RETAIL ASSOCIATE

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

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

Timeline

Registered offices

Company names

Events