Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 58 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
22 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
HEULCO from Ingelmunster, company number BE0478187729, closed financial year 2025 with a result of € 138,472 after tax. For that financial year HEULCO recorded a gross margin of € 1.1 million and equity of € 1.5 million. Compared with financial year 2024, the result moved from € 302,366 to € 138,472. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on August 18, 2026.
€ 1.5 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 138,472
▼ 54% vs 2024
Profit after tax over the fiscal year.
€ 517,142
▲ 233% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 135,000 paid out
97 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
14.3
▲ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 419,117
▼ 12% vs 2024
€ 29,300 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 210,226
▼ 12% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.2 million
▼ 7% vs 2024
€ 141,818 is repaid this year. At this pace the long-term loan is gone in ≈ 8 years.
€ 1.1 million
▲ 6% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 77,412
▼ 15% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 551,894 | € 628,994 | € 1,286,567 | € 1,055,712 | ▼ 18% |
| Profit after taxes | € 195,354 | € 137,088 | € 302,366 | € 138,472 | ▼ 54% |
| Equity | € 1,163,234 | € 1,200,322 | € 1,502,688 | € 1,506,160 | |
| Total debts | € 1,023,779 | € 3,123,674 | € 2,741,361 | € 2,684,462 | ▼ 2% |
| Cash | € 1,037,233 | € 447,977 | € 155,387 | € 517,142 | ▲ 233% |
| Land & buildings | € 126,400 | € 121,600 | € 116,800 | € 112,000 | ▼ 4% |
| Retained profit | € 1,101,234 | € 1,138,322 | € 1,440,688 | € 1,444,160 | |
| Dividend | € 0 | € 100,000 | € 0 | € 135,000 | |
| Bank debt | € 0 | € 1,400,000 | € 1,282,511 | € 1,198,435 | ▼ 7% |
| Balance sheet total | € 2,187,013 | € 4,323,996 | € 4,244,049 | € 4,190,622 | ▼ 1% |
| Employees (FTE) | 9.2 | 11 | 14.2 | 14.3 | ▲ 0.1 |
Key figures of HEULCO, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to HEULCO?
What happened at HEULCO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 138,472 (▼ 54% vs 2024). filed late Source: NBB ↗
- Jelle Maes became a director. NBB
- Marie Halsberghe became a director. NBB
- Sabine Lecot became a director. NBB
- New establishment in Kortrijk. KBO
- Start of the company according to the CBE. KBO
- Veda NV became a director. NBB
In short
From € 195,354 profit in 2022 to € 138,472 profit in 2025.
Paid € 262,749 in corporate taxes since 2022.
Best year ever: 2024, with € 302,366 profit.
On average € 73,800 of value added per employee in 2025.
Management
Behind HEULCO are Jelle Maes, Sabine Lecot, Veda NV and Marie Halsberghe. Sabine Lecot is also behind UNICOL. Veda NV is also behind BEST, S.D.D., WILMAR, Marcan and UNICOL.
Directors
According to the 2025 annual accounts
Establishments
Establishment units
Physical locations of this company
Nijverheidstraat 2A
8770 Ingelmunster
Kortrijksestraat(Heu) 93 A
8501 Kortrijk
Active since 24 January 2003
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 22 companies are registered at this address.
All companies at this address →BEST same network
€ 1.1 million gross margin · 2025
WILMAR same network
€ 100,366 gross margin · 2025
UNICOL same network
€ 522,108 gross margin · 2025
LENDAL same network
€ 1.8 million gross margin · 2025
Theuco same network
€ 1.1 million gross margin · 2025
+17 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0478.187.729
- VAT number
- BE 0478.187.729
- Registered office
- Nijverheidstraat 2A, 8770 Ingelmunster
- Names & denominations
- HEULCO
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 21 August 2002
- Peppol
- Active · Active since 30 Sept 2025
- Activities · NACE
Niet-gespecialiseerde detailhandel waarbij voedings- en genotmiddelen overheersen
Supermarkten (verkoopsoppervlakte tussen 400 m2 en minder dan 2.500 m2)
Superettes (verkoopsoppervlakte tussen 100 m2 en minder dan 400 m2)
Detailhandel in niet-gespecialiseerde winkels waarbij voedings- en genotmiddelen overheersen (verkoopsoppervlakte tussen 400 m² en minder dan 2500 m²)
Detailhandel in niet-gespecialiseerde winkels waarbij voedings- en genotmiddelen overheersen (verkoopsoppervlakte tussen 100 m² en minder dan 400 m²)