HERON
ActiveSummary
HERON has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9.9m and a net result of €626,662. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 74% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-1
Solvency88▼-6
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €750,000 at 30 days acceptable
Liquidity ample (current ratio 2.59 against 3.03 in 2024; short-term debt: 36.9% and cash: 4.9% of total assets), and 36.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
63.1%
Return on assets
4%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
4 d late
2023
on the day
2022
3 d late
2021
17 d late
2020
26 d late
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 3 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close27-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€9.9m▲ 6.8%
2024 · €9.3m
Total assets
€15.7m▲ 16.3%
2024 · €13.5m
Net result
€626,662▼ 9.7%
2024 · €693,760
Working capital
€9.2m▲ 7.6%
2024 · €8.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€10,267▲ 57.8%€4.9m-€16,916€945,389€878,488▼ 7.1%
Net result-€78,206below the sector's middle half▼ 94.8%€3.7mabove the sector's middle half-€147,372below the sector's middle half€693,760above the sector's middle half€626,662above the sector's middle half▼ 9.7%
Equity€5.0mabove the sector's middle half▼ 1.5%€8.7mabove the sector's middle half▲ 74.7%€8.6mabove the sector's middle half▼ 1.7%€9.3mabove the sector's middle half▲ 8.1%€9.9mabove the sector's middle half▲ 6.8%
Total assets€15.9mabove the sector's middle half▲ 87.1%€18.8mabove the sector's middle half▲ 18.8%€14.7mabove the sector's middle half▼ 22.1%€13.5mabove the sector's middle half▼ 8.2%€15.7mabove the sector's middle half▲ 16.3%
Debt€10.9m▲ 219%€10.1m▼ 6.8%€6.1m▼ 39.7%€4.2m▼ 31.1%€5.8m▲ 37.5%
Working capital€4.5m▼ 1.3%€8.2m▲ 84.2%€8.1m▼ 1.5%€8.5m▲ 5.8%€9.2m▲ 7.6%
Solvency31.5%within the sector's middle half▼ 28.3pp46.3%within the sector's middle half▲ 14.8pp58.4%within the sector's middle half▲ 12.1pp68.8%above the sector's middle half▲ 10.4pp63.1%within the sector's middle half▼ 5.7pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 7% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.7m
Fixed assets
€703,637 ▼ 3.1%
Current assets
€15.0m ▲ 17.5%
Equity and liabilities €15.7m
Equity
€9.9m ▲ 6.8%
Debt
€5.8m ▲ 37.5%
Debt's share of the balance-sheet total rises from 31.2% to 36.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€905,201▼
2024 · €977,170
Cash flow
€653,375▼
2024 · €725,541
Current ratio
2.59▼
2024 · 3.03
Quick ratio
1.79▲
2024 · 1.34
Debt to equity
0.58▲
2024 · 0.45
ROE
6.3%▼
2024 · 7.5%
ROA
4.0%▼
2024 · 5.2%
Interest coverage
12.66▲
2024 · 11.19
Debt ≤ 1 year
€5.8m▲
2024 · €4.2m
Income taxes
€208,887▲
2024 · €182,129
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,832 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.1%
went bankrupt
2.0%
stopped otherwise
98%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,832 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,424 | €21,424 | €21,424 | €31,781 | €26,713 | ▼ 15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €199,641 | - |
| Other operating charges640/8 | - | €2,521 | €990 | €15,315 | €15,912 | ▲ 3.9% |
| Gross operating margin9900 | €13,030 | €4.9m | €5,498 | €992,485 | €1.1m | ▲ 12.9% |
| Operating profit (loss)9901 | -€10,267 | €4.9m | -€16,916 | €945,389 | €878,488 | ▼ 7.1% |
| Financial income75/76B | - | €14,641 | €17,019 | €17,833 | €28,557 | ▲ 60.1% |
| Recurring financial income75 | €13,488 | €14,641 | €17,019 | €17,833 | €28,557 | ▲ 60.1% |
| Financial charges65/66B | - | €190,954 | €147,475 | €87,333 | €71,495 | ▼ 18.1% |
| Recurring financial charges65 | €81,427 | €190,954 | €147,475 | €87,333 | €71,495 | ▼ 18.1% |
| Profit (loss) for the period before taxes9903 | -€78,206 | €4.7m | -€147,372 | €875,890 | €835,550 | ▼ 4.6% |
| Income taxes67/77 | €0 | €1.0m | €0 | €182,129 | €208,887 | ▲ 14.7% |
| Profit (loss) for the period9904 | -€78,206 | €3.7m | -€147,372 | €693,760 | €626,662 | ▼ 9.7% |
| Profit (loss) for the period to be appropriated9905 | -€78,206 | €3.7m | -€147,372 | €693,760 | €626,662 | ▼ 9.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €15.9m | €18.8m | €14.7m | €13.5m | €15.7m | ▲ 16.3% |
| Fixed assets21/28 | €541,096 | €519,672 | €498,248 | €726,467 | €703,637 | ▼ 3.1% |
| Tangible fixed assets22/27 | €475,624 | €454,199 | €432,775 | €660,995 | €638,165 | ▼ 3.5% |
| Land and buildings22 | - | €454,199 | €432,775 | €660,995 | €638,165 | ▼ 3.5% |
| Financial fixed assets28 | €65,473 | €65,473 | €65,473 | €65,473 | €65,473 | = |
| Current assets29/58 | €15.3m | €18.3m | €14.2m | €12.7m | €15.0m | ▲ 17.5% |
| Stocks and contracts in progress3 | €14.5m | €7.6m | €7.6m | €7.1m | €4.6m | ▼ 35.2% |
| Stocks30/36 | - | €7.6m | €7.6m | €7.1m | €4.6m | ▼ 35.2% |
| Amounts receivable within one year40/41 | €813,216 | €2.8m | €1.0m | €2.3m | €9.6m | ▲ 311% |
| Trade receivables40 | - | €2.0m | €214,736 | €1.4m | €7.0m | ▲ 385% |
| Other amounts receivable41 | - | €782,205 | €799,224 | €901,280 | €2.6m | ▲ 193% |
| Cash at bank and in hand54/58 | €1,733 | €8.0m | €5.6m | €3.3m | €770,467 | ▼ 76.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €15.9m | €18.8m | €14.7m | €13.5m | €15.7m | ▲ 16.3% |
| Equity10/15 | €5.0m | €8.7m | €8.6m | €9.3m | €9.9m | ▲ 6.8% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €4.9m | €8.7m | €8.5m | €9.2m | €9.8m | ▲ 6.8% |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Distributable reserves133 | - | €8.6m | €8.5m | €9.2m | €9.8m | ▲ 6.8% |
| Amounts payable17/49 | €10.9m | €10.1m | €6.1m | €4.2m | €5.8m | ▲ 37.5% |
| Amounts payable after more than one year17 | - | - | €2,100 | €0 | - | - |
| Other amounts payable178/9 | - | - | €2,100 | €0 | - | - |
| Amounts payable within one year42/48 | €10.9m | €10.1m | €6.1m | €4.2m | €5.8m | ▲ 37.5% |
| Financial debts43 | - | €0 | - | €84,487 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €0 | - | - | - | - |
| Other loans439 | - | - | - | €84,487 | €0 | ▼ 100% |
| Trade debts44 | €5.6m | €5.6m | €1.4m | €540,695 | €5.4m | ▲ 890% |
| Suppliers440/4 | - | €5.6m | €1.4m | €540,695 | €5.4m | ▲ 890% |
| Advances received on contracts in progress46 | - | €20,000 | €20,000 | €1.5m | €20,000 | ▼ 98.7% |
| Taxes, remuneration and social security45 | - | €23,451 | €23,451 | €1,702 | €1,645 | ▼ 3.3% |
| Taxes450/3 | - | €23,451 | €23,451 | €1,702 | €1,645 | ▼ 3.3% |
| Other amounts payable47/48 | - | €4.5m | €4.6m | €2.1m | €401,100 | ▼ 80.7% |
| Accrued charges and deferred income492/3 | - | €700 | €0 | €1,465 | €2,065 | ▲ 41.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€78,206 | €3.7m | -€147,372 | €693,760 | €626,662 | ▼ 9.7% |
| + Depreciation and write-downs630 | €21,424 | €21,424 | €21,424 | €31,781 | €26,713 | ▼ 15.9% |
| Operating cash flow (approximation) | -€56,782 | €3.7m | -€125,947 | €725,541 | €653,375 | ▼ 9.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€260,000 | -€3,883 | ▲ 98.5% |
| Change in cash | - | €8.0m | -€2.5m | -€2.2m | -€2.5m | ▼ 13.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
04-11
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 4 days late
31-03
Financial
Back to profitnet €693,760
Net result €693,760 after one loss-making year.
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
03-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 3 days late
31-03
Financial
Back to profitnet €3.7m
Net result €3.7m after 3 loss-making years.
31-03
Financial
Equity above €5mEq €8.7m ▲74.7%
Equity rises from €5.0m to €8.7m.
2021
17-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 17 days late
2020
26-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 26 days late
2019
03-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
25-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
12-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2001
Ground area
1.6 ha
Building footprint
3,327 m²
Volume, LiDAR
34,420 m³
2 parcels, Flanders · tallest building 49.1 m, ±2 floors. Linked by address, not a title deed.
28
companies at this address
See who is registered here
1 establishment unit
Gontrode Heirweg 300, 9090 Merelbeke-Melle
since 20012.100.217.274
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44040C0386/00L000 | Flanders | 1.2 ha | 1 · 2,198 m² | 7.8 m · 2 fl. |
| 44032A0472/00N003 | Flanders | 3,879 m² | 1 · 1,129 m² | 49.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 owner · 3 holdingsOwners 1
-
49.68%
Holdings 3
-
100%
-
18.34%
-
17.85%
According to the annual accounts to 31-03-2025 of HERON and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 3,761 companies in sector 68321 we hold annual accounts for 1,394. 274 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-12-2000
Fiscal year end31-03
Activities, NACEBEL 2025
68321Property management for co-owned buildings (syndics)
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473661193
Registered
21-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.