7. Subsidiaries and joint operations

The following entities - subsidiaries and joint operations - are included in the consolidation. Wholly-owned entities are subsidiaries and the remaining entities are joint operations. For practical reasons, entities that are not significant based on revenue and subsidiaries in which no business activities take place are not included in this list. A complete list of subsidiaries and other consolidated interests has been filed with the Trade Register of the Chamber of Commerce in Eindhoven.

The Group has no individual material joint arrangements (i.e. joint ventures and joint operations) and/or associates that would require the disclosure of separate financial information.

31 December 2025

31 December 2024

Heijmans Nederland B.V., Rosmalen

100%

100%

Heijmans Energie B.V., Rosmalen

100%

100%

Heijmans Facilitair Bedrijf B.V., Rosmalen

100%

100%

Heijmans Materieel Beheer B.V., Rosmalen

100%

100%

Heijmans Vastgoed B.V., Rosmalen

100%

100%

Heijmans Vastgoed Deelnemingen B.V., Rosmalen

100%

100%

VOF Ooster-Linge 2, Rosmalen

50%

50%

Riederwaard C.V., Rotterdam

100%

100%

Heijmans Woningbouw B.V., Rosmalen

100%

100%

Whoon Bouw & Ontwikkeling B.V., ’s-Hertogenbosch

100%

100%

Whoon Bouwbedrijf B.V., 's Hertogenbosch

100%

100%

Whoon Projectontwikkeling B.V., 's Hertogenbosch

100%

100%

Bouwmaterialenhandel Bevers B.V., ‘s-Hertogenbosch

100%

100%

VOF Land van Coudewater, 's-Hertogenbosch

50%

50%

PeVaGis B.V., Rosmalen

100%

100%

Heijmans Utiliteit B.V., Rosmalen

100%

100%

Bouwcombinatie RIK V.O.F, Rosmalen

50%

50%

Heijmans Flora B.V., Rosmalen

100%

100%

HEGEMAN Bouw & Services B.V, Nijverdal

100%

0,0%

Heijmans Infrastructuur B.V., Rosmalen

100%

100%

Heijmans Infra B.V., Rosmalen

100%

100%

Combinatie Waddenkwartier V.O.F, Rosmalen

75%

75%

Waalensemble V.O.F., Rosmalen

33%

33%

v.o.f. TriAX KNM, Rosmalen

33%

33%

Joint operations

Some of the Group’s activities are carried out in joint operations in which the Group exercises joint control with third parties. These partnerships occur in all segments of the Group and generally have a term that coincides with the duration of the relevant project.

The Group’s share of revenue from these joint operations amounts to € 261 million (2024: € 192 million). Total assets held within these joint operations amount to € 128 million (2024: € 107 million) and total related liabilities to € 104 million (2024: € 98 million).

Temporary cash deficits within these partnerships are funded by the partners in proportion to their interests, while temporary surpluses are distributed to the partners. Cash and cash equivalents held within joint operations are available only for use within the relevant partnership and may be used only with the consent of the partners concerned.

For receivables from, and liabilities to, joint operations, reference is made to notes '6.18 Trade and other receivables' and '6.25 Trade and other payables', respectively. For the Group’s share of cash held in joint operations, reference is made to note '6.19a Cash and cash equivalents subject to restrictions'. Further information on obligations relating to these partnerships is included in notes '6.27 Investment commitments' and '6.28 Contingent liabilities'.