Continuous process for the production of prevalently heavy hydrocarbons starting from synthesis gas in the presence of a gas phase, a liquid and a solid catalyst, the above process being carried out using a bubble column, characterized in that the bubble column internally has: (a) at least one draft-tube; (b) at least one device for the inlet of the synthesis gas; (c) at least one device for the inlet of the regenerating gas; (d) at least one device for activating/interrupting the stream of regenerating gas; (e) optional devices suitable for minimizing the mixing of the synthesis gas with the regenerating gas.