Debris disks, which are inferred from the observed infrared excess to be ensembles of dust, rocks, and probably planetesimals, are common features of stellar systems. As the mechanisms of their formation and evolution are linked to those of planetary bodies, they provide valuable information. The few well-resolved debris disks are even more valuable because they can serve as modelling benchmarks and help resolve degeneracies in modelling aspects such as typical grain sizes and distances. Here, we present an analysis of the HD 207129 debris disk, based on its well-covered spectral energy distribution and Herschel/PACS images obtained in the framework of the DUNES (DUst around NEarby Stars) programme. We use an empirical power-law approach to the distribution of dust and we then model the production and removal of dust by means of collisions, direct radiation pressure, and drag forces. The resulting best-fit model contains a total of nearly 10 −2 Earth masses in dust, with typical grain sizes in the planetesimal belt ranging from 4 to 7 µm. We constrain the dynamical excitation to be low, which results in very long collisional lifetimes and a drag that notably fills the inner gap, especially at 70 µm. The radial distribution stretches from well within 100 AU in an unusual, outward-rising slope towards a rather sharp outer edge at about 170-190 AU. The inner edge is therefore smoother than that reported for Fomalhaut, but the contribution from the extended halo of barely bound grains is similarly small. Both slowly self-stirring and planetary perturbations could potentially have formed and shaped this disk.