HEX - RAYS
ActiveSummary
HEX - RAYS has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €8.1m and a net result of €11.7m. Equity is shrinking by ~25% per year across the filed fiscal years. Its solvency ranks better than 47% of 1547 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
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Signals
This company filed its last 6 accounts on average 51 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (1)
History
On 26 April 2005, HEX - RAYS was incorporated by two natural persons, with a starting capital of EUR 18,600.12 The registered office moved to Liège in 2009, to Liege in 2014 and to Liège in 2016.345 The capital was increased 2 times between 2014 and 2022, most recently to EUR 61,500.46 Of the 6 current board members, Arnaud Diederen has served longest, since 2022.7 Total assets went from EUR 20 million in 2022 to EUR 21 million in 2024.8
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Financials · fiscal year 2024, full schema
Click a name to add, emphasise or remove a line.
- 2024 Equity +81% on 2023. Cause not known from the registers.
- 2023 Total assets +74% on 2022. Cause not known from the registers.
- 2022 Total assets -77% on 2021. Partial demerger to Zingy Capital, effective 22-06-2022.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
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 20,082 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.
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €24.5m | €19.9m | ▼ 18.9% |
| Turnover70 | €19.6m | €20.6m | - | €23.0m | €17.7m | ▼ 22.9% |
| Own construction capitalised72 | - | - | - | €1.5m | €2.0m | ▲ 37.5% |
| Other operating income74 | - | - | - | €67,320 | €131,361 | ▲ 95.1% |
| Non-recurring operating income76A | - | - | - | - | €10,000 | - |
| Operating charges60/66A | - | - | - | €4.7m | €7.6m | ▲ 61.3% |
| Goods for resale, raw materials and consumables60 | - | - | - | €75,811 | €38,065 | ▼ 49.8% |
| Purchases600/8 | - | - | - | €75,811 | €38,065 | ▼ 49.8% |
| Services and other goods61 | - | - | - | €2.5m | €4.8m | ▲ 91.4% |
| Remuneration, social security and pensions62 | - | - | - | €2.0m | €2.2m | ▲ 10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €94,977 | €77,150 | - | €153,268 | €591,977 | ▲ 286% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €6,562 | - |
| Other operating charges640/8 | - | - | - | €7,557 | €4,739 | ▼ 37.3% |
| Non-recurring operating charges66A | - | - | - | €2,213 | - | - |
| Operating profit (loss)9901 | €17.5m | €18.1m | - | €19.8m | €12.3m | ▼ 38.0% |
| Financial income75/76B | - | - | - | €1.4m | €971,555 | ▼ 32.6% |
| Recurring financial income75 | €2.5m | €5.0m | - | €1.4m | €971,555 | ▼ 32.6% |
| Income from financial fixed assets750 | - | - | - | €28,594 | €32,918 | ▲ 15.1% |
| Income from current assets751 | - | - | - | €724,492 | €740,908 | ▲ 2.3% |
| Other financial income752/9 | - | - | - | €688,216 | €197,729 | ▼ 71.3% |
| Non-recurring financial income76B | - | - | - | €1,048 | - | - |
| Financial charges65/66B | - | - | - | €877,636 | €449,912 | ▼ 48.7% |
| Recurring financial charges65 | €2.2m | €1.8m | - | €877,636 | €449,912 | ▼ 48.7% |
| Debt charges650 | €260,956 | €367,305 | - | €116,720 | €113,821 | ▼ 2.5% |
| Other financial charges652/9 | - | - | - | €760,916 | €336,091 | ▼ 55.8% |
| Profit (loss) for the period before taxes9903 | €17.8m | €21.4m | - | €20.4m | €12.8m | ▼ 37.2% |
| Income taxes67/77 | -€339,948 | €1.6m | - | €1.1m | €1.1m | ▲ 0.7% |
| Taxes670/3 | - | - | - | €1.1m | €1.1m | ▲ 0.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €600 | - | - |
| Profit (loss) for the period9904 | €18.1m | €19.7m | - | €19.2m | €11.7m | ▼ 39.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €16,757 | €66,611 | ▲ 298% |
| Transfer to tax-exempt reserves689 | - | - | - | €997,770 | - | - |
| Profit (loss) for the period to be appropriated9905 | €16.9m | €17.7m | - | €18.3m | €11.7m | ▼ 35.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €67.2m | €84.4m | €19.5m | €34.0m | €20.8m | ▼ 38.7% |
| Formation expenses20 | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €1.3m | €1.2m | - | €1.9m | €3.9m | ▲ 105% |
| Intangible fixed assets21 | €693 | €406 | - | €1.4m | €3.3m | ▲ 141% |
| Tangible fixed assets22/27 | €1.3m | €1.2m | - | €536,963 | €580,336 | ▲ 8.1% |
| Land and buildings22 | - | - | - | €482,006 | €458,181 | ▼ 4.9% |
| Plant, machinery and equipment23 | - | - | - | €4,348 | €5,347 | ▲ 23.0% |
| Furniture and vehicles24 | - | - | - | €50,609 | €116,808 | ▲ 131% |
| Financial fixed assets28 | €256 | €256 | - | €2,811 | €34,942 | ▲ 1,143% |
| Other financial fixed assets284/8 | - | - | - | €2,811 | €34,942 | ▲ 1,143% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €2,811 | €34,942 | ▲ 1,143% |
| Current assets29/58 | €65.9m | €83.2m | - | €32.0m | €16.9m | ▼ 47.3% |
| Amounts receivable within one year40/41 | €3.0m | €1.8m | - | €2.5m | €1.8m | ▼ 27.0% |
| Trade receivables40 | - | - | - | €1.3m | €1.5m | ▲ 8.3% |
| Other amounts receivable41 | - | - | - | €1.1m | €340,732 | ▼ 69.5% |
| Current investments50/53 | €45.0m | €67.7m | - | €11.3m | €14.2m | ▲ 26.3% |
| Other investments51/53 | - | - | - | €11.3m | €14.2m | ▲ 26.3% |
| Cash at bank and in hand54/58 | €17.8m | €13.6m | - | €18.0m | €684,103 | ▼ 96.2% |
| Deferred charges and accrued income490/1 | - | - | - | €261,716 | €166,900 | ▼ 36.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €67.2m | €84.4m | €19.5m | €34.0m | €20.8m | ▼ 38.7% |
| Equity10/15 | €63.6m | €83.3m | - | €4.5m | €8.1m | ▲ 81.4% |
| Contributions10/11 | €68,600 | €68,600 | - | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | = |
| Reserves13 | €7.2m | €9.2m | - | €3.2m | €3.2m | = |
| Non-distributable reserves130/1 | - | - | - | €7,078 | €7,078 | = |
| Legal reserve130 | - | - | - | €7,078 | €7,078 | = |
| Tax-exempt reserves132 | - | - | - | €3.1m | €3.0m | ▼ 2.2% |
| Distributable reserves133 | - | - | - | €96,453 | €163,064 | ▲ 69.1% |
| Profit (loss) carried forward14 | €56.3m | €74.0m | - | €1.3m | €4.9m | ▲ 292% |
| Amounts payable17/49 | €3.7m | €1.1m | - | €29.5m | €12.7m | ▼ 57.0% |
| Amounts payable within one year42/48 | €3.7m | €1.1m | - | €28.6m | €9.6m | ▼ 66.5% |
| Trade debts44 | €53,402 | €197,340 | - | €358,400 | €683,463 | ▲ 90.7% |
| Suppliers440/4 | - | - | - | €358,400 | €683,463 | ▲ 90.7% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €573,078 | €884,996 | ▲ 54.4% |
| Taxes450/3 | - | - | - | €55,339 | €177,596 | ▲ 221% |
| Remuneration and social security454/9 | - | - | - | €517,739 | €707,401 | ▲ 36.6% |
| Other amounts payable47/48 | - | - | - | €27.6m | €8.0m | ▼ 71.1% |
| Accrued charges and deferred income492/3 | - | - | - | €891,657 | €3.1m | ▲ 246% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18.1m | €19.7m | - | €19.2m | €11.7m | ▼ 39.4% |
| + Depreciation and write-downs630 | €94,977 | €77,150 | - | €153,268 | €591,977 | ▲ 286% |
| Operating cash flow (approximation) | €18.2m | €19.8m | - | €19.4m | €12.2m | ▼ 36.8% |
| Investment in fixed assets (approximation) | - | €16,141 | - | - | -€2.6m | - |
| Change in cash | - | -€4.1m | - | - | -€17.4m | - |
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
07-11
State Gazette act
Resignation: Leon Cappaert (director)Appointment: Federale de Participations et d'Investissement (director) · Permanent representative: Leon Cappaert · Mandate compensation5 facts ▸
- General meeting, 28-08-2025
- Director resignation, Leon Cappaert (director)
- Director appointment, Federale de Participations et d'Investissement (director)
- Permanent representative, Leon Cappaert
- Mandate compensation, Federale de Participations et d'Investissement
26-08
State Gazette act
Reappointment: Piton & Cie (statutory auditor)1 fact ▸
- Auditor reappointment, Piton & Cie
04-02
State Gazette act
Appointment: ZEVEN EECKEN EN VIER ESCHEN (director)Permanent representative: Philippe-Alexandere Leroux · Mandate compensation4 facts ▸
- General meeting, 20-12-2024
- Director appointment, ZEVEN EECKEN EN VIER ESCHEN (director)
- Permanent representative, Philippe-Alexandere Leroux
- Mandate compensation, ZEVEN EECKEN EN VIER ESCHEN
19-12
State Gazette act
Resignation: Ilfak Guilfanov (director)Appointments: Bart Luyten, Ilfak Guilfanov and 3 others10 facts ▸
- General meeting, 14-10-2022
- Director resignation, Ilfak Guilfanov (director)
- Director appointment, Bart Luyten (director)
- Director appointment, Ilfak Guilfanov (director)
- Director appointment, Harry Haeck (director)
- Director appointment, Arnaud Diederen (director)
- Director appointment, Leon Cappaert (director)
- Board meeting, 14-10-2022
- Director resignation, Ilfak Guilfanov (managing director)
- Director appointment, Ilfak Guilfanov (chair of the board)
08-07
State Gazette act
Capital & shares · RestructuringDemerger · Real estate · Capital decrease15 facts ▸
- General meeting, 22-06-2022
- Demerger, 22-06-2022
- Real estate, Maison d'habitation (99% pleine propriété) sise Avenue Iris Crahay, 56, cadastrée Commune d'Esneux (62032), première division, section E numéro 0698KP0000 d'une…
- Real estate, Pâture en lieu dit « Mary » cadastrée Commune d'Esneux (62032), première division, section E numéro 0699EP0000 d'une contenance de 4.525 m² selon titre
- Real estate, Pâture en lieu dit « Mary » cadastrée Commune d'Esneux (62032), première division, section E numéro 0699FP0000 d'une contenance de 13.586 m² selon titre
- Real estate, Pâture en lieu dit « Mary » cadastrée Commune d'Esneux (62032), première division, section E numéro 0707/EP0000 d'une contenance de 9.729 m² selon titre
- Real estate, Verger hautes tiges sis en lieu dit « Basse Sarts » cadastré Commune d'Esneux (62032), première division, section E numéro 0698LP0000 d'une contenance de 1.800…
- Capital decrease, €67.243,26
- Capital increase, €60.143,26
- Capital, €61.500
- Share issue, 81658298.90
- Accounting effect, 01-01-2022
- +3 further facts in this act
16-05
State Gazette act
Restructuring · MiscellaneousDemerger · Share issue · Accounting effect5 facts ▸
- Demerger, scission partielle par constitution d'une nouvelle société
- Share issue, actions nouvelles, 186
- Accounting effect, 01-01-2022
- Real estate, Maison d'habitation et terrains (pâtures, verger) situés à Avenue Iris Crahay 56, Esneux
- Power of attorney, Stibbe BV
04-02
State Gazette act
Statutes amendmentCapital · Board composition4 facts ▸
- General meeting, 10-01-2022
- Statutes amendment
- Capital, €68.600
- Board composition, GUILFANOV Ilfak (sole director)
Show earlier events
23-12
State Gazette act
Resignation: Elena Guilfanova (director)2 facts ▸
- General meeting, 07-12-2021
- Director resignation, Elena Guilfanova (director)
25-06
State Gazette act
Reappointment: PITON & Cie Réviseurs d'Entreprises SRL (statutory auditor)Appointment: Valérie PITON (representative)3 facts ▸
- General meeting, 07-06-2021
- Auditor reappointment, PITON & Cie Réviseurs d'Entreprises SRL
- Director appointment, Valérie PITON (representative)
02-07
State Gazette act
Reappointments: Ilfak Guilfanov (director) and Elena Guilfanova (director)3 facts ▸
- General meeting, 11-06-2019
- Director reappointment, Ilfak Guilfanov (director)
- Director reappointment, Elena Guilfanova (director)
03-12
State Gazette act
Appointment: Elena Guilfanova (secretary)Reappointment: PITON & Cie Réviseurs d'Entreprises (statutory auditor) · Permanent representative: Valérie Piton · Mandate compensation6 facts ▸
- General meeting, 15-11-2018
- Director appointment, Elena Guilfanova (secretary)
- Auditor reappointment, PITON & Cie Réviseurs d'Entreprises
- Permanent representative, Valérie Piton
- Mandate compensation, PITON & Cie Réviseurs d'Entreprises
- Supplementary representative, Jean-Claude Piton
22-06
State Gazette act
Capital & sharesCapital decrease · Share cancellation · Capital6 facts ▸
- General meeting, 04-06-2018
- Capital decrease, €3.510.000
- Share cancellation, 67, 3491129.00
- Share cancellation, 1, 18871.00
- Capital, €68.600
- Statutes amendment
31-03
State Gazette act
Appointment: PITON & Cie Réviseurs d'Entreprises (statutory auditor)Permanent representative: Valérie Piton · Accounting effect4 facts ▸
- General meeting, 01-03-2016
- Auditor appointment, PITON & Cie Réviseurs d'Entreprises (statutory auditor)
- Permanent representative, Valérie Piton
- Accounting effect, 31-12-2015
26-01
State Gazette act
Registered officeRegistered-office move2 facts ▸
- General meeting, 18/12/2015
- Registered-office move, Rue Rennequin Sualem, n°34 à 4000 Liège
25-03
State Gazette act
Reappointments: Ilfak GUILFANOV (director) and Elena GUILFANOVA (director)Appointment: Ilfak GUILFANOV (chair) · Capital increase · Capital11 facts ▸
- General meeting, 28-02-2014
- Capital increase, €3.510.000
- Capital, €3.578.600
- Director reappointment, Ilfak GUILFANOV (director)
- Director reappointment, Elena GUILFANOVA (director)
- Board meeting, 28-02-2014
- Director appointment, Ilfak GUILFANOV (chair)
- Director appointment, Ilfak GUILFANOV (managing director)
- Mandate compensation, Ilfak GUILFANOV
- Director appointment, Ilfak GUILFANOV (day-to-day manager)
- Registered-office move, 4000 LIEGE, Boulevard de la Sauvenière, 30
31-07
State Gazette act
Registered officeRegistered-office move2 facts ▸
- General meeting, 07/07/2009
- Registered-office move, Boulevard de la Sauvenière 30 à 4000 Liège
09-08
State Gazette act
Resignation: Pierre VANDEVENNE (manager)Appointment: Ilfak GUILFANOV (manager) · Director discharge4 facts ▸
- General meeting, 19-07-2007
- Director resignation, Pierre VANDEVENNE (manager)
- Director discharge, Pierre VANDEVENNE
- Director appointment, Ilfak GUILFANOV (manager)
09-05
State Gazette act
IncorporationAppointment: VANDEVENNE Pierre Jacques René Jean (non-statutory manager) · Founding capital · Founder8 facts ▸
- Incorporation, 15-04-2005
- Founding capital, €18.600
- Founder, GUILFANOV Ilfak Ismaguilovitch
- Founder, VANDEVENNE Pierre Jacques René Jean
- Director appointment, VANDEVENNE Pierre Jacques René Jean (non-statutory manager)
- Mandate compensation, VANDEVENNE Pierre Jacques René Jean
- Accounting effect, 01-01-2005
- First annual general meeting, 02-06-2006
Directors · office · real estate
Board 6
Permanent representatives 3
Statutory auditor 1
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62805D0463/00D000 | Wallonia | 171 m² | 1 · 92 m² | 17.0 m · 5 fl. |
Linked by address, not proof of ownership
Mandate history
- Board
- Day-to-day management
- Permanent representative
- Statutory auditor
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| Ilfak GUILFANOV |
|
| Arnaud Diederen |
|
| Harry Haeck |
|
| LUYTEN Bart |
|
| ZEVEN EECKEN EN VIER ESCHEN |
|
| SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT |
|
| Valérie Piton |
|
| PITON & Cie |
|
| CAPPAERT Leon Jeffy Maria |
|
| Elena Guilfanova |
|
| Pierre VANDEVENNE |
|
Articles of association
Full purpose
La société a pour objet, pour compte propre, pour compte de tiers ou en participation, en Belgique ou à l'étranger, en tant que représentant, mandataire ou intermédiaire, dans la mesure où l'exercice de ces activités n'est pas en infraction ou en contrariété avec une ou plusieurs dispositions légales ou réglementaires qui soumettraient ces activités à des conditions d'accès, d'exercice de la profession ou autres: -l'étude, la conception, le développement, l'acquisítion, la vente, la location et la distribution de tous matériaux, produits et services se rapportant à l'informatique sous toutes ses formes. - l'exécution de formations et de consultance relatives à son objet social. - la constitution et le développement de sociétés se rapportant directement à son objet social et la prise de participations dans de telles sociétés. Toute activité assujettie à une réglementation d'accès à la profession sera effectuée pour compte de la société par des personnes dûment agréées et munies des autorisations et licences préalables requises. Elle peut notamment se porter caution et donner toute sûreté personnelle ou réelle en faveur de toute personne ou société liée ou non. Elle peut accomplir toutes opérations commerciales, industrielles, financières, mobilières ou immobilières se rapportant directement ou indirectement à son objet. Elle peut s'intéresser par toutes voies dans toutes sociétés, associations ou entreprises ayant un objet similaire ou connexe au sien ou susceptible de favoriser le développement de ses activités. La société peut être administrateur, gérant ou liquidateur.
Structure & network
Owners and holdings
2 ownersChain of control
- SmartSec
- HEX - RAYS
Highest known parent: SmartSec. The sources do not say who stands above it.
Owners 2
- SmartSecparentSourceown accounts 2024100%
-
27.65%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of HEX - RAYS 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
37 connected companiesShow 33 more companies with a shared director
Acquisitions and mergers
1 transactionCapital and shareholders
- Ilfak GUILFANOV 67 shares · 3,491,129 EUR
- Elena GUILFANOVA 1 share · 18,871 EUR
- GUILFANOV Ilfak Ismaguilovitch founder
- VANDEVENNE Pierre Jacques René Jean founder
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 08-07-2022 Capital reduction of 67,243.26 EUR · to 1,356.74 EUR · in a demerger
- 08-07-2022 Capital increase of 60,143.26 EUR · to 61,500 EUR · from reserves
- 04-02-2022 Capital stated in the act · 68,600 EUR · 186 shares
- 22-06-2018 Capital reduction of 3,510,000 EUR · to 68,600 EUR · repaid to the shareholders
- 25-03-2014 Capital increase of 3,510,000 EUR · to 3,578,600 EUR · 68 new shares
- 09-05-2005 Incorporation · 18,600 EUR · 186 shares
Recognitions · licences · registrations
Legal Entity Identifier
Similar companies · same sector, comparable size
Identification & contact
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.