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HEX - RAYS

Active
Public limited companyfounded 200521 yrs activeRue Rennequin-Sualem 34, 4000 Liège, BelgiumKBO/BCE: BE 0873.473.914
Summary

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).

Checked score

Score 2024
Axes · tick = 2023
Profitability100=
Solvency64▲+26
Growth48▼-6
Track record100
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600,000 at 30 days acceptable
Liquidity ample (current ratio 1.77 against 1.12 in 2023; short-term debt: 46% and cash: 3.3% of total assets), but 60.8% of the assets are financed with debt.
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Signals

Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% 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 date
Age against the risk zone
highest failure risk from 2 to 8 years 21 years 0 30 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024
Solvency, return and age of the figures
Solvency
39.2%
Return on assets
56%
Age of the figures
21 mo
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
raises risk · Higher-failure-rate region
In this region companies fail more often than in the rest of the country.
KBO · registered office
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-06-2025, 37 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
not confirmed
2024
37 d early
2023
36 d early
2022
38 d early
2021
122 d early
2020
46 d early
2019
25 d early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

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)
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

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

  1. 1Crossroads Bank for Enterprises
  2. 2Belgian State Gazette, 09-05-2005
  3. 3Belgian State Gazette, 31-07-2009
  4. 4Belgian State Gazette, 25-03-2014
  5. 5Belgian State Gazette, 26-01-2016
  6. 6Belgian State Gazette, 08-07-2022
  7. 7Belgian State Gazette, 19-12-2022
  8. 8National Bank, annual accounts 2022 and 2024

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Financials · fiscal year 2024, full schema

Turnover
€17.7m▼ 22.9%
2023 · €23.0m
EBIT margin
69.3%▼ 16.9pp
2023 · 86.2%
Net result
€11.7m▼ 39.4%
2023 · €19.2m
Working capital
€7.3m▲ 111%
2023 · €3.5m
Trend over the years

Click a name to add, emphasise or remove a line.

Every figure with its change against the fiscal year before
favourable unfavourable
Line20202021202220232024
Turnover€19.6m▲ 3.3%€20.6m▲ 5.4%€23.0m€17.7m▼ 22.9%
Operating result€17.5m▲ 2.2%€18.1m▲ 3.6%€19.8m€12.3m▼ 38.0%
Net result€18.1m▼ 6.3%€19.7m▲ 8.9%€19.2m€11.7m▼ 39.4%
EBIT margin89.4%▼ 0.9pp87.9%▼ 1.5pp86.2%69.3%▼ 16.9pp
Equity€63.6m▲ 31.0%€83.3m▲ 31.1%€4.5m€8.1m▲ 81.4%
Total assets€67.2m▲ 9.2%€84.4m▲ 25.5%€19.5m▼ 76.8%€34.0m▲ 73.7%€20.8m▼ 38.7%
Debt€3.7m▼ 71.8%€1.1m▼ 70.3%€29.5m€12.7m▼ 57.0%
Working capital€62.2m▲ 29.1%€82.1m▲ 31.9%€3.5m€7.3m▲ 111%
Staff (FTE)9.7▲ 44.8%11.1▲ 14.4%13.515.3▲ 13.3%
Why a figure moved sharply
  • 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.
Result per fiscal year
Operating resultNet result
€0€5.0m€10.0m€15.0m€20.0mOperating result 2020: €17.5m€17.5mNet result 2020: €18.1m€18.1mOperating result 2021: €18.1m€18.1mNet result 2021: €19.7m€19.7mOperating result 2023: €19.8m€19.8mNet result 2023: €19.2m€19.2mOperating result 2024: €12.3m€12.3mNet result 2024: €11.7m€11.7m20202021202220232024€0€5m€10m€15m€20mOperating result 2023: €19.8m€20mNet result 2023: €19.2m€19mOperating result 2024: €12.3m€12mNet result 2024: €11.7m€12m202220232024
The operating result falls in 2024; 2024 is 38% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €20.8m
Fixed assets €3.9m ▲ 105%
Current assets €16.9m ▼ 47.3%
Equity and liabilities €20.8m
Equity €8.1m ▲ 81.4%
Debt €12.7m ▼ 57.0%
Debt's share of the balance-sheet total falls from 86.8% to 60.8%. Equity is higher and debt is lower.
Key figures and ratios
2024 value · change against 2023
EBITDA
€12.9m▼
2023 · €20.0m
Cash flow
€12.2m▼
2023 · €19.4m
Current ratio
1.77▲
2023 · 1.12
Debt to equity
1.55▼
2023 · 6.56
ROE
143.1%▼
2023 · 428.3%
ROA
56.0%▼
2023 · 56.7%
Interest coverage
113.04▼
2023 · 171.00
Debt ≤ 1 year
€9.6m▼
2023 · €28.6m
Income taxes
€1.1m▲
2023 · €1.1m
Staff costs
€2.2m▲
2023 · €2.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of 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
0.2% went bankrupt
4.7% stopped otherwise
95% still going

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%.

The companies in ten equal groups, from lowest to highest expected share.
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.

Annual accounts
Filed annual accounts As filed with the NBB · 2024 against 2023 · 80 lines
Balance sheet Code20232024
Assets
Total assets20/58€34.0m€20.8m▼
Formation expenses20€0€0=
Fixed assets21/28€1.9m€3.9m▲
Intangible fixed assets21€1.4m€3.3m▲
Tangible fixed assets22/27€536,963€580,336▲
Land and buildings22€482,006€458,181▼
Plant, machinery and equipment23€4,348€5,347▲
Furniture and vehicles24€50,609€116,808▲
Financial fixed assets28€2,811€34,942▲
Other financial fixed assets284/8€2,811€34,942▲
Amounts receivable and cash guarantees285/8€2,811€34,942▲
Current assets29/58€32.0m€16.9m▼
Amounts receivable within one year40/41€2.5m€1.8m▼
Trade receivables40€1.3m€1.5m▲
Other amounts receivable41€1.1m€340,732▼
Current investments50/53€11.3m€14.2m▲
Other investments51/53€11.3m€14.2m▲
Cash at bank and in hand54/58€18.0m€684,103▼
Deferred charges and accrued income490/1€261,716€166,900▼
Equity and liabilities
Total equity and liabilities10/49€34.0m€20.8m▼
Equity10/15€4.5m€8.1m▲
Contributions10/11€61,500€61,500=
Capital10€61,500€61,500=
Issued capital100€61,500€61,500=
Reserves13€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▼
Distributable reserves133€96,453€163,064▲
Profit (loss) carried forward14€1.3m€4.9m▲
Amounts payable17/49€29.5m€12.7m▼
Amounts payable within one year42/48€28.6m€9.6m▼
Trade debts44€358,400€683,463▲
Suppliers440/4€358,400€683,463▲
Advances received on contracts in progress46€0-
Taxes, remuneration and social security45€573,078€884,996▲
Taxes450/3€55,339€177,596▲
Remuneration and social security454/9€517,739€707,401▲
Other amounts payable47/48€27.6m€8.0m▼
Accrued charges and deferred income492/3€891,657€3.1m▲
Income statement Code20232024
Operating income70/76A€24.5m€19.9m▼
Turnover70€23.0m€17.7m▼
Own construction capitalised72€1.5m€2.0m▲
Other operating income74€67,320€131,361▲
Non-recurring operating income76A-€10,000
Operating charges60/66A€4.7m€7.6m▲
Goods for resale, raw materials and consumables60€75,811€38,065▼
Purchases600/8€75,811€38,065▼
Services and other goods61€2.5m€4.8m▲
Remuneration, social security and pensions62€2.0m€2.2m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€153,268€591,977▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€6,562
Other operating charges640/8€7,557€4,739▼
Non-recurring operating charges66A€2,213-
Operating profit (loss)9901€19.8m€12.3m▼
Financial income75/76B€1.4m€971,555▼
Recurring financial income75€1.4m€971,555▼
Income from financial fixed assets750€28,594€32,918▲
Income from current assets751€724,492€740,908▲
Other financial income752/9€688,216€197,729▼
Non-recurring financial income76B€1,048-
Financial charges65/66B€877,636€449,912▼
Recurring financial charges65€877,636€449,912▼
Debt charges650€116,720€113,821▼
Other financial charges652/9€760,916€336,091▼
Profit (loss) for the period before taxes9903€20.4m€12.8m▼
Income taxes67/77€1.1m€1.1m▲
Taxes670/3€1.1m€1.1m▲
Tax adjustments and reversals of tax provisions77€600-
Profit (loss) for the period9904€19.2m€11.7m▼
Transfer from tax-exempt reserves789€16,757€66,611▲
Transfer to tax-exempt reserves689€997,770-
Profit (loss) for the period to be appropriated9905€18.3m€11.7m▼
Appropriation of the result
Profit (loss) to be appropriated9906€31.3m€13.0m▼
Profit (loss) brought forward from the previous period14P€13.0m€1.3m▼
Transfer to equity691/2€16,757€66,611▲
To other reserves6921€16,757€66,611▲
Profit to be distributed694/7€30.0m€8.0m▼
Return on contributions (dividend)694€30.0m€8.0m▼
Social balance
Average headcount (FTE)908713.515.3▲

The notes to these accounts (59 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20202021202220232024Change
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%
Line20202021202220232024Change
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%
Line20202021202220232024Change
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.

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Timeline · acts, filings and financial milestones

2025
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
24-06
NBB filing Annual accounts filed
fiscal year 2024 · full schema
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
2024
31-12
Financial Equity above €5mEq €8.1m ▲81.4%
2 profitable years in a row build equity to €8.1m.
25-06
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
23-06
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2022
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 · Restructuring
Demerger · 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 · Miscellaneous
Demerger · 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
31-03
NBB filing Annual accounts filed
fiscal year 2021 · full schema
04-02
State Gazette act Statutes amendment
Capital · Board composition4 facts ▸
  • General meeting, 10-01-2022
  • Statutes amendment
  • Capital, €68.600
  • Board composition, GUILFANOV Ilfak (sole director)
Show earlier events
2021
31-12
Financial Highest result since 2018net €19.7m ▲8.9%
Net result €19.7m, the highest in the series.
31-12
Financial Liquidity quadruplescurrent ratio 76.81
Current ratio from 17.95 to 76.81; short-term debt falls from €3.7m to €1.1m.
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)
15-06
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial Liquidity quadruplescurrent ratio 17.95
Current ratio from 5.03 to 17.95; short-term debt falls from €12.0m to €3.7m.
31-12
Financial Equity above €50mEq €63.6m ▲31%
3 profitable years in a row build equity to €63.6m.
06-07
NBB filing Annual accounts filed
fiscal year 2019 · full schema
2019
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)
13-06
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
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 & shares
Capital 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
18-06
NBB filing Annual accounts filed
fiscal year 2017 · full schema
2017
19-06
NBB filing Annual accounts filed
fiscal year 2016 · full schema
2016
29-06
NBB filing Annual accounts filed
fiscal year 2015 · full schema
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 office
Registered-office move2 facts ▸
  • General meeting, 18/12/2015
  • Registered-office move, Rue Rennequin Sualem, n°34 à 4000 Liège
2014
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
2009
31-07
State Gazette act Registered office
Registered-office move2 facts ▸
  • General meeting, 07/07/2009
  • Registered-office move, Boulevard de la Sauvenière 30 à 4000 Liège
2007
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)
2005
09-05
State Gazette act Incorporation
Appointment: 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
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
18 of 18 acts read

Directors · office · real estate

Directors
6 directors, no change since 2025

Board 6

Ilfak GUILFANOV
Chair of the board · since 28-02-2014 · Director · since 14-10-2022
Current
Arnaud Diederen
Director · since 14-10-2022
Current
Harry Haeck
Director · since 14-10-2022
Current
LUYTEN Bart
Director · since 14-10-2022
Current
ZEVEN EECKEN EN VIER ESCHEN
Director · since 20-12-2024 · Private limited company · perm. rep.: Philippe-Alexandere Leroux
Current
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
Director · since 28-08-2025 · Public limited company · perm. rep.: Leon Cappaert
Current

Permanent representatives 3

Valérie Piton
Representative · since 07-06-2021
Current
Philippe-Alexandere Leroux
Permanent representative · since 20-12-2024 · for ZEVEN EECKEN EN VIER ESCHEN
Current
Leon Cappaert
Permanent representative · since 28-08-2025 · for SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
Current

Statutory auditor 1

PITON & Cie
Auditor · since 01-03-2016 · perm. rep.: Valérie Piton
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2005
seat establishment The establishment unit on the map
Ground area
171 m²
Building footprint
92 m²
Volume, LiDAR
1,438 m³
Parcel 62805D0463/00D000, Wallonia · tallest building 17.0 m, ±5 floors. Linked by address, not a title deed.
5 companies at this address See who is registered here
1 establishment unit
HEX-RAYS
Rue Rennequin-Sualem 34, 4000 LiègeNACE 72100
since 20052.146.551.305
1 parcel
Wallonia 1 (100%)
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
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Mandate history

11 people since 2005, 8 in office
Show
  • Board
  • Day-to-day management
  • Permanent representative
  • Statutory auditor
  • Other function
  • began earlier
Mandates per person, with start and end dates
Name Functions and periods
Ilfak GUILFANOV
  • Manager, from 19-07-2007 to 14-10-2022
  • Chair, from 28-02-2014 to date
  • Managing director, from 28-02-2014 to 14-10-2022
  • Director, from 14-10-2022 to date
Arnaud Diederen
  • Director, from 14-10-2022 to date
Harry Haeck
  • Director, from 14-10-2022 to date
LUYTEN Bart
  • Director, from 14-10-2022 to date
ZEVEN EECKEN EN VIER ESCHEN
  • Director, from 20-12-2024 to date
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
  • Director, from 28-08-2025 to date
Valérie Piton
  • Representative, from 07-06-2021 to date
PITON & Cie
  • Auditor, from 01-03-2016 to date
CAPPAERT Leon Jeffy Maria
  • Director, from 14-10-2022 to 28-08-2025
Elena Guilfanova
  • Director, already before 20-03-2014 to 07-12-2021
  • Secretary, from 15-11-2018 ended, last mentioned 03-12-2018
Pierre VANDEVENNE
  • Non-statutory manager, from 15-04-2005 to 19-07-2007
See the board, name and seat on a given date →

Articles of association

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…
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 owners

Chain of control

  1. SmartSec 100%
  2. HEX - RAYS

Highest known parent: SmartSec. The sources do not say who stands above it.

Owners 2

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 companies
Depth
This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, scroll to zoom.
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via LUYTEN Bart · Permanent representative
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via LUYTEN Bart · Niet uitvoerend, onafhankelijk bestuurder
→
→
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via LUYTEN Bart · Executive director
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Acquisitions and mergers

1 transaction
Split off to:Zingy Capital
partial demerger · State Gazette act of 08-07-2022 (2 acts) · effective 22-06-2022

Capital and shareholders

Shareholders according to the acts
After the capital increase act of 25-03-2014 ↗
  • Ilfak GUILFANOV 67 shares · 3,491,129 EUR
  • Elena GUILFANOVA 1 share · 18,871 EUR
At incorporation act of 09-05-2005 ↗
  • 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.

Capital over the years
  1. 08-07-2022 Capital reduction of 67,243.26 EUR · to 1,356.74 EUR · in a demerger
  2. 08-07-2022 Capital increase of 60,143.26 EUR · to 61,500 EUR · from reserves
  3. 04-02-2022 Capital stated in the act · 68,600 EUR · 186 shares
  4. 22-06-2018 Capital reduction of 3,510,000 EUR · to 68,600 EUR · repaid to the shareholders
  5. 25-03-2014 Capital increase of 3,510,000 EUR · to 3,578,600 EUR · 68 new shares
  6. 09-05-2005 Incorporation · 18,600 EUR · 186 shares

Recognitions · licences · registrations

Legal Entity Identifier

967600TRZOFTYS7Y5C84
live in the LEI register

Similar companies · same sector, comparable size

Of 30,007 companies in sector 62200 we hold annual accounts for 18,396. 1,143 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
Founded26-04-2005
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
62900Other information technology and computer services
Contact
Phone +3242224300Liège
E-invoicing
Reachable via Peppol
Peppol ID 0208:0873473914
Also 9925:BE0873473914
Registered 02-12-2025

Register as of 27 September 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.