HEX - RAYS

Active Public limited companyfounded 2005active for 21 yearsRue Rennequin-Sualem 34, 4000 LiègeKBO/BCE: BE 0873.473.914 subsidiary of SmartSec#2 company by total assets in Liège, Telecoms and IT sector

HEX - RAYS

Financial year 2025

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Annual accounts 2025

full format, filed on 24-09-2026, 55 days late

€12.0m

▼ 32.2%

€4.0m

▼ 67.6%

€5.2m

▼ 59.6%

€5.0m

▼ 58.9%

15.7%

▼ 23.5 percentage points

1.58

▼ 0.19

In the rankings #2 company by total assets in Liège, Telecoms and IT sector #5 company by equity in Liège, Telecoms and IT sector

Money flows

of every €100 of turnover, €31.75 remains as profit in 2025

Balance sheet

balance sheet total €25.3m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

15.7%

Higher than 29% of 1,691 companies in 2025.

1.58

Higher than 49% of 1,658 companies in 2025.

15.1%

Higher than 79% of 1,673 companies in 2025.

HEX - RAYS Middle half of the sector 80% of the sector Full accounts in computer programming and consultancy (NACE 62)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half

Staff

Men and women19% women

11.6 men and 2.8 women in full-time equivalents in 2025.

€164,683

Men €163,071, women €171,363 per full-time equivalent. Jobs differ, so this is not a pay gap.

-1 person

people who joined people who left

In 2025, 1 person joined and 2 left. Agency workers: 0.1 on average.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
`20/58`	25.3m	20.8m	34.0m	19.5m	84.4m	67.2m	61.6m	64.7m	54.7m	35.8m	26.0m	20.0m	13.3m	10.9m	7.4m	4.0m	1.8m	802,256	99,935	83,526
`20`	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`21/28`	9.7m	3.9m	1.9m	-	1.2m	1.3m	1.4m	1.5m	1.5m	1.5m	1.5m	990,971	1.1m	1.1m	949,650	24,008	28,152	19,422	4,110	-
`21`	5.4m	3.3m	1.4m	-	406	693	8,748	35,073	51,885	9,762	3,945	-	-	-	-	-	-	-	-	-
`22/27`	546,109	580,336	536,963	-	1.2m	1.3m	1.4m	1.5m	1.4m	1.5m	1.5m	986,053	1.1m	1.1m	944,839	19,302	23,446	17,701	2,610	-
`22`	417,056	458,181	482,006	-	1.2m	1.2m	1.3m	1.3m	1.4m	1.4m	1.4m	813,135	839,432	942,592	841,562	-	-	-	-	-
`23`	4,672	5,347	4,348	-	9,062	16,141	24,207	20,738	25,465	49,210	71,392	97,884	124,376	83,977	57,035	7,417	3,233	6,209	1,264	-
`24`	124,382	116,808	50,609	-	38,281	81,234	112,330	115,424	19,621	41,410	54,095	75,034	97,592	56,855	46,242	11,885	20,213	11,492	1,346	-
`28`	3.8m	34,942	2,811	-	256	256	256	256	256	256	3,430	4,918	4,999	4,887	4,811	4,706	4,706	1,721	1,500	-
`280/1`	3.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`281`	3.8m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`284/8`	4,990	34,942	2,811	-	256	256	256	256	256	256	3,430	-	-	-	-	-	-	-	-	-
`285/8`	4,990	34,942	2,811	-	256	256	256	256	256	256	3,430	-	-	-	-	-	-	-	-	-
`29/58`	15.6m	16.9m	32.0m	-	83.2m	65.9m	60.2m	63.2m	53.3m	34.3m	24.4m	19.0m	12.2m	9.8m	6.5m	4.0m	1.7m	782,834	95,825	83,526
`40/41`	2.6m	1.8m	2.5m	-	1.8m	3.0m	1.4m	838,106	692,367	470,017	304,080	421,607	235,766	391,567	287,100	133,967	76,739	57,126	18,194	17,160
`40`	1.7m	1.5m	1.3m	-	1.5m	940,151	349,311	821,773	659,708	397,129	258,647	319,539	191,508	209,513	154,044	122,498	63,905	46,851	16,276	14,400
`41`	832,786	340,732	1.1m	-	283,283	2.1m	1.1m	16,333	32,658	72,888	45,433	102,068	44,258	182,054	133,056	11,469	12,834	10,275	1,918	2,760
`50/53`	3.4m	14.2m	11.3m	-	67.7m	45.0m	42.9m	55.0m	31.6m	9.8m	9.7m	8.8m	2.0m	1.8m	420,000	180,000	-	90,002	37,842	65,000
`51/53`	3.4m	14.2m	11.3m	-	67.7m	45.0m	42.9m	55.0m	31.6m	9.8m	9.7m	-	-	-	-	-	-	-	-	-
`54/58`	9.1m	684,103	18.0m	-	13.6m	17.8m	15.7m	7.2m	20.2m	24.0m	14.4m	9.8m	10.0m	7.6m	5.8m	3.7m	1.6m	635,706	39,635	1,324
`490/1`	440,156	166,900	261,716	-	62,029	100,223	136,517	229,350	778,572	10,569	0	12,942	-	0	-	-	-	-	154	42
Balance sheet: equity and liabilities
`10/49`	25.3m	20.8m	34.0m	19.5m	84.4m	67.2m	61.6m	64.7m	54.7m	35.8m	26.0m	20.0m	13.3m	10.9m	7.4m	4.0m	1.8m	802,256	99,935	83,526
`10/15`	4.0m	8.1m	4.5m	-	83.3m	63.6m	48.5m	45.9m	40.7m	30.4m	21.6m	15.4m	7.8m	8.2m	5.0m	3.2m	1.7m	753,549	81,205	11,527
`10/11`	61,500	61,500	61,500	-	68,600	68,600	68,600	68,600	3.6m	3.6m	3.6m	3.6m	68,600	68,600	68,600	68,600	68,600	68,600	9,300	9,300
`10`	61,500	61,500	61,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`100`	61,500	61,500	61,500	-	68,600	68,600	68,600	68,600	3.6m	3.6m	3.6m	3.6m	68,600	68,600	68,600	68,600	68,600	68,600	18,600	18,600
`101`	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	0	9,300	9,300
`13`	3.2m	3.2m	3.2m	-	9.2m	7.2m	8.3m	19.8m	6.7m	5.3m	5.3m	1.4m	1.1m	1.1m	1.1m	456,860	1,860	1,860	1,860	1,860
`130/1`	7,078	7,078	7,078	-	357,860	357,860	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`130`	7,078	7,078	7,078	-	357,860	357,860	357,860	357,860	357,860	357,860	357,860	357,860	6,860	6,860	6,860	6,860	1,860	1,860	1,860	1,860
`132`	3.0m	3.0m	3.1m	-	5.6m	3.6m	2.3m	14.6m	2.2m	744,000	744,000	0	300,000	1.1m	1.1m	450,000	-	-	-	-
`133`	173,323	163,064	96,453	-	3.3m	3.3m	5.6m	4.9m	4.2m	4.2m	4.2m	1.1m	750,000	-	-	-	-	-	-	-
`14`	720,419	4.9m	1.3m	-	74.0m	56.3m	40.1m	26.0m	30.3m	21.6m	12.8m	10.4m	6.7m	7.1m	3.9m	2.7m	1.6m	683,089	70,045	367
`17/49`	21.3m	12.7m	29.5m	-	1.1m	3.7m	13.0m	18.8m	14.1m	5.3m	4.3m	4.7m	5.5m	2.7m	2.4m	806,505	58,552	48,707	18,730	71,999
`42/48`	9.8m	9.6m	28.6m	-	1.1m	3.7m	12.0m	18.4m	14.0m	4.1m	3.4m	4.7m	5.5m	2.7m	2.4m	806,505	58,552	48,707	18,635	71,999
`42`	-	-	-	-	-	-	-	-	-	-	-	400,952	-	-	-	-	-	3,351	-	-
`43`	-	-	-	-	-	-	10.0m	10.0m	12.0m	-	142,161	-	-	-	-	-	-	-	-	-
`430/8`	-	-	-	-	-	-	10.0m	10.0m	12.0m	0	142,161	-	-	-	-	-	-	-	-	-
`44`	772,044	683,463	358,400	-	197,340	53,402	10,502	31,583	80,562	32,832	71,004	10,072	7,917	40,033	10,811	22,768	21,569	23,548	1,135	560
`440/4`	772,044	683,463	358,400	-	197,340	53,402	10,502	31,583	80,562	32,832	71,004	10,072	7,917	40,033	10,811	22,768	21,569	23,548	1,135	560
`46`	-	-	0	-	19,212	64,627	1,935	43,830	26,328	-	1,404	-	-	-	-	-	-	-	-	-
`45`	1.1m	884,996	573,078	-	865,741	607,473	302,031	2.0m	1.9m	4.0m	2.0m	3.3m	1.9m	2.7m	1.6m	603,170	35,312	21,689	8,150	2,439
`450/3`	6,174	177,596	55,339	-	592,620	240,192	112,591	1.8m	1.8m	3.8m	1.8m	3.1m	1.8m	2.6m	1.5m	534,741	11,340	6,367	8,150	2,439
`454/9`	1.1m	707,401	517,739	-	273,121	367,281	189,439	204,418	114,327	211,969	159,177	139,034	112,541	87,444	169,271	68,429	23,972	15,322	-	-
`47/48`	8.0m	8.0m	27.6m	-	314	2.9m	1.6m	6.4m	0	1,295	1.2m	973,813	3.5m	20,132	730,426	180,567	1,671	119	9,350	69,000
`492/3`	11.5m	3.1m	891,657	-	8,022	5,070	1.1m	429,740	103,650	1.3m	877,004	-	-	-	-	-	-	-	95	-
Income statement
`70/76A`	14.7m	19.9m	24.5m	-	20.6m	19.7m	19.0m	18.9m	16.6m	14.5m	12.2m	-	-	-	-	-	-	-	-	-
`70`	12.0m	17.7m	23.0m	-	20.6m	19.6m	18.9m	18.8m	16.6m	14.5m	12.2m	-	-	5.4m	4.0m	2.7m	2.0m	-	-	103,133
`72`	2.5m	2.0m	1.5m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`74`	126,367	131,361	67,320	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`76A`	0	10,000	-	-	-	-	4,959	-	-	-	-	-	918	-	-	-	-	-	-	-
`9900`	-	-	-	-	-	-	-	-	-	-	-	8.2m	5.9m	5.1m	3.7m	2.4m	1.7m	998,368	126,821	99,532
`60/66A`	10.7m	7.6m	4.7m	-	2.5m	2.2m	1.9m	1.6m	2.4m	1.4m	1.3m	-	-	-	-	-	-	-	-	-
`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	310,236	334,137	318,670	305,150	-	-	3,601
`60`	288,732	38,065	75,811	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`600/8`	288,732	38,065	75,811	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`61`	6.8m	4.8m	2.5m	-	1.2m	817,740	810,554	684,405	623,959	485,738	557,144	-	-	-	-	-	-	-	-	-
`62`	2.4m	2.2m	2.0m	-	1.2m	1.3m	932,778	853,693	887,121	758,161	549,304	557,047	420,524	256,228	379,931	375,132	194,232	64,289	-	-
`630`	1.2m	591,977	153,268	-	77,150	94,977	112,217	93,779	117,803	107,869	145,684	82,038	84,035	54,095	44,012	14,000	12,696	9,070	1,357	-
`631/4`	6,562	6,562	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`640/8`	6,056	4,739	7,557	-	67,411	7,799	12,888	7,962	7,767	7,531	6,063	6,734	264,159	73,309	117,764	1,235	3,025	1,228	799	746
`66A`	21,167	-	2,213	-	-	-	-	-	745,719	7,377	-	163,373	-	-	-	-	-	-	-	-
`9901`	4.0m	12.3m	19.8m	-	18.1m	17.5m	17.1m	17.2m	14.3m	13.2m	10.9m	7.5m	5.2m	4.8m	3.2m	2.0m	1.5m	923,781	124,665	98,786
`75/76B`	413,367	971,555	1.4m	-	5.0m	2.5m	2.1m	1.1m	704,950	607,037	1.7m	253,374	189,845	93,025	260,917	14,087	4,760	9,945	1,579	892
`75`	413,367	971,555	1.4m	-	5.0m	2.5m	2.1m	1.1m	704,950	607,037	1.7m	253,374	189,845	93,025	260,917	14,087	4,760	9,945	1,579	892
`750`	29,435	32,918	28,594	-	45,632	84,074	360,594	315,164	18,588	132,405	54,943	-	-	-	-	-	-	-	-	-
`751`	309,593	740,908	724,492	-	1.4m	996,158	852,414	727,906	309,090	238,498	331,483	-	-	-	-	-	-	-	-	-
`752/9`	74,339	197,729	688,216	-	3.6m	1.4m	921,714	74,844	377,271	236,135	1.3m	-	-	-	-	-	-	-	-	-
`76B`	-	-	1,048	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`65/66B`	391,747	449,912	877,636	-	1.8m	2.2m	-1.3m	3.2m	231,981	440,640	856,191	120,523	59,030	46,288	38,462	29,984	12,604	10,682	3,813	125
`65`	391,747	449,912	877,636	-	1.8m	2.2m	-1.3m	3.2m	231,981	440,640	856,191	120,523	59,030	46,288	38,462	29,984	12,604	10,682	3,813	125
`650`	153,539	113,821	116,720	-	367,305	260,956	447,231	233,398	117,341	155,712	271,827	-	-	-	-	-	-	-	-	-
`651`	-	-	-	-	17,729	647,508	-3.0m	2.6m	24,759	20,710	291,460	-	-	-	-	-	-	-	-	-
`652/9`	238,209	336,091	760,916	-	1.4m	1.3m	1.2m	343,060	89,881	264,219	292,904	-	-	-	-	-	-	-	-	-
`9903`	4.0m	12.8m	20.4m	-	21.4m	17.8m	20.6m	15.1m	14.7m	13.3m	11.8m	7.5m	5.3m	4.8m	3.4m	2.0m	1.5m	923,044	122,431	99,553
`67/77`	178,225	1.1m	1.1m	-	1.6m	-339,948	1.2m	3.5m	5.2m	4.6m	4.5m	2.5m	1.8m	1.6m	930,899	520,064	538,177	260,000	41,753	34,309
`670/3`	178,225	1.1m	1.1m	-	1.9m	1.4m	1.2m	3.5m	5.2m	4.6m	4.5m	-	-	-	-	-	-	-	-	-
`77`	-	-	600	-	220,000	1.8m	-	0	132	-	-	-	-	-	-	-	-	-	-	-
`9904`	3.8m	11.7m	19.2m	-	19.7m	18.1m	19.3m	11.6m	9.5m	8.8m	7.3m	5.0m	3.5m	3.2m	2.4m	1.5m	939,330	663,044	80,678	65,244
`789`	1.0m	66,611	16,757	-	-	744,000	13.1m	744,000	-	-	-	300,000	750,000	-	-	-	-	-	-	-
`689`	1.0m	-	997,770	-	2.0m	2.0m	847,280	13.1m	744,000	-	744,000	-	-	-	600,000	450,000	-	-	-	-
`9905`	3.8m	11.7m	18.3m	-	17.7m	16.9m	31.6m	-712,483	8.8m	8.8m	6.5m	5.3m	4.3m	3.2m	1.8m	1.0m	939,330	663,044	80,678	65,244
Appropriation of the result
`9906`	8.7m	13.0m	31.3m	-	74.0m	57.0m	57.6m	29.6m	30.3m	21.6m	16.9m	12.0m	11.3m	7.1m	3.9m	2.7m	1.6m	733,089	81,045	69,367
`14P`	4.9m	1.3m	13.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`791/2`	1.0m	-	-	-	-	3.1m	11.9m	-	-	-	-	-	0	-	-	-	-	-	-	-
`792`	1.0m	-	-	-	-	3.1m	11.9m	-	-	-	-	-	-	-	-	-	-	-	-	-
`691/2`	1.0m	66,611	16,757	-	-	744,000	12.6m	744,000	-	-	3.1m	651,000	4.7m	-	-	5,000	-	50,000	-	-
`691`	-	-	-	-	-	-	-	-	-	-	-	-	3.9m	-	-	-	-	50,000	-	-
`6920`	-	-	-	-	-	-	-	-	-	-	-	351,000	-	-	-	5,000	-	-	-	-
`6921`	1.0m	66,611	16,757	-	-	744,000	12.6m	744,000	-	-	3.1m	300,000	750,000	-	-	-	-	-	-	-
`694/7`	8.0m	8.0m	30.0m	-	-	3.1m	16.7m	2.9m	-	-	1.0m	971,469	12,360	18,000	-	-	-	-	11,000	69,000
`694`	8.0m	8.0m	30.0m	-	-	3.1m	16.7m	2.9m	-	-	1.0m	971,469	12,360	18,000	-	-	-	-	11,000	69,000
Social balance sheet
`9087`	14.4	15.3	13.5	-	11.1	9.7	6.7	6.6	7.4	7.7	5.7	5.2	4.6	3.9	3.7	3.9	3	1.6	-	-
Men (FTE)`1003`	11.6	11.8	-	-	8.3	6.8	4.5	4.2	5	5.7	4.4	-	-	-	-	-	-	-	-	-
Women (FTE)`1003`	2.8	3.5	-	-	2.8	2.9	2.2	2.4	2.4	2	1.3	-	-	-	-	-	-	-	-	-
Agency workers`1501`	0.1	0.1	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hours worked`1013`	25,567	25,642	-	-	18,985	15,289	10,868	11,260	12,567	12,270	8,592	9,216	7,963	6,821	8,047	7,085	5,391	2,675	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for financial year 2005 were filed as a document without figures as data, a scan for example.

The notes to these accounts have 57 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 24-09-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	24-09-2026	2026-00526559	PDF
31-12-2024	full format	24-06-2025	2025-00178724	PDF
31-12-2023	full format	25-06-2024	2024-00172810	PDF
31-12-2022	full format	23-06-2023	2023-00155675	PDF
31-12-2021	full format	31-03-2022	2022-09600141	PDF
31-12-2020	full format	15-06-2021	2021-20300555	PDF
31-12-2019	full format	06-07-2020	2020-26500188	PDF
31-12-2018	full format	13-06-2019	2019-18400349	PDF
31-12-2017	full format	18-06-2018	2018-20200514	PDF
31-12-2016	full format	19-06-2017	2017-18800170	PDF
31-12-2015	full format	29-06-2016	2016-24800504	PDF
31-12-2014	full format	02-07-2015	2015-26000332	PDF
31-12-2013	full format	25-08-2014	2014-46600174	PDF
31-12-2012	full format	10-07-2013	2013-29400384	PDF
31-12-2011	full format	03-07-2012	2012-25400596	PDF
31-12-2010	full format	22-06-2011	2011-20000543	PDF
31-12-2009	full format	08-07-2010	2010-28000519	PDF
31-12-2008	full format	16-07-2009	2009-42300202	PDF
31-12-2007	full format	18-06-2008	2008-24700361	PDF
31-12-2006	full format	26-07-2007	2007-48100169	PDF
31-12-2005	full format	29-08-2006	2006-67900267	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
5.2m	12.9m	20.0m	-	18.2m	17.6m	17.2m	17.3m	14.4m	13.3m	11.1m	7.6m	5.2m	4.8m	3.2m	2.0m	1.5m	932,851	126,022	-
5.0m	12.2m	19.4m	-	19.8m	18.2m	19.4m	11.7m	9.6m	8.9m	7.4m	5.1m	3.6m	3.2m	2.5m	1.5m	952,026	672,114	82,035	-
3.3m	2.6m	1.6m	-	2,939	1,865	40,372	122,149	90,142	93,651	676,642	6,733	105,103	174,714	969,654	9,855	21,425	24,382	5,467	-
8.4m	-17.4m	-	-	-4.1m	2.1m	8.5m	-13.0m	-3.8m	9.6m	4.6m	-161,151	2.3m	1.8m	2.1m	2.0m	1.0m	596,071	38,311	-
5.7m	7.3m	3.5m	-	82.1m	62.2m	48.2m	44.8m	39.3m	30.2m	21.0m	14.4m	6.7m	7.1m	4.1m	3.2m	1.7m	734,127	77,190	11,527
33.1%	69.3%	86.2%	-	87.9%	89.4%	90.3%	91.5%	85.9%	90.8%	89.9%	-	-	87.3%	78.3%	74.1%	74.3%	-	-	95.8%
15.7%	39.2%	13.2%	-	98.7%	94.5%	78.8%	70.9%	74.3%	85.1%	83.4%	76.7%	58.9%	75.1%	67.9%	79.8%	96.7%	93.9%	81.3%	13.8%
1.58	1.77	1.12	-	76.81	17.95	5.03	3.44	3.81	8.43	7.10	4.08	2.23	3.62	2.71	4.92	29.43	16.07	5.14	1.16
5.38	1.55	6.56	-	0.01	0.06	0.27	0.41	0.35	0.18	0.20	0.30	0.70	0.33	0.47	0.25	0.03	0.06	0.23	6.25
96.3%	143.1%	428.3%	-	23.7%	28.5%	39.8%	25.3%	23.4%	28.8%	33.7%	32.6%	44.9%	38.8%	48.5%	46.9%	55.5%	88.0%	99.4%	566.0%
15.1%	56.0%	56.7%	-	23.4%	27.0%	31.4%	17.9%	17.4%	24.5%	28.1%	25.0%	26.4%	29.1%	32.9%	37.4%	53.6%	82.6%	80.7%	78.1%
33.82	over 100	over 100	-	49.53	67.36	38.50	74.14	over 100	85.22	40.73	-	-	-	-	-	-	-	-	-
52 days	30 days	21 days	-	26 days	18 days	7 days	16 days	15 days	10 days	8 days	-	-	14 days	14 days	16 days	12 days	-	-	51 days
40 days	52 days	51 days	-	60 days	24 days	5 days	17 days	47 days	25 days	47 days	-	-	47 days	12 days	26 days	26 days	-	-	57 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Revenue breakdown

as filed

By activity 2021

ACTIVITES INFORMATIQUES €20,620,167100.0%

Source: 2021 accounts, page 19, filing 2022-09600141

All years (2014 to 2021)

By activity	2014	2015	2016	2017	2018	2019	2020	2021
ACTIVITES INFORMATIQUES	€8,576,288	€12,152,345	€14,490,245	€16,604,255	€18,817,062	€18,942,795	€19,563,247	€20,620,167

Social balance sheet

Item	31-12-2025	31-12-2024
Employees at the balance-sheet date	16	17
full-time	13	15
part-time	3	2
in full-time equivalents	14.6	15.8
	14.4	15.3
On a permanent contract	16	14
Joined	1	5
Left	2	3
Agency workers, average number	0.1	0.1
Training hours	-	4

Source: social balance sheet in the 2024 to 2025 annual accounts

Investments

fixed assets acquired

Item	2025	2024	2023	2022
Tangible fixed assets	€59,935	€102,991	€135,721	-
Intangible fixed assets	€3.3m	€2.5m	€1.5m	-
	€1.2m	€591,977	€153,268	-

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is PITON & Cie.

Item	2025	2024	2023	2022
Fee for the audit	€9,450	€8,927	€8,581	-
Other work by the auditor	-	€1,830	-	-

Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)

Insights on HEX - RAYS

The operating result for 2025 is 68% lower than in 2024 and the lowest since 2011. It is the second fall in a row.

Debt's share of the balance-sheet total rises from 60.8% to 84.3%. Equity is lower and debt is higher.

Large changes and their cause

2022 Total assets -77% on 2021. Partial demerger to ZINGY CAPITAL, effective 22-06-2022.

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency15.7%

Current ratio1.58

Return on assets15.1%

Staff

Men and women19% women

Staff cost per FTE€164,683

Joined and left-1 person

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2021

Social balance sheet

Investments

Auditor

Insights on HEX - RAYS

Next steps

in €m

in €m

15.7%

1.58

15.1%

€164,683

-1 person