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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
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Timeline

53 events since 2005

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBfull format · 55 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0873473914
Resignation: Leon Cappaert (director)Appointment: Federale de Participations et d'Investissement (director) · General meeting of 28-08-20256 points ▸
  • General meeting, 28-08-2025
  • Director resignation, Leon Cappaert
  • Director appointment, Federale de Participations et d'Investissement
  • Power of attorney, David Dessers
  • Power of attorney, Dominik Verbist
  • Power of attorney, Lotte Wuyts
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Reappointment: Piton & Cie (statutory auditor)4 points ▸
  • Auditor reappointment, Piton & Cie
  • Power of attorney, David Dessers
  • Power of attorney, Dominik Verbist
  • Power of attorney, Lotte Wuyts

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Annual accounts 2024 filed PDFfull format · 37 days before the deadline
Appointment: ZEVEN EECKEN EN VIER ESCHEN (director)Permanent representative: Philippe-Alexandere Leroux · General meeting of 20-12-20243 points ▸

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2024
Annual accounts 2023 filed PDFfull format · 36 days before the deadline
2023
Annual accounts 2022 filed PDFfull format · 38 days before the deadline
2022
4 directors appointedChange of role: Ilfak Guilfanov, from managing director to chair of the board · Appointments: Bart Luyten, Harry Haeck, Arnaud Diederen and Leon Cappaert · General meeting of 14-10-202213 points ▸
  • General meeting, 14-10-2022
  • Director resignation, Ilfak Guilfanov
  • Director appointment, Bart Luyten
  • Director appointment, Ilfak Guilfanov
  • Director appointment, Harry Haeck
  • Director appointment, Arnaud Diederen
  • Director appointment, Leon Cappaert
  • Power of attorney, Susana Gonzalez Melon
  • Power of attorney, Megan Kuperblum
  • Power of attorney, Bert Verhoeven
  • Board meeting, 14-10-2022
  • Director resignation, Ilfak Guilfanov (managing director)
  • Director appointment, Ilfak Guilfanov (chair of the board)
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Demerger: Hex-Rays splits off to ZINGY CAPITALCapital from €68,600 to €1,356.74 · Capital from €1,356.74 to €61,500 · General meeting of 22-06-20226 points ▸
  • General meeting, 22-06-2022
  • Auditor report, 14-06-2022
  • Accounting effect, 01-01-2022
  • Capital decrease, €67,243.26
  • Capital increase, €60,143.26
  • Amendment of the articles, article 5
  • The deed holds 8 more points.

Open the deed in the Belgian Official Gazette

Demerger proposal: Hex-Rays SA splits off to Zingy Capital SAllfak Guilfanov holds 186 shares3 points ▸
  • llfak Guilfanov holds 186 shares
  • Accounting effect, 01-01-2022
  • Real estate, 31-12-2021, EUR
  • The deed holds 22 more points.

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Annual accounts 2021 filed PDFfull format · 122 days before the deadline
Amendment of the articlesBoard composition: GUILFANOV Ilfak (sole director) · General meeting of 10-01-20223 points ▸
  • General meeting, 10-01-2022
  • Capital, €68,600, 186 shares
  • Board composition, GUILFANOV Ilfak (sole director)
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

2021
Highest result from 2006 to 2025 net €19.7m ▲8.9% The net result of €19.7m is the highest of those years.
Liquidity more than quadruples current ratio 76.81 The current ratio rises from 17.95 to 76.81. Short-term debt falls from €3.7m to €1.1m.
Resignation: Elena Guilfanova (director)General meeting of 07-12-20212 points ▸
  • General meeting, 07-12-2021
  • Director resignation, Elena Guilfanova
  • The deed holds 2 more points.

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Reappointment: PITON & Cie Réviseurs d'Entreprises SRL (statutory auditor)General meeting of 07-06-20212 points ▸

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Annual accounts 2020 filed PDFfull format · 46 days before the deadline
2020
Liquidity more than triples current ratio 17.95 The current ratio rises from 5.03 to 17.95. Short-term debt falls from €12.0m to €3.7m.
Equity above €50m equity €63.6m ▲31% Equity rises from €48.5m to €63.6m.
Annual accounts 2019 filed PDFfull format · 25 days before the deadline
2019
Reappointments: Ilfak Guilfanov (director) and Elena Guilfanova (director)General meeting of 11-06-20193 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2018 filed PDFfull format · 48 days before the deadline
2018
1 director appointed, 1 statutory auditor reappointedAppointment: Elena Guilfanova (secretary) · Reappointment: PITON & Cie Réviseurs d'Entreprises (statutory auditor) · Permanent representative: Valérie Piton · General meeting of 15-11-20186 points ▸

Open the deed in the Belgian Official Gazette

Capital decrease of €3,510,000Capital from 3578600.00 to 68600.00 · General meeting of 04-06-20185 points ▸
  • General meeting, 04-06-2018
  • Capital decrease, €3,510,000
  • Share cancellation, 67, 3491129.00
  • Share cancellation, 1, 18871.00
  • Capital, €68,600, 186 shares
  • The deed holds 1 more point.

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Annual accounts 2017 filed PDFfull format · 43 days before the deadline
2017
Annual accounts 2016 filed PDFfull format · 42 days before the deadline
2016
Equity above €25m equity €30.4m ▲40.5% Equity rises from €21.6m to €30.4m.
Annual accounts 2015 filed PDFfull format · 32 days before the deadline
Appointment: PITON & Cie Réviseurs d'Entreprises (statutory auditor)Permanent representative: Valérie Piton · General meeting of 01-03-20164 points ▸

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Registered office moved within LiègeNew registered office: Rue Rennequin Sualem, n°34 à 4000 Liège · Previous registered office: Boulevard de la Sauvenière, 30 à 4000 Liège · General meeting of 18-12-20152 points ▸
  • General meeting, 18-12-2015
  • Registered-office move, Rue Rennequin Sualem, n°34 à 4000 Liège

Open the deed in the Belgian Official Gazette

2015
Annual accounts 2014 filed PDFfull format · 29 days before the deadline
2014
Equity above €10m equity €15.4m ▲96.7% Equity rises from €7.8m to €15.4m.
Annual accounts 2013 filed PDFfull format · 25 days late
Registered office moved within LiègeCapital increase of €3,510,000 · Capital from 68600.00 EUR to 3578600.00 EUR, 68 new shares · New registered office: Boulevard de la Sauvenière 30, 4000 LIEGE · General meeting of 28-02-201411 points ▸
  • General meeting, 28-02-2014
  • Capital increase, €3,510,000
  • Capital, €3,578,600, 254 shares
  • Director reappointment, Ilfak GUILFANOV
  • Director reappointment, Elena GUILFANOVA
  • 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, Boulevard de la Sauvenière 30, 4000 LIEGE

Open the deed in the Belgian Official Gazette

2013
Annual accounts 2012 filed PDFfull format · 21 days before the deadline
2012
Annual accounts 2011 filed PDFfull format · 28 days before the deadline
2011
Equity above €5m equity €5.0m ▲58.2% With a profit in every financial year since 2006, equity grows to €5.0m.
Annual accounts 2010 filed PDFfull format · 39 days before the deadline
2010
Equity above €2m equity €3.2m ▲88.3% With a profit in every financial year since 2006, equity grows to €3.2m.
Annual accounts 2009 filed PDFfull format · 23 days before the deadline
2009
Equity above €1m equity €1.7m ▲125% With a profit in every financial year since 2006, equity grows to €1.7m.
Registered office moved within LiègeNew registered office: Boulevard de la Sauvenière 30 à 4000 Liège · Previous registered office: Cour Saint Remy 10G à 4000 Liège · General meeting of 07-07-20092 points ▸
  • General meeting, 07-07-2009
  • Registered-office move, Boulevard de la Sauvenière 30 à 4000 Liège

Open the deed in the Belgian Official Gazette

Annual accounts 2008 filed PDFfull format · 15 days before the deadline
2008
Liquidity more than triples current ratio 16.07 The current ratio rises from 5.14 to 16.07.
Equity above €500,000 equity €753,549 ▲828% With a profit in every financial year since 2006, equity grows to €753,549.
Annual accounts 2007 filed PDFfull format · 43 days before the deadline
2007
Liquidity more than quadruples current ratio 5.14 The current ratio rises from 1.16 to 5.14. Short-term debt falls from €71,999 to €18,635.
New managerIlfak GUILFANOV appointed, Pierre VANDEVENNE resigned · Director discharge: Pierre VANDEVENNE · General meeting of 19-07-20074 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2006 filed PDFfull format · 5 days before the deadline
2006
Annual accounts 2005 filed PDFfull format
2005
IncorporationFounding capital of €18,600, 186 shares · Founders: GUILFANOV Ilfak Ismaguilovitch and VANDEVENNE Pierre Jacques René Jean · Appointment: VANDEVENNE Pierre Jacques René Jean (manager) · published on 09-05-20057 points ▸
  • Founding capital, €18,600, 186 shares
  • Founder, GUILFANOV Ilfak Ismaguilovitch
  • Founder, VANDEVENNE Pierre Jacques René Jean
  • Director appointment, VANDEVENNE Pierre Jacques René Jean (manager (not named in the articles))
  • Mandate compensation, VANDEVENNE Pierre Jacques René Jean
  • Accounting effect, 01-01-2005
  • First annual general meeting, 02-06-2006

Open the deed in the Belgian Official Gazette

First establishment HEX-RAYS, Rue Rennequin-Sualem 34, Liège

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

On 26 April 2005, HEX - RAYS was incorporated by two natural persons, with a starting capital of €18,600.12 In 2009 the registered office moved to Liège.3 The capital was increased 2 times between 2014 and 2022, most recently to €61,500.45 Today the board has 6 members.6 Turnover went from €23.0m in 2023 to €12.0m in 2025 and headcount from 13.5 to 14.4 full-time equivalents.7

  1. 1KBO register
  2. 2Belgian Official Gazette, 09-05-2005
  3. 3Belgian Official Gazette, 31-07-2009
  4. 4Belgian Official Gazette, 25-03-2014
  5. 5Belgian Official Gazette, 08-07-2022
  6. 6Belgian Official Gazette, 07-11-2025
  7. 7National Bank, annual accounts 2023 and 2025

Next steps

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