Equity
€4.0m from €83.3m in 2021
Equity fell by 95% in 4 years.
HEX - RAYS
Overview
Lifetime
20 annual accounts with figures on one time axis, 21 filings since 2005peak €23.0m (2023)
€12.0m▼ 32.2%
peak €19.7m (2021)
€3.8m▼ 67.3%
peak €83.3m (2021)
€4.0m▼ 51.4%
€21.3m▲ 68.4%
peak 15.3 FTE (2024)
14.4 FTE▼ 5.9%
Board10 names since 2005
6 directorsIlfak GUILFANOV and 5 others
Owners2 names in the annual accounts
100%SmartSec and 1 other
Documentsfilings and deeds
24-09-202655 days late
2025financial year
Turnover from €17.7m to €12.0mResult from €11.7m to €3.8mResignation: Leon Cappaert (director) 07-11Reappointment: Piton & Cie (statutory auditor) 26-08Appointment: ZEVEN EECKEN EN VIER ESCHEN (director) 04-02Dividend €8.0m
Key points
from the 2025 annual accountsResult
€3.8m ▼ 67.3%
The result fell in 2025 from €11.7m to €3.8m.
Debts
€21.3m 84% of the balance sheet
Suppliers 4%Taxes and wages 5%Other 91%
Of this, €9.8m falls due within a year.
Investments
€3.3m 2.7 × depreciation
Green is investment, beige is depreciation.
Payment terms
40 days to suppliers
HEX - RAYS pays its suppliers 12 days earlier than in 2024. Customers pay 22 days later.
Position in the sector
€3.8m
Higher net result than 95% of companies in computer programming and consultancy. Sector median €35,587 · 1,693 companies.
2025 accounts filed 55 days after the deadline
Checked score
94
Excellent
Financially stronger than 51% of small companies in computer programming and consultancy (NACE 62)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 1,167 companies (NACE 62, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025lowest value
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: 0.1%▲ +0.1 percentage points vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.3%▲ +0.2 percentage points vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026highest value
10-2026: 0.1%▼ -0.2 percentage points vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Last filed accounts filed 55 days late; 1 of the last 3 accounts late
lowers risk
Liquidity: current ratio 1.58, cash €9.1m
Size: turnover €12.0m, 14.4 FTE, total assets €25.3m
Sector: Computer programming, consultancy and related activities (NACE 62)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 62, small). It does better than 23% of them on solvency, 89% on liquidity, 88% on profitability and 6% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,613 companies had the same profile as HEX - RAYS has now. Each dot stands for 7 companies, two years later.
97.3%
were still trading
2.0%
stopped another way
0.7%
went bankrupt
That fits the bankruptcy probability of HEX - RAYS itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,613 companies, not a prediction for HEX - RAYS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €370,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.58 (1.77 in 2024), above the usual 1.5. Short-term debt is 38.9% and cash 36.1% of total assets. However, 84.3% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-09-2026, 55 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
55 days late
2024
37 days early
2023
36 days early
2022
38 days early
2021
122 days early
2020
46 days early
2019
25 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 36 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 24 June (4 of the last 5 accounts filed within 85 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- SmartSec 100%score 90equity €126.7m (2025) · annual accounts 2025
- Smartfin Capital II 27.65%equity €90.0m (2025) · 2025 annual accounts of Smartfin Capital II
Recent changes
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 28-08-2025 · Gazette deed
Reappointment: Piton & Cie (statutory auditor)
Gazette deed
Appointment: ZEVEN EECKEN EN VIER ESCHEN (director)
Permanent representative: Philippe-Alexandere Leroux · General meeting of 20-12-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HEX - RAYS Liège | €12.0m | 33.1% | 15.7% | 14.4 |
| Nomios Belgium Zaventem | €20.3m | 9.7% | 25.2% | 18 |
| Netapp Belgium Machelen (Brab.) | €22.7m | 3.1% | 2.7% | 11.1 |
| MOZA-X Oudenaarde | €3.7m | 18.6% | 11.6% | 16.8 |
| NEORIA Edegem | €24.4m | 5.4% | 51.8% | 18.5 |
| ZTE BELGIUM Woluwe-Saint-Lambert | €27.9m | 3.3% | 21.0% | 22.2 |
| FACIL CORPORATE Genk | €10.4m | 6.3% | 4.7% | 24.1 |
Grey: the largest companies of the sector (computer programming and consultancy (NACE 62)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as HEX - RAYS: computer consultancy and computer facilities management (NACE 62200). They are comparable in size and age: total assets between €18m and €36m, founded between 1999 and 2010.
Official details
Source: KBO- Status
- Active since 26-04-2005Normal situation
- Activity
- Computer consultancy and computer facilities managementNACE 62200and 1 other
- Establishment unit
- 2.146.551.3054000 Liège, since 26-04-2005
- Financial year end
- 31 December
- Peppol
- Reachable since 02-12-2025
Annual accounts 2025
- €12.0m▼ 32.2%
- €3.8m▼ 67.3%
- €4.0m▼ 51.4%
- €25.3m▲ 21.5%
- Employeeson 31-12-2025
- 16▼ 5.9%
- Filing
- Filed on 24-09-2026
Insights on HEX - RAYS
HEX - RAYS has existed since 2005. Turnover grew from €103,133 in 2006 to €12.0m in 2025.
Solvency fell in 2025 from 39.2% to 15.7% because of the dividend.
SmartSec holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
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
Money flows
of every €100 of turnover, €31.75 remains as profit in 2025Balance sheet
balance sheet total €25.3m on 31-12-2025What the company ownsHow it is paid for
in €m
in €m
Position in the 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 | Trend | 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 workers1501 |
0.1 | 0.1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Hours worked1013 |
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 | |||||||||||||||||||||
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.
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 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00178724 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00172810 | |
| 31-12-2022 | full format | 23-06-2023 | 2023-00155675 | |
| 31-12-2021 | full format | 31-03-2022 | 2022-09600141 | |
| 31-12-2020 | full format | 15-06-2021 | 2021-20300555 | |
| 31-12-2019 | full format | 06-07-2020 | 2020-26500188 | |
| 31-12-2018 | full format | 13-06-2019 | 2019-18400349 | |
| 31-12-2017 | full format | 18-06-2018 | 2018-20200514 | |
| 31-12-2016 | full format | 19-06-2017 | 2017-18800170 | |
| 31-12-2015 | full format | 29-06-2016 | 2016-24800504 | |
| 31-12-2014 | full format | 02-07-2015 | 2015-26000332 | |
| 31-12-2013 | full format | 25-08-2014 | 2014-46600174 | |
| 31-12-2012 | full format | 10-07-2013 | 2013-29400384 | |
| 31-12-2011 | full format | 03-07-2012 | 2012-25400596 | |
| 31-12-2010 | full format | 22-06-2011 | 2011-20000543 | |
| 31-12-2009 | full format | 08-07-2010 | 2010-28000519 | |
| 31-12-2008 | full format | 16-07-2009 | 2009-42300202 | |
| 31-12-2007 | full format | 18-06-2008 | 2008-24700361 | |
| 31-12-2006 | full format | 26-07-2007 | 2007-48100169 | |
| 31-12-2005 | full format | 29-08-2006 | 2006-67900267 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 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
By activity 2021
- ACTIVITES INFORMATIQUES €20,620,167100.0%
Source: 2021 accounts, page 19, filing 2022-09600141
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
feesThe 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.
Board & ownership
Board
6 directors, 1 auditor, no change since 2025Chair of the board and director
chair of the board appointed by deed of 25-03-2014
director appointed by deed of 19-12-2022
term without a fixed end
earlier managing director, from 28-02-2014 to 14-10-2022
also on the board of 3 other companies
Director
appointed by deed of 19-12-2022
6-year term from 2022
also on the board of 5 other companies
Director, permanent representative Philippe-Alexandere Leroux
appointed by deed of 04-02-2025
Director, permanent representative Leon Cappaert
Statutory auditor, permanent representative Valérie Piton
appointed by deed of 31-03-2016
term of 3 financial years from 2025
Permanent representatives 2
Philippe-Alexandere Leroux
Permanent representative, for ZEVEN EECKEN EN VIER ESCHEN
appointed by deed of 04-02-2025
Permanent representative, for SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
appointed by deed of 07-11-2025
Mandates through the years
10 names, the dashed line is todayIlfak GUILFANOV
Chair, Director
Chair, Director
Arnaud Diederen
Director
Director
Harry Haeck
Director
Director
LUYTEN Bart
Director
Director
ZEVEN EECKEN EN VIER ESCHEN
Director
Director
PITON & Cie
Statutory auditor
Statutory auditor
CAPPAERT Leon Jeffy Maria
Director
Director
Elena Guilfanova
Director
Director
Pierre VANDEVENNE
Manager (not named in the articles)
Manager (not named in the articles)
LeadershipBoardEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
- Ilfak GUILFANOV
- Manager, appointed by deed of 09-08-2007, until 14-10-2022
- Managing director, appointed by deed of 25-03-2014, until 14-10-2022
- Chair, appointed by deed of 25-03-2014, still in office
- Director, appointed by deed of 19-12-2022, still in office
- Arnaud Diederen
- Director, appointed by deed of 19-12-2022, still in office
- Harry Haeck
- Director, appointed by deed of 19-12-2022, still in office
- LUYTEN Bart
- Director, appointed by deed of 19-12-2022, still in office
- ZEVEN EECKEN EN VIER ESCHEN
- Director, appointed by deed of 04-02-2025, still in office
- SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT
- Director, appointed by deed of 07-11-2025, still in office
- PITON & Cie
- Statutory auditor, appointed by deed of 31-03-2016, still in office
- CAPPAERT Leon Jeffy Maria
- Director, appointed by deed of 19-12-2022, until 07-11-2025
- Elena Guilfanova
- Director, from before 20-03-2014 to 23-12-2021
- Secretary, appointed by deed of 03-12-2018, ended, last mentioned on 03-12-2018
- Pierre VANDEVENNE
- Manager (not named in the articles), appointed by deed of 09-05-2005, until 19-07-2007
Control
100%
This company
HEX - RAYS
Equity €4.0m
Profit €3.8m in 2025
Capital
- Capital
- €61,500
- Shares
- 186 in the deed of 04-02-2022
- Source
- 2025 annual accounts
Owners through the years
as the annual accounts name themOwners as a list
- SmartSec
- Smartfin Capital II
Older annual accounts also name 2 natural persons.
Source: shareholder structure in its own accounts, lists of holdings in the owners' accounts
Articles of association
deed of 04-02-2022 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 3 directors
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Friday of June at 10:00
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Assemblée générale peut limiter à tout moment par majorité simple, liquidateur(s) disposent de tous pouvoirs article 2:87 Code des sociétés…”
Shareholders
2 ownersOwners 2
- SmartSecparentEquity €126.7m Profit of €6.0m in 2025 (profit of €24.8m in 2024) Checked score 90100%
- Equity €90.0m Profit of €20.8m in 2025 (profit of €3.0m in 2024)27.65%
Capital transactions
Shareholders according to the deeds
Stated in the deed
deed of 16-05-2022 ↗
- llfak Guilfanov 186 shares
After the capital increase
deed of 25-03-2014 ↗
- Ilfak GUILFANOV 67 shares · €3,491,129
- Elena GUILFANOVA 1 share · €18,871
At incorporation
deed of 09-05-2005 ↗
- GUILFANOV Ilfak Ismaguilovitch founder
- VANDEVENNE Pierre Jacques René Jean founder
Capital over time
- 08-07-2022 Capital reduction of €67,243.26 · to €1,356.74
- 08-07-2022 Capital increase of €60,143.26 · to €61,500 · no new shares · from reserves
- 04-02-2022 Capital stated in the deed · €68,600 · 186 shares
- 22-06-2018 Capital reduction of €3,510,000 · to €68,600 · repaid to the shareholders
- 25-03-2014 Capital increase of €3,510,000 · to €3,578,600 · 68 new shares, 26.8% of the 254 shares after the increase
- 09-05-2005 Incorporation · €18,600 · 186 shares
The directors' other companies
1 current director with another company that went bankrupt, was dissolved or struck off3 other companies of this director went bankrupt (2019, 2023, 2025).
- Air Belgium bankruptcy on 30-04-2025Official Gazetteappointed in 2024, still in office
- AUXIN SURGERY bankruptcy on 06-03-2023Official Gazetteappointed in 2020, still in office
- ELECTRAWINDS bankruptcy on 03-01-2019Official Gazetteappointed in 2009, still in office
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
Network & group
Group
SmartSec has 1 direct subsidiary (2025 accounts)Europe 1 Equity Result
- RO Hex-Rays S.R.L. €4.0m result €3.8m
Source: list of holdings in the 2025 accounts of SmartSec. Every holding stands with its own latest accounts.
At the same address
Rue Rennequin Sualem 34, 4000 Liège · 4 other companies| SmartSec
registered office since 11-10-2022 · founded in 2022 |
turnover €2.3m (2025) 0792.305.601 |
| SmartSec Partners II
registered office since 01-10-2024 |
founded in 2024 1024.961.881 |
| Smartsec Partners
registered office since 12-10-2022 |
founded in 2022 0792.753.383 |
| Houben, Denis (sole trader)
establishment since 08-03-2006 |
founded in 2006 0879.819.890 |
Earlier ties
| SPARKI via CAPPAERT Leon Jeffy Maria, no longer at SPARKI · Director · deed of 13-02-2023 founded in 2023 |
total assets €135.2m (2025) |
| dnergy via CAPPAERT Leon Jeffy Maria, no longer at dnergy · Director · deed of 07-10-2024 founded in 2019 |
3.1 FTE (2025) |
| Banqup Files via LUYTEN Bart, no longer at Banqup Files · Director · deed of 24-06-2015 founded in 2004 · group Banqup Group |
turnover €7,158 (2024) |
Acquisitions and mergers
1 transactionSplit off to:ZINGY CAPITAL
Connections & network
10 connected companiesThis company
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Linked via shared directors
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Zingy Capital
via Ilfak GUILFANOV · Permanent representative · deed of 04-10-2022
Founded in 2022 · total assets €87.7m (2025)
→
Capricorn Digital Growth Fund
via CAPPAERT Leon Jeffy Maria · Director · deed of 06-06-2025
Founded in 2019 · total assets €48.1m (2025)
→
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Show 6 more companies with a shared director
CAPRICORN ICT ARKIV
via CAPPAERT Leon Jeffy Maria · Director · deed of 13-05-2024
Founded in 2012 · total assets €18.7m (2025)
→
→
SOLITHOR
via CAPPAERT Leon Jeffy Maria · Director · deed of 09-02-2022
Founded in 2021 · 28 FTE (2025)
→
LUPIO
via LUYTEN Bart · Permanent representative · deed of 06-02-2024
Founded in 2019 · total assets €2.1m (2025)
→
KEENMAN
via Ilfak GUILFANOV · Director · deed of 26-08-2025
Founded in 2022 · total assets €607,832 (2025)
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Timeline
Timeline
53 events since 2005Board
Capital
Filings
Financial
Establishments
Address
20062008201020122014201620182020202220242026
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.
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
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 ▸
- General meeting, 20-12-2024
- Director appointment, ZEVEN EECKEN EN VIER ESCHEN
- Permanent representative, Philippe-Alexandere Leroux
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.
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.
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.
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.
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.
- General meeting, 07-12-2021
- Director resignation, Elena Guilfanova
- The deed holds 2 more points.
Reappointment: PITON & Cie Réviseurs d'Entreprises SRL (statutory auditor)General meeting of 07-06-20212 points ▸
- General meeting, 07-06-2021
- Auditor reappointment, PITON & Cie Réviseurs d'Entreprises SRL
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 ▸
- General meeting, 11-06-2019
- Director reappointment, Ilfak Guilfanov
- Director reappointment, Elena Guilfanova
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 ▸
- 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
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.
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 ▸
- General meeting, 01-03-2016
- Auditor appointment, PITON & Cie Réviseurs d'Entreprises (statutory auditor)
- Permanent representative, Valérie Piton
- Accounting effect, 31-12-2015
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
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
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
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 ▸
- General meeting, 19-07-2007
- Director resignation, Pierre VANDEVENNE (manager)
- Director discharge, Pierre VANDEVENNE
- Director appointment, Ilfak GUILFANOV (manager)
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
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
Company details
Identity
- Enterprise number
- 0873.473.914
- VAT number
- BE 0873.473.914
- Peppol ID
- 0208:0873473914
- Other Peppol ID
- 9925:BE0873473914
- LEI code
- 967600TRZOFTYS7Y5C84 live in the LEI register
- Legal form
- Public limited company
- Status
- Active, normal situation
- Founded
- 26-04-2005
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Friday of June at 10:00deed of 04-02-2022 (in French)
- Peppol
- Reachable since 02-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- HEX - RAYS in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 04-02-2022 (in French)
Activities
NACEBEL 2025VAT activities
62200
Computer consultancy and computer facilities management main activity
Social security (RSZ) activities
62200
Computer consultancy and computer facilities management main activity
Codes under NACEBEL 2008
VAT activities
62020
IT consultancy main activity
62090
Computer programming, consultancy and related activities
Social security (RSZ) activities
62020
IT consultancy main activity
Codes under NACEBEL 2003
72100
main activity
72600
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “L'étude,la conception,le développement,l'acquisition,la vente,la location et la distribution de tous matériaux,produits et services se…”deed of 16-05-2022 (in French)
8 activities
- L'étude,la conception,le développement,l'acquisition,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.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| HEX-RAYS registered office Rue Rennequin-Sualem 34, 4000 Liège | 26-04-2005 | 2.146.551.305 |
Buildings and parcels at the address
- Ground area
- 171 m²
- Buildings
- 92 m²
- Volume, LiDAR
- 1,438 m³
- Tallest building
- 17.0 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62805D0463/00D000 | 171 m² | 1 · 92 m² | 17.0 m · 5 |
Contact
Phone
+32 4 222 43 00 establishment in Liège