Equity
€4.0m from €83.3m in 2021
Equity fell by 95% in 4 years.
HEX - RAYS
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.
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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
- €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. Click a figure with a dotted line for the item and the filing.
Key facts about HEX - RAYS
- What is the company number of HEX - RAYS?
- The company number of HEX - RAYS is 0873.473.914. The VAT number is the same number with BE in front: BE 0873.473.914.
- Where is HEX - RAYS based?
- The registered office is at Rue Rennequin-Sualem 34, 4000 Liège.Company details
- What does HEX - RAYS do?
- According to the KBO register, the main activity is computer consultancy and computer facilities management (NACE 62200).
- What is the legal form of HEX - RAYS?
- HEX - RAYS is a public limited company (NV).
- When was HEX - RAYS founded?
- HEX - RAYS was founded on 26-04-2005.
- Is HEX - RAYS still active?
- Yes, HEX - RAYS is an active enterprise in the KBO register.
- How many employees does HEX - RAYS have?
- HEX - RAYS had an average of 14.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of HEX - RAYS?
- The turnover of HEX - RAYS was €12.0m in financial year 2025, according to the filed annual accounts.
- Is HEX - RAYS profitable?
- In financial year 2025, HEX - RAYS made a profit of €3.8m.
- Where can I find the annual accounts of HEX - RAYS?
- HEX - RAYS filed 21 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of HEX - RAYS due?
- HEX - RAYS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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