HEX - RAYS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
HEX - RAYS
NACE 62.200, Computer consultancy and computer facilities management
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.8m
2024 · €11.7m-€7.8m
Equity
€4.0m
2024 · €8.1m-€4.2m
Cash
€9.1m
2024 · €684,103+€8.4m
Balance sheet total
€25.3m
2024 · €20.8m+€4.5m
Largest movements
Assets
- Current investments -€10.8m
down €10.8m (-75.8%), from €14.2m to €3.4m
- Cash +€8.4m
up €8.4m (+1,232%), from €684,103 to €9.1m
mainly Current investments (+€10.8m) and Accrued charges and deferred income (+€8.4m)
- Financial fixed assets +€3.7m
up €3.7m (+10,678%), from €34,942 to €3.8m
of which Affiliated companies: +€3.8m
- Intangible fixed assets +€2.1m
up €2.1m (+64.6%), from €3.3m to €5.4m
- Receivables within one year +€757,286
up €757,286 (+42.1%), from €1.8m to €2.6m
of which Other amounts receivable: +€492,054
Equity and liabilities
- Accrued charges and deferred income +€8.4m
up €8.4m (+272%), from €3.1m to €11.5m
- Profit (loss) carried forward -€4.2m
down €4.2m (-85.3%), from €4.9m to €720,419
Income statement
- Turnover -€5.7m
down €5.7m (-32.2%), from €17.7m to €12.0m
- Services and other goods +€2.0m
up €2.0m (+42.1%), from €4.8m to €6.8m
- Taxes -€964,074
down €964,074 (-84.4%), from €1.1m to €178,225
- Depreciation +€628,018
up €628,018 (+106%), from €591,977 to €1.2m
- Financial income -€558,187
down €558,187 (-57.5%), from €971,555 to €413,367
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€11.7m
Turnover
-€5.7m
Other operating income
-€4,994
Goods and materials
-€250,667
Services and other goods
-€2.0m
Staff costs
-€159,134
Depreciation
-€628,018
Other operating charges
-€1,317
Other operating items
+€453,141
Financial income
-€558,187
Financial charges
+€58,165
Taxes
+€964,074
Result 2025
€3.8m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€12.7m
Investment
+€3.8m
Financing
-€8.0m
Cash 2024
€684,103
From operations (derived)
+€12.7m
Net result for the year
+€3.8m
Depreciation
+€1.2m
Receivables within one year
-€757,286
Deferred charges and accrued income
-€273,256
Trade debts
+€88,581
Tax, wage and social debts
+€184,870
Accrued charges and deferred income
+€8.4m
Investment (derived)
+€3.8m
Investment in fixed assets (net)
-€7.0m
Current investments
+€10.8m
Financing
-€8.0m
Contributions, distributions and other
-€8.0m
Cash 2025
€9.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,803,818 | €25,282,558 | +€4.5m | +21.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,905,242 | €9,726,397 | +€5.8m | +149% |
| Intangible fixed assets | 21 | €3,289,964 | €5,414,247 | +€2.1m | +64.6% |
| Tangible fixed assets | 22/27 | €580,336 | €546,109 | -€34,228 | -5.9% |
| Land and buildings | 22 | €458,181 | €417,056 | -€41,125 | -9.0% |
| Plant, machinery and equipment | 23 | €5,347 | €4,672 | -€676 | -12.6% |
| Furniture and vehicles | 24 | €116,808 | €124,382 | +€7,573 | +6.5% |
| Financial fixed assets | 28 | €34,942 | €3,766,041 | +€3.7m | +10,678% |
| Affiliated companies | 280/1 | - | €3,761,051 | +€3.8m | |
| Amounts receivable | 281 | - | €3,761,051 | +€3.8m | |
| Other financial fixed assets | 284/8 | €34,942 | €4,990 | -€29,952 | -85.7% |
| Amounts receivable and cash guarantees | 285/8 | €34,942 | €4,990 | -€29,952 | -85.7% |
| Current assets | 29/58 | €16,898,576 | €15,556,161 | -€1.3m | -7.9% |
| Amounts receivable within one year | 40/41 | €1,800,157 | €2,557,443 | +€757,286 | +42.1% |
| Trade receivables | 40 | €1,459,425 | €1,724,657 | +€265,232 | +18.2% |
| Other amounts receivable | 41 | €340,732 | €832,786 | +€492,054 | +144% |
| Current investments | 50/53 | €14,247,416 | €3,443,928 | -€10.8m | -75.8% |
| Other investments | 51/53 | €14,247,416 | €3,443,928 | -€10.8m | -75.8% |
| Cash at bank and in hand | 54/58 | €684,103 | €9,114,634 | +€8.4m | +1,232% |
| Deferred charges and accrued income | 490/1 | €166,900 | €440,156 | +€273,256 | +164% |
| Total equity and liabilities | 10/49 | €20,803,818 | €25,282,558 | +€4.5m | +21.5% |
| Equity | 10/15 | €8,145,864 | €3,962,070 | -€4.2m | -51.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,180,151 | €3,180,151 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,078 | €7,078 | = | 0.0% |
| Legal reserve | 130 | €7,078 | €7,078 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,010,010 | €2,999,750 | -€10,260 | -0.3% |
| Distributable reserves | 133 | €163,064 | €173,323 | +€10,260 | +6.3% |
| Profit (loss) carried forward | 14 | €4,904,213 | €720,419 | -€4.2m | -85.3% |
| Amounts payable | 17/49 | €12,657,955 | €21,320,488 | +€8.7m | +68.4% |
| Amounts payable within one year | 42/48 | €9,568,460 | €9,841,910 | +€273,450 | +2.9% |
| Trade debts | 44 | €683,463 | €772,044 | +€88,581 | +13.0% |
| Suppliers | 440/4 | €683,463 | €772,044 | +€88,581 | +13.0% |
| Taxes, remuneration and social security | 45 | €884,996 | €1,069,866 | +€184,870 | +20.9% |
| Taxes | 450/3 | €177,596 | €6,174 | -€171,421 | -96.5% |
| Remuneration and social security | 454/9 | €707,401 | €1,063,692 | +€356,291 | +50.4% |
| Other amounts payable | 47/48 | €8,000,000 | €8,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,089,495 | €11,478,578 | +€8.4m | +272% |
| Operating income | 70/76A | €19,907,722 | €14,678,640 | -€5.2m | -26.3% |
| Turnover | 70 | €17,717,088 | €12,018,691 | -€5.7m | -32.2% |
| Own construction capitalised | 72 | €2,049,273 | €2,533,582 | +€484,308 | +23.6% |
| Other operating income | 74 | €131,361 | €126,367 | -€4,994 | -3.8% |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100% |
| Operating charges | 60/66A | €7,632,855 | €10,705,830 | +€3.1m | +40.3% |
| Goods for resale, raw materials and consumables | 60 | €38,065 | €288,732 | +€250,667 | +659% |
| Purchases | 600/8 | €38,065 | €288,732 | +€250,667 | +659% |
| Services and other goods | 61 | €4,779,210 | €6,791,882 | +€2.0m | +42.1% |
| Remuneration, social security and pensions | 62 | €2,212,301 | €2,371,435 | +€159,134 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591,977 | €1,219,995 | +€628,018 | +106% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,562 | €6,562 | = | 0.0% |
| Other operating charges | 640/8 | €4,739 | €6,056 | +€1,317 | +27.8% |
| Non-recurring operating charges | 66A | - | €21,167 | +€21,167 | |
| Operating profit (loss) | 9901 | €12,274,867 | €3,972,810 | -€8.3m | -67.6% |
| Financial income | 75/76B | €971,555 | €413,367 | -€558,187 | -57.5% |
| Recurring financial income | 75 | €971,555 | €413,367 | -€558,187 | -57.5% |
| Income from financial fixed assets | 750 | €32,918 | €29,435 | -€3,482 | -10.6% |
| Income from current assets | 751 | €740,908 | €309,593 | -€431,315 | -58.2% |
| Other financial income | 752/9 | €197,729 | €74,339 | -€123,390 | -62.4% |
| Financial charges | 65/66B | €449,912 | €391,747 | -€58,165 | -12.9% |
| Recurring financial charges | 65 | €449,912 | €391,747 | -€58,165 | -12.9% |
| Debt charges | 650 | €113,821 | €153,539 | +€39,718 | +34.9% |
| Other financial charges | 652/9 | €336,091 | €238,209 | -€97,883 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €12,796,509 | €3,994,431 | -€8.8m | -68.8% |
| Income taxes | 67/77 | €1,142,298 | €178,225 | -€964,074 | -84.4% |
| Taxes | 670/3 | €1,142,298 | €178,225 | -€964,074 | -84.4% |
| Profit (loss) for the period | 9904 | €11,654,210 | €3,816,206 | -€7.8m | -67.3% |
| Transfer from tax-exempt reserves | 789 | €66,611 | €1,010,260 | +€943,649 | +1,417% |
| Transfer to tax-exempt reserves | 689 | - | €1,000,000 | +€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €11,720,821 | €3,826,466 | -€7.9m | -67.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.