ACTIVE

HEX - RAYS

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Financial year 2025 · closed on 31/12/2025

Net result

3,6 M €

-69.3% YoY

Revenue

12 M €

-32.2% YoY

Equity

2,7 M €

-66.6% YoY

Workforce

14,4 ETP

-5.9% YoY

What does HEX - RAYS do?

HEX - RAYS is a Public limited company incorporated in 2005. Its main activity is: Computer consultancy activities. Its registered office is in Liège. It employs on average 14,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0873.473.914

Incorporation

26/04/2005

Legal form

Public limited company

Registered office

Rue Rennequin-Sualem 34
4000 Liège · WallonieSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Average workforce

14,4 ETP

Activities (NACE)

62020Computer consultancy activities· main 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering 62090Other information technology and computer service activities 62900Computer programming, consultancy and related activities 72600Scientific research and development

Joint committees (2)

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	12 M €	-32.2%	17,7 M €	-14.1%	20,6 M €	+5.4%	19,6 M €	+3.3%	18,9 M €	+0.7%	18,8 M €	+13.3%	16,6 M €	+14.6%	14,5 M €	+19.2%	12,2 M €		–		–		5,4 M €	+35.2%	4 M €	+47.0%	2,7 M €	+37.0%	2 M €		–		–		103,1 k €
EBITDA	5,2 M €	-59.6%	12,9 M €	-29.2%	18,2 M €	+3.5%	17,6 M €	+2.1%	17,2 M €	-0.5%	17,3 M €	+20.4%	14,4 M €	+8.3%	13,3 M €	+19.8%	11,1 M €	+45.1%	7,6 M €	+45.6%	5,2 M €	+9.1%	4,8 M €	+50.3%	3,2 M €	+56.3%	2 M €	+36.5%	1,5 M €	+60.6%	932,9 k €	+640%	126 k €	+27.6%	98,8 k €
Operating result	4 M €	-67.6%	12,3 M €	-32.2%	18,1 M €	+3.6%	17,5 M €	+2.2%	17,1 M €	-0.6%	17,2 M €	+20.7%	14,3 M €	+8.3%	13,2 M €	+20.5%	10,9 M €	+44.8%	7,5 M €	+46.3%	5,2 M €	+8.5%	4,8 M €	+50.7%	3,2 M €	+55.3%	2 M €	+36.7%	1,5 M €	+60.8%	923,8 k €	+641%	124,7 k €	+26.2%	98,8 k €
Net result	3,6 M €	-69.3%	11,7 M €	-41.0%	19,7 M €	+8.9%	18,1 M €	-6.3%	19,3 M €	+66.5%	11,6 M €	+22.3%	9,5 M €	+8.3%	8,8 M €	+20.2%	7,3 M €	+45.5%	5 M €	+42.9%	3,5 M €	+10.0%	3,2 M €	+30.3%	2,4 M €	+63.5%	1,5 M €	+59.2%	939,3 k €	+41.7%	663 k €	+722%	80,7 k €	+23.7%	65,2 k €
Balance sheet
Equity	2,7 M €	-66.6%	8,1 M €	-90.2%	83,3 M €	+31.1%	63,6 M €	+31.0%	48,5 M €	+5.7%	45,9 M €	+12.9%	40,7 M €	+33.7%	30,4 M €	+40.5%	21,6 M €	+41.0%	15,4 M €	+96.7%	7,8 M €	-5.0%	8,2 M €	+62.8%	5 M €	+58.2%	3,2 M €	+88.3%	1,7 M €	+125%	753,5 k €	+828%	81,2 k €	+604%	11,5 k €
Total assets	25 M €	+20.4%	20,8 M €	-75.3%	84,4 M €	+25.5%	67,2 M €	+9.2%	61,6 M €	-4.9%	64,7 M €	+18.3%	54,7 M €	+53.1%	35,8 M €	+37.7%	26 M €	+29.7%	20 M €	+50.9%	13,3 M €	+21.3%	10,9 M €	+47.0%	7,4 M €	+86.1%	4 M €	+128%	1,8 M €	+118%	802,3 k €	+703%	99,9 k €	+19.6%	83,5 k €
Cash	9,1 M €	+1232%	684,1 k €	-95.0%	13,6 M €	-23.3%	17,8 M €	+13.2%	15,7 M €	+118%	7,2 M €	-64.2%	20,2 M €	-15.9%	24 M €	+66.4%	14,4 M €	+47.1%	9,8 M €	-1.6%	10 M €	+30.8%	7,6 M €	+57.4%	4,8 M €	+32.3%	3,7 M €	+122%	1,6 M €	+159%	635,7 k €	+1504%	39,6 k €	+2894%	1,3 k €
Debts	10,8 M €	+13.3%	9,6 M €	+784%	1,1 M €	-70.5%	3,7 M €	-69.3%	12 M €	-35.1%	18,4 M €	+31.7%	14 M €	+244%	4,1 M €	+18.1%	3,4 M €	-26.1%	4,7 M €	-14.6%	5,5 M €	+101%	2,7 M €	+13.7%	2,4 M €	+196%	806,5 k €	+1277%	58,6 k €	+20.2%	48,7 k €	+161%	18,6 k €	-74.1%	72 k €
Other
Workforce	14,4 ETP	-5.9%	15,3 ETP	+20.5%	12,7 ETP	+30.9%	9,7 ETP	+44.8%	6,7 ETP	+1.5%	6,6 ETP	-10.8%	7,4 ETP	-3.9%	7,7 ETP	+35.1%	5,7 ETP	+9.6%	5,2 ETP	+13.0%	4,6 ETP	+17.9%	3,9 ETP	+5.4%	3,7 ETP	-5.1%	3,9 ETP	+30.0%	3,0 ETP	+87.5%	1,6 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 7 active · 2 ended

Active mandates

SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT

Director · since 28 août 2025 · until 02 juin 2028 · 0253.445.063

Represented by Leon Cappaert

Active

Arnaud Diederen

Mandate

Active

Bart Luyten

Mandate

Active

Harry Haeck

Mandate

Active

ILFAK GUILFANOV

Mandate

Active

Leon Cappaert

Mandate

Active

ZEVEN EECKEN EN VIER ESCHEN

Mandate · 0805.293.406

Represented by Philippe-Alexandre Leroux

Active

Ended mandates

Pierre VANDEVENNE

Manager · since 15 avril 2005

Ended

Elena GUILFANOVA

Mandate

Ended

At this address

Other companies at this address

Company	CBE no.
SmartSec● Active	0792.305.601
Smartsec Partners● Active	0792.753.383
SmartSec Partners II● Active	1024.961.881

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/06/2026	24/06/2025	25/06/2024	23/06/2023	31/03/2022	15/06/2021
General meeting	05/06/2026	20/06/2025	07/06/2024	21/06/2023	31/03/2022	07/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	05/06/2026	18/06/2026	French	PDF
Full model	31/12/2024	20/06/2025	24/06/2025	French	PDF
Full model	31/12/2023	07/06/2024	25/06/2024	French	PDF
Full model	31/12/2022	21/06/2023	23/06/2023	French	PDF
Full model	31/12/2021	31/03/2022	31/03/2022	French	PDF
Full model	31/12/2020	07/06/2021	15/06/2021	French	PDF
Full model	31/12/2019	08/06/2020	06/07/2020	French	PDF
Full model	31/12/2018	07/06/2019	13/06/2019	French	PDF
Full model	31/12/2017	06/06/2018	18/06/2018	French	PDF
Full model	31/12/2016	15/06/2017	19/06/2017	French	PDF
Full model	31/12/2015	24/06/2016	29/06/2016	French	PDF
Abridged model	31/12/2014	30/06/2015	02/07/2015	French	PDF
Abridged model	31/12/2013	20/06/2014	25/08/2014	French	PDF
Abridged model	31/12/2012	29/06/2013	10/07/2013	French	PDF
Abridged modelCorrection	31/12/2011	01/06/2012	14/08/2012	French	PDF
Abridged model	31/12/2011	01/06/2012	03/07/2012	French	PDF
Abridged model	31/12/2010	03/06/2011	22/06/2011	French	PDF
Abridged model	31/12/2009	29/06/2010	08/07/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	16/07/2009	French	PDF
Abridged model	31/12/2007	06/06/2008	18/06/2008	French	PDF
Abridged model	31/12/2006	22/06/2007	26/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 7 active · 2 ended

Active mandates

SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT

Director · since 28 août 2025 · until 02 juin 2028 · 0253.445.063

Represented by Leon Cappaert

Active

Arnaud Diederen

Mandate

Active

Bart Luyten

Mandate

Active

Harry Haeck

Mandate

Active

ILFAK GUILFANOV

Mandate

Active

Leon Cappaert

Mandate

Active

ZEVEN EECKEN EN VIER ESCHEN

Mandate · 0805.293.406

Represented by Philippe-Alexandre Leroux

Active

Ended mandates

Pierre VANDEVENNE

Manager · since 15 avril 2005

Ended

Elena GUILFANOVA

Mandate

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates07/11/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates26/08/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates04/02/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates19/12/2022
DEMISSIONS, NOMINATIONS
PDF
Restructuring08/07/2022
CAPITAL, ACTIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring16/05/2022
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
PDF
Other04/02/2022
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates23/12/2021
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20253,6 M €↓
28/08/2025
nominationSociété Federale de Participations et d'Investissement — administrateur
2024
Annual accounts 202411,7 M €↓
20/12/2024
nominationZEVEN EECKEN EN VIER ESCHEN — administrateur
14/10/2022
nominationBart Luyten — administrateur
14/10/2022
nominationIlfak Guilfanov — administrateur
14/10/2022
nominationHarry Haeck — administrateur
14/10/2022
nominationArnaud Diederen — administrateur
14/10/2022
nominationLeon Cappert — administrateur
22/06/2022
reduction_capital
22/06/2022
augmentation_capital
22/06/2022
apport
22/06/2022
constitution
01/01/2022
apportIlfak Guilfanov
2021
Annual accounts 202119,7 M €↑
2020
Annual accounts 202018,1 M €↓
2019
Annual accounts 201919,3 M €↑
2018
Annual accounts 201811,6 M €↑
2017
Annual accounts 20179,5 M €↑
2016
Annual accounts 20168,8 M €↑
2015
Annual accounts 20157,3 M €↑
2014
Annual accounts 20145 M €↑
2013
Annual accounts 20133,5 M €↑
2012
Annual accounts 20123,2 M €↑
2011
Annual accounts 20112,4 M €↑
2010
Annual accounts 20101,5 M €↑
2009
Annual accounts 2009939,3 k €↑
2008
Annual accounts 2008663 k €↑
2007
Annual accounts 200780,7 k €↑
2007
Name changeHEX - RAYS
2006
Annual accounts 200665,2 k €
2006
Name changeDataRescue Technologies
26/04/2005
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

HEX - RAYS

Overview

What does HEX - RAYS do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline