ACTIVE

HEX - RAYS

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Financial year 2025 · Closed on 31/12/2025

Net result3,8 M €-67,3 %over 1 year

Revenue12 M €-32,2 %over 1 year

Equity4 M €-51,4 %over 1 year

Workforce14,4 ETP-5,9 %over 1 year

Identity

Source · BCE/KBO

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

Financials

Source · NBB, 22 filings

Trend over 18 financial years

	2025		2024		2021		2020		2019
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 €
EBITDA	5,2 M €	-59.6%	12,9 M €	-29.2%	18,2 M €	+3.5%	17,6 M €	+2.1%	17,2 M €
Operating result	4 M €	-67.6%	12,3 M €	-32.2%	18,1 M €	+3.6%	17,5 M €	+2.2%	17,1 M €
Net result	3,8 M €	-67.3%	11,7 M €	-41.0%	19,7 M €	+8.9%	18,1 M €	-6.3%	19,3 M €
Balance sheet
Equity	4 M €	-51.4%	8,1 M €	-90.2%	83,3 M €	+31.1%	63,6 M €	+31.0%	48,5 M €
Total assets	25,3 M €	+21.5%	20,8 M €	-75.3%	84,4 M €	+25.5%	67,2 M €	+9.2%	61,6 M €
Cash	9,1 M €	+1232%	684,1 k €	-95.0%	13,6 M €	-23.3%	17,8 M €	+13.2%	15,7 M €
Debts	9,8 M €	+2.9%	9,6 M €	+784%	1,1 M €	-70.5%	3,7 M €	-69.3%	12 M €
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

Valuation

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

7 active · 2 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT0253.445.063Represented by Leon Cappaert	Director28/08/2025 → 02/06/2028
Arnaud Diederen	Mandate
Bart Luyten	Mandate
Harry Haeck	Mandate
Ilfak GUILFANOV	Mandate
Leon Cappaert	Mandate
ZEVEN EECKEN EN VIER ESCHEN0805.293.406Represented by Philippe-Alexandre Leroux	Mandate

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Pierre VANDEVENNE	Manager15/04/2005 → 2006 accounts
Elena GUILFANOVA	Mandate2020 accounts

Other companies at this address

Rue Rennequin-Sualem 34 4000 Liège

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

Full financial information

Source · NBB

	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	24/09/2026	24/06/2025	25/06/2024	23/06/2023	31/03/2022	15/06/2021
General meeting	21/09/2026	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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 22 filings

Model	Closing	General meeting	Filed	Language	Document
Full modelCorrection	31/12/2025	21/09/2026	24/09/2026	French	PDF
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

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.

Board of directors

Source · NBB, accounts to 31/12/2025

7 active · 2 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT0253.445.063Represented by Leon Cappaert	Director28/08/2025 → 02/06/2028
Arnaud Diederen	Mandate
Bart Luyten	Mandate
Harry Haeck	Mandate
Ilfak GUILFANOV	Mandate
Leon Cappaert	Mandate
ZEVEN EECKEN EN VIER ESCHEN0805.293.406Represented by Philippe-Alexandre Leroux	Mandate

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Pierre VANDEVENNE	Manager15/04/2005 → 2006 accounts
Elena GUILFANOVA	Mandate2020 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

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

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings18 filings

Mandates

SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT

ZEVEN EECKEN EN VIER ESCHEN

Arnaud Diederen

Harry Haeck

Leon Cappaert

Bart Luyten

Ilfak GUILFANOV

Pierre VANDEVENNE

Elena GUILFANOVA

200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028

HEX - RAYS

Rue Rennequin-Sualem 34, 4000 Liège

Director

Manager

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue Rennequin-Sualem 34, 4000 LiègeCurrent	accounts 2024 → 2025	Accounts 2025 · 2026-00526559

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
HEX - RAYSCurrent	accounts 2007 → 2025	Accounts 2025 · 2026-00526559
DataRescue Technologies	accounts 2006	Accounts 2006 · 2007-48100169

Events

2025
Annual accounts 20253,8 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 €
26/04/2005
IncorporationPublic limited company

HEX - RAYS

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events