Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 2 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
SmartSec from Liège, company number BE0792305601, closed financial year 2025 with a result of € 6 million after tax. For that financial year SmartSec recorded revenue of € 2.3 million and equity of € 126.7 million. Compared with financial year 2024, the result moved from € 24.8 million to € 6 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 16, 2026.
€ 126.7 million
▲ 5% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 6 million
▼ 76% vs 2024
Profit after tax over the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 31.4 million.
Debts at end 2025
€ 21.7 million
▲ 5% vs 2024
Loans from banks and other lenders, long and short.
€ 256,651
▲ 16% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 436,249
▲ 56% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|
| Revenue | € 2,100,375 | € 2,290,898 | ▲ 9% |
| Gross margin | € 79,085 | € 77,019 | ▼ 3% |
| Profit after taxes | € 24,847,848 | € 5,972,526 | ▼ 76% |
| Equity | € 120,755,470 | € 126,727,996 | ▲ 5% |
| Total debts | € 38,229,497 | € 22,352,386 | ▼ 42% |
| Cash | € 96,376 | - | |
| Retained profit | € 25,392,380 | € 31,364,906 | ▲ 24% |
| Bank debt | € 20,538,764 | € 21,659,486 | ▲ 5% |
| Balance sheet total | € 158,984,966 | € 149,080,382 | ▼ 6% |
Key figures of SmartSec, fiscal years 2024 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to SmartSec?
What happened at SmartSec in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- SFPIM stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 6 million (▼ 76% vs 2024). Source: NBB ↗
- SFPIM became a director. NBB
- New establishment in Liège. KBO
- Start of the company according to the CBE. KBO
In short
From € 24.8 million profit in 2024 to € 6 million profit in 2025.
Best year ever: 2024, with € 24.8 million profit.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 100% of HEX-RAYS SA and 100% of Hex-Rays S.R.L. itself.
Directors
According to the 2025 annual accounts
Director · represented by Leon Cappaert
Also active at: Aviapartner Belgium, Société Anonyme Belge de Constructions Aéronautiques, Société Nationale de Construction Aérospatiale, COMETSAMBRE, ASCO INDUSTRIES, ZEPHYR - FIN, Sabena Aerospace Engineering, reMYND +57 more
since 2025 · until 2028
Establishments
Establishment units
Physical locations of this company
Rue Rennequin-Sualem 34
4000 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Certifications & Partners
Hosting & Email
Email provider
Google Workspace
Hosting
CLOUDFLARESPECTRUM Cloudflare, Inc., US
DNS
Cloudflare DNS
Domain
Domain
hex-rays.com
Registered
2007-04-18
Registrar
pair Networks, Inc. d/b/a pair Domains
Expires
2030-04-18
Website info
Features
Security
Network
Details
- Company number
- 0792.305.601
- VAT number
- BE 0792.305.601
- Registered office
- Rue Rennequin-Sualem 34, 4000 Liège
- Names & denominations
- SmartSec
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 11 October 2022
- Peppol
- Active · Active since 28 Nov 2025
- Contact
- hex-rays.com
- Activities · NACE
Activiteiten van hoofdkantoren