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Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Figures corrected NBB
Corrected annual account filed for 2025.
Financials
Financial year 2025
HEX - RAYS from Liège, company number BE0873473914, closed financial year 2025 with a result of € 3.8 million after tax. For that financial year HEX - RAYS recorded revenue of € 12 million and equity of € 4 million. Compared with financial year 2024, the result moved from € 11.7 million to € 3.8 million. The company is profitable. The buffer shrank hard: equity is 51 % below last year. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on September 24, 2026.
€ 4 million
▼ 51% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 3.8 million
▼ 67% vs 2024
Profit after tax over the fiscal year.
€ 9.1 million
▲ € 8.4 million vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 8 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
14.4
▼ 0.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.4 million
▲ 7% vs 2024
€ 164,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 124,382
▲ 6% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 772,044
▲ 13% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 40 days on average.
€ 1.1 million
▲ 21% vs 2024
Taxes, VAT and social contributions still to pay.
| 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|
| Revenue | € 17,717,088 | € 12,018,691 | ▼ 32% |
| Profit after taxes | € 11,654,210 | € 3,816,206 | ▼ 67% |
| Equity | € 8,145,864 | € 3,962,070 | ▼ 51% |
| Total debts | € 12,657,955 | € 21,320,488 | ▲ 68% |
| Cash | € 684,103 | € 9,114,634 | ▲ € 8.4 million |
| Land & buildings | € 458,181 | € 417,056 | ▼ 9% |
| Retained profit | € 8,084,364 | € 3,900,570 | ▼ 52% |
| Dividend | € 8,000,000 | € 8,000,000 | |
| Balance sheet total | € 20,803,818 | € 25,282,558 | ▲ 22% |
| Employees (FTE) | 15.3 | 14.4 | ▼ 0.9 |
Key figures of HEX - RAYS, 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 HEX - RAYS?
What happened at HEX - RAYS in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- SFPIM stepped down as director. NBB
- Corrected annual accounts filed for financial year 2025. filed late Source: NBB ↗
- SFPIM became a director. NBB
- New establishment in Liège. KBO
- Start of the company according to the CBE. KBO
In short
From € 11.7 million profit in 2024 to € 3.8 million profit in 2025.
Paid € 1.3 million in corporate taxes since 2024.
Best year ever: 2024, with € 11.7 million profit.
Paid out € 16 million in dividends to the owners in total.
Management
The stake of Smartfin Capital II comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
HEX - RAYSThe shares are held by SMARTSEC (100%) and Smartfin Capital II (27.7%).
Directors
According to the 2025 annual accounts
Director
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 +58 more
since 2025 · until 2028
Shareholders
100%
27.7%
Participations
No participations in other companies reported.
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.
Details
- Company number
- 0873.473.914
- VAT number
- BE 0873.473.914
- Registered office
- Rue Rennequin-Sualem 34, 4000 Liège
- Names & denominations
- HEX - RAYS
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 26 April 2005
- Peppol
- Active · Active since 2 Dec 2025
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