Around 10 full-time equivalents (financial year 2025).

Review: 26lights

26lights is al ruim tien jaar actief als digitaal bureau (web & platform) uit Vorst. Op de loonlijst staan ongeveer 10 voltijdse equivalenten. Het aanbod is gericht op webdevelopment. Sectoren waar het bureau vaak werkt: scale-ups en bedrijven met nood aan tech-team versterking.

1

How this agency makes money

Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.

Revenue trendgross margin per financial year

2022202320242025

Latest year: € 1,01 mln gross margin, growth +7,9% against a sector median of +3,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

26lightsSector median

EBITDA margin 20,2%, sector median 22,6%. Value-added coverage 1,25 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 106.451

Median (2025) € 77.398

Against a payroll cost of € 84.910 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 60

Median (2025) € 48

16.768 hours worked, 1.765 per FTE. Against that sits € 48 of payroll cost per hour worked, leaving € 12 for premises, equipment, depreciation and profit.

Above the median

No hourly rate follows from this. Gross margin is already net of services and sundry goods, which mixes rebilled production with the agency's own overhead, and the accounts do not say how many hours were billable. Deriving a rate from this systematically understates it.

2

Can the agency take a hit

Buffer, cash position and payment behaviour side by side, so you can see where they disagree.

Bufferequity in months of payroll

Buffer: 0,9 months (median 5,3 mo). Equity in the latest year: € 60.485.

Critical buffer

Cash positionAvailable cash, and whether it covers short-term debt

Cash € 131.440. Liquidity ratio 2,36: current assets cover short-term debt in full. Solvency 8,4%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 17 days of supplier credit, sector median 46. The accounts were filed 235 days after closing; the legal deadline is seven months.

Filed late

3

Signals and strengths

Events from the CBE and the Official Gazette over the past 24 months, plus positive markers derived from the figures.

Continuity

2 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Late filing · 21 Nov 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
Loss-making year · 31 Mar 2025 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
Critical buffer · 31 Mar 2025 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
Two consecutive loss-making years · 31 Mar 2025 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
Sharp drop in equity · 31 Mar 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.

Click a signal for a plain-language explanation. Each signal is a fact from a public source, without the agency's own context. Best to ask them directly.

What this agency does well

Gross margin grew 3 years in a row
Outgrew the sector median 2 years running
Value-added per euro of payroll above the sector median (1,25)
Healthy working capital (current ratio 2,36)
Equity was earned, not injected (reserves 2,3× the capital contributed)
Turnover below the median (10,5%)

Each point is a fact from the filed annual accounts, measured against the same thresholds and sector medians as the signals above.

4

All the figures

Reference material, not a starting point. Expand it if you want to read the series yourself.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 752.139	€ 812.059+8%	€ 937.206+15,4%	€ 1,01 mln+7,9%
EBITDA	€ 96.365	€ 31.660	€ 123.534	€ 203.940
EBITDA margin	12,8%	3,9%	13,2%	20,2%
Staff
FTE	8,9	10,1+13,5%	11,0+8,9%	9,5-13,6%
Gross margin per FTE	€ 84.510	€ 80.402	€ 85.201	€ 106.451
Payroll cost per FTE	€ 73.617	€ 77.182	€ 73.447	€ 84.910
Balance sheet
Equity	€ 320.093	€ 331.176	€ 394.777	€ 60.485
Cash	€ 304.606	€ 347.481	€ 252.044	€ 131.440
Liquidity ratio	2,73	2,38	2,31	2,36

Payroll cost per FTE comes from the social report where available, otherwise from the Remuneration line. Both are gross costs including employer contributions.

What this factsheet does not know

How good the work is. Figures do not measure creativity, strategy or chemistry.
How the client portfolio is spread. Concentration is not in the accounts.
Freelancers and subcontractors are not in the FTE figures. An agency with 40 staff may in practice run with 70 people.
The figures cover financial year 2025, filed on 21/11/2025. At a fast-moving agency reality today may differ.

Based on publicly filed annual accounts (NBB) and official records (CBE, Belgian Official Gazette). An indication, not financial advice. Sector medians calculated on 2 Nov 2026. Sector medians based on financial year 2025: the last year for which nearly all accounts have been filed.

What the agency actually does 1 services

Digital Experience & Tech

Website development

Sector focus

Scale-ups en bedrijven met nood aan tech-team versterking

From our own research. The agency hasn't listed its sectors yet.

Based on IKAg research and public sources. Incomplete or outdated? Let us know.

1

People 12 people mapped

This is first a build crew — 5 of 12 are developers. Within that core, Full Stack, Projectleiding and Backend stand out. There are 2 strategists around — expect thinking first, pixels second.

AD

Alicia Dahan

General Manager

K

Kelly

France Manager

L

Laurent

Brand Director

A

Aliénor

Back-end Developer

A

Arik

Business Coach

C

Céline

Product Owner

E

Emilie

Full-stack Developer

F

Forster

Growth Marketer

G

Gaspard

Front-end Developer

M

Malorie

Negotiation Expert

O

Olivier

Tech Lead

R

Renaud

Tech Lead

Based on public profiles. Something wrong? Let us know.

2

Seniors or juniors?

Payroll cost per FTE is the best public proxy for a team's experience level. Higher is not automatically better, but it says something about who sits at the table.

Payroll cost per FTE

€ 84.910

+34% versus the median

Team composition

9,5 FTE

10% women
90% men

€ 84.910

Median Digitaal bureau (web & platform) (2025) € 63.343All agencies (2025) € 62.294

Read with care. Directors and partners invoicing through a management company are not in the payroll cost. At small agencies this skews the picture downwards considerably.

3

Will your team stay?

Inflow and outflow from the social report. This series only counts people on the payroll: freelancers who invoice do not appear in it. A low figure therefore means two very different things, a stable permanent team or a small core with heavy outsourcing. A high figure usually points to short contracts. Compare only within the same type of agency.

Exits 2025

10,5%

Median for this type of agency (2025): 27,9%

Inflow 2025

10,5%

1,0 FTE in, 1,0 FTE out

Net team change

0,0 FTE

2022202320242025

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2025. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2025: the last year for which nearly all accounts have been filed.