Where is Appnovation located?

In Sint-Joost-ten-Node, Belgium.

How big is Appnovation?

Around 0 full-time equivalents (financial year 2025).

Review: Appnovation

Q: Who are the clients of Appnovation?

Among others AIG, Alpro, TCL, Fitch Ratings, City of Dearborn, IPSEN, University of Phoenix, CNIS, Carrefour, Boehringer Ingelheim, Semrush, Humansa, Google, Pfizer, AstraZeneca.

Appnovation, opgericht in 2007, is een digitaal bureau (web & platform) uit Sint-Joost-ten-Node. De dienstverlening draait om webdevelopment. Sectoren waar het bureau vaak werkt: enterprise / grote complexe organisaties en publieke sector. Het bureau maakt deel uit van een groep.

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

20212022202320242025

Latest year: € 113.476 gross margin, growth -85,8% against a sector median of +0,6%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

AppnovationSector median

EBITDA margin 22,7%, sector median 20,7%. Value-added coverage 27,65 (median 1,18).

Healthy margin

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: 9.699,7 months. Equity in the latest year: € 782.057.

Group entity - see note

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

Cash € 65.431. Liquidity ratio 1,35: current assets cover short-term debt in full. Solvency 23,4%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 6.497 days of supplier credit, sector median 47. The accounts were filed 193 days after closing; the legal deadline is seven months.

Pays slower than average

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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete

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

EBITDA margin above the sector median (22,7%)
Value-added per euro of payroll above the sector median (27,65)
Healthy working capital (current ratio 1,35)
Comfortable cash position: 24684 days of payroll

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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 442.753	€ 570.283+28,8%	€ 445.613-21,9%	€ 800.125+79,6%	€ 113.476-85,8%
EBITDA	€ 237.561	€ 200.151	€ 34.989	€ -443.193	€ 25.785
EBITDA margin	53,7%	35,1%	7,9%	-55,4%	22,7%
Staff
FTE	2,6	3,2+23,1%	4,8+50%	1,3-72,9%	0,0-100%
Gross margin per FTE	€ 170.290	€ 178.213	€ 92.836	€ 615.480	-
Payroll cost per FTE	€ 78.147	€ 112.950	€ 62.873	€ 280.253	-
Balance sheet
Equity	€ 752.693	€ 793.634	€ 781.377	€ 776.181	€ 782.057
Cash	€ 378.187	€ 522.017	€ 200.523	€ 281.624	€ 65.431
Liquidity ratio	1,27	1,15	1,48	1,39	1,35

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

Group entity. This agency is a subsidiary of an (international) group. Thin equity at network subsidiaries is often group policy (management fees, dividends to the parent) rather than a distress signal. The buffer dimension is therefore not assessed.

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 12/03/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: 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

Health & pharmaFinance & insuranceTechnology & softwareRetail & e-commerceEducation

Publicly known clients

AIG, Alpro, TCL, Fitch Ratings, City of Dearborn, IPSEN, University of Phoenix, CNIS, Carrefour, Boehringer Ingelheim, Semrush, Humansa, Google, Pfizer, AstraZeneca

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

1

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 2024

230,8%

Median for this type of agency (2024): 29,3%

Inflow 2024

230,8%

3,0 FTE in, 3,0 FTE out

Net team change

0,0 FTE

20212022202320242025

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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 2024: the last year for which nearly all accounts have been filed.