What is Aziri specialised in?

AI & innovation strategy, Website development.

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

Review: Aziri

Q: Who are the clients of Aziri?

Among others Didofisc, Varey, Warsco, Eddie Stobart, Zwembaden Bollen, IGEPA, WinWinner, Transport Michiels, Inter.

Vanuit Zonhoven werkt Aziri sinds 2018 als softwarebureau. Op de loonlijst staan ongeveer 10 voltijdse equivalenten. Het aanbod is gericht op webdevelopment en ai & automatisering. Het zwaartepunt ligt bij opdrachtgevers uit bedrijven met automatiserings-/digitaliseringsbehoeften. Tot de publiek bekende klanten behoren Didofisc, Varey, Warsco en Eddie Stobart.

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: € 1,01 mln gross margin, growth +86,7% against a sector median of +13,8%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

AziriSector median

EBITDA margin 24,5%, sector median 18,8%. Value-added coverage 1,33 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 100.094

Median (2024) € 74.488

Against a payroll cost of € 72.781 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 62

Median (2024) € 48

16.244 hours worked, 1.608 per FTE. Against that sits € 45 of payroll cost per hour worked, leaving € 17 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: 5,4 months (median 6,1 mo). Equity in the latest year: € 340.706.

Adequate buffer

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

Cash € 241.945. Liquidity ratio 2,19: current assets cover short-term debt in full. Solvency 47,8%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 17 days of supplier credit, sector median 53. The accounts were filed 197 days after closing; the legal deadline is seven months.

Pays and files on time

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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Aug 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

Gross margin grew 4 years in a row
EBITDA margin above the sector median (24,5%)
Profitable in every one of the last 5 years
Team grew (+53,0% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,33)
Margin per hour worked rose 3 years in a row
Healthy working capital (current ratio 2,19)
Equity was earned, not injected (reserves 16,0× the capital contributed)
Comfortable cash position: 120 days of payroll
Turnover below the median (9,9%)

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	€ 191.477	€ 257.220+34,3%	€ 392.403+52,6%	€ 541.539+38%	€ 1,01 mln+86,7%
EBITDA	€ 91.772	€ 60.388	€ 56.456	€ 113.304	€ 247.477
EBITDA margin	47,9%	23,5%	14,4%	20,9%	24,5%
Staff
FTE	2,3	4,2+82,6%	5,7+35,7%	6,6+15,8%	10,1+53%
Gross margin per FTE	€ 83.251	€ 61.243	€ 68.843	€ 82.051	€ 100.094
Payroll cost per FTE	€ 43.314	€ 46.739	€ 58.618	€ 64.732	€ 72.781
Balance sheet
Equity	€ 49.792	€ 87.838	€ 115.165	€ 183.639	€ 340.706
Cash	€ 91.802	€ 101.594	€ 226.206	€ 255.254	€ 241.945
Liquidity ratio	1,35	1,60	1,48	1,77	2,19

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 16/07/2026. 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 21 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 2 services

Strategy & Insights

AI & innovation strategy

Digital Experience & Tech

Website development

Sector focus

B2B servicesReal estate & constructionAutomotive & mobilityRetail & e-commerce

Publicly known clients

DidofiscVareyWarscoEddie StobartZwembaden BollenIGEPAWinWinnerTransport MichielsInter

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

1

People 13 people mapped

This team is built around client service: 5 of 13 are account & project. Within that core, Projectleiding, Klantbeheer and Relatiebeheer stand out. One strategist on board — enough to hold the direction, not to fill meetings.

KV

Koen Vlayen

Account Manager

AD

Arno De Rop

Product Owner

BE

Bogas Eersels

Product Owner

HC

Hans Conings

Business Consultant

KG

Koen Goeleven

Product Owner

KH

Kyra Holsbeek

Developer

MB

Maarten Bruyninx

Developer

MA

Marciano Antonacci

Developer

MW

Martijn Warson

Product Owner

MD

Maxim Daels

Sales manager

MS

Michaël Schoonaert

Developer

MG

Mirco Gijsens

Developer

ST

Sofie Tavernier

Office Manager

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

€ 72.781

+13% versus the median

Team composition

10,1 FTE

28% women
72% men

€ 72.781

Median Softwarebureau (2024) € 64.451All agencies (2024) € 59.045

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

9,9%

Median for this type of agency (2024): 24,7%

Inflow 2025

39,6%

4,0 FTE in, 1,0 FTE out

Net team change

+3,0 FTE

20212022202320242025

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.