Bothrs: digital product studio
Bothrs noemt zichzelf een ‘boutique digital product studio’. Ze bedenken, ontwerpen en bouwen nieuwe digitale producten.
The content of this factsheet is in Dutch.
Vanuit Gent werkt Bothrs sinds 2018 als full-service bureau. Het team telt ongeveer 12 medewerkers (VTE). Het aanbod is gericht op ux/ui design en webdevelopment. Het zwaartepunt ligt bij opdrachtgevers uit energie, retail/e-commerce, finance/verzekeringen en healthcare.
Snelheid en iteratie
Bothrs noemt zichzelf een ‘boutique digital product studio’.
Ze bedenken, ontwerpen en bouwen nieuwe digitale producten. Dat doen ze met deze expertises:
- (digitale product) strategie
- UX en UI design
- full stack development
Ze typeren zichzelf als “bouwers”.
De 21-tal medewerkers zijn voornamelijk georganiseerd in 3 klantenteams. Elk team bestaat uit een product manager (die ook als teamlead fungeert), een UX/UI designer, en een tweetal full stack engineers. Elk teamlid is zoveel als mogelijk ook client-facing.
De founders Stef en Gil fungeren als client partners (= account manager), en begeleiden de klant in de vertaalslag naar het team.
Liefst werken ze in wekelijkse sprints, waarbij een team die week dedicated op één klant/project werkt. Ze noemen dit “team-as-a-service”.
Hun specialisatie is het tot leven brengen van digitale product ideeën, van concept tot MVP. De laatste tijd zijn ze verder aan het uitbreiden naar ook onderhoud en verdere iteratie van die digitale producten.
Hun favoriete klanten zijn grotere organisaties (>250 mio omzet) in België, Nederland en Duitsland. (Noot: ze werkten ook voor US klanten als Walmart.)
Ze focussen zich op de verticals Healthcare, Banking & Insurance, Retail en Energy. Liefst in omgevingen die complexe digitale oplossingen vragen.
Wat ze niet doen: digitale marketing.
Zelf omschrijven ze hun cultuur met volgende trefwoorden: ondernemend, gepassioneerd, no nonsense, show don’t tell.
Bothrs HQ
Tech stack: React en Node.js
Referentieklanten: Bofrost, Maria Middelares, Banx (Belfius), Vanbreda R&B
Grote voorbeelden: YML en Work&Co
Gepercipieerde concurrenten: November Five en In The Pocket
Werken graag complementair samen met: Strarex en Board Of Innovation
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Sharp headcount decline · 31 Dec 2024 · NBBAverage headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
What this agency does well
- Outgrew the sector median 2 years running
- EBITDA margin above the sector median (34,5%)
- Strong buffer: 15,6 months of payroll in equity
- Team grew (+28,6% FTE in the latest year)
- Value-added per euro of payroll above the sector median (1,53)
- Healthy working capital (current ratio 2,00)
- Equity was earned, not injected (reserves 28,8× the capital contributed)
- Comfortable cash position: 243 days of payroll
- Turnover below the median (25,6%)
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 | € 1,35 mln | € 1,71 mln+26,9% | € 700.599-59% | € 1,16 mln+65,5% | € 1,36 mln+16,9% |
| EBITDA | € 394.140 | € 314.789 | € -349.062 | € 509.591 | € 467.287 |
| EBITDA margin | 29,3% | 18,4% | -49,8% | 43,9% | 34,5% |
| Staff | |||||
| FTE | 16,2 | 21,4+32,1% | 17,5-18,2% | 9,1-48% | 11,7+28,6% |
| Gross margin per FTE | € 83.029 | € 79.783 | € 40.034 | € 127.423 | € 115.841 |
| Payroll cost per FTE | € 55.098 | € 65.009 | € 59.683 | € 71.230 | € 75.854 |
| Balance sheet | |||||
| Equity | € 597.232 | € 822.466 | € 392.040 | € 849.218 | € 1,15 mln |
| Cash | € 757.010 | € 416.424 | € 202.649 | € 796.685 | € 590.036 |
| Liquidity ratio | 1,65 | 2,97 | 2,18 | 2,27 | 2,00 |
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 28/07/2026. 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 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 2 services
Sector focus
Publicly known clients
Batibouw, Testaankoop, Blossom, Vanbreda Risk & Benefits, Proximus, Belfius, La Belle Maison, Combell, Edgard & Cooper, Telenet, Colruyt Group, Maria Middelares, Luminus
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 1 people mapped
Based on public profiles. Something wrong? Let us know.
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.
- 36% women
- 64% men
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.
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.
Frequently asked questions about Bothrs
- When was Bothrs founded?
- In 2018.
- Where is Bothrs located?
- In Gent, Belgium.
- What is Bothrs specialised in?
- Website development, Website strategy & UX, Digital product studio, Software.
- How big is Bothrs?
- Around 12 full-time equivalents (financial year 2025).
- Which sectors does Bothrs work for?
- Energy & environment, Finance & insurance, Retail & e-commerce, Healthcare & pharma.
- Who are the clients of Bothrs?
- Among others Bofrost, Maria Middelares, Banx (Belfius), Vanbreda R&B.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.