Around 8 full-time equivalents (financial year 2025).

Which sectors does Catcoon work for?

Hospitality & tourism, Public sector & non-profit.

Review: Catcoon

Q: Who are the clients of Catcoon?

Among others Stad Antwerpen, Acerta, GOED, Toerisme Vlaanderen, Fednot, Statistiek Vlaanderen, SD Worx, Group S.

Vanuit Antwerpen werkt Catcoon sinds 2018 als ux- & designstudio. De bezetting ligt rond 9 VTE. Het aanbod is gericht op ux/ui design. Sectoren waar het bureau vaak werkt: digitale producten/projecten breed; overheid/toerisme. Tot de publiek bekende klanten behoren Stad Antwerpen, Acerta, GOED en Toerisme Vlaanderen.

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: € 580.863 gross margin, growth -5,4% against a sector median of -3,7%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

CatcoonSector median

EBITDA margin -6,4%, sector median 15,1%. Value-added coverage 0,94 (median 1,06).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 76.429

Median (2025) € 73.601

Against a payroll cost of € 80.945 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 46

Median (2025) € 46

12.707 hours worked, 1.672 per FTE. Against that sits € 48 of payroll cost per hour worked, leaving € -3 for premises, equipment, depreciation and profit.

Around 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 3,4 mo). Equity in the latest year: € -47.586.

Critical buffer

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

Cash € 7.302. Liquidity ratio 0,93: current assets cover short-term debt not in full. Solvency -11%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 54 days of supplier credit, sector median 52. The accounts were filed 236 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

3 red flag(s) (24m)

Signals in the last 24 months

Late filing · 24 Aug 2026 · 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.
Sharp headcount decline · 31 Dec 2025 · NBB
Average 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.
Two consecutive loss-making years · 31 Dec 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 Dec 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.
Critical buffer · 31 Dec 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.
Low value-added coverage · 31 Dec 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
+ 3 older signals within 24m

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

Turnover below the median (26,3%)

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	€ 381.824	€ 306.833-19,6%	€ 697.830+127,4%	€ 613.950-12%	€ 580.863-5,4%
EBITDA	€ 30.275	€ 35.513	€ 49.805	€ -73.314	€ -37.040
EBITDA margin	7,9%	11,6%	7,1%	-11,9%	-6,4%
Staff
FTE	4,8	4,1-14,6%	8,6+109,8%	9,0+4,7%	7,6-15,6%
Gross margin per FTE	€ 79.547	€ 74.837	€ 81.143	€ 68.217	€ 76.429
Payroll cost per FTE	€ 72.894	€ 65.754	€ 75.025	€ 75.917	€ 80.945
Balance sheet
Equity	€ 85.236	€ 105.441	€ 112.377	€ 16.553	€ -47.586
Cash	€ 11.786	€ 6.984	€ 12.076	€ 9.227	€ 7.302
Liquidity ratio	1,28	1,63	1,44	0,96	0,93

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 24/08/2026. 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 1 services

Digital Experience & Tech

Website strategy & UX

Sector focus

Public sector & governmentB2B servicesTravel & hospitalityReal estate & construction

Publicly known clients

Stad AntwerpenAcertaGOEDToerisme VlaanderenFednotStatistiek VlaanderenSD WorxGroup S

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

1

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

€ 80.945

+22% versus the median

Team composition

7,6 FTE

42% women
58% men

€ 80.945

Median UX- & designstudio (2025) € 66.413All 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.

2

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

26,3%

Median for this type of agency (2025): 35,4%

Inflow 2025

/

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 2025: the last year for which nearly all accounts have been filed.