How big is Cherry Pulp?

Around 9 full-time equivalents (financial year 2023).

Review: Cherry Pulp

Q: What is Cherry Pulp specialised in?

Website development, Website strategy & UX.

Cherry Pulp is een digitaal bureau (web & platform) uit Sint-Gillis. Er werken ongeveer 9 mensen, uitgedrukt in voltijdse equivalenten. De dienstverlening draait om webdevelopment en ux/ui design.

Awards

2× Feweb Excellence Awards

1× WebAward.be

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

202120222023

Latest year: € 653.556 gross margin, growth +1,7% against a sector median of +12,9%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

202120222023

Cherry PulpSector median

EBITDA margin 11,5%, sector median 16,9%. Value-added coverage 1,13 (median 1,16). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 72.617

Median (2023) € 69.968

Against a payroll cost of € 64.212 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 44

Median (2023) € 42

14.875 hours worked, 1.653 per FTE. Against that sits € 39 of payroll cost per hour worked, leaving € 5 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: 8,5 months (median 5,0 mo). Equity in the latest year: € 406.963.

Adequate buffer

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

Cash € 72.174. Liquidity ratio 3,55: current assets cover short-term debt in full. Solvency 56,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 52 days of supplier credit, sector median 46. The accounts were filed 191 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 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
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

Profitable in every one of the last 3 years
Strong buffer: 8,5 months of payroll in equity
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 3,55)
Equity was earned, not injected (reserves 29,9× the capital contributed)

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.

3 financial years, 2021 to 2023Result, staff and balance sheet

	2021	2022	2023
Result
Gross margin	€ 628.441	€ 642.520+2,2%	€ 653.556+1,7%
EBITDA	€ 119.324	€ 113.846	€ 75.259
EBITDA margin	19%	17,7%	11,5%
Staff
FTE	10,7	9,7-9,3%	9,0-7,2%
Gross margin per FTE	€ 58.733	€ 66.239	€ 72.617
Payroll cost per FTE	€ 45.487	€ 52.960	€ 64.212
Balance sheet
Equity	€ 320.795	€ 365.892	€ 406.963
Cash	€ 291.518	€ 432.548	€ 72.174
Liquidity ratio	2,33	3,05	3,55

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 2023, filed on 09/07/2024. 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 2023: the last year for which nearly all accounts have been filed.

What the agency actually does 2 services

Digital Experience & Tech

Website development Website strategy & UX

Sector focus

Algemeen B2B/B2C, KMO's, merken die maatwerk web nodig hebben

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

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

€ 64.212

+15% versus the median

Team composition

9,0 FTE

11% women
89% men

€ 64.212

Median Digitaal bureau (web & platform) (2023) € 55.792All agencies (2023) € 57.168

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 2023

33,3%

Median for this type of agency (2023): 29,0%

Inflow 2023

22,2%

2,0 FTE in, 3,0 FTE out

Net team change

-1,0 FTE

202120222023

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2023. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2023: the last year for which nearly all accounts have been filed.

Award-winning work 3 award(s)

2022

Feweb Excellence Awards WinnerSociety Champ · “Ensemble Solidaires” · source ↗

2019

Feweb Excellence Awards WinnerBest Ecommerce Platform · “Efarmz.be” · source ↗
WebAward.be WinnerBest Ecommerce Platform · “Efarmz.be” · source ↗

As published by the organising award shows, collected by IKAg.