Around 2 full-time equivalents (financial year 2025).

Review: Code-on

Sinds 2010 is Code-on actief als digitaal bureau (web & platform) uit Aalst. Er werken ongeveer 2 mensen, uitgedrukt in voltijdse equivalenten. Het aanbod is gericht op webdevelopment. De ervaring zit vooral in algemeen b2b en bedrijven met complexe maatwerkbehoeften.

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: € 110.036 gross margin, growth +25,5% against a sector median of +0,6%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Code-onSector median

EBITDA margin 33,2%, sector median 20,7%. Value-added coverage 1,51 (median 1,18).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 55.018

Median (2024) € 74.646

Against a payroll cost of € 27.365 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 35

Median (2024) € 46

3.114 hours worked, 1.557 per FTE. Against that sits € 18 of payroll cost per hour worked, leaving € 18 for premises, equipment, depreciation and profit.

Below 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: 57,4 months (median 4,9 mo). Equity in the latest year: € 345.834.

Adequate buffer

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

Cash € 36.426. Liquidity ratio 3,94: current assets cover short-term debt in full. Solvency 77%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 108 days of supplier credit, sector median 47. The accounts were filed 209 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

No serious signals

Signals in the last 24 months

No signals in the last 24 months.

What this agency does well

EBITDA margin above the sector median (33,2%)
Profitable in every one of the last 5 years
Strong buffer: 57,4 months of payroll in equity
Team grew (+100,0% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,51)
No warning signals in the last 24 months
Healthy working capital (current ratio 3,94)
Equity was earned, not injected (reserves 17,6× the capital contributed)
Comfortable cash position: 243 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	€ 34.654	€ 50.491+45,7%	€ 108.075+114,1%	€ 87.701-18,9%	€ 110.036+25,5%
EBITDA	€ 32.908	€ 48.355	€ 95.355	€ 48.437	€ 36.503
EBITDA margin	95%	95,8%	88,2%	55,2%	33,2%
Staff
FTE	-	-	-	1,0	2,0+100%
Gross margin per FTE	-	-	-	€ 87.701	€ 55.018
Payroll cost per FTE	-	-	-	€ 37.884	€ 27.365
Balance sheet
Equity	€ 376.051	€ 365.990	€ 392.269	€ 367.173	€ 345.834
Cash	€ 158.083	€ 203.345	€ 116.103	€ 48.437	€ 36.426
Liquidity ratio	8,83	5,68	4,99	4,22	3,94

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 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

Algemeen B2Bbedrijven met complexe maatwerkbehoeften

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

People 6 people mapped

This is first a build crew — 4 of 6 are developers. Within that core, Backend, Full Stack and Leiderschap stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience.

O

Onno

Oprichter & lead developer

A

Alexander

Senior developer

H

Hilde

Project manager

L

Lucas

UI/UX designer & marketeer

N

Nick

Developer

V

Vitaliy

Senior developer

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

€ 27.365

-54% versus the median

Team composition

2,0 FTE

€ 27.365

Median Digitaal bureau (web & platform) (2024) € 59.996All agencies (2024) € 59.069

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

/

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

Inflow 2025

50,0%

20242025

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.