What is Codifly specialised in?

Website development, Website strategy & UX, App development, Digital product studio, Campagne, Mobile app development.

Around 16 full-time equivalents (financial year 2025).

Who are the clients of Codifly?

Among others Colruyt Group, Telenet, Teamleader, Imec, Depannage Steps.

Review: Codifly: app en web app bouwer

Codifly is een digitaal bureau (web & platform) met thuisbasis in Affligem, opgericht in 2015. Op de loonlijst staan ongeveer 17 voltijdse equivalenten. De dienstverlening draait om webdevelopment en ux/ui design. Namen die publiek aan dit bureau gelinkt worden: Tunify, Depannage Steps, Teamleader en CrewPlanner.

Full stack developers
Codifly is een web development bureau van full stack developers, gespecialiseerd in web apps, mobile apps en IOT applicaties.
Ze werken liefst op complexe applicatie uitdagingen, in een sprintwerking. Daarbovenop komt zo’n 70% van hun omzet uit consultancy.
Dat doen ze op dit moment met 22 VTE’s:

2 managing partners
1 project manager
1 UX/UI designer
16 full stack developers

Wat ze niet doen: strategie, campagnes
Zelf omschrijven ze hun cultuur met volgende trefwoorden: pragmatisch, jong, eager.

Referentieklanten: Colruyt Group, Telenet, Teamleader, Imec, Depannage Steps
Tech stack: React (Native), Node.js
Gepercipieerde concurrenten: ITP, Next Apps, Cronos, November Five
Gemiddelde klantgrootte: 60k
Ondernemingsnummer: 0717.607.681

Who do they see as competitors?

November Five

As indicated by the agency itself.

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: € 1,36 mln gross margin, growth -3,3% against a sector median of +3,1%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

CodiflySector median

EBITDA margin 27%, sector median 22,6%. Value-added coverage 1,37 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 86.355

Median (2025) € 77.398

Against a payroll cost of € 62.924 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 49

Median (2025) € 48

28.060 hours worked, 1.776 per FTE. Against that sits € 35 of payroll cost per hour worked, leaving € 13 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: 21,7 months (median 5,3 mo). Equity in the latest year: € 1,80 mln.

Adequate buffer

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

Cash € 273.710. Liquidity ratio 3,83: current assets cover short-term debt in full. Solvency 69%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 0 days of supplier credit, sector median 46. The accounts were filed 289 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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Late filing · 16 Oct 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.
Late filing · 10 Oct 2025 · 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.

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

EBITDA margin above the sector median (27,0%)
Profitable in every one of the last 5 years
Strong buffer: 21,7 months of payroll in equity
Value-added per euro of payroll above the sector median (1,37)
Healthy working capital (current ratio 3,83)
Equity was earned, not injected (reserves 95,5× the capital contributed)
Comfortable cash position: 100 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	€ 1,43 mln	€ 1,69 mln+17,9%	€ 1,42 mln-15,7%	€ 1,41 mln-1%	€ 1,36 mln-3,3%
EBITDA	€ 794.734	€ 782.718	€ 439.961	€ 423.766	€ 367.924
EBITDA margin	55,5%	46,3%	30,9%	30%	27%
Staff
FTE	14,5	20,2+39,3%	18,7-7,4%	17,0-9,1%	15,8-7,1%
Gross margin per FTE	€ 98.834	€ 83.628	€ 76.167	€ 82.968	€ 86.355
Payroll cost per FTE	€ 43.866	€ 44.714	€ 52.496	€ 57.894	€ 62.924
Balance sheet
Equity	€ 1,15 mln	€ 1,35 mln	€ 1,55 mln	€ 1,71 mln	€ 1,80 mln
Cash	€ 112.509	€ 84.448	€ 83.786	€ 9.632	€ 273.710
Liquidity ratio	1,90	1,01	1,00	3,03	3,83

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 16/10/2026. 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

Digital Experience & Tech

Website development Website strategy & UX

Sector focus

Technology & softwareAutomotive & mobilityMedia & entertainment

Publicly known clients

TunifyDepannage StepsTeamleaderCrewPlanner

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

1

People 1 people mapped

KV

Kristof Van Miegem

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

€ 62.924

-1% versus the median

Team composition

15,8 FTE

18% women
82% men

€ 62.924

Median Digitaal bureau (web & platform) (2025) € 63.343All 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.

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

63,3%

Median for this type of agency (2025): 27,9%

Inflow 2025

36,7%

5,8 FTE in, 10,0 FTE out

Net team change

-4,2 FTE

20212022202320242025

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.