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

Which sectors does Coworks work for?

Education & training, Public sector & non-profit, Healthcare & pharma.

Review: Coworks

Q: Who are the clients of Coworks?

Among others Unizo, Bond Beter Leefmilieu, Zorgnet Icuro, Pasar vzw, College of Europe, Stad Roeselare, Stad Izegem, Toerisme Knokke-Heist.

Coworks werkt ruim twintig jaar als digitaal bureau (web & platform) uit De Panne. Met ongeveer 2 VTE is dit een klein bureau. De opgegeven expertise is webdevelopment. De ervaring zit vooral in verenigingen, zorg, onderwijs en ledenorganisaties. Publiek gekende klanten zijn onder meer Unizo, Bond Beter Leefmilieu, Zorgnet Icuro en Pasar vzw.

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: € 194.576 gross margin, growth -27,8% against a sector median of +3,1%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

CoworksSector median

EBITDA margin 23,1%, sector median 22,6%. Value-added coverage 1,30 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 92.655

Median (2025) € 77.398

Against a payroll cost of € 70.608 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 55

Median (2025) € 48

3.534 hours worked, 1.683 per FTE. Against that sits € 42 of payroll cost per hour worked, leaving € 13 for premises, equipment, depreciation and profit.

Above 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: 34,6 months (median 5,3 mo). Equity in the latest year: € 430.640.

Adequate buffer

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

Cash € 84.225. Liquidity ratio 4,10: current assets cover short-term debt in full. Solvency 67,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 101 days of supplier credit, sector median 46. The accounts were filed 180 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

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Registered office moved · 26 Mar 2025 · Staatsblad
The registered office relocated. Usually just a new office.

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 (23,1%)
Profitable in every one of the last 5 years
Strong buffer: 34,6 months of payroll in equity
Team grew (+5,0% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,30)
Healthy working capital (current ratio 4,10)
Comfortable cash position: 207 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	€ 279.114	€ 258.046-7,5%	€ 279.479+8,3%	€ 269.475-3,6%	€ 194.576-27,8%
EBITDA	€ 160.063	€ 128.734	€ 138.559	€ 126.097	€ 44.921
EBITDA margin	57,3%	49,9%	49,6%	46,8%	23,1%
Staff
FTE	2,0	2,00%	2,00%	2,00%	2,1+5%
Gross margin per FTE	€ 139.557	€ 129.023	€ 139.740	€ 134.737	€ 92.655
Payroll cost per FTE	€ 58.144	€ 64.569	€ 70.326	€ 70.966	€ 70.608
Balance sheet
Equity	€ 455.848	€ 488.123	€ 501.980	€ 488.845	€ 430.640
Cash	€ 330.375	€ 176.962	€ 112.212	€ 111.525	€ 84.225
Liquidity ratio	4,65	3,03	4,41	5,61	4,10

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 29/06/2026. 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 development

Sector focus

Public sector & governmentHealth & pharmaB2B servicesEducationTravel & hospitality

Publicly known clients

UnizoBond Beter LeefmilieuZorgnet IcuroPasar vzwCollege of EuropeStad RoeselareStad IzegemToerisme Knokke-Heist

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

1

People 5 people mapped

This is first a build crew — 3 of 5 are developers. A specialist, not a generalist: the expertise is narrow but deep. A small team: short lines, little noise between you and the makers.

K

Kurt

B

Bart

D

Dimi

D

Donny

K

Kevin

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

€ 70.608

+12% versus the median

Team composition

2,1 FTE

€ 70.608

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

/

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

Inflow 2025

28,6%

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.