What is Cyrex specialised in?

AI & innovation strategy, Website development.

Around 1 full-time equivalent (financial year 2025).

Review: Cyrex

Q: Who are the clients of Cyrex?

Among others Funcom, Techland, Caged Element, PLAION, Airship Studios, Digital Extremes, Sumo Digital, Grinding Gear Games, Stunlock Studios, Rocksteady Studios, Warner Bros., Omeda Studios, Immutable, Avalanche Studios Group, Inflexion Games.

Sinds 2015 is Cyrex actief als softwarebureau uit Gent. Het aanbod is gericht op webdevelopment en ai & automatisering. Sectorieel richt het bureau zich vooral op online gaming, web3/blockchain, saas en enterprise.

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: € 47.625 gross margin, growth -63,3% against a sector median of +8,7%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

CyrexSector median

EBITDA margin -27,4%, sector median 23%. Value-added coverage 0,78 (median 1,19).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 39.687

Median (2025) € 82.528

Against a payroll cost of € 50.155 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 24

Median (2025) € 53

1.984 hours worked, 1.653 per FTE. Against that sits € 30 of payroll cost per hour worked, leaving € -6 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: 1,4 months (median 6,7 mo). Equity in the latest year: € 6.848.

Thin buffer

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

Cash € 11.247. Liquidity ratio 0,99: current assets cover short-term debt not in full. Solvency 3,6%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 1.004 days of supplier credit, sector median 43. The accounts were filed 196 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

Points to ask about

Signals in the last 24 months

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.
Thin buffer · 31 Dec 2025 · NBB
Equity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
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.
Loss-making year · 31 Dec 2025 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
Registered office moved · 18 Apr 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

Equity was earned, not injected (reserves 1.860,0× the capital contributed)
Comfortable cash position: 68 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	€ 108.313	€ 107.028-1,2%	€ 74.238-30,6%	€ 129.874+74,9%	€ 47.625-63,3%
EBITDA	€ 12.953	€ 16.594	€ 18.281	€ 24.918	€ -13.046
EBITDA margin	12%	15,5%	24,6%	19,2%	-27,4%
Staff
FTE	2,8	1,7-39,3%	1,0-41,2%	1,8+80%	1,2-33,3%
Gross margin per FTE	€ 38.683	€ 62.957	€ 74.238	€ 72.152	€ 39.687
Payroll cost per FTE	€ 32.489	€ 47.174	€ 51.733	€ 50.067	€ 50.155
Balance sheet
Equity	€ 19.405	€ 22.849	€ 17.512	€ 23.542	€ 6.848
Cash	€ 28.882	€ 40.795	€ 33.233	€ 18.335	€ 11.247
Liquidity ratio	1,52	2,19	1,57	1,09	0,99

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 15/07/2026. 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 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

Strategy & Insights

AI & innovation strategy

Digital Experience & Tech

Website development

Sector focus

Media & entertainment

Publicly known clients

Funcom, Techland, Caged Element, PLAION, Airship Studios, Digital Extremes, Sumo Digital, Grinding Gear Games, Stunlock Studios, Rocksteady Studios, Warner Bros., Omeda Studios, Immutable, Avalanche Studios Group, Inflexion Games

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

1

People 6 people mapped

The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep. A wide leadership layer: 4 of 6 steer.

IM

Ian Matthews

Head of Marketing

MH

Mathieu Huysman

Co-Founder & CCO

OE

Orad Elkayam

CEO

TD

Tim De Wachter

Co-Founder & CTO

ZV

Zoi Vitsentzou

SVP

RM

Rui Molefas

Head of Operations

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

€ 50.155

-31% versus the median

Team composition

1,2 FTE

€ 50.155

Median Softwarebureau (2025) € 72.781All 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

250,0%

Median for this type of agency (2025): 29,1%

Inflow 2025

250,0%

3,0 FTE in, 3,0 FTE out

Net team change

0,0 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.