What is Depends specialised in?

AI & innovation strategy, Marketing strategy, SEO & GEO.

Around 3 full-time equivalents (financial year 2025).

Review: Depends

Q: Who are the clients of Depends?

Among others 24pharma, Teamleader, Caravancenter Debaillie, Cyclobility, i-mens.

Depends is een performance- & mediabureau met thuisbasis in Deerlijk, opgericht in 2023. Het team telt ongeveer 3 medewerkers (VTE). De opgegeven expertise is seo en paid media (sea/social/display). Sectoren waar het bureau vaak werkt: breed (b2b/b2c bedrijven met internationale seo-noden). Publiek gekende klanten zijn onder meer 24pharma, Teamleader, Caravancenter Debaillie en Cyclobility.

Over Depends

Depends is het SEO-bureau van België dat bewust 100% op zoekmachines focust. Geen digital agency met SEO erbij, wel het SEO nerd clubje van België: een team dat elke dag met niets anders bezig is en er ook een beetje bezeten van is.

Twee jaar geleden opgestart door Mathias Noyez en Pieter Verschueren, ondertussen gerund door Mathias alleen. Mathias heeft 8 jaar ervaring in technische SEO, GEO en AI-automatisatie, spreekt op events zoals de GEO Summit, is oprichter van SEO Benelux (de community voor SEO-specialisten in de Benelux) en lag mee aan de fundamenten van RankShift, de AI prompt tracking tool.

Wat we doen

Technische SEO: audits, migraties, crawl- en indexatievraagstukken
SEO-strategie en consultancy: roadmap op maat, geen standaardpakket
Content en SEO-copywriting: van keyword research tot gepubliceerde pagina
Contentautomatisatie: als AirOps Partner bouwen we AI-workflows die content op schaal produceren, valideren en publiceren
GEO / AI search: zichtbaarheid in ChatGPT, Perplexity, Google AI Overviews en AI Mode
E-commerce SEO en internationale SEO
Linkbuilding
SEO-trainingen voor interne marketing- en devteams
Hoe we werken
Alleen medior en senior specialisten. Je praat met de mensen die het werk ook uitvoeren.
Van analyse naar actie. Wij leveren geen rapport van 60 pagina's dat blijft liggen, maar een korte lijst prioriteiten die deze maand live gaat.
Automatisatie waar het kan, mensenwerk waar het telt.
Korte lijnen, snelle opvolging, geen accountmanagerlaag ertussen.
Meetbaar resultaat als enige scorebord: rankings, verkeer, omzet en zichtbaarheid in AI-antwoorden.
Waarom Depends
100% SEO en GEO, nooit een bijzaak naast andere kanalen
Pioniers in GEO in België: wij meten en optimaliseren AI-zichtbaarheid sinds de eerste AI Overviews
Mee aan de basis van RankShift, de AI prompt tracking tool, dus we kennen AI-zichtbaarheid van binnenuit
AirOps Partner, met een eigen automatisatie-stack die contentproductie fors versnelt
Een team dat SEO leuk vindt, en dat merk je aan het tempo

Pionier op GEO/AEO in België
Airops Agency Partner
Medior / Senior specialisten
Eigen tooling

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

202320242025

Latest year: € 224.761 gross margin, growth +67,7% against a sector median of +5,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

202320242025

DependsSector median

EBITDA margin 28,2%, sector median 28%. Value-added coverage 1,39 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 72.504

Median (2025) € 76.236

Against a payroll cost of € 51.958 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 39

Median (2025) € 47

5.712 hours worked, 1.843 per FTE. Against that sits € 28 of payroll cost per hour worked, leaving € 11 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: 6,4 months (median 6,3 mo). Equity in the latest year: € 85.809.

Adequate buffer

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

Cash € 54.541. Liquidity ratio 1,61: current assets cover short-term debt in full. Solvency 40,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 105 days of supplier credit, sector median 63. The accounts were filed 198 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

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Board change · 31 Aug 2026 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Late filing · 27 Aug 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

Outgrew the sector median 2 years running
EBITDA margin above the sector median (28,2%)
Profitable in every one of the last 3 years
Strong buffer: 6,4 months of payroll in equity
Team grew (+72,2% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,39)
Healthy working capital (current ratio 1,61)
Equity was earned, not injected (reserves 3,3× the capital contributed)
Comfortable cash position: 124 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.

3 financial years, 2023 to 2025Result, staff and balance sheet

	2023	2024	2025
Result
Gross margin	€ 16.374	€ 134.045+718,7%	€ 224.761+67,7%
EBITDA	€ 16.374	€ 39.642	€ 63.472
EBITDA margin	100%	29,6%	28,2%
Staff
FTE	-	1,8	3,1+72,2%
Gross margin per FTE	-	€ 74.469	€ 72.504
Payroll cost per FTE	-	€ 52.404	€ 51.958
Balance sheet
Equity	€ 32.726	€ 41.074	€ 85.809
Cash	€ 25.662	€ 19.995	€ 54.541
Liquidity ratio	1,99	1,40	1,61

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 17/07/2026. 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 3 services

Strategy & Insights

AI & innovation strategy Marketing strategy

Digital Experience & Tech

SEO & GEO

Sector focus

Retail & e-commerceFinance & insuranceAutomotive & mobilityHealth & pharmaTravel & hospitalityEnergy & utilitiesReal estate & constructionFashion & lifestyleB2B services

Publicly known clients

24pharmaTeamleaderCaravancenter DebaillieCyclobilityi-mens

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

1

People 5 people mapped

Digital marketing is the engine: 4 of 5 profiles sit there. Within that core, SEO and Content Marketing stand out. A specialist, not a generalist: the expertise is narrow but deep. A small team: short lines, little noise between you and the makers.

MN

Mathias Noyez

Zaakvoerder & SEO specialist

BH

Bart Haagmans

SEO specialist

DC

Denny Claw

AI SEO Specialist

LD

Lauren de Ridder

Content SEO specialist

WV

William Van Laere

SEO Specialist

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

€ 51.958

-17% versus the median

Team composition

3,1 FTE

25% women
75% men

€ 51.958

Median Performance- & mediabureau (2025) € 62.495All 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): 25,1%

Inflow 2025

64,5%

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 2025: the last year for which nearly all accounts have been filed.