What is Deuse specialised in?

Website development, Website strategy & UX, Dashboards & reporting, Data science & analytics (incl. predictive modelling).

Around 36 full-time equivalents (financial year 2025).

Which sectors does Deuse work for?

Construction & real estate, Energy & environment, HR & employer branding, Industry & manufacturing, Healthcare & pharma.

Review: Deuse

Q: Who are the clients of Deuse?

Among others Reflex Healthcare People, Trenara, Mozer Technologies, TotalEnergies, Spa Grand Prix, Dufrais, Waals Parlement, D'Ieteren, CHC Mont-Légia, BPC Groep, Vet'Ardent, Elia, Fluxys.

Deuse, opgericht in 2016, is een softwarebureau uit Liège. Het team telt ongeveer 36 medewerkers (VTE). De focus ligt op webdevelopment, ux/ui design en data & analytics. Sectorieel richt het bureau zich vooral op soins/santé, bouw, hr en industrie.

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

2022202320242025

Latest year: € 2,52 mln gross margin, growth +10,1% against a sector median of +8,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

DeuseSector median

EBITDA margin 7,1%, sector median 23%. Value-added coverage 1,08 (median 1,19). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 70.629

Median (2025) € 82.528

Against a payroll cost of € 69.080 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 42

Median (2025) € 53

60.753 hours worked, 1.814 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € 3 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: 1,7 months (median 6,7 mo). Equity in the latest year: € 336.570.

Thin buffer

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

Cash € 365.280. Liquidity ratio 1,24: current assets cover short-term debt in full. Solvency 18,8%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 24 days of supplier credit, sector median 43. The accounts were filed 213 days after closing; the legal deadline is seven months.

Pays and files on time

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 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Thin buffer · 30 Jun 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.
Board change · 12 May 2025 · 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.

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

Gross margin grew 3 years in a row
Outgrew the sector median 3 years running
Profitable in every one of the last 4 years
Team grew (+10,2% FTE in the latest year)
Margin per hour worked rose 3 years in a row
Healthy working capital (current ratio 1,24)
Turnover below the median (3,4%)
Invests in training (493 hours per FTE)

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.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 1,09 mln	€ 1,45 mln+33,9%	€ 2,29 mln+57,5%	€ 2,52 mln+10,1%
EBITDA	€ 152.927	€ 135.693	€ 266.304	€ 178.218
EBITDA margin	14,1%	9,3%	11,6%	7,1%
Staff
FTE	18,2	23,0+26,4%	32,4+40,9%	35,7+10,2%
Gross margin per FTE	€ 59.694	€ 63.243	€ 70.696	€ 70.629
Payroll cost per FTE	€ 51.082	€ 55.745	€ 61.978	€ 69.080
Balance sheet
Equity	€ 266.146	€ 323.857	€ 337.399	€ 336.570
Cash	€ 268.603	€ 337.763	€ 396.658	€ 365.280
Liquidity ratio	1,41	1,38	1,31	1,24

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 29/01/2026. 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 4 services

Digital Experience & Tech

Website development Website strategy & UX

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

Sector focus

Health & pharmaEnergy & utilitiesPublic sector & governmentAutomotive & mobilityReal estate & construction

Publicly known clients

Reflex Healthcare People, Trenara, Mozer Technologies, TotalEnergies, Spa Grand Prix, Dufrais, Waals Parlement, D'Ieteren, CHC Mont-Légia, BPC Groep, Vet'Ardent, Elia, Fluxys

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

1

People 2 people mapped

JD

Julien Deuse

MD

Maxime Deuse

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

€ 69.080

-5% versus the median

Team composition

33,5 FTE

32% women
68% men

Training per FTE

524,9 h

Many agencies fill this field in incompletely.

€ 69.080

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

3,6%

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

Inflow 2025

13,1%

4,4 FTE in, 1,2 FTE out

Net team change

+3,2 FTE

2022202320242025

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.