Eleven Ways
The content of this factsheet is in Dutch.
Eleven Ways is een ux- & designstudio met thuisbasis in Gent, opgericht in 2008. Op de loonlijst staan ongeveer 5 voltijdse equivalenten. De dienstverlening draait om ux/ui design en webdevelopment. De ervaring zit vooral in overheid, digitale agencies en productteams. Namen die publiek aan dit bureau gelinkt worden: Stad Antwerpen, Vlaanderen, Universiteit Antwerpen en Rabobank.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
What this agency does well
- Gross margin grew 3 years in a row
- Outgrew the sector median 3 years running
- EBITDA margin above the sector median (28,4%)
- Strong buffer: 10,2 months of payroll in equity
- Team grew (+17,4% FTE in the latest year)
- Value-added per euro of payroll above the sector median (1,40)
- Margin per hour worked rose 2 years in a row
- Healthy working capital (current ratio 3,02)
- Equity was earned, not injected (reserves 303,0× the capital contributed)
- Comfortable cash position: 194 days of payroll
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 | € 121.075 | € 154.586+27,7% | € 349.640+126,2% | € 502.284+43,7% |
| EBITDA | € 53.769 | € 1.575 | € 71.460 | € 142.673 |
| EBITDA margin | 44,4% | 1% | 20,4% | 28,4% |
| Staff | ||||
| FTE | 1,3 | 2,8+115,4% | 4,6+64,3% | 5,4+17,4% |
| Gross margin per FTE | € 93.135 | € 55.209 | € 76.009 | € 93.015 |
| Payroll cost per FTE | € 51.383 | € 53.678 | € 57.226 | € 64.536 |
| Balance sheet | ||||
| Equity | € 181.586 | € 175.933 | € 214.010 | € 303.971 |
| Cash | € 85.686 | € 53.674 | € 172.055 | € 185.619 |
| Liquidity ratio | 3,44 | 3,90 | 2,67 | 3,02 |
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 24/01/2026. 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 2 services
Sector focus
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 12 people mapped
We mapped 12 people, but this agency keeps job titles to itself — the team page sticks to names. Who does what is best asked over coffee.
Based on public profiles. Something wrong? Let us know.
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.
- 66% women
- 34% men
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.
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.
Frequently asked questions about Eleven Ways
- When was Eleven Ways founded?
- In 2008.
- Where is Eleven Ways located?
- In Gent, Belgium.
- What is Eleven Ways specialised in?
- Website development, Website strategy & UX.
- How big is Eleven Ways?
- Around 5 full-time equivalents (financial year 2025).
- Which sectors does Eleven Ways work for?
- Public sector & non-profit.
- Who are the clients of Eleven Ways?
- Among others Stad Antwerpen, Vlaanderen, Universiteit Antwerpen, Rabobank, Stad Gent.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.