Who are the clients of GMCOLAB?

Among others Spruces, Novelevate, Cold AI.

Review: GMCOLAB

Vanuit Antwerpen werkt GMCOLAB sinds 2021 als digitaal bureau (web & platform). Namen die publiek aan dit bureau gelinkt worden: Spruces, Novelevate en Cold AI.

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: € 69.033 gross margin, growth +296,7% against a sector median of +3,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

GMCOLABSector median

EBITDA margin 99,2%, sector median 22,6%. Value-added coverage - (median 1,23).

Healthy margin

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: - (median 5,3 mo). Equity in the latest year: € 58.969.

No buffer data

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

Cash € 73.968. Liquidity ratio 2,22: current assets cover short-term debt in full. Solvency 57,8%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 9 days of supplier credit, sector median 46. The accounts were filed 195 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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete

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 (99,2%)
Healthy working capital (current ratio 2,22)
Equity was earned, not injected (reserves 4,9× the capital contributed)

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	€ 56.509	€ -8.369-114,8%	€ 17.404	€ 69.033+296,7%
EBITDA	€ 49.475	€ -9.107	€ 16.878	€ 68.501
EBITDA margin	87,6%	-	97%	99,2%
Staff
FTE	0,5	-	-	-
Gross margin per FTE	€ 113.019	-	-	-
Payroll cost per FTE	€ 12.475	-	-	-
Balance sheet
Equity	€ 47.094	€ 35.379	€ 48.013	€ 58.969
Cash	€ 57.949	€ 32.273	€ 40.370	€ 73.968
Liquidity ratio	3,76	10,37	6,82	2,22

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 14/07/2026. 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.

Coming soon

We're working on this part of the factsheet.

Sector focus

B2B services

Publicly known clients

SprucesNovelevateCold AI

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 Incomplete or outdated?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

1

People 4 people mapped

This is first a build crew — 2 of 4 are developers. Within that core, Backend, Full Stack and DevOps stand out. One strategist on board — enough to hold the direction, not to fill meetings. A small team: short lines, little noise between you and the makers.

A

Andrew

CTO

G

Gabriel

AI consultant en trainer

G

Greg

SENIOR SOFTWARE ENGINEER

R

Robin

Project management

Based on public profiles. Something wrong? Let us know.

2

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 2022

100,0%

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

Inflow 2022

100,0%

0,5 FTE in, 0,5 FTE out

Net team change

0,0 FTE

Figures for financial year 2022: in 2025 this agency published no inflow or outflow.

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.