What is Ingenix specialised in?

AI & innovation strategy, Website development.

Around 11 full-time equivalents (financial year 2025).

Review: Ingenix

Ingenix bestaat sinds 2019 en profileert zich als softwarebureau uit Tielt. Het team telt ongeveer 13 medewerkers (VTE). De opgegeven expertise is webdevelopment en ai & automatisering. Het zwaartepunt ligt bij opdrachtgevers uit bedrijven die efficienter willen werken en generalistisch b2b.

Who do they see as competitors?

CodeKick Dashdot Endare

As indicated by the agency itself.

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: € 1,24 mln gross margin, growth +8,7% against a sector median of +13,8%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

IngenixSector median

EBITDA margin 31,9%, sector median 18,8%. Value-added coverage 1,47 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 114.877

Median (2024) € 74.488

Against a payroll cost of € 77.599 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 63

Median (2024) € 48

19.597 hours worked, 1.815 per FTE. Against that sits € 43 of payroll cost per hour worked, leaving € 21 for premises, equipment, depreciation and profit.

Above 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: 5,3 months (median 6,1 mo). Equity in the latest year: € 367.381.

Adequate buffer

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

Cash € 120.865. Liquidity ratio 0,76: current assets cover short-term debt not in full. Solvency 16,9%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 85 days of supplier credit, sector median 53. The accounts were filed 243 days after closing; the legal deadline is seven months.

Filed late

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
Late filing · 31 Aug 2026 · 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Sharp headcount decline · 31 Dec 2025 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
Registered office moved · 12 Feb 2025 · Staatsblad
The registered office relocated. Usually just a new office.
Thin buffer · 31 Dec 2024 · 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.

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 4 years in a row
EBITDA margin above the sector median (31,9%)
Value-added per euro of payroll above the sector median (1,47)
Equity was earned, not injected (reserves 44,3× 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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 249.031	€ 468.599+88,2%	€ 984.596+110,1%	€ 1,14 mln+15,9%	€ 1,24 mln+8,7%
EBITDA	€ 331	€ 59.816	€ 233.816	€ 190.778	€ 395.656
EBITDA margin	0,1%	12,8%	23,7%	16,7%	31,9%
Staff
FTE	4,5	6,7+48,9%	10,6+58,2%	12,8+20,8%	10,8-15,6%
Gross margin per FTE	€ 55.340	€ 69.940	€ 92.886	€ 89.165	€ 114.877
Payroll cost per FTE	€ 54.806	€ 60.681	€ 70.651	€ 74.073	€ 77.599
Balance sheet
Equity	€ 68.809	€ 65.463	€ 173.994	€ 194.878	€ 367.381
Cash	€ 155.095	€ 106.485	€ 109.832	€ 89.443	€ 120.865
Liquidity ratio	0,95	0,83	0,81	0,72	0,76

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 31/08/2026. 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 21 Sep 2026. Sector medians based on financial year 2024: 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

B2B servicesReal estate & constructionHealth & pharma

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

1

People 16 people mapped

This is first a build crew — 10 of 16 are developers. Notably, no declared strategists in sight — this agency would rather make than philosophise.

AV

Alex Van Nieuwenhuyse

Account Executive

RV

Roy Van Coillie

Managing Partner

AT

Andy Tempelaere

Software Specialist

BV

Bastien Verschaete

Software Engineer

DS

Dwight Senaeve

Software Engineer

EH

Edwin Hauspie

Software Specialist

EB

Elise Balloey

Payroll | Finance | Fleet

JD

Jelle Dierckens

Software Engineer

KD

Kenny Deblaere

Software Specialist

LD

Louis De Smeytere

Software Engineer

LS

Luc Standaert

Data Manager, HD & Finance

MC

Mathias Cloet

Software Specialist

MV

Molesse Van Vlasselaer

Marketing & Communications Manager

NG

Nancy Ghyselen

Application Specialist Recruitment

SD

Sammy D'hulster

Software Developer

YC

Yaron Christiaens

Software Developer

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

€ 77.599

+20% versus the median

Team composition

10,8 FTE

8% women
93% men

€ 77.599

Median Softwarebureau (2024) € 64.451All agencies (2024) € 59.045

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

37,0%

Median for this type of agency (2024): 24,7%

Inflow 2025

18,5%

2,0 FTE in, 4,0 FTE out

Net team change

-2,0 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 2024: the last year for which nearly all accounts have been filed.