Korazon
The content of this factsheet is in Dutch.
Korazon is een digitaal bureau (web & platform) uit Rumbeke, actief sinds 1990. Er werken ongeveer 7 mensen, uitgedrukt in voltijdse equivalenten. Het bureau is toegespitst op webdevelopment en ux/ui design. Sectorieel richt het bureau zich vooral op b2b breed. Uit de publiek bekende klantenlijst: Voka, Postuniversitair Centrum KU Leuven, Lucide en WVI.
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
1 red flag(s) (24m)- Sharp drop in equity · 31 Mar 2026 · NBBThe financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
- Two consecutive loss-making years · 31 Mar 2026 · NBBTwo financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
- Low value-added coverage · 31 Mar 2025 · NBBEvery euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
- Loss-making year · 31 Mar 2025 · NBBOne financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
What this agency does well
- Healthy working capital (current ratio 2,06)
- Comfortable cash position: 61 days of payroll
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
5 financial years, 2022 to 2026Result, staff and balance sheet
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Result | |||||
| Gross margin | € 539.388 | € 486.569-9,8% | € 596.692+22,6% | € 501.835-15,9% | € 563.447+12,3% |
| EBITDA | € -30.132 | € -47.399 | € 41.262 | € -105.139 | € -8.436 |
| EBITDA margin | -5,6% | -9,7% | 6,9% | -21% | -1,5% |
| Staff | |||||
| FTE | 8,6 | 7,5-12,8% | 6,9-8% | 7,2+4,3% | 6,5-9,7% |
| Gross margin per FTE | € 62.720 | € 64.876 | € 86.477 | € 69.699 | € 86.684 |
| Payroll cost per FTE | € 64.630 | € 69.441 | € 78.301 | € 81.826 | € 85.820 |
| Balance sheet | |||||
| Equity | € 365.247 | € 292.233 | € 319.319 | € 199.414 | € 175.464 |
| Cash | € 217.891 | € 180.914 | € 189.496 | € 132.986 | € 93.613 |
| Liquidity ratio | 3,53 | 2,83 | 2,81 | 2,00 | 2,06 |
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 2026, filed on 11/09/2026. 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.
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.
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.
- 7% women
- 93% 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 2026. Calculations by IKAg; an indication, not financial advice.
Frequently asked questions about Korazon
- When was Korazon founded?
- In 1990.
- Where is Korazon located?
- In Roeselare, Belgium.
- What is Korazon specialised in?
- Website development, Website strategy & UX.
- How big is Korazon?
- Around 7 full-time equivalents (financial year 2026).
- Who are the clients of Korazon?
- Among others Voka, Postuniversitair Centrum KU Leuven, Lucide, WVI, Crack, Vande Moortel, easyRepair, Storo, iLens, Woonsoft.
Figures from the annual accounts up to financial year 2026. Company details checked against the CBE register on 2026-09-12.