Around 7 full-time equivalents (financial year 2025).

Which sectors does Minsky work for?

Hospitality & tourism, Public sector & non-profit, Sports & entertainment, Food & beverage, Healthcare & pharma.

Review: Minsky

Q: What is Minsky specialised in?

Website development, Website strategy & UX.

Q: Who are the clients of Minsky?

Among others Amnesty International Vlaanderen, Mooimakers, M Leuven, Vooruit, Het Depot, Brik, Vitology, Kanal, Leuven MindGate, AZ Turnhout, UZ Leuven, Royco, Alken Maes, Pizza Hut, Recupel.

Sinds 2014 is Minsky actief als digitaal bureau, met een focus op web- en platformontwikkeling en een uitvalsbasis in hartje Brussel. Met ongeveer 7 VTE is dit een middelgroot bureau. Het aanbod omvat digitale strategie & design, IT-architectuur & ontwikkeling, en support & onderhoud, met complexe integraties als uitgesproken (Drupal) specialiteit. De klanten komen vooral uit de cultuursector, overheid en non-profit.

Minsky is een digitaal bureau met een focus op web- en platformontwikkeling, gevestigd in hartje Brussel. Sinds 2014 bouwt Minsky strategiegedreven weboplossingen op basis van Drupal en aanverwante technologieën. Met een team van ongeveer 7 VTE begeleidt Minsky merken en organisaties bij het realiseren van krachtige, goed werkende digitale ervaringen: van maatwerkwebsites en webapplicaties tot complexe integraties tussen bestaande systemen.

Diensten:

Digitale strategie & design – Van conceptontwikkeling tot informatiearchitectuur en UX/UI-design: ze vertalen doelgroep- en merkinzichten naar een heldere blauwdruk en een aantrekkelijk, doeltreffend design.
IT-architectuur & ontwikkeling – ze bouwen schaalbare, toekomstgerichte websites en webapplicaties op maat, van campagnesites en eventplatformen tot complexe websystemen.
Integratie & automatisering – Een uitgesproken sterkte van Minsky: ze koppelen bestaande systemen en data aan elkaar en automatiseren workflows, zodat organisaties efficiënter en foutlozer kunnen werken.
Support & onderhoud – Veilige hosting en doorlopende ondersteuning, met aandacht voor toegankelijkheid (WCAG), regelgeving (AVG, NIS2) en een duidelijke Service Level Agreement.

Minsky is vooral actief binnen de cultuursector, overheid en non-profit. Het bureau werkte onder meer samen met organisaties als Amnesty International, M Leuven, Mijn Mooie Straat (Mooimakers) en Brik, Kanal, Recupel, en levert daarbij telkens robuuste, toegankelijke oplossingen die aansluiten bij de specifieke noden van deze sectoren.

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: € 443.361 gross margin, growth -1,1% against a sector median of +3,1%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

MinskySector median

EBITDA margin 4%, sector median 22,6%. Value-added coverage 1,04 (median 1,23). 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

€ 62.445

Median (2025) € 77.398

Against a payroll cost of € 56.454 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 37

Median (2025) € 48

11.906 hours worked, 1.677 per FTE. Against that sits € 34 of payroll cost per hour worked, leaving € 4 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: 3,9 months (median 5,3 mo). Equity in the latest year: € 139.432.

Adequate buffer

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

Cash € 209.693. Liquidity ratio 1,44: current assets cover short-term debt in full. Solvency 32,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 123 days of supplier credit, sector median 46. The accounts were filed 180 days after closing; the legal deadline is seven months.

Pays slower than average

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

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Two consecutive loss-making years · 31 Dec 2025 · NBB
Two 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.
Loss-making year · 31 Dec 2024 · NBB
One 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.

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

Healthy working capital (current ratio 1,44)
Equity was earned, not injected (reserves 8,5× the capital contributed)
Comfortable cash position: 191 days of payroll

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	€ 257.177	€ 336.619+30,9%	€ 385.123+14,4%	€ 448.338+16,4%	€ 443.361-1,1%
EBITDA	€ 30.679	€ 53.318	€ 47.586	€ 19.148	€ 17.879
EBITDA margin	11,9%	15,8%	12,4%	4,3%	4%
Staff
FTE	5,1	5,0-2%	5,8+16%	7,3+25,9%	7,1-2,7%
Gross margin per FTE	€ 50.427	€ 67.324	€ 66.401	€ 61.416	€ 62.445
Payroll cost per FTE	€ 42.046	€ 53.740	€ 52.375	€ 55.512	€ 56.454
Balance sheet
Equity	€ 94.229	€ 122.780	€ 144.872	€ 141.785	€ 139.432
Cash	€ 330.237	€ 177.213	€ 206.236	€ 189.614	€ 209.693
Liquidity ratio	1,62	1,92	1,53	1,41	1,44

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 29/06/2026. 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

Digital Experience & Tech

Website development Website strategy & UX

Sector focus

Public sector & governmentMedia & entertainmentHealth & pharmaFood & beverage

Publicly known clients

Amnesty International Vlaanderen, Mooimakers, M Leuven, Vooruit, Het Depot, Brik, Vitology, Kanal, Leuven MindGate, AZ Turnhout, UZ Leuven, Royco, Alken Maes, Pizza Hut, Recupel

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

1

People 2 people mapped

D

Dieter

J

Jonas

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

€ 56.454

-11% versus the median

Team composition

7,1 FTE

30% women
70% men

€ 56.454

Median Digitaal bureau (web & platform) (2025) € 63.343All 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 2024

13,7%

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

Inflow 2024

28,8%

2,1 FTE in, 1,0 FTE out

Net team change

+1,1 FTE

20212022202320242025

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

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.