How big is Monkeyproof?

Around 18 full-time equivalents (financial year 2023).

Review: Monkeyproof

Vanuit Zele werkt Monkeyproof sinds 2007 als digitaal bureau (web & platform). Op de loonlijst staan ongeveer 18 voltijdse equivalenten. Het bureau is toegespitst op webdevelopment.

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

202120222023

Latest year: € 1,30 mln gross margin, growth +9,8% against a sector median of +12,9%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

202120222023

MonkeyproofSector median

EBITDA margin 9,9%, sector median 16,9%. Value-added coverage 1,12 (median 1,16). 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

€ 72.269

Median (2023) € 69.968

Against a payroll cost of € 62.014 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 46

Median (2023) € 42

28.077 hours worked, 1.560 per FTE. Against that sits € 40 of payroll cost per hour worked, leaving € 7 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: 1,1 months (median 5,0 mo). Equity in the latest year: € 103.378.

Thin buffer

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

Cash € 113.483. Liquidity ratio 0,26: current assets cover short-term debt not in full. Solvency 5,7%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 134 days of supplier credit, sector median 46. The accounts were filed 200 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
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Change in legal status · 12 Jul 2026 · KBO
The official status of the company in the CBE changed. That ranges from an administrative correction to something very serious. Check the details and ask the agency for context.
Board change · 5 Nov 2024 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.

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.

Legal status (CBE): Opening faillissement

What this agency does well

Team grew (+17,6% FTE in the latest year)
Turnover below the median (28,3%)

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.

3 financial years, 2021 to 2023Result, staff and balance sheet

	2021	2022	2023
Result
Gross margin	€ 1,04 mln	€ 1,19 mln+13,5%	€ 1,30 mln+9,8%
EBITDA	€ 135.104	€ 179.384	€ 128.403
EBITDA margin	12,9%	15,1%	9,9%
Staff
FTE	17,9	15,3-14,5%	18,0+17,6%
Gross margin per FTE	€ 58.316	€ 77.459	€ 72.269
Payroll cost per FTE	€ 47.651	€ 61.592	€ 62.014
Balance sheet
Equity	€ 272.698	€ 274.029	€ 103.378
Cash	€ 271.456	€ 10.426	€ 113.483
Liquidity ratio	0,54	0,29	0,26

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 2023, filed on 18/07/2024. 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 14 Sep 2026. Sector medians based on financial year 2023: the last year for which nearly all accounts have been filed.

What the agency actually does 1 services

Digital Experience & Tech

Website development

Sector focus

Niet duidelijk afgebakend (KMO-georienteerd, digitaal)

From our own research. The agency hasn't listed its sectors yet.

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

1

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

€ 62.014

+11% versus the median

Team composition

18,0 FTE

61% women
39% men

€ 62.014

Median Digitaal bureau (web & platform) (2023) € 55.792All agencies (2023) € 57.182

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.

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 2023

28,3%

Median for this type of agency (2023): 29,0%

Inflow 2023

35,0%

6,3 FTE in, 5,1 FTE out

Net team change

+1,2 FTE

202120222023

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2023. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2023: the last year for which nearly all accounts have been filed.