What is Netcrew specialised in?

Paid social, Search advertising (SEA), SEO & GEO, Website development.

Around 1 full-time equivalent (financial year 2026).

Review: Netcrew

Q: Who are the clients of Netcrew?

Among others Procosmetics, Staelens Recup, Huize Zonnelied, Mabesoone Machines, Houthandel Daniël Decadt, Climafed, Domino, MaRouteReno, WZC Home Vrijzicht, TAIL architectuur en interieur, Garage Demeersseman, Terraliet, Arenascollection, Gladiator Worx Europe.

Netcrew is een digitaal bureau (web & platform) uit Ieper, actief sinds 2008. Ze werken rond webdevelopment, seo en paid media (sea/social/display). Het zwaartepunt ligt bij opdrachtgevers uit kmo's (breed en regio ieper/westhoek/kortrijk).

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

20222023202420252026

Latest year: € 37.593 gross margin, growth -31,1% against a sector median of +3,1%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20222023202420252026

NetcrewSector median

EBITDA margin -78,3%, sector median 22,6%. Value-added coverage 0,56 (median 1,23).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 37.593

Median (2025) € 77.398

Against a payroll cost of € 66.733 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 22

Median (2025) € 48

1.748 hours worked, 1.748 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € -17 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: 1,7 months (median 5,3 mo). Equity in the latest year: € 9.638.

Thin buffer

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

Cash € 23.667. Liquidity ratio 1,07: current assets cover short-term debt in full. Solvency 8,6%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 757 days of supplier credit, sector median 46. The accounts were filed 212 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 Nov 2026 · Google Autocomplete
Low value-added coverage · 31 Mar 2025 · NBB
Every 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.
Two consecutive loss-making years · 31 Mar 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.
Sharp drop in equity · 31 Mar 2025 · NBB
The 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.

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

Stable team (no meaningful FTE loss)
Comfortable cash position: 129 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, 2022 to 2026Result, staff and balance sheet

	2022	2023	2024	2025	2026
Result
Gross margin	€ 93.709	€ 64.266-31,4%	€ 58.875-8,4%	€ 54.529-7,4%	€ 37.593-31,1%
EBITDA	€ 39.972	€ 3.039	€ -5.407	€ -10.099	€ -29.442
EBITDA margin	42,7%	4,7%	-9,2%	-18,5%	-78,3%
Staff
FTE	1,0	1,00%	1,00%	1,00%	1,00%
Gross margin per FTE	€ 93.709	€ 64.266	€ 58.875	€ 54.529	€ 37.593
Payroll cost per FTE	€ 53.140	€ 58.810	€ 63.589	€ 63.972	€ 66.733
Balance sheet
Equity	€ 65.014	€ 65.531	€ 55.626	€ 41.918	€ 9.638
Cash	€ 49.088	€ 49.765	€ 36.792	€ 36.100	€ 23.667
Liquidity ratio	1,97	2,89	1,89	1,49	1,07

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 29/10/2026. 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 4 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

SEO & GEO Website development

Sector focus

Health & pharmaReal estate & constructionRetail & e-commerceB2B servicesAutomotive & mobility

Publicly known clients

Procosmetics, Staelens Recup, Huize Zonnelied, Mabesoone Machines, Houthandel Daniël Decadt, Climafed, Domino, MaRouteReno, WZC Home Vrijzicht, TAIL architectuur en interieur, Garage Demeersseman, Terraliet, Arenascollection, Gladiator Worx Europe

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

€ 66.733

+5% versus the median

Team composition

1,0 FTE

€ 66.733

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.

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2026. 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.