What is Ntriga specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, CRM & lifecycle strategy, Marketing automation, Dashboards & reporting.

Around 5 full-time equivalents (financial year 2025).

Review: Ntriga: Pimcore & Marketing agency

Q: Who are the clients of Ntriga?

Among others APOK, Vermako, Visma, Bambinex, Depoortere, Grinta, Metagenics, Orizon West.

Ntriga is al ruim tien jaar actief als full-service bureau uit Gistel. Met ongeveer 5 VTE is dit een klein bureau. Ze werken rond strategie, branding & identiteit, data & analytics en crm & marketing automation. Sectoren waar het bureau vaak werkt: breed b2b (regio west-vlaanderen).

Data als salesmotor
Ntriga is een team van marketeers en developers, die doorgedreven Pimcore kennis combineren met online marketing en branding. Ze verzorgen klantenportalen, automatisatie en online lead generation voor B2B bedrijven, liefst uit de bouwsector.
Ze zijn Pimcore Certified.
Ntigra werkt met een team van 11 VTE, waaronder:

4 developers
1 solution architect
1 creative designer
1 account manager
2 marketeers (social / SEA / SEO)
1 PM
1 strateeg

Referentieklanten: APOK, Vermako, Visma, Bambinex, Depoortere, Grinta, Metagenics, Orizon West, Seyntex, Mobietec, Officient.
Werken graag complementair samen met: Studio Emma, Skinn, GBL, DM&S, Think Tomorrow
Tech stack: PHP, Laravel, MySQL, Pimcore
Ondernemingsnummer: 0550.791.239
Gemiddelde klantgrootte: 40k

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: € 279.462 gross margin, growth -27,5% against a sector median of +1,8%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

NtrigaSector median

EBITDA margin -9,2%, sector median 21,9%. Value-added coverage 0,92 (median 1,24).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 57.033

Median (2024) € 71.525

Against a payroll cost of € 62.220 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 35

Median (2024) € 43

7.938 hours worked, 1.620 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € -3 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: 0,0 months (median 5,7 mo). Equity in the latest year: € 851.

Critical buffer

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

Cash € 56.949. Liquidity ratio 0,86: current assets cover short-term debt not in full. Solvency 0,2%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 125 days of supplier credit, sector median 61. The accounts were filed 184 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
Board change · 26 Jun 2026 · 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.
Sharp drop in equity · 31 Dec 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.
Low value-added coverage · 31 Dec 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.
+ 4 older signals within 24m

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

Comfortable cash position: 68 days of payroll
Turnover below the median (20,4%)

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	€ 396.703	€ 426.099+7,4%	€ 387.391-9,1%	€ 385.597-0,5%	€ 279.462-27,5%
EBITDA	€ -16.591	€ 51.472	€ 21.581	€ 29.946	€ -25.616
EBITDA margin	-4,2%	12,1%	5,6%	7,8%	-9,2%
Staff
FTE	8,2	7,8-4,9%	6,3-19,2%	5,8-7,9%	4,9-15,5%
Gross margin per FTE	€ 48.378	€ 54.628	€ 61.491	€ 66.482	€ 57.033
Payroll cost per FTE	€ 50.353	€ 47.933	€ 57.940	€ 61.189	€ 62.220
Balance sheet
Equity	€ 15.410	€ 39.149	€ 33.807	€ 41.219	€ 851
Cash	€ 137.760	€ 90.347	€ 53.520	€ 68.214	€ 56.949
Liquidity ratio	0,99	1,07	1,00	1,06	0,86

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 03/07/2026. 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 7 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

CRM, Email & Loyalty

CRM & lifecycle strategy Marketing automation

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

Sector focus

Food & beverageHealth & pharmaReal estate & constructionRetail & e-commerceB2B services

Publicly known clients

KEY-TEC, Ascubel, Achielle, PepsiCo, Gardeco, Jonckheere IR-Architecten, Mahieu Construct, emeis, Bigli, Axintor, Metagenics, Seyntex, Morubel, Stad Gistel, Dominiek Savio

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

1

People 8 people mapped

This is first a build crew — 3 of 8 are developers. Within that core, Full Stack and Backend stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. Notably, no declared strategists in sight — this agency would rather make than philosophise.

JD

Joey Daems

full stack rockstar

JE

Jolien Eecloo

lead of customer wow

LV

Ludo Verhaege

writer and editor extraordinaire

M

Mathieu

full stack developer

MG

Matthias Galle

digital evangelist

PS

Pieter Supply

head creator of opportunities

SD

Stephan Demeulenaere

chief of operations + AI solution architect

VB

Vincent Bibauw

lead code wizard

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

€ 62.220

+9% versus the median

Team composition

4,9 FTE

50% women
50% men

€ 62.220

Median Full-service bureau (2024) € 57.275All 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

20,4%

Median for this type of agency (2024): 32,7%

Inflow 2025

/

20212022202320242025

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.