Around 12 full-time equivalents (financial year 2024).

Which sectors does Queaso work for?

Energy & environment, Finance & insurance, Industry & manufacturing, Public sector & non-profit, Healthcare & pharma.

Who are the clients of Queaso?

Among others BAM Belgium, Nextel.

Review: Queaso

Sinds 2019 is Queaso actief als softwarebureau uit Destelbergen. Het aanbod is gericht op webdevelopment. Tot de publiek bekende klanten behoren BAM Belgium en Nextel.

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

2021202220232024

Latest year: € 834.220 gross margin, growth +29,4% against a sector median of +11,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2021202220232024

QueasoSector median

EBITDA margin 3,4%, sector median 18,8%. 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

Yield levelYield per hour worked, against payroll cost

€ 52

Median (2024) € 48

15.966 hours worked, 0 per FTE. Against that sits € 50 of payroll cost per hour worked, leaving € 2 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: -3,5 months (median 6,1 mo). Equity in the latest year: € -231.467.

Critical buffer

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

Cash € 169.926. Liquidity ratio 0,62: current assets cover short-term debt not in full. Solvency -62%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 98 days of supplier credit, sector median 53. The accounts were filed 104 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

3 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Sharp drop in equity · 31 Dec 2024 · 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.
Two consecutive loss-making years · 31 Dec 2024 · 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.
Negative equity · 31 Dec 2024 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
Critical buffer · 31 Dec 2024 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.

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: 77 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.

4 financial years, 2021 to 2024Result, staff and balance sheet

	2021	2022	2023	2024
Result
Gross margin	€ 744.492	€ 907.034+21,8%	€ 644.790-28,9%	€ 834.220+29,4%
EBITDA	€ 146.548	€ 76.985	€ -225.431	€ 28.346
EBITDA margin	19,7%	8,5%	-35%	3,4%
Staff
FTE	10,1	11,8+16,8%	-	-
Gross margin per FTE	€ 73.712	€ 76.867	-	-
Payroll cost per FTE	€ 58.775	€ 68.087	-	-
Balance sheet
Equity	€ 23.800	€ 52.938	€ -228.175	€ -231.467
Cash	€ 41.117	€ 83.192	€ 109.584	€ 169.926
Liquidity ratio	1,01	1,20	0,44	0,62

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2024, filed on 14/04/2025. 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 2024: 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

Grote en middelgrote ondernemingen; overheid, banken/verzekeringen, industrie, energie, zorg

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

Publicly known clients

BAM BelgiumNextel

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

1

People 7 people mapped

This is first a build crew — 4 of 7 are developers. A specialist, not a generalist: the expertise is narrow but deep.

FD

Filip De Sutter

CEO

B

Bernard

Project Manager

J

Jari

.NET Consultant

J

Jeroen

.NET Consultant

J

Johan

.NET Consultant

SD

Stephanie De Sutter

Human Capital Manager

W

Wouter

.NET Consultant

Based on public profiles. Something wrong? Let us know.

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 2021

/

Median for this type of agency (2024): 24,7%

Inflow 2021

27,7%

20212022

Figures for financial year 2021: in 2024 this agency published no inflow or outflow.

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2024. 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.