The Reference
The content of this factsheet is in Dutch.
The Reference is een digitaal bureau (web & platform) uit Gent. Met ongeveer 75 VTE is dit een groot bureau. De opgegeven expertise is webdevelopment en ux/ui design. Sectoren waar het bureau vaak werkt: industrie/manufacturing, retail/e-commerce, logistiek & haven en media.
1× IAB MIXX AwardsHow this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
Signals and strengths
Events from the CBE and the Official Gazette over the past 24 months, plus positive markers derived from the figures.
Continuity
Points to ask about- Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- + 5 older signals within 24m
What this agency does well
- Healthy working capital (current ratio 1,79)
- Turnover below the median (14,2%)
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 | € 7,00 mln | € 7,46 mln+6,6% | € 8,28 mln+11% | € 8,12 mln-1,9% | € 7,12 mln-12,3% |
| EBITDA | € 600.403 | € 717.911 | € 523.009 | € 557.436 | € -568.126 |
| EBITDA margin | 8,6% | 9,6% | 6,3% | 6,9% | -8% |
| Staff | |||||
| FTE | 88,6 | 89,6+1,1% | 91,3+1,9% | 84,3-7,7% | 75,4-10,6% |
| Gross margin per FTE | € 79.006 | € 83.243 | € 90.668 | € 96.328 | € 94.418 |
| Payroll cost per FTE | € 78.664 | € 82.255 | € 79.700 | € 95.555 | € 108.558 |
| Balance sheet | |||||
| Equity | € 1,24 mln | € 1,48 mln | € 1,54 mln | € 1,65 mln | € 969.313 |
| Cash | € 156.827 | € 461.976 | € 1,61 mln | € 1,17 mln | € 972.167 |
| Liquidity ratio | 1,16 | 1,03 | 1,62 | 1,75 | 1,79 |
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 30/06/2026. 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
Sector focus
Publicly known clients
Port of Antwerp-Bruges, DPG Media, Atlas Copco, Vandersanden, Sibelco, Vlerick Business School, Materialise, Collect&Go, Febelco, DATS24, DELA, Mennens, DP World, Aquafin
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 5 people mapped
The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. One strategist on board — enough to hold the direction, not to fill meetings. A small team: short lines, little noise between you and the makers.
Based on public profiles. Something wrong? Let us know.
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.
- 38% women
- 62% men
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.
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.
Award-winning work 1 award(s)
- IAB MIXX Awards BronzeBest Use of Data Technology · “LensOnline” · source ↗
As published by the organising award shows, collected by IKAg.
Frequently asked questions about The Reference
- Where is The Reference located?
- In Gent, Belgium.
- What is The Reference specialised in?
- Website development, Website strategy & UX.
- How big is The Reference?
- Around 75 full-time equivalents (financial year 2025).
- Which sectors does The Reference work for?
- Construction & real estate, Industry & manufacturing, Logistics & transport, Retail & e-commerce, Telecom & media.
- Who are the clients of The Reference?
- Among others Port of Antwerp-Bruges, DPG Media, Atlas Copco, Vandersanden, Sibelco, Vlerick Business School, Materialise, Collect&Go, Febelco, DATS24, DELA, Mennens, DP World, Aquafin.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.