Around 3 full-time equivalents (financial year 2025).

Review: Vulpo

Q: What is Vulpo specialised in?

Website development, Website strategy & UX.

Q: Who are the clients of Vulpo?

Among others Elia, Odisee, Artevelde, EV-Point, PlastIQ, Brik, MaroMedia, Le Punch, Leonardo-scan, Pick&Go.

Vulpo bestaat sinds 2020 en profileert zich als digitaal bureau (web & platform) uit Wetteren. Met ongeveer 3 VTE is dit een klein bureau. De dienstverlening draait om webdevelopment en ux/ui design. Het zwaartepunt ligt bij opdrachtgevers uit belgische kmo's en breed. Namen die publiek aan dit bureau gelinkt worden: Elia, Odisee, Artevelde en EV-Point.

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

2022202320242025

Latest year: € 185.566 gross margin, growth -3,8% against a sector median of +3,1%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

2022202320242025

VulpoSector median

EBITDA margin 6,9%, sector median 22,6%. Value-added coverage 1,07 (median 1,23). 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

€ 66.274

Median (2024) € 74.646

Against a payroll cost of € 61.262 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 45

Median (2024) € 46

4.108 hours worked, 1.467 per FTE. Against that sits € 42 of payroll cost per hour worked, leaving € 3 for premises, equipment, depreciation and profit.

Around 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: 5,9 months (median 5,3 mo). Equity in the latest year: € 84.111.

Adequate buffer

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

Cash € 9.749. Liquidity ratio 1,05: current assets cover short-term debt in full. Solvency 31,1%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 33 days of supplier credit, sector median 47. The accounts were filed 346 days after closing; the legal deadline is seven months.

Filed late

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
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
Late filing · 11 Jun 2026 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
+ 2 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

Equity was earned, not injected (reserves 44,3× the capital contributed)

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, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 157.864	€ 167.151+5,9%	€ 192.986+15,5%	€ 185.566-3,8%
EBITDA	€ 62.673	€ 58.910	€ 30.292	€ 12.811
EBITDA margin	39,7%	35,2%	15,7%	6,9%
Staff
FTE	2,8	3,2+14,3%	3,7+15,6%	2,8-24,3%
Gross margin per FTE	€ 56.380	€ 52.235	€ 52.158	€ 66.274
Payroll cost per FTE	€ 33.730	€ 33.538	€ 43.261	€ 61.262
Balance sheet
Equity	€ 66.986	€ 96.806	€ 90.601	€ 84.111
Cash	€ 28.959	€ 63.148	€ 34.071	€ 9.749
Liquidity ratio	1,33	1,50	1,31	1,05

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 11/06/2026. 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 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 2 services

Digital Experience & Tech

Website development Website strategy & UX

Sector focus

Energy & utilitiesEducationAutomotive & mobilityB2B servicesHealth & pharma

Publicly known clients

EliaOdiseeArteveldeEV-PointPlastIQBrikMaroMediaLe PunchLeonardo-scanPick&Go

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

1

People 5 people mapped

This is first a build crew — 3 of 5 are developers. A specialist, not a generalist: the expertise is narrow but deep. A small team: short lines, little noise between you and the makers.

BD

Bert De Swaef

CEO

EV

Elian Van Cutsem

CTO

DS

Dominique Smaele

Full-stack developer

SW

Senne Wancour

Full-stack developer

YL

Yarno Lapin

Full-stack developer

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

€ 61.262

+2% versus the median

Team composition

2,8 FTE

€ 61.262

Median Digitaal bureau (web & platform) (2024) € 59.996All agencies (2024) € 59.021

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

71,4%

Median for this type of agency (2024): 29,3%

Inflow 2025

71,4%

2,0 FTE in, 2,0 FTE out

Net team change

0,0 FTE

2022202320242025

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.