Who Owns The Zebra
The content of this factsheet is in Dutch.
Sinds 2014 is Who Owns The Zebra actief als digitaal bureau (web & platform) uit Sint-Denijs-Westrem. Er werken ongeveer 21 mensen, uitgedrukt in voltijdse equivalenten. Het aanbod is gericht op webdevelopment en ux/ui design. Sectoren waar het bureau vaak werkt: financiele diensten, overheid/publieke sector, media en fmcg/food. Tot de publiek bekende klanten behoren Telenet en Golazo Energy.
How 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
4 red flag(s) (24m)- Board change · 15 Oct 2026 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Low value-added coverage · 31 Dec 2025 · NBBEvery 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.
- Sharp drop in equity · 31 Dec 2025 · NBBThe 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.
- + 5 older signals within 24m
What this agency does well
- Stable team (no meaningful FTE loss)
- Comfortable cash position: 64 days of payroll
- Turnover below the median (14,3%)
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 | € 1,35 mln | € 1,65 mln+22,2% | € 1,60 mln-2,6% | € 1,88 mln+17% | € 1,35 mln-28,2% |
| EBITDA | € 129.366 | € 172.803 | € -7.359 | € 61.497 | € -180.536 |
| EBITDA margin | 9,6% | 10,5% | -0,5% | 3,3% | -13,4% |
| Staff | |||||
| FTE | 22,4 | 25,0+11,6% | 24,2-3,2% | 21,2-12,4% | 21,0-0,9% |
| Gross margin per FTE | € 60.130 | € 65.862 | € 66.263 | € 88.525 | € 64.166 |
| Payroll cost per FTE | € 54.071 | € 58.547 | € 66.284 | € 65.498 | € 72.651 |
| Balance sheet | |||||
| Equity | € 481.170 | € 561.058 | € 504.186 | € 94.435 | € -110.381 |
| Cash | € 190.521 | € 320.958 | € 33.383 | € 448.620 | € 267.014 |
| Liquidity ratio | 1,38 | 1,32 | 1,11 | 1,05 | 0,89 |
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 14/07/2026. 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 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
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 1 people mapped
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.
- 41% women
- 60% 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.
Frequently asked questions about Who Owns The Zebra
- When was Who Owns The Zebra founded?
- In 2014.
- Where is Who Owns The Zebra located?
- In Gent, Belgium.
- What is Who Owns The Zebra specialised in?
- Website development, Website strategy & UX.
- How big is Who Owns The Zebra?
- Around 21 full-time equivalents (financial year 2025).
- Which sectors does Who Owns The Zebra work for?
- Finance & insurance, Public sector & non-profit, Retail & e-commerce, Telecom & media, Food & beverage.
- Who are the clients of Who Owns The Zebra?
- Among others Telenet, Golazo Energy.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.