Around 5 full-time equivalents (financial year 2026).

Review: Zenjoy

Q: What is Zenjoy specialised in?

AI & innovation strategy, Research & consumer insights, Brand identity & design, Design systems & brand guidelines, Product & service design, Accessibility & inclusive design.

Q: Who are the clients of Zenjoy?

Among others Ecopower, Fonar / Luisterpunt, Digiwijzer, Project Sleep, FoodWIN, De Wikke, Rode Kruis Vlaanderen, S.Tool, Bitos, KU Leuven, Vlaams Patiëntenplatform, Elsyca, Karavaan, HR-Gids, Bevrijdingsfilms.

Digital product studio uit Leuven, sinds 2011. Onderzoek, UX-design, software engineering en onderhoud zitten bij ons in één vast team. We bouwen software op maat, webplatformen, mobiele apps en AI-workflows, vooral voor onderzoek, zorg, de sociale sector, verenigingen en federaties, en tech & hardware. Na de lancering blijven we betrokken: hosting, updates en verdere ontwikkeling, op Nimbu, ons eigen platform, volledig gehost in de EU.

Wat we doen

Webplatformen en software op maat: ledenplatformen, klantenportalen, dossieropvolging en koppelingen met CRM, boekhouding of single sign-on.
Mobiele apps voor iOS en Android, verbonden met een platform dat je via het web beheert.
AI-workflows: documenten verwerken, aanvragen voorsorteren en vragen beantwoorden op basis van je eigen kennis, met menselijke controle en aandacht voor privacy.
AI-advies: AI Pitstop (één uur voor één vraag), AI Reality Check (je AI-gebouwde app nuchter bekeken) en AI Roadmap (een werkdag met je team, daarna een adviesnota).
Gebruikersonderzoek en UX/UI-design: schermen die mensen zonder handleiding begrijpen.
Platform & App Care: hosting, monitoring, updates en support, ook voor software die iemand anders bouwde.

Voor wie

Onderzoeksteams van universiteiten en hogescholen, onder meer KU Leuven, UGent en Arteveldehogeschool
Digitale gezondheid: apps en platformen voor patiënten en zorgverleners
Social profit en welzijn
Verenigingen, federaties en koepels, vaak in meer dan één taal
Tech & hardware: software die met een toestel of wearable praat

Hoe we werken

1. Begrijpen: we brengen werking, gebruikers, data, bestaande tools en risico's in kaart.
2. Vormgeven: processen, schermen, architectuur en een eerste haalbare scope.
3. Bouwen: in korte iteraties, getest met echte gebruikers.
4. Lanceren: livegang, hosting, monitoring en overdracht.
5. Laten evolueren: nieuwe functies, AI-workflows en een roadmap na de lancering.

Enkele projecten

S.Tool (KU Leuven en UZ Leuven): een app waarmee patiënten hun herstel na darmchirurgie opvolgen, met een beheeromgeving voor de onderzoekers. De eerste versie stond er in minder dan drie maanden.
Ectosense: een app-prototype dat een wearable voor slaapapneu, de gebruiker en het platform erachter samenbrengt.
RREUSE: het Europese netwerk van sociale ondernemingen beheert partnerdata, netwerkkaart en ledenomgeving in één platform.
Project Sleep (UGent): een slaapinterventie die scholen zelf kunnen draaien, met een publiek informatieplatform en een afgeschermd schoolportaal.
Ecopower: coöperanten, contracten, betalingen en koppelingen in één digitaal product achter de website.

Over Zenjoy

Zenjoy ontstond in 2011 uit de samenwerking tussen een germaniste, een psycholoog en een ingenieur. Die drie blikken zie je nog altijd in ons werk: we onderzoeken hoe mensen echt werken, we schrijven helder en we bouwen software die jaren meegaat. Sinds de start werkten we voor meer dan 400 organisaties aan meer dan 750 projecten. We ontwikkelen ook Nimbu, ons eigen platform, end-to-end gehost in de EU; meer dan 250 mensen werken er dagelijks in. Klanten hebben rechtstreeks contact met iemand uit het team.

Digital product studio: onderzoek, design, engineering en onderhoud in één vast team
Sterk in onderzoek, digitale gezondheid, social profit en federaties
Nimbu: eigen platform, volledig gehost in de EU
Bestaande software overnemen en verder ontwikkelen
AI-workflows met menselijke controle

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

20212022202320252026

Latest year: € 305.031 gross margin, growth -35,2% against a sector median of +3,1%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320252026

ZenjoySector median

EBITDA margin -3,1%, sector median 22,6%. Value-added coverage 0,97 (median 1,23). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 61.006

Median (2025) € 77.398

Against a payroll cost of € 61.409 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 36

Median (2025) € 48

8.418 hours worked, 1.684 per FTE. Against that sits € 36 of payroll cost per hour worked, leaving € 0 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: 12,4 months (median 5,3 mo). Equity in the latest year: € 318.547.

Adequate buffer

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

Cash € 120.542. Liquidity ratio 3,61: current assets cover short-term debt in full. Solvency 73%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 19 days of supplier credit, sector median 46. The accounts were filed 196 days after closing; the legal deadline is seven months.

Pays and files on time

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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Loss-making year · 31 Mar 2026 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
Registered office moved · 28 Jan 2026 · Staatsblad
The registered office relocated. Usually just a new office.
Board change · 13 Jan 2025 · 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.

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

Strong buffer: 12,4 months of payroll in equity
Team grew (+8,7% FTE in the latest year)
Healthy working capital (current ratio 3,61)
Equity was earned, not injected (reserves 16,1× the capital contributed)
Comfortable cash position: 143 days of payroll
Turnover below the median (8,0%)

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 2026Result, staff and balance sheet

	2021	2022	2023	2025	2026
Result
Gross margin	€ 196.002	€ 250.648+27,9%	€ 312.827+24,8%	€ 470.527+50,4%	€ 305.031-35,2%
EBITDA	€ -22.957	€ 406	€ 26.537	€ 104.607	€ -9.361
EBITDA margin	-11,7%	0,2%	8,5%	22,2%	-3,1%
Staff
FTE	4,6	4,8+4,3%	4,9+2,1%	4,6-6,1%	5,0+8,7%
Gross margin per FTE	€ 42.609	€ 52.218	€ 63.842	€ 102.289	€ 61.006
Payroll cost per FTE	€ 47.524	€ 43.522	€ 51.833	€ 69.406	€ 61.409
Balance sheet
Equity	€ 291.950	€ 274.202	€ 281.455	€ 341.682	€ 318.547
Cash	€ 140.527	€ 204.652	€ 237.563	€ 168.607	€ 120.542
Liquidity ratio	3,52	3,42	3,99	4,50	3,61

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 2026, filed on 13/10/2026. 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 14 services

Strategy & Insights

AI & innovation strategy Research & consumer insights

Branding & Design

Brand identity & design Design systems & brand guidelines Product & service design

Digital Experience & Tech

Accessibility & inclusive design E-commerce (incl. payment) Mobile apps & PWAs Platform implementation (CMS, DXP, DAM, PIM) Website development Website management & maintenance Website strategy & UX

Data, Measurement & Governance

Dashboards & reporting Data engineering (integration, warehouse, DMP)

Sector focus

Technology & softwareHealth & pharmaEnergy & utilitiesPublic sector & governmentEducation

Publicly known clients

Ecopower, Fonar / Luisterpunt, Digiwijzer, Project Sleep, FoodWIN, De Wikke, Rode Kruis Vlaanderen, S.Tool, Bitos, KU Leuven, Vlaams Patiëntenplatform, Elsyca, Karavaan, HR-Gids, Bevrijdingsfilms

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

1

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

€ 61.409

-3% versus the median

Team composition

5,0 FTE

20% women
80% men

€ 61.409

Median Digitaal bureau (web & platform) (2025) € 63.343All agencies (2025) € 62.294

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.

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 2026

8,0%

Median for this type of agency (2025): 27,9%

Inflow 2026

8,0%

0,4 FTE in, 0,4 FTE out

Net team change

0,0 FTE

20212022202320252026

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2026. 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.