Review: Apik

Apik is een digitaal bureau (web & platform) met thuisbasis in Braine-l'Alleud. Op de loonlijst staan ongeveer 7 voltijdse equivalenten. Het aanbod is gericht op webdevelopment en ux/ui design. De klanten komen vooral uit ondernemers/kmo's, e-commerce en regio waals-brabant.

ContinuityUnder pressure0,5 months of wages without income · median 2,8

littlea lot

Price levelKeenly priced€ 23 per hour worked · median € 45

keentop

GrowthGrowing fast33,9% gross margin versus the previous year · median 1,3%

shrinkinggrowth

ProfitabilityThin margin3,5% of gross margin remains as EBITDA · median 17,6%

thinample

Partnerships

Google Ads Partner

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: € 273.911 gross margin, growth +33,9% against a sector median of +1,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

ApikSector median

EBITDA margin 3,5%, sector median 17,6%. Value-added coverage 1,04 (median 1,16). 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

€ 40.281

Median (2024) € 74.559

Against a payroll cost of € 13.218 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 23

Median (2024) € 45

11.783 hours worked, 1.733 per FTE. Against that sits € 8 of payroll cost per hour worked, leaving € 16 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: 0,6 months (median 4,9 mo). Equity in the latest year: € 13.646.

Critical buffer

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

Cash € 3.813. Liquidity ratio 0,73: current assets cover short-term debt not in full. Solvency 5,5%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 253 days of supplier credit, sector median 48. The accounts were filed 220 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

2 red flag(s) (24m)

Signals in the last 24 months

Late filing · 6 Nov 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this; rarely alarming in itself.
Two consecutive loss-making years · 31 Mar 2025 · NBB
The agency closed two financial years in a row at a loss. That is structural and weighs heavier than a single bad year.
Sharp drop in equity · 31 Mar 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. Watch whether the trend continues.
Critical buffer · 31 Mar 2025 · NBB
Equity covers less than one month of payroll. Very little reserve to absorb a setback.

Click a signal for a plain-language explanation.

What this agency does well

Gross margin grew 3 years in a row
Turnover below the median (22,1%)

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	€ 6.000	€ 84.482+1.308%	€ 204.537+142,1%	€ 273.911+33,9%
EBITDA	€ 2.000	€ 10.201	€ -6.812	€ 9.549
EBITDA margin	33,3%	12,1%	-3,3%	3,5%
Staff
FTE	0,1	2,1+2.000%	-	6,8
Gross margin per FTE	€ 60.000	€ 40.230	-	€ 40.281
Payroll cost per FTE	€ 30.000	€ 34.722	-	€ 13.218
Balance sheet
Equity	€ 21.000	€ 27.264	€ 17.131	€ 13.646
Cash	-	€ 20.032	€ 19.641	€ 3.813
Liquidity ratio	-	1,12	0,84	0,73

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 06/11/2025. 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 27 Jul 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

Ondernemers/KMO'se-commerceregio Waals-Brabant

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

1

People 11 people mapped

This is first a build crew — 5 of 11 are developers. Within that core, Backend and Frontend stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

A

Abdel

Senior Back-End Developer

A

Amandine

Front-End Developer

B

Bastien

Digital Specialist & Administrateur

F

Fantine

Senior Graphic et Web Designer

G

Grégory

Senior Front-End Developer

J

Jean-Denis

Digital Specialist & Administrateur

K

Kathleen

Financial & Operations Manager

M

Marine

Project Manager

Q

Quentin

Senior Back-End Developer

S

Sacha

Graphic et Web Designer

S

Stefan

Back-End 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

€ 13.218

-78% versus the median

Team composition

6,8 VTE

36% women
64% men

€ 13.218

Median Digitaal bureau (web & platform) (2024) € 59.418All agencies (2024) € 59.129

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

22,1%

Median for this type of agency (2024): 28,0%

Inflow 2025

44,1%

3,0 FTE in, 1,5 FTE out

Net team change

+1,5 VTE

202220232025

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.

Official partnerships 1 badge(s)

Google Ads: Partner1 of 68 Belgian partners in the IKAg database.

As published in the platforms' official partner directories, collected by IKAg.