Review: Aware

Aware is een softwarebureau. Er werken ongeveer 9 mensen, uitgedrukt in voltijdse equivalenten. Het aanbod is gericht op webdevelopment en e-commerce. Tot de publiek bekende klanten behoren AVR, Ursus, Ubbink en LCC-Plafonds.

ContinuitySolid4,2 months of wages without income · median 2,6

littlea lot

Team stabilityNot available21,0% a year, roughly 1 in 5

SeniorityMixed profile€ 65.769 per FTE, € 5.481 a month · median € 61.978

juniorsenior

Price levelMarket rate€ 44 per hour worked · median € 47

keentop

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

202320242025

Latest year: € 658.916 gross margin, growth +27,6% against a sector median of +30,4%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

202320242025

AwareSector median

EBITDA margin 14,1%, sector median 18,8%. Value-added coverage 1,16 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 76.618

Median (2024) € 72.152

Against a payroll cost of € 65.769 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 44

Median (2024) € 47

15.047 hours worked, 1.750 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € 6 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: 4,3 months (median 5,6 mo). Equity in the latest year: € 203.113.

Adequate buffer

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

Cash € 199.331. Liquidity ratio 1,82: current assets cover short-term debt in full. Solvency 35,8%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 68 days of supplier credit, sector median 45. The accounts were filed 173 days after closing; the legal deadline is seven months.

Pays slower than average

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

No serious signals

Signals in the last 24 months

No signals in the last 24 months.

What this agency does well

Team grew (+4,9% FTE in the latest year)
No warning signals in the last 24 months
Healthy working capital (current ratio 1,82)
Comfortable cash position: 129 days of payroll

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.

3 financial years, 2023 to 2025Result, staff and balance sheet

	2023	2024	2025
Result
Gross margin	€ 712.339	€ 516.292-27,5%	€ 658.916+27,6%
EBITDA	€ 197.179	€ 15.117	€ 92.624
EBITDA margin	27,7%	2,9%	14,1%
Staff
FTE	9,3	8,2-11,8%	8,6+4,9%
Gross margin per FTE	€ 76.596	€ 62.962	€ 76.618
Payroll cost per FTE	€ 55.285	€ 61.013	€ 65.769
Balance sheet
Equity	€ 247.698	€ 240.074	€ 203.113
Cash	€ 174.113	€ 43.520	€ 199.331
Liquidity ratio	1,67	2,55	1,82

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 22/06/2026. 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 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

E-commerce (incl. payment) Website development

Sector focus

B2B: machinebouw, productie, distributie, bouw. Sectoragnostisch, gespecialiseerd in B2B-klantenportalen, webshops en digitale bestelomgevingen (geen klassiek marketingbureau).

Publicly known clients

AVRUrsusUbbinkLCC-PlafondsSkedle (bron: eigen website casesjuli 2026)

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

€ 65.769

+6% versus the median

Team composition

8,6 VTE

16% women
84% men

€ 65.769

Median Softwarebureau (2024) € 61.978All 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.

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 2025

/

Inflow 2025

11,6%

202320242025

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.