Where is Code The Kiwi located?

In Sint-Katelijne-Waver, Belgium.

How big is Code The Kiwi?

Around 1 full-time equivalent (financial year 2025).

Review: Code The Kiwi

Q: What is Code The Kiwi specialised in?

AI & innovation strategy, Accessibility & inclusive design, Conversational (chatbots & voice assistants), Mobile apps & PWAs, Platform implementation (CMS, DXP, DAM, PIM), Website development.

Q: Who are the clients of Code The Kiwi?

Among others Octiva, Sarens, Samoco, ML-TECH, Haacht, EVME, NiftiCards, Umbi, HAVN, Coach Recap, CS&A International.

Code the Kiwi maakt bedrijven efficiënter, met of zonder AI. Het softwarebureau uit Antwerpen bouwt webapps, mobiele apps, AI-oplossingen en koppelingen op maat van Belgische kmo's: van planningstool en klantportaal tot offertegenerator en automatische documentverwerking. Elk project start met een klikbaar prototype en wordt gebouwd in sprints van twee weken, met een vaste scope en vaste prijs. Klanten zijn onder meer Sarens, Samoco, Octiva, Duratech, Haacht en ML-TECH.

Wat we bouwen

Webapplicaties op maat: planningstools, klantenportalen, dashboards en beheersystemen
Mobiele apps voor iOS en Android
Integraties en koppelingen met ERP, boekhouding, webshops en externe API's
Automatisering en AI: documentverwerking, repetitieve administratie, slimme workflows

Voor wie

Kmo's die meer nodig hebben dan standaardsoftware. Onze klanten zitten in productie, logistiek, zorg en dienstverlening.

Hoe we werken

Vaste scope en vaste prijs per project, geen open einde
Rechtstreeks contact met de developers die het bouwen
Snel een werkende eerste versie, daarna verfijnen in korte iteraties
Onderhoud en nazorg na oplevering

Referenties

Sarens, Samoco, Octiva, Duratech, ML-TECH

Vaste prijs per project, geen uurtje-factuurtje
Ook voor bedrijven zonder eigen IT-afdeling

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

20212022202320242025

Latest year: € 7.937 gross margin, growth -88,6% against a sector median of +8,7%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Code The KiwiSector median

EBITDA margin 93,1%, sector median 23%. Value-added coverage - (median 1,19).

Healthy margin

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: - (median 6,7 mo). Equity in the latest year: € 22.100.

No buffer data

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

Cash € 4.235. Liquidity ratio 2,09: current assets cover short-term debt in full. Solvency 57%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 53 days of supplier credit, sector median 43. The accounts were filed 124 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Sharp drop in equity · 31 Dec 2025 · NBB
The 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.
Loss-making year · 31 Dec 2025 · 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.

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

EBITDA margin above the sector median (93,1%)
Healthy working capital (current ratio 2,09)
Equity was earned, not injected (reserves 7,8× 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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 65.924	€ 14.421-78,1%	€ 13.277-7,9%	€ 69.525+423,6%	€ 7.937-88,6%
EBITDA	€ 65.924	€ 14.299	€ 12.893	€ 33.264	€ 7.393
EBITDA margin	100%	99,2%	97,1%	47,8%	93,1%
Staff
FTE	-	-	-	1,0	-
Gross margin per FTE	-	-	-	€ 69.525	-
Payroll cost per FTE	-	-	-	€ 35.181	-
Balance sheet
Equity	€ 52.570	€ 60.193	€ 64.084	€ 23.631	€ 22.100
Cash	€ 58.607	€ 30.466	€ 53.849	€ 2.931	€ 4.235
Liquidity ratio	1,94	3,02	2,60	1,48	2,09

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 04/05/2026. 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 11 services

Strategy & Insights

AI & innovation strategy

Digital Experience & Tech

Accessibility & inclusive design Conversational (chatbots & voice assistants) Mobile apps & PWAs Platform implementation (CMS, DXP, DAM, PIM) Website development Website management & maintenance Website strategy & UX

Data, Measurement & Governance

Dashboards & reporting GDPR, privacy & compliance Tracking & tag management

Sector focus

Food & beverageReal estate & constructionEnergy & utilitiesHealth & pharmaAutomotive & mobility

Publicly known clients

Octiva, Sarens, Samoco, ML-TECH, Haacht, EVME, NiftiCards, Umbi, HAVN, Coach Recap, CS&A International

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

1

People 4 people mapped

This is first a build crew — 4 of 4 are developers. Within that core, Backend, Full Stack and Leiderschap stand out. A small team: short lines, little noise between you and the makers.

BV

Ben Van Raemdonck

Lead Developer

MD

Maxime De Mey

AI Specialist

PL

Pedro Lopes

Solutions Architect

TB

Tim Brouwers

Full-stack Developer

Based on public profiles. Something wrong? Let us know.

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 2024

/

Median for this type of agency (2025): 29,1%

Inflow 2024

100,0%

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

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.