Cyrex
The content of this factsheet is in Dutch.
Vanuit Gent werkt Cyrex als softwarebureau. De opgegeven expertise is webdevelopment en ai & automatisering. De ervaring zit vooral in online gaming, web3/blockchain, saas en enterprise. Publiek gekende klanten zijn onder meer AAA game studios en Fortune 500 (niet bij naam genoemd).
Per-head and per-hour figures say too little here: too few people are on the payroll. This factsheet therefore shows growth, profitability and balance sheet.
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
No serious signals- Thin buffer · 31 Dec 2024 · NBBEquity covers less than three months of payroll. Not an alarm, but a limited reserve.
What this agency does well
- Equity was earned, not injected (reserves 1.860,0× the capital contributed)
- Comfortable cash position: 68 days of payroll
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 | € 108.000 | € 107.000-0,9% | € 74.238-30,6% | € 129.874+74,9% | € 47.625-63,3% |
| EBITDA | € 11.000 | € 14.000 | € 12.773 | € 23.813 | € -13.387 |
| EBITDA margin | 10,2% | 13,1% | 17,2% | 18,3% | -28,1% |
| Staff | |||||
| FTE | 2,8 | 1,7-39,3% | 1,0-41,2% | 1,8+80% | 1,2-33,3% |
| Gross margin per FTE | € 38.571 | € 62.941 | € 74.238 | € 72.152 | € 39.687 |
| Payroll cost per FTE | € 32.143 | € 47.647 | € 51.733 | € 50.067 | € 50.155 |
| Balance sheet | |||||
| Equity | € 19.000 | € 22.000 | € 17.512 | € 23.542 | € 6.848 |
| Cash | - | - | € 33.233 | € 18.335 | € 11.247 |
| Liquidity ratio | - | - | 1,57 | 1,09 | 0,99 |
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 15/07/2026. 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 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
Sector focus
Publicly known clients
AAA game studios en Fortune 500 (niet bij naam genoemd)
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 6 people mapped
The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep. A wide leadership layer: 4 of 6 steer.
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.
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 2024: the last year for which nearly all accounts have been filed.