Made with love
The content of this factsheet is in Dutch.
Made with love is een softwarebureau uit Leuven. Met ongeveer 9 VTE is dit een middelgroot bureau. De dienstverlening draait om webdevelopment en strategie. Sectoren waar het bureau vaak werkt: tech startups en scale-ups, saas en private capital (due diligence).
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 · 30 Sep 2025 · NBBEquity covers less than three months of payroll. Not an alarm, but a limited reserve.
What this agency does well
- Gross margin grew 3 years in a row
- EBITDA margin above the sector median (36,4%)
- Profitable in every one of the last 4 years
- Team grew (+10,1% FTE in the latest year)
- Value-added per euro of payroll above the sector median (1,57)
- Healthy working capital (current ratio 1,22)
- Comfortable cash position: 121 days of payroll
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 | € 1,06 mln | € 1,18 mln+11% | € 1,32 mln+11,7% | € 1,35 mln+2,6% |
| EBITDA | € 378.000 | € 543.150 | € 597.995 | € 491.201 |
| EBITDA margin | 35,7% | 46,1% | 45,5% | 36,4% |
| Staff | ||||
| FTE | 9,3 | 7,3-21,5% | 7,9+8,2% | 8,7+10,1% |
| Gross margin per FTE | € 113.978 | € 161.227 | € 166.468 | € 155.150 |
| Payroll cost per FTE | € 71.613 | € 86.136 | € 90.608 | € 98.628 |
| Balance sheet | ||||
| Equity | € 184.000 | € 191.667 | € 201.465 | € 208.768 |
| Cash | - | € 416.247 | € 427.507 | € 285.253 |
| Liquidity ratio | - | 1,16 | 1,18 | 1,22 |
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 10/04/2026. 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
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 25 people mapped
This is first a build crew — 16 of 25 are developers. Within that core, Backend, Frontend and Full Stack stand out. A specialist, not a generalist: the expertise is narrow but deep. Notably, no declared strategists in sight — this agency would rather make than philosophise.
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.
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 2024: the last year for which nearly all accounts have been filed.