Around 4 full-time equivalents (financial year 2025).

Review: Nandoo

Nandoo is een digitaal bureau (web & platform) met thuisbasis in Kontich, opgericht in 2024. Op de loonlijst staan ongeveer 4 voltijdse equivalenten. De ervaring zit vooral in belgische kmo's en bedrijven die odoo gebruiken.

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

2025

Latest year: € 648.052 gross margin, growth - against a sector median of +3,1%.

Not enough history

MarginEBITDA / gross margin · value-added coverage

2025

NandooSector median

EBITDA margin 17,5%, sector median 22,6%. Value-added coverage 1,21 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 170.540

Median (2025) € 77.398

Against a payroll cost of € 139.632 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 54

Median (2025) € 48

11.961 hours worked, 3.148 per FTE. Against that sits € 44 of payroll cost per hour worked, leaving € 10 for premises, equipment, depreciation and profit.

Above 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: -0,3 months (median 5,3 mo). Equity in the latest year: € -14.273.

Critical buffer

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

Cash € 8.335. Liquidity ratio 0,71: current assets cover short-term debt not in full. Solvency -4,3%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 19 days of supplier credit, sector median 46. The accounts were filed 209 days after closing; the legal deadline is seven months.

Pays and files on time

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

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
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.
Critical buffer · 31 Dec 2025 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
Negative equity · 31 Dec 2025 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.

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

Turnover below the median (26,3%)

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.

1 financial years, 2025 to 2025Result, staff and balance sheet

	2025
Result
Gross margin	€ 648.052
EBITDA	€ 113.703
EBITDA margin	17,5%
Staff
FTE	3,8
Gross margin per FTE	€ 170.540
Payroll cost per FTE	€ 139.632
Balance sheet
Equity	€ -14.273
Cash	€ 8.335
Liquidity ratio	0,71

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 28/07/2026. 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 2 Nov 2026. Sector medians based on financial year 2025: the last year for which nearly all accounts have been filed.

Coming soon

We're working on this part of the factsheet.

Sector focus

Belgische kmo's en bedrijven die Odoo gebruiken

From our own research. The agency hasn't listed its sectors yet.

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

€ 139.632

+120% versus the median

Team composition

3,8 FTE

€ 139.632

Median Digitaal bureau (web & platform) (2025) € 63.343All agencies (2025) € 62.294

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

26,3%

Median for this type of agency (2025): 27,9%

Inflow 2025

131,6%

5,0 FTE in, 1,0 FTE out

Net team change

+4,0 FTE

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.