What is Okappi specialised in?

Paid social, Search advertising (SEA), SEO & GEO, Website development.

Around 5 full-time equivalents (financial year 2025).

Review: Okappi

Q: Who are the clients of Okappi?

Among others iCamion, VB Rubber, Aikon, Arco, De Witte, MegaTool, Rotom Tomatoes, By Oummi, jackie oo, Sirius Legal, Kantoor Kolos, Ruysschaert.

Okappi bestaat sinds 2018 en profileert zich als digitaal bureau (web & platform) uit Mechelen. Het team telt ongeveer 3 medewerkers (VTE). De opgegeven expertises zijn webdevelopment, seo en paid media (sea/social/display). Het zwaartepunt ligt bij opdrachtgevers uit kmo's en brede klantenbasis.

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: € 185.440 gross margin, growth -7,1% against a sector median of +3,1%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

OkappiSector median

EBITDA margin -25,1%, sector median 22,6%. Value-added coverage 0,80 (median 1,23).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 38.633

Median (2025) € 77.398

Against a payroll cost of € 48.118 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 22

Median (2025) € 48

8.245 hours worked, 1.718 per FTE. Against that sits € 28 of payroll cost per hour worked, leaving € -6 for premises, equipment, depreciation and profit.

Below 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: 1,9 months (median 5,3 mo). Equity in the latest year: € 35.777.

Thin buffer

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

Cash € 96.600. Liquidity ratio 1,21: current assets cover short-term debt in full. Solvency 17,1%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 100 days of supplier credit, sector median 46. The accounts were filed 240 days after closing; the legal deadline is seven months.

Filed late

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 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Late filing · 28 Aug 2026 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
+ 5 older signals within 24m

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

Team grew (+45,5% FTE in the latest year)
Healthy working capital (current ratio 1,21)
Equity was earned, not injected (reserves 4,4× the capital contributed)
Comfortable cash position: 153 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.

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

	2021	2022	2023	2024	2025
Result
Gross margin	€ 71.043	€ 97.795+37,7%	€ 175.004+78,9%	€ 199.674+14,1%	€ 185.440-7,1%
EBITDA	€ 19.600	€ 14.790	€ 86.753	€ 45.550	€ -46.473
EBITDA margin	27,6%	15,1%	49,6%	22,8%	-25,1%
Staff
FTE	1,4	2,0+42,9%	2,3+15%	3,3+43,5%	4,8+45,5%
Gross margin per FTE	€ 50.745	€ 48.897	€ 76.089	€ 60.507	€ 38.633
Payroll cost per FTE	€ 36.404	€ 41.263	€ 38.142	€ 46.484	€ 48.118
Balance sheet
Equity	€ 53.099	€ 61.014	€ 62.180	€ 90.452	€ 35.777
Cash	€ 38.360	€ 48.971	€ 100.343	€ 97.369	€ 96.600
Liquidity ratio	2,16	2,91	1,63	2,24	1,21

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 28/08/2026. 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 4 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

SEO & GEO Website development

Sector focus

KMO'sbrede klantenbasis

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

Publicly known clients

iCamion, VB Rubber, Aikon, Arco, De Witte, MegaTool, Rotom Tomatoes, By Oummi, jackie oo, Sirius Legal, Kantoor Kolos, Ruysschaert

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

1

People 10 people mapped

This is first a build crew — 5 of 10 are developers. Within that core, Backend, Frontend and CMS stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

A

Andries

Laravel Legend

D

Dieter

WordPress Wonder

F

Fien

Marketing Maestro

J

Jeroen

Code Connoisseur

M

Magali

Captain of Projects

M

Matthias

Sales Generator

M

Michael

Invoice Mailman

P

Pieter

Vue Meister

S

Sarah

Word Wizard

W

Wietse

PHPlayer

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

2

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

€ 48.118

-24% versus the median

Team composition

4,8 FTE

50% women
50% men

€ 48.118

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.

3

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

/

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

Inflow 2025

62,5%

20212022202320242025

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.