Review: Salamander Immo

Salamander Immo is een digitaal bureau (web & platform) uit Hechtel. De dienstverlening draait om webdevelopment en ux/ui design. Het zwaartepunt ligt bij opdrachtgevers uit vastgoed/real estate (niche).

ContinuitySolid

GrowthGrowing fast80,4% gross margin versus the previous year · median 1,3%

shrinkinggrowth

ProfitabilityAmple margin54,6% of gross margin remains as EBITDA · median 17,6%

thinample

ResilienceHealthy balance sheet32% of the balance sheet is equity · median 33%

thinample

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.

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: € 131.539 gross margin, growth +80,4% against a sector median of +1,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Salamander ImmoSector median

EBITDA margin 54,6%, sector median 17,6%. Value-added coverage 2,38 (median 1,16).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 131.539

Median (2024) € 74.559

Against a payroll cost of € 45.530 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 75

Median (2024) € 45

1.760 hours worked, 1.760 per FTE. Against that sits € 26 of payroll cost per hour worked, leaving € 49 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: 13,0 months (median 4,9 mo). Equity in the latest year: € 56.350.

Adequate buffer

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

Cash € 1.003. Liquidity ratio 1,44: current assets cover short-term debt in full. Solvency 32%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 10 days of supplier credit, sector median 48. The accounts were filed 166 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

No serious signals

Signals in the last 24 months

Loss-making year · 31 Dec 2024 · NBB
A financial year closed at a loss. On its own that need not be alarming (investments, a lost client); watch for repetition.

Click a signal for a plain-language explanation.

What this agency does well

EBITDA margin above the sector median (54,6%)
Strong buffer: 13,0 months of payroll in equity
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (2,38)
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 1,44)
Equity was earned, not injected (reserves 2,0× 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	€ 149.000	€ 131.000-12,1%	€ 69.556-46,9%	€ 72.898+4,8%	€ 131.539+80,4%
EBITDA	€ 17.000	€ 6.000	€ 10.508	€ 13.482	€ 71.861
EBITDA margin	11,4%	4,6%	15,1%	18,5%	54,6%
Staff
FTE	3,0	2,0-33,3%	1,0-50%	1,00%	1,00%
Gross margin per FTE	€ 49.667	€ 65.500	€ 69.556	€ 72.898	€ 131.539
Payroll cost per FTE	€ 41.667	€ 59.500	€ 52.128	€ 44.168	€ 45.530
Balance sheet
Equity	€ 23.000	€ 23.000	€ 23.847	€ 19.651	€ 56.350
Cash	-	-	€ 8.036	€ 5.516	€ 1.003
Liquidity ratio	-	-	1,13	0,98	1,44

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 15/06/2026. 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

Digital Experience & Tech

Website development Website strategy & UX

Sector focus

Vastgoed/real estate (niche)

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

1

People 1 people mapped

B

Bram

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

€ 45.530

-23% versus the median

Team composition

1,0 VTE

€ 45.530

Median Digitaal bureau (web & platform) (2024) € 59.418All agencies (2024) € 59.129

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 2023

100,0%

Median for this type of agency (2024): 28,0%

Inflow 2023

/

20212022202320242025

Figures for financial year 2023: in 2025 this agency published no inflow or outflow.

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.