Sweet Mustard
The content of this factsheet is in Dutch.
Vanuit Kortrijk werkt Sweet Mustard als softwarebureau. Er werken ongeveer 33 mensen, uitgedrukt in voltijdse equivalenten. Het bureau is toegespitst op webdevelopment en ux/ui design. De ervaring zit vooral in industrie, energie/mobiliteit, verzekeringen en overheid. Uit de publiek bekende klantenlijst: Caps, Van Dessel Fleet Solutions, Belgian Pork Group en Vanheede.
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 signalsWhat this agency does well
- Profitable in every one of the last 4 years
- Strong buffer: 8,6 months of payroll in equity
- Stable team (no meaningful FTE loss)
- No warning signals in the last 24 months
- Healthy working capital (current ratio 2,02)
- Equity was earned, not injected (reserves 9,1× the capital contributed)
- Turnover below the median (22,6%)
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
4 financial years, 2021 to 2024Result, staff and balance sheet
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Result | ||||
| Gross margin | € 661.000 | € 2,68 mln+306,2% | € 1,85 mln-31,2% | € 2,52 mln+36,5% |
| EBITDA | € 178.000 | € 479.165 | € 198.982 | € 286.526 |
| EBITDA margin | 26,9% | 17,8% | 10,8% | 11,4% |
| Staff | ||||
| FTE | 9,3 | 37,3+301,1% | 32,8-12,1% | 32,80% |
| Gross margin per FTE | € 71.075 | € 71.979 | € 56.292 | € 76.824 |
| Payroll cost per FTE | € 50.108 | € 58.383 | € 49.393 | € 64.684 |
| Balance sheet | ||||
| Equity | € -20.000 | € 1,19 mln | € 1,32 mln | € 1,52 mln |
| Cash | - | € 19.416 | € 260.238 | € 183.912 |
| Liquidity ratio | - | 1,76 | 1,78 | 2,02 |
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 2024, filed on 07/07/2025. 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
Based on IKAg research and public sources. Incomplete or outdated? 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.
- 29% women
- 71% men
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 2024. 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.