Around 2 full-time equivalents (financial year 2025).

Review: A2Com

A2Com is een digitaal bureau (web & platform) uit Incourt, actief sinds 2015.

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: € 234.550 gross margin, growth +8% against a sector median of +3,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

A2ComSector median

EBITDA margin 75,6%, sector median 22,6%. Value-added coverage 4,40 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 156.367

Median (2025) € 77.398

Against a payroll cost of € 34.758 per FTE. The ratio between the two is the coverage rate above.

Above the median

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: 38,9 months (median 5,3 mo). Equity in the latest year: € 169.081.

Adequate buffer

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

Cash € 274.775. Liquidity ratio 2,45: current assets cover short-term debt in full. Solvency 38,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 140 days of supplier credit, sector median 46. The accounts were filed 241 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

No serious signals

Signals in the last 24 months

No signals in the last 24 months.

What this agency does well

Gross margin grew 3 years in a row
Outgrew the sector median 3 years running
EBITDA margin above the sector median (75,6%)
Strong buffer: 38,9 months of payroll in equity
Team grew (+50,0% FTE in the latest year)
Value-added per euro of payroll above the sector median (4,40)
No warning signals in the last 24 months
Healthy working capital (current ratio 2,45)
Equity was earned, not injected (reserves 8,1× the capital contributed)
Comfortable cash position: 1924 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	€ 221.573	€ 178.158-19,6%	€ 204.438+14,8%	€ 217.240+6,3%	€ 234.550+8%
EBITDA	€ 154.370	€ 99.436	€ 60.867	€ 169.083	€ 177.224
EBITDA margin	69,7%	55,8%	29,8%	77,8%	75,6%
Staff
FTE	-	1,5	1,2-20%	1,0-16,7%	1,5+50%
Gross margin per FTE	-	€ 118.772	€ 170.365	€ 217.240	€ 156.367
Payroll cost per FTE	-	€ 48.759	€ 51.173	€ 41.763	€ 34.758
Balance sheet
Equity	€ 69.479	€ 90.516	€ 86.541	€ 144.022	€ 169.081
Cash	€ 161.673	€ 117.256	€ 92.533	€ 184.151	€ 274.775
Liquidity ratio	0,99	1,07	1,86	2,05	2,45

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 29/08/2026. 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.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

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

€ 34.758

-45% versus the median

Team composition

1,5 FTE

€ 34.758

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 2024

/

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

Inflow 2024

111,1%

2022202320242025

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 2025: the last year for which nearly all accounts have been filed.