What is Antenno specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Corporate communication, PR strategy & media relations, Employer brand strategy.

Around 3 full-time equivalents (financial year 2025).

Review: Antenno: Strategische communicatie

Q: Who are the clients of Antenno?

Among others ABN AMRO private banking, VREG/VNR, VM Building Solutions, Water-link, Aquafin, Sparklink, A-kwadraat, PEVO.

Sinds 2004 is Antenno actief als brandingbureau uit Berchem. Het team telt ongeveer 3 medewerkers (VTE). Ze werken rond strategie, branding & identiteit, employer branding en pr & communicatie. Sectoren waar het bureau vaak werkt: b2b-organisaties en employer branding/recruitment.

Expertise
Strategische communicatie, vaak in contexten van verandering. Zo werken we aan interne en externe communicatie; in change, transitie, ESG en employer branding. Vaak haken die in elkaar.
We zitten heel bewust tussen agency en consultancy in, en combineren het beste van beide werelden. We leveren de strategie als kritisch klankbord, en komen mee het werk verzetten in tactiek en operations. We versterken én uw team, blijven de samenhang zien én zoomen uit met Antenno experts in de rug.
We laten Antenno'ers m/v/x bewust in huis werken met u en uw teams, zodat stakeholders mee aan boord blijven, kennis gedeeld raakt en werk wordt verzet.
En dat in B2B en publieke organisaties.
Klanten
B2B, Publieke sector, De M in KMO, maar vanaf 20-25 mensen welkom.
Zelfomschreven cultuur:
Sterke strategische en langetermijn-inzichten. Rustig, geen ego, klantgericht. Sterke slag tussen strategie, creativiteit en uitvoering.Nog nooit een deadline gemist; delivert. Open en gestructureerd. Aanpast aan de context. Geen overdreven creatieve insteek, maar beheerst en meedenkend. Stap voor stap. Resultaatgericht.
Hoe ziet je team er uit? Welke expertises?
1 Managing Director - strategie & analyse
1 Managing partner - communicatie & branding
1 Project lead - project management & grafisch design
1 Project manager - project management & communicatie
Ecosysteem van competenties in 3D modelling, web design, UXD, copy, design & fotografie, change & transitie, performance marketing

Referentieklanten: ABN AMRO private banking, VREG/VNR, VM Building Solutions,Water-link, Aquafin, Sparklink, A-kwadraat, PEVO, Fluvius.
Tech stack: Hubspot, Wordpress
Partners: Studio Boiler, FRHM & Unshut, 10 AM
Inspiratie: Peter Morrens, Raoul de Keyser, The National, Mark Knopfler, Emy Koopman, Museum Voorlinden
Ondernemingsnummer: BE0866416470
Gemiddelde klantgrootte: 105k

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: € 429.468 gross margin, growth +91,3% against a sector median of +6,6%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

AntennoSector median

EBITDA margin 36,6%, sector median 32,2%. Value-added coverage 1,62 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 143.156

Median (2025) € 82.809

Against a payroll cost of € 84.872 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 96

Median (2025) € 48

4.466 hours worked, 1.489 per FTE. Against that sits € 57 of payroll cost per hour worked, leaving € 39 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: 6,9 months (median 6,3 mo). Equity in the latest year: € 146.107.

Adequate buffer

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

Cash € 229.248. Liquidity ratio 1,30: current assets cover short-term debt in full. Solvency 31,6%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 76 days of supplier credit, sector median 68. The accounts were filed 88 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

Board change · 21 Jan 2026 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.

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

Outgrew the sector median 2 years running
EBITDA margin above the sector median (36,6%)
Profitable in every one of the last 5 years
Strong buffer: 6,9 months of payroll in equity
Team grew (+25,0% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,62)
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 1,30)
Equity was earned, not injected (reserves 22,6× the capital contributed)
Comfortable cash position: 329 days of payroll
Turnover below the median (20,0%)

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	€ 364.165	€ 424.609+16,6%	€ 211.844-50,1%	€ 224.514+6%	€ 429.468+91,3%
EBITDA	€ 213.833	€ 249.231	€ 69.867	€ 99.640	€ 157.088
EBITDA margin	58,7%	58,7%	33%	44,4%	36,6%
Staff
FTE	3,0	3,1+3,3%	2,3-25,8%	2,4+4,3%	3,0+25%
Gross margin per FTE	€ 121.388	€ 136.971	€ 92.106	€ 93.547	€ 143.156
Payroll cost per FTE	€ 49.603	€ 56.043	€ 60.866	€ 51.065	€ 84.872
Balance sheet
Equity	€ 289.764	€ 205.017	€ 139.520	€ 190.497	€ 146.107
Cash	€ 239.752	€ 57.901	€ 148.005	€ 93.571	€ 229.248
Liquidity ratio	3,50	2,74	1,34	2,35	1,30

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 29/03/2026. 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 7 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

PR & Reputation

Corporate communication PR strategy & media relations

Employer Brand & Internal

Employer brand strategy Recruitment campaigns

Sector focus

Public sector & governmentReal estate & constructionFinance & insuranceEnergy & utilitiesFood & beverage

Publicly known clients

VM Building Solutions, VDAB, Coöperatie Hoogstraten, ABN AMRO België, EVAL Europe, Pevo, Sparklink, Fluvius, A-kwadraat, Vlaamse Milieumaatschappij, Orpsy

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

1

People 13 people mapped

Strategy weighs heavily here: 7 of 13 are strategists. Within that core, Marketingstrategie, Strategie and Merkstrategie stand out.

G

Gerrit

Partner

M

Mariska

Founder, Managing Partner

CL

Caroline Labie

HR, organisatieontwikkeling en leiderschapsprogramma's

GV

Guido Van Nuffelen

Strategisch klankbord

IH

Isabelle Herteleer

CSRD-ervaringsdeskundige en adviseur

L

Laura

Communicatieprojectmanager

L

Luc

Transformatie- en strategie-expert, Commercial Lead

M

Marjolein

Communicatieprojectmanager

RS

Raf Stevens

Corporate branding, storytelling en changecommunicatie

RM

Rudy Moenaert

Marketingstrategie en innovatie in B2B en diensten

SH

Sanne Huysmans

Expert changecommunicatie en filosoof, publieke sector

SV

Sarah Van den Bril

Strategische workshopfacilitatie, marcom- en contentprojectmanager voor KMO's

SD

Saskia De Leeuw

Corporate communicatie-expert, publieke sector

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

€ 84.872

+39% versus the median

Team composition

3,0 FTE

33% women
67% men

€ 84.872

Median Brandingbureau (2025) € 60.980All 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

20,0%

Median for this type of agency (2025): 38,9%

Inflow 2025

/

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.