Where is Arpeggio located?

In Sint-Genesius-Rode, Belgium.

What is Arpeggio specialised in?

Packaging design, Campaign concepts & big ideas, Campaign execution, Influencer & creator marketing, Organic social content, Social strategy & platform mix.

Around 9 full-time equivalents (financial year 2025).

Review: Arpeggio

Q: Who are the clients of Arpeggio?

Among others Vanden Borre Kitchen, Brasserie Dubuisson, Médiacité, Clinique Notre-Dame de Grâce, Entremont, Avocats.be, BMW Belux, Promiris, Cuvée des Trolls, Wauters, Magasins Mr. Bricolage, RCA de Charleroi, Charleroi Entreprendre, BMW M GmbH.

Arpeggio is al ruim dertig jaar actief als brandingbureau uit Sint-Genesius-Rode. Het team telt ongeveer 9 medewerkers (VTE). Het bureau combineert strategie, branding & identiteit, creatie & reclame en webdevelopment. Het zwaartepunt ligt bij opdrachtgevers uit kmo's en merken.

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: € 763.382 gross margin, growth -12,8% against a sector median of +6,6%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

ArpeggioSector median

EBITDA margin 33,3%, sector median 32,2%. Value-added coverage 1,51 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 82.976

Median (2025) € 82.809

Against a payroll cost of € 54.485 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 47

Median (2025) € 48

16.332 hours worked, 1.775 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 16 for premises, equipment, depreciation and profit.

Around 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: 5,0 months (median 6,3 mo). Equity in the latest year: € 207.412.

Adequate buffer

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

Cash € 142.493. Liquidity ratio 1,54: current assets cover short-term debt in full. Solvency 29,4%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 37 days of supplier credit, sector median 68. The accounts were filed 212 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Sharp drop in equity · 31 Dec 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.

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

EBITDA margin above the sector median (33,3%)
Profitable in every one of the last 5 years
Value-added per euro of payroll above the sector median (1,51)
Healthy working capital (current ratio 1,54)
Equity was earned, not injected (reserves 10,2× the capital contributed)
Comfortable cash position: 104 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	€ 566.614	€ 766.521+35,3%	€ 783.965+2,3%	€ 875.628+11,7%	€ 763.382-12,8%
EBITDA	€ 37.455	€ 183.932	€ 230.536	€ 350.285	€ 254.168
EBITDA margin	6,6%	24%	29,4%	40%	33,3%
Staff
FTE	11,2	11,20%	9,5-15,2%	9,4-1,1%	9,2-2,1%
Gross margin per FTE	€ 50.590	€ 68.439	€ 82.523	€ 93.152	€ 82.976
Payroll cost per FTE	€ 43.915	€ 46.471	€ 54.536	€ 54.868	€ 54.485
Balance sheet
Equity	€ 420.444	€ 289.873	€ 315.473	€ 352.686	€ 207.412
Cash	€ 509.108	€ 311.121	€ 495.721	€ 371.885	€ 142.493
Liquidity ratio	2,66	1,92	1,54	1,81	1,54

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 31/07/2026. 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 15 services

Branding & Design

Packaging design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Social, Influencer & Community

Influencer & creator marketing Organic social content Social strategy & platform mix

CRM, Email & Loyalty

CRM & lifecycle strategy Direct marketing & lead management Marketing automation

PR & Reputation

Corporate communication PR strategy & media relations

Employer Brand & Internal

Internal communication

Events, Sponsoring & Activation

Brand activation (incl. guerrilla) Events & experiences Sponsorship & partnerships

Sector focus

Automotive & mobilityFood & beverageRetail & e-commerceHealth & pharmaTravel & hospitality

Publicly known clients

Vanden Borre Kitchen, Brasserie Dubuisson, Médiacité, Clinique Notre-Dame de Grâce, Entremont, Avocats.be, BMW Belux, Promiris, Cuvée des Trolls, Wauters, Magasins Mr. Bricolage, RCA de Charleroi, Charleroi Entreprendre, BMW M GmbH

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

1

People 14 people mapped

A broad team with no clear centre of gravity — digital marketing, creative and account & project carry roughly equal weight. One strategist on board — enough to hold the direction, not to fill meetings.

B

Ben

Managing Partner

I

Igor

Account Executive

J

Julie

Account Manager

M

Martin

Managing Partner

M

Maxime

Managing Partner

A

Aron

Performance Manager

B

Boris

Strategy & Digital Expert

C

Clémence

Social Media Manager

C

Cédric

UX/UI Designer & Front-end developer

L

Laura

Brand & Graphic Designer

M

Maëlle

Social Media Manager

M

Merlin

Web Developer fullstack

N

Nathan

Visual Content Creator

S

Sébastien

Visual Content Creator

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

€ 54.485

-11% versus the median

Team composition

9,2 FTE

46% women
54% men

€ 54.485

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

41,3%

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

Inflow 2025

54,3%

5,0 FTE in, 3,8 FTE out

Net team change

+1,2 FTE

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.