Baldwin
The content of this factsheet is in Dutch.
Sinds 2012 is Baldwin actief als digitaal bureau (web & platform) uit Gent. Het team telt ongeveer 7 medewerkers (VTE). Het aanbod is gericht op webdevelopment en paid media (sea/social/display). Sectorieel richt het bureau zich vooral op e-commerce/retail, b2b handel en farma/apotheken.
1× Feweb Excellence Awards
1× WebAward.beHow 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
Points to ask about- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Sharp headcount decline · 31 Dec 2025 · NBBAverage headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
What this agency does well
- EBITDA margin above the sector median (23,0%)
- Profitable in every one of the last 5 years
- Strong buffer: 16,6 months of payroll in equity
- Value-added per euro of payroll above the sector median (1,30)
- Turnover below the median (27,0%)
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 | € 669.155 | € 764.101+14,2% | € 775.208+1,5% | € 735.666-5,1% | € 768.205+4,4% |
| EBITDA | € 19.042 | € 104.272 | € 91.009 | € 56.650 | € 176.336 |
| EBITDA margin | 2,8% | 13,6% | 11,7% | 7,7% | 23% |
| Staff | |||||
| FTE | 11,1 | 9,9-10,8% | 8,7-12,1% | 8,9+2,3% | 7,4-16,9% |
| Gross margin per FTE | € 60.284 | € 77.182 | € 89.104 | € 82.659 | € 103.811 |
| Payroll cost per FTE | € 57.607 | € 66.345 | € 77.943 | € 76.147 | € 79.507 |
| Balance sheet | |||||
| Equity | € 601.325 | € 644.676 | € 684.931 | € 701.331 | € 812.300 |
| Cash | € 166 | € 192.718 | € 57.446 | € 7.773 | € 38.971 |
| Liquidity ratio | 0,56 | 0,71 | 0,65 | 0,60 | 0,70 |
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 01/07/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.
What the agency actually does 3 services
Sector focus
Publicly known clients
Close-Up, Septodont, Audiosense, Weba, Solarwinkel, N.E.W.S Records, Amanvida, Thienpont Wine, Rottaprint, Sereni, Parte, Molecule
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 24 people mapped
This is first a build crew — 12 of 24 are developers. Within that core, Backend, Frontend and QA/Testing stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.
Based on public profiles. Something wrong? 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.
- 50% women
- 50% 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 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.
Frequently asked questions about Baldwin
- When was Baldwin founded?
- In 2012.
- Where is Baldwin located?
- In Gent, Belgium.
- What is Baldwin specialised in?
- Paid social, Search advertising (SEA), Website development.
- How big is Baldwin?
- Around 7 full-time equivalents (financial year 2025).
- Which sectors does Baldwin work for?
- Retail & e-commerce, Healthcare & pharma.
- Who are the clients of Baldwin?
- Among others Close-Up, Septodont, Audiosense, Weba, Solarwinkel, N.E.W.S Records, Amanvida, Thienpont Wine, Rottaprint, Sereni, Parte, Molecule.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-09-12.