What is BeBold specialised in?

Paid social, Search advertising (SEA), CRM & lifecycle strategy, Marketing automation, Dashboards & reporting, Data science & analytics (incl. predictive modelling).

Around 6 full-time equivalents (financial year 2025).

Review: BeBold

Q: Who are the clients of BeBold?

Among others PIA Group, Appmiral, Eneco, Pia Go!, Proximus, Mazda Motor Europe, CM, Boortmalt, Ottobock, EasyPost, AVK Global, DPG Media, Recticel, Vandersanden, Johnson & Johnson.

BeBold bestaat sinds 2021 en profileert zich als performance- & mediabureau uit Antwerpen. Op de loonlijst staan ongeveer 9 voltijdse equivalenten. Het aanbod bestrijkt paid media (sea/social/display), data & analytics en crm & marketing automation.

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

2022202320242025

Latest year: € 558.281 gross margin, growth -14,7% against a sector median of +5,3%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

BeBoldSector median

EBITDA margin 17,2%, sector median 28%. Value-added coverage 1,21 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 87.231

Median (2025) € 76.236

Against a payroll cost of € 71.770 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 51

Median (2025) € 47

10.887 hours worked, 1.701 per FTE. Against that sits € 42 of payroll cost per hour worked, leaving € 9 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: 7,3 months (median 6,3 mo). Equity in the latest year: € 280.071.

Adequate buffer

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

Cash € 6.395. Liquidity ratio 1,22: current assets cover short-term debt in full. Solvency 30,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 72 days of supplier credit, sector median 63. The accounts were filed 236 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

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 Sep 2026 · Google Autocomplete
Late filing · 24 Aug 2026 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
+ 5 older signals within 24m

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

Profitable in every one of the last 4 years
Strong buffer: 7,3 months of payroll in equity
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 1,22)
Equity was earned, not injected (reserves 3,5× the capital contributed)

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.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 771.380	€ 755.910-2%	€ 654.434-13,4%	€ 558.281-14,7%
EBITDA	€ 44.053	€ -4.389	€ 81.415	€ 96.096
EBITDA margin	5,7%	-0,6%	12,4%	17,2%
Staff
FTE	6,6	12,5+89,4%	9,1-27,2%	6,4-29,7%
Gross margin per FTE	€ 116.876	€ 60.473	€ 71.916	€ 87.231
Payroll cost per FTE	€ 109.652	€ 60.543	€ 62.559	€ 71.770
Balance sheet
Equity	€ 71.964	€ 212.002	€ 237.971	€ 280.071
Cash	€ 7.437	€ 19.256	€ 9.775	€ 6.395
Liquidity ratio	1,18	0,79	0,74	1,22

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 24/08/2026. 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.

What the agency actually does 6 services

Media

Paid social Search advertising (SEA)

CRM, Email & Loyalty

CRM & lifecycle strategy Marketing automation

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

Sector focus

Energy & utilitiesTelecomAutomotive & mobilityTechnology & softwareB2B services

Publicly known clients

PIA Group, Appmiral, Eneco, Pia Go!, Proximus, Mazda Motor Europe, CM, Boortmalt, Ottobock, EasyPost, AVK Global, DPG Media, Recticel, Vandersanden, Johnson & Johnson

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

1

People 8 people mapped

Digital marketing is the engine: 3 of 8 profiles sit there. Within that core, Content Marketing and Analytics stand out. One strategist on board — enough to hold the direction, not to fill meetings.

A

Alexandra

Manager

E

Emily

Managing Partner

C

Cunera

Marketing Specialist

I

Imke

Marketing Specialist

M

Margot

Marketing Specialist

N

Nick

Strateeg

S

Simon

Architect

V

Vone

Architect

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

€ 71.770

+15% versus the median

Team composition

6,4 FTE

65% women
35% men

€ 71.770

Median Performance- & mediabureau (2025) € 62.495All 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

62,5%

Median for this type of agency (2025): 25,1%

Inflow 2025

15,6%

1,0 FTE in, 4,0 FTE out

Net team change

-3,0 FTE

2022202320242025

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.