What is BeeNobby specialised in?

Paid social, Search advertising (SEA), SEO & GEO, Website development.

Around 1 full-time equivalent (financial year 2025).

Review: BeeNobby

Q: Who are the clients of BeeNobby?

Among others Boflex Groep, OrderCentral, Lammertyn.net, Psimco, Kenter Belgium, Bie Bijen Dierenartsen, Domein Heideven, Ter Heuven.

BeeNobby, opgericht in 2018, is een full-service bureau uit Zonhoven. Het aanbod bestrijkt seo, paid media (sea/social/display) en webdevelopment. Het zwaartepunt ligt bij opdrachtgevers uit kmo's in limburg.

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: € 59.325 gross margin, growth +5,9% against a sector median of +1,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

BeeNobbySector median

EBITDA margin 37,4%, sector median 23,9%. Value-added coverage 1,61 (median 1,27).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 59.325

Median (2025) € 78.251

Against a payroll cost of € 36.243 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 38

Median (2025) € 49

1.544 hours worked, 1.544 per FTE. Against that sits € 23 of payroll cost per hour worked, leaving € 15 for premises, equipment, depreciation and profit.

Below 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: 16,4 months (median 5,8 mo). Equity in the latest year: € 49.558.

Adequate buffer

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

Cash € 55.648. Liquidity ratio 2,37: current assets cover short-term debt in full. Solvency 60,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 52 days of supplier credit, sector median 54. The accounts were filed 168 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

No signals in the last 24 months.

What this agency does well

Outgrew the sector median 2 years running
EBITDA margin above the sector median (37,4%)
Strong buffer: 16,4 months of payroll in equity
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (1,61)
No warning signals in the last 24 months
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 2,37)
Comfortable cash position: 560 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.

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

	2022	2023	2024	2025
Result
Gross margin	€ 59.317	€ 38.844-34,5%	€ 56.030+44,2%	€ 59.325+5,9%
EBITDA	€ 28.097	€ 2.461	€ 19.707	€ 22.207
EBITDA margin	47,4%	6,3%	35,2%	37,4%
Staff
FTE	1,0	1,00%	1,00%	1,00%
Gross margin per FTE	€ 59.317	€ 38.844	€ 56.030	€ 59.325
Payroll cost per FTE	€ 30.462	€ 35.606	€ 35.439	€ 36.243
Balance sheet
Equity	€ 29.158	€ 27.114	€ 37.294	€ 49.558
Cash	€ 30.782	€ 24.211	€ 37.579	€ 55.648
Liquidity ratio	2,89	1,53	2,29	2,37

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 15/12/2025. 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 4 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

SEO & GEO Website development

Sector focus

B2B servicesHealth & pharmaRetail & e-commerceTravel & hospitality

Publicly known clients

Boflex Groep, OrderCentral, Lammertyn.net, Psimco, Kenter Belgium, Bie Bijen Dierenartsen, Domein Heideven, Ter Heuven

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

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

€ 36.243

-40% versus the median

Team composition

1,0 FTE

€ 36.243

Median Full-service bureau (2025) € 60.368All 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 2025

20,0%

Median for this type of agency (2025): 31,1%

Inflow 2025

20,0%

0,2 FTE in, 0,2 FTE out

Net team change

0,0 FTE

2022202320242025

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.