What is Boil specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Website strategy & UX, Branding, Merkstrategie.

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

Who are the clients of Boil?

Among others dScribe, Apex Group, Swissklip, Dingbats, Stashed, Idalko.

Review: Boil: branding agency

Boil is een brandingbureau uit Antwerpen, actief sinds 2021. De opgegeven expertises zijn strategie, branding & identiteit en ux/ui design. Het zwaartepunt ligt bij opdrachtgevers uit challenger brands en startups en ambitieuze uitdagers.

Voor challenger brands
Boil agency is een digital native branding agency. Ze onderzoeken de digitale customer journey, helpen bij brand positioning en merkstrategie, werken de branding uit - en gaan daarna aan de slag voor de go-to-market.
Dat doen ze voornamelijk voor “challenger brands”. 40% van hun omzet halen ze uit het buitenland.
Ze doen dat op dit moment met 8 VTE:

1 merkstrateeg
1 marketing strateeg
1 art director
1 brand designer
1 copywriter
1 online marketeer
2 front-end webdevelopers

Waarin ze willen groeien: content
Wat ze niet doen: social media management

Referentieklanten: dScribe, Apex Group, Swissklip, Dingbats, Stashed, Idalko
Gepercipieerde concurrenten: The Bottom Line, Plant a Flag, King of Hearts
Voorbeelden: Eatbigfish
Ondernemingsnummer: 0776.448.871
Gemiddelde klantgrootte: 30k

Who do they see as competitors?

King of Hearts Plant A Flag

As indicated by the agency itself.

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: € -34.165 gross margin, growth - against a sector median of +6,6%.

Not enough history

MarginEBITDA / gross margin · value-added coverage

2022202320242025

BoilSector median

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

No margin data

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: - (median 6,3 mo). Equity in the latest year: € -38.126.

No buffer data

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

Cash € 18.830. Liquidity ratio 0,57: current assets cover short-term debt not in full. Solvency -60,8%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

The accounts were filed 190 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

2 red flag(s) (24m)

Signals in the last 24 months

Two consecutive loss-making years · 31 Dec 2025 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
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.
Negative equity · 31 Dec 2025 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
Board change · 22 Jan 2025 · 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.
Loss-making year · 31 Dec 2024 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.

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.

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	€ 135.646	€ 69.656-48,6%	€ -21.515-130,9%	€ -34.165
EBITDA	€ 6.488	€ 13.833	€ -28.432	€ -35.267
EBITDA margin	4,8%	19,9%	-	-
Staff
FTE	1,9	0,9-52,6%	-	-
Gross margin per FTE	€ 71.393	€ 77.395	-	-
Payroll cost per FTE	€ 66.416	€ 59.844	-	-
Balance sheet
Equity	€ 24.253	€ 33.001	€ 2.540	€ -38.126
Cash	€ 16.916	€ 0	€ 59	€ 18.830
Liquidity ratio	1,16	1,18	0,95	0,57

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 09/07/2026. 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 4 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Digital Experience & Tech

Website strategy & UX

Sector focus

Health & pharmaFood & beverageTechnology & softwareMedia & entertainmentReal estate & construction

Publicly known clients

Vectura Fertin, Healthy7, Agoria, Amuuz Bouche, Superlinear, Bolt Immo, Swissker, Tribe Gym, Idalko, dScribe, Dingbats, Apex group, e& Enterprise, Dockmate, Sony Music

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

1

People 4 people mapped

Strategy weighs heavily here: 2 of 4 are strategists. Within that core, Strategie, Business Development and Merkstrategie stand out. A small team: short lines, little noise between you and the makers.

K

Kevin

Business Strategy

P

Philippe

Brand Strategy

V

Velizar

Brand Design

V

Vlado

Front-end & Mobile Dev

Based on public profiles. Something wrong? Let us know.

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 2023

222,2%

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

Inflow 2023

/

20222023

Figures for financial year 2023: in 2025 this agency published no inflow or outflow.

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.