BUT
The content of this factsheet is in Dutch.
Sinds 1983 is BUT actief als full-service bureau uit Schelle. Met ongeveer 15 VTE is dit een middelgroot bureau. Het aanbod is gericht op video & productie en webdevelopment. Sectoren waar het bureau vaak werkt: b2b.
How 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
No serious signalsWhat this agency does well
- Strong buffer: 21,3 months of payroll in equity
- Stable team (no meaningful FTE loss)
- Value-added per euro of payroll above the sector median (1,25)
- No warning signals in the last 24 months
- Margin per hour worked rose 2 years in a row
- Healthy working capital (current ratio 9,70)
- Equity was earned, not injected (reserves 6,0× the capital contributed)
- Comfortable cash position: 302 days of payroll
- Turnover below the median (5,5%)
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 | € 3,52 mln | € 5,43 mln+54,5% | € 4,70 mln-13,5% | € 4,82 mln+2,5% | € 4,84 mln+0,5% |
| EBITDA | € 507.108 | € 2,12 mln | € 1,04 mln | € 1,18 mln | € 988.201 |
| EBITDA margin | 14,4% | 39,1% | 22,2% | 24,6% | 20,4% |
| Staff | |||||
| FTE | 16,7 | 16,6-0,6% | 15,7-5,4% | 14,7-6,4% | 14,5-1,4% |
| Gross margin per FTE | € 210.498 | € 327.157 | € 299.271 | € 327.658 | € 333.858 |
| Payroll cost per FTE | € 168.687 | € 193.267 | € 229.983 | € 254.578 | € 272.690 |
| Balance sheet | |||||
| Equity | € 5,43 mln | € 6,63 mln | € 6,09 mln | € 6,77 mln | € 7,03 mln |
| Cash | € 1,15 mln | € 1,51 mln | € 2,35 mln | € 6,08 mln | € 3,27 mln |
| Liquidity ratio | 8,90 | 7,79 | 12,45 | 3,11 | 9,70 |
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 29/06/2026. 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.
Sector focus
Publicly known clients
BICS, ADNOC, Petersime, Agfa, Equans, O-I, Borealis, Borouge, ExxonMobil, e&, Caterpillar, Microsoft, TASKI, ADM, Atlas Copco
Based on IKAg research and public sources. Incomplete or outdated? 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.
- 18% women
- 83% 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 BUT
- When was BUT founded?
- In 1983.
- Where is BUT located?
- In Schelle, Belgium.
- What is BUT specialised in?
- AI & innovation strategy, Mobile apps & PWAs, Website development, Website strategy & UX, Corporate communication, Internal communication.
- How big is BUT?
- Around 15 full-time equivalents (financial year 2025).
- Who are the clients of BUT?
- Among others BICS, ADNOC, Petersime, Agfa, Equans, O-I, Borealis, Borouge, ExxonMobil, e&, Caterpillar, Microsoft, TASKI, ADM, Atlas Copco.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-09-12.