What is Cayman specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Content strategy & editorial.

Around 4 full-time equivalents (financial year 2025).

Who are the clients of Cayman?

Among others Itzu, Boektopia, AYA, Casteelken.

Review: Cayman: vintage creatief bureau

Cayman is al ruim twintig jaar actief als brandingbureau uit Sint-Andries. Er werken ongeveer 4 mensen, uitgedrukt in voltijdse equivalenten. De opgegeven expertises zijn strategie, branding & identiteit, creatie & reclame en content & copy. De ervaring zit vooral in lokale en internationale merken, overheden en non-profit.

Passie voor de stiel
Cayman is een, zoals ze het zelf zeggen, vintage creatief bureau zoals ze die niet meer maken. Met passie voor de stiel, liefde voor de klant, en focus op het creatieve proces.

Dat doen ze op dit moment met een klein maar zeer ervaren en hecht team van een viertal mensen in deze multi-expertises:

1 creatief directeur met illustratieskills en een neus voor copy
1 stratege met talent voor design
1 project manager
geleid door een managing director met liefde voor het vak en nog meer liefde voor haar mensen
aangevuld met de nodige freelance profielen

Cayman specialiseert zich in branding en campagnes. Dat doen ze voor klanten waar ze dicht bij kunnen staan - die te klein zijn voor een “onpersoonlijk groot bureau” maar die wel expertise nodig hebben.

Wat ze niet doen: websites, motion/video, pure performance marketing.
Waarin ze willen groeien: nog verdere focus op de creativiteit van positionering, branding en campagnes.

Zelf omschrijven ze hun cultuur met volgende trefwoorden: menselijk, soignerend, bewust klein, dichtbij, familiaal, doorgaan tot het gaatje.

Referentieklanten: Itzu, Boektopia, AYA, Casteelken
Grote voorbeelden: Mutant, LDV, Wieden+Kennedy
Gepercipieerde concurrenten: Hannibal, Skinn, Supermachine, Moqo, June20
Werken graag complementair samen met: Redhead, Manpaard, Sabouge, Kingcoma

Who do they see as competitors?

Hannibal June20 Moqo Skinn Supermachine

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

20212022202320242025

Latest year: € 341.979 gross margin, growth +26,9% against a sector median of +6,6%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

CaymanSector median

EBITDA margin 4,1%, sector median 32,2%. Value-added coverage 1,04 (median 1,29). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 89.994

Median (2025) € 82.809

Against a payroll cost of € 86.045 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 52

Median (2025) € 48

6.568 hours worked, 1.728 per FTE. Against that sits € 50 of payroll cost per hour worked, leaving € 2 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: 3,9 months (median 6,3 mo). Equity in the latest year: € 107.206.

Adequate buffer

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

Cash € 30.139. Liquidity ratio 1,50: current assets cover short-term debt in full. Solvency 35%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 62 days of supplier credit, sector median 68. The accounts were filed 180 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

Points to ask about

Signals in the last 24 months

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.
Low value-added coverage · 31 Dec 2024 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.

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

Stable team (no meaningful FTE loss)
Healthy working capital (current ratio 1,50)

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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 331.515	€ 328.201-1%	€ 340.098+3,6%	€ 269.395-20,8%	€ 341.979+26,9%
EBITDA	€ 46.836	€ 14.210	€ 9.009	€ -37.152	€ 13.913
EBITDA margin	14,1%	4,3%	2,6%	-13,8%	4,1%
Staff
FTE	4,9	4,6-6,1%	3,8-17,4%	3,80%	3,80%
Gross margin per FTE	€ 67.656	€ 71.348	€ 89.499	€ 70.893	€ 89.994
Payroll cost per FTE	€ 57.852	€ 68.190	€ 80.506	€ 80.329	€ 86.045
Balance sheet
Equity	€ 134.774	€ 141.663	€ 147.378	€ 101.716	€ 107.206
Cash	€ 95.508	€ 111.458	€ 32.515	€ 87.739	€ 30.139
Liquidity ratio	2,05	1,88	1,87	1,50	1,50

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 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 7 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Content strategy & editorial Copywriting & long-form content

Sector focus

Public sector & governmentB2B servicesMedia & entertainmentReal estate & construction

Publicly known clients

Indinox, G-sport Vlaanderen, bematrix, Huis Ampère, ITZU, Vlaamse overheid, Travi, Van Hoecke, Stad Izegem, Project Nekton, Scholengroep Sint-Lodewijk, VLIZ, Interafval, Lybover, EAZER

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

1

People 6 people mapped

A broad team with no clear centre of gravity — creative, strategy and account & project carry roughly equal weight. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. One strategist on board — enough to hold the direction, not to fill meetings.

CC

Chloé Coppieters

Managing Director

HH

Hendrik Holderick

Creative Director

KL

Karen Lemaire

Strategic Director

TV

Tom Vanden Broele

Founder & Owner

MV

Mauri Van Coillie

Project & content coördinator

WV

Wout Van Bruaene

Online Marketeer

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

€ 86.045

+41% versus the median

Team composition

3,8 FTE

74% women
26% men

€ 86.045

Median Brandingbureau (2025) € 60.980All 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 2022

43,5%

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

Inflow 2022

43,5%

2,0 FTE in, 2,0 FTE out

Net team change

0,0 FTE

20212022202320242025

Figures for financial year 2022: in 2025 this agency published no inflow or outflow.

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.