Choo Choo
The content of this factsheet is in Dutch.
Choo Choo bestaat sinds 2023 en profileert zich als creatief bureau uit Leuven. De focus ligt op creatie & reclame, content & copy, strategie en branding & identiteit. Sectorieel richt het bureau zich vooral op merken die jongeren/gen z willen bereiken. Publiek gekende klanten zijn onder meer Bednet, Poule & Poulette, YouthStart en Stad Halle.
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 signals- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
What this agency does well
- EBITDA margin above the sector median (50,8%)
- Strong buffer: 83,2 months of payroll in equity
- Value-added per euro of payroll above the sector median (2,03)
- Healthy working capital (current ratio 3,58)
- Equity was earned, not injected (reserves 2,7× the capital contributed)
- Comfortable cash position: 551 days of payroll
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
3 financial years, 2024 to 2026Result, staff and balance sheet
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Result | |||
| Gross margin | € -22.160 | € 87.929 | € 21.750-75,3% |
| EBITDA | € -22.160 | € 87.929 | € 11.045 |
| EBITDA margin | - | 100% | 50,8% |
| Staff | |||
| FTE | - | - | 0,8 |
| Gross margin per FTE | - | - | € 27.188 |
| Payroll cost per FTE | - | - | € 13.382 |
| Balance sheet | |||
| Equity | € -3.316 | € 68.626 | € 74.247 |
| Cash | € 12.795 | € 90.611 | € 16.174 |
| Liquidity ratio | 1,76 | 4,23 | 3,58 |
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 2026, filed on 21/10/2026. 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
Sector focus
Public sector & government
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 4 people mapped
A broad team with no clear centre of gravity — strategy, data and creative carry roughly equal weight. A small team: short lines, little noise between you and the makers.
Based on public profiles. Something wrong? 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.
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 2026. 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.
Frequently asked questions about Choo Choo
- When was Choo Choo founded?
- In 2023.
- Where is Choo Choo located?
- In Leuven, Belgium.
- What is Choo Choo specialised in?
- Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Content strategy & editorial.
- How big is Choo Choo?
- Around 1 full-time equivalent (financial year 2026).
- Who are the clients of Choo Choo?
- Among others Bednet, Poule & Poulette, YouthStart, Stad Halle, Aquafin, Randstad.
Figures from the annual accounts up to financial year 2026. Company details checked against the CBE register on 2026-10-13.