How big is Clementine?

Around 5 full-time equivalents (financial year 2025).

Review: Clementine

Clementine bestaat sinds 2010 en profileert zich als productiehuis uit Roeselare. Er werken ongeveer 5 mensen, uitgedrukt in voltijdse equivalenten.

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: € 399.100 gross margin, growth +21,6% against a sector median of 0%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

ClementineSector median

EBITDA margin 6%, sector median 45,7%. Value-added coverage 1,07 (median 1,46). 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

€ 78.255

Median (2025) € 77.875

Against a payroll cost of € 73.601 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 36

Median (2025) € 48

10.948 hours worked, 2.147 per FTE. Against that sits € 34 of payroll cost per hour worked, leaving € 2 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: 3,8 months (median 9,9 mo). Equity in the latest year: € 115.771.

Adequate buffer

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

Cash € 82.574. Liquidity ratio 1,45: current assets cover short-term debt in full. Solvency 32,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 73 days of supplier credit, sector median 58. The accounts were filed 181 days after closing; the legal deadline is seven months.

Pays slower than average

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

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
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.
Loss-making year · 31 Dec 2025 · 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.
Board change · 27 Dec 2024 · 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.

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

Team grew (+13,3% FTE in the latest year)
Healthy working capital (current ratio 1,45)
Equity was earned, not injected (reserves 9,5× the capital contributed)
Comfortable cash position: 80 days of payroll
No departures in 2025

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	€ 472.682	€ 459.311-2,8%	€ 328.112-28,6%	€ 399.100+21,6%
EBITDA	€ 194.340	€ 180.576	€ 98.504	€ 24.093
EBITDA margin	41,1%	39,3%	30%	6%
Staff
FTE	4,9	5,3+8,2%	4,5-15,1%	5,1+13,3%
Gross margin per FTE	€ 96.466	€ 86.663	€ 72.914	€ 78.255
Payroll cost per FTE	€ 48.219	€ 1.598	€ 50.899	€ 73.601
Balance sheet
Equity	€ 135.707	€ 180.801	€ 220.409	€ 115.771
Cash	€ 173.214	€ 138.878	€ 134.405	€ 82.574
Liquidity ratio	1,27	1,36	2,17	1,45

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 30/06/2026. 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.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

1

People 10 people mapped

The heart of this team is creative: 5 of 10 profiles are makers. Within that core, Video, Fotografie and Motion stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. Notably, no declared strategists in sight — this agency would rather make than philosophise.

A

Alexander

Creative Director

B

Barbara

Creative Director & Founding Mother

B

Bram

Director - Camera Operator

E

Elise

Account Manager

H

Hannelore

Account Manager

M

Mathieu

Account & Accountancy

L

Liesbet

Project Manager

L

Lorenz

Postproduction Wizard

S

Sam

Editor - Camera Operator

T

Thomas

Motion Designer

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

€ 73.601

+33% versus the median

Team composition

5,1 FTE

41% women
59% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 73.601

Median Productiehuis (2025) € 55.256All 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 2025

0,0%

Median for this type of agency (2025): 30,8%

Inflow 2025

25,5%

1,3 FTE in, 0,0 FTE out

Net team change

+1,3 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.