What is CNIP specialised in?

Content strategy & editorial, Copywriting & long-form content, Paid social, Search advertising (SEA), SEO & GEO.

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

Who are the clients of CNIP?

Among others Hof van Cleve, Willems Veranda, BMW Le Couter, DSM Keukens.

Review: CNIP

CNIP is een full-service bureau met thuisbasis in Gent, opgericht in 2002. De opgegeven expertises zijn seo, paid media (sea/social/display) en content & copy. Sectorieel richt het bureau zich vooral op belgische kmo's en bedrijven en b2b. Namen die publiek aan dit bureau gelinkt worden: Hof van Cleve, Willems Veranda, BMW Le Couter en DSM Keukens.

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: € 1,46 mln gross margin, growth +721,2% against a sector median of +1,8%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

CNIPSector median

EBITDA margin 76,2%, sector median 21,9%. Value-added coverage 30,16 (median 1,24).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 1,46 mln

Median (2024) € 71.525

Against a payroll cost of € 38.268 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 853

Median (2024) € 43

1.718 hours worked, 1.718 per FTE. Against that sits € 22 of payroll cost per hour worked, leaving € 830 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: 201,3 months (median 5,7 mo). Equity in the latest year: € 642.034.

Adequate buffer

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

Cash € 250.068. Liquidity ratio 1,65: current assets cover short-term debt in full. Solvency 62,6%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 5 days of supplier credit, sector median 61. The accounts were filed 243 days after closing; the legal deadline is seven months.

Filed late

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

No serious signals

Signals in the last 24 months

Late filing · 31 Aug 2026 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
Late filing · 29 Sep 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.
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.
Late filing · 29 Nov 2024 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.

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

Gross margin grew 4 years in a row
EBITDA margin above the sector median (76,2%)
Strong buffer: 201,3 months of payroll in equity
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (30,16)
Healthy working capital (current ratio 1,65)
Equity was earned, not injected (reserves 8,4× the capital contributed)
Comfortable cash position: 2385 days of payroll

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	€ 70.831	€ 84.059+18,7%	€ 156.797+86,5%	€ 178.376+13,8%	€ 1,46 mln+721,2%
EBITDA	€ 64.785	€ 78.768	€ 142.775	€ 60.098	€ 1,12 mln
EBITDA margin	91,5%	93,7%	91,1%	33,7%	76,2%
Staff
FTE	-	-	0,3	1,0+233,3%	1,00%
Gross margin per FTE	-	-	€ 522.656	€ 178.376	€ 1,46 mln
Payroll cost per FTE	-	-	€ 29.546	€ 35.432	€ 38.268
Balance sheet
Equity	€ 359.195	€ 359.253	€ 402.137	€ 297.799	€ 642.034
Cash	€ 41.203	€ 32.730	€ 5.728	€ 11.961	€ 250.068
Liquidity ratio	0,59	0,67	0,81	0,51	1,65

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 31/08/2026. 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 21 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 5 services

Content & Production

Content strategy & editorial Copywriting & long-form content

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

SEO & GEO

Sector focus

Automotive & mobilityTravel & hospitalityReal estate & construction

Publicly known clients

Hof van CleveWillems VerandaBMW Le CouterDSM Keukens

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

1

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

€ 38.268

-33% versus the median

Team composition

1,0 FTE

€ 38.268

Median Full-service bureau (2024) € 57.275All agencies (2024) € 59.045

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.

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

/

Median for this type of agency (2024): 32,7%

Inflow 2023

333,3%

202320242025

Figures for financial year 2023: 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 2024: the last year for which nearly all accounts have been filed.