Around 10 full-time equivalents (financial year 2025).

Review: Co-mana

Co-mana werkt ruim twintig jaar als eventbureau uit Brussel. Met ongeveer 10 VTE is dit een middelgroot bureau.

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: € 903.810 gross margin, growth +79,1% against a sector median of -8,9%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Co-manaSector median

EBITDA margin 18,5%, sector median 36,2%. Value-added coverage 1,23 (median 1,50).

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 91.294

Median (2025) € 92.992

Against a payroll cost of € 71.802 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 56

Median (2025) € 56

16.125 hours worked, 1.629 per FTE. Against that sits € 44 of payroll cost per hour worked, leaving € 12 for premises, equipment, depreciation and profit.

Around 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: 3,5 months (median 9,8 mo). Equity in the latest year: € 204.985.

Adequate buffer

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

Cash € 238.764. Liquidity ratio 1,10: current assets cover short-term debt in full. Solvency 10,5%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 87 days of supplier credit, sector median 87. The accounts were filed 210 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

1 red flag(s) (24m)

Signals in the last 24 months

Sharp headcount decline · 31 Dec 2025 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
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.
Two consecutive loss-making years · 31 Dec 2024 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.

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

Comfortable cash position: 123 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	€ 677.829	€ 836.558+23,4%	€ 812.876-2,8%	€ 504.559-37,9%	€ 903.810+79,1%
EBITDA	€ 37.376	€ 4.531	€ -96.643	€ -451.836	€ 166.792
EBITDA margin	5,5%	0,5%	-11,9%	-89,6%	18,5%
Staff
FTE	19,0	15,0-21,1%	16,0+6,7%	17,0+6,3%	9,9-41,8%
Gross margin per FTE	€ 35.675	€ 55.771	€ 50.805	€ 29.680	€ 91.294
Payroll cost per FTE	€ 33.217	€ 52.291	€ 54.617	€ 53.649	€ 71.802
Balance sheet
Equity	€ 760.781	€ 722.832	€ 578.957	€ 83.529	€ 204.985
Cash	€ 337.710	€ 775.052	€ 901.006	€ 152.313	€ 238.764
Liquidity ratio	1,69	1,41	1,45	1,05	1,10

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 29/07/2026. 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

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

€ 71.802

+15% versus the median

Team composition

9,9 FTE

43% women
57% men

€ 71.802

Median Eventbureau (2025) € 62.258All 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.

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 2025

202,0%

Median for this type of agency (2025): 47,2%

Inflow 2025

143,4%

14,2 FTE in, 20,0 FTE out

Net team change

-5,8 FTE

20212022202320242025

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.