What is comma specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Website strategy & UX.

Around 14 full-time equivalents (financial year 2025).

Review: comma

Q: Who are the clients of comma?

Among others Stanwick, Ice Cream for Breakfast, Tieltr, Vlaemynck, Etivoet.

comma is een brandingbureau met thuisbasis in Zedelgem, opgericht in 2004. Het team telt ongeveer 11 medewerkers (VTE). Ze werken rond strategie, branding & identiteit en ux/ui design. Namen die publiek aan dit bureau gelinkt worden: Stanwick, Ice Cream for Breakfast, Tieltr en Vlaemynck.

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: € 1,12 mln gross margin, growth +17,2% against a sector median of +2,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

commaSector median

EBITDA margin 31,4%, sector median 28%. Value-added coverage 1,47 (median 1,30).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 80.816

Median (2024) € 78.994

Against a payroll cost of € 54.141 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 48

Median (2024) € 47

23.346 hours worked, 1.680 per FTE. Against that sits € 32 of payroll cost per hour worked, leaving € 16 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: 8,4 months (median 8,3 mo). Equity in the latest year: € 526.036.

Adequate buffer

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

Cash € 61.555. Liquidity ratio 0,84: current assets cover short-term debt not in full. Solvency 29,8%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 40 days of supplier credit, sector median 74. The accounts were filed 238 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

Points to ask about

Signals in the last 24 months

Late filing · 26 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Board change · 24 Apr 2025 · 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

Gross margin grew 3 years in a row
EBITDA margin above the sector median (31,4%)
Strong buffer: 8,4 months of payroll in equity
Team grew (+28,7% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,47)
Equity was earned, not injected (reserves 27,3× the capital contributed)

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	€ 830.192	€ 868.442+4,6%	€ 958.343+10,4%	€ 1,12 mln+17,2%
EBITDA	€ 191.394	€ 170.493	€ 349.417	€ 352.419
EBITDA margin	23,1%	19,6%	36,5%	31,4%
Staff
FTE	12,9	12,7-1,6%	10,8-15%	13,9+28,7%
Gross margin per FTE	€ 64.356	€ 68.381	€ 88.735	€ 80.816
Payroll cost per FTE	€ 48.761	€ 51.870	€ 55.320	€ 54.141
Balance sheet
Equity	€ 270.811	€ 268.378	€ 389.911	€ 526.036
Cash	€ 5.758	€ 3.206	€ 2.910	€ 61.555
Liquidity ratio	0,52	0,55	0,61	0,84

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 26/08/2026. 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 4 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Digital Experience & Tech

Website strategy & UX

Sector focus

Real estate & construction

Publicly known clients

StanwickIce Cream for BreakfastTieltrVlaemynckEtivoet

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

1

People 18 people mapped

A broad team with no clear centre of gravity — creative, digital marketing and development carry roughly equal weight. There are 2 strategists around — expect thinking first, pixels second.

GD

Greetje Demuelenaere

oprichter - strategist

AV

Angelino Verhaeghe

webontwikkelaar

CV

Cedric Vermeersch

webontwikkelaar

ED

Evy Depuydt

finance & admin officer

FC

Fieke Clinckemalie

brand designer

FD

Fleur Delvinquiere

happiness officer

FR

Fleur Roose

sociale media marketeer

HV

Hélène Verhenne

digitaal project marketeer

JM

Jan Maes

videograaf

JG

Jolien Gouwy

brand designer

MD

Margaux de Ruiter

media & productie marketeer

MB

Marie Bulcke

sociale media marketeer

NF

Neal Focke

webontwikkelaar

SC

Sigrid Creytens

tekstredacteur

TP

Tamara Plancke

performance marketeer

WD

Wout Devos

brand designer

WV

Wout Van Daele

digital content marketeer

WM

Wouter Mille

strategisch 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

€ 54.141

-6% versus the median

Team composition

13,9 FTE

51% women
49% men

€ 54.141

Median Brandingbureau (2024) € 57.393All 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.

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

43,2%

Median for this type of agency (2024): 33,9%

Inflow 2025

82,7%

11,5 FTE in, 6,0 FTE out

Net team change

+5,5 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 2024: the last year for which nearly all accounts have been filed.