What is Cookies Agency specialised in?

Paid social, Search advertising (SEA), SEO & GEO.

How big is Cookies Agency?

Around 15 full-time equivalents (financial year 2025).

Which sectors does Cookies Agency work for?

Retail & e-commerce, Sports & entertainment.

Review: Cookies Agency

Cookies Agency is een full-service bureau met thuisbasis in Cheratte, opgericht in 2018. Het team telt ongeveer 12 medewerkers (VTE). De dienstverlening draait om paid media (sea/social/display) en seo. Het zwaartepunt ligt bij opdrachtgevers uit retail/shopping, events/entertainment en lokale waalse kmo's.

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: € 590.052 gross margin, growth +38,3% against a sector median of +1,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Cookies AgencySector median

EBITDA margin -24,7%, sector median 23,9%. Value-added coverage 0,80 (median 1,27).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 40.415

Median (2025) € 78.251

Against a payroll cost of € 43.648 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 24

Median (2025) € 49

24.313 hours worked, 1.665 per FTE. Against that sits € 26 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: 0,7 months (median 5,8 mo). Equity in the latest year: € 42.278.

Critical buffer

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

Cash € 31.720. Liquidity ratio 0,86: current assets cover short-term debt not in full. Solvency 2,4%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 69 days of supplier credit, sector median 54. The accounts were filed 240 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

2 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Late filing · 28 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
+ 6 older signals within 24m

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 (+19,7% FTE in the latest year)
Turnover below the median (13,7%)

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	€ 218.400	€ 321.077+47%	€ 474.538+47,8%	€ 426.654-10,1%	€ 590.052+38,3%
EBITDA	€ 91.520	€ 92.248	€ 125.659	€ -126.314	€ -145.923
EBITDA margin	41,9%	28,7%	26,5%	-29,6%	-24,7%
Staff
FTE	3,5	5,9+68,6%	8,5+44,1%	12,2+43,5%	14,6+19,7%
Gross margin per FTE	€ 62.400	€ 54.420	€ 55.828	€ 34.972	€ 40.415
Payroll cost per FTE	€ 36.103	€ 38.603	€ 39.586	€ 45.030	€ 43.648
Balance sheet
Equity	€ 190.077	€ 244.057	€ 285.239	€ 289.738	€ 42.278
Cash	€ 75.359	€ 60.849	€ 409.303	€ 121.033	€ 31.720
Liquidity ratio	1,33	0,91	1,33	1,41	0,86

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 28/08/2026. 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 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 3 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

SEO & GEO

Sector focus

Retail/shoppingevents/entertainmentlokale Waalse kmo's

From our own research. The agency hasn't listed its sectors yet.

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

1

People 15 people mapped

Digital marketing is the engine: 5 of 15 profiles sit there. Within that core, SEA, Analytics and Social Media stand out. One strategist on board — enough to hold the direction, not to fill meetings.

NH

Nicolas Hanf

Managing Partner

AR

Alexis Radelet

Paid Media Expert

AB

Amélie Baudoin

Project Manager

AL

Aurélien Ledent

Paid Media Expert

AM

Axelle Mbaya Kapita

Paid Media Expert

DT

Déborah Théatre

Social Media Expert

EC

Elisa Champagne

Project Manager

EM

Eve Monseu

Social Media Expert

MD

Martin Delhasse

Digital Strategist

MD

Mélissa Di Chiara

Assistante de direction

NH

Nicolas Hauseux

Project Manager

TR

Thibault Rousseau

Graphic Designer

TB

Thomas Ballat

Project Manager

TB

Thomas Brouwers

Photographer & Film-maker

VJ

Victoria Jacob

Project Manager

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

€ 43.648

-28% versus the median

Team composition

14,6 FTE

41% women
59% men

€ 43.648

Median Full-service bureau (2025) € 60.368All 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

13,7%

Median for this type of agency (2025): 31,1%

Inflow 2025

13,7%

2,0 FTE in, 2,0 FTE out

Net team change

0,0 FTE

20212022202320242025

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.