Denk
The content of this factsheet is in Dutch.
Sinds 2001 is Denk actief als creatief bureau uit Oostende. Het team telt ongeveer 3 medewerkers (VTE). Het aanbod is gericht op creatie & reclame en webdevelopment. Sectorieel richt het bureau zich vooral op kmo's (klantenwerving en rekrutering) en lokale/regionale bedrijven.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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)- Negative equity · 31 Dec 2025 · NBBDebts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
- Critical buffer · 31 Dec 2025 · NBBEquity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
- Late filing · 29 Aug 2025 · NBBThe 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.
What this agency does well
- EBITDA margin above the sector median (43,9%)
- Value-added per euro of payroll above the sector median (1,81)
- Healthy working capital (current ratio 1,46)
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 | € 114.554 | € 171.422+49,6% | € 393.727+129,7% | € 337.202-14,4% | € 280.689-16,8% |
| EBITDA | € 53.922 | € 34.599 | € 164.951 | € 116.127 | € 123.253 |
| EBITDA margin | 47,1% | 20,2% | 41,9% | 34,4% | 43,9% |
| Staff | |||||
| FTE | 2,0 | 2,9+45% | 3,9+34,5% | 4,3+10,3% | 2,8-34,9% |
| Gross margin per FTE | € 57.277 | € 59.111 | € 100.956 | € 78.419 | € 100.246 |
| Payroll cost per FTE | € 28.578 | € 45.996 | € 46.614 | € 50.952 | € 54.521 |
| Balance sheet | |||||
| Equity | € -34.804 | € -92.994 | € -37.118 | € -33.136 | € -30.328 |
| Cash | € 99.951 | € 61.442 | € 10.561 | € 22.723 | € 9.719 |
| Liquidity ratio | 0,91 | 0,90 | 1,11 | 1,21 | 1,46 |
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 17/07/2026. 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 5 Oct 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.
What the agency actually does 3 services
Sector focus
Publicly known clients
Curalis, Licht en Elektro Bossuyt, BossLighting, Event Mosaic, V-hub, Boon Solar, CSP Zeebrugge, Lavoro vzw, Brabo, Van Hee, Advionics, SPAR Middelkerke, Provincie West-Vlaanderen, Optiek Jo, Successiehuis
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 19 people mapped
The heart of this team is creative: 5 of 19 profiles are makers. Within that core, Design, Illustratie and Copywriting stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.
Based on public profiles. Something wrong? Let us know.
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.
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.
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.
Frequently asked questions about Denk
- When was Denk founded?
- In 2001.
- Where is Denk located?
- In Oostende, Belgium.
- What is Denk specialised in?
- Campaign concepts & big ideas, Campaign execution, Website development.
- How big is Denk?
- Around 3 full-time equivalents (financial year 2025).
- Who are the clients of Denk?
- Among others Curalis, Licht en Elektro Bossuyt, BossLighting, Event Mosaic, V-hub, Boon Solar, CSP Zeebrugge, Lavoro vzw, Brabo, Van Hee, Advionics, SPAR Middelkerke, Provincie West-Vlaanderen, Optiek Jo, Successiehuis.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-09-12.