What is Duval Branding specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Content strategy & editorial.

How big is Duval Branding?

Around 12 full-time equivalents (financial year 2023).

Which sectors does Duval Branding work for?

Agriculture & agri-food, Fashion & lifestyle, Food & beverage, Healthcare & pharma.

Who are the clients of Duval Branding?

Among others Biovia, Dossche Mills, Xandres.

Review: Duval Branding

Duval Branding, opgericht in 2012, is een brandingbureau uit Antwerpen. Op de loonlijst staan ongeveer 12 voltijdse equivalenten. Het bureau combineert strategie, branding & identiteit, creatie & reclame en content & copy. Namen die publiek aan dit bureau gelinkt worden: Biovia, Dossche Mills en Xandres.

Awards

1× Effie Awards Belgium

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

202120222023

Latest year: € 990.788 gross margin, growth +95,7% against a sector median of +12,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

202120222023

Duval BrandingSector median

EBITDA margin 15,3%, sector median 24,6%. Value-added coverage 1,18 (median 1,22).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 81.883

Median (2023) € 68.381

Against a payroll cost of € 67.702 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 54

Median (2023) € 42

18.449 hours worked, 1.525 per FTE. Against that sits € 44 of payroll cost per hour worked, leaving € 9 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: 1,1 months (median 7,3 mo). Equity in the latest year: € 77.698.

Thin buffer

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

Cash € 299.758. Liquidity ratio 0,97: current assets cover short-term debt not in full. Solvency 4,8%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 409 days of supplier credit, sector median 82. The accounts were filed 106 days after closing; the legal deadline is seven months.

Pays slower than average

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 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Change in legal status · 12 Jul 2026 · KBO
The official status of the company in the CBE changed. That ranges from an administrative correction to something very serious. Check the details and ask the agency for context.
+ 1 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.

Legal status (CBE): Opening faillissement

What this agency does well

Comfortable cash position: 134 days of payroll
Turnover below the median (33,1%)

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.

3 financial years, 2021 to 2023Result, staff and balance sheet

	2021	2022	2023
Result
Gross margin	€ 1,25 mln	€ 506.276-59,4%	€ 990.788+95,7%
EBITDA	€ 333.819	€ -475.354	€ 151.349
EBITDA margin	26,8%	-93,9%	15,3%
Staff
FTE	16,5	15,1-8,5%	12,1-19,9%
Gross margin per FTE	€ 75.532	€ 33.528	€ 81.883
Payroll cost per FTE	€ 54.917	€ 64.449	€ 67.702
Balance sheet
Equity	€ 418.397	€ -220.897	€ 77.698
Cash	€ 86.031	€ 126.303	€ 299.758
Liquidity ratio	1,20	0,74	0,97

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 2023, filed on 15/04/2024. 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 2023: the last year for which nearly all accounts have been filed.

What the agency actually does 7 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Content strategy & editorial Copywriting & long-form content

Sector focus

B2B en B2C merken, voeding/agri, fashion, health/innovatie

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

Publicly known clients

BioviaDossche MillsXandres

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

€ 67.702

+17% versus the median

Team composition

12,1 FTE

38% women
63% men

€ 67.702

Median Brandingbureau (2023) € 58.129All agencies (2023) € 57.168

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

33,1%

Median for this type of agency (2023): 43,5%

Inflow 2023

16,5%

2,0 FTE in, 4,0 FTE out

Net team change

-2,0 FTE

202120222023

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2023. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2023: the last year for which nearly all accounts have been filed.

Award-winning work 1 award(s)

2016

Effie Awards Belgium Bronze“Bienvenue chez vous — Matexi” · source ↗

As published by the organising award shows, collected by IKAg.