What is Ethos Media Agency specialised in?

Campaign concepts & big ideas, Campaign execution, Video production.

How big is Ethos Media Agency?

Around 1 full-time equivalent (financial year 2025).

Review: Ethos Media Agency

Q: Who are the clients of Ethos Media Agency?

Among others New Balance, Spa Grand Prix, Just Russel, Loop Earplugs, 555 Live Experience, Longines Global Champions Tour, Aramco, Diriyah E-Prix, MotoGP, TREK, Cupra, Red Bull, Archer, Culture Kids.

Sinds 2023 is Ethos Media Agency actief als productiehuis uit Antwerpen. Het bureau is toegespitst op video & productie en creatie & reclame. De ervaring zit vooral in entertainment, sportevenementen en festivals.

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

20242025

Latest year: € 85.698 gross margin, growth -74,9% against a sector median of 0%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20242025

Ethos Media AgencySector median

EBITDA margin 50,7%, sector median 45,7%. Value-added coverage 2,08 (median 1,46).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 71.415

Median (2025) € 77.875

Against a payroll cost of € 33.627 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 54

Median (2025) € 48

1.579 hours worked, 1.316 per FTE. Against that sits € 26 of payroll cost per hour worked, leaving € 29 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: 23,8 months (median 9,9 mo). Equity in the latest year: € 79.871.

Adequate buffer

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

Cash € 86.380. Liquidity ratio 1,31: current assets cover short-term debt in full. Solvency 23,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 792 days of supplier credit, sector median 58. The accounts were filed 212 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

Points to ask about

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 Aug 2026 · Google Autocomplete
Registered office moved · 10 Dec 2025 · Staatsblad
The registered office relocated. Usually just a new office.
Late filing · 31 Aug 2025 · 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.
+ 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.

What this agency does well

EBITDA margin above the sector median (50,7%)
Strong buffer: 23,8 months of payroll in equity
Value-added per euro of payroll above the sector median (2,08)
Healthy working capital (current ratio 1,31)
Equity was earned, not injected (reserves 38,9× the capital contributed)
Comfortable cash position: 781 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.

2 financial years, 2024 to 2025Result, staff and balance sheet

	2024	2025
Result
Gross margin	€ 342.010	€ 85.698-74,9%
EBITDA	€ 297.270	€ 43.409
EBITDA margin	86,9%	50,7%
Staff
FTE	-	1,2
Gross margin per FTE	-	€ 71.415
Payroll cost per FTE	-	€ 33.627
Balance sheet
Equity	€ 78.460	€ 79.871
Cash	€ 115.177	€ 86.380
Liquidity ratio	1,18	1,31

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 31/07/2026. 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.

What the agency actually does 3 services

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Video production

Sector focus

Media & entertainmentFashion & lifestyleRetail & e-commerceAutomotive & mobilityEnergy & utilities

Publicly known clients

New Balance, Spa Grand Prix, Just Russel, Loop Earplugs, 555 Live Experience, Longines Global Champions Tour, Aramco, Diriyah E-Prix, MotoGP, TREK, Cupra, Red Bull, Archer, Culture Kids

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

1

People 8 people mapped

The heart of this team is creative: 4 of 8 profiles are makers. Within that core, Art Direction and Design stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. Notably, no declared strategists in sight — this agency would rather make than philosophise.

IP

Ilias Pauwels

Creative Director

MR

Matthew Rombouts

Project Director

QL

Quinten Lemmens

Creative Director

WL

Wout Lambrecht

CEO

EA

Elen Atoyan

Marketing Manager

KG

Kiano Gingell

Visual Artist

LH

Lucas Heirbaut

Visual Artist

MJ

Mija Jovic

Finance & Legal

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

€ 33.627

-39% versus the median

Team composition

1,2 FTE

17% women
83% men

€ 33.627

Median Productiehuis (2025) € 55.256All 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

183,3%

Median for this type of agency (2025): 30,8%

Inflow 2025

233,3%

2,8 FTE in, 2,2 FTE out

Net team change

+0,6 FTE

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.