How big is Expansion Partners?

Around 32 full-time equivalents (financial year 2025).

Review: Expansion Partners

Expansion Partners is al ruim twintig jaar actief als full-service bureau uit Namur. Op de loonlijst staan ongeveer 32 voltijdse equivalenten.

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: € 1,75 mln gross margin, growth +1,3% against a sector median of +1,7%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Expansion PartnersSector median

EBITDA margin 6,4%, sector median 23,9%. Value-added coverage 1,07 (median 1,27). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 54.797

Median (2025) € 78.251

Against a payroll cost of € 50.288 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 33

Median (2025) € 49

52.377 hours worked, 1.637 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 3 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: 6,2 months (median 5,8 mo). Equity in the latest year: € 825.511.

Adequate buffer

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

Cash € 88.970. Liquidity ratio 1,39: current assets cover short-term debt in full. Solvency 35,1%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 181 days of supplier credit, sector median 54. The accounts were filed 224 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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Late filing · 12 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.

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

Profitable in every one of the last 5 years
Strong buffer: 6,2 months of payroll in equity
Healthy working capital (current ratio 1,39)
Equity was earned, not injected (reserves 3,1× the capital contributed)
Turnover below the median (21,9%)

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	€ 2,01 mln	€ 1,72 mln-14,4%	€ 1,85 mln+7,5%	€ 1,73 mln-6,4%	€ 1,75 mln+1,3%
EBITDA	€ 394.762	€ 188.043	€ 155.507	€ 135.483	€ 111.636
EBITDA margin	19,6%	10,9%	8,4%	7,8%	6,4%
Staff
FTE	34,2	30,7-10,2%	32,7+6,5%	35,2+7,6%	32,0-9,1%
Gross margin per FTE	€ 58.747	€ 56.025	€ 56.528	€ 49.165	€ 54.797
Payroll cost per FTE	€ 43.489	€ 48.554	€ 50.487	€ 44.830	€ 50.288
Balance sheet
Equity	€ 766.905	€ 769.793	€ 818.294	€ 824.703	€ 825.511
Cash	€ 490.638	€ 517.596	€ 321.755	€ 301.004	€ 88.970
Liquidity ratio	1,49	1,34	1,27	1,34	1,39

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 12/08/2026. 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.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

1

People 8 people mapped

This team is built around client service: 2 of 8 are account & project. Within that core, Projectleiding and Coördinatie stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep.

AV

Arnaud Van Cutsem

Partner

BV

Bertrand Van Den Dooren

Managing director

LC

Louis Carette

Digital team manager

RF

Rémy Frenoy

Digital studio manager

CK

Christine Koenigs

Senior project manager Pôle Communication

CR

Christophe Rosière

Studio and production manager

RR

Renaud Rousselet

Financial manager

SL

Sophie Luchini

Senior project manager Pôle Communication

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

€ 50.288

-17% versus the median

Team composition

32,0 FTE

58% women
42% men

€ 50.288

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

21,9%

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

Inflow 2025

21,9%

7,0 FTE in, 7,0 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.