What is Expliciet specialised in?

Brand identity & design, Campaign concepts & big ideas, Search advertising (SEA), Website development, Employer brand strategy, Branding.

How big is Expliciet?

Around 30 full-time equivalents (financial year 2025).

Which sectors does Expliciet work for?

Construction & real estate, Industry & manufacturing, Public sector & non-profit, Retail & e-commerce.

Review: Expliciet: full service agency

Q: Who are the clients of Expliciet?

Among others Job Talent, Noba, Van Havermaet, Houben, Tennis Vlaanderen, Immoweb, KeyTrade..

Expliciet bestaat sinds 2012 en profileert zich als brandingbureau uit Hasselt. Op de loonlijst staan ongeveer 30 voltijdse equivalenten. Het bureau combineert strategie, branding & identiteit, creatie & reclame en paid media (sea/social/display). De klanten komen vooral uit b2b, industrie/bouw, retail en non-profit.

Full service voor familale bedrijven
Expliciet is een full-service marketing bureau dat grote B2B familiale bedrijven helpt bij het groeien. Ze verzorgen positionering en merkstrategie, marketing en communicatie strategie, en de executie en uitrol hiervan over alle relevante kanalen.
Daardoor versterken ze de merkidentiteit en salesfunnel van bedrijven, en verzorgen interne communicatie en employer branding.
Hoewel ze vooral digitale know-how inzetten (webdesign, online marketing), gebruiken ze ook niet-digitale tactieken (packaging design, beursstand, tv).
Ze doen dat op dit moment met 37 VTE, waaronder:

5 creative designers
5 webdevelopers
4 copywriters
5 performance marketeers
2 strategen
8 account & project managers

Wat ze niet doen: complex development, apps, overheidscommunicatie.
Waarin ze willen groeien: corporate klanten.
Zelf omschrijven ze hun cultuur als: zacht, warm, jong, open, familiair.

Referentieklanten: Job Talent, Noba, Van Havermaet, Houben, Tennis Vlaanderen, Immoweb, KeyTrade.
Gepercipieerde concurrenten: RCA, Yappa, Hands, iO
Tech Stack: Wordpress
Ondernemingsnummer: 0822.798.639
Gemiddelde klantgrootte: 75k

Partnerships

HubSpot Partner

Who do they see as competitors?

Cartel Agency Hands iO Yappa

As indicated by the agency itself.

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: € 3,20 mln gross margin, growth +20,3% against a sector median of +2,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

ExplicietSector median

EBITDA margin 35,9%, sector median 28%. Value-added coverage 1,60 (median 1,30).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 106.415

Median (2024) € 78.994

Against a payroll cost of € 63.839 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 67

Median (2024) € 47

47.846 hours worked, 1.590 per FTE. Against that sits € 40 of payroll cost per hour worked, leaving € 27 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: 6,1 months (median 8,3 mo). Equity in the latest year: € 977.586.

Adequate buffer

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

Cash € 552.868. Liquidity ratio 1,55: current assets cover short-term debt in full. Solvency 37,2%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 27 days of supplier credit, sector median 74. The accounts were filed 212 days after closing; the legal deadline is seven months.

Pays and files on time

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 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Board change · 8 Jul 2025 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
Registered office moved · 12 Feb 2025 · Staatsblad
The registered office relocated. Usually just a new office.

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

Gross margin grew 4 years in a row
EBITDA margin above the sector median (35,9%)
Profitable in every one of the last 5 years
Strong buffer: 6,1 months of payroll in equity
Value-added per euro of payroll above the sector median (1,60)
Margin per hour worked rose 3 years in a row
Healthy working capital (current ratio 1,55)
Equity was earned, not injected (reserves 51,6× the capital contributed)
Comfortable cash position: 105 days of payroll
Turnover below the median (23,3%)

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	€ 1,73 mln	€ 2,05 mln+18,4%	€ 2,31 mln+12,9%	€ 2,66 mln+15,1%	€ 3,20 mln+20,3%
EBITDA	€ 666.482	€ 638.024	€ 627.022	€ 774.348	€ 1,15 mln
EBITDA margin	38,6%	31,2%	27,1%	29,1%	35,9%
Staff
FTE	21,2	27,5+29,7%	29,3+6,5%	31,9+8,9%	30,1-5,6%
Gross margin per FTE	€ 81.546	€ 74.455	€ 78.905	€ 83.440	€ 106.415
Payroll cost per FTE	€ 49.811	€ 50.332	€ 57.276	€ 58.973	€ 63.839
Balance sheet
Equity	€ 845.301	€ 1,05 mln	€ 977.586	€ 977.586	€ 977.586
Cash	€ 568.969	€ 737.274	€ 281.279	€ 362.999	€ 552.868
Liquidity ratio	2,07	2,36	1,97	1,79	1,55

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 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 5 services

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas

Media

Search advertising (SEA)

Digital Experience & Tech

Website development

Employer Brand & Internal

Employer brand strategy

Sector focus

Real estate & constructionFinance & insuranceB2B servicesRetail & e-commerce

Publicly known clients

Diresco, Een Hart voor Limburg, Netalux, Kepler, Helder, SFIC, Van Havermaet, Trenara, ITC, Gevers, Polydak groep

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

1

People 1 people mapped

KB

Koen Beulen

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

€ 63.839

+11% versus the median

Team composition

30,1 FTE

66% women
34% men

€ 63.839

Median Brandingbureau (2024) € 57.393All agencies (2024) € 59.045

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

23,3%

Median for this type of agency (2024): 33,9%

Inflow 2025

13,3%

4,0 FTE in, 7,0 FTE out

Net team change

-3,0 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 2024: the last year for which nearly all accounts have been filed.

Official partnerships 1 badge(s)

HubSpot: Partner1 of 28 Belgian partners in the IKAg database.

As published in the platforms' official partner directories, collected by IKAg.