Around 5 full-time equivalents (financial year 2025).

Review: Exposure

Q: What is Exposure specialised in?

Marketing strategy, Website development, Dashboards & reporting, Data science & analytics (incl. predictive modelling), Corporate communication, PR strategy & media relations.

Q: Who are the clients of Exposure?

Among others FlexiCare, Sportwerk Vlaanderen, bpostgroup, Stad Genk, BAVET, Kernpunt, Mijn Maatwerk, MONAVISA, Topglass, OVAM, Duror Fashion Group.

Exposure is een full-service bureau met thuisbasis in Gentbrugge, opgericht in 2020. Er werken ongeveer 5 mensen, uitgedrukt in voltijdse equivalenten. Het bureau combineert strategie, pr & communicatie, webdevelopment en data & analytics. Sectorieel richt het bureau zich vooral op niet duidelijk bepaald.

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

2022202320242025

Latest year: € 421.932 gross margin, growth -24,4% against a sector median of +1,8%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

ExposureSector median

EBITDA margin 36,8%, sector median 21,9%. Value-added coverage 1,59 (median 1,24).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 86.108

Median (2024) € 71.525

Against a payroll cost of € 54.648 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 52

Median (2024) € 43

8.168 hours worked, 1.667 per FTE. Against that sits € 33 of payroll cost per hour worked, leaving € 19 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: 0,8 months (median 5,7 mo). Equity in the latest year: € 18.600.

Critical buffer

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

Cash € 225.708. Liquidity ratio 1,17: current assets cover short-term debt in full. Solvency 4,7%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 14 days of supplier credit, sector median 61. The accounts were filed 214 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

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Board change · 5 May 2026 · 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.
Late filing · 30 Jan 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.
Sharp headcount decline · 30 Jun 2025 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
Sharp drop in equity · 30 Jun 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
Critical buffer · 30 Jun 2025 · NBB
Equity 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.

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 (36,8%)
Profitable in every one of the last 4 years
Value-added per euro of payroll above the sector median (1,59)
Comfortable cash position: 308 days of payroll
Invests in training (149 hours per FTE)

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.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 213.107	€ 560.265+162,9%	€ 557.964-0,4%	€ 421.932-24,4%
EBITDA	€ 67.974	€ 292.546	€ 225.492	€ 155.432
EBITDA margin	31,9%	52,2%	40,4%	36,8%
Staff
FTE	3,3	4,8+45,5%	5,8+20,8%	4,9-15,5%
Gross margin per FTE	€ 64.578	€ 116.722	€ 96.201	€ 86.108
Payroll cost per FTE	€ 37.939	€ 55.512	€ 57.083	€ 54.648
Balance sheet
Equity	€ 118.357	€ 331.856	€ 18.600	€ 18.600
Cash	€ 79.130	€ 270.906	€ 391.911	€ 225.708
Liquidity ratio	3,99	5,59	1,11	1,17

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 30/01/2026. 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 21 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 6 services

Strategy & Insights

Marketing strategy

Digital Experience & Tech

Website development

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

PR & Reputation

Corporate communication PR strategy & media relations

Sector focus

Public sector & governmentHealth & pharmaB2B servicesFood & beverage

Publicly known clients

FlexiCare, Sportwerk Vlaanderen, bpostgroup, Stad Genk, BAVET, Kernpunt, Mijn Maatwerk, MONAVISA, Topglass, OVAM, Duror Fashion Group

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

1

People 8 people mapped

Strategy weighs heavily here: 3 of 8 are strategists. Within that core, Merkstrategie, Design and Marketingstrategie stand out.

RV

Reinout Van Zandycke

Founder

CD

Claudia De Graeve

Operational manager

DV

David Van den Ostende

Consultant data & nudging

JD

Jasper De Lange

Grafisch ontwerper

LC

Lander Callens

Content marketeer

NH

Nona Herreweg

Consultant Public Affairs

RV

Robin Vets

Teamlead design & strategie

SD

Sam De Paepe

Teamlead online public affairs

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

€ 54.648

-5% versus the median

Team composition

4,9 FTE

27% women
73% men

Training per FTE

149,0 h

Many agencies fill this field in incompletely.

€ 54.648

Median Full-service bureau (2024) € 57.275All 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

108,2%

Median for this type of agency (2024): 32,7%

Inflow 2025

102,0%

5,0 FTE in, 5,3 FTE out

Net team change

-0,3 FTE

2022202320242025

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 2024: the last year for which nearly all accounts have been filed.