What is Fluo specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Paid social, Search advertising (SEA).

Around 9 full-time equivalents (financial year 2025).

Review: Fluo

Q: Who are the clients of Fluo?

Among others Teamleader, BOIR, Lantis, Recycle! app, Stad Brugge, Billit, VVSG Interafval, Etixx, Belène, Fost Plus, Authentage, KMSKA, RSZ, Werkschakelpunt.

Fluo, opgericht in 2023, is een performance- & mediabureau uit Gent. Op de loonlijst staan ongeveer 6 voltijdse equivalenten. De opgegeven expertises zijn paid media (sea/social/display), strategie en branding & identiteit. De klanten komen vooral uit breed b2b/b2c.

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: € 562.497 gross margin, growth -1,4% against a sector median of +5,3%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20242025

FluoSector median

EBITDA margin 5,3%, sector median 28%. Value-added coverage 1,06 (median 1,23). 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

€ 65.407

Median (2025) € 76.236

Against a payroll cost of € 61.674 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 41

Median (2025) € 47

13.790 hours worked, 1.603 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € 2 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: 1,4 months (median 6,3 mo). Equity in the latest year: € 63.886.

Thin buffer

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

Cash € 6.844. Liquidity ratio 1,22: current assets cover short-term debt in full. Solvency 21,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 39 days of supplier credit, sector median 63. The accounts were filed 236 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
Late filing · 24 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Thin buffer · 31 Dec 2025 · NBB
Equity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
Late filing · 26 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.
Critical buffer · 31 Dec 2024 · 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.
+ 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

Team grew (+45,8% FTE in the latest year)
Healthy working capital (current ratio 1,22)
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.

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

	2024	2025
Result
Gross margin	€ 570.343	€ 562.497-1,4%
EBITDA	€ -9.179	€ 29.781
EBITDA margin	-1,6%	5,3%
Staff
FTE	5,9	8,6+45,8%
Gross margin per FTE	€ 96.668	€ 65.407
Payroll cost per FTE	€ 97.902	€ 61.674
Balance sheet
Equity	€ 47.743	€ 63.886
Cash	€ 5.856	€ 6.844
Liquidity ratio	1,33	1,22

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 24/08/2026. 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.

What the agency actually does 5 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Media

Paid social Search advertising (SEA)

Sector focus

Technology & softwarePublic sector & governmentMedia & entertainmentFood & beverageReal estate & construction

Publicly known clients

Teamleader, BOIR, Lantis, Recycle! app, Stad Brugge, Billit, VVSG Interafval, Etixx, Belène, Fost Plus, Authentage, KMSKA, RSZ, Werkschakelpunt

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

1

People 13 people mapped

Strategy weighs heavily here: 6 of 13 are strategists. Within that core, Marketingstrategie, Copywriting and Merkstrategie stand out. There's a real data layer too (2 profiles) — measuring is part of the craft here.

H

Hans

A

Anke

A

Anne-Cathérine

B

Barbara

J

Jade

J

Jan

L

Laura

LH

Lieselot Huysman

R

Robbe

R

Roza

S

Saskia

Digital marketer & copywriter

S

Stephanie

T

Thijs

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

€ 61.674

-1% versus the median

Team composition

8,6 FTE

91% women
9% men

€ 61.674

Median Performance- & mediabureau (2025) € 62.495All 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

23,3%

Median for this type of agency (2025): 25,1%

Inflow 2025

67,4%

5,8 FTE in, 2,0 FTE out

Net team change

+3,8 FTE

20242025

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.