What is Fold specialised in?

Campaign concepts & big ideas, Campaign execution, Website development.

Around 1 full-time equivalent (financial year 2024).

Review: Fold

Fold is al ruim tien jaar actief als digitaal bureau (web & platform) uit Kortrijk. Het aanbod is gericht op webdevelopment en creatie & reclame. Het zwaartepunt ligt bij opdrachtgevers uit merken/kmo's, retail/design en b2b.

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

20202021202220232024

Latest year: € 57.129 gross margin, growth -55,1% against a sector median of +0,6%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20202021202220232024

FoldSector median

EBITDA margin 78,9%, sector median 20,7%. Value-added coverage 5,86 (median 1,18).

Healthy margin

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: 67,5 months (median 4,9 mo). Equity in the latest year: € 52.146.

Adequate buffer

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

Cash € 4.269. Liquidity ratio 1,32: current assets cover short-term debt in full. Solvency 33,2%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 453 days of supplier credit, sector median 47. The accounts were filed 323 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

Late filing · 19 Nov 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.
Late filing · 30 Sep 2024 · 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

EBITDA margin above the sector median (78,9%)
Strong buffer: 67,5 months of payroll in equity
Value-added per euro of payroll above the sector median (5,86)
Healthy working capital (current ratio 1,32)
No departures in 2024

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, 2020 to 2024Result, staff and balance sheet

	2020	2021	2022	2023	2024
Result
Gross margin	€ -2.533	€ 65.035	€ 23.487-63,9%	€ 127.160+441,4%	€ 57.129-55,1%
EBITDA	€ -5.812	€ 41.014	€ -7.688	€ 75.350	€ 45.048
EBITDA margin	-	63,1%	-32,7%	59,3%	78,9%
Staff
FTE	0,1	2,5+2.400%	1,1-56%	1,2+9,1%	-
Gross margin per FTE	€ -25.330	€ 26.014	€ 21.352	€ 105.966	-
Payroll cost per FTE	€ 23.856	€ 8.671	€ 27.369	€ 38.077	-
Balance sheet
Equity	€ 18.557	€ 24.859	€ -22.918	€ 24.571	€ 52.146
Cash	€ 2.159	-	€ 3.929	€ 594	€ 4.269
Liquidity ratio	1,24	0,74	0,64	1,35	1,32

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2024, filed on 19/11/2025. 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 14 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 3 services

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Digital Experience & Tech

Website development

Sector focus

Merken/KMO'sretail/designB2B

From our own research. The agency hasn't listed its sectors yet.

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

1

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 2023

416,7%

Median for this type of agency (2024): 29,3%

Inflow 2023

416,7%

5,0 FTE in, 5,0 FTE out

Net team change

0,0 FTE

2020202120222023

Figures for financial year 2023: in 2024 this agency published no inflow or outflow.

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 2024. 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.