Around 2 full-time equivalents (financial year 2025).

Review: Forcit

Q: Who are the clients of Forcit?

Among others Explainmed, Karmicare, Birdhouse, Vind!, Bpost, Smart Face Masks, McCain, NATO / OTAN, Securex, Comon, Ghent University.

Forcit bestaat sinds 2018 en profileert zich als strategiebureau uit Gentbrugge. De opgegeven expertise is strategie.

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: € 122.974 gross margin, growth +13,1% against a sector median of +17,9%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Forcit Sector median

EBITDA margin 54,6%, sector median 39%. Value-added coverage 2,21 (median 1,47).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 72.338

Against a payroll cost of € 26.855 per FTE. The ratio between the two is the coverage rate above.

No data

Yield levelYield per hour worked, against payroll cost

€ 52

2.344 hours worked, 1.379 per FTE. Against that sits € 19 of payroll cost per hour worked, leaving € 33 for premises, equipment, depreciation and profit.

No data

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: 36,1 months (median 6,2 mo). Equity in the latest year: € 166.444.

Adequate buffer

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

Cash € 110.662. Liquidity ratio 1,45: current assets cover short-term debt in full. Solvency 22,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 261 days of supplier credit, sector median 109. The accounts were filed 211 days after closing; the legal deadline is seven months.

Pays slower than average

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 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete

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 (54,6%)
Profitable in every one of the last 5 years
Strong buffer: 36,1 months of payroll in equity
Team grew (+30,8% FTE in the latest year)
Value-added per euro of payroll above the sector median (2,21)
Margin per hour worked rose 4 years in a row
Healthy working capital (current ratio 1,45)
Comfortable cash position: 885 days of payroll

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	€ 52.602	€ 109.144+107,5%	€ 93.063-14,7%	€ 108.744+16,8%	€ 122.974+13,1%
EBITDA	€ 8.943	€ 25.882	€ 30.664	€ 66.704	€ 67.118
EBITDA margin	17%	23,7%	32,9%	61,3%	54,6%
Staff
FTE	2,4	3,3+37,5%	1,6-51,5%	1,3-18,8%	1,7+30,8%
Gross margin per FTE	€ 21.917	€ 33.074	€ 58.164	€ 83.649	€ 72.338
Payroll cost per FTE	€ 17.996	€ 23.294	€ 32.039	€ 32.582	€ 26.855
Balance sheet
Equity	€ 65.512	€ 77.488	€ 91.649	€ 127.430	€ 166.444
Cash	€ 30.242	€ 149	€ 8.512	€ 13.307	€ 110.662
Liquidity ratio	2,84	1,36	1,62	1,43	1,45

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 30/07/2026. 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 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 1 services

Strategy & Insights

Marketing strategy

Sector focus

Grote Belgische organisaties, KMO's en familiebedrijven in de Benelux

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

Publicly known clients

Explainmed, Karmicare, Birdhouse, Vind!, Bpost, Smart Face Masks, McCain, NATO / OTAN, Securex, Comon, Ghent University

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

1

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

€ 26.855

Team composition

1,7 FTE

€ 26.855

All agencies (2024) € 59.069

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.

2

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

117,6%

Inflow 2025

117,6%

2,0 FTE in, 2,0 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 2024: the last year for which nearly all accounts have been filed.