What is Forever After specialised in?

Paid social, Search advertising (SEA), Organic social content, Social strategy & platform mix.

How big is Forever After?

Around 2 full-time equivalents (financial year 2024).

Review: Forever After

Q: Who are the clients of Forever After?

Among others Licht voor de Wereld, Unix-Solutions, UZ Gent (CEVAC), Visit Ieper, Goldfish, Silke Desaever, Pleegzorg Oost-Vlaanderen.

Forever After is een social media bureau met thuisbasis in Zaventem, opgericht in 2016. De dienstverlening draait om social media en paid media (sea/social/display). De klanten komen vooral uit breed (consumer brands, retail, muziek en energie. Namen die publiek aan dit bureau gelinkt worden: Licht voor de Wereld, Unix-Solutions, UZ Gent (CEVAC) en Visit Ieper.

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

2021202220232024

Latest year: € 108.318 gross margin, growth -21,5% against a sector median of +11,4%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2021202220232024

Forever AfterSector median

EBITDA margin 22,5%, sector median 31,6%. Value-added coverage 1,30 (median 1,30).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 57.010

Median (2024) € 61.673

Against a payroll cost of € 43.254 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 41

Median (2024) € 39

2.663 hours worked, 1.402 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 10 for premises, equipment, depreciation and profit.

Around 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: 14,8 months (median 7,4 mo). Equity in the latest year: € 101.493.

Adequate buffer

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

Cash € 10.797. Liquidity ratio 0,85: current assets cover short-term debt not in full. Solvency 21,6%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 71 days of supplier credit, sector median 49. The accounts were filed 273 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Late filing · 30 Sep 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.
Loss-making year · 31 Dec 2024 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.

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

Strong buffer: 14,8 months of payroll in equity
Team grew (+5,6% FTE in the latest year)
Equity was earned, not injected (reserves 15,8× the capital contributed)

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, 2021 to 2024Result, staff and balance sheet

	2021	2022	2023	2024
Result
Gross margin	€ 134.390	€ 118.607-11,7%	€ 137.995+16,3%	€ 108.318-21,5%
EBITDA	€ 55.404	€ 61.681	€ 60.854	€ 24.387
EBITDA margin	41,2%	52%	44,1%	22,5%
Staff
FTE	2,0	1,7-15%	1,8+5,9%	1,9+5,6%
Gross margin per FTE	€ 67.195	€ 69.769	€ 76.664	€ 57.010
Payroll cost per FTE	€ 38.427	€ 32.242	€ 41.117	€ 43.254
Balance sheet
Equity	€ 100.542	€ 127.618	€ 150.103	€ 101.493
Cash	€ 68.357	€ 66.454	€ 30.012	€ 10.797
Liquidity ratio	1,55	1,72	1,61	0,85

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 2024, filed on 30/09/2025. 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 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 4 services

Media

Paid social Search advertising (SEA)

Social, Influencer & Community

Organic social content Social strategy & platform mix

Sector focus

Health & pharmaTechnology & softwareTravel & hospitality

Publicly known clients

Licht voor de WereldUnix-SolutionsUZ Gent (CEVAC)Visit IeperGoldfishSilke DesaeverPleegzorg Oost-Vlaanderen

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

1

People 2 people mapped

SV

Sara Van de Velde

CV

Cynthia Vanpaeschen

Digital Campaign Manager

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

€ 43.254

-16% versus the median

Team composition

1,9 FTE

€ 43.254

Median Social media bureau (2024) € 51.484All 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 2024

/

Median for this type of agency (2024): 43,5%

Inflow 2024

47,4%

2021202220232024

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.