Forward
The content of this factsheet is in Dutch.
Forward bestaat sinds 2017 en profileert zich als digitaal bureau (web & platform) uit Hasselt. Op de loonlijst staan ongeveer 43 voltijdse equivalenten. De focus ligt op e-commerce, crm & marketing automation en webdevelopment. Sectorieel richt het bureau zich vooral op retail & e-commerce (fashion/b2c), verzekeringen, automotive en fmcg. Publiek gekende klanten zijn onder meer BASF Nunhems, Neuhaus, Lunch Garden en LolaLiza.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
- Late filing · 24 Aug 2026 · NBBThe 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 · 22 Aug 2025 · NBBThe 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.
- Registered office moved · 12 Feb 2025 · StaatsbladThe registered office relocated. Usually just a new office.
- Sharp headcount decline · 31 Dec 2024 · NBBAverage 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.
What this agency does well
- Strong buffer: 7,2 months of payroll in equity
- Value-added per euro of payroll above the sector median (1,28)
- Margin per hour worked rose 2 years in a row
- Healthy working capital (current ratio 2,03)
- Equity was earned, not injected (reserves 25,8× the capital contributed)
- Turnover below the median (13,5%)
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 | € 3,42 mln | € 4,13 mln+20,7% | € 3,44 mln-16,6% | € 3,85 mln+11,8% | € 3,62 mln-5,8% |
| EBITDA | € 1,16 mln | € 804.446 | € -12.948 | € 712.959 | € 779.837 |
| EBITDA margin | 33,9% | 19,5% | -0,4% | 18,5% | 21,5% |
| Staff | |||||
| FTE | 40,0 | 51,2+28% | 51,9+1,4% | 43,3-16,6% | 37,0-14,5% |
| Gross margin per FTE | € 85.471 | € 80.604 | € 66.319 | € 88.895 | € 97.953 |
| Payroll cost per FTE | € 56.307 | € 64.635 | € 66.257 | € 71.903 | € 75.064 |
| Balance sheet | |||||
| Equity | € 1,43 mln | € 1,29 mln | € 1,20 mln | € 1,39 mln | € 1,66 mln |
| Cash | € 33.907 | € 74.935 | € 81.621 | € 40.370 | € 20.252 |
| Liquidity ratio | 2,05 | 1,66 | 1,94 | 1,81 | 2,03 |
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 4 services
Sector focus
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
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.
- 24% women
- 76% men
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.
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.
Frequently asked questions about Forward
- When was Forward founded?
- In 2017.
- Where is Forward located?
- In Hasselt, Belgium.
- What is Forward specialised in?
- E-commerce (incl. payment), Website development, CRM & lifecycle strategy, Marketing automation.
- How big is Forward?
- Around 37 full-time equivalents (financial year 2025).
- Which sectors does Forward work for?
- Automotive & mobility, Finance & insurance, Retail & e-commerce, Food & beverage.
- Who are the clients of Forward?
- Among others BASF Nunhems, Neuhaus, Lunch Garden, LolaLiza, JBC, Cool Investments.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.