What is Gabari specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Video production.

Around 5 full-time equivalents (financial year 2025).

Review: Gabari

Q: Who are the clients of Gabari?

Among others Nextensa, Ghelamco, Zabra, Motown Development, BBF, Brussels Airport, Liman Estate, Aleya, Nika Bay, EQ Brussels.

Gabari, opgericht in 2007, is een brandingbureau uit Berchem. Het team telt ongeveer 5 medewerkers (VTE). De focus ligt op strategie, branding & identiteit en video & productie. Sectorieel richt het bureau zich vooral op vastgoed (residentieel, commercieel, hospitality en mixed-use). Namen die publiek aan dit bureau gelinkt worden: Nextensa, Ghelamco, Zabra en Motown Development.

Partnerships

HubSpot Partner

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

2022202320242025

Latest year: € 505.133 gross margin, growth +184,7% against a sector median of +2,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

GabariSector median

EBITDA margin 20,8%, sector median 28%. Value-added coverage 1,27 (median 1,30).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 101.027

Median (2024) € 78.994

Against a payroll cost of € 78.835 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 60

Median (2024) € 47

8.440 hours worked, 1.688 per FTE. Against that sits € 47 of payroll cost per hour worked, leaving € 13 for premises, equipment, depreciation and profit.

Above 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: -1,5 months (median 8,3 mo). Equity in the latest year: € -50.062.

Critical buffer

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

Cash € 19.380. Liquidity ratio 0,85: current assets cover short-term debt not in full. Solvency -7,7%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 305 days of supplier credit, sector median 74. The accounts were filed 115 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

2 red flag(s) (24m)

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
Negative equity · 31 Dec 2025 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
Sharp drop in equity · 31 Dec 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
Critical buffer · 31 Dec 2025 · 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.
+ 3 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 (+31,6% FTE in the latest year)

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, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 420.657	€ 268.954-36,1%	€ 177.454-34%	€ 505.133+184,7%
EBITDA	€ 124.559	€ 22.236	€ -129.386	€ 104.978
EBITDA margin	29,6%	8,3%	-72,9%	20,8%
Staff
FTE	4,5	3,2-28,9%	3,8+18,7%	5,0+31,6%
Gross margin per FTE	€ 93.479	€ 84.048	€ 46.698	€ 101.027
Payroll cost per FTE	€ 65.506	€ 76.400	€ 80.324	€ 78.835
Balance sheet
Equity	€ 26.206	€ 29.379	€ -117.850	€ -50.062
Cash	€ 37.953	€ 1.293	€ 15.077	€ 19.380
Liquidity ratio	1,08	1,06	0,69	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 2025, filed on 25/04/2026. 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 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

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Content & Production

Video production

Sector focus

Real estate & construction

Publicly known clients

NextensaGhelamcoZabraMotown DevelopmentBBFBrussels AirportLiman EstateAleyaNika BayEQ Brussels

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

1

People 2 people mapped

GM

Gwen Malfeyt

Partner & Strategy Director

YS

Yoram Speaker

Co-Founder & CEO

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

€ 78.835

+37% versus the median

Team composition

5,0 FTE

€ 78.835

Median Brandingbureau (2024) € 57.393All 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 2025

/

Median for this type of agency (2024): 33,9%

Inflow 2025

20,0%

2022202320242025

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.

Official partnerships 1 badge(s)

HubSpot: Partner1 of 28 Belgian partners in the IKAg database.

As published in the platforms' official partner directories, collected by IKAg.