How big is Good Morning?

Around 9 full-time equivalents (financial year 2025).

Factsheet & Review

Good Morning

Full-service agency · 9 FTE · Brussels

The content of this factsheet is in Dutch.

Sinds 1991 is Good Morning actief als full-service bureau uit Oudergem. De bezetting ligt rond 8 VTE.

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: € 601.180 gross margin, growth +12,2% against a sector median of +1,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Good MorningSector median

EBITDA margin 6,7%, sector median 23,9%. Value-added coverage 1,07 (median 1,27). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 68.316

Median (2025) € 78.251

Against a payroll cost of € 63.344 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 54

Median (2025) € 49

11.033 hours worked, 1.254 per FTE. Against that sits € 51 of payroll cost per hour worked, leaving € 4 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.

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: 2,9 months (median 5,8 mo). Equity in the latest year: € 134.504.

Thin buffer

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

Cash € 991.617. Liquidity ratio 1,19: current assets cover short-term debt in full. Solvency 6,7%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 217 days of supplier credit, sector median 54. The accounts were filed 259 days after closing; the legal deadline is seven months.

Filed late

Signals and strengths

Events from the CBE and the Official Gazette over the past 24 months, plus positive markers derived from the figures.

Continuity

4 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Late filing · 16 Sep 2026 · 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.
Board change · 22 Jan 2026 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
Two consecutive loss-making years · 31 Dec 2025 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
Thin buffer · 31 Dec 2025 · NBB
Equity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
+ 4 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

Gross margin grew 4 years in a row
Outgrew the sector median 3 years running
Team grew (+4,8% FTE in the latest year)
Margin per hour worked rose 3 years in a row
Comfortable cash position: 649 days of payroll
Turnover below the median (22,7%)

Each point is a fact from the filed annual accounts, measured against the same thresholds and sector medians as the signals above.

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	€ 246.916	€ 282.890+14,6%	€ 439.605+55,4%	€ 535.917+21,9%	€ 601.180+12,2%
EBITDA	€ -213.058	€ -302.592	€ -156.357	€ -6.053	€ 40.369
EBITDA margin	-86,3%	-	-35,6%	-1,1%	6,7%
Staff
FTE	7,7	8,8+14,3%	8,9+1,1%	8,4-5,6%	8,8+4,8%
Gross margin per FTE	€ 32.067	€ 32.147	€ 49.394	€ 63.800	€ 68.316
Payroll cost per FTE	€ 55.687	€ 63.723	€ 65.676	€ 63.923	€ 63.344
Balance sheet
Equity	€ -118.989	€ -444.689	€ -619.758	€ -659.548	€ 134.504
Cash	€ 373.208	€ 37.591	€ 148.677	€ 71.515	€ 991.617
Liquidity ratio	0,90	0,67	0,50	0,54	1,19

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 16/09/2026. 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.

Frequently asked questions about Good Morning

When was Good Morning founded?: In 1991.
Where is Good Morning located?: In Oudergem, Belgium.
How big is Good Morning?: Around 9 full-time equivalents (financial year 2025).

All factsheets

Website: www.good-morning.be →
Legal form: BV
Address: Vrijwilligerslaan 19, 1160 Oudergem
Company number: BE0444.657.403
Sector position: Bigger than roughly 60% of its peers

Are you a big or a small client?

Your annual budget with this agency

Based on a gross margin of € 601.180 (financial year 2025).

Looking for an agency like this?

IKAg matches your briefing with the right agency. Independently.

Tell us your question

Do you work at this agency?

This factsheet is assembled from official sources. Add your own story, cases and expertise through the IKAg Pitchpod. What you fill in there ends up on your factsheet.

Go to the Pitchpod

Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-31.