What is Havik Digital specialised in?

CRM & lifecycle strategy, Marketing automation, Dashboards & reporting, Data science & analytics (incl. predictive modelling).

How big is Havik Digital?

Around 3 full-time equivalents (financial year 2025).

Review: Havik Digital

Q: Who are the clients of Havik Digital?

Among others DPG Media, Bolt, Vandersanden, Easypost, Motrac, Iris Group, CAIROX BELGIUM, Soprema, Recticel, ArmenTeKort.

Vanuit Antwerpen werkt Havik Digital sinds 2022 als data-, crm- & martechbureau. De bezetting ligt rond 6 VTE. Het aanbod is gericht op data & analytics en crm & marketing automation. Het zwaartepunt ligt bij opdrachtgevers uit sectoroverschrijdend b2b/b2c. Tot de publiek bekende klanten behoren DPG Media, Bolt, Vandersanden en Easypost.

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

202320242025

Latest year: € 502.003 gross margin, growth +64,8% against a sector median of +0,4%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

202320242025

Havik DigitalSector median

EBITDA margin 48,8%, sector median 20,8%. Value-added coverage 1,96 (median 1,12).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 161.936

Median (2025) € 86.163

Against a payroll cost of € 82.243 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 116

Median (2025) € 59

4.319 hours worked, 1.393 per FTE. Against that sits € 59 of payroll cost per hour worked, leaving € 57 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: 2,6 months (median 7,2 mo). Equity in the latest year: € 55.301.

Thin buffer

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

Cash € 5.988. Liquidity ratio 1,26: current assets cover short-term debt in full. Solvency 18,1%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 24 days of supplier credit, sector median 73. The accounts were filed 236 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

3 red flag(s) (24m)

Signals in the last 24 months

Late filing · 24 Aug 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.
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.
Sharp headcount decline · 31 Dec 2025 · NBB
Average 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.
Late filing · 28 Aug 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.
Negative equity · 31 Dec 2024 · 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.
Critical buffer · 31 Dec 2024 · 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.
+ 2 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

EBITDA margin above the sector median (48,8%)
Value-added per euro of payroll above the sector median (1,96)
Healthy working capital (current ratio 1,26)

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.

3 financial years, 2023 to 2025Result, staff and balance sheet

	2023	2024	2025
Result
Gross margin	€ 274.541	€ 304.549+10,9%	€ 502.003+64,8%
EBITDA	€ -39.656	€ -170.603	€ 245.021
EBITDA margin	-14,4%	-56%	48,8%
Staff
FTE	3,9	5,5+41%	3,1-43,6%
Gross margin per FTE	€ 70.395	€ 55.372	€ 161.936
Payroll cost per FTE	€ 79.949	€ 86.020	€ 82.243
Balance sheet
Equity	€ 14.386	€ -167.872	€ 55.301
Cash	€ 7.709	€ 7.576	€ 5.988
Liquidity ratio	1,08	0,59	1,26

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

CRM, Email & Loyalty

CRM & lifecycle strategy Marketing automation

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

Sector focus

Media & entertainmentEnergy & utilitiesReal estate & constructionB2B services

Publicly known clients

DPG MediaBoltVandersandenEasypostMotracIris GroupCAIROX BELGIUMSopremaRecticelArmenTeKort

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

€ 82.243

+14% versus the median

Team composition

3,1 FTE

50% women
50% men

€ 82.243

Median Data-, CRM- & martechbureau (2025) € 72.476All agencies (2025) € 62.294

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

90,3%

Median for this type of agency (2025): 35,7%

Inflow 2025

/

202320242025

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.