What is Hoet & Hoet specialised in?

Brand strategy & positioning, Customer & audience strategy, Brand identity & design, Packaging design, Product & service design, Campaign concepts & big ideas.

How big is Hoet & Hoet?

Around 2 full-time equivalents (financial year 2025).

Which sectors does Hoet & Hoet work for?

Public sector & non-profit, Retail & e-commerce.

Review: Hoet & Hoet

Q: Who are the clients of Hoet & Hoet?

Among others Sirris, Ciao, Jaco, Natura, Spott, Aptaskil, The Merode, Belfius, Agoria, Embuild, John Cockerill, Sonaca, Sibelga, UCLouvain, Delitraiteur.

Hoet & Hoet is een brandingbureau uit Rixensart, actief sinds 1989. Het aanbod bestrijkt strategie, branding & identiteit, ux/ui design en creatie & reclame. Sectoren waar het bureau vaak werkt: corporate branding, b2b, retail en culturele/institutionele opdrachtgevers.

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

20212022202320242025

Latest year: € 191.914 gross margin, growth -41,3% against a sector median of +6,6%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Hoet & HoetSector median

EBITDA margin 10,9%, sector median 32,2%. Value-added coverage 1,12 (median 1,29). 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

€ 119.946

Median (2025) € 82.809

Against a payroll cost of € 105.282 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 68

Median (2025) € 48

2.802 hours worked, 1.751 per FTE. Against that sits € 60 of payroll cost per hour worked, leaving € 8 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: 11,9 months (median 6,3 mo). Equity in the latest year: € 166.733.

Adequate buffer

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

Cash € 329.891. Liquidity ratio 3,56: current assets cover short-term debt in full. Solvency 38%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 77 days of supplier credit, sector median 68. The accounts were filed 156 days after closing; the legal deadline is seven months.

Pays and files on time

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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Board change · 26 Aug 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete

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: 11,9 months of payroll in equity
Stable team (no meaningful FTE loss)
Healthy working capital (current ratio 3,56)
Comfortable cash position: 715 days of payroll

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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 260.562	€ 182.330-30%	€ 34.093-81,3%	€ 326.985+859,1%	€ 191.914-41,3%
EBITDA	€ 160.063	€ 41.893	€ -121.590	€ 164.780	€ 20.974
EBITDA margin	61,4%	23%	-	50,4%	10,9%
Staff
FTE	1,2	1,6+33,3%	1,60%	1,60%	1,60%
Gross margin per FTE	€ 217.135	€ 113.956	€ 21.308	€ 204.365	€ 119.946
Payroll cost per FTE	€ 80.871	€ 80.981	€ 95.107	€ 100.378	€ 105.282
Balance sheet
Equity	€ 135.960	€ 150.951	€ 11.365	€ 157.508	€ 166.733
Cash	€ 154.611	€ 116.932	€ 71.919	€ 165.207	€ 329.891
Liquidity ratio	1,48	1,38	0,93	2,44	3,56

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 05/06/2026. 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 13 services

Strategy & Insights

Brand strategy & positioning Customer & audience strategy

Branding & Design

Brand identity & design Packaging design Product & service design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Digital Experience & Tech

Website development

PR & Reputation

Corporate communication

Employer Brand & Internal

Employer brand strategy Internal communication Recruitment campaigns

Events, Sponsoring & Activation

Brand activation (incl. guerrilla)

Sector focus

Food & beverageTravel & hospitalityPublic sector & governmentFinance & insuranceEducation

Publicly known clients

Sirris, Ciao, Jaco, Natura, Spott, Aptaskil, The Merode, Belfius, Agoria, Embuild, John Cockerill, Sonaca, Sibelga, UCLouvain, Delitraiteur

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

€ 105.282

+73% versus the median

Team composition

1,6 FTE

€ 105.282

Median Brandingbureau (2025) € 60.980All 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 2021

/

Median for this type of agency (2025): 38,9%

Inflow 2021

66,7%

20212022202320242025

Figures for financial year 2021: in 2025 this agency published no inflow or outflow.

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.