Where is Hugggy located?

In Ottignies-Louvain-La-Neuve, Belgium.

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

Review: Hugggy

Vanuit Ottignies-Louvain-la-Neuve werkt Hugggy sinds 2011 als digitaal bureau (web & platform).

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: € 146.220 gross margin, growth +31,1% against a sector median of +3,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

HugggySector median

EBITDA margin 28,5%, sector median 22,6%. Value-added coverage 1,40 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 91.387

Median (2025) € 77.398

Against a payroll cost of € 77.974 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 33

Median (2025) € 48

4.469 hours worked, 2.793 per FTE. Against that sits € 28 of payroll cost per hour worked, leaving € 5 for premises, equipment, depreciation and profit.

Below 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: -2,3 months (median 5,3 mo). Equity in the latest year: € -19.853.

Critical buffer

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

Cash € 4.915. Liquidity ratio 0,90: current assets cover short-term debt not in full. Solvency -23,9%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 85 days of supplier credit, sector median 46. The accounts were filed 215 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

2 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Late filing · 3 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.
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.
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.
Loss-making year · 31 Dec 2024 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.

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 (28,5%)
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (1,40)

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	€ 190.477	€ 167.331-12,2%	€ 177.824+6,3%	€ 111.552-37,3%	€ 146.220+31,1%
EBITDA	€ -64.180	€ 20.901	€ 33.041	€ -23.860	€ 41.700
EBITDA margin	-33,7%	12,5%	18,6%	-21,4%	28,5%
Staff
FTE	-	-	3,0	1,6-46,7%	1,60%
Gross margin per FTE	-	-	€ 59.275	€ 69.720	€ 91.387
Payroll cost per FTE	-	-	€ 43.680	€ 77.974	€ 77.974
Balance sheet
Equity	€ -66.976	€ -54.595	€ -28.771	€ -56.584	€ -19.853
Cash	-	€ 5.349	€ 38.584	€ 6.557	€ 4.915
Liquidity ratio	0,47	0,67	0,85	0,35	0,90

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 03/08/2026. 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.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

1

People 6 people mapped

The heart of this team is creative: 3 of 6 profiles are makers. Within that core, Design and Art Direction stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep.

FG

Fabian Gaudissart

CEO - Partner

FV

Fabien Vervenne

Creative director

NG

Nicolas Galoux

CEO - Partner

LW

Ludovic Wellens

Developper

WM

William Mirante

Designer

ZD

Zoe Deltombe

Creative designer

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

€ 77.974

+23% versus the median

Team composition

1,6 FTE

44% women
56% men

€ 77.974

Median Digitaal bureau (web & platform) (2025) € 63.343All 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.

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

62,5%

Median for this type of agency (2025): 27,9%

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.