Human37
The content of this factsheet is in Dutch.
Vanuit Brussel werkt Human37 sinds 2021 als data-, crm- & martechbureau. De bezetting ligt rond 13 VTE. Ze werken rond data & analytics, crm & marketing automation en paid media (sea/social/display). Sectoren waar het bureau vaak werkt: emea-markt en data-gedreven/customer-centric merken. Tot de publiek bekende klanten behoren RSG Group, Flink, Immediate Media en Ooni.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Sharp drop in equity · 31 Dec 2025 · NBBThe 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.
What this agency does well
- Gross margin grew 4 years in a row
- Outgrew the sector median 4 years running
- EBITDA margin above the sector median (54,0%)
- Profitable in every one of the last 5 years
- Strong buffer: 6,5 months of payroll in equity
- Team grew (+37,2% FTE in the latest year)
- Value-added per euro of payroll above the sector median (2,20)
- Healthy working capital (current ratio 1,79)
- Comfortable cash position: 348 days of payroll
- Turnover below the median (31,0%)
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 | € 119.749 | € 739.731+517,7% | € 919.192+24,3% | € 1,44 mln+57,1% | € 1,90 mln+31,4% |
| EBITDA | € 119.749 | € 563.126 | € 549.419 | € 891.238 | € 1,02 mln |
| EBITDA margin | 100% | 76,1% | 59,8% | 61,7% | 54% |
| Staff | |||||
| FTE | - | 3,3 | 6,4+93,9% | 9,4+46,9% | 12,9+37,2% |
| Gross margin per FTE | - | € 224.161 | € 143.624 | € 153.595 | € 147.024 |
| Payroll cost per FTE | - | € 43.211 | € 49.684 | € 58.715 | € 66.250 |
| Balance sheet | |||||
| Equity | € 24.001 | € 346.202 | € 706.200 | € 377.134 | € 459.650 |
| Cash | € 106.608 | € 491.994 | € 406.563 | € 684.113 | € 814.923 |
| Liquidity ratio | 1,25 | 2,30 | 2,86 | 1,53 | 1,79 |
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 29/06/2026. 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.
Sector focus
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 23 people mapped
Data is in the DNA: 14 of 23 profiles are data people. Within that core, Data-analyse, Reporting and Tracking 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.
Based on public profiles. Something wrong? Let us know.
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.
- 20% women
- 80% men
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.
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.
Frequently asked questions about Human37
- When was Human37 founded?
- In 2021.
- Where is Human37 located?
- In Brussel, Belgium.
- What is Human37 specialised in?
- Paid social, Search advertising (SEA), CRM & lifecycle strategy, Marketing automation, Dashboards & reporting, Data science & analytics (incl. predictive modelling).
- How big is Human37?
- Around 13 full-time equivalents (financial year 2025).
- Who are the clients of Human37?
- Among others RSG Group, Flink, Immediate Media, Ooni, EvolveYou, Maison Dandoy, Vanden Borre.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.