What is HumanEyes specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Content strategy & editorial, Copywriting & long-form content, Website strategy & UX.

How big is HumanEyes?

Around 1 full-time equivalent (financial year 2025).

Review: HumanEyes

Q: Who are the clients of HumanEyes?

Among others Liantis, Proximus, IKEA, Club Brugge, Mediahuis, Deceuninck, bpost, AVA, Bank van Breda, De Tijd, Loop Earplugs, Volvo, Bol.com, ACO.

HumanEyes werkt ruim tien jaar als ux- & designstudio uit Brussel. Het bureau combineert ux/ui design, strategie, branding & identiteit en content & copy. De klanten komen vooral uit algemeen (websites, tools en apps); b2b.

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

2022202320242025

Latest year: € 49.282 gross margin, growth -49% against a sector median of -3,7%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

HumanEyesSector median

EBITDA margin -16,4%, sector median 15,1%. Value-added coverage 0,86 (median 1,06).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 49.282

Median (2025) € 73.601

Against a payroll cost of € 57.384 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 28

Median (2025) € 46

1.755 hours worked, 1.755 per FTE. Against that sits € 33 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: 9,3 months (median 3,4 mo). Equity in the latest year: € 44.711.

Adequate buffer

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

Cash € 56.850. Liquidity ratio 1,69: current assets cover short-term debt in full. Solvency 41,1%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 205 days of supplier credit, sector median 52. The accounts were filed 84 days after closing; the legal deadline is seven months.

Pays slower than average

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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Sharp drop in equity · 31 Dec 2025 · NBB
The 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.
Loss-making year · 31 Dec 2025 · 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.
Low value-added coverage · 31 Dec 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
Board change · 17 Dec 2025 · 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.

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: 9,3 months of payroll in equity
Stable team (no meaningful FTE loss)
Healthy working capital (current ratio 1,69)
Equity was earned, not injected (reserves 6,2× the capital contributed)
Comfortable cash position: 362 days of payroll
No departures in 2025

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.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 116.864	€ -6.830-105,8%	€ 96.626	€ 49.282-49%
EBITDA	€ 115.856	€ -44.714	€ 41.061	€ -8.102
EBITDA margin	99,1%	-	42,5%	-16,4%
Staff
FTE	-	0,8	1,0+25%	1,00%
Gross margin per FTE	-	€ -8.538	€ 96.626	€ 49.282
Payroll cost per FTE	-	€ 46.875	€ 55.171	€ 57.384
Balance sheet
Equity	€ 133.500	€ 86.582	€ 126.730	€ 44.711
Cash	€ 34.721	€ 24.789	€ 47.381	€ 56.850
Liquidity ratio	3,23	2,81	3,40	1,69

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 25/03/2026. 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 6 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Content & Production

Content strategy & editorial Copywriting & long-form content

Digital Experience & Tech

Website strategy & UX

Sector focus

TelecomMedia & entertainmentRetail & e-commerceFinance & insuranceB2B services

Publicly known clients

Liantis, Proximus, IKEA, Club Brugge, Mediahuis, Deceuninck, bpost, AVA, Bank van Breda, De Tijd, Loop Earplugs, Volvo, Bol.com, ACO

Based on IKAg research and public sources. Incomplete or outdated? Let us know.

1

People 3 people mapped

A small team: short lines, little noise between you and the makers.

EV

Elien Van den Steen

Client Director | Co-founder

KD

Kaat Declerck

Behavior Design Director | Co-Founder

SV

Sander Van Damme

Behavior Designer & Researcher

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

€ 57.384

-14% versus the median

Team composition

1,0 FTE

0% women
100% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 57.384

Median UX- & designstudio (2025) € 66.413All 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

0,0%

Median for this type of agency (2025): 35,4%

Inflow 2025

0,0%

0,0 FTE in, 0,0 FTE out

Net team change

0,0 FTE

202320242025

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.