Hummingbirds
The content of this factsheet is in Dutch.
Sinds 2017 is Hummingbirds actief als full-service bureau uit Kortrijk. De bezetting ligt rond 9 VTE. Ze werken rond strategie, branding & identiteit en webdevelopment. Sectoren waar het bureau vaak werkt: kmo's, regio kortrijk/west-vlaanderen en breed b2b.
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
Points to ask about- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Late filing · 28 Aug 2026 · NBBThe 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.
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- 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.
- + 1 older signals within 24m
What this agency does well
- EBITDA margin above the sector median (38,8%)
- Profitable in every one of the last 5 years
- Strong buffer: 7,0 months of payroll in equity
- Stable team (no meaningful FTE loss)
- Value-added per euro of payroll above the sector median (1,66)
- Margin per hour worked rose 3 years in a row
- Equity was earned, not injected (reserves 14,5× the capital contributed)
- Comfortable cash position: 310 days of payroll
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 | € 378.976 | € 624.802+64,9% | € 948.934+51,9% | € 906.891-4,4% | € 894.370-1,4% |
| EBITDA | € 166.667 | € 92.510 | € 420.545 | € 391.715 | € 347.415 |
| EBITDA margin | 44% | 14,8% | 44,3% | 43,2% | 38,8% |
| Staff | |||||
| FTE | 4,9 | 8,3+69,4% | 9,0+8,4% | 8,6-4,4% | 8,5-1,2% |
| Gross margin per FTE | € 77.342 | € 75.277 | € 105.437 | € 105.452 | € 105.220 |
| Payroll cost per FTE | € 41.910 | € 50.792 | € 58.291 | € 58.824 | € 62.257 |
| Balance sheet | |||||
| Equity | € 296.971 | € 345.969 | € 456.005 | € 525.575 | € 310.844 |
| Cash | € 255.337 | € 190.695 | € 364.343 | € 172.407 | € 449.214 |
| Liquidity ratio | 4,34 | 1,86 | 1,72 | 1,75 | 1,09 |
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 28/08/2026. 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
Sector focus
Publicly known clients
Kuurne Brussel Kuurne, Lov, Breughel Music, Exclusive stays, Realsuite, Clos Royal, Davinum, Brucaro, Creax, Koramic, Keukens Vervenne, LOXXER, Ease-bel, Maarten Dutry, Century 21 Via Plus
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 8 people mapped
A broad team with no clear centre of gravity — creative, development and strategy carry roughly equal weight. One strategist on board — enough to hold the direction, not to fill meetings.
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.
- 57% women
- 43% 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 Hummingbirds
- When was Hummingbirds founded?
- In 2017.
- Where is Hummingbirds located?
- In Kortrijk, Belgium.
- What is Hummingbirds specialised in?
- Brand strategy & positioning, Marketing strategy, Brand identity & design, Website development.
- How big is Hummingbirds?
- Around 9 full-time equivalents (financial year 2025).
- Who are the clients of Hummingbirds?
- Among others Kuurne Brussel Kuurne, Lov, Breughel Music, Exclusive stays, Realsuite, Clos Royal, Davinum, Brucaro, Creax, Koramic, Keukens Vervenne, LOXXER, Ease-bel, Maarten Dutry, Century 21 Via Plus.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.