What is Invibes specialised in?

Campaign concepts & big ideas, Campaign execution, Paid social, Search advertising (SEA).

Around 98 full-time equivalents (financial year 2025).

Which sectors does Invibes work for?

Automotive & mobility, Retail & e-commerce, Sports & entertainment, Telecom & media, Food & beverage.

Review: Invibes

Q: Who are the clients of Invibes?

Among others Samsung, Oslo Skin Lab, American Express, LEGO, Air France, Citroën, Universal Pictures, Audi, Marco Tozzi.

Invibes is een performance- & mediabureau uit Zwijnaarde, actief sinds 1990. Er werken ongeveer 98 mensen, uitgedrukt in voltijdse equivalenten. Het bureau is toegespitst op paid media (sea/social/display) en creatie & reclame. Het zwaartepunt ligt bij opdrachtgevers uit entertainment/film, fmcg, retail en automotive. Uit de publiek bekende klantenlijst: Samsung, Oslo Skin Lab, American Express en LEGO.

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: € 6,29 mln gross margin, growth +32,4% against a sector median of +5,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

InvibesSector median

EBITDA margin 11,7%, sector median 28%. Value-added coverage 1,10 (median 1,23). 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

€ 64.026

Median (2024) € 77.641

Against a payroll cost of € 75.437 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 39

Median (2024) € 50

163.021 hours worked, 1.658 per FTE. Against that sits € 45 of payroll cost per hour worked, leaving € -7 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: 1,3 months (median 6,3 mo). Equity in the latest year: € 786.917.

Thin buffer

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

Cash € 451.438. Liquidity ratio 1,13: current assets cover short-term debt in full. Solvency 9,9%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 22 days of supplier credit, sector median 60. The accounts were filed 189 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

1 red flag(s) (24m)

Signals in the last 24 months

Board change · 8 Sep 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 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Board change · 10 Feb 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.
Thin buffer · 31 Dec 2025 · NBB
Equity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
Board change · 5 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.
+ 3 older signals within 24m

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

Profitable in every one of the last 5 years
Team grew (+10,8% FTE in the latest year)
Equity was earned, not injected (reserves 2,1× the capital contributed)
Turnover below the median (20,0%)

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	€ 3,98 mln	€ 4,57 mln+14,6%	€ 5,00 mln+9,6%	€ 4,75 mln-5%	€ 6,29 mln+32,4%
EBITDA	€ 65.790	€ 149.822	€ 71.225	€ 127.316	€ 738.686
EBITDA margin	1,7%	3,3%	1,4%	2,7%	11,7%
Staff
FTE	57,5	63,7+10,8%	76,6+20,3%	88,7+15,8%	98,3+10,8%
Gross margin per FTE	€ 69.302	€ 71.679	€ 65.322	€ 53.606	€ 64.026
Payroll cost per FTE	€ 66.215	€ 70.934	€ 75.980	€ 75.106	€ 75.437
Balance sheet
Equity	€ 280.119	€ 282.248	€ 286.557	€ 286.865	€ 786.917
Cash	€ 628.851	€ 1,61 mln	€ 549.733	€ 817.226	€ 451.438
Liquidity ratio	1,09	1,07	1,07	1,05	1,13

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 08/07/2026. 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 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 4 services

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Media

Paid social Search advertising (SEA)

Sector focus

Technology & softwareFinance & insuranceAutomotive & mobilityTravel & hospitalityMedia & entertainment

Publicly known clients

SamsungOslo Skin LabAmerican ExpressLEGOAir FranceCitroënUniversal PicturesAudiMarco Tozzi

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

€ 75.437

+22% versus the median

Team composition

98,3 FTE

49% women
51% men

€ 75.437

Median Performance- & mediabureau (2024) € 61.814All agencies (2024) € 59.021

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 2025

20,0%

Median for this type of agency (2024): 35,3%

Inflow 2025

22,4%

22,0 FTE in, 19,7 FTE out

Net team change

+2,3 FTE

20212022202320242025

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 2024: the last year for which nearly all accounts have been filed.