What is Invisible Puppy specialised in?

Packaging design, Campaign concepts & big ideas, Campaign execution, Influencer & creator marketing, Organic social content, Social strategy & platform mix.

How big is Invisible Puppy?

Around 4 full-time equivalents (financial year 2025).

Which sectors does Invisible Puppy work for?

Construction & real estate, Fashion & lifestyle, Retail & e-commerce, Sports & entertainment, Food & beverage.

Review: Invisible Puppy

Q: Who are the clients of Invisible Puppy?

Among others Frisomat, Knokke-Heist, La Bottega, BDO, Maes Energy, Volef, Yntro, Epic Data, Plan International, Superblend.

Invisible Puppy is al ruim tien jaar actief als performance- & mediabureau uit Gent. Het team telt ongeveer 4 medewerkers (VTE). Het aanbod is gericht op paid media (sea/social/display) en seo. Sectorieel richt het bureau zich vooral op kmo's en b2b; bouw, fmcg, retail en entertainment. Tot de publiek bekende klanten behoren Frisomat, Knokke-Heist, La Bottega en BDO.

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: € 72.728 gross margin, growth -87,7% against a sector median of +5,3%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Invisible PuppySector median

EBITDA margin -95,5%, sector median 28%. Value-added coverage 0,51 (median 1,23).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 16.529

Median (2025) € 76.236

Against a payroll cost of € 31.946 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 19

Median (2025) € 47

3.901 hours worked, 887 per FTE. Against that sits € 36 of payroll cost per hour worked, leaving € -17 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: -178,6 months (median 6,3 mo). Equity in the latest year: € -2,09 mln.

Critical buffer

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

Cash € 4.582. Liquidity ratio 0,07: current assets cover short-term debt not in full. Solvency -1.358,6%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 88 days of supplier credit, sector median 63. The accounts were filed 208 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

4 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Registered office moved · 30 Apr 2026 · Staatsblad
The registered office relocated. Usually just a new office.
+ 10 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.

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	€ 940.796	€ 937.933-0,3%	€ 478.609-49%	€ 591.312+23,5%	€ 72.728-87,7%
EBITDA	€ -156.784	€ 117.580	€ -155.894	€ -400.979	€ -69.458
EBITDA margin	-16,7%	12,5%	-32,6%	-67,8%	-95,5%
Staff
FTE	18,0	15,0-16,7%	10,2-32%	12,7+24,5%	4,4-65,4%
Gross margin per FTE	€ 52.266	€ 62.529	€ 46.922	€ 46.560	€ 16.529
Payroll cost per FTE	€ 55.937	€ 54.466	€ 61.834	€ 77.735	€ 31.946
Balance sheet
Equity	€ -1,24 mln	€ -1,18 mln	€ -1,41 mln	€ -1,91 mln	€ -2,09 mln
Cash	€ 18.652	€ 28.058	€ 22.079	€ 11.955	€ 4.582
Liquidity ratio	0,25	0,39	0,22	0,13	0,07

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 27/07/2026. 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 2025: the last year for which nearly all accounts have been filed.

What the agency actually does 15 services

Branding & Design

Packaging design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Social, Influencer & Community

Influencer & creator marketing Organic social content Social strategy & platform mix

CRM, Email & Loyalty

CRM & lifecycle strategy Direct marketing & lead management Marketing automation

PR & Reputation

Corporate communication PR strategy & media relations

Employer Brand & Internal

Internal communication

Events, Sponsoring & Activation

Brand activation (incl. guerrilla) Events & experiences Sponsorship & partnerships

Sector focus

Real estate & constructionPublic sector & governmentEnergy & utilitiesB2B servicesRetail & e-commerce

Publicly known clients

FrisomatKnokke-HeistLa BottegaBDOMaes EnergyVolefYntroEpic DataPlan InternationalSuperblend

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

1

People 18 people mapped

Digital marketing is the engine: 8 of 18 profiles sit there. Within that core, Analytics, Content Marketing and SEA stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

AV

Andras Vandersteen

Managing Partner | Customer success

CD

Christophe De Ruyter

Head of Web | Co-Founder

LB

Lise-Lotte Blancquaert

Account Manager

RB

Romina Battaglia

Account Manager

TD

Tom De Moor

Head of Growth

AK

Aron Ketelslegers

Performance Marketeer

BV

Brent Van Turtelboom

Graphic designer

DD

Daan Deruyter

SEO specialist

DP

Daan Proost

Growth Marketeer

JH

Joseph Harinck

SEO Specialist

JM

Julie Mestdag

Growth Marketeer

KV

Kaj Vermeiren

HubSpot Specialist

LG

Laurens Gozin

Performance Marketeer

NC

Nathan Cristiaensen

Front-end Developer

NE

Nawal El Barkani

Growth marketeer

SD

Sam De Herdt

Front-end Developer

TV

Thibault Van Achter

UX/UI/Motion designer

YD

Yala Deschepper

Office & Culture Manager

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

€ 31.946

-49% versus the median

Team composition

4,4 FTE

€ 31.946

Median Performance- & mediabureau (2025) € 62.495All 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

193,2%

Median for this type of agency (2025): 25,1%

Inflow 2025

/

20212022202320242025

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.