How big is Just Let Minot?

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

Review: Just Let Minot

Just Let Minot, opgericht in 2019, is een full-service bureau uit Mons. De bezetting ligt rond 4 VTE.

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: € 251.055 gross margin, growth +24,4% against a sector median of +1,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Just Let MinotSector median

EBITDA margin 21,9%, sector median 23,9%. Value-added coverage 1,29 (median 1,27).

Healthy margin

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: 2,7 months (median 5,8 mo). Equity in the latest year: € 42.130.

Thin buffer

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

Cash € 6.924. Liquidity ratio 1,16: current assets cover short-term debt in full. Solvency 27,3%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 25 days of supplier credit, sector median 54. The accounts were filed 243 days after closing; the legal deadline is seven months.

Filed late

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
Late filing · 31 Aug 2026 · NBB
The 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.
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.
Late filing · 22 Aug 2025 · NBB
The 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.

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
Value-added per euro of payroll above the sector median (1,29)
Equity was earned, not injected (reserves 6,0× the capital contributed)

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	€ 115.100	€ 162.022+40,8%	€ 219.948+35,8%	€ 201.878-8,2%	€ 251.055+24,4%
EBITDA	€ 28.208	€ 12.043	€ 16.118	€ 44.301	€ 54.998
EBITDA margin	24,5%	7,4%	7,3%	21,9%	21,9%
Staff
FTE	2,3	3,8+65,2%	4,6+21,1%	3,8-17,4%	-
Gross margin per FTE	€ 50.043	€ 42.637	€ 47.815	€ 53.126	-
Payroll cost per FTE	€ 28.884	€ 31.448	€ 36.625	€ 34.633	-
Balance sheet
Equity	€ 21.539	€ 22.101	€ 23.604	€ 48.736	€ 42.130
Cash	€ 42.104	€ 28.440	€ 63.822	€ 23.717	€ 6.924
Liquidity ratio	1,08	1,02	1,01	1,32	1,16

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 31/08/2026. 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.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

1

People 4 people mapped

The heart of this team is creative: 3 of 4 profiles are makers. Within that core, Art Direction, UX/UI Design and Fotografie stand out. A small team: short lines, little noise between you and the makers.

CM

Cédric Minot

Directeur créatif

MN

Mathieu Noël

Directeur artistique

SB

Selim Benzehour

Directeur artistique

AP

Alizée Pluvinage

Responsable réseaux sociaux

Based on public profiles. Something wrong? Let us know.

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 2023

43,5%

Median for this type of agency (2025): 31,1%

Inflow 2023

43,5%

2,0 FTE in, 2,0 FTE out

Net team change

0,0 FTE

2021202220232024

Figures for financial year 2023: in 2025 this agency published no inflow or outflow.

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.