What is Kwin specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Video production.

Around 5 full-time equivalents (financial year 2025).

Review: Kwin

Q: Who are the clients of Kwin?

Among others Atomium, Embuild, Essenscia, Home-Start Vlaanderen, VBO FEB, Huis Van Dijck, Boomerang.legal, GO! Scholengroep Brussel, Muntpunt, Stad Brussel, Reprobel, Fevia, Vlaamse overheid, Brugel, Arega.

Sinds 2015 is Kwin actief als creatief bureau uit Brussel. Met ongeveer 5 VTE is dit een middelgroot bureau. Ze werken rond creatie & reclame, video & productie, strategie en branding & identiteit. Het zwaartepunt ligt bij opdrachtgevers uit merken/communities en brede markt.

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: € 291.302 gross margin, growth -36,6% against a sector median of -0,1%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

KwinSector median

EBITDA margin 3,3%, sector median 22,3%. Value-added coverage 1,03 (median 1,20). 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

€ 57.118

Median (2024) € 72.309

Against a payroll cost of € 53.860 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 35

Median (2024) € 45

8.367 hours worked, 1.641 per FTE. Against that sits € 33 of payroll cost per hour worked, leaving € 2 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: 15,7 months (median 6,9 mo). Equity in the latest year: € 359.211.

Adequate buffer

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

Cash € 117.904. Liquidity ratio 2,63: current assets cover short-term debt in full. Solvency 62,7%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 117 days of supplier credit, sector median 73. The accounts were filed 175 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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Registered office moved · 7 Aug 2026 · Staatsblad
The registered office relocated. Usually just a new office.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
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.

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: 15,7 months of payroll in equity
Team grew (+15,9% FTE in the latest year)
Healthy working capital (current ratio 2,63)
Equity was earned, not injected (reserves 9,3× the capital contributed)
Comfortable cash position: 157 days of payroll

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	€ 269.625	€ 331.898+23,1%	€ 459.319+38,4%	€ 291.302-36,6%
EBITDA	€ 94.596	€ 141.906	€ 237.947	€ 9.530
EBITDA margin	35,1%	42,8%	51,8%	3,3%
Staff
FTE	2,9	-	4,4	5,1+15,9%
Gross margin per FTE	€ 92.974	-	€ 104.391	€ 57.118
Payroll cost per FTE	€ 47.537	-	€ 49.521	€ 53.860
Balance sheet
Equity	€ 91.187	€ 190.720	€ 362.129	€ 359.211
Cash	€ 26.944	€ 28.075	€ 358.091	€ 117.904
Liquidity ratio	1,28	2,48	2,52	2,63

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 24/06/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: 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

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Video production

Sector focus

Public sector & governmentReal estate & constructionEducationB2B servicesMedia & entertainment

Publicly known clients

Atomium, Embuild, Essenscia, Home-Start Vlaanderen, VBO FEB, Huis Van Dijck, Boomerang.legal, GO! Scholengroep Brussel, Muntpunt, Stad Brussel, Reprobel, Fevia, Vlaamse overheid, Brugel, Arega

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

1

People 8 people mapped

This team is built around client service: 3 of 8 are account & project. Within that core, Klantbeheer and Relatiebeheer stand out. There are 2 strategists around — expect thinking first, pixels second.

HM

Hans Michiels

Partner & Creative Strategist

KL

Kwinten Lambrecht

Partner & Creative Strategist

BR

Bas Robberechts

Client Manager

CB

Charlotte Boffé

Client Manager

LD

Leen d'Hooghe

Operations Manager

MO

Margo Otike

Client Manager

SW

Senne Wauters

Graphic & Motion Designer

VC

Viviane Cojocaru

Creative Intern

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

€ 53.860

-12% versus the median

Team composition

5,1 FTE

26% women
74% men

€ 53.860

Median Creatief bureau (2024) € 61.047All agencies (2024) € 59.069

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

137,3%

Median for this type of agency (2024): 32,5%

Inflow 2025

137,3%

7,0 FTE in, 7,0 FTE out

Net team change

0,0 FTE

202220242025

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