What is Liquid specialised in?

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

Around 6 full-time equivalents (financial year 2025).

Who are the clients of Liquid?

Among others Daikin, Vandemoortele, A-Mode, Smappee, Orona, Ingenium, DLPA.

Review: Liquid: reclamebureau

Liquid is al ruim tien jaar actief als brandingbureau uit Sint-Andries. Er werken ongeveer 8 mensen, uitgedrukt in voltijdse equivalenten. Het aanbod bestrijkt strategie, branding & identiteit en creatie & reclame. Sectorieel richt het bureau zich vooral op brede b2b/b2c en merken in evoluerende markten. Tot de publiek bekende klanten behoren Daikin Europe, Floorward, Subaru en Wilms.

Een oerdegelijk reclamebureau
Liquid is een doorstart van de grafische studio Liquid Society, naar een reclamebureau. Ze werken op creatieve oplossingen voor business resultaten. Ze bedenken merk- en marketingstrategie, branding, campagnes; en hebben ook goeie uitvoerende capaciteit.
Liquid werkt met een team van 15 VTE, waaronder:

1 CEO / strateeg
1 client services director
4 account managers
2 digital managers
studio met 2 art directors, 2 grafici, 1 copywriter

Zelf omschrijven ze hun cultuur als: caring, familie.

Referentieklanten: Daikin, Vandemoortele, A-Mode, Smappee, Orona, Ingenium, DLPA
Gepercipieerde concurrenten: Skinn, D’Artagnan, Kixx, Hannibal, VML, Superkraft, LDV, ViaVictor, Mutant
Voorbeelden: True, Special, Resn
Ondernemingsnummer: 0834.972.139
Gemiddelde klantgrootte: 100k

Who do they see as competitors?

D'artagnan Hannibal KIXX LDV United Mutant Skinn Superkraft Via Victor VML

As indicated by the agency itself.

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: € 1,13 mln gross margin, growth +125% against a sector median of +6,6%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

LiquidSector median

EBITDA margin 62%, sector median 32,2%. Value-added coverage 2,64 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 191.658

Median (2025) € 82.809

Against a payroll cost of € 72.324 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 128

Median (2025) € 48

8.848 hours worked, 1.500 per FTE. Against that sits € 48 of payroll cost per hour worked, leaving € 80 for premises, equipment, depreciation and profit.

Above 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: 0,3 months (median 6,3 mo). Equity in the latest year: € 11.804.

Critical buffer

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

Cash € 145.424. Liquidity ratio 0,94: current assets cover short-term debt not in full. Solvency 2,9%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 51 days of supplier credit, sector median 68. 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

3 red flag(s) (24m)

Signals in the last 24 months

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.
Board change · 25 Aug 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.
Board change · 22 Jun 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.
Critical buffer · 31 Dec 2025 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
Sharp headcount decline · 31 Dec 2025 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
Late filing · 21 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.
+ 5 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

EBITDA margin above the sector median (62,0%)
Value-added per euro of payroll above the sector median (2,64)
Equity was earned, not injected (reserves 5,9× the capital contributed)
Comfortable cash position: 124 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	€ 546.313	€ 696.051+27,4%	€ 502.535-27,8%	€ 1,13 mln+125%
EBITDA	€ -258.874	€ -112.519	€ -123.916	€ 700.595
EBITDA margin	-47,4%	-16,2%	-24,7%	62%
Staff
FTE	11,2	11,1-0,9%	7,7-30,6%	5,9-23,4%
Gross margin per FTE	€ 48.778	€ 62.707	€ 65.264	€ 191.658
Payroll cost per FTE	€ 70.923	€ 69.682	€ 77.061	€ 72.324
Balance sheet
Equity	€ -244.478	€ -437.265	€ -642.763	€ 11.804
Cash	€ 187.578	€ 152.683	€ 145.120	€ 145.424
Liquidity ratio	0,63	0,61	0,50	0,94

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 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.

What the agency actually does 5 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Sector focus

Automotive & mobilityTechnology & softwareFood & beverageReal estate & construction

Publicly known clients

Daikin EuropeFloorwardSubaruWilmsVandemoorteleLEDA

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

1

People 5 people mapped

The heart of this team is creative: 3 of 5 profiles are makers. Within that core, Design, Art Direction and Motion stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep.

FS

Fauve Slimbrouck

Account manager

NH

Nikolaas Hoste

Managing Director

PB

Pascale Boedt

Senior art director

SD

Saskia Dendooven

Senior Art Director

JB

Julie Brusselle

GRAPHIC, Motion & AI DESIGNER

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

€ 72.324

+19% versus the median

Team composition

5,9 FTE

78% women
22% men

€ 72.324

Median Brandingbureau (2025) € 60.980All 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

62,7%

Median for this type of agency (2025): 38,9%

Inflow 2025

16,9%

1,0 FTE in, 3,7 FTE out

Net team change

-2,7 FTE

2022202320242025

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.