Lucy: creative agency
Lucy is een strategisch en conceptueel bureau dat graag merken bouwt via creatieve campagnes. Ze zien zichzelf als een challenger binnen de A-merken.
The content of this factsheet is in Dutch.
Vanuit Brussel werkt Lucy sinds 2016 als creatief bureau. Het team telt ongeveer 10 medewerkers (VTE). De opgegeven expertises zijn creatie & reclame, strategie, branding & identiteit en content & copy. Uit de publiek bekende klantenlijst: Brocom, DreamLand, Fluvius en NIBC.
Merkbouwers
Lucy is een strategisch en conceptueel bureau dat graag merken bouwt via creatieve campagnes. Ze zien zichzelf als een challenger binnen de A-merken. Je kan hen inschakelen voor merkstrategie en creatieve campagnes.
Ze hechten veel belang aan het service niveau voor hun klanten, en leggen dan ook nadruk op een goede structuur, een goed proces en een uitgebreid stakeholder management.
De helft van hun klanten zijn commerciële klanten, de andere helft overheden/impact organisaties.
Lucy werkt met 16 VTE, waaronder:
- 5 creatives (art+copy)
- 2 designers (inclusief motion)
- 1 strategisch directeur
- 2 creatief directeurs
- 4 account managers
- 1 planner
Wat ze niet doen: performance marketing, webdevelopment.
Zelf omschrijven ze hun cultuur als: open, transparant, luisterbereid.
Referentieklanten: Dela, Neckermann, Stad Antwerpen, Liantis, KFC, Cera, Beter Bed, Vlaams Mensenrechteninstituut
Gepercipieerde concurrenten: Mutant, LDV, Bonka Circus, The Other Agency, Done by Friday, Via Victor, Air, Mortierbrigade
Voorbeelden: Uncommon, Huge, 72andSunny
Ondernemingsnummer: 0664.863.239
Gemiddelde klantgrootte: 150k
4× IAB MIXX AwardsAs indicated by the agency itself.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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)- Late filing · 12 Aug 2026 · NBBThe 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.
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Negative equity · 31 Dec 2025 · NBBDebts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
- Sharp drop in equity · 31 Dec 2025 · NBBThe financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
- Sharp headcount decline · 31 Dec 2025 · NBBAverage 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.
- Critical buffer · 31 Dec 2025 · NBBEquity 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.
- + 2 older signals within 24m
What this agency does well
- Equity was earned, not injected (reserves 2,6× the capital contributed)
- Comfortable cash position: 133 days of payroll
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 | € 422.762 | € 701.444+65,9% | € 684.041-2,5% | € 492.046-28,1% | € 687.560+39,7% |
| EBITDA | € 35.320 | € 186.333 | € -39.436 | € -242.116 | € 112.407 |
| EBITDA margin | 8,4% | 26,6% | -5,8% | -49,2% | 16,3% |
| Staff | |||||
| FTE | 6,7 | 7,6+13,4% | 10,1+32,9% | 9,9-2% | 7,1-28,3% |
| Gross margin per FTE | € 63.099 | € 92.295 | € 67.727 | € 49.702 | € 96.839 |
| Payroll cost per FTE | € 57.595 | € 67.550 | € 71.387 | € 73.970 | € 80.719 |
| Balance sheet | |||||
| Equity | € 89.454 | € 95.122 | € 14.052 | € -283.996 | € -222.487 |
| Cash | € 153.966 | € 257.521 | € 76.424 | € 173.160 | € 209.109 |
| Liquidity ratio | 1,65 | 1,20 | 1,55 | 0,83 | 0,73 |
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 24/08/2026. 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 21 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 7 services
Sector focus
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
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.
- 63% women
- 38% men
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.
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.
Award-winning work 4 award(s)
As published by the organising award shows, collected by IKAg.
Frequently asked questions about Lucy
- When was Lucy founded?
- In 2016.
- Where is Lucy located?
- In Brussel, Belgium.
- What is Lucy specialised in?
- Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Content strategy & editorial.
- How big is Lucy?
- Around 7 full-time equivalents (financial year 2025).
- Which sectors does Lucy work for?
- Public sector & non-profit, Telecom & media.
- Who are the clients of Lucy?
- Among others Dela, Neckermann, Stad Antwerpen, Liantis, KFC, Cera, Beter Bed, Vlaams Mensenrechteninstituut.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-08-25.