Maastery
The content of this factsheet is in Dutch.
Maastery is al ruim twintig jaar actief als full-service bureau uit Elsene. Het aanbod is gericht op paid media (sea/social/display) en seo. Sectoren waar het bureau vaak werkt: kmo's en vastgoed/real estate.
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
2 red flag(s) (24m)- Late filing · 18 Aug 2025 · 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.
- Critical buffer · 31 Dec 2024 · 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.
- Negative equity · 31 Dec 2024 · NBBDebts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
What this agency does well
- EBITDA margin above the sector median (75,8%)
- Value-added per euro of payroll above the sector median (10,62)
- Equity was earned, not injected (reserves 2,8× the capital contributed)
- Comfortable cash position: 1473 days of payroll
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
4 financial years, 2021 to 2024Result, staff and balance sheet
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Result | ||||
| Gross margin | € 74.177 | € 118.496+59,7% | € 6.304-94,7% | € 37.178+489,8% |
| EBITDA | € 42.946 | € 14.530 | € -76.925 | € 28.175 |
| EBITDA margin | 57,9% | 12,3% | - | 75,8% |
| Staff | ||||
| FTE | 1,9 | 2,7+42,1% | 1,2-55,6% | - |
| Gross margin per FTE | € 39.041 | € 43.888 | € 5.253 | - |
| Payroll cost per FTE | € 16.101 | € 38.268 | € 69.137 | - |
| Balance sheet | ||||
| Equity | € -54.663 | € -55.557 | € -154.000 | € -135.751 |
| Cash | € 45.887 | € 24.467 | € 39.470 | € 11.815 |
| Liquidity ratio | 0,83 | 0,86 | 0,62 | 0,65 |
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 2024, filed on 18/08/2025. 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 3 services
Sector focus
Publicly known clients
Equilis, Prim'Vert, Templiers, Great, La Maisonnette, Burco, Relieve Furniture, Giftify, XLG, Festi, Lunch Garden, Almora Botanica, Smiles by Maria, Inside Properties, Galeries Royales Saint-Hubert
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
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.
Figures for financial year 2023: in 2024 this agency published no inflow or outflow.
Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2024. 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.
Frequently asked questions about Maastery
- When was Maastery founded?
- In 2001.
- Where is Maastery located?
- In Elsene, Belgium.
- What is Maastery specialised in?
- Paid social, Search advertising (SEA), SEO & GEO.
- How big is Maastery?
- Around 1 full-time equivalent (financial year 2024).
- Which sectors does Maastery work for?
- Construction & real estate.
- Who are the clients of Maastery?
- Among others Equilis, Prim'Vert, Templiers, Great, La Maisonnette, Burco, Relieve Furniture, Giftify, XLG, Festi, Lunch Garden, Almora Botanica, Smiles by Maria, Inside Properties, Galeries Royales Saint-Hubert.
Figures from the annual accounts up to financial year 2024. Company details checked against the CBE register on 2026-09-12.