What is Manjana specialised in?

Content strategy & editorial, Copywriting & long-form content, Paid social, Search advertising (SEA), SEO & GEO.

Around 1 full-time equivalent (financial year 2025).

Review: Manjana

Q: Who are the clients of Manjana?

Among others Warm Wonen, Neutraal Ziekenfonds Vlaanderen, EcoLiving, Studio Formaat, Fonnefeesten.

Sinds 2020 is Manjana actief als performance- & mediabureau uit Lokeren. Het bureau combineert paid media (sea/social/display), seo en content & copy. De klanten komen vooral uit kmo's. Tot de publiek bekende klanten behoren Warm Wonen, Neutraal Ziekenfonds Vlaanderen, EcoLiving en Studio Formaat.

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: € 114.942 gross margin, growth +10,3% against a sector median of +5,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

ManjanaSector median

EBITDA margin 28,6%, sector median 28%. Value-added coverage 1,41 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 82.101

Median (2025) € 76.236

Against a payroll cost of € 57.089 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 51

Median (2025) € 47

2.272 hours worked, 1.623 per FTE. Against that sits € 35 of payroll cost per hour worked, leaving € 15 for premises, equipment, depreciation and profit.

Around 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: 4,2 months (median 6,3 mo). Equity in the latest year: € 27.741.

Adequate buffer

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

Cash € 13.433. Liquidity ratio 1,45: current assets cover short-term debt in full. Solvency 36,1%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 89 days of supplier credit, sector median 63. The accounts were filed 196 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Sharp drop in equity · 31 Dec 2025 · NBB
The 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.
Board change · 18 Aug 2025 · 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.
Registered office moved · 12 Feb 2025 · Staatsblad
The registered office relocated. Usually just a new office.
+ 1 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

Gross margin grew 3 years in a row
EBITDA margin above the sector median (28,6%)
Profitable in every one of the last 5 years
Value-added per euro of payroll above the sector median (1,41)
Healthy working capital (current ratio 1,45)
Equity was earned, not injected (reserves 8,2× the capital contributed)
Comfortable cash position: 61 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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 38.529	€ 10.596-72,5%	€ 99.223+836,4%	€ 104.195+5%	€ 114.942+10,3%
EBITDA	€ 38.132	€ 10.070	€ 70.181	€ 16.994	€ 32.905
EBITDA margin	99%	95%	70,7%	16,3%	28,6%
Staff
FTE	-	-	1,0	1,8+80%	1,4-22,2%
Gross margin per FTE	-	-	€ 99.223	€ 57.886	€ 82.101
Payroll cost per FTE	-	-	€ 28.382	€ 47.891	€ 57.089
Balance sheet
Equity	€ 31.565	€ 37.536	€ 89.022	€ 15.986	€ 27.741
Cash	€ 21.800	€ 32.695	€ 76.151	€ 16.301	€ 13.433
Liquidity ratio	2,49	5,28	3,74	1,20	1,45

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 15/07/2026. 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

Content & Production

Content strategy & editorial Copywriting & long-form content

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

SEO & GEO

Sector focus

Health & pharmaRetail & e-commerce

Publicly known clients

Warm WonenNeutraal Ziekenfonds VlaanderenEcoLivingStudio FormaatFonnefeesten

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

1

People 3 people mapped

Digital marketing is the engine: 2 of 3 profiles sit there. Within that core, SEO, SEA and Social Media stand out. A small team: short lines, little noise between you and the makers.

NM

Nils Meul

Zaakvoerder & Digital Marketing Consultant

BT

Brian Troch

Digital Marketing Consultant

MV

Mike Van Hemelrijck

Digital Marketing Consultant

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

€ 57.089

-9% versus the median

Team composition

1,4 FTE

€ 57.089

Median Performance- & mediabureau (2025) € 62.495All 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

/

Median for this type of agency (2025): 25,1%

Inflow 2025

57,1%

202320242025

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.