Around 0 full-time equivalents (financial year 2025).

Who are the clients of Manley?

Among others Ray & Jules, Mic Mac Minuscule.

Review: Manley

Sinds 2019 is Manley actief als pr- & communicatiebureau uit Antwerpen. Uit de publiek bekende klantenlijst: Ray & Jules en Mic Mac Minuscule.

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: € 59.702 gross margin, growth -25,9% against a sector median of +1,2%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

ManleySector median

EBITDA margin 86,7%, sector median 25,6%. Value-added coverage 8,82 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 298.512

Median (2025) € 83.630

Against a payroll cost of € 33.078 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 216

Median (2025) € 50

277 hours worked, 1.385 per FTE. Against that sits € 24 of payroll cost per hour worked, leaving € 192 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: 87,1 months (median 12,2 mo). Equity in the latest year: € 48.045.

Adequate buffer

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

Cash € 56.574. Liquidity ratio 1,17: current assets cover short-term debt in full. Solvency 13,3%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 128 days of supplier credit, sector median 71. The accounts were filed 191 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 Sep 2026 · Google Autocomplete
Sharp drop in equity · 30 Jun 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.
Late filing · 31 Jan 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.

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 (86,7%)
Strong buffer: 87,1 months of payroll in equity
Value-added per euro of payroll above the sector median (8,82)
Comfortable cash position: 3121 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	€ 152.260	€ 174.686+14,7%	€ 80.545-53,9%	€ 59.702-25,9%
EBITDA	€ 83.707	€ 101.422	€ 23.820	€ 51.743
EBITDA margin	55%	58,1%	29,6%	86,7%
Staff
FTE	1,1	1,3+18,2%	0,8-38,5%	0,2-75%
Gross margin per FTE	€ 138.418	€ 134.374	€ 100.681	€ 298.512
Payroll cost per FTE	€ 60.467	€ 55.272	€ 60.669	€ 33.078
Balance sheet
Equity	€ 30.412	€ 74.130	€ 59.418	€ 48.045
Cash	€ 48.086	€ 31.672	€ 31.642	€ 56.574
Liquidity ratio	1,32	1,57	1,37	1,17

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 07/01/2026. 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.

Coming soon

We're working on this part of the factsheet.

Publicly known clients

Ray & JulesMic Mac Minuscule

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

1

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

€ 33.078

-46% versus the median

Team composition

0,2 FTE

€ 33.078

Median PR- & communicatiebureau (2025) € 61.577All 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.

2

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

500,0%

Median for this type of agency (2025): 35,1%

Inflow 2025

500,0%

1,0 FTE in, 1,0 FTE out

Net team change

0,0 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.