Where is Mindshare located?

In Sint-Joost-ten-Node, Belgium.

What is Mindshare specialised in?

Paid social, Search advertising (SEA), CRM & lifecycle strategy, Marketing automation, Dashboards & reporting, Data science & analytics (incl. predictive modelling).

How big is Mindshare?

Around 72 full-time equivalents (financial year 2025).

Review: Mindshare

Mindshare, opgericht in 1985, is een performance- & mediabureau uit Sint-Joost-ten-Node. Het team telt ongeveer 72 medewerkers (VTE). De opgegeven expertises zijn paid media (sea/social/display), data & analytics en crm & marketing automation. De ervaring zit vooral in breed/generalistisch media (geen niche zichtbaar). Het bureau maakt deel uit van WPP.

Awards

4× IAB MIXX Awards

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: € 5,21 mln gross margin, growth +3,1% against a sector median of +5,3%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

MindshareSector median

EBITDA margin -11%, sector median 28%. Value-added coverage 0,91 (median 1,23).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 72.383

Median (2025) € 76.236

Against a payroll cost of € 91.774 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 45

Median (2025) € 47

115.044 hours worked, 1.598 per FTE. Against that sits € 57 of payroll cost per hour worked, leaving € -12 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: -0,1 months. Equity in the latest year: € -77.733.

Group entity - see note

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

Cash € 35.394. Liquidity ratio 1,02: current assets cover short-term debt in full. Solvency -0,1%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 82 days of supplier credit, sector median 63. The accounts were filed 194 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
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Board change · 5 Feb 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.
+ 4 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
Stable team (no meaningful FTE loss)
Turnover below the median (21,9%)
Invests in training (53 hours per FTE)

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	€ 5,32 mln	€ 4,69 mln-11,8%	€ 4,82 mln+2,9%	€ 5,06 mln+4,9%	€ 5,21 mln+3,1%
EBITDA	€ 2,03 mln	€ 378.072	€ 152.479	€ -206.910	€ -573.917
EBITDA margin	38,1%	8,1%	3,2%	-4,1%	-11%
Staff
FTE	62,3	67,3+8%	65,5-2,7%	71,3+8,9%	72,0+1%
Gross margin per FTE	€ 85.328	€ 69.660	€ 73.617	€ 70.913	€ 72.383
Payroll cost per FTE	€ 67.745	€ 73.218	€ 74.323	€ 81.286	€ 91.774
Balance sheet
Equity	€ 3,20 mln	€ 3,64 mln	€ 2,55 mln	€ 974.170	€ -77.733
Cash	€ 396.311	€ 1,23 mln	-	€ 142.146	€ 35.394
Liquidity ratio	1,04	1,06	1,04	1,01	1,02

Payroll cost per FTE comes from the social report where available, otherwise from the Remuneration line. Both are gross costs including employer contributions.

Group entity. This agency is a subsidiary of an (international) group. Thin equity at network subsidiaries is often group policy (management fees, dividends to the parent) rather than a distress signal. The buffer dimension is therefore not assessed.

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 13/07/2026. 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 6 services

Media

Paid social Search advertising (SEA)

CRM, Email & Loyalty

CRM & lifecycle strategy Marketing automation

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

Sector focus

Breed/generalistisch media (geen niche zichtbaar)

From our own research. The agency hasn't listed its sectors yet.

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

€ 91.774

+47% versus the median

Team composition

72,0 FTE

68% women
32% men

Training per FTE

52,9 h

Many agencies fill this field in incompletely.

€ 91.774

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.

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

21,9%

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

Inflow 2025

15,3%

11,0 FTE in, 15,8 FTE out

Net team change

-4,8 FTE

20212022202320242025

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.

Award-winning work 4 award(s)

2025

IAB MIXX Awards SilverBest Use of AI · “ICI Paris XL” · source ↗
IAB MIXX Awards BronzeProduct Innovation · “ICI Paris XL” · source ↗
IAB MIXX Awards GoldData/Dashboarding · “ICI Paris XL” · source ↗

2022

IAB MIXX Awards SilverBest Media Engagement · “IKEA” · source ↗

As published by the organising award shows, collected by IKAg.