Where is Ncbham located?

In Sint-Jans-Molenbeek, Belgium.

What is Ncbham specialised in?

Brand strategy & positioning, Brand identity & design, Brand activation (incl. guerrilla).

Around 1 full-time equivalent (financial year 2024).

Which sectors does Ncbham work for?

Construction & real estate, Hospitality & tourism, Interior & design.

Review: Ncbham

Q: Who are the clients of Ncbham?

Among others AG Insurance, Levi's, Circae, Solidaris, Elia, Le Soir, Rossel, EY, BNP, ING, Axa Bank, Ethias, Ageas, ULB, Marcolini.

Ncbham bestaat sinds 2013 en profileert zich als brandingbureau uit Sint-Jans-Molenbeek. De opgegeven expertise is branding & identiteit en events.

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

20202021202220232024

Latest year: € 336.525 gross margin, growth -46,6% against a sector median of +2,1%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20202021202220232024

NcbhamSector median

EBITDA margin 57,6%, sector median 28%. Value-added coverage 3,13 (median 1,30).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 336.525

Median (2025) € 82.809

Against a payroll cost of € 81.411 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 191

Median (2025) € 48

1.763 hours worked, 1.763 per FTE. Against that sits € 46 of payroll cost per hour worked, leaving € 145 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: 73,9 months (median 8,3 mo). Equity in the latest year: € 559.545.

Adequate buffer

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

Cash € 243.592. Liquidity ratio 1,01: current assets cover short-term debt in full. Solvency 23,4%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 774 days of supplier credit, sector median 68. The accounts were filed 268 days after closing; the legal deadline is seven months.

Filed late

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 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Sharp drop in equity · 30 Sep 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.
+ 3 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

EBITDA margin above the sector median (57,6%)
Profitable in every one of the last 5 years
Strong buffer: 73,9 months of payroll in equity
Value-added per euro of payroll above the sector median (3,13)
Equity was earned, not injected (reserves 51,7× the capital contributed)
Comfortable cash position: 1092 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, 2020 to 2024Result, staff and balance sheet

	2020	2021	2022	2023	2024
Result
Gross margin	€ 255.414	€ 182.022-28,7%	€ 245.049+34,6%	€ 629.909+157,1%	€ 336.525-46,6%
EBITDA	€ 120.811	€ 24.243	€ 72.074	€ 484.764	€ 193.824
EBITDA margin	47,3%	13,3%	29,4%	77%	57,6%
Staff
FTE	0,9	1,6+77,8%	1,9+18,7%	1,2-36,8%	1,0-16,7%
Gross margin per FTE	€ 283.794	€ 113.764	€ 128.973	€ 524.924	€ 336.525
Payroll cost per FTE	€ 59.039	€ 52.920	€ 54.006	€ 76.160	€ 81.411
Balance sheet
Equity	€ 594.308	€ 579.848	€ 591.222	€ 728.200	€ 559.545
Cash	€ 316.710	€ 202.675	€ 659.860	€ 634.587	€ 243.592
Liquidity ratio	2,20	2,20	1,88	2,12	1,01

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 21/04/2026. 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 3 services

Strategy & Insights

Brand strategy & positioning

Branding & Design

Brand identity & design

Events, Sponsoring & Activation

Brand activation (incl. guerrilla)

Sector focus

Finance & insuranceHealth & pharmaFashion & lifestyleMedia & entertainmentTravel & hospitality

Publicly known clients

AG Insurance, Levi's, Circae, Solidaris, Elia, Le Soir, Rossel, EY, BNP, ING, Axa Bank, Ethias, Ageas, ULB, Marcolini

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

1

People 17 people mapped

The heart of this team is creative: 9 of 17 profiles are makers. Within that core, Design, UX/UI Design and Copywriting stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

AP

Alexandra Pustianu

Partner, Architecture

DG

diederik gees

Strategic Partnerships Director

MB

Mauro Brigham

Creative Direction & Founder

NK

Nina Korkach

Associate, Co-Managing Director

AG

Aitana Gomez

Communication & Graphic Design

AM

Alexandra Mavroudaki

Architecture & Project Management

AS

Alicia Saen

Interior Design

BA

Beatriz Amann

Architecture

DS

Dimana Sofianska

Interior Design

FP

Franne Poissonnier

OFFICE MANAGER

MA

Madalina Anghelescu

Architecture

MZ

Magdalena Zogorska

Architecture & Project Management

MM

Marc Martinez

Associate, Computational Design & technology

NL

Nayade Lopez

Communication & Graphic Design

NT

Nguyen-Bao Thai Ngoc

Interior Design

SA

Sevasti Alexiadi

Design & Execution

SP

Silvia Preto

Architecture

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

€ 63.951

+5% versus the median

Team composition

1,8 FTE

67% women
33% men

€ 63.951

Median Brandingbureau (2025) € 60.980All 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): 38,9%

Inflow 2025

111,1%

202020212022202320242025

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.