What is Nemesis specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Website strategy & UX.

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

Review: Nemesis

Q: Who are the clients of Nemesis?

Among others Carexpat, Momoamo, Qlyr, Eightyseven, Bedimo, Epic, Apriori, Hockey Namur, Akka, Stravos, J&JOY, Makisu, Monde Selection, Enky, Abyssale.

Nemesis is een brandingbureau uit Brussel, actief sinds 2020. Het aanbod bestrijkt strategie, branding & identiteit en ux/ui design. Sectorieel richt het bureau zich vooral op ambitieuze bedrijven en geen specifieke sectorfocus.

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: € 23.703 gross margin, growth -78,3% against a sector median of +6,6%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

NemesisSector median

EBITDA margin -, sector median 32,2%. Value-added coverage 0,28 (median 1,29).

No margin data

Revenue per headGross margin per FTE, against payroll cost

€ 23.703

Median (2025) € 82.809

Against a payroll cost of € 62.991 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 24

Median (2025) € 48

995 hours worked, 995 per FTE. Against that sits € 63 of payroll cost per hour worked, leaving € -39 for premises, equipment, depreciation and profit.

Below 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: -3,5 months (median 6,3 mo). Equity in the latest year: € -18.539.

Critical buffer

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

Cash -. Liquidity ratio 0,92: current assets cover short-term debt not in full. Solvency -6,9%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 3.733 days of supplier credit, sector median 68. The accounts were filed 233 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

2 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Board change · 17 Sep 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.
Late filing · 21 Aug 2026 · 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.
Critical buffer · 31 Dec 2025 · NBB
Equity 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.
Low value-added coverage · 31 Dec 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
Negative equity · 31 Dec 2025 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
+ 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

Team grew (+42,9% FTE in the latest year)

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	€ 10.150	€ 30.439+199,9%	€ -8.284-127,2%	€ 109.237	€ 23.703-78,3%
EBITDA	€ 10.150	€ 30.439	€ -8.909	€ 60.019	€ -45.457
EBITDA margin	-	100%	-	54,9%	-
Staff
FTE	-	-	-	0,7	1,0+42,9%
Gross margin per FTE	-	-	-	€ 156.053	€ 23.703
Payroll cost per FTE	-	-	-	€ 69.758	€ 62.991
Balance sheet
Equity	€ 10.234	€ 33.306	€ 18.994	€ 64.227	€ -18.539
Cash	€ 7.707	€ 3.956	€ 15.237	€ 24.297	-
Liquidity ratio	1,17	1,84	1,42	1,71	0,92

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 21/08/2026. 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 4 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Digital Experience & Tech

Website strategy & UX

Sector focus

Finance & insuranceFood & beverageReal estate & constructionTechnology & softwareTravel & hospitality

Publicly known clients

Carexpat, Momoamo, Qlyr, Eightyseven, Bedimo, Epic, Apriori, Hockey Namur, Akka, Stravos, J&JOY, Makisu, Monde Selection, Enky, Abyssale

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

€ 62.991

+3% versus the median

Team composition

1,0 FTE

€ 62.991

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.

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 2024

/

Median for this type of agency (2025): 38,9%

Inflow 2024

142,9%

20242025

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

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.