What is Noticed specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution.

Around 5 full-time equivalents (financial year 2025).

Review: Noticed

Q: Who are the clients of Noticed?

Among others Sportful, Tivoli Audio, Quooker, Port of Antwerp Bruges, Hedgren, Frako, The Sustainables, Vossebergen, Mercy Ships, DaAn Optiek, Toerisme Kempen, De Waterbus, Badminton Vlaanderen, POM Antwerpen, Luminus.

Noticed is een full-service bureau met thuisbasis in Lier, opgericht in 2008. Het team telt ongeveer 6 medewerkers (VTE). Het aanbod bestrijkt strategie, branding & identiteit en creatie & reclame. Sectoren waar het bureau vaak werkt: breed/algemeen.

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: € 477.070 gross margin, growth +27,5% against a sector median of +1,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

NoticedSector median

EBITDA margin 25,9%, sector median 23,9%. Value-added coverage 1,43 (median 1,27).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 99.390

Median (2025) € 78.251

Against a payroll cost of € 51.394 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 68

Median (2025) € 49

6.993 hours worked, 1.488 per FTE. Against that sits € 35 of payroll cost per hour worked, leaving € 34 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: 8,9 months (median 5,8 mo). Equity in the latest year: € 210.793.

Adequate buffer

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

Cash € 70.333. Liquidity ratio 0,63: current assets cover short-term debt not in full. Solvency 14,1%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 103 days of supplier credit, sector median 54. The accounts were filed 232 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 Oct 2026 · Google Autocomplete
Late filing · 20 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.
Sharp headcount decline · 31 Dec 2025 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
Late filing · 26 Sep 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.
Loss-making year · 31 Dec 2024 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
Sharp headcount decline · 31 Dec 2024 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
+ 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

EBITDA margin above the sector median (25,9%)
Strong buffer: 8,9 months of payroll in equity
Value-added per euro of payroll above the sector median (1,43)
Margin per hour worked rose 4 years in a row
Comfortable cash position: 106 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	€ 539.811	€ 510.082-5,5%	€ 618.021+21,2%	€ 374.175-39,5%	€ 477.070+27,5%
EBITDA	€ 74.908	€ 115.469	€ 128.455	€ 47.137	€ 123.332
EBITDA margin	13,9%	22,6%	20,8%	12,6%	25,9%
Staff
FTE	9,0	7,4-17,8%	8,7+17,6%	6,3-27,6%	4,8-23,8%
Gross margin per FTE	€ 59.979	€ 68.930	€ 71.037	€ 59.393	€ 99.390
Payroll cost per FTE	€ 50.249	€ 51.639	€ 55.809	€ 50.818	€ 51.394
Balance sheet
Equity	€ 224.556	€ 221.949	€ 244.092	€ 209.105	€ 210.793
Cash	€ 121.535	€ 91.841	€ 99.776	€ 16.131	€ 70.333
Liquidity ratio	0,70	0,68	0,71	0,60	0,63

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 20/08/2026. 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 5 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Sector focus

Public sector & governmentEnergy & utilitiesFashion & lifestyleFood & beverageTravel & hospitality

Publicly known clients

Sportful, Tivoli Audio, Quooker, Port of Antwerp Bruges, Hedgren, Frako, The Sustainables, Vossebergen, Mercy Ships, DaAn Optiek, Toerisme Kempen, De Waterbus, Badminton Vlaanderen, POM Antwerpen, Luminus

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

1

People 6 people mapped

We mapped 6 people, but this agency keeps job titles to itself — the team page sticks to names. Who does what is best asked over coffee.

FB

Freya Bernaert

Operatieverpleegkundige

GV

Guy Van Camp

Diëtist

KI

Katelijne Impens

Verpleegkundige

KB

Katrien Blancke

Tandarts

PH

Peter Hermans

Kok

SV

Stef van Ranst

Onderhoudsassistent

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

€ 51.394

-15% versus the median

Team composition

4,7 FTE

79% women
21% men

€ 51.394

Median Full-service bureau (2025) € 60.368All 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

42,6%

Median for this type of agency (2025): 31,1%

Inflow 2025

38,3%

1,8 FTE in, 2,0 FTE out

Net team change

-0,2 FTE

20212022202320242025

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.