Around 12 full-time equivalents (financial year 2025).

Review: Ocular

Ocular is een productiehuis met thuisbasis in Wingene, opgericht in 2002. Met ongeveer 12 VTE is dit een middelgroot bureau.

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: € 1,47 mln gross margin, growth -13,4% against a sector median of +11,2%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

OcularSector median

EBITDA margin 40,5%, sector median 41,6%. Value-added coverage 1,69 (median 1,44).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 118.669

Median (2024) € 71.844

Against a payroll cost of € 65.813 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 70

Median (2024) € 44

20.995 hours worked, 1.693 per FTE. Against that sits € 39 of payroll cost per hour worked, leaving € 31 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: 16,1 months (median 9,2 mo). Equity in the latest year: € 1,17 mln.

Adequate buffer

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

Cash € 625.113. Liquidity ratio 1,65: current assets cover short-term debt in full. Solvency 44,2%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 25 days of supplier credit, sector median 43. The accounts were filed 208 days after closing; the legal deadline is seven months.

Pays and files on time

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

No serious signals

Signals in the last 24 months

Board change · 31 Mar 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.
Registered office moved · 12 Feb 2025 · Staatsblad
The registered office relocated. Usually just a new office.

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

Profitable in every one of the last 5 years
Strong buffer: 16,1 months of payroll in equity
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (1,69)
Healthy working capital (current ratio 1,65)
Equity was earned, not injected (reserves 61,8× the capital contributed)
Comfortable cash position: 280 days of payroll
Turnover below the median (16,1%)

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	€ 787.362	€ 944.839+20%	€ 1,50 mln+59,1%	€ 1,70 mln+13,1%	€ 1,47 mln-13,4%
EBITDA	€ 157.086	€ 301.926	€ 781.141	€ 870.529	€ 596.360
EBITDA margin	20%	32%	52%	51,2%	40,5%
Staff
FTE	10,5	11,0+4,8%	11,4+3,6%	12,5+9,6%	12,4-0,8%
Gross margin per FTE	€ 74.987	€ 85.894	€ 131.837	€ 135.956	€ 118.669
Payroll cost per FTE	€ 59.135	€ 57.940	€ 61.922	€ 65.755	€ 65.813
Balance sheet
Equity	€ 529.551	€ 580.840	€ 751.540	€ 911.069	€ 1,17 mln
Cash	€ 411.043	€ 858.478	€ 1,34 mln	€ 1,09 mln	€ 625.113
Liquidity ratio	1,99	1,37	1,30	1,30	1,65

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 27/07/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

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

€ 65.813

+29% versus the median

Team composition

12,4 FTE

28% women
72% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 65.813

Median Productiehuis (2024) € 51.086All agencies (2024) € 59.069

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

16,1%

Median for this type of agency (2024): 30,6%

Inflow 2025

0,0%

0,0 FTE in, 2,0 FTE out

Net team change

-2,0 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 2024: the last year for which nearly all accounts have been filed.