What is Outsource specialised in?

Brand strategy & positioning, Research & consumer insights, Storytelling & narrative, Audio & podcasts, Content strategy & editorial, Copywriting & long-form content.

How big is Outsource?

Around 3 full-time equivalents (financial year 2025).

Which sectors does Outsource work for?

Automotive & mobility, HR & employer branding, Logistics & transport, Technology & software, Healthcare & pharma.

Review: Outsource

Q: Who are the clients of Outsource?

Among others Ansell, Bekaert, Belfius, Bosch, bpost, Brussels Airport Company, Capgemini, Equans, Ethias, Recupel, UCB, UZ Gent, Wolters Kluwer, Visit Leuven, Visit Bruges.

We're a boutique agency based in Dilbeek, near Brussels. 10 people strong and highly connected to a broad network of professionals in every trick of the communications trade. Big enough to deliver, small enough to care.

We help our customers:

Get noticed by the right decision-makers in their market (brand visibility)
Be preferred over their competitors when it matters most (brand preference)
Build lasting trust and credibility with all their stakeholders (trust & credibility)
Become recognised as a leading voice in their niche (thought leadership)
Prepare for and respond effectively to issues and crises, protecting their reputation when it comes under pressure (crisis & issues management)

We help B2B companies use integrated communications to strategically build, leverage and protect their reputation.

We do this on two levels at once: as a strategic sounding board working closely with management, and as a content studio that turns strategy into action.

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

2022202320242025

Latest year: € 232.814 gross margin, growth -7,6% against a sector median of +1,2%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

OutsourceSector median

EBITDA margin 36,8%, sector median 25,6%. Value-added coverage 1,62 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 86.227

Median (2025) € 83.630

Against a payroll cost of € 51.280 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 48

Median (2025) € 50

4.837 hours worked, 1.791 per FTE. Against that sits € 29 of payroll cost per hour worked, leaving € 20 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: 18,3 months (median 12,2 mo). Equity in the latest year: € 211.369.

Adequate buffer

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

Cash € 58.019. Liquidity ratio 3,09: current assets cover short-term debt in full. Solvency 57,4%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 98 days of supplier credit, sector median 71. The accounts were filed 214 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
Board change · 19 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.
Late filing · 30 Jan 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.

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 (36,8%)
Profitable in every one of the last 4 years
Strong buffer: 18,3 months of payroll in equity
Value-added per euro of payroll above the sector median (1,62)
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 3,09)
Equity was earned, not injected (reserves 10,4× the capital contributed)
Comfortable cash position: 153 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.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 481.067	€ 321.840-33,1%	€ 251.918-21,7%	€ 232.814-7,6%
EBITDA	€ 175.244	€ 19.682	€ 47.809	€ 85.717
EBITDA margin	36,4%	6,1%	19%	36,8%
Staff
FTE	5,9	5,5-6,8%	3,3-40%	2,7-18,2%
Gross margin per FTE	€ 81.537	€ 58.516	€ 76.339	€ 86.227
Payroll cost per FTE	€ 48.883	€ 50.555	€ 56.627	€ 51.280
Balance sheet
Equity	€ 176.386	€ 181.048	€ 181.939	€ 211.369
Cash	€ 158.189	€ 148.324	€ 109.139	€ 58.019
Liquidity ratio	1,69	1,78	2,12	3,09

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 30/01/2026. 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 20 services

Strategy & Insights

Brand strategy & positioning Research & consumer insights

Branding & Design

Storytelling & narrative

Content & Production

Audio & podcasts Content strategy & editorial Copywriting & long-form content Print & AV production Social-native content

Media

Media analytics & reporting Media strategy & planning Paid social

Social, Influencer & Community

Community management Organic social content Social strategy & platform mix

PR & Reputation

Corporate communication Crisis communication PR strategy & media relations Sustainability & CSR communication Thought leadership & public affairs

Employer Brand & Internal

Internal communication

Sector focus

B2B services

Publicly known clients

Ansell, Bekaert, Belfius, Bosch, bpost, Brussels Airport Company, Capgemini, Equans, Ethias, Recupel, UCB, UZ Gent, Wolters Kluwer, Visit Leuven, Visit Bruges

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

1

People 11 people mapped

Strategy weighs heavily here: 6 of 11 are strategists. Within that core, Contentstrategie and Marketingstrategie stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep.

DB

Didier Borremans

Founder

GA

Gert Asselman

Managing director

AM

Annelien Maurissen

Communication expert

AZ

Astrid Znamensky freelance

Senior consultant

AF

Audrey Floru

Senior data analyst

FD

Fee De Koninck

Communication assistant

FD

Fee Dekoninck

Jr. Communication Expert

FV

Frederique Vanherck freelance

Graphic Designer

JD

Jens De Greef

Communication Expert

LV

Leen Van Parys

Senior consultant

LS

Lieselot Serpentier

Communication expert

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

€ 51.280

-17% versus the median

Team composition

2,7 FTE

€ 51.280

Median PR- & communicatiebureau (2025) € 61.577All 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

37,0%

Median for this type of agency (2025): 35,1%

Inflow 2025

37,0%

1,0 FTE in, 1,0 FTE out

Net team change

0,0 FTE

2022202320242025

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.