Where is Paf design located?

In Watermaal-Bosvoorde, Belgium.

What is Paf design specialised in?

Packaging design, Campaign concepts & big ideas, Campaign execution, Influencer & creator marketing, Organic social content, Social strategy & platform mix.

How big is Paf design?

Around 6 full-time equivalents (financial year 2025).

Which sectors does Paf design work for?

Finance & insurance, Public sector & non-profit, Food & beverage.

Review: Paf design

Q: Who are the clients of Paf design?

Among others AG Insurance, Delacre, Foire du livre de Bruxelles, Woluwe Shopping.

Paf design, opgericht in 2011, is een eventbureau uit Watermaal-Bosvoorde. Het team telt ongeveer 7 medewerkers (VTE). Het aanbod bestrijkt events, pr & communicatie, social media en branding & identiteit. Namen die publiek aan dit bureau gelinkt worden: AG Insurance, Delacre, Foire du livre de Bruxelles en Woluwe Shopping.

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: € 425.061 gross margin, growth -24% against a sector median of +12,8%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Paf designSector median

EBITDA margin 11,7%, sector median 46,6%. Value-added coverage 1,13 (median 1,64). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 70.844

Median (2024) € 92.849

Against a payroll cost of € 57.239 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 44

Median (2024) € 54

9.615 hours worked, 1.603 per FTE. Against that sits € 36 of payroll cost per hour worked, leaving € 8 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: 6,1 months (median 11,8 mo). Equity in the latest year: € 188.795.

Adequate buffer

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

Cash € 125.264. Liquidity ratio 1,46: current assets cover short-term debt in full. Solvency 32,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 222 days of supplier credit, sector median 100. The accounts were filed 243 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 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Late filing · 31 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
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.
+ 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

Strong buffer: 6,1 months of payroll in equity
Margin per hour worked rose 4 years in a row
Healthy working capital (current ratio 1,46)
Comfortable cash position: 133 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	€ 256.725	€ 308.132+20%	€ 356.013+15,5%	€ 559.293+57,1%	€ 425.061-24%
EBITDA	€ 71.443	€ 14.899	€ 60.709	€ 102.698	€ 49.880
EBITDA margin	27,8%	4,8%	17,1%	18,4%	11,7%
Staff
FTE	4,1	4,7+14,6%	4,9+4,3%	7,4+51%	6,0-18,9%
Gross margin per FTE	€ 62.616	€ 65.560	€ 72.656	€ 75.580	€ 70.844
Payroll cost per FTE	€ 44.689	€ 62.243	€ 60.132	€ 60.672	€ 57.239
Balance sheet
Equity	€ 92.766	€ 83.176	€ 115.010	€ 154.128	€ 188.795
Cash	€ 15.833	€ 13.978	€ 34.432	€ 64.340	€ 125.264
Liquidity ratio	0,64	0,57	0,72	1,75	1,46

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 31/08/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 15 services

Branding & Design

Packaging design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Social, Influencer & Community

Influencer & creator marketing Organic social content Social strategy & platform mix

CRM, Email & Loyalty

CRM & lifecycle strategy Direct marketing & lead management Marketing automation

PR & Reputation

Corporate communication PR strategy & media relations

Employer Brand & Internal

Internal communication

Events, Sponsoring & Activation

Brand activation (incl. guerrilla) Events & experiences Sponsorship & partnerships

Sector focus

Finance & insuranceFood & beverageRetail & e-commerceMedia & entertainment

Publicly known clients

AG InsuranceDelacreFoire du livre de BruxellesWoluwe Shopping

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

€ 57.239

+1% versus the median

Team composition

6,0 FTE

48% women
52% men

€ 57.239

Median Eventbureau (2024) € 56.686All 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 2024

39,2%

Median for this type of agency (2024): 47,2%

Inflow 2024

67,6%

5,0 FTE in, 2,9 FTE out

Net team change

+2,1 FTE

20212022202320242025

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 2024: the last year for which nearly all accounts have been filed.