Around 82 full-time equivalents (financial year 2025).

Which sectors does Panama work for?

Automotive & mobility, Retail & e-commerce, Food & beverage.

Review: Panama

Q: What is Panama specialised in?

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

Q: Who are the clients of Panama?

Among others Unilever, Duvel, FrieslandCampina, Orange, Jaguar Land Rover, Q8, Red Bull, Lidl, Stellantis, De Lijn, Kellogg's, Niko, Suntory, Old El Paso, Edgar & Cooper.

Panama werkt ruim twintig jaar als eventbureau uit Lokeren. Er werken ongeveer 82 mensen, uitgedrukt in voltijdse equivalenten. De opgegeven expertise is events.

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: € 6,59 mln gross margin, growth +28,7% against a sector median of -8,9%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

PanamaSector median

EBITDA margin 22,9%, sector median 36,2%. Value-added coverage 1,30 (median 1,50).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 80.103

Median (2025) € 92.992

Against a payroll cost of € 61.400 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 48

Median (2025) € 56

136.817 hours worked, 1.662 per FTE. Against that sits € 37 of payroll cost per hour worked, leaving € 11 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: 4,5 months (median 9,8 mo). Equity in the latest year: € 1,90 mln.

Adequate buffer

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

Cash € 887.696. Liquidity ratio 1,14: current assets cover short-term debt in full. Solvency 21,1%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 40 days of supplier credit, sector median 87. The accounts were filed 198 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

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Registered office moved · 17 Feb 2026 · 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

Gross margin grew 4 years in a row
Outgrew the sector median 4 years running
Profitable in every one of the last 5 years
Team grew (+36,9% FTE in the latest year)
Comfortable cash position: 64 days of payroll
Turnover below the median (25,9%)

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	€ 2,30 mln	€ 3,13 mln+35,8%	€ 4,29 mln+37,1%	€ 5,12 mln+19,5%	€ 6,59 mln+28,7%
EBITDA	€ 459.928	€ 570.149	€ 1,18 mln	€ 1,33 mln	€ 1,51 mln
EBITDA margin	20%	18,2%	27,4%	26%	22,9%
Staff
FTE	44,5	50,5+13,5%	54,2+7,3%	60,1+10,9%	82,3+36,9%
Gross margin per FTE	€ 51.759	€ 61.931	€ 79.132	€ 85.259	€ 80.103
Payroll cost per FTE	€ 48.114	€ 54.948	€ 61.264	€ 63.735	€ 61.400
Balance sheet
Equity	€ 774.914	€ 449.494	€ 904.369	€ 1,21 mln	€ 1,90 mln
Cash	€ 1,52 mln	€ 1,72 mln	€ 1,51 mln	€ 1,17 mln	€ 887.696
Liquidity ratio	1,06	0,98	1,06	1,16	1,14

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 17/07/2026. 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 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 3 services

Events, Sponsoring & Activation

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

Sector focus

Food & beverageFMCGAutomotive & mobilityTelecomRetail & e-commerce

Publicly known clients

Unilever, Duvel, FrieslandCampina, Orange, Jaguar Land Rover, Q8, Red Bull, Lidl, Stellantis, De Lijn, Kellogg's, Niko, Suntory, Old El Paso, Edgar & Cooper

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

1

People 8 people mapped

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. A wide leadership layer: 5 of 8 steer.

AV

Annelies Van den Heede

HR Director

DV

Dieter Van Muylder

Sales Outsourcing Management

HS

Han Staelens

Managing Director Events

ID

Isabelle Dierckxsens

Managing Director Events

KL

Kim Louwagie

Brand Activations Management

LS

Lennert Staelens

Managing Director

KD

Kjell De Pauw

Logistics Manager

MW

Marie-Charlotte Willequet

Head of Creative Studio

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

€ 61.400

-1% versus the median

Team composition

82,3 FTE

40% women
60% men

€ 61.400

Median Eventbureau (2025) € 62.258All 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

25,9%

Median for this type of agency (2025): 47,2%

Inflow 2025

50,2%

41,3 FTE in, 21,3 FTE out

Net team change

+20,0 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 2025: the last year for which nearly all accounts have been filed.