What is Pilli specialised in?

Paid social, Search advertising (SEA), Website development.

Around 0 full-time equivalents (financial year 2024).

Review: Pilli

Sinds 2023 is Pilli actief als full-service bureau uit Gent. Het bureau is toegespitst op paid media (sea/social/display) en webdevelopment. De ervaring zit vooral in kmo's en bedrijven (b2b) en 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

2024

Latest year: € -12.071 gross margin, growth - against a sector median of +1,4%.

Not enough history

MarginEBITDA / gross margin · value-added coverage

2024

PilliSector median

EBITDA margin -, sector median 21,9%. Value-added coverage -6,46 (median 1,24).

No margin data

Revenue per headGross margin per FTE, against payroll cost

€ -40.236

Median (2024) € 72.161

Against a payroll cost of € 2.733 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ -219

Median (2024) € 44

55 hours worked, 183 per FTE. Against that sits € 15 of payroll cost per hour worked, leaving € -234 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: -72,9 months (median 5,6 mo). Equity in the latest year: € -11.356.

Critical buffer

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

Cash € 7. Liquidity ratio 0,13: current assets cover short-term debt not in full. Solvency -413,2%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

The accounts were filed 433 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

2 red flag(s) (24m)

Signals in the last 24 months

Late filing · 9 Mar 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.
Negative equity · 31 Dec 2024 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
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.
Critical buffer · 31 Dec 2024 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
Low value-added coverage · 31 Dec 2024 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.

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.

4

All the figures

Reference material, not a starting point. Expand it if you want to read the series yourself.

1 financial years, 2024 to 2024Result, staff and balance sheet

	2024
Result
Gross margin	€ -12.071
EBITDA	€ -13.939
Staff
FTE	0,3
Gross margin per FTE	€ -40.236
Payroll cost per FTE	€ 2.733
Balance sheet
Equity	€ -11.356
Cash	€ 7
Liquidity ratio	0,13

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 2024, filed on 09/03/2026. 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 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 3 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

Website development

Sector focus

KMO's en bedrijven (B2B)algemeen

From our own research. The agency hasn't listed its sectors yet.

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

€ 2.733

-95% versus the median

Team composition

0,3 FTE

0% women
100% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 2.733

Median Full-service bureau (2024) € 57.083All agencies (2024) € 59.021

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

333,3%

Median for this type of agency (2024): 32,8%

Inflow 2024

666,7%

2,0 FTE in, 1,0 FTE out

Net team change

+1,0 FTE

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 2024. 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.