Polygraph'
The content of this factsheet is in Dutch.
Polygraph' is een ux- & designstudio uit Wavre, actief sinds 1995.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Sharp drop in equity · 31 Dec 2025 · NBBThe financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
- Late filing · 6 Aug 2025 · NBBThe 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.
- Registered office moved · 30 May 2025 · StaatsbladThe registered office relocated. Usually just a new office.
- Late filing · 28 Jan 2025 · NBBThe 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.
- Loss-making year · 31 Dec 2024 · NBBOne 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.
What this agency does well
- EBITDA margin above the sector median (51,4%)
- Strong buffer: 115,7 months of payroll in equity
- Team grew (+11,1% FTE in the latest year)
- Value-added per euro of payroll above the sector median (2,30)
- Healthy working capital (current ratio 4,04)
- Equity was earned, not injected (reserves 105,1× the capital contributed)
- Comfortable cash position: 2416 days of payroll
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 | € 73.310 | € 832.781+1.036% | € 141.314-83% | € 55.220-60,9% | € 171.206+210% |
| EBITDA | € 65.410 | € 711.812 | € 58.474 | € -18.011 | € 87.961 |
| EBITDA margin | 89,2% | 85,5% | 41,4% | -32,6% | 51,4% |
| Staff | |||||
| FTE | - | - | 0,5 | 0,9+80% | 1,0+11,1% |
| Gross margin per FTE | - | - | € 282.628 | € 61.356 | € 171.206 |
| Payroll cost per FTE | - | - | € 154.223 | € 73.933 | € 67.587 |
| Balance sheet | |||||
| Equity | € 497.780 | € 947.424 | € 949.592 | € 581.249 | € 651.853 |
| Cash | € 84.244 | € 896.348 | € 101.154 | € 73.211 | € 447.360 |
| Liquidity ratio | 4,11 | 13,17 | 1,52 | 1,04 | 4,04 |
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.
- This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
- The figures cover financial year 2025, filed on 22/06/2026. 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.
Coming soon
We're working on this part of the factsheet.
Coming soon
We're working on this part of the factsheet.
People 2 people mapped
Based on public profiles. Something wrong? Let us know.
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.
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.
Frequently asked questions about Polygraph'
- When was Polygraph' founded?
- In 1995.
- Where is Polygraph' located?
- In Wavre, Belgium.
- How big is Polygraph'?
- Around 1 full-time equivalent (financial year 2025).
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-11-03.