What is Project Fox specialised in?

Brand strategy & positioning, Brand identity & design.

How big is Project Fox?

Around 1 full-time equivalent (financial year 2025).

Review: Project Fox

Project Fox is een brandingbureau met thuisbasis in Hollebeke, opgericht in 2018. De opgegeven expertise is branding & identiteit. Het zwaartepunt ligt bij opdrachtgevers uit e-commerce / webshopeigenaren en retail.

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

20242025

Latest year: € 63.077 gross margin, growth -11,4% against a sector median of +6,6%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20242025

Project FoxSector median

EBITDA margin 36,4%, sector median 32,2%. Value-added coverage 1,59 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 63.077

Median (2024) € 78.994

Against a payroll cost of € 39.297 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 36

Median (2024) € 47

1.752 hours worked, 1.752 per FTE. Against that sits € 22 of payroll cost per hour worked, leaving € 14 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: 16,2 months (median 6,3 mo). Equity in the latest year: € 53.042.

Adequate buffer

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

Cash € 31.428. Liquidity ratio 1,15: current assets cover short-term debt in full. Solvency 18,5%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 85 days of supplier credit, sector median 74. The accounts were filed 204 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Late filing · 26 Aug 2025 · 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.
Board change · 12 Nov 2024 · 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.

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 (36,4%)
Strong buffer: 16,2 months of payroll in equity
Team grew (+11,1% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,59)
Equity was earned, not injected (reserves 52,0× the capital contributed)
Comfortable cash position: 292 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.

2 financial years, 2024 to 2025Result, staff and balance sheet

	2024	2025
Result
Gross margin	€ 71.159	€ 63.077-11,4%
EBITDA	€ 47.835	€ 22.991
EBITDA margin	67,2%	36,4%
Staff
FTE	0,9	1,0+11,1%
Gross margin per FTE	€ 79.065	€ 63.077
Payroll cost per FTE	€ 24.345	€ 39.297
Balance sheet
Equity	€ 51.316	€ 53.042
Cash	€ 85.325	€ 31.428
Liquidity ratio	1,27	1,15

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 23/07/2026. 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 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 2 services

Strategy & Insights

Brand strategy & positioning

Branding & Design

Brand identity & design

Sector focus

E-commerce / webshopeigenarenretail

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

People 3 people mapped

A small team: short lines, little noise between you and the makers.

AD

Arne d'halluin

founder

AD

Amber d'halluin

sales & logistic

LL

Lunah lezy

marketing

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

€ 39.297

-32% versus the median

Team composition

1,0 FTE

€ 39.297

Median Brandingbureau (2024) € 57.393All 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.

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 2024

88,9%

Median for this type of agency (2024): 33,9%

Inflow 2024

111,1%

1,0 FTE in, 0,8 FTE out

Net team change

+0,2 FTE

20242025

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

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 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.