Propaganda
The content of this factsheet is in Dutch.
Propaganda, opgericht in 1994, is een contentbureau uit Zaventem. Er werken ongeveer 26 mensen, uitgedrukt in voltijdse equivalenten. De dienstverlening draait om content & copy en paid media (sea/social/display). Namen die publiek aan dit bureau gelinkt worden: Proximus, Carrefour, Santander en Cera.
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
1 red flag(s) (24m)- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Late filing · 31 Aug 2026 · 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.
- Two consecutive loss-making years · 31 Dec 2025 · NBBTwo financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
- 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.
- Low value-added coverage · 31 Dec 2025 · NBBEvery 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.
- Late filing · 29 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.
- + 2 older signals within 24m
What this agency does well
- Strong buffer: 11,1 months of payroll in equity
- Turnover below the median (8,0%)
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 | € 2,49 mln | € 2,46 mln-1,5% | € 2,57 mln+4,7% | € 1,96 mln-23,8% | € 1,84 mln-6,3% |
| EBITDA | € 499.192 | € 165.101 | € 265.231 | € 105.188 | € -467.719 |
| EBITDA margin | 20% | 6,7% | 10,3% | 5,4% | -25,5% |
| Staff | |||||
| FTE | 34,3 | 36,6+6,7% | 32,5-11,2% | 25,6-21,2% | 25,0-2,3% |
| Gross margin per FTE | € 72.700 | € 67.079 | € 79.111 | € 76.523 | € 73.426 |
| Payroll cost per FTE | € 57.622 | € 62.016 | € 70.144 | € 70.552 | € 70.294 |
| Balance sheet | |||||
| Equity | € 555.184 | € 565.091 | € 2,36 mln | € 2,21 mln | € 1,62 mln |
| Cash | € 418.375 | € 624.720 | € 96.988 | € 108.263 | € 30.810 |
| Liquidity ratio | 1,00 | 0,91 | 0,79 | 0,72 | 0,44 |
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 21 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.
Sector focus
Grote B2C- en B2B-merken, telecom, retail, finance, energie, farma
From our own research. The agency hasn't listed its sectors yet.
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 26 people mapped
This team is built around client service: 9 of 26 are account & project. Within that core, Projectleiding, Klantbeheer and Relatiebeheer stand out. There are 3 strategists around — expect thinking first, pixels second.
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.
- 75% women
- 25% men
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.
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.
Frequently asked questions about Propaganda
- When was Propaganda founded?
- In 1994.
- Where is Propaganda located?
- In Zaventem, Belgium.
- What is Propaganda specialised in?
- Customer & audience strategy, Campaign concepts & big ideas, Campaign execution, Audio & podcasts, Content strategy & editorial, Copywriting & long-form content.
- How big is Propaganda?
- Around 25 full-time equivalents (financial year 2025).
- Which sectors does Propaganda work for?
- Energy & environment, Finance & insurance, Retail & e-commerce, Telecom & media, Healthcare & pharma.
- Who are the clients of Propaganda?
- Among others Proximus, Carrefour, Santander, Cera, Engie, Foodmaker, Pfizer.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-08-26.