How big is Publi - Market?

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

Review: Publi - Market

Publi - Market is een full-service bureau met thuisbasis in Elsene, opgericht in 1976.

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

2022202320242025

Latest year: € 236.230 gross margin, growth +93,7% against a sector median of +1,7%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

Publi - MarketSector median

EBITDA margin 66,7%, sector median 23,9%. Value-added coverage 3,03 (median 1,27).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 236.230

Median (2025) € 78.251

Against a payroll cost of € 77.432 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 132

Median (2025) € 49

1.784 hours worked, 1.784 per FTE. Against that sits € 43 of payroll cost per hour worked, leaving € 89 for premises, equipment, depreciation and profit.

Above 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: 39,4 months (median 5,8 mo). Equity in the latest year: € 253.986.

Adequate buffer

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

Cash € 395.382. Liquidity ratio 1,38: current assets cover short-term debt in full. Solvency 35%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 583 days of supplier credit, sector median 54. The accounts were filed 214 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

No serious signals

Signals in the last 24 months

Late filing · 31 Oct 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.

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 (66,7%)
Profitable in every one of the last 4 years
Strong buffer: 39,4 months of payroll in equity
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (3,03)
Healthy working capital (current ratio 1,38)
Comfortable cash position: 1864 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.

4 financial years, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 137.050	€ 195.575+42,7%	€ 121.947-37,6%	€ 236.230+93,7%
EBITDA	€ 30.191	€ 120.840	€ 61.951	€ 157.482
EBITDA margin	22%	61,8%	50,8%	66,7%
Staff
FTE	1,4	1,3-7,1%	1,0-23,1%	1,00%
Gross margin per FTE	€ 97.893	€ 150.442	€ 121.947	€ 236.230
Payroll cost per FTE	€ 46.616	€ 56.151	€ 58.488	€ 77.432
Balance sheet
Equity	€ 194.680	€ 206.704	€ 209.114	€ 253.986
Cash	€ 277.451	€ 264.443	€ 228.537	€ 395.382
Liquidity ratio	1,43	1,48	1,46	1,38

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 31/10/2025. 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.

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

€ 77.432

+28% versus the median

Team composition

1,0 FTE

€ 77.432

Median Full-service bureau (2025) € 60.368All 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.

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 2023

46,2%

Median for this type of agency (2025): 31,1%

Inflow 2023

/

2022202320242025

Figures for financial year 2023: 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 2025: the last year for which nearly all accounts have been filed.