Pubmarket
Not an ad agency - a growth agency. We power up your business.
The content of this factsheet is in Dutch.
Powering Up Business, internationally since 2003. Think, feel, do - that is how we grow a business: strategy that holds, creative work that moves people, campaigns steered by data and ROI. Not an ad agency but a growth agency, measuring the value we create at every step.
Powering Up Business.
Pubmarket has been growing companies since 2003. Not by making advertising for its own sake, but by asking first where the real growth is, and then building everything needed to reach it.
The world is in full transformation. Traditional ways of doing business are under pressure, competition arrives from directions nobody mapped, AI is changing what a company can do from one year to the next, and people work and live differently than they did five years ago. Staying relevant is no longer something you review once a year. It is the work itself.
We hold ourselves to that too. Pubmarket keeps reshaping its own business around that question, and we go far in it. Our services exist to move a company towards growth, not to fill a briefing. What we ask of a client, we have asked of ourselves first.
Four questions, in a fixed order. Are we still relevant? Can the organisation handle the growth? Does the market choose us? Does it pay off?
The answers turn into work, and that work stays with us: positioning and strategy, brand and identity, campaign concepts and creative production, paid media, and the dashboards that tell you whether any of it moved the number. Think, feel, do. Strategy that holds, creative work that moves people, campaigns steered by data.
A team of around 40, with offices in Hasselt and Amsterdam, working for international brands and for Belgian family companies in more than twenty countries. Consultants leave you with a plan, agencies leave you with a campaign. We do both, and we keep measuring the value we create at every step.
The usual starting point is a Growth Scan: four weeks, a fixed price, and three priorities you can act on straight away.
One house rule: bring your problem, not your brief
Think. Find where the growth is.
Feel. Make people care.
Do. Build it, run it, measure it.
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
No serious signals- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Thin buffer · 31 Dec 2025 · NBBEquity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
- Registered office moved · 12 Feb 2025 · StaatsbladThe registered office relocated. Usually just a new office.
What this agency does well
- Profitable in every one of the last 5 years
- Stable team (no meaningful FTE loss)
- Equity was earned, not injected (reserves 3,6× the capital contributed)
- Comfortable cash position: 60 days of payroll
- Turnover below the median (14,4%)
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 | € 3,22 mln | € 3,09 mln-4,2% | € 3,10 mln+0,6% | € 3,08 mln-0,6% | € 2,98 mln-3,3% |
| EBITDA | € 261.511 | € 123.265 | € 271.797 | € 210.057 | € 218.282 |
| EBITDA margin | 8,1% | 4% | 8,8% | 6,8% | 7,3% |
| Staff | |||||
| FTE | 44,9 | 41,8-6,9% | 34,8-16,7% | 34,80% | 34,80% |
| Gross margin per FTE | € 71.704 | € 73.810 | € 89.169 | € 88.607 | € 85.694 |
| Payroll cost per FTE | € 68.129 | € 69.855 | € 80.494 | € 81.630 | € 81.932 |
| Balance sheet | |||||
| Equity | € 636.253 | € 660.751 | € 666.805 | € 676.078 | € 681.011 |
| Cash | € 859.767 | € 470.562 | € 631.062 | € 610.361 | € 449.537 |
| Liquidity ratio | 1,16 | 1,21 | 1,29 | 1,31 | 1,18 |
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 15/06/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.
What the agency actually does 67 services
Sector focus
Publicly known clients
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 4 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.
- 63% women
- 37% 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 Pubmarket
- When was Pubmarket founded?
- In 2003.
- Where is Pubmarket located?
- In Hasselt, Belgium.
- What is Pubmarket specialised in?
- AI & innovation strategy, Brand strategy & positioning, Customer & audience strategy, Customer value propositions & business development, Data & martech strategy, Marketing strategy.
- How big is Pubmarket?
- Around 35 full-time equivalents (financial year 2025).
- Which sectors does Pubmarket work for?
- Energy & environment, Retail & e-commerce, Food & beverage.
- Who are the clients of Pubmarket?
- Among others JAVA Foodservice, Unilever Food Solutions, Unilever Professional, Luminus, SuperTank.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-09-12.