What is Punchline specialised in?

Content strategy & editorial, Copywriting & long-form content, Organic social content, Social strategy & platform mix, Social media, Advertising.

How big is Punchline?

Around 8 full-time equivalents (financial year 2025).

Who are the clients of Punchline?

Among others Duo for a Job, Velux, Honda, Combell, Proximus.

Review: Punchline: social media agency

Punchline bestaat sinds 2016 en profileert zich als social media bureau uit Tielt. De bezetting ligt rond 8 VTE. De opgegeven expertise is social media en content & copy. De klanten komen vooral uit grotere b2c-merken. Publiek gekende klanten zijn onder meer Proximus Pickx, Combell en Oxfam Tweedehandswinkels.

Experten in social media management
Punchline is een social media agency dat voor klanten (liefst grotere B2C merken) instaat voor het dagelijkse beheer van social media kanalen. Ze verzorgen conversation management, content voor social media, social advertising - geschraagd door een social media strategie.
Ze werken daarbij vaak samen met andere agencies voor die klanten. De medewerkers zijn senior profielen, die zelfstandig met klanten kunnen werken.
Punchline bestaat uit een team van 11 VTE, die all-round ingezet kunnen worden maar gespecialiseerd zijn:

2 zaakvoerders
1 PM/AM
4 paid social advertising marketeers
1 grafisch designer
3 conversation & social content managers

Wat ze niet doen: creatieve concepten, long copy, development
Zelf omschrijven ze hun cultuur als: collaboratief, shit fixers

Referentieklanten: Duo for a Job, Velux, Honda, Combell, Proximus
Gepercipieerde concurrenten: WeLikeYou, So Buzzy, MKKM, Ogilvy Social Lab
Ondernemingsnummer: 0649.951.171
Gemiddelde klantgrootte: 75k

Who do they see as competitors?

MKKM Ogilvy Social Lab So Buzzy

As indicated by the agency itself.

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

20212022202320242025

Latest year: € 708.562 gross margin, growth +9,2% against a sector median of +23,8%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

PunchlineSector median

EBITDA margin 21,2%, sector median 29,6%. Value-added coverage 1,27 (median 1,35).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 84.353

Median (2025) € 70.836

Against a payroll cost of € 66.083 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 48

Median (2025) € 42

14.720 hours worked, 1.752 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € 10 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: 9,1 months (median 7,4 mo). Equity in the latest year: € 421.342.

Adequate buffer

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

Cash € 35.879. Liquidity ratio 1,14: current assets cover short-term debt in full. Solvency 40,1%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 69 days of supplier credit, sector median 57. The accounts were filed 148 days after closing; the legal deadline is seven months.

Pays slower than average

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 Nov 2026 · Google Autocomplete
Sharp headcount decline · 31 Dec 2025 · NBB
Average headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
Registered office moved · 12 Feb 2025 · Staatsblad
The registered office relocated. Usually just a new office.

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

Profitable in every one of the last 5 years
Strong buffer: 9,1 months of payroll in equity
Equity was earned, not injected (reserves 67,0× the capital contributed)

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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 495.528	€ 709.722+43,2%	€ 601.495-15,2%	€ 648.614+7,8%	€ 708.562+9,2%
EBITDA	€ 91.605	€ 170.476	€ 101.972	€ 111.740	€ 149.919
EBITDA margin	18,5%	24%	17%	17,2%	21,2%
Staff
FTE	7,6	9,5+25%	9,0-5,3%	9,9+10%	8,4-15,2%
Gross margin per FTE	€ 65.201	€ 74.708	€ 66.833	€ 65.517	€ 84.353
Payroll cost per FTE	€ 51.926	€ 56.030	€ 54.714	€ 53.541	€ 66.083
Balance sheet
Equity	€ 201.672	€ 262.645	€ 288.992	€ 327.893	€ 421.342
Cash	€ 39.169	€ 83.612	€ 380	€ 29.849	€ 35.879
Liquidity ratio	1,32	1,22	1,03	1,21	1,14

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 28/05/2026. 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.

What the agency actually does 4 services

Content & Production

Content strategy & editorial Copywriting & long-form content

Social, Influencer & Community

Organic social content Social strategy & platform mix

Sector focus

TelecomTechnology & softwareRetail & e-commerce

Publicly known clients

Proximus PickxCombellOxfam Tweedehandswinkels

Based on IKAg research and public sources. Incomplete or outdated? Let us know.

1

People 9 people mapped

Digital marketing is the engine: 4 of 9 profiles sit there. Within that core, Social Media, Analytics and Content Marketing stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

CD

Chris Demeyere

JD

Joke De Nul

KC

Karin Cuppens

LL

Laura Leuris

MV

Margot Vancraeyveldt

MB

Mayke Baudet

MM

Melina Mpotos

MM

Mona Meskens

RS

Rani Surmont

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

€ 66.083

+33% versus the median

Team composition

8,4 FTE

€ 66.083

Median Social media bureau (2025) € 49.614All 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.

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 2025

73,8%

Median for this type of agency (2025): 39,7%

Inflow 2025

14,3%

1,2 FTE in, 6,2 FTE out

Net team change

-5,0 FTE

20212022202320242025

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.