Cartel Agency: full service agency
Cartel Agency is a creative agency that believes creativity is a business accelerator. We combine human insight, strategic thinking, technology and creativity to build brands that grow stronger.
The content of this factsheet is in Dutch.
Cartel Agency is the creative lead agency within Friends of Cartel, a collective of specialised agencies spanning strategy, branding, content, PR, employer branding, technology and performance marketing.
We believe creativity is a business accelerator. That’s why we bring strategy, human insight, creativity, data and technology together to solve business and brand challenges, rather than treating them as separate disciplines.
Our approach is built around Compound Creativity: instead of chasing isolated campaigns or short-term output, we build strategic and creative platforms in which ideas, insights and executions reinforce each other over time. Technology and AI help us move faster, explore broader and scale smarter, allowing human talent to focus where it creates the most value: understanding people, making better choices and creating ideas that make a difference.
The result is work that doesn’t just get noticed, but builds brands, changes behaviour and contributes to measurable business growth.
Creativity as a business acceleratorAt Cartel Agency, we don’t see creativity as the final layer added to a marketing plan. We see it as a way to solve problems, create preference and accelerate business.
That starts by understanding what really needs to move. We combine business context, data, culture and human behaviour to uncover the insights and opportunities that matter. Strategy gives us direction. Creativity turns that direction into something people notice, feel and remember. Technology helps us explore, execute and scale it more effectively.
Compound CreativityStrong brands aren’t built through a succession of disconnected campaigns. They grow when every new idea builds on what came before.
That principle is at the heart of Compound Creativity: our way of combining strategic thinking, creativity and effective execution so that each strengthens the next. We build distinctive strategic and creative platforms that can evolve across audiences, channels and moments while remaining recognisable and consistent.
It means balancing the new with the familiar. Creating enough consistency to build memory, while continuously finding new ways to stay relevant.
Our process brings that thinking together in four connected steps:
Make it smart.
We start with the problem behind the brief. We use business intelligence, data, culture and behavioural insights to understand what can genuinely create movement and define a clear strategic direction.
Make it magic.
We turn strategy into ideas that people want to engage with. Creativity makes brands distinctive, emotionally relevant and culturally resonant — transforming a strategic choice into something people can actually feel and remember.
Make it work.
Ideas only create value when they reach people effectively. We connect creative execution, content, media, performance and technology to turn attention into action and maximise the impact of every investment.
Make it stick.
We build for the long term. By learning from results, protecting what works and continuously building on it, individual campaigns become a connected brand system. Creativity compounds instead of constantly starting again.
Human creativity, amplified by technologyTechnology is rapidly changing what an agency can produce, how fast it can produce it and at what cost. We embrace that shift.
We use AI and technology to explore more possibilities, automate repetitive work, create and adapt assets at scale, personalise where relevant and continuously learn from performance. This allows us to spend less time producing for the sake of producing — and more time on the decisions and ideas that create disproportionate value.
Because as technology makes execution increasingly accessible, we believe human judgement, imagination and the ability to connect seemingly unrelated insights become more valuable, not less.
The power of the collectiveCartel Agency is the creative lead agency within Friends of Cartel, a collective of specialised agencies covering strategy, branding, design, content, PR, employer branding, technology and performance marketing.
Rather than offering every discipline for every assignment, we bring together the expertise that can genuinely make the difference. One strategic and creative direction, strengthened by specialised talent when and where it is needed.
This allows us to connect brand and performance, paid, owned and earned, creativity and technology — without losing the clarity of one central idea.
Built around impactUltimately, our work has to move something.
That’s why we connect communication objectives to business objectives, define clear KPIs and use data to learn and optimise. We prefer output over hours, long-term partnerships over one-off assignments and shared accountability over the traditional client-agency divide.
Because the value of creativity isn’t how much we make. It’s the difference it makes.
- 2 Effie Awards for sustained success — recognised for creativity that delivers measurable impact.
- Trusted by winning and leading brands— proof that our approach resonates with clients and the market (CM, BelOrta, Wibra,...)
- Long-term client partnerships — because the best results compound over time.
- Creative lead of Friends of Cartel — specialised expertise without the complexity of a traditional network.
- Built for what’s next — using AI to make execution faster and smarter, while investing human talent where it creates the most value.
As indicated by the agency itself.
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
Points to ask about- Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- 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.
- Board change · 22 Sep 2025 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Late filing · 27 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.
- Board change · 26 Jun 2025 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- + 1 older signals within 24m
What this agency does well
- Profitable in every one of the last 5 years
- Healthy working capital (current ratio 1,93)
- Equity was earned, not injected (reserves 15,8× the capital contributed)
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 | € 3,91 mln | € 4,72 mln+20,6% | € 4,41 mln-6,4% | € 186.430-95,8% | € 191.420+2,7% |
| EBITDA | € 1,71 mln | € 1,78 mln | € 1,17 mln | € 247.209 | € 282.887 |
| EBITDA margin | 43,8% | 37,8% | 26,5% | - | - |
| Staff | |||||
| FTE | 39,0 | 46,5+19,2% | 49,5+6,5% | - | - |
| Gross margin per FTE | € 100.235 | € 101.402 | € 89.138 | - | - |
| Payroll cost per FTE | € 58.650 | € 65.365 | € 68.334 | - | - |
| Balance sheet | |||||
| Equity | € 1,84 mln | € 2,34 mln | € 3,03 mln | € 1,44 mln | € 1,30 mln |
| Cash | € 90.187 | € 1,08 mln | € 256.597 | € 508.482 | € 0 |
| Liquidity ratio | 1,11 | 1,25 | 1,39 | 1,19 | 1,93 |
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.
- This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
- 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 2025: the last year for which nearly all accounts have been filed.
What the agency actually does 5 services
Sector focus
Publicly known clients
Wibra, CM, Goed zorgwinkel, ITAA, BelOrta, Edenred, Madame Loïk, Recor, Delitraiteur, SBB, Accountants Van Morgen, Multipharma, Ketnet, FOD Health, Goed thuiszorgwinkel
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 47 people mapped
The heart of this team is creative: 16 of 47 profiles are makers. Within that core, Design, Art Direction and Copywriting stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. There are 3 strategists around — expect thinking first, pixels second.
Based on public profiles. Something wrong? Let us know.
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.
Figures for financial year 2023: in 2025 this agency published no inflow or outflow.
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.
Award-winning work 2 award(s)
Effie Awards Belgium BronzeMerk: BelOrta · “Un délice d'ici — BelOrta” · source ↗
Effie Awards Belgium SilverMerk: Wibra · “C'est waouh de Wibra — Wibra” · source ↗
As published by the organising award shows, collected by IKAg.
Frequently asked questions about Cartel Agency
- When was Cartel Agency founded?
- In 1976.
- Where is Cartel Agency located?
- In Hasselt, Belgium.
- What is Cartel Agency specialised in?
- Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Branding.
- How big is Cartel Agency?
- Around 50 full-time equivalents (financial year 2025).
- Which sectors does Cartel Agency work for?
- Finance & insurance, Retail & e-commerce, Healthcare & pharma.
- Who are the clients of Cartel Agency?
- Among others Wibra, CM, Goed zorgwinkel, ITAA, BelOrta, Edenred, Madame Loïk, Recor, Delitraiteur, SBB, Accountants Van Morgen, Multipharma, Ketnet, FOD Health, Goed thuiszorgwinkel.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.