What is Sigmund specialised in?

Content strategy & editorial, Copywriting & long-form content, Corporate communication, PR strategy & media relations, Employer brand strategy, Recruitment campaigns.

Around 1 full-time equivalent (financial year 2024).

Review: Sigmund

Q: Who are the clients of Sigmund?

Among others Brussels Airport Company, Greenyard, Nike ELC, Hansea, Brandweer Zone Antwerpen, Brandweer Zone Rand, Brandweervereniging Vlaanderen, Netwerk Brandweer, Vlaamse overheid, Mobilidata, Ahlers, Trefdag Digitaal Vlaanderen, KANVAZ, Van Raak.

Sigmund is een pr- & communicatiebureau uit Antwerpen, actief sinds 2010. Ze werken rond pr & communicatie, employer branding en content & copy. Sectorieel richt het bureau zich vooral op overheid, publieke sector, organisaties in verandering en kmo.

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

202220232024

Latest year: € 32.975 gross margin, growth -73% against a sector median of -4,9%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

202220232024

SigmundSector median

EBITDA margin -70,7%, sector median 21,8%. Value-added coverage 0,56 (median 1,22).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 32.975

Median (2025) € 83.630

Against a payroll cost of € 52.436 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 19

Median (2025) € 50

1.694 hours worked, 1.694 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € -11 for premises, equipment, depreciation and profit.

Below 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: 7,2 months (median 7,9 mo). Equity in the latest year: € 31.489.

Adequate buffer

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

Cash € 19.781. Liquidity ratio 1,57: current assets cover short-term debt in full. Solvency 11,6%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 193 days of supplier credit, sector median 71. The accounts were filed 153 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

3 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Two consecutive loss-making years · 31 Dec 2025 · NBB
Two 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.
Critical buffer · 31 Dec 2025 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
Negative equity · 31 Dec 2025 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
Sharp drop in equity · 31 Dec 2025 · NBB
The 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.
+ 3 older signals within 24m

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

Strong buffer: 7,2 months of payroll in equity
Healthy working capital (current ratio 1,57)
Comfortable cash position: 138 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.

3 financial years, 2022 to 2024Result, staff and balance sheet

	2022	2023	2024
Result
Gross margin	€ 144.594	€ 122.192-15,5%	€ 32.975-73%
EBITDA	€ 52.404	€ 34.777	€ -23.301
EBITDA margin	36,2%	28,5%	-70,7%
Staff
FTE	2,1	1,7-19%	1,0-41,2%
Gross margin per FTE	€ 68.854	€ 71.878	€ 32.975
Payroll cost per FTE	€ 42.289	€ 49.432	€ 52.436
Balance sheet
Equity	€ 99.708	€ 100.353	€ 31.489
Cash	€ 96.210	€ 46.638	€ 19.781
Liquidity ratio	2,12	1,93	1,57

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 22/07/2026. 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 6 services

Content & Production

Content strategy & editorial Copywriting & long-form content

PR & Reputation

Corporate communication PR strategy & media relations

Employer Brand & Internal

Employer brand strategy Recruitment campaigns

Sector focus

Public sector & governmentTravel & hospitalityFood & beverageAutomotive & mobilityFashion & lifestyle

Publicly known clients

Brussels Airport Company, Greenyard, Nike ELC, Hansea, Brandweer Zone Antwerpen, Brandweer Zone Rand, Brandweervereniging Vlaanderen, Netwerk Brandweer, Vlaamse overheid, Mobilidata, Ahlers, Trefdag Digitaal Vlaanderen, KANVAZ, Van Raak

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

1

People 11 people mapped

The heart of this team is creative: 7 of 11 profiles are makers. Within that core, Design, Copywriting and Content Marketing stand out. One strategist on board — enough to hold the direction, not to fill meetings.

GO

Guy Ooms

Change communicator, Trainer, Consultant, Coach, Public speaker

XC

Xavier Criel

Leadership, Game Changer, Sustainability Strategist, Senior Project Manager

CW

Charlotte Wilmssen

Content Creator, Copywriter, Podcast Host

CJ

Cédric Jochems

Videographer, Video Strategy, Web Design

JD

Jeron Dewulf

Actor, Improvisation, Storyteller, Stand-up comedian

KC

Katrien Claes

Graphic Design, Illustrator

KS

Katrien Smet

Graphic Design

KJ

Kim Jansen

Change communicator, Community Builder, Project Lead

MZ

Mo Zouina

Branding expert, People listener, Brand ambassador

SA

Saskia Aers

Grafisch vormgever

YG

Yordi Gerards

Animation, Motion Graphics

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

€ 48.767

-21% versus the median

Team composition

1,1 FTE

100% women
0% men

€ 48.767

Median PR- & communicatiebureau (2025) € 61.577All 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

90,9%

Median for this type of agency (2025): 35,1%

Inflow 2025

90,9%

1,0 FTE in, 1,0 FTE out

Net team change

0,0 FTE

2022202320242025

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.