What is Spice specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution.

Around 5 full-time equivalents (financial year 2025).

Review: Spice

Q: Who are the clients of Spice?

Among others BN / Pladis, Deliveroo, VIAS (BOB), Flipz, NIVEA MEN, Martini, Knorr, Unilever, BENT, Breezer, Calvé, Zwan, Sultana, McVitie's.

Spice bestaat sinds 2014 en profileert zich als brandingbureau uit Leuven. Met ongeveer 6 VTE is dit een middelgroot bureau. Het bureau combineert strategie, branding & identiteit en creatie & reclame. Sectorieel richt het bureau zich vooral op fmcg/voeding en brand marketing.

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: € 508.986 gross margin, growth +8,3% against a sector median of +6,6%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

SpiceSector median

EBITDA margin 35,1%, sector median 32,2%. Value-added coverage 1,66 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 99.801

Median (2025) € 82.809

Against a payroll cost of € 53.418 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 58

Median (2025) € 48

8.767 hours worked, 1.719 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 27 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: 11,0 months (median 6,3 mo). Equity in the latest year: € 249.759.

Adequate buffer

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

Cash € 209.763. Liquidity ratio 2,28: current assets cover short-term debt in full. Solvency 57%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 29 days of supplier credit, sector median 68. The accounts were filed 229 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

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Late filing · 17 Aug 2026 · 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
+ 1 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

Gross margin grew 4 years in a row
Outgrew the sector median 4 years running
EBITDA margin above the sector median (35,1%)
Strong buffer: 11,0 months of payroll in equity
Value-added per euro of payroll above the sector median (1,66)
Margin per hour worked rose 3 years in a row
Healthy working capital (current ratio 2,28)
Equity was earned, not injected (reserves 39,3× the capital contributed)
Comfortable cash position: 281 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.

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

	2021	2022	2023	2024	2025
Result
Gross margin	€ 121.575	€ 163.621+34,6%	€ 408.221+149,5%	€ 469.807+15,1%	€ 508.986+8,3%
EBITDA	€ 20.407	€ 9.279	€ 43.260	€ 152.524	€ 178.875
EBITDA margin	16,8%	5,7%	10,6%	32,5%	35,1%
Staff
FTE	1,8	2,6+44,4%	5,5+111,5%	5,9+7,3%	5,1-13,6%
Gross margin per FTE	€ 67.542	€ 62.931	€ 74.222	€ 79.628	€ 99.801
Payroll cost per FTE	€ 42.355	€ 46.385	€ 59.728	€ 46.266	€ 53.418
Balance sheet
Equity	€ 252.175	€ 189.979	€ 94.721	€ 190.554	€ 249.759
Cash	€ 36.606	€ 8.965	€ 119.537	€ 134.739	€ 209.763
Liquidity ratio	3,28	1,78	1,37	2,85	2,28

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 17/08/2026. 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

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Sector focus

FMCGFood & beveragePublic sector & governmentRetail & e-commerce

Publicly known clients

BN / Pladis, Deliveroo, VIAS (BOB), Flipz, NIVEA MEN, Martini, Knorr, Unilever, BENT, Breezer, Calvé, Zwan, Sultana, McVitie's

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

1

People 6 people mapped

The heart of this team is creative: 3 of 6 profiles are makers. Within that core, Design and Art Direction stand out.

RB

Righard Bruyns

Founder & Creative Director

EB

Elena Brepoels

Graphic Designer

JW

Jolien Willockx

Campaign Owner

JM

Jonas Mensah

Head of Arts

NM

Noah Maassen

Junior Digital Campaign Owner

SB

Steffi Boosten

Graphic Designer

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

€ 53.418

-12% versus the median

Team composition

5,1 FTE

60% women
40% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 53.418

Median Brandingbureau (2025) € 60.980All 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

39,2%

Median for this type of agency (2025): 38,9%

Inflow 2025

19,6%

1,0 FTE in, 2,0 FTE out

Net team change

-1,0 FTE

20212022202320242025

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.