Around 2 full-time equivalents (financial year 2025).

Review: Spyke

Q: What is Spyke specialised in?

Audio & podcasts, Content strategy & editorial, Copywriting & long-form content, Photography, Print & AV production, Social-native content.

Q: Who are the clients of Spyke?

Among others Belgian Association of Marketing (BAM), Federale Verzekering, La Compagnie du Bois Sauvage, WE MEDIA, Unilin Insulation, Fedrus International, KPMG, Connected Media, Solita, Magazine Media, Hudson, Cevora, Roularta, Albert Heijn, Sodexo.

Hoe meer content er op de wereld wordt afgevuurd, hoe moeilijker eruit te springen. SPYKE is niet alleen een contentmarketingbureau, het maakt die content op een journalistieke manier: met journalistieke technieken en met een journalistieke mindset.
SPYKE is bewust een bureau met een klein vast team, maar met heel wat SPYKIES, specialisten die elke mogelijke contentopdracht tot een goed einde kunnen brengen.

SPYKE is een journalistiek contentmarketingbureau.

Het is onze missie om de marketing en communicatie van onze klanten beter te maken en we zijn overtuigd dat journalistiek gemaakte content daarvoor een grote meerwaarde biedt.We denken en werken inhoudelijk en vormelijk als een journalist. We kennen ons publiek door en door, en bedenken van daaruit voor merken en organisaties juiste strategieën. Die vertalen we naar gerichte content die mensen helpt, inspireert, ontspant of aanzet om actie te ondernemen in onze samenleving. Op die manier motiveert SPYKE bedrijven om meaningful te zijn en daarover duidelijk te communiceren.

contentmarketingbureau
journalistiek als USP: zowel in technieken als in mindset
klein team = maximale flexibiliteit

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: € 119.737 gross margin, growth -7,1% against a sector median of -2,3%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

SpykeSector median

EBITDA margin 15,5%, sector median 24,2%. Value-added coverage 1,18 (median 1,28).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 59.869

Median (2024) € 78.822

Against a payroll cost of € 50.406 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 35

Median (2024) € 50

3.441 hours worked, 1.721 per FTE. Against that sits € 29 of payroll cost per hour worked, leaving € 6 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: 8,4 months (median 7,3 mo). Equity in the latest year: € 70.612.

Adequate buffer

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

Cash € 121.000. Liquidity ratio 1,28: current assets cover short-term debt in full. Solvency 22,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 391 days of supplier credit, sector median 65. The accounts were filed 90 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

No serious signals

Signals in the last 24 months

Board change · 25 Mar 2026 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.

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: 8,4 months of payroll in equity
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 1,28)
Equity was earned, not injected (reserves 10,4× the capital contributed)
Comfortable cash position: 438 days of payroll
Turnover below the median (50,0%)

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	€ 36.178	€ 74.230+105,2%	€ 118.533+59,7%	€ 128.862+8,7%	€ 119.737-7,1%
EBITDA	€ 1.079	€ 26.190	€ 19.279	€ 27.878	€ 18.526
EBITDA margin	3%	35,3%	16,3%	21,6%	15,5%
Staff
FTE	1,0	1,3+30%	2,4+84,6%	2,1-12,5%	2,0-4,8%
Gross margin per FTE	€ 36.178	€ 57.100	€ 49.389	€ 61.363	€ 59.869
Payroll cost per FTE	€ 34.752	€ 36.686	€ 41.093	€ 47.903	€ 50.406
Balance sheet
Equity	€ 15.548	€ 32.472	€ 44.995	€ 61.116	€ 70.612
Cash	€ 7.018	€ 24.242	€ 152.687	€ 165.903	€ 121.000
Liquidity ratio	1,60	1,24	1,15	1,21	1,28

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 31/03/2026. 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 8 services

Content & Production

Audio & podcasts Content strategy & editorial Copywriting & long-form content Photography Print & AV production Social-native content Translations & localisation Video production

Sector focus

Finance & insuranceRetail & e-commerceMedia & entertainmentReal estate & constructionB2B services

Publicly known clients

Belgian Association of Marketing (BAM), Federale Verzekering, La Compagnie du Bois Sauvage, WE MEDIA, Unilin Insulation, Fedrus International, KPMG, Connected Media, Solita, Magazine Media, Hudson, Cevora, Roularta, Albert Heijn, Sodexo

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

1

People 3 people mapped

A small team: short lines, little noise between you and the makers.

BL

Bart Lombaerts

Head of Content

EM

Erlijn Mostinckx

Head of Operations

WE

Wout Ectors

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

€ 50.406

-16% versus the median

Team composition

2,0 FTE

50% women
50% men

€ 50.406

Median Contentbureau (2024) € 60.062All agencies (2024) € 59.069

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

50,0%

Median for this type of agency (2024): 55,1%

Inflow 2025

50,0%

1,0 FTE in, 1,0 FTE out

Net team change

0,0 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 2024: the last year for which nearly all accounts have been filed.