How big is Studio Boiler?

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

Review: Studio Boiler

Q: What is Studio Boiler specialised in?

Brand strategy & positioning, Brand identity & design, Design systems & brand guidelines, Storytelling & narrative, Print & AV production, Website development.

Q: Who are the clients of Studio Boiler?

Among others Bressers architecten, 10AM, Coup de Caresse, What's new.video, 8weeks, Avenue, Panthera.legal, UCSIA, Thomas More, Flavory, Eiffage, MLSO, Asbex, TeaTime Company, Andocor.

Studio Boiler is een branding agency dat merken bouwt op strategie in plaats van op trends. Elk traject start met het bepalen van positionering, waarden en merkverhaal. Dat wordt vertaald naar een visuele en tekstuele identiteit en een digitale ervaring die overtuigen. De aanpak combineert een vast kernteam van 6 experten met een netwerk van zorgvuldig geselecteerde partners. Studio Boiler is de partner voor bedrijven die niet op zoek zijn naar een snelle opfrisbeurt, maar naar een stem en merk die de ruimte krijgen om te blijven groeien.

Studio Boiler is een branding agency uit Antwerpen dat merken bouwt op strategie in plaats van op trends. We geloven dat een merk pas standhoudt als het gedragen wordt door een heldere positionering en aandacht voor het creatieve proces, niet (alleen) door een opvallend logo of een snelle rebrand.

Onze aanpak, de Boiler methode, verloopt in vaste stappen:

We starten met een korte, gestructureerde workshop die positionering, waarden, doelstellingen en tone of voice scherpstelt
Daaruit groeit een merkstrategie, vertaald naar een tekstuele en visuele identiteit
We bouwen die identiteit verder uit tot een digitale ervaring: UX/UI-design en development die je merk online laten werken
Voor de uitvoering combineren we ons vast kernteam van 6 experten met een netwerk van zorgvuldig geselecteerde partners, elk gespecialiseerd in zijn domein (foto, video, drukwerk, SEO/GEO, etc.)
Na lancering houden we het merk actueel via BrandCare, onze jaarlijkse strategische check-in. Zo kunnen we snel inspelen op veranderingen in bedrijfsstrategie, en je merk laten mee-evolueren.

We zijn de partner voor bedrijven die niet op zoek zijn naar een eenmalige opfrisbeurt, maar naar een merk dat na de lancering blijft groeien.

Tijdloze merken stoken op hitte, niet op hype. Onze focus:

🔥 Strategie & merkverhaal

🔥 Branding & websites

🔥 BrandCare & merkonderhoud

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: € 195.926 gross margin, growth +7,6% against a sector median of +6,6%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Studio BoilerSector median

EBITDA margin 45,6%, sector median 32,2%. Value-added coverage 1,87 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 89.057

Median (2025) € 82.809

Against a payroll cost of € 46.597 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 53

Median (2025) € 48

3.718 hours worked, 1.690 per FTE. Against that sits € 28 of payroll cost per hour worked, leaving € 25 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: 17,9 months (median 6,3 mo). Equity in the latest year: € 152.844.

Adequate buffer

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

Cash € 21.511. Liquidity ratio 2,39: current assets cover short-term debt in full. Solvency 34,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 44 days of supplier credit, sector median 68. The accounts were filed 117 days after closing; the legal deadline is seven months.

Pays and files on time

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 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete

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
EBITDA margin above the sector median (45,6%)
Profitable in every one of the last 5 years
Strong buffer: 17,9 months of payroll in equity
Value-added per euro of payroll above the sector median (1,87)
Healthy working capital (current ratio 2,39)
Equity was earned, not injected (reserves 7,2× the capital contributed)
Comfortable cash position: 77 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	€ 95.664	€ 97.241+1,6%	€ 178.652+83,7%	€ 182.066+1,9%	€ 195.926+7,6%
EBITDA	€ 67.717	€ 55.870	€ 67.247	€ 73.797	€ 89.414
EBITDA margin	70,8%	57,5%	37,6%	40,5%	45,6%
Staff
FTE	0,8	1,2+50%	2,0+66,7%	2,5+25%	2,2-12%
Gross margin per FTE	€ 119.580	€ 81.034	€ 89.326	€ 72.826	€ 89.057
Payroll cost per FTE	€ 33.802	€ 33.702	€ 38.681	€ 41.619	€ 46.597
Balance sheet
Equity	€ 93.086	€ 110.914	€ 111.723	€ 133.472	€ 152.844
Cash	€ 48.512	€ 67.108	€ 81.820	€ 49.907	€ 21.511
Liquidity ratio	1,58	1,71	1,67	1,48	2,39

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 27/04/2026. 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 8 services

Strategy & Insights

Brand strategy & positioning

Branding & Design

Brand identity & design Design systems & brand guidelines Storytelling & narrative

Content & Production

Print & AV production

Digital Experience & Tech

Website development Website management & maintenance Website strategy & UX

Sector focus

Finance & insuranceTechnology & softwareReal estate & constructionPublic sector & governmentB2B services

Publicly known clients

Bressers architecten, 10AM, Coup de Caresse, What's new.video, 8weeks, Avenue, Panthera.legal, UCSIA, Thomas More, Flavory, Eiffage, MLSO, Asbex, TeaTime Company, Andocor

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

1

People 6 people mapped

A broad team with no clear centre of gravity — creative, account & project and strategy carry roughly equal weight. One strategist on board — enough to hold the direction, not to fill meetings.

AV

Astrid Vanderborght

CEO & Creative director

AS

Amber Schoetens

Projectmanager & designer

GV

Gilles Van Den Broeck

Designer

KP

Katleen Peeters

Communication strategist

OR

Oscar Rothe

Designer

SV

Stijn Vanouplines

Web developer

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

€ 46.597

-24% versus the median

Team composition

2,2 FTE

33% women
67% men

€ 46.597

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

40,9%

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

Inflow 2025

90,9%

2,0 FTE in, 0,9 FTE out

Net team change

+1,1 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.