What is Studio Pinata specialised in?

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

How big is Studio Pinata?

Around 3 full-time equivalents (financial year 2025).

Review: Studio Pinata

Q: Who are the clients of Studio Pinata?

Among others Villa Du Moulin, Oord West, Carroo, Kompaan, Libeco, Trivix, Westlane, Team Industries, Wattly, Padrone, Pain Public, LAVI by Luyckx, Beeuwsaert Construct, QuicheMe, Lagom Fashion Store.

Studio Pinata bestaat sinds 2022 en profileert zich als brandingbureau uit Torhout. Op de loonlijst staan ongeveer 3 voltijdse equivalenten. Het bureau combineert strategie, branding & identiteit, ux/ui design en creatie & reclame. Sectoren waar het bureau vaak werkt: kmo's; branding voor brand awareness en sales en employer branding/hr.

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

202320242025

Latest year: € 133.884 gross margin, growth -0,3% against a sector median of +6,6%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

202320242025

Studio PinataSector median

EBITDA margin -6,3%, sector median 32,2%. Value-added coverage 0,94 (median 1,29).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 51.494

Median (2025) € 82.809

Against a payroll cost of € 57.702 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 30

Median (2025) € 48

4.471 hours worked, 1.720 per FTE. Against that sits € 34 of payroll cost per hour worked, leaving € -4 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: 3,2 months (median 6,3 mo). Equity in the latest year: € 38.001.

Adequate buffer

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

Cash € 15.935. Liquidity ratio 1,61: current assets cover short-term debt in full. Solvency 48,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 19 days of supplier credit, sector median 68. The accounts were filed 210 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Registered office moved · 31 Dec 2025 · Staatsblad
The registered office relocated. Usually just a new office.
Low value-added coverage · 30 Sep 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
Loss-making year · 30 Sep 2025 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
+ 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

Team grew (+73,3% FTE in the latest year)
Healthy working capital (current ratio 1,61)
Equity was earned, not injected (reserves 16,9× the capital contributed)
Turnover below the median (38,5%)

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, 2023 to 2025Result, staff and balance sheet

	2023	2024	2025
Result
Gross margin	€ 46.886	€ 134.345+186,5%	€ 133.884-0,3%
EBITDA	€ 13.193	€ 59.637	€ -8.388
EBITDA margin	28,1%	44,4%	-6,3%
Staff
FTE	-	1,5	2,6+73,3%
Gross margin per FTE	-	€ 89.564	€ 51.494
Payroll cost per FTE	-	€ 49.197	€ 57.702
Balance sheet
Equity	€ 10.898	€ 53.696	€ 38.001
Cash	€ 11.023	€ 49.656	€ 15.935
Liquidity ratio	1,48	1,72	1,61

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 28/04/2026. 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 6 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Digital Experience & Tech

Website strategy & UX

Sector focus

Real estate & constructionFood & beverageFashion & lifestyle

Publicly known clients

Villa Du Moulin, Oord West, Carroo, Kompaan, Libeco, Trivix, Westlane, Team Industries, Wattly, Padrone, Pain Public, LAVI by Luyckx, Beeuwsaert Construct, QuicheMe, Lagom Fashion Store

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, Art Direction and Copywriting stand out. One strategist on board — enough to hold the direction, not to fill meetings.

A

Axelle

Brand Manager

F

Felix

Brand Designer

K

Klaas

Copywriter

L

Laurents

Senior Brand Designer

M

Manon

Senior Web Developer

T

Thijs

Brand Strategist

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

€ 57.702

-5% versus the median

Team composition

2,6 FTE

67% women
33% men

€ 57.702

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

38,5%

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

Inflow 2025

76,9%

2,0 FTE in, 1,0 FTE out

Net team change

+1,0 FTE

20242025

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.