TBWA
The content of this factsheet is in Dutch.
TBWA, opgericht in 1974, is een creatief bureau uit Zaventem. Op de loonlijst staan ongeveer 84 voltijdse equivalenten. Het bureau combineert creatie & reclame, strategie en branding & identiteit. Het zwaartepunt ligt bij opdrachtgevers uit retail & fmcg, automotive, telecom en energie. TBWA is een groepsentiteit binnen Omnicom Group.
26× Effie Awards Belgium
8× Creative Belgium Awards
6× IAB MIXX Awards
2× Agency of the Year
1× Cannes LionsHow this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Late filing · 1 Oct 2026 · NBBThe 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.
- Board change · 21 Sep 2026 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Board change · 17 Sep 2026 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- + 5 older signals within 24m
What this agency does well
- EBITDA margin above the sector median (56,7%)
- Profitable in every one of the last 4 years
- Value-added per euro of payroll above the sector median (1,46)
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
4 financial years, 2021 to 2024Result, staff and balance sheet
| 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|
| Result | ||||
| Gross margin | € 7,07 mln | € 9,35 mln+32,2% | € 3,11 mln-66,8% | € 5,44 mln+75,2% |
| EBITDA | € 1,54 mln | € 2,21 mln | € 4,35 mln | € 3,09 mln |
| EBITDA margin | 21,7% | 23,6% | - | 56,7% |
| Staff | ||||
| FTE | 110,3 | 106,1-3,8% | 95,4-10,1% | 83,6-12,4% |
| Gross margin per FTE | € 64.100 | € 88.098 | € 32.555 | € 65.092 |
| Payroll cost per FTE | € 73.495 | € 72.572 | € 76.762 | € 80.234 |
| Balance sheet | ||||
| Equity | € 576.890 | € 493.869 | € 484.092 | € 505.076 |
| Cash | € 7.397 | € 6.906 | € 9.001 | € 4.186 |
| Liquidity ratio | 0,91 | 0,89 | 0,93 | 0,94 |
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 01/10/2026. 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 9 services
Sector focus
Publicly known clients
Delhaize, McDonald's, ENGIE, Brussels Airlines, Samsung, NMBS, Volkswagen, Barco, BASE, Telenet, Streamz, Play Sports, MINI, KBC, Kom op tegen Kanker
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 11 people mapped
The heart of this team is creative: 4 of 11 profiles are makers. Within that core, Art Direction and Design stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. A specialist, not a generalist: the expertise is narrow but deep.
Based on public profiles. Something wrong? Let us know.
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.
- 57% women
- 43% men
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.
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.
Award-winning work 43 award(s)
- Agency of the Year SilverAgency of the Year · source ↗
- Agency of the Year GoldBest Place to Work · source ↗
- Effie Awards Belgium Bronze“BASE arrive à la maison — Base” · source ↗
- Effie Awards Belgium Bronze“Check & Smile — Telenet” · source ↗
- Effie Awards Belgium Silver“Choisissez local avec Belhaize — Delhaize” · source ↗
- Effie Awards Belgium Silver“Attendre rapporte — ING” · source ↗
- Effie Awards Belgium Bronze“EuroDreams — Loterie Nationale” · source ↗
- Effie Awards Belgium Bronze“La voiture de votre vie — Volkswagen” · source ↗
- Effie Awards Belgium SilverMerk: ENGIE · “De la crise à la connexion — Engie” · source ↗
- Effie Awards Belgium Bronze“Génération Débrouille — Base” · source ↗
- Cannes Lions SilverIndustry Craft Lion · “Seen from a Mini / MINI” · source ↗
- Effie Awards Belgium SilverMerk: Telenet · “Disrupting connectivity with One — Telenet” · source ↗
- Effie Awards Belgium Silver“The Taste of Empty Bars — ZUUR” · source ↗
- Effie Awards Belgium GoldMerk: Delhaize · “Delhaize devient BELhaize — Delhaize” · source ↗
- Creative Belgium Awards GoldFilm · “Freestyler: The rebirth / Telenet” · source ↗
- Creative Belgium Awards GoldCreative Data · “History boarding / Telenet” · source ↗
- Creative Belgium Awards GoldOutdoor · “Great Beer Travels / AB InBev” · source ↗
- Effie Awards Belgium Silver“Spare Change Into Investment — KBC” · source ↗
- Effie Awards Belgium Bronze“Retour à la vie en septembre — Delhaize” · source ↗
- Creative Belgium Awards GoldFilm · “The Unchangers / McDonald's” · source ↗
- Creative Belgium Awards GoldOutdoor · “The McMistakes / McDonald's” · source ↗
- Effie Awards Belgium Gold“The Good Flow — Telenet” · source ↗
- Effie Awards Belgium Silver“A new era of retail — Delhaize” · source ↗
- IAB MIXX Awards SilverBest Consumer Engagement · “KBC” · source ↗
- IAB MIXX Awards BronzeBest Digital Platform · “KBC” · source ↗
- Effie Awards Belgium Silver“L'accélération digitale — Telenet Business” · source ↗
- Effie Awards Belgium Silver“Building a better McDonald's — McDonald's” · source ↗
- Effie Awards Belgium Silver“KBC Assurances — KBC” · source ↗
- IAB MIXX Awards SilverBest Single-Channel · “Solidarité Grands Froids” · source ↗
- IAB MIXX Awards BronzeBest Use of Technology · “Belgium Entertainment Association” · source ↗
- IAB MIXX Awards SilverBest Multi-Channel · “Telenet Play Sports” · source ↗
- IAB MIXX Awards SilverBest Use of Technology · “MINI” · source ↗
As published by the organising award shows, collected by IKAg.
Frequently asked questions about TBWA
- When was TBWA founded?
- In 1974.
- Where is TBWA located?
- In Zaventem, Belgium.
- What is TBWA specialised in?
- Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Content strategy & editorial.
- How big is TBWA?
- Around 84 full-time equivalents (financial year 2024).
- Which sectors does TBWA work for?
- Automotive & mobility, Energy & environment, Finance & insurance, Retail & e-commerce, Telecom & media.
- Who are the clients of TBWA?
- Among others Delhaize, McDonald's, ENGIE, Brussels Airlines, Samsung, NMBS, Volkswagen, Barco, BASE, Telenet, Streamz, Play Sports, MINI, KBC, Kom op tegen Kanker.
Figures from the annual accounts up to financial year 2024. Company details checked against the CBE register on 2026-10-13.