The Bakery: Digital marketing agency & baas.agency: Employer branding & digital recruitment marketing agency
The Bakery en Baas zijn twee onderdelen van dit digital agency. The Bakery focust zich op lead generation en inbound marketing; Baas op recrutering en employer branding.
The content of this factsheet is in Dutch.
The Bakery, opgericht in 2010, is een performance- & mediabureau uit Antwerpen. De bezetting ligt rond 7 VTE. De dienstverlening draait om paid media (sea/social/display) en seo. Sectoren waar het bureau vaak werkt: b2b en kmo breed.
Creatief & data-driven
The Bakery focust zich op lead generation en inbound marketing. Geruggesteund door insight-driven data, creëren ze samen met hun partners een efficiënte marketingstrategie, waarbij ze geen enkele digitale (bouw)steen onberoerd laten: van automation en social tot content, SEO en digital advertising.
baas.agency. staat voor employer branding met ballen. Samen met hun klanten bouwen ze aan een 100% op maat gemaakt recept van employer branding en digital recruitment marketing. Ze combineren hun kennis en creativiteit met jullie merk en data om jullie unieke werkgeversverhaal online te vertellen.
The Bakery & baas.agency werkt met een 10-tal VTE, waaronder:
- 3 performance marketeers
- 2 inbound & marketing automation marketeers
- 1 SEO specialist
- 1 grafisch profiel
- 3 account managers
Wat ze niet doen: webdevelopment, offline.
Zelf omschrijven ze hun cultuur als: open, transparant, ad rem, challengers, bijleren, easy to work with
How 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 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Registered office moved · 8 Jun 2026 · StaatsbladThe registered office relocated. Usually just a new office.
- Board change · 25 Aug 2025 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Sharp headcount decline · 31 Dec 2024 · NBBAverage headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
- Registered office moved · 1 Oct 2024 · StaatsbladThe registered office relocated. Usually just a new office.
What this agency does well
- Profitable in every one of the last 5 years
- Strong buffer: 9,0 months of payroll in equity
- Team grew (+39,2% FTE in the latest year)
- Healthy working capital (current ratio 3,47)
- Equity was earned, not injected (reserves 4,2× the capital contributed)
- Comfortable cash position: 175 days of payroll
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 | € 1,04 mln | € 861.834-16,8% | € 667.485-22,6% | € 442.212-33,7% | € 480.444+8,6% |
| EBITDA | € 74.932 | € 31.394 | € 48.976 | € 119.924 | € 46.643 |
| EBITDA margin | 7,2% | 3,6% | 7,3% | 27,1% | 9,7% |
| Staff | |||||
| FTE | 17,1 | 12,9-24,6% | 8,5-34,1% | 5,1-40% | 7,1+39,2% |
| Gross margin per FTE | € 60.565 | € 66.809 | € 78.528 | € 86.708 | € 67.668 |
| Payroll cost per FTE | € 55.478 | € 67.113 | € 72.445 | € 61.814 | € 60.851 |
| Balance sheet | |||||
| Equity | € 661.137 | € 403.427 | € 378.862 | € 446.825 | € 325.397 |
| Cash | € 761.690 | € 592.047 | € 341.481 | € 314.472 | € 207.271 |
| Liquidity ratio | 1,90 | 1,61 | 2,41 | 4,49 | 3,47 |
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 24/06/2026. 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 3 services
Sector focus
Publicly known clients
De Gele Flamingo, H. Essers, Antargaz, Belgische Casino's, Vivaldis, Goes Oogcentrum
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 9 people mapped
Digital marketing is the engine: 3 of 9 profiles sit there. A specialist, not a generalist: the expertise is narrow but deep. Notably, no declared strategists in sight — this agency would rather make than philosophise.
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.
- 56% women
- 44% 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 2024: the last year for which nearly all accounts have been filed.
Frequently asked questions about The Bakery
- When was The Bakery founded?
- In 2010.
- Where is The Bakery located?
- In Antwerpen, Belgium.
- What is The Bakery specialised in?
- Paid social, Search advertising (SEA), SEO & GEO, CRO, Employer branding, Lead generation.
- How big is The Bakery?
- Around 7 full-time equivalents (financial year 2025).
- Who are the clients of The Bakery?
- Among others Antargaz, Atradius, Besox, TriFinance, HHGarden / Ethias, TriFinance, North Sea Port, DP World.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-09-12.