What is Tramway21 specialised in?

Packaging design, Campaign concepts & big ideas, Campaign execution, Influencer & creator marketing, Organic social content, Social strategy & platform mix.

How big is Tramway21?

Around 1 full-time equivalent (financial year 2024).

Which sectors does Tramway21 work for?

Finance & insurance, Retail & e-commerce.

Review: Tramway21

Q: Who are the clients of Tramway21?

Among others KBC Brussels, Kewlox, Musiq'3, MultiPharma, CBC, ARBH/KBHB, Bruxelles Mobilité, Facq, Quai10.

Tramway21 is een creatief bureau met thuisbasis in Vorst, opgericht in 2007. De focus ligt op creatie & reclame, strategie, branding & identiteit en pr & communicatie. Namen die publiek aan dit bureau gelinkt worden: KBC Brussels, Kewlox, Musiq'3 en MultiPharma.

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

202220232024

Latest year: € 317.891 gross margin, growth -2,5% against a sector median of -0,2%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

202220232024

Tramway21Sector median

EBITDA margin 87,4%, sector median 22,5%. Value-added coverage 8,29 (median 1,20).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 353.213

Median (2025) € 78.663

Against a payroll cost of € 42.343 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 323

Median (2025) € 49

985 hours worked, 1.094 per FTE. Against that sits € 39 of payroll cost per hour worked, leaving € 284 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: 108,4 months (median 7,1 mo). Equity in the latest year: € 344.362.

Adequate buffer

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

Cash € 642.241. Liquidity ratio 1,25: current assets cover short-term debt in full. Solvency 15,6%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 33 days of supplier credit, sector median 85. The accounts were filed 219 days after closing; the legal deadline is seven months.

Filed late

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

Board change · 30 Sep 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.
Loss-making year · 30 Jun 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.
Low value-added coverage · 30 Jun 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.
Sharp drop in equity · 30 Jun 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
Late filing · 4 Feb 2025 · NBB
The 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.

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

EBITDA margin above the sector median (87,4%)
Profitable in every one of the last 3 years
Strong buffer: 108,4 months of payroll in equity
Value-added per euro of payroll above the sector median (8,29)
Healthy working capital (current ratio 1,25)
Comfortable cash position: 6151 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.

3 financial years, 2022 to 2024Result, staff and balance sheet

	2022	2023	2024
Result
Gross margin	€ 422.818	€ 326.033-22,9%	€ 317.891-2,5%
EBITDA	€ 318.509	€ 250.350	€ 277.831
EBITDA margin	75,3%	76,8%	87,4%
Staff
FTE	2,0	-	0,9
Gross margin per FTE	€ 211.409	-	€ 353.213
Payroll cost per FTE	€ 49.766	-	€ 42.343
Balance sheet
Equity	€ 1,58 mln	€ 1,77 mln	€ 344.362
Cash	€ 1,45 mln	€ 433.841	€ 642.241
Liquidity ratio	10,33	15,95	1,25

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 29/01/2026. 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 15 services

Branding & Design

Packaging design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Social, Influencer & Community

Influencer & creator marketing Organic social content Social strategy & platform mix

CRM, Email & Loyalty

CRM & lifecycle strategy Direct marketing & lead management Marketing automation

PR & Reputation

Corporate communication PR strategy & media relations

Employer Brand & Internal

Internal communication

Events, Sponsoring & Activation

Brand activation (incl. guerrilla) Events & experiences Sponsorship & partnerships

Sector focus

Finance & insuranceHealth & pharmaMedia & entertainmentRetail & e-commercePublic sector & government

Publicly known clients

KBC BrusselsKewloxMusiq'3MultiPharmaCBCARBH/KBHBBruxelles MobilitéFacqQuai10

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

1

People 2 people mapped

AJ

Alexandra Jacops

FD

François Daubresse

Based on public profiles. Something wrong? Let us know.

2

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 2024

288,9%

Median for this type of agency (2025): 34,5%

Inflow 2024

144,4%

1,3 FTE in, 2,6 FTE out

Net team change

-1,3 FTE

202220242025

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.