What is Treepack specialised in?

Campaign concepts & big ideas, Campaign execution, Branding, Employer branding, OOH.

Around 5 full-time equivalents (financial year 2025).

Review: Treepack: Creatief bureau

Q: Who are the clients of Treepack?

Among others VDK BANK, CARREFOUR, BROUWERIJ MARTENS, EUROPESE COMMISSIE, PROVINCIE VLAAMS-BRABANT, DE RODE DUIVELS, CIRQUE DU SOLEIL, TOYOTA.

Treepack is een creatief bureau met thuisbasis in Leuven, opgericht in 2012. Met ongeveer 5 VTE is dit een klein bureau. De dienstverlening draait om creatie & reclame. Namen die publiek aan dit bureau gelinkt worden: Cirque du Soleil, Stad Genk, Europese Commissie en Gemeente Sint-Gillis.

Monumentale zichtbaarheid voor merken en organisaties. Wij helpen organisaties hun activiteiten, waarden en visie zichtbaar te maken in hun omgeving via muurschilderingen.Treepack realiseert projecten zowel op gebouwen van onze klanten als op strategische locaties die we zelf aanbieden. Zo maken we merken zichtbaar waar het telt en brengen we hun verhaal naar buiten op een manier die zowel intern als extern mensen raakt.Van locatie tot creatie en activatie brengen we alles samen in één traject. Geen tijdelijke campagne, maar een blijvende aanwezigheid.

Klanten
We werken het liefst met bedrijven en organisaties die hun zichtbaarheid willen versterken op hun eigen locatie of in hun omgeving. Vaak gaat het om middelgrote tot grotere bedrijven in sectoren zoals industrie, bouw, retail en dienstverlening, waar een sterke fysieke aanwezigheid belangrijk is. Zowel B2B als B2C, met een duidelijke focus op bedrijven die hun merk ook extern willen laten leven en intern willen versterken.

Zelfomschreven cultuur:
Professioneel en betrouwbaar, met een sterke focus op kwaliteit en uitvoering.Meedenkend en betrokken, met oog voor detail en het grotere geheel.E en partner die verantwoordelijkheid neemt en werk realiseert dat zichtbaar blijft en mensen raakt.

Team:
Ons team bestaat uit een kernteam met expertise in business development, projectmanagement, creatieve aansturing en productie.Concreet werken we met art directors, mural artiesten, project managers, business developers en een production manager. Daarnaast beschikken we over een inhouse artiestenstudio, aangevuld met een netwerk van meer dan 200 externe mural artists. Zo begeleiden we elk project van concept tot realisatie en kunnen we flexibel opschalen in functie van locatie, schaal en stijl.

Referentieklanten: VDK BANK, CARREFOUR, BROUWERIJ MARTENS, EUROPESE COMMISSIE, PROVINCIE VLAAMS-BRABANT, DE RODE DUIVELS, CIRQUE DU SOLEIL, TOYOTA, ORGANON
Ondernemingsnummer: BE0848401095
Gemiddelde klantgrootte: 30k

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: € 499.053 gross margin, growth +33,5% against a sector median of -0,2%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

TreepackSector median

EBITDA margin 38,3%, sector median 21,9%. Value-added coverage 1,66 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 101.848

Median (2025) € 78.663

Against a payroll cost of € 59.025 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 59

Median (2025) € 49

8.503 hours worked, 1.735 per FTE. Against that sits € 34 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: 2,0 months (median 7,7 mo). Equity in the latest year: € 47.471.

Thin buffer

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

Cash € 163.558. Liquidity ratio 1,11: current assets cover short-term debt in full. Solvency 11,8%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 34 days of supplier credit, sector median 85. The accounts were filed 243 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

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Late filing · 31 Aug 2026 · 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.
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Thin buffer · 31 Dec 2025 · NBB
Equity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
Late filing · 19 Aug 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.
+ 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

Outgrew the sector median 2 years running
EBITDA margin above the sector median (38,3%)
Profitable in every one of the last 5 years
Team grew (+2,1% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,66)
Equity was earned, not injected (reserves 6,7× the capital contributed)
Comfortable cash position: 206 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	€ 264.260	€ 379.302+43,5%	€ 361.990-4,6%	€ 373.821+3,3%	€ 499.053+33,5%
EBITDA	€ 116.142	€ 142.011	€ 125.506	€ 120.168	€ 190.982
EBITDA margin	43,9%	37,4%	34,7%	32,1%	38,3%
Staff
FTE	4,6	-	5,8	4,8-17,2%	4,9+2,1%
Gross margin per FTE	€ 57.448	-	€ 62.412	€ 77.879	€ 101.848
Payroll cost per FTE	€ 32.644	-	€ 40.528	€ 52.246	€ 59.025
Balance sheet
Equity	€ 23.579	€ 27.045	€ 30.882	€ 32.688	€ 47.471
Cash	€ 159.912	€ 17.045	€ 14.559	€ 28.477	€ 163.558
Liquidity ratio	0,92	1,27	0,95	1,05	1,11

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 31/08/2026. 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 2 services

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Sector focus

Public sector & governmentMedia & entertainmentEducation

Publicly known clients

Cirque du SoleilStad GenkEuropese CommissieGemeente Sint-GillisBibliotheek HaBoBIB BoortmeerbeekWarm VlaanderenGO! De Prins DiestTiecycletSafranDe Lijn

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

1

People 2 people mapped

JB

Junes Bazouz

Oprichter

MH

Maarten Hofmans

Oprichter

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

€ 59.025

-8% versus the median

Team composition

4,9 FTE

0% women
100% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 59.025

Median Creatief bureau (2025) € 64.418All 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

46,9%

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

Inflow 2025

46,9%

2,3 FTE in, 2,3 FTE out

Net team change

0,0 FTE

2021202320242025

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.