True
The content of this factsheet is in Dutch.
True is een brandingbureau met thuisbasis in Antwerpen, opgericht in 2007. Er werken ongeveer 8 mensen, uitgedrukt in voltijdse equivalenten. Ze werken rond strategie, branding & identiteit, content & copy en social media.
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 Aug 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Board change · 1 Jul 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 · 11 May 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.
- Late filing · 30 Jan 2025 · 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.
What this agency does well
- Healthy working capital (current ratio 1,28)
- Turnover below the median (12,7%)
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
4 financial years, 2022 to 2025Result, staff and balance sheet
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Result | ||||
| Gross margin | € 661.024 | € 628.216-5% | € 473.321-24,7% | € 572.976+21,1% |
| EBITDA | € 140.864 | € 32.684 | € -43.181 | € 93.337 |
| EBITDA margin | 21,3% | 5,2% | -9,1% | 16,3% |
| Staff | ||||
| FTE | 10,5 | 11,0+4,8% | 9,2-16,4% | 7,9-14,1% |
| Gross margin per FTE | € 62.955 | € 57.111 | € 51.448 | € 72.529 |
| Payroll cost per FTE | € 49.307 | € 53.817 | € 54.965 | € 59.893 |
| Balance sheet | ||||
| Equity | € 140.752 | € 138.714 | € 64.630 | € 141.050 |
| Cash | € 105.011 | € 53.916 | € 11.428 | € 24.676 |
| Liquidity ratio | 1,25 | 1,24 | 1,06 | 1,28 |
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 27/01/2026. 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 7 services
Sector focus
Publicly known clients
Bakery Canteen, Koepelcafé, Janine, Lunch Garden, Croustico, Oh!Lait, G&V Energy Group, Marriott Brussels, Le Crobag, Westmalle, Le Pain Quotidien, Chocolate Nation, Otomat, Autogrill, Bavet
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 15 people mapped
The heart of this team is creative: 6 of 15 profiles are makers. 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.
- 45% women
- 55% 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.
Frequently asked questions about True
- When was True founded?
- In 2007.
- Where is True located?
- In Antwerpen, Belgium.
- What is True specialised in?
- Brand strategy & positioning, Marketing strategy, Brand identity & design, Content strategy & editorial, Copywriting & long-form content, Organic social content.
- How big is True?
- Around 8 full-time equivalents (financial year 2025).
- Which sectors does True work for?
- Hospitality & tourism, Food & beverage.
- Who are the clients of True?
- Among others Bakery Canteen, Koepelcafé, Janine, Lunch Garden, Croustico, Oh!Lait, G&V Energy Group, Marriott Brussels, Le Crobag, Westmalle, Le Pain Quotidien, Chocolate Nation, Otomat, Autogrill, Bavet.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.