How big is Twaalfde Man?

Around 4 full-time equivalents (financial year 2025).

Review: Twaalfde Man

Q: What is Twaalfde Man specialised in?

Brand strategy & positioning, Brand identity & design, Campaign concepts & big ideas, Campaign execution, Content strategy & editorial, Social-native content.

Twaalfde Man, opgericht in 2021, is een social media bureau uit Antwerpen. Er werken ongeveer 4 mensen, uitgedrukt in voltijdse equivalenten. De focus ligt op social media, video & productie en paid media (sea/social/display). Publiek gekende klanten zijn onder meer Bednet.

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: € 284.506 gross margin, growth +35,9% against a sector median of +11,4%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Twaalfde ManSector median

EBITDA margin 29,6%, sector median 31,6%. Value-added coverage 1,42 (median 1,30).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 67.739

Median (2024) € 61.673

Against a payroll cost of € 47.600 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 38

Median (2024) € 39

7.573 hours worked, 1.803 per FTE. Against that sits € 26 of payroll cost per hour worked, leaving € 11 for premises, equipment, depreciation and profit.

Around 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: 3,4 months (median 7,4 mo). Equity in the latest year: € 56.845.

Adequate buffer

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

Cash € 94. Liquidity ratio 1,31: current assets cover short-term debt in full. Solvency 23,2%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 39 days of supplier credit, sector median 49. The accounts were filed 205 days after closing; the legal deadline is seven months.

Pays and files on time

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 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Late filing · 18 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.
Thin buffer · 31 Dec 2024 · 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.

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

Gross margin grew 4 years in a row
Team grew (+23,5% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,42)
Margin per hour worked rose 2 years in a row
Healthy working capital (current ratio 1,31)

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	€ 25.347	€ 74.112+192,4%	€ 84.298+13,7%	€ 209.404+148,4%	€ 284.506+35,9%
EBITDA	€ -1.986	€ 5.376	€ -10.924	€ 67.913	€ 84.127
EBITDA margin	-7,8%	7,3%	-13%	32,4%	29,6%
Staff
FTE	1,1	2,0+81,8%	2,4+20%	3,4+41,7%	4,2+23,5%
Gross margin per FTE	€ 23.043	€ 37.056	€ 35.124	€ 61.589	€ 67.739
Payroll cost per FTE	€ 24.532	€ 34.317	€ 38.658	€ 40.870	€ 47.600
Balance sheet
Equity	€ 4.361	€ 6.533	€ -8.781	€ 25.654	€ 56.845
Cash	-	€ 326	€ 0	€ 9.491	€ 94
Liquidity ratio	1,06	1,06	0,67	1,07	1,31

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 24/07/2026. 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 21 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 13 services

Strategy & Insights

Brand strategy & positioning

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Content strategy & editorial Social-native content Video production

Media

Digital & programmatic buying Media strategy & planning

Social, Influencer & Community

Influencer & creator marketing

PR & Reputation

PR strategy & media relations

Employer Brand & Internal

Employer brand strategy Recruitment campaigns

Sector focus

Bedrijven die jonge doelgroepen via social media willen bereiken

From our own research. The agency hasn't listed its sectors yet.

Publicly known clients

Bednet

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

1

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

€ 47.600

-8% versus the median

Team composition

4,2 FTE

40% women
60% men

€ 47.600

Median Social media bureau (2024) € 51.484All agencies (2024) € 59.045

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.

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 2025

390,5%

Median for this type of agency (2024): 43,5%

Inflow 2025

438,1%

18,4 FTE in, 16,4 FTE out

Net team change

+2,0 FTE

20212022202320242025

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 2024: the last year for which nearly all accounts have been filed.