What is Two Cents specialised in?

Content strategy & editorial, Copywriting & long-form content, Paid social, Search advertising (SEA), Corporate communication, PR strategy & media relations.

How big is Two Cents?

Around 6 full-time equivalents (financial year 2025).

Which sectors does Two Cents work for?

Interior & design, Agriculture & agri-food, Retail & e-commerce, Healthcare & pharma.

Review: Two Cents

Q: Who are the clients of Two Cents?

Among others Schneider Electric, DecoLegno, Murprotec, Kebony, UZ Brussel, APOK, xthermo, Association du Diabète, Diabetes Liga.

Two Cents is al ruim twintig jaar actief als pr- & communicatiebureau uit Schaarbeek. Het team telt ongeveer 6 medewerkers (VTE). De focus ligt op pr & communicatie, content & copy en paid media (sea/social/display). Het zwaartepunt ligt bij opdrachtgevers uit fmcg/retail, home & living, tuin/diy en healthcare & pharma. Tot de publiek bekende klanten behoren Schneider Electric, DecoLegno, Murprotec en Kebony.

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: € 646.534 gross margin, growth +8,1% against a sector median of +1,2%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Two CentsSector median

EBITDA margin 19,4%, sector median 25,6%. Value-added coverage 1,24 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 107.756

Median (2025) € 83.630

Against a payroll cost of € 86.582 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 63

Median (2025) € 50

10.339 hours worked, 1.723 per FTE. Against that sits € 50 of payroll cost per hour worked, leaving € 12 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: 8,7 months (median 12,2 mo). Equity in the latest year: € 378.772.

Adequate buffer

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

Cash € 202.621. Liquidity ratio 1,86: current assets cover short-term debt in full. Solvency 45,7%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 113 days of supplier credit, sector median 71. The accounts were filed 157 days after closing; the legal deadline is seven months.

Pays slower than average

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 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Sharp headcount decline · 31 Dec 2025 · NBB
Average 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.
Board change · 6 Nov 2024 · 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.

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

Profitable in every one of the last 5 years
Strong buffer: 8,7 months of payroll in equity
Healthy working capital (current ratio 1,86)
Equity was earned, not injected (reserves 5,1× the capital contributed)
Comfortable cash position: 142 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	€ 973.373	€ 979.513+0,6%	€ 916.751-6,4%	€ 597.849-34,8%	€ 646.534+8,1%
EBITDA	€ 297.137	€ 266.995	€ 236.666	€ 50.785	€ 125.167
EBITDA margin	30,5%	27,3%	25,8%	8,5%	19,4%
Staff
FTE	10,9	10,4-4,6%	8,3-20,2%	7,8-6%	6,0-23,1%
Gross margin per FTE	€ 89.300	€ 94.184	€ 110.452	€ 76.647	€ 107.756
Payroll cost per FTE	€ 60.228	€ 67.210	€ 81.332	€ 69.993	€ 86.582
Balance sheet
Equity	€ 451.160	€ 200.694	€ 313.861	€ 343.087	€ 378.772
Cash	€ 505.404	€ 416.831	€ 301.590	€ 169.213	€ 202.621
Liquidity ratio	2,62	1,70	2,12	2,35	1,86

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 06/06/2026. 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 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 6 services

Content & Production

Content strategy & editorial Copywriting & long-form content

Media

Paid social Search advertising (SEA)

PR & Reputation

Corporate communication PR strategy & media relations

Sector focus

Real estate & constructionHealth & pharmaB2B services

Publicly known clients

Schneider ElectricDecoLegnoMurprotecKebonyUZ BrusselAPOKxthermoAssociation du DiabèteDiabetes Liga

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

1

People 3 people mapped

FF

Frédéric François

Managing Partner

MF

Marie Franck

MV

Marine Verlaine

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

€ 86.582

+41% versus the median

Team composition

6,0 FTE

79% women
21% men

€ 86.582

Median PR- & communicatiebureau (2025) € 61.577All 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

63,3%

Median for this type of agency (2025): 35,1%

Inflow 2025

16,7%

1,0 FTE in, 3,8 FTE out

Net team change

-2,8 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 2025: the last year for which nearly all accounts have been filed.