What is Untitled Workers Club specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution.

How big is Untitled Workers Club?

Around 1 full-time equivalent (financial year 2025).

Which sectors does Untitled Workers Club work for?

Fashion & lifestyle, Sports & entertainment.

Review: Untitled Workers Club

Q: Who are the clients of Untitled Workers Club?

Among others Art Cities Flanders, Het Roze Huis, Cyclo Club Marcel, Napoleon, GAIA, Juntoo, Exterioo, Le Fabuleux Marcel de Bruxelles, Tourism Flanders, Kanal Brut, Generous, Cofidis, Jaegher, Rubey, M Leuven.

Untitled Workers Club werkt ruim tien jaar als creatief bureau uit Antwerpen. Het aanbod bestrijkt creatie & reclame, branding & identiteit en strategie.

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: € 16.363 gross margin, growth -70,4% against a sector median of -0,2%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Untitled Workers ClubSector median

EBITDA margin -, sector median 21,9%. Value-added coverage 0,14 (median 1,23).

No margin data

Revenue per headGross margin per FTE, against payroll cost

€ 11.688

Median (2025) € 78.663

Against a payroll cost of € 61.844 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 7

Median (2025) € 49

2.263 hours worked, 1.616 per FTE. Against that sits € 38 of payroll cost per hour worked, leaving € -31 for premises, equipment, depreciation and profit.

Below 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: 140,6 months (median 7,7 mo). Equity in the latest year: € 1,03 mln.

Adequate buffer

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

Cash € 596.982. Liquidity ratio 4,09: current assets cover short-term debt in full. Solvency 82,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 2.240 days of supplier credit, sector median 85. The accounts were filed 239 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

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Late filing · 27 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.
Two consecutive loss-making years · 31 Dec 2025 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
+ 3 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

Strong buffer: 140,6 months of payroll in equity
Healthy working capital (current ratio 4,09)
Equity was earned, not injected (reserves 164,5× the capital contributed)
Comfortable cash position: 2517 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	€ 573.107	€ 570.909-0,4%	€ 387.432-32,1%	€ 55.249-85,7%	€ 16.363-70,4%
EBITDA	€ 90.677	€ 64.782	€ 132.451	€ -47.144	€ -75.426
EBITDA margin	15,8%	11,3%	34,2%	-85,3%	-
Staff
FTE	7,6	7,5-1,3%	2,6-65,3%	1,6-38,5%	1,4-12,5%
Gross margin per FTE	€ 75.409	€ 76.121	€ 149.012	€ 34.531	€ 11.688
Payroll cost per FTE	€ 58.207	€ 64.697	€ 65.550	€ 60.951	€ 61.844
Balance sheet
Equity	€ 1,50 mln	€ 1,50 mln	€ 1,24 mln	€ 1,14 mln	€ 1,03 mln
Cash	€ 544.764	€ 825.657	€ 995.383	€ 687.098	€ 596.982
Liquidity ratio	2,48	3,16	2,38	2,78	4,09

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 27/08/2026. 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 5 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Sector focus

Travel & hospitalityMedia & entertainmentFinance & insuranceRetail & e-commercePublic sector & government

Publicly known clients

Art Cities Flanders, Het Roze Huis, Cyclo Club Marcel, Napoleon, GAIA, Juntoo, Exterioo, Le Fabuleux Marcel de Bruxelles, Tourism Flanders, Kanal Brut, Generous, Cofidis, Jaegher, Rubey, M Leuven

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

€ 61.844

-4% versus the median

Team composition

1,4 FTE

€ 61.844

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.

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 2021

52,6%

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

Inflow 2021

86,8%

6,6 FTE in, 4,0 FTE out

Net team change

+2,6 FTE

20212022202320242025

Figures for financial year 2021: 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.