What is Visual specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Website development.

Around 3 full-time equivalents (financial year 2025).

Review: Visual

Q: Who are the clients of Visual?

Among others De Spiegelaere, Beyne Landbouwspuiten, Soniq, DV Foods, Ipso, Degeest, Procotex, Aluminium op Maat, Sint-Vincentius Rustoord Kachtem, Gemeente Ichtegem, Architect Jan Martele, ICT Parts, Het Achterhuisje, Hancke Metaalbouw, De Zorgcirkel.

Sinds 1997 is Visual actief als full-service bureau uit Izegem. De bezetting ligt rond 3 VTE. Het bureau combineert strategie, branding & identiteit en webdevelopment. Sectoren waar het bureau vaak werkt: kmo's en productiebedrijven.

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: € 142.318 gross margin, growth -5,9% against a sector median of +1,7%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

VisualSector median

EBITDA margin -24,9%, sector median 23,9%. Value-added coverage 0,80 (median 1,27).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 56.927

Median (2025) € 78.251

Against a payroll cost of € 70.890 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 33

Median (2025) € 49

4.352 hours worked, 1.741 per FTE. Against that sits € 41 of payroll cost per hour worked, leaving € -8 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: 9,3 months (median 5,8 mo). Equity in the latest year: € 137.438.

Adequate buffer

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

Cash € 245.767. Liquidity ratio 1,72: current assets cover short-term debt in full. Solvency 42,7%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 79 days of supplier credit, sector median 54. The accounts were filed 133 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

2 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
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
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
+ 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: 9,3 months of payroll in equity
Stable team (no meaningful FTE loss)
Healthy working capital (current ratio 1,72)
Equity was earned, not injected (reserves 16,4× the capital contributed)
Comfortable cash position: 506 days of payroll
No departures in 2025

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	€ 127.221	€ 144.861+13,9%	€ 150.124+3,6%	€ 151.302+0,8%	€ 142.318-5,9%
EBITDA	€ 4.152	€ -9.170	€ -20.027	€ -18.982	€ -35.497
EBITDA margin	3,3%	-6,3%	-13,3%	-12,5%	-24,9%
Staff
FTE	2,5	2,50%	2,50%	2,50%	2,50%
Gross margin per FTE	€ 50.889	€ 57.944	€ 60.049	€ 60.521	€ 56.927
Payroll cost per FTE	€ 46.168	€ 57.888	€ 65.898	€ 67.830	€ 70.890
Balance sheet
Equity	€ 224.071	€ 213.319	€ 191.762	€ 174.750	€ 137.438
Cash	€ 623.790	€ 611.988	€ 453.840	€ 289.975	€ 245.767
Liquidity ratio	1,45	1,42	1,46	1,95	1,72

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 13/05/2026. 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 4 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Digital Experience & Tech

Website development

Sector focus

Fashion & lifestylePublic sector & governmentHealth & pharmaReal estate & constructionFood & beverage

Publicly known clients

De Spiegelaere, Beyne Landbouwspuiten, Soniq, DV Foods, Ipso, Degeest, Procotex, Aluminium op Maat, Sint-Vincentius Rustoord Kachtem, Gemeente Ichtegem, Architect Jan Martele, ICT Parts, Het Achterhuisje, Hancke Metaalbouw, De Zorgcirkel

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

1

People 6 people mapped

This is first a build crew — 2 of 6 are developers. Within that core, Frontend, Backend and Full Stack stand out.

A

Arne

Frontend & backend developer

D

Dries

Designer & developer

F

Filip

Designer & developer

F

Francis

Sales & art direction

I

Iris

Digital marketing & advertising

T

Thibaut

Frontend & backend developer

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

€ 70.890

+17% versus the median

Team composition

2,5 FTE

20% women
80% men

Training per FTE

0,0 h

Many agencies fill this field in incompletely.

€ 70.890

Median Full-service bureau (2025) € 60.368All 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

0,0%

Median for this type of agency (2025): 31,1%

Inflow 2025

0,0%

0,0 FTE in, 0,0 FTE out

Net team change

0,0 FTE

20212022202320242025

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.