What is Walking Men specialised in?

AI & innovation strategy, Brand strategy & positioning, Customer & audience strategy, Brand identity & design, Product & service design, Campaign concepts & big ideas.

How big is Walking Men?

Around 12 full-time equivalents (financial year 2022).

Which sectors does Walking Men work for?

Public sector & non-profit, Telecom & media.

Review: Walking Men

Q: Who are the clients of Walking Men?

Among others Orange Belgium, SWIFT, WWF Belgium, Immobel, AGC Europe, Elia Group, Outhere Music, Amnesty International, archipelago, Spadel, TreeTop Asset Management, AXA Private Management, Anheuser-Busch InBev, Duvel, European Payments Council.

Walking Men is een digitaal bureau (web & platform) uit Brussel. Met ongeveer 12 VTE is dit een middelgroot bureau. Ze werken rond webdevelopment, ux/ui design, strategie en e-commerce.

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

202020212022

Latest year: € 555.792 gross margin, growth - against a sector median of +12,3%.

Not enough history

MarginEBITDA / gross margin · value-added coverage

202020212022

Walking MenSector median

EBITDA margin -54,3%, sector median 24%. Value-added coverage 0,64 (median 1,24).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 46.316

Median (2022) € 65.821

Against a payroll cost of € 37.973 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 49

Median (2022) € 40

11.362 hours worked, 947 per FTE. Against that sits € 40 of payroll cost per hour worked, leaving € 9 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: -5,0 months (median 6,1 mo). Equity in the latest year: € -354.659.

Critical buffer

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

Cash € 140.149. Liquidity ratio 0,78: current assets cover short-term debt not in full. Solvency -78,6%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

The accounts were filed 195 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

No serious signals

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 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

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

Comfortable cash position: 112 days of payroll
Turnover below the median (15,0%)

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.

3 financial years, 2020 to 2022Result, staff and balance sheet

	2020	2021	2022
Result
Gross margin	€ 0	€ 0	€ 555.792
EBITDA	-	-	€ -302.002
EBITDA margin	-	-	-54,3%
Staff
FTE	-	-	12,0
Gross margin per FTE	-	-	€ 46.316
Payroll cost per FTE	-	-	€ 37.973
Balance sheet
Equity	-	-	€ -354.659
Cash	-	-	€ 140.149
Liquidity ratio	-	-	0,78

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 2022, filed on 11/01/2023. 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 5 Oct 2026. Sector medians based on financial year 2022: the last year for which nearly all accounts have been filed.

What the agency actually does 24 services

Strategy & Insights

AI & innovation strategy Brand strategy & positioning Customer & audience strategy

Branding & Design

Brand identity & design Product & service design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Content strategy & editorial

Media

Search advertising (SEA)

Social, Influencer & Community

Organic social content Social strategy & platform mix

Digital Experience & Tech

E-commerce (incl. payment) Mobile apps & PWAs SEO & GEO Website development Website strategy & UX

CRM, Email & Loyalty

CRM & lifecycle strategy Direct marketing & lead management Marketing automation

Data, Measurement & Governance

Dashboards & reporting Data science & analytics (incl. predictive modelling)

PR & Reputation

Corporate communication

Employer Brand & Internal

Internal communication

Events, Sponsoring & Activation

Brand activation (incl. guerrilla)

Sector focus

TelecomFinance & insuranceEnergy & utilitiesPublic sector & governmentReal estate & construction

Publicly known clients

Orange Belgium, SWIFT, WWF Belgium, Immobel, AGC Europe, Elia Group, Outhere Music, Amnesty International, archipelago, Spadel, TreeTop Asset Management, AXA Private Management, Anheuser-Busch InBev, Duvel, European Payments Council

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

1

People 1 people mapped

VV

Valérie van Delft

General Manager

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

€ 37.973

-29% versus the median

Team composition

12,0 FTE

57% women
43% men

€ 37.973

Median Digitaal bureau (web & platform) (2022) € 53.777All agencies (2022) € 52.722

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 2022

15,0%

Median for this type of agency (2022): 30,8%

Inflow 2022

10,0%

1,2 FTE in, 1,8 FTE out

Net team change

-0,6 FTE

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2022. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2022: the last year for which nearly all accounts have been filed.