How big is WMH Project?

Around 7 full-time equivalents (financial year 2025).

Review: WMH Project

WMH Project is al ruim twintig jaar actief als eventbureau uit Etterbeek. Op de loonlijst staan ongeveer 7 voltijdse equivalenten.

Awards

1× BEA Awards

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: € 723.665 gross margin, growth +24,6% against a sector median of -8,9%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

WMH ProjectSector median

EBITDA margin 41,3%, sector median 36,2%. Value-added coverage 1,76 (median 1,50).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 103.381

Median (2025) € 92.992

Against a payroll cost of € 56.200 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 58

Median (2025) € 56

12.453 hours worked, 1.779 per FTE. Against that sits € 32 of payroll cost per hour worked, leaving € 27 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: 49,0 months (median 9,8 mo). Equity in the latest year: € 1,61 mln.

Adequate buffer

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

Cash € 417.676. Liquidity ratio 2,21: current assets cover short-term debt in full. Solvency 54,3%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 542 days of supplier credit, sector median 87. The accounts were filed 246 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

Points to ask about

Signals in the last 24 months

Late filing · 28 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.
Sharp headcount decline · 31 Dec 2024 · 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.

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

EBITDA margin above the sector median (41,3%)
Profitable in every one of the last 5 years
Strong buffer: 49,0 months of payroll in equity
Value-added per euro of payroll above the sector median (1,76)
Healthy working capital (current ratio 2,21)
Equity was earned, not injected (reserves 85,4× the capital contributed)
Comfortable cash position: 388 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	€ 853.469	€ 1,05 mln+23,3%	€ 845.520-19,6%	€ 580.572-31,3%	€ 723.665+24,6%
EBITDA	€ 818.493	€ 690.140	€ 340.895	€ 172.357	€ 298.777
EBITDA margin	95,9%	65,6%	40,3%	29,7%	41,3%
Staff
FTE	0,8	7,5+837,5%	9,2+22,7%	7,3-20,7%	7,0-4,1%
Gross margin per FTE	€ 1,07 mln	€ 140.267	€ 91.904	€ 79.530	€ 103.381
Payroll cost per FTE	€ 28.389	€ 45.918	€ 46.541	€ 54.372	€ 56.200
Balance sheet
Equity	€ 876.520	€ 1,07 mln	€ 1,27 mln	€ 1,39 mln	€ 1,61 mln
Cash	€ 625.283	€ 482.166	€ 285.002	€ 1,19 mln	€ 417.676
Liquidity ratio	1,94	2,68	4,64	2,68	2,21

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 03/09/2026. 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.

Coming soon

We're working on this part of the factsheet.

Coming soon

We're working on this part of the factsheet.

1

People 17 people mapped

This team is built around client service: 9 of 17 are account & project. Within that core, Projectleiding and Coördinatie stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

JP

Jan Poté

Communications Project Director

LB

Laura Bini

Associate Partner & Head of Digital Communications

VM

Vincent Morrens

Associate Partner & Head of Media Relations

VM

Vinciane Morel de Westgaver

General Manager

AS

Amedeo Straniero

Events Manager

AB

Audrey Bornstein

Communications Project Specialist

CS

Céline Sylvain

Events Manager

EA

Edouard Aronson

Motion Designer

GD

Gauthier Demaret

Head of Events, Incentive & Travels

JH

Julien Hayen

Media Relations Manager

LF

Lucas Falise

Social Media Project Manager

MV

Macha Vandenplas

Digital Communications Officer

PD

Pascaline De Meeus

Events Manager

QA

Quentin Aufort

Events Manager

YH

Yi-Ann Hagelstein

Digital Project Manager

ZE

Ziggy Eloot

Digital Communications Specialist

ZP

Zoé Ponti

Communications Project Specialist

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

€ 56.200

-10% versus the median

Team composition

7,0 FTE

49% women
51% men

€ 56.200

Median Eventbureau (2025) € 62.258All 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

138,6%

Median for this type of agency (2025): 47,2%

Inflow 2025

195,7%

13,7 FTE in, 9,7 FTE out

Net team change

+4,0 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 2025: the last year for which nearly all accounts have been filed.

Award-winning work 1 award(s)

2025

BEA Awards BronzeInstitutional Events · “80th Anniversary Ceremony Battle of the Ardennes” · source ↗

As published by the organising award shows, collected by IKAg.