What is Wolfish specialised in?

Marketing strategy, Paid social, Search advertising (SEA), Website development, Dashboards & reporting, Data science & analytics (incl. predictive modelling).

Around 7 full-time equivalents (financial year 2024).

Which sectors does Wolfish work for?

Construction & real estate, Energy & environment, Hospitality & tourism, Interior & design, Retail & e-commerce.

Review: Wolfish

Q: Who are the clients of Wolfish?

Among others JCB, Karel Willems, Gymna, Atrio, Arbor, SerSo | Services & Solutions.

Wolfish is een performance- & mediabureau uit Genk, actief sinds 2021. De bezetting ligt rond 7 VTE. Het aanbod bestrijkt paid media (sea/social/display), strategie, webdevelopment en data & analytics. Tot de publiek bekende klanten behoren JCB, Karel Willems, Gymna en Atrio.

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

202220232024

Latest year: € 399.883 gross margin, growth +7,7% against a sector median of +5%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

202220232024

WolfishSector median

EBITDA margin 6%, sector median 29,6%. Value-added coverage 1,07 (median 1,26). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 57.954

Median (2024) € 77.641

Against a payroll cost of € 52.436 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 34

Median (2024) € 50

11.691 hours worked, 1.694 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 3 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: 0,2 months (median 5,2 mo). Equity in the latest year: € 6.080.

Critical buffer

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

Cash € 106.214. Liquidity ratio 1,06: current assets cover short-term debt in full. Solvency 1,9%.

Tightly covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 122 days of supplier credit, sector median 60. The accounts were filed 139 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

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Board change · 5 Mar 2025 · 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.
Sharp drop in equity · 31 Dec 2024 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
Critical buffer · 31 Dec 2024 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.

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

Outgrew the sector median 2 years running
Profitable in every one of the last 3 years
Team grew (+30,2% FTE in the latest year)
Comfortable cash position: 107 days of payroll
Turnover below the median (29,0%)

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, 2022 to 2024Result, staff and balance sheet

	2022	2023	2024
Result
Gross margin	€ 218.785	€ 371.464+69,8%	€ 399.883+7,7%
EBITDA	€ 14.624	€ 88.246	€ 24.054
EBITDA margin	6,7%	23,8%	6%
Staff
FTE	5,3	5,30%	6,9+30,2%
Gross margin per FTE	€ 41.280	€ 70.088	€ 57.954
Payroll cost per FTE	€ 38.408	€ 52.862	€ 52.436
Balance sheet
Equity	€ 11.512	€ 3.658	€ 6.080
Cash	€ 71.152	€ 174.544	€ 106.214
Liquidity ratio	1,02	1,99	1,06

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 2024, filed on 19/05/2025. 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 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 6 services

Strategy & Insights

Marketing strategy

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

Website development

Data, Measurement & Governance

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

Sector focus

Real estate & constructionHealth & pharmaB2B services

Publicly known clients

JCBKarel WillemsGymnaAtrioArborSerSo | Services & Solutions

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

1

People 12 people mapped

The heart of this team is creative: 4 of 12 profiles are makers. Within that core, Design, Copywriting and Video stand out. One strategist on board — enough to hold the direction, not to fill meetings.

E

Elke

Managing Partner

G

Geert

Partner

N

Nymke

Account

S

Stijn

Partner

B

Babette

Online Marketeer

C

Cedric

Digital Creator

E

Ewout

Strateeg

J

Jana

Storyteller

L

Lennard

Grafische digitale vormgever

M

Michaela

Storyteller

N

Niels

SEA Specialist

S

Stien

Performance Marketeer

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

€ 52.436

-15% versus the median

Team composition

6,9 FTE

57% women
43% men

€ 52.436

Median Performance- & mediabureau (2024) € 61.814All agencies (2024) € 59.021

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 2024

29,0%

Median for this type of agency (2024): 35,3%

Inflow 2024

43,5%

3,0 FTE in, 2,0 FTE out

Net team change

+1,0 FTE

202220232024

Source: annual accounts and social reports (NBB), collected by IKAg. Financial year 2024. Calculations by IKAg; an indication, not financial advice. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.