Around 5 full-time equivalents (financial year 2025).

Review: Zanzibar

Zanzibar is een eventbureau met thuisbasis in Antwerpen, opgericht in 1997. Er werken ongeveer 5 mensen, uitgedrukt in voltijdse equivalenten.

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: € 494.941 gross margin, growth -13,6% against a sector median of -8,9%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

ZanzibarSector median

EBITDA margin 18%, sector median 36,2%. Value-added coverage 1,22 (median 1,50).

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 91.656

Median (2024) € 94.044

Against a payroll cost of € 74.719 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 53

Median (2024) € 54

9.254 hours worked, 1.714 per FTE. Against that sits € 44 of payroll cost per hour worked, leaving € 10 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: 11,2 months (median 9,8 mo). Equity in the latest year: € 377.760.

Adequate buffer

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

Cash € 2,34 mln. Liquidity ratio 2,23: current assets cover short-term debt in full. Solvency 8,5%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 1.031 days of supplier credit, sector median 98. The accounts were filed 188 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

No serious signals

Signals in the last 24 months

No signals in the last 24 months.

What this agency does well

Profitable in every one of the last 5 years
Strong buffer: 11,2 months of payroll in equity
Stable team (no meaningful FTE loss)
No warning signals in the last 24 months
Healthy working capital (current ratio 2,23)
Comfortable cash position: 2114 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	€ 626.674	€ 807.017+28,8%	€ 637.790-21%	€ 573.167-10,1%	€ 494.941-13,6%
EBITDA	€ 67.160	€ 415.850	€ 267.159	€ 191.406	€ 89.128
EBITDA margin	10,7%	51,5%	41,9%	33,4%	18%
Staff
FTE	11,3	6,1-46%	5,8-4,9%	5,4-6,9%	5,40%
Gross margin per FTE	€ 55.458	€ 132.298	€ 109.964	€ 106.142	€ 91.656
Payroll cost per FTE	€ 49.276	€ 63.602	€ 63.513	€ 70.272	€ 74.719
Balance sheet
Equity	€ 123.620	€ 174.133	€ 277.357	€ 330.039	€ 377.760
Cash	€ 709.360	€ 1,42 mln	€ 1,34 mln	€ 3,54 mln	€ 2,34 mln
Liquidity ratio	6,08	2,69	3,41	2,37	2,23

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 07/07/2026. 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 2024: 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 10 people mapped

This team is built around client service: 6 of 10 are account & project. Within that core, Projectleiding, Coördinatie and Planning stand out. A specialist, not a generalist: the expertise is narrow but deep. Notably, no declared strategists in sight — this agency would rather make than philosophise.

JS

Jonas Steyaert

Event & Partnerhip Manager

LV

Luc Van Hove

Managing Partner

MR

Mats Raes

Managing Partner

YF

Yacine Fall

Managing Partner

AB

Annelie Boogers

Project Manager

AD

Ariane Deleye

Hospitality Manager

JT

Jana Todts

Project Coördinator

JL

Josiane Letiexhe

Office Manager

LA

Lester Andries

Project Manager

LK

Luca-Maria Kemper

Project Assistant Hospitality

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

€ 74.719

+32% versus the median

Team composition

5,4 FTE

82% women
19% men

€ 74.719

Median Eventbureau (2024) € 56.817All 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

18,5%

Median for this type of agency (2024): 39,6%

Inflow 2024

/

20212022202320242025

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

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 2024: the last year for which nearly all accounts have been filed.