BUT
The content of this factsheet is in Dutch.
BUT is een full-service bureau uit Schelle. Met ongeveer 16 VTE is dit een groot bureau. De dienstverlening draait om video & productie en webdevelopment. Sectorieel richt het bureau zich vooral op b2b.
Per-head and per-hour figures say too little here: too few people are on the payroll. This factsheet therefore shows growth, profitability and balance sheet.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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 signalsWhat this agency does well
- EBITDA margin above the sector median (20,2%)
- Strong buffer: 21,3 months of payroll in equity
- Stable team (no meaningful FTE loss)
- Value-added per euro of payroll above the sector median (1,25)
- No warning signals in the last 24 months
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
3 financial years, 2023 to 2025Result, staff and balance sheet
| 2023 | 2024 | 2025 | |
|---|---|---|---|
| Result | |||
| Gross margin | € 4,70 mln | € 4,82 mln+2,5% | € 4,84 mln+0,5% |
| EBITDA | € -109.000 | € 1,03 mln | € 978.000 |
| EBITDA margin | -2,3% | 21,4% | 20,2% |
| Staff | |||
| FTE | 15,7 | 14,7-6,4% | 14,5-1,4% |
| Gross margin per FTE | € 299.236 | € 327.619 | € 333.793 |
| Payroll cost per FTE | € 229.936 | € 254.558 | € 272.621 |
| Balance sheet | |||
| Equity | € 6,09 mln | € 6,77 mln | € 7,03 mln |
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.
- This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
- The figures cover financial year 2025, filed on 29/06/2026. 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 27 Jul 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.
Sector focus
B2B
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
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.
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.