Review: Comark

Comark is een performance- & mediabureau met thuisbasis in Heverlee. Met ongeveer 7 VTE is dit een middelgroot bureau. De opgegeven expertises zijn paid media (sea/social/display), data & analytics en crm & marketing automation.

ContinuityWatch0,2 months of wages without income · median 3,9

littlea lot

SeniorityMixed profile€ 55.213 per FTE, € 4.601 a month · median € 59.168

juniorsenior

Price levelMarket rate€ 45 per hour worked · median € 46

keentop

GrowthGrowing fast12,0% gross margin versus the previous year · median 7,8%

shrinkinggrowth

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

2021202220232024

Latest year: € 575.569 gross margin, growth +12% against a sector median of +7,8%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2021202220232024

ComarkSector median

EBITDA margin 27,2%, sector median 27,8%. Value-added coverage 1,38 (median 1,31).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 77.780

Median (2024) € 76.969

Against a payroll cost of € 55.213 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 45

Median (2024) € 46

12.839 hours worked, 1.735 per FTE. Against that sits € 32 of payroll cost per hour worked, leaving € 13 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: 5,8 months (median 5,3 mo). Equity in the latest year: € 196.343.

Adequate buffer

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

Cash € 8.049. Liquidity ratio 1,56: current assets cover short-term debt in full. Solvency 31%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 60 days of supplier credit, sector median 53. The accounts were filed 234 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

Warnings active

Signals in the last 24 months

Late filing · 22 Aug 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this; rarely alarming in itself.
Sharp drop in equity · 31 Dec 2024 · NBB
The financial reserve shrank by more than 30% over two financial years. Watch whether the trend continues.
Late filing · 28 Aug 2024 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this; rarely alarming in itself.

Click a signal for a plain-language explanation.

What this agency does well

Gross margin grew 3 years in a row
Profitable in every one of the last 4 years
Team grew (+4,2% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,38)
Healthy working capital (current ratio 1,56)
Equity was earned, not injected (reserves 2,2× the capital contributed)

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.

4 financial years, 2021 to 2024Result, staff and balance sheet

	2021	2022	2023	2024
Result
Gross margin	€ 338.000	€ 507.284+50,1%	€ 513.926+1,3%	€ 575.569+12%
EBITDA	€ 67.000	€ 196.194	€ 68.611	€ 156.474
EBITDA margin	19,8%	38,7%	13,4%	27,2%
Staff
FTE	4,7	5,1+8,5%	7,1+39,2%	7,4+4,2%
Gross margin per FTE	€ 71.915	€ 99.467	€ 72.384	€ 77.780
Payroll cost per FTE	€ 55.532	€ 59.189	€ 61.569	€ 55.213
Balance sheet
Equity	€ 193.000	€ 332.398	€ 145.408	€ 196.343
Cash	-	€ 6.882	€ 10.945	€ 8.049
Liquidity ratio	-	2,40	1,49	1,56

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 22/08/2025. 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 27 Jul 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

Media

Paid social Search advertising (SEA)

CRM, Email & Loyalty

CRM & lifecycle strategy Marketing automation

Data, Measurement & Governance

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

Sector focus

Brede B2B, marketing-/technologiegedreven organisaties

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

1

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

€ 55.213

-7% versus the median

Team composition

7,4 VTE

83% women
17% men

€ 55.213

Median Performance- & mediabureau (2024) € 59.168All agencies (2024) € 59.129

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.

2

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

/

Median for this type of agency (2024): 37,6%

Inflow 2024

13,5%

2021202220232024

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.