EPAM
The content of this factsheet is in Dutch.
Emakina bestaat sinds 1998 en profileert zich als full-service bureau uit Watermaal-Bosvoorde. De bezetting ligt rond 91 VTE. De focus ligt op creatie & reclame, data & analytics en crm & marketing automation. Sectoren waar het bureau vaak werkt: b2c-merken, retail/commerce en loyalty; cmo's/grote merken. Emakina is een groepsentiteit binnen EPAM.
3× IAB MIXX AwardsHow 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
2 red flag(s) (24m)- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Board change · 22 Sep 2026 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Board change · 16 Jun 2026 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Low value-added coverage · 31 Dec 2025 · NBBEvery euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
- Sharp headcount decline · 31 Dec 2025 · NBBAverage 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.
- + 4 older signals within 24m
What this agency does well
- Healthy working capital (current ratio 1,30)
- Comfortable cash position: 310 days of payroll
- Turnover below the median (22,2%)
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 | € 10,82 mln | € 11,82 mln+9,3% | € 10,14 mln-14,2% | € 11,98 mln+18,2% | € 8,67 mln-27,6% |
| EBITDA | € 1,50 mln | € -81.428 | € -2,85 mln | € -597.612 | € -1,28 mln |
| EBITDA margin | 13,8% | -0,7% | -28,1% | -5% | -14,7% |
| Staff | |||||
| FTE | 138,1 | 154,1+11,6% | 132,0-14,3% | 111,2-15,8% | 91,1-18,1% |
| Gross margin per FTE | € 78.313 | € 76.684 | € 76.784 | € 107.752 | € 95.199 |
| Payroll cost per FTE | € 75.335 | € 83.723 | € 101.323 | € 106.198 | € 118.957 |
| Balance sheet | |||||
| Equity | € 2,89 mln | € 1,70 mln | € -2,43 mln | € 2,78 mln | € 5,40 mln |
| Cash | € 1,30 mln | € 346.327 | € 6,16 mln | € 4,67 mln | € 9,21 mln |
| Liquidity ratio | 1,01 | 0,84 | 0,73 | 1,14 | 1,30 |
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 30/06/2026. 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 2 Nov 2026. Sector medians based on financial year 2025: the last year for which nearly all accounts have been filed.
What the agency actually does 31 services
Sector focus
From our own research. The agency hasn't listed its sectors yet.
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.
- 43% women
- 57% men
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.
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.
Frequently asked questions about EPAM
- When was EPAM founded?
- In 1998.
- Where is EPAM located?
- In Watermaal-Bosvoorde, Belgium.
- What is EPAM specialised in?
- AI & innovation strategy, Brand strategy & positioning, Customer & audience strategy, Brand identity & design, Product & service design, Campaign concepts & big ideas.
- How big is EPAM?
- Around 91 full-time equivalents (financial year 2025).
- Which sectors does EPAM work for?
- Retail & e-commerce.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.