Review: Green Bananas

Green Bananas is een digitaal bureau (web & platform) met thuisbasis in Aalst. Op de loonlijst staan ongeveer 11 voltijdse equivalenten. De dienstverlening draait om webdevelopment en paid media (sea/social/display).

ContinuitySolid3,2 months of wages without income · median 2,8

littlea lot

Team stabilityLittle churn22,2% a year, roughly 1 in 5 · median 28,0%

stablea lot

SeniorityMixed profile€ 53.185 per FTE, € 4.432 a month · median € 59.418

juniorsenior

Price levelMarket rate€ 40 per hour worked · median € 45

keentop

Partnerships

Google Ads Partner

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: € 730.565 gross margin, growth -15,6% against a sector median of +1,3%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2021202220232024

Green BananasSector median

EBITDA margin 19,9%, sector median 17,6%. Value-added coverage 1,26 (median 1,16).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 69.578

Median (2024) € 74.559

Against a payroll cost of € 53.185 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 40

Median (2024) € 45

18.074 hours worked, 1.721 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 10 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: 9,5 months (median 4,9 mo). Equity in the latest year: € 442.272.

Adequate buffer

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

Cash € 149.964. Liquidity ratio 1,74: current assets cover short-term debt in full. Solvency 35%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 46 days of supplier credit, sector median 48. The accounts were filed 211 days after closing; the legal deadline is seven months.

Pays and files on time

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

Late filing · 10 Oct 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

EBITDA margin above the sector median (19,9%)
Profitable in every one of the last 4 years
Strong buffer: 9,5 months of payroll in equity
Value-added per euro of payroll above the sector median (1,26)
Healthy working capital (current ratio 1,74)
Equity was earned, not injected (reserves 22,2× the capital contributed)
Comfortable cash position: 98 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.

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

	2021	2022	2023	2024
Result
Gross margin	€ 559.000	€ 658.514+17,8%	€ 865.383+31,4%	€ 730.565-15,6%
EBITDA	€ 150.000	€ 127.117	€ 263.166	€ 145.519
EBITDA margin	26,8%	19,3%	30,4%	19,9%
Staff
FTE	9,7	11,3+16,5%	11,7+3,5%	10,5-10,3%
Gross margin per FTE	€ 57.629	€ 58.276	€ 73.964	€ 69.578
Payroll cost per FTE	€ 40.619	€ 45.959	€ 49.709	€ 53.185
Balance sheet
Equity	€ 177.000	€ 230.248	€ 347.442	€ 442.272
Cash	-	€ 161.943	€ 57.242	€ 149.964
Liquidity ratio	-	1,63	1,35	1,74

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 30/07/2025. 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 3 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

Website development

Sector focus

KMO, lokale ondernemingen (regio Aalst/Oost-Vlaanderen)

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

1

People 18 people mapped

A broad team with no clear centre of gravity — development, creative and account & project carry roughly equal weight. Notably, no declared strategists in sight — this agency would rather make than philosophise.

A

Anouk

Accountmanager

JP

Jeroen Plattiau

Founder

YS

Yves Snoeren

Founder

A

Anne-Marie

Administratief bediende

B

Ben

Developer

B

Bert

Grafisch vormgever & webdesigner

C

Christof

Developer

E

Emilie

Online marketeer

E

Emma

Junior Content Marketeer

J

Jordy

Projectmanager

K

Koen

Copywriter

L

Lamiae

Grafisch marketeer

L

Leonard

Administratief marketeer

L

Louis

Developer

M

Marnix

Grafisch vormgever & webdesigner

R

Robin

Junior Developer

S

Sam

Developer

T

Tilly

Administratief bediende

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

€ 53.185

-11% versus the median

Team composition

10,5 VTE

22% women
78% men

€ 53.185

Median Digitaal bureau (web & platform) (2024) € 59.418All 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.

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 2023

22,2%

Median for this type of agency (2024): 28,0%

Inflow 2023

23,9%

2,8 FTE in, 2,6 FTE out

Net team change

+0,2 VTE

2021202220232024

Figures for financial year 2023: in 2024 this agency published no inflow or outflow.

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.

Official partnerships 1 badge(s)

Google Ads: Partner1 of 68 Belgian partners in the IKAg database.

As published in the platforms' official partner directories, collected by IKAg.