What is Grizzly Marketing specialised in?

Paid social, Search advertising (SEA), SEO & GEO.

How big is Grizzly Marketing?

Around 28 full-time equivalents (financial year 2025).

Review: Grizzly Marketing

Grizzly Marketing, opgericht in 2010, is een performance- & mediabureau uit Sint-Niklaas. Met ongeveer 28 VTE is dit een groot bureau. De dienstverlening draait om seo en paid media (sea/social/display).

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: € 2,00 mln gross margin, growth +18,4% against a sector median of +5,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Grizzly MarketingSector median

EBITDA margin 18,9%, sector median 28%. Value-added coverage 1,23 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 70.729

Median (2025) € 76.236

Against a payroll cost of € 53.964 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 47

Median (2025) € 47

42.768 hours worked, 1.511 per FTE. Against that sits € 36 of payroll cost per hour worked, leaving € 11 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: 2,2 months (median 6,3 mo). Equity in the latest year: € 301.734.

Thin buffer

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

Cash € 370.049. Liquidity ratio 3,93: current assets cover short-term debt in full. Solvency 18,2%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 37 days of supplier credit, sector median 63. The accounts were filed 195 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

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Thin buffer · 31 Dec 2025 · NBB
Equity covers less than three months of payroll. A limited reserve, and at many smaller agencies the normal state of affairs. Ask how the agency absorbs a setback.
+ 3 older signals within 24m

Click a signal for a plain-language explanation. Each signal is a fact from a public source, without the agency's own context. Best to ask them directly.

What this agency does well

Team grew (+4,4% FTE in the latest year)
Margin per hour worked rose 4 years in a row
Healthy working capital (current ratio 3,93)
Equity was earned, not injected (reserves 15,3× the capital contributed)
Comfortable cash position: 88 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	€ 1,19 mln	€ 2,26 mln+89,8%	€ 2,71 mln+19,7%	€ 1,69 mln-37,5%	€ 2,00 mln+18,4%
EBITDA	€ 16.000	€ -233.719	€ 87.099	€ 138.401	€ 377.768
EBITDA margin	1,3%	-10,3%	3,2%	8,2%	18,9%
Staff
FTE	27,7	49,3+78%	47,1-4,5%	27,1-42,5%	28,3+4,4%
Gross margin per FTE	€ 43.038	€ 45.895	€ 57.487	€ 62.399	€ 70.729
Payroll cost per FTE	€ 42.382	€ 50.438	€ 53.571	€ 56.671	€ 53.964
Balance sheet
Equity	€ 220.921	€ 15.284	€ 47.012	€ 91.568	€ 301.734
Cash	€ 39.051	€ 66.494	€ 166.789	€ 179.532	€ 370.049
Liquidity ratio	1,75	0,83	2,14	4,14	3,93

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 14/07/2026. 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 2025: 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

SEO & GEO

Sector focus

Lokale winkels, webshops/e-commerce en nationale/internationale bedrijven (local/national/e-commerce pakketten)

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.

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

€ 53.964

-14% versus the median

Team composition

28,3 FTE

56% women
44% men

€ 53.964

Median Performance- & mediabureau (2025) € 62.495All agencies (2025) € 62.294

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 2025

77,7%

Median for this type of agency (2025): 25,1%

Inflow 2025

116,6%

33,0 FTE in, 22,0 FTE out

Net team change

+11,0 FTE

20212022202320242025

Exits are clearly above what is usual for this type of agency. That may reflect project-based staffing, but it is a reason to ask in the pitch how much of the proposed team was already here two years ago, and to contractually fix your permanent contacts.

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.