In Fine
The content of this factsheet is in Dutch.
In Fine, opgericht in 2001, is een creatief bureau uit Liège. Met ongeveer 9 VTE is dit een middelgroot bureau. De opgegeven expertises zijn creatie & reclame, branding & identiteit en webdevelopment.
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 signals- Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
What this agency does well
- Outgrew the sector median 2 years running
- Strong buffer: 21,5 months of payroll in equity
- Stable team (no meaningful FTE loss)
- Value-added per euro of payroll above the sector median (1,24)
- Healthy working capital (current ratio 2,17)
- Comfortable cash position: 94 days of payroll
- Turnover below the median (21,7%)
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 | € 877.921 | € 700.595-20,2% | € 640.195-8,6% | € 644.708+0,7% | € 719.833+11,7% |
| EBITDA | € 28.565 | € -100.537 | € 99.040 | € 98.867 | € 136.429 |
| EBITDA margin | 3,3% | -14,4% | 15,5% | 15,3% | 19% |
| Staff | |||||
| FTE | 15,5 | 13,3-14,2% | 9,4-29,3% | 9,2-2,1% | 9,20% |
| Gross margin per FTE | € 56.640 | € 52.676 | € 68.106 | € 70.077 | € 78.243 |
| Payroll cost per FTE | € 53.493 | € 59.944 | € 56.882 | € 58.496 | € 63.195 |
| Balance sheet | |||||
| Equity | € 1,21 mln | € 1,01 mln | € 1,01 mln | € 1,01 mln | € 1,03 mln |
| Cash | € 431.079 | € 301.637 | € 227.601 | € 136.254 | € 147.445 |
| Liquidity ratio | 1,96 | 1,50 | 1,87 | 1,92 | 2,17 |
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 28/07/2026. 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 25 services
Sector focus
Publicly known clients
Belgian Owl, Decathlon, Materne, Galler, Nestlé, Jacquet, AMOS, Eiffage, Schréder, Intradel, RESA, Sabena Engineering, Dermalex, Lactacyd, ICHEC Formation Continue
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 21 people mapped
A broad team with no clear centre of gravity — creative, account & project and strategy carry roughly equal weight. There are 4 strategists around — expect thinking first, pixels second.
Based on public profiles. Something wrong? 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.
- 80% women
- 20% 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 In Fine
- When was In Fine founded?
- In 2001.
- Where is In Fine located?
- In Liège, Belgium.
- What is In Fine specialised in?
- Brand strategy & positioning, Customer & audience strategy, Brand identity & design, Packaging design, Campaign concepts & big ideas, Campaign execution.
- How big is In Fine?
- Around 9 full-time equivalents (financial year 2025).
- Which sectors does In Fine work for?
- Retail & e-commerce, Food & beverage.
- Who are the clients of In Fine?
- Among others Belgian Owl, Decathlon, Materne, Galler, Nestlé, Jacquet, AMOS, Eiffage, Schréder, Intradel, RESA, Sabena Engineering, Dermalex, Lactacyd, ICHEC Formation Continue.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-21.