How big is Keep It Quiet?

Around 7 full-time equivalents (financial year 2025).

Review: Keep It Quiet

Q: What is Keep It Quiet specialised in?

Marketing strategy, Product & service design, Campaign concepts & big ideas, Creative adaptation & versioning, Photography, Print & AV production.

Keep It Quiet werkt ruim tien jaar als eventbureau uit Mortsel. Er werken ongeveer 7 mensen, uitgedrukt in voltijdse equivalenten.

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: € 919.576 gross margin, growth +20% against a sector median of -8,9%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Keep It QuietSector median

EBITDA margin 60,1%, sector median 36,2%. Value-added coverage 2,54 (median 1,50).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 141.473

Median (2025) € 92.992

Against a payroll cost of € 55.163 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 86

Median (2025) € 56

10.707 hours worked, 1.647 per FTE. Against that sits € 33 of payroll cost per hour worked, leaving € 52 for premises, equipment, depreciation and profit.

Above 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: 45,4 months (median 9,8 mo). Equity in the latest year: € 1,36 mln.

Adequate buffer

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

Cash € 936.493. Liquidity ratio 6,51: current assets cover short-term debt in full. Solvency 69,9%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 42 days of supplier credit, sector median 87. The accounts were filed 198 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 · 26 Aug 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this, usually because of the accountant's calendar. Rarely a story in itself.

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

EBITDA margin above the sector median (60,1%)
Profitable in every one of the last 5 years
Strong buffer: 45,4 months of payroll in equity
Stable team (no meaningful FTE loss)
Value-added per euro of payroll above the sector median (2,54)
Healthy working capital (current ratio 6,51)
Equity was earned, not injected (reserves 65,7× the capital contributed)
Comfortable cash position: 953 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	€ 1,05 mln	€ 844.420-19,9%	€ 763.421-9,6%	€ 766.269+0,4%	€ 919.576+20%
EBITDA	€ 750.490	€ 487.873	€ 405.600	€ 380.960	€ 553.100
EBITDA margin	71,2%	57,8%	53,1%	49,7%	60,1%
Staff
FTE	6,0	6,5+8,3%	5,9-9,2%	6,6+11,9%	6,5-1,5%
Gross margin per FTE	€ 175.733	€ 129.911	€ 129.393	€ 116.101	€ 141.473
Payroll cost per FTE	€ 39.265	€ 43.829	€ 59.278	€ 57.246	€ 55.163
Balance sheet
Equity	€ 1,54 mln	€ 1,59 mln	€ 1,71 mln	€ 1,75 mln	€ 1,36 mln
Cash	€ 1,27 mln	€ 574.027	€ 154.391	€ 1,16 mln	€ 936.493
Liquidity ratio	9,49	12,79	8,84	7,08	6,51

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 17/07/2026. 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 19 services

Strategy & Insights

Marketing strategy

Branding & Design

Product & service design

Advertising & Campaigns

Campaign concepts & big ideas Creative adaptation & versioning

Content & Production

Photography Print & AV production Translations & localisation

Media

Offline buying (TV, radio, print, OOH) Paid social Retail media & marketplaces

Social, Influencer & Community

Influencer & creator marketing Organic social content

CRM, Email & Loyalty

Loyalty programs

PR & Reputation

PR strategy & media relations

Events, Sponsoring & Activation

Brand activation (incl. guerrilla) Events & experiences Sponsorship & partnerships Trade & retail activation (POS, in-store) Trade fairs & exhibitions

Sector focus

FMCGFinance & insuranceTechnology & softwareTelecomAutomotive & mobilityFood & beverageHealth & pharmaTravel & hospitalityMedia & entertainmentEnergy & utilitiesB2B services

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

1

People 8 people mapped

This team is built around client service: 5 of 8 are account & project. A specialist, not a generalist: the expertise is narrow but deep. Notably, no declared strategists in sight — this agency would rather make than philosophise.

A

Anne-Elise

Principal Brand Promotor

A

Aurélie

Brand Promotor

B

Bart

Principal Brand Promotor

D

Dominic

Graphic Designer (DTP Specialist)

E

Elke

Office Manager

M

Matthias

Senior Brand Promotor

R

Rafaël

Logistic Support Manager

S

Stephany

Brand Promotor

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

€ 55.163

-11% versus the median

Team composition

6,5 FTE

67% women
33% men

€ 55.163

Median Eventbureau (2025) € 62.258All 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.

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 2025

60,0%

Median for this type of agency (2025): 47,2%

Inflow 2025

61,5%

4,0 FTE in, 3,9 FTE out

Net team change

+0,1 FTE

20212022202320242025

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.