Review: Ledoux Media

Ledoux Media is een performance- & mediabureau uit Gent. De bezetting ligt rond 6 VTE. De dienstverlening draait om paid media (sea/social/display). De klanten komen vooral uit vastgoed (makelaars en projectontwikkelaars).

ContinuityWatch5,2 months of wages without income · median 3,9

littlea lot

SeniorityMixed profile€ 50.093 per FTE, € 4.174 a month · median € 59.168

juniorsenior

Price levelTop of market€ 63 per hour worked · median € 46

keentop

GrowthGrowing fast107,1% gross margin versus the previous year · median 7,8%

shrinkinggrowth

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

2022202320242025

Latest year: € 586.989 gross margin, growth +107,1% against a sector median of +7,8%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

Ledoux MediaSector median

EBITDA margin 47,4%, sector median 27,8%. Value-added coverage 2,01 (median 1,31).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 106.725

Median (2024) € 76.969

Against a payroll cost of € 50.093 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 63

Median (2024) € 46

9.340 hours worked, 1.698 per FTE. Against that sits € 30 of payroll cost per hour worked, leaving € 33 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: 10,4 months (median 5,3 mo). Equity in the latest year: € 239.383.

Adequate buffer

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

Cash € 118.366. Liquidity ratio 0,72: current assets cover short-term debt not in full. Solvency 19,3%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 8 days of supplier credit, sector median 53. The accounts were filed 182 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

No signals in the last 24 months.

What this agency does well

Gross margin grew 3 years in a row
EBITDA margin above the sector median (47,4%)
Profitable in every one of the last 4 years
Strong buffer: 10,4 months of payroll in equity
Team grew (+83,3% FTE in the latest year)
Value-added per euro of payroll above the sector median (2,01)
No warning signals in the last 24 months
Margin per hour worked rose 2 years in a row
Comfortable cash position: 157 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, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 60.000	€ 77.387+29%	€ 283.465+266,3%	€ 586.989+107,1%
EBITDA	€ 44.000	€ 33.968	€ 115.291	€ 278.251
EBITDA margin	73,3%	43,9%	40,7%	47,4%
Staff
FTE	0,5	1,2+140%	3,0+150%	5,5+83,3%
Gross margin per FTE	€ 120.000	€ 64.489	€ 94.488	€ 106.725
Payroll cost per FTE	€ 30.000	€ 35.500	€ 39.698	€ 50.093
Balance sheet
Equity	€ 54.000	€ 73.010	€ 86.407	€ 239.383
Cash	-	€ 117.718	€ 69.720	€ 118.366
Liquidity ratio	-	0,91	0,37	0,72

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 01/07/2026. 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 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 2 services

Media

Paid social Search advertising (SEA)

Sector focus

Vastgoed (makelaarsprojectontwikkelaars)

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

1

People 10 people mapped

The heart of this team is creative: 3 of 10 profiles are makers. Within that core, Design, Video and Motion stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

PD

Pieter De Malsche

Zaakvoerder

HC

Hakim Carpentier

Lead Caller

JJ

Janneke Jacobs

Grafisch Ontwerpster

MD

Marthe De Boeck

Grafisch Ontwerpster

MD

Maxance Decot

Projectmanager

MO

Milan Odevaert

Sales

OM

Olivier Maieur

Performance Marketeer

TD

Tibo De Waele

Videograaf

TD

Tom De Malsche

Mentor & Administratie

TC

Tristan Castro Roegiers

Performance Marketeer

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

€ 50.093

-15% versus the median

Team composition

5,5 VTE

28% women
73% men

€ 50.093

Median Performance- & mediabureau (2024) € 59.168All 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 2025

94,5%

Median for this type of agency (2024): 37,6%

Inflow 2025

167,3%

9,2 FTE in, 5,2 FTE out

Net team change

+4,0 VTE

2022202320242025

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 2024: the last year for which nearly all accounts have been filed.