Review: Miles and Mates

Miles and Mates is een full-service bureau uit Hasselt. Het team telt ongeveer 10 medewerkers (VTE). Het bureau is toegespitst op paid media (sea/social/display) en webdevelopment. De klanten komen vooral uit kmo's en ambitieuze bedrijven die digitale groei zoeken.

ContinuitySolid2,1 months of wages without income · median 2,7

littlea lot

SeniorityMixed profile€ 56.142 per FTE, € 4.679 a month · median € 57.493

juniorsenior

Price levelMarket rate€ 43 per hour worked · median € 43

keentop

GrowthGrowing fast14,1% gross margin versus the previous year · median 3,1%

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: € 697.701 gross margin, growth +14,1% against a sector median of +3,1%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

Miles and MatesSector median

EBITDA margin 26,9%, sector median 16,3%. Value-added coverage 1,38 (median 1,18).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 72.677

Median (2024) € 73.245

Against a payroll cost of € 56.142 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 43

Median (2024) € 43

16.200 hours worked, 2.132 per FTE. Against that sits € 26 of payroll cost per hour worked, leaving € 17 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: 11,6 months (median 5,5 mo). Equity in the latest year: € 480.449.

Adequate buffer

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

Cash € 74.977. Liquidity ratio 1,84: current assets cover short-term debt in full. Solvency 47,6%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 62 days of supplier credit, sector median 59. The accounts were filed 181 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 (26,9%)
Profitable in every one of the last 4 years
Strong buffer: 11,6 months of payroll in equity
Team grew (+26,3% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,38)
No warning signals in the last 24 months
Healthy working capital (current ratio 1,84)
Equity was earned, not injected (reserves 76,5× the capital contributed)
Comfortable cash position: 64 days of payroll
Turnover below the median (31,3%)

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	€ 423.000	€ 597.694+41,3%	€ 611.229+2,3%	€ 697.701+14,1%
EBITDA	€ 203.000	€ 272.318	€ 197.921	€ 187.412
EBITDA margin	48%	45,6%	32,4%	26,9%
Staff
FTE	4,5	6,4+42,2%	7,6+18,7%	9,6+26,3%
Gross margin per FTE	€ 94.000	€ 93.390	€ 80.425	€ 72.677
Payroll cost per FTE	€ 48.222	€ 50.337	€ 55.091	€ 56.142
Balance sheet
Equity	€ 265.000	€ 427.649	€ 528.928	€ 480.449
Cash	-	€ 138.575	€ 102.957	€ 74.977
Liquidity ratio	-	2,68	2,54	1,84

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 30/06/2026. 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 3 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

Website development

Sector focus

KMO's en ambitieuze bedrijven die digitale groei zoeken

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

1

People 12 people mapped

Digital marketing is the engine: 7 of 12 profiles sit there. Within that core, Content Marketing and Analytics stand out. Notably, no declared strategists in sight — this agency would rather make than philosophise.

JW

Jelle Wierdsma

CEO

YS

Yana Scheymans

Account Manager

AC

Anaïs Cammalleri

Digital Marketeer

BD

Bram Debougnoux

Digital Marketeer

BP

Brent Put

Digital Marketeer

JL

Jolien Laenen

HR

KL

Kenzie Laenen

Grafisch Ontwerper

KV

Kimberly Verbeeck

Webdeveloper

LT

Luna Theunis

Digital Marketeer

NO

Naomi Ools

Digital Marketeer

RP

Rachelle Prevaas

Digital Marketeer

WV

Winter Vanoppen

Digital 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

€ 56.142

-2% versus the median

Team composition

7,6 VTE

70% women
30% men

€ 56.142

Median Full-service bureau (2024) € 57.493All 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

39,5%

Median for this type of agency (2024): 33,9%

Inflow 2025

78,9%

6,0 FTE in, 3,0 FTE out

Net team change

+3,0 VTE

2022202320242025

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.