Review: Mindsetting

Vanuit Temse werkt Mindsetting als contentbureau. Het team telt ongeveer 5 medewerkers (VTE). Het aanbod bestrijkt content & copy, communicatie, strategie en branding & identiteit. Sectorieel richt het bureau zich vooral op multinationals en kmo's; specialisatie verzekeringssector.

ContinuitySolid9,7 months of wages without income · median 2,9

littlea lot

SeniorityMixed profile€ 57.025 per FTE, € 4.752 a month · median € 60.147

juniorsenior

GrowthGrowing fast34,6% gross margin versus the previous year · median -1,3%

shrinkinggrowth

ProfitabilityAverage margin33,0% of gross margin remains as EBITDA · median 23,3%

thinample

Mindsetting ondersteunt B2B-bedrijven met een brede waaier aan marketingdiensten. Combinatie van strategisch advies en kwalitatieve uitwerking.

- Marketing- en communicatiestrategie
- Campagneconcepten
- Copywriring
- Storytelling
- Direct mailings
- E-mailmarketing
- Webdevelopment
- Digitale marketing
- Magazines
- Print

Referentieklanten:

**Verzekeringen & financiële diensten**: Athora, ACM, AG Insurance, Assuralia, AXA Partners, BNP Paribas Cardif, DELA, FVF, TVM Belgium

**Engineering**: MULTI.engineering, MacAllaeys

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: € 536.735 gross margin, growth +34,6% against a sector median of -1,3%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2022202320242025

MindsettingSector median

EBITDA margin 33%, sector median 23,3%. Value-added coverage 1,65 (median 1,29).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 111.820

Median (2024) € 80.450

Against a payroll cost of € 57.025 per FTE. The ratio between the two is the coverage rate above.

Above the median

Yield levelYield per hour worked, against payroll cost

€ 65

Median (2024) € 49

8.319 hours worked, 1.733 per FTE. Against that sits € 33 of payroll cost per hour worked, leaving € 32 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: 6,4 months (median 7,2 mo). Equity in the latest year: € 145.047.

Adequate buffer

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

Cash € 220.492. Liquidity ratio 1,45: current assets cover short-term debt in full. Solvency 33,8%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 37 days of supplier credit, sector median 65. The accounts were filed 214 days after closing; the legal deadline is seven months.

Filed late

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 · 30 Jan 2026 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this; rarely alarming in itself.
Late filing · 28 Feb 2025 · NBB
The annual accounts were filed after the statutory deadline. Over a third of the sector does this; rarely alarming in itself.

Click a signal for a plain-language explanation.

What this agency does well

Gross margin grew 3 years in a row
EBITDA margin above the sector median (33,0%)
Profitable in every one of the last 4 years
Strong buffer: 6,4 months of payroll in equity
Team grew (+26,3% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,65)
Healthy working capital (current ratio 1,45)
Comfortable cash position: 294 days of payroll
Turnover below the median (41,7%)

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	€ 334.164	€ 339.012+1,5%	€ 398.762+17,6%	€ 536.735+34,6%
EBITDA	€ 186.561	€ 183.854	€ 201.594	€ 177.232
EBITDA margin	55,8%	54,2%	50,6%	33%
Staff
FTE	3,0	1,6-46,7%	3,8+137,5%	4,8+26,3%
Gross margin per FTE	€ 111.388	€ 211.882	€ 104.937	€ 111.820
Payroll cost per FTE	€ 47.333	€ 94.161	€ 50.893	€ 57.025
Balance sheet
Equity	€ 105.037	€ 109.097	€ 231.636	€ 145.047
Cash	-	€ 143.014	€ 182.338	€ 220.492
Liquidity ratio	-	1,19	1,97	1,45

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 30/01/2026. 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 7 Aug 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 13 services

Strategy & Insights

Marketing strategy

Branding & Design

Brand identity & design Storytelling & narrative

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Content & Production

Animation, 3D & motion Content strategy & editorial Copywriting & long-form content Print & AV production Video production

Media

Paid social Search advertising (SEA)

CRM, Email & Loyalty

Email marketing

Sector focus

Finance & insuranceTechnology & softwareAutomotive & mobilityReal estate & constructionB2B services

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

1

People 7 people mapped

The heart of this team is creative: 4 of 7 profiles are makers. Within that core, Design, Video and Motion stand out. A specialist, not a generalist: the expertise is narrow but deep.

DV

Davy Verbeeck

Manager

VD

Veerle De Graeve

Key accountmanager

BD

Bart De Ryck

Web + graphic designer

EB

Ena Bernaers

Project Manager

KN

Karen Nauwelaerts

Copywriter

MV

Marisa Van Cauteren

graphic + video creative

SS

Silke Sienaert

graphic + video creative

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

€ 57.025

-5% versus the median

Team composition

4,8 FTE

74% women
26% men

€ 57.025

Median Contentbureau (2024) € 60.147All agencies (2024) € 59.090

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

41,7%

Median for this type of agency (2024): 54,5%

Inflow 2025

41,7%

2,0 FTE in, 2,0 FTE out

Net team change

0,0 FTE

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.