What is No Bullshit specialised in?

Paid social, Search advertising (SEA), Organic social content, Social strategy & platform mix.

How big is No Bullshit?

Around 3 full-time equivalents (financial year 2024).

Review: No Bullshit

No Bullshit, opgericht in 2017, is een full-service bureau uit Deurne. De opgegeven expertise is paid media (sea/social/display) en social media. De klanten komen vooral uit kmo's / ondernemers (b2b en lokale bedrijven).

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

2021202220232024

Latest year: € 218.957 gross margin, growth +362,2% against a sector median of +1,4%.

At or above sector pace

MarginEBITDA / gross margin · value-added coverage

2021202220232024

No BullshitSector median

EBITDA margin 6%, sector median 21,9%. Value-added coverage 1,07 (median 1,24). Value-added coverage sits in the sector-wide grey zone (0.95-1.15): context, not an alarm.

Below sector level

Revenue per headGross margin per FTE, against payroll cost

€ 64.399

Median (2025) € 78.251

Against a payroll cost of € 57.880 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 35

Median (2025) € 49

6.340 hours worked, 1.865 per FTE. Against that sits € 31 of payroll cost per hour worked, leaving € 4 for premises, equipment, depreciation and profit.

Below 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: -2,4 months (median 5,6 mo). Equity in the latest year: € -39.914.

Critical buffer

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

Cash € 13.304. Liquidity ratio 0,51: current assets cover short-term debt not in full. Solvency -70%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 32 days of supplier credit, sector median 54. The accounts were filed 176 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

2 red flag(s) (24m)

Signals in the last 24 months

Board change · 17 Jun 2026 · Staatsblad
Appointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
Negative equity · 31 Dec 2025 · NBB
Debts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
Low value-added coverage · 31 Dec 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
Loss-making year · 31 Dec 2025 · NBB
One financial year closed at a loss. The size is not shown here: it can be a few thousand euros, a one-off settlement, or a deliberate investment. Ask the agency what was behind it.
Critical buffer · 31 Dec 2025 · NBB
Equity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.

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

Team grew (+13,3% FTE in the latest year)

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, 2021 to 2024Result, staff and balance sheet

	2021	2022	2023	2024
Result
Gross margin	€ -34.106	€ -1.392	€ 47.375	€ 218.957+362,2%
EBITDA	€ -36.124	€ -1.740	€ 9.855	€ 13.088
EBITDA margin	-	-	20,8%	6%
Staff
FTE	-	-	3,0	3,4+13,3%
Gross margin per FTE	-	-	€ 15.792	€ 64.399
Payroll cost per FTE	-	-	€ 12.379	€ 57.880
Balance sheet
Equity	€ -55.916	€ -58.428	€ -49.514	€ -39.914
Cash	€ 3.349	€ 468	€ 19.887	€ 13.304
Liquidity ratio	1,04	1,04	1,24	0,51

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 29/06/2026. 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 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 4 services

Media

Paid social Search advertising (SEA)

Social, Influencer & Community

Organic social content Social strategy & platform mix

Sector focus

KMO's / ondernemers (B2B en lokale bedrijven)

From our own research. The agency hasn't listed its sectors yet.

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

1

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 2024

205,9%

Median for this type of agency (2025): 31,1%

Inflow 2024

147,1%

5,0 FTE in, 7,0 FTE out

Net team change

-2,0 FTE

20232024

Figures for financial year 2024: in 2025 this agency published no inflow or outflow.

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 2025: the last year for which nearly all accounts have been filed.