What is Popkorn specialised in?

Paid social, Search advertising (SEA), Website development.

Around 4 full-time equivalents (financial year 2025).

Who are the clients of Popkorn?

Among others BAAKN, YES Events.

Review: Popkorn

Popkorn bestaat sinds 2017 en profileert zich als digitaal bureau (web & platform) uit Temse. Het team telt ongeveer 4 medewerkers (VTE). De opgegeven expertise is webdevelopment en paid media (sea/social/display). Sectoren waar het bureau vaak werkt: generalist (kmo's). Publiek gekende klanten zijn onder meer BAAKN en YES Events.

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: € 185.735 gross margin, growth -1,6% against a sector median of +3,1%.

Growing slower than the sector

MarginEBITDA / gross margin · value-added coverage

2022202320242025

PopkornSector median

EBITDA margin 10,8%, sector median 22,6%. Value-added coverage 1,12 (median 1,23). 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

€ 48.878

Median (2025) € 77.398

Against a payroll cost of € 42.875 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) € 48

5.264 hours worked, 1.385 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: 0,5 months (median 5,3 mo). Equity in the latest year: € 6.622.

Critical buffer

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

Cash € 8.741. Liquidity ratio 0,83: current assets cover short-term debt not in full. Solvency 8,4%.

Not covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 13 days of supplier credit, sector median 46. The accounts were filed 243 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

1 red flag(s) (24m)

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Late filing · 28 Feb 2026 · 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.
Critical buffer · 30 Jun 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.
Sharp drop in equity · 30 Jun 2025 · NBB
The financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
Late filing · 24 Feb 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

Team grew (+5,6% 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, 2022 to 2025Result, staff and balance sheet

	2022	2023	2024	2025
Result
Gross margin	€ 190.145	€ 220.628+16%	€ 188.793-14,4%	€ 185.735-1,6%
EBITDA	€ 63.756	€ 29.920	€ -29.606	€ 19.990
EBITDA margin	33,5%	13,6%	-15,7%	10,8%
Staff
FTE	3,1	4,0+29%	3,6-10%	3,8+5,6%
Gross margin per FTE	€ 61.337	€ 55.157	€ 52.442	€ 48.878
Payroll cost per FTE	€ 39.123	€ 47.099	€ 59.912	€ 42.875
Balance sheet
Equity	€ 66.123	€ 68.798	€ 6.211	€ 6.622
Cash	€ 77.647	€ 36.174	€ 14.763	€ 8.741
Liquidity ratio	1,42	1,45	0,72	0,83

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 28/02/2026. 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 3 services

Media

Paid social Search advertising (SEA)

Digital Experience & Tech

Website development

Sector focus

B2B servicesMedia & entertainment

Publicly known clients

BAAKNYES Events

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

1

People 5 people mapped

We mapped 5 people, but this agency keeps job titles to itself — the team page sticks to names. Who does what is best asked over coffee.

AE

Aja El Schimari

KP

Kevin Peters

RV

Rani Verelst

SS

Stijn Schets

TP

Thibeau Piessens

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

€ 42.875

-32% versus the median

Team composition

3,8 FTE

33% women
67% men

€ 42.875

Median Digitaal bureau (web & platform) (2025) € 63.343All 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 2024

27,8%

Median for this type of agency (2025): 27,9%

Inflow 2024

/

2022202320242025

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

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.