What is Say Hey specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Website development.

Around 15 full-time equivalents (financial year 2025).

Who are the clients of Say Hey?

Among others SEAT, Olly & Molly, Herbavita, Isera.

Review: Say Hey

Say Hey werkt ruim twintig jaar als full-service bureau uit Zedelgem. Het team telt ongeveer 15 medewerkers (VTE). Ze werken rond strategie, branding & identiteit en webdevelopment. De ervaring zit vooral in brede kmo-markt (west-vlaanderen / vlaanderen). Publiek gekende klanten zijn onder meer SEAT, Olly & Molly, Herbavita en Isera.

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

20212022202320242025

Latest year: € 739.611 gross margin, growth -21,5% against a sector median of +1,7%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

20212022202320242025

Say HeySector median

EBITDA margin -16,9%, sector median 23,9%. Value-added coverage 0,85 (median 1,27).

Loss-making

Revenue per headGross margin per FTE, against payroll cost

€ 49.307

Median (2025) € 78.251

Against a payroll cost of € 55.734 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 29

Median (2025) € 49

25.198 hours worked, 1.680 per FTE. Against that sits € 33 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: 0,4 months (median 5,8 mo). Equity in the latest year: € 30.404.

Critical buffer

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

Cash € 192.708. Liquidity ratio 1,31: current assets cover short-term debt in full. Solvency 3,4%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 69 days of supplier credit, sector median 54. The accounts were filed 211 days after closing; the legal deadline is seven months.

Pays slower than average

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
Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
+ 5 older signals within 24m

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 (+4,2% FTE in the latest year)
Healthy working capital (current ratio 1,31)
Equity was earned, not injected (reserves 7,5× the capital contributed)
Comfortable cash position: 84 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.

5 financial years, 2021 to 2025Result, staff and balance sheet

	2021	2022	2023	2024	2025
Result
Gross margin	€ 578.336	€ 388.914-32,8%	€ 804.617+106,9%	€ 942.436+17,1%	€ 739.611-21,5%
EBITDA	€ 172.614	€ -7.889	€ 126.180	€ 169.829	€ -125.259
EBITDA margin	29,8%	-2%	15,7%	18%	-16,9%
Staff
FTE	9,7	8,4-13,4%	13,1+56%	14,4+9,9%	15,0+4,2%
Gross margin per FTE	€ 59.622	€ 46.299	€ 61.421	€ 65.447	€ 49.307
Payroll cost per FTE	€ 41.720	€ 46.759	€ 47.116	€ 53.597	€ 55.734
Balance sheet
Equity	€ 183.612	€ 138.265	€ 176.532	€ 237.715	€ 30.404
Cash	€ 317.005	€ 77.656	€ 100.450	€ 58.110	€ 192.708
Liquidity ratio	1,84	1,59	1,14	1,23	1,31

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 29/04/2026. 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

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Digital Experience & Tech

Website development

Sector focus

Automotive & mobilityHealth & pharma

Publicly known clients

SEATOlly & MollyHerbavitaIsera

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

1

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

€ 55.734

-8% versus the median

Team composition

15,0 FTE

64% women
36% men

€ 55.734

Median Full-service bureau (2025) € 60.368All 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.

2

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

44,0%

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

Inflow 2025

13,3%

2,0 FTE in, 6,6 FTE out

Net team change

-4,6 FTE

20212022202320242025

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.