This paper addresses the question to what extent a process involving multiple agents that shows some form of collective intelligence can be interpreted as a single agent. The question is answered by formal analysis. It is shown for an example process how it can be conceptualised, formalised and simulated in two different manners: from a single agent (or cognitive) and from a multi-agent (or social) perspective. Moreover, it is shown how an ontological mapping can be formally defined between the two formalisations, and how this mapping can be extended to a mapping of dynamic properties. Thus it is shown how collective behaviour can be interpreted in a formal manner as single agent behaviour.