Board of Innovation
The content of this factsheet is in Dutch.
Board of Innovation is een strategiebureau met thuisbasis in Antwerpen, opgericht in 2017. De dienstverlening draait om strategie en ux/ui design. Sectoren waar het bureau vaak werkt: consumer goods, healthcare, financial services en industrials.
How this agency makes money
Revenue, margin and what an hour of work brings in. Everything on the earning side sits together here.
Can the agency take a hit
Buffer, cash position and payment behaviour side by side, so you can see where they disagree.
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- Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Board change · 6 Feb 2026 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
- Registered office moved · 19 Dec 2025 · StaatsbladThe registered office relocated. Usually just a new office.
- Board change · 7 Nov 2024 · StaatsbladAppointments or resignations on the board. Routine during growth, succession or a new partner. Ask about it when several changes follow each other closely.
What this agency does well
- EBITDA margin above the sector median (76,1%)
- Profitable in every one of the last 5 years
- Strong buffer: 2.036,1 months of payroll in equity
- Value-added per euro of payroll above the sector median (4,34)
- Healthy working capital (current ratio 7,96)
- Comfortable cash position: 6892 days of payroll
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 | € 228.714 | € 614.026+168,5% | € 604.604-1,5% | € 285.393-52,8% | € 205.084-28,1% |
| EBITDA | € 3.613 | € 385.553 | € 324.778 | € 203.352 | € 156.054 |
| EBITDA margin | 1,6% | 62,8% | 53,7% | 71,3% | 76,1% |
| Staff | |||||
| FTE | 3,5 | 3,1-11,4% | 3,2+3,2% | 1,1-65,6% | 1,0-9,1% |
| Gross margin per FTE | € 65.347 | € 198.073 | € 188.939 | € 259.448 | € 205.084 |
| Payroll cost per FTE | € 63.967 | € 73.260 | € 86.718 | € 73.037 | € 46.711 |
| Balance sheet | |||||
| Equity | € 4,51 mln | € 6,18 mln | € 8,61 mln | € 7,91 mln | € 7,93 mln |
| Cash | € 1,34 mln | € 628.475 | € 1,50 mln | € 1,29 mln | € 882.068 |
| Liquidity ratio | 1,59 | 1,95 | 5,19 | 4,67 | 7,96 |
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 29/06/2026. 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 2 services
Sector focus
Publicly known clients
Nestlé, Walmart, The Coca-Cola Company, Haleon, Johnson & Johnson, Mastercard, Chiesi, Ontex, ING, Loop Earplugs, Levi's
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 16 people mapped
Strategy weighs heavily here: 6 of 16 are strategists. Within that core, Strategie, Marketingstrategie and Positionering stand out. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience.
Based on public profiles. Something wrong? Let us know.
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.
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.
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.
Frequently asked questions about Board of Innovation
- When was Board of Innovation founded?
- In 2017.
- Where is Board of Innovation located?
- In Antwerpen, Belgium.
- What is Board of Innovation specialised in?
- Marketing strategy, Website strategy & UX.
- How big is Board of Innovation?
- Around 1 full-time equivalent (financial year 2025).
- Which sectors does Board of Innovation work for?
- Finance & insurance, Industry & manufacturing, Retail & e-commerce, Food & beverage, Healthcare & pharma.
- Who are the clients of Board of Innovation?
- Among others Nestlé, Walmart, The Coca-Cola Company, Haleon, Johnson & Johnson, Mastercard, Chiesi, Ontex, ING, Loop Earplugs, Levi's.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-10-13.