What is Liswood & Tache specialised in?

Brand strategy & positioning, Marketing strategy, Brand identity & design, Campaign concepts & big ideas, Campaign execution.

How big is Liswood & Tache?

Around 3 full-time equivalents (financial year 2025).

Review: Liswood & Tache

Q: Who are the clients of Liswood & Tache?

Among others Stad Hasselt, Stibbe, Bosch, HiKOKI, Syntegro, Solvimus, Maris, Habanos, Interlogix, Velda, Provincie Limburg, Tops Foods, Ebema, a2o, Pami.

Who do they see as competitors?

Expliciet Hands Impuls Communicatie

As indicated by the agency itself.

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: € 257.518 gross margin, growth -59,3% against a sector median of -0,2%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2022202320242025

Liswood & TacheSector median

EBITDA margin 21,9%, sector median 21,9%. Value-added coverage 1,29 (median 1,23).

Healthy margin

Revenue per headGross margin per FTE, against payroll cost

€ 83.070

Median (2025) € 78.663

Against a payroll cost of € 62.026 per FTE. The ratio between the two is the coverage rate above.

Around the median

Yield levelYield per hour worked, against payroll cost

€ 49

Median (2025) € 49

5.232 hours worked, 1.688 per FTE. Against that sits € 37 of payroll cost per hour worked, leaving € 12 for premises, equipment, depreciation and profit.

Around 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: 34,6 months (median 7,7 mo). Equity in the latest year: € 554.336.

Adequate buffer

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

Cash € 175.146. Liquidity ratio 2,30: current assets cover short-term debt in full. Solvency 71,6%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 161 days of supplier credit, sector median 85. The accounts were filed 214 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

Points to ask about

Signals in the last 24 months

Zichtbaarheid verschoven · 1 Nov 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Oct 2026 · Google Autocomplete
Board change · 5 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.
Late filing · 30 Jan 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.
Registered office moved · 12 Feb 2025 · Staatsblad
The registered office relocated. Usually just a new office.

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

Profitable in every one of the last 4 years
Strong buffer: 34,6 months of payroll in equity
Team grew (+10,7% FTE in the latest year)
Value-added per euro of payroll above the sector median (1,29)
Healthy working capital (current ratio 2,30)
Equity was earned, not injected (reserves 4,7× the capital contributed)
Comfortable cash position: 332 days of payroll
Turnover below the median (6,5%)

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	€ 350.349	€ 335.029-4,4%	€ 632.819+88,9%	€ 257.518-59,3%
EBITDA	€ 184.958	€ 163.261	€ 457.055	€ 56.320
EBITDA margin	52,8%	48,7%	72,2%	21,9%
Staff
FTE	2,9	2,8-3,4%	2,80%	3,1+10,7%
Gross margin per FTE	€ 120.810	€ 119.653	€ 226.007	€ 83.070
Payroll cost per FTE	€ 53.658	€ 60.084	€ 60.556	€ 62.026
Balance sheet
Equity	€ 674.748	€ 759.944	€ 698.232	€ 554.336
Cash	€ 118.616	€ 180.525	€ 251.989	€ 175.146
Liquidity ratio	3,31	4,44	2,28	2,30

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 30/01/2026. 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 5 services

Strategy & Insights

Brand strategy & positioning Marketing strategy

Branding & Design

Brand identity & design

Advertising & Campaigns

Campaign concepts & big ideas Campaign execution

Sector focus

Public sector & governmentB2B servicesTechnology & softwareReal estate & constructionRetail & e-commerce

Publicly known clients

Stad Hasselt, Stibbe, Bosch, HiKOKI, Syntegro, Solvimus, Maris, Habanos, Interlogix, Velda, Provincie Limburg, Tops Foods, Ebema, a2o, Pami

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

1

People 11 people mapped

A broad team with no clear centre of gravity — account & project, creative and development carry roughly equal weight. The titles skew top-heavy: lots of seniority, few juniors — you're mostly buying experience. One strategist on board — enough to hold the direction, not to fill meetings.

AS

Ann Schoolmeesters

Account Manager

BV

Benjamin Vrancken

Strategic Partner

KV

Koen Van Lishout

Managing Partner

LV

Luc Vlekken

Managing Partner

MK

Marek Kowalik

Art Director

AC

Anja Cornelissen

Boekhouding

MD

Maarten Delbaere

Back-end Developer

PT

Pieter Tuinman

Graphic Designer

RG

Ronald Geladé

Front-end Developer

TM

Tim Moons

Project Manager

VB

Veerle Barre

Performance Marketeer

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

€ 62.026

-4% versus the median

Team composition

3,1 FTE

33% women
67% men

€ 62.026

Median Creatief bureau (2025) € 64.418All 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 2025

6,5%

Median for this type of agency (2025): 34,5%

Inflow 2025

32,3%

1,0 FTE in, 0,2 FTE out

Net team change

+0,8 FTE

2022202320242025

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.