How big is Majortale?

Around 3 full-time equivalents (financial year 2024).

Which sectors does Majortale work for?

Automotive & mobility, Public sector & non-profit, Retail & e-commerce, Food & beverage.

Review: Majortale

Q: What is Majortale specialised in?

Content strategy & editorial, Copywriting & long-form content, Video production, Employer brand strategy, Recruitment campaigns.

Q: Who are the clients of Majortale?

Among others Federale Politie, Lidl, Omexco, Champion Lubricants, Bacardi, Bombay Sapphire, Eneco, Leffe, Tripel Karmeliet, Volvo, Toerisme Vlaanderen, Wit-Gele Kruis, Liantis, Lenovo, BYD.

Majortale bestaat sinds 2020 en profileert zich als productiehuis uit Antwerpen. De focus ligt op video & productie, content & copy en employer branding. Sectorieel richt het bureau zich vooral op ambitieuze merken (fmcg, automotive, retail en publieke sector).

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

2021202220232024

Latest year: € 140.802 gross margin, growth -34,6% against a sector median of +11,2%.

Shrinking

MarginEBITDA / gross margin · value-added coverage

2021202220232024

MajortaleSector median

EBITDA margin 2,6%, sector median 41,6%. Value-added coverage 1,03 (median 1,44). 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

€ 44.001

Median (2024) € 71.844

Against a payroll cost of € 38.852 per FTE. The ratio between the two is the coverage rate above.

Below the median

Yield levelYield per hour worked, against payroll cost

€ 27

Median (2024) € 44

5.211 hours worked, 1.628 per FTE. Against that sits € 24 of payroll cost per hour worked, leaving € 3 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: 14,7 months (median 9,2 mo). Equity in the latest year: € 152.018.

Adequate buffer

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

Cash € 62.616. Liquidity ratio 3,72: current assets cover short-term debt in full. Solvency 77,7%.

Amply covered

Payment behaviourTowards suppliers and towards the NBB

Trade payables correspond to 31 days of supplier credit, sector median 43. The accounts were filed 241 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 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
Low value-added coverage · 31 Dec 2025 · NBB
Every euro of payroll generates less than 95 cents of added value. That happens in a build-up year, with a lot of subcontracting, or under pressure on rates. Ask what explains it here.
Two consecutive loss-making years · 31 Dec 2025 · NBB
Two financial years in a row closed at a loss. That can be an investment period, or a client that fell away. Ask what explains the pattern and what has changed since.
+ 3 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

Strong buffer: 14,7 months of payroll in equity
Healthy working capital (current ratio 3,72)
Equity was earned, not injected (reserves 151,0× the capital contributed)
Comfortable cash position: 184 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.

4 financial years, 2021 to 2024Result, staff and balance sheet

	2021	2022	2023	2024
Result
Gross margin	€ 118.321	€ 125.320+5,9%	€ 215.279+71,8%	€ 140.802-34,6%
EBITDA	€ 117.201	€ 92.572	€ 110.107	€ 3.694
EBITDA margin	99,1%	73,9%	51,1%	2,6%
Staff
FTE	-	1,0	3,5+250%	3,2-8,6%
Gross margin per FTE	-	€ 125.320	€ 61.508	€ 44.001
Payroll cost per FTE	-	€ 30.301	€ 29.593	€ 38.852
Balance sheet
Equity	€ 91.543	€ 150.835	€ 207.728	€ 152.018
Cash	€ 45.450	€ 49.917	€ 126.956	€ 62.616
Liquidity ratio	2,04	1,58	2,34	3,72

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.
This agency files an abbreviated or micro scheme and therefore publishes no staff data. Seniority, turnover and hourly level cannot be derived. This is entirely legal and says nothing about quality.
The figures cover financial year 2025, filed on 27/07/2026. 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 14 Sep 2026. Sector medians based on financial year 2024: the last year for which nearly all accounts have been filed.

What the agency actually does 5 services

Content & Production

Content strategy & editorial Copywriting & long-form content Video production

Employer Brand & Internal

Employer brand strategy Recruitment campaigns

Sector focus

Retail & e-commercePublic sector & governmentFood & beverageAutomotive & mobilityEnergy & utilities

Publicly known clients

Federale Politie, Lidl, Omexco, Champion Lubricants, Bacardi, Bombay Sapphire, Eneco, Leffe, Tripel Karmeliet, Volvo, Toerisme Vlaanderen, Wit-Gele Kruis, Liantis, Lenovo, BYD

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

1

People 2 people mapped

JN

Joost Narraina

CEO and Founder

KG

Kristel Goddevriendt

Head of production

Based on public profiles. Something wrong? Let us know.

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 2024

118,7%

Median for this type of agency (2024): 30,6%

Inflow 2024

56,3%

1,8 FTE in, 3,8 FTE out

Net team change

-2,0 FTE

202220232024

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

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 2024: the last year for which nearly all accounts have been filed.