Merkado
The content of this factsheet is in Dutch.
Sinds 2021 is Merkado actief als performance- & mediabureau uit Antwerpen. De bezetting ligt rond 4 VTE. Het aanbod is gericht op paid media (sea/social/display).
1× IAB MIXX AwardsHow 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
2 red flag(s) (24m)- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Sep 2026 · Google Autocomplete
- Board change · 20 Jan 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.
- Sharp headcount decline · 31 Dec 2025 · NBBAverage headcount fell by 15% or more in a year. That can be contraction, and just as easily a deliberate choice for fewer but more experienced people. Ask who left and who came in their place.
- Negative equity · 31 Dec 2024 · NBBDebts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
- Critical buffer · 31 Dec 2024 · NBBEquity covers less than one month of payroll. At an agency that pays out its profit every year this means something different than at one that is losing money. Ask where the reserve sits.
What this agency does well
- EBITDA margin above the sector median (37,7%)
- Value-added per euro of payroll above the sector median (1,63)
- Healthy working capital (current ratio 1,77)
- Comfortable cash position: 109 days of payroll
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 | € -28.142 | € 350.898 | € 405.671+15,6% | € 358.335-11,7% |
| EBITDA | € -242.958 | € 85.091 | € 147.060 | € 135.159 |
| EBITDA margin | - | 24,2% | 36,3% | 37,7% |
| Staff | ||||
| FTE | 2,7 | 4,4+63% | 5,0+13,6% | 4,0-20% |
| Gross margin per FTE | € -10.423 | € 79.750 | € 81.134 | € 89.584 |
| Payroll cost per FTE | € 79.211 | € 60.288 | € 50.756 | € 53.956 |
| Balance sheet | ||||
| Equity | € -237.951 | € -162.700 | € -28.337 | € 68.998 |
| Cash | € 2.915 | € 27.609 | € 28.463 | € 64.655 |
| Liquidity ratio | 0,27 | 0,80 | 1,72 | 1,77 |
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 30/06/2026. 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 21 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 2 services
Sector focus
Publicly known clients
Childhome, Kentucky Horsewear, Berghoff Toys, Imby Pet Food, BenQ, Amuse, Atmooz, Willy Naessens Swimmingpools, BBQ Experience Center, Casilin, Urgo
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
People 7 people mapped
A broad team with no clear centre of gravity — account & project, strategy and data carry roughly equal weight. One strategist on board — enough to hold the direction, not to fill meetings.
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 2023: 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 2024: the last year for which nearly all accounts have been filed.
Award-winning work 1 award(s)
- IAB MIXX Awards GoldRetail Media · “The Cookware Company” · source ↗
As published by the organising award shows, collected by IKAg.
Frequently asked questions about Merkado
- When was Merkado founded?
- In 2021.
- Where is Merkado located?
- In Antwerpen, Belgium.
- What is Merkado specialised in?
- Paid social, Search advertising (SEA).
- How big is Merkado?
- Around 4 full-time equivalents (financial year 2025).
- Which sectors does Merkado work for?
- Retail & e-commerce.
- Who are the clients of Merkado?
- Among others Childhome, Kentucky Horsewear, Berghoff Toys, Imby Pet Food, BenQ, Amuse, Atmooz, Willy Naessens Swimmingpools, BBQ Experience Center, Casilin, Urgo.
Figures from the annual accounts up to financial year 2025. Company details checked against the CBE register on 2026-09-12.