Play The Stack
The content of this factsheet is in Dutch.
Play The Stack, opgericht in 2011, is een strategiebureau uit Antwerpen. De dienstverlening draait om ai & automatisering en strategie.
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
2 red flag(s) (24m)- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Zichtbaarheid verschoven · 1 Aug 2026 · Google Autocomplete
- Sharp drop in equity · 31 Mar 2026 · NBBThe financial reserve shrank by more than 30% over two financial years. A dividend, buying out a partner and a loss-making year all look the same here. Ask which of the three it was.
- Late filing · 25 Mar 2026 · NBBThe 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.
- Two consecutive loss-making years · 31 Mar 2025 · NBBTwo 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.
- Negative equity · 31 Mar 2025 · NBBDebts exceed assets. Sometimes a subordinated shareholder loan sits opposite that, sometimes not. Ask how the agency is covering this, and on what timescale.
What this agency does well
- EBITDA margin above the sector median (97,7%)
- Equity was earned, not injected (reserves 14,4× the capital contributed)
All the figures
Reference material, not a starting point. Expand it if you want to read the series yourself.
5 financial years, 2022 to 2026Result, staff and balance sheet
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Result | |||||
| Gross margin | € 8.939 | € 1.391-84,4% | € -10.677-867,8% | € -13.517 | € 47.715 |
| EBITDA | € 8.329 | € 120 | € -12.829 | € -15.764 | € 46.612 |
| EBITDA margin | 93,2% | 8,7% | - | - | 97,7% |
| Staff | |||||
| Balance sheet | |||||
| Equity | € 95.472 | € 74.175 | € 31.737 | € -14.394 | € 1.637 |
| Cash | € 20.081 | € 11.184 | € 4.192 | € 2.341 | € 18.695 |
| Liquidity ratio | 4,30 | 4,26 | 0,23 | 0,16 | 0,30 |
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.
- 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 2026, filed on 28/10/2026. 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
Health & pharma
Based on IKAg research and public sources. Incomplete or outdated? Let us know.
Coming soon
We're working on this part of the factsheet.
Frequently asked questions about Play The Stack
- When was Play The Stack founded?
- In 2011.
- Where is Play The Stack located?
- In Antwerpen, Belgium.
- What is Play The Stack specialised in?
- AI & innovation strategy, Marketing strategy.
Figures from the annual accounts up to financial year 2026. Company details checked against the CBE register on 2026-10-31.