ACTIVE

ADECCO PERSONNEL SERVICES

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Financial year 2025 · closed on 31/12/2025

Net result

381,0 k €

-70.3% YoY

Revenue

426,8 M €

+4.3% YoY

Equity

24,4 M €

+1.6% YoY

Workforce

8 440,0 ETP

+0.1% YoY

What does ADECCO PERSONNEL SERVICES do?

ADECCO PERSONNEL SERVICES is a Public limited company incorporated in 1961. Its main activity is: Other professional, scientific and technical activities. Its registered office is in Dilbeek. It employs on average 8 440,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0404.221.962

Incorporation

28/09/1961

Legal form

Public limited company

Registered office

Noordkustlaan 16 box b
1702 Dilbeek · FlandreSee on map

Contributed capital

21 650 800,00 €

Latest accounts

31/12/2025

Average workforce

8 440,0 ETP

Activities (NACE)

74502Other professional, scientific and technical activities· main 78200Temporary employment agency activities 78200Temporary employment agency activities

Joint committees (4)

Signals

ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	426,8 M €	+4.3%	409,3 M €	+0.6%	407,1 M €	+3.2%	394,5 M €	+12.7%	349,9 M €	-17.5%	424,1 M €	-5.8%	450,0 M €	-0.2%	451,0 M €	+6.0%	425,6 M €	+9.5%	388,6 M €	+10.6%	351,4 M €	+2.0%	344,6 M €	-2.4%	352,9 M €	-2.5%	361,8 M €	+14.3%	316,6 M €	+6.3%	297,9 M €	-23.8%	390,9 M €	-8.2%	425,6 M €	-4.2%	444,1 M €
EBITDA	4,2 M €	-16.5%	5,0 M €	-44.5%	9,0 M €	+15.5%	7,8 M €	+618%	1,1 M €	-90.8%	11,7 M €	-25.4%	15,8 M €	+4.4%	15,1 M €	+4.4%	14,4 M €	+100%	7,2 M €	+242%	2,1 M €	+487%	359,8 k €	-92.8%	5,0 M €	+548%	771,7 k €	-16.9%	928,6 k €	+107%	-13,0 M €	-412%	4,2 M €	-44.0%	7,5 M €	+32.5%	5,6 M €
Operating result	2,6 M €	-27.1%	3,6 M €	-53.8%	7,8 M €	+19.4%	6,5 M €	+143660%	4,6 k €	-100.0%	10,8 M €	-28.0%	15,0 M €	+6.2%	14,1 M €	+8.6%	13,0 M €	+130%	5,7 M €	+830%	608,3 k €	+138%	-1,6 M €	-159%	2,7 M €	+306%	-1,3 M €	-17.8%	-1,1 M €	+92.7%	-15,4 M €	-831%	2,1 M €	-63.0%	5,7 M €	+30.8%	4,4 M €
Net result	381,0 k €	-70.3%	1,3 M €	-66.3%	3,8 M €	+132%	-11,8 M €	-610%	-1,7 M €	-118%	9,3 M €	-61.9%	24,5 M €	+265%	6,7 M €	+12.7%	6,0 M €	+493%	-1,5 M €	+21.4%	-1,9 M €	+39.2%	-3,2 M €	-1204%	286,7 k €	+112%	-2,4 M €	-18.8%	-2,0 M €	+86.4%	-14,7 M €	-1126%	-1,2 M €	-176%	1,6 M €	+93.4%	822,7 k €
Balance sheet
Equity	24,4 M €	+1.6%	24,0 M €	-0.9%	24,2 M €	+2.1%	23,7 M €	-30.7%	34,2 M €	-4.6%	35,8 M €	+35.2%	26,5 M €	+70.6%	15,5 M €	+76.0%	8,8 M €	+207%	2,9 M €	-34.5%	4,4 M €	-30.5%	6,3 M €	+40.9%	4,5 M €	+6.8%	4,2 M €	-36.2%	6,6 M €	-23.3%	8,6 M €	-20.7%	10,8 M €	-10.0%	12,0 M €	+15.3%	10,4 M €
Total assets	89,7 M €	+1.9%	88,0 M €	-0.4%	88,4 M €	+0.8%	87,7 M €	-18.2%	107,2 M €	-21.9%	137,3 M €	+40.7%	97,5 M €	+32.6%	73,6 M €	+15.2%	63,9 M €	+6.2%	60,1 M €	-12.2%	68,5 M €	+1.4%	67,5 M €	-6.1%	71,9 M €	-8.1%	78,3 M €	-6.0%	83,3 M €	+6.0%	78,6 M €	+0.7%	78,1 M €	-10.3%	87,0 M €	-17.8%	105,8 M €
Cash	–		–		–		–		90,4 k €	+50.3%	60,2 k €	+5782%	1,0 k €	+117%	472,0 €	-95.3%	10,1 k €	-2.2%	10,4 k €	-48.1%	19,9 k €	-15.9%	23,7 k €	+181%	8,4 k €	+45.6%	5,8 k €	-78.1%	26,5 k €	+220%	8,3 k €	-52.7%	17,5 k €	+13.3%	15,5 k €	-23.3%	20,2 k €
Debts	65,2 M €	+2.3%	63,7 M €	-0.8%	64,2 M €	+0.5%	63,9 M €	-10.9%	71,7 M €	-29.1%	101,1 M €	+42.9%	70,7 M €	+22.6%	57,7 M €	+4.9%	55,0 M €	-3.8%	57,1 M €	-10.6%	63,9 M €	+5.0%	60,8 M €	-8.9%	66,8 M €	-8.7%	73,1 M €	-3.8%	76,0 M €	+10.5%	68,8 M €	+3.7%	66,4 M €	-10.5%	74,2 M €	-21.4%	94,4 M €
Other
Workforce	8 440,0 ETP	+0.1%	8 433,4 ETP	-1.7%	8 581,9 ETP	-2.5%	8 800,2 ETP	+2.6%	8 579,1 ETP	-17.5%	10 401,8 ETP	-6.8%	11 165,7 ETP	-2.1%	11 403,2 ETP	+4.3%	10 934,2 ETP	+8.8%	10 048,0 ETP	+9.5%	9 173,0 ETP	+2.1%	8 980,8 ETP	-2.9%	9 247,9 ETP	-5.2%	9 753,8 ETP	+11.9%	8 717,8 ETP	+8.1%	8 065,2 ETP	-24.5%	10 688,0 ETP	-10.4%	11 927,0 ETP	-7.3%	12 860,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 54 ended

Active mandates

Francesca Tornaghi

Director · since 01 septembre 2025 · until 15 mai 2030

Active

Aurélie Calouche

Director · since 01 octobre 2022 · until 15 mai 2030

Active

Empass

Director · since 14 octobre 2020 · until 15 mai 2030 · 0829.687.124

Represented by Jan Dekeyser

Active

Sonia Frey

Director · since 01 janvier 2019 · until 15 mai 2030

Active

Ended mandates

Aurélie Calouche

Director · since 01 octobre 2022 · until 24 mai 2028

Ended

Alexandra Bishop

Director · since 21 juin 2021 · until 20 mai 2026

Ended

Ruben Van Opstaele

Director · since 20 avril 2021 · until 19 mai 2027

Ended

Christophe Catoir

Director · since 14 octobre 2020 · until 20 mai 2026

Ended

At this address

Other companies at this address

Company	CBE no.
BELGIAN FLUID SYSTEM TECHNOLOGIES● Active	0475.069.574
JOHNSON WAX SERVICE PRODUCTS● Liquidation	0416.677.851

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	17/06/2026	28/05/2025	17/06/2024	19/06/2023	09/06/2022	03/06/2021
General meeting	20/05/2026	21/05/2025	16/05/2024	16/05/2023	18/05/2022	19/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	20/05/2026	17/06/2026	Dutch	PDF
Full model	31/12/2024	21/05/2025	28/05/2025	Dutch	PDF
Full model	31/12/2023	16/05/2024	17/06/2024	Dutch	PDF
Full model	31/12/2022	16/05/2023	19/06/2023	Dutch	PDF
Full model	31/12/2021	18/05/2022	09/06/2022	Dutch	PDF
Full model	31/12/2020	19/05/2021	03/06/2021	Dutch	PDF
Full model	31/12/2019	20/05/2020	08/06/2020	Dutch	PDF
Full model	31/12/2018	15/05/2019	17/06/2019	Dutch	PDF
Full model	31/12/2017	16/05/2018	04/06/2018	Dutch	PDF
Full model	31/12/2016	17/05/2017	06/06/2017	Dutch	PDF
Full model	31/12/2015	18/05/2016	09/06/2016	Dutch	PDF
Full model	31/12/2014	20/05/2015	05/06/2015	Dutch	PDF
Full model	31/12/2013	27/05/2014	05/06/2014	Dutch	PDF
Full model	31/12/2012	15/05/2013	11/06/2013	Dutch	PDF
Full model	31/12/2011	16/05/2012	23/05/2012	Dutch	PDF
Full model	31/12/2010	18/05/2011	10/06/2011	Dutch	PDF
Full model	31/12/2009	19/05/2010	11/08/2010	Dutch	PDF
Full model	31/12/2008	20/05/2009	26/06/2009	Dutch	PDF
Full model	31/12/2007	30/05/2008	03/07/2008	Dutch	PDF
Full model	31/12/2006	27/06/2007	16/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 54 ended

Active mandates

Francesca Tornaghi

Director · since 01 septembre 2025 · until 15 mai 2030

Active

Aurélie Calouche

Director · since 01 octobre 2022 · until 15 mai 2030

Active

Empass

Director · since 14 octobre 2020 · until 15 mai 2030 · 0829.687.124

Represented by Jan Dekeyser

Active

Sonia Frey

Director · since 01 janvier 2019 · until 15 mai 2030

Active

Ended mandates

Aurélie Calouche

Director · since 01 octobre 2022 · until 24 mai 2028

Ended

Alexandra Bishop

Director · since 21 juin 2021 · until 20 mai 2026

Ended

Ruben Van Opstaele

Director · since 20 avril 2021 · until 19 mai 2027

Ended

Christophe Catoir

Director · since 14 octobre 2020 · until 20 mai 2026

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates14/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other19/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates17/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/05/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/04/2021
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025381,0 k €↓
29/09/2025
reconductionSonia Frey — bestuurder
29/09/2025
reconductionAurélie Calouche — bestuurder
29/09/2025
reconductionEmpass BV — bestuurder
01/09/2025
nominationFrancesca Tornaghi — bestuurder
2024
Annual accounts 20241,3 M €↓
16/05/2024
nominationPwC Bedrijfsrevisoren BV — commissaris
2023
Annual accounts 20233,8 M €↑
16/05/2023
reconductionEY Bedrijfsrevisoren BV — commissaris
16/05/2023
reconductionHan Wevers — vaste vertegenwoordiger
2022
Annual accounts 2022-11,8 M €↓
01/10/2022
nominationAurélie Calouche — bestuurder
2020
Annual accounts 2020-1,7 M €↓
2019
Annual accounts 20199,3 M €↓
2018
Annual accounts 201824,5 M €↑
2017
Annual accounts 20176,7 M €↑
2016
Annual accounts 20166,0 M €↑
2015
Annual accounts 2015-1,5 M €↑
2014
Annual accounts 2014-1,9 M €↑
2013
Annual accounts 2013-3,2 M €↓
2012
Annual accounts 2012286,7 k €↑
2011
Annual accounts 2011-2,4 M €↓
2010
Annual accounts 2010-2,0 M €↑
2009
Annual accounts 2009-14,7 M €↓
2008
Annual accounts 2008-1,2 M €↓
2007
Annual accounts 20071,6 M €↑
2006
Annual accounts 2006822,7 k €
28/09/1961
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

ADECCO PERSONNEL SERVICES

Overview

What does ADECCO PERSONNEL SERVICES do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline