ACTIVE

Manpower (Belgium)

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Financial year 2025 · Closed on 31/12/2025

Net result-8,3 M €-112,3 %over 1 year
Revenue231,6 M €+7,8 %over 1 year
Equity7,9 M €-51,2 %over 1 year
Workforce4 474,8 ETP+2,4 %over 1 year

Identity

Source · BCE/KBO

Manpower (Belgium) is a Public limited company incorporated in 1972. Its registered office is in Machelen (Brab.). It employs on average 4 474,8 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0412.695.309
Incorporation
24/10/1972
Legal form
Public limited company
Registered office
De Kleetlaan 3
1831 Machelen (Brab.) · FlandreSee on map
Contributed capital
13 818 975,71 €
Latest accounts
31/12/2025
Average workforce
4 474,8 ETP
Joint committees (4)
  • 200
  • 218
  • 322
  • 32201
Signals
Healthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 19 financial years

20252024202320222021
Income statement
Revenue231,6 M €214,8 M €218,2 M €209,9 M €199,2 M €
EBITDA-958,4 k €-1,9 M €-5,6 M €3,3 M €-1 M €
Operating result-1,9 M €-3,3 M €-7,3 M €6,1 M €-1,3 M €
Net result-8,3 M €-3,9 M €-7,7 M €4,1 M €3,4 M €
Balance sheet
Equity7,9 M €16,2 M €20,1 M €27,8 M €23,7 M €
Total assets60,9 M €57,6 M €56,1 M €55 M €52,8 M €
Cash17,1 k €160,7 k €31 k €3,6 M €3 M €
Debts50,6 M €39,1 M €34,3 M €26,2 M €24,4 M €
Other
Workforce4 474,8 ETP4 371,6 ETP4 550,2 ETP4 791,8 ETP4 834,1 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 31 ended

Active mandates

Loca

Managing director · since 06 octobre 2025 · until 30 juin 2027 · 1027.835.655

Represented by Ronny Lommelen

Active
Alexandra Lammens

Director · since 01 janvier 2024 · until 30 juin 2027

Active
Sébastien Delfosse

Managing director · since 20 décembre 2021 · until 06 octobre 2025

Active

Ended mandates

JOS MILISSEN

Director · since 30 juin 2022 · until 01 janvier 2024

Ended
JOS MILISSEN

Director · since 30 juin 2022 · until 30 juin 2025

Ended
Riccardo BARBERIS

Director · since 20 décembre 2021 · until 01 février 2023

Ended
Riccardo BARBERIS

Director · since 20 décembre 2021 · until 31 décembre 2026

Ended

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De Kleetlaan 3 1831 Machelen (Brab.)
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EXPERIS BELGIUM● Active
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0445.659.966
Manpower Personal Services● Active
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MENARINI BENELUX● Active
0403.075.481
MENARINI STEMLINE BENELUX NV/SA● Active
0797.395.824
RIGHT MANAGEMENT BELGIUM● Active
0454.921.981
TENVA BELGIUM● Active
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TENVA FINANCIAL MANAGEMENT● Active
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TENVA INVESTMENTS● Active
0506.803.521

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date15/07/202615/07/202501/07/202411/07/202313/07/202210/08/2021
General meeting30/06/202630/06/202528/06/202430/06/202330/06/202230/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202530/06/202615/07/2026DutchPDF
Full model31/12/202430/06/202515/07/2025DutchPDF
Full model31/12/202328/06/202401/07/2024FrenchPDF
Full model31/12/202230/06/202311/07/2023FrenchPDF
Full model31/12/202130/06/202213/07/2022FrenchPDF
Full model31/12/202030/06/202110/08/2021FrenchPDF
Full model31/12/201930/06/202001/07/2020FrenchPDF
Full model31/12/201828/06/201902/07/2019FrenchPDF
Full model31/12/201729/06/201827/07/2018FrenchPDF
Full model31/12/201630/06/201710/07/2017FrenchPDF
Full model31/12/201530/06/201604/07/2016FrenchPDF
Full model31/12/201430/06/201510/07/2015FrenchPDF
Full model31/12/201330/06/201408/07/2014FrenchPDF
Full model31/12/201212/09/201326/09/2013FrenchPDF
Full model31/12/201114/11/201219/11/2012FrenchPDF
Full model31/12/201030/05/201129/07/2011FrenchPDF
Full model31/12/200913/04/201028/06/2010FrenchPDF
Full model31/12/200814/05/200928/05/2009FrenchPDF
Full model31/12/200728/05/200822/08/2008FrenchPDF
Full model31/12/200621/06/200722/08/2007FrenchPDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 31 ended

Active mandates

Loca

Managing director · since 06 octobre 2025 · until 30 juin 2027 · 1027.835.655

Represented by Ronny Lommelen

Active
Alexandra Lammens

Director · since 01 janvier 2024 · until 30 juin 2027

Active
Sébastien Delfosse

Managing director · since 20 décembre 2021 · until 06 octobre 2025

Active

Ended mandates

JOS MILISSEN

Director · since 30 juin 2022 · until 01 janvier 2024

Ended
JOS MILISSEN

Director · since 30 juin 2022 · until 30 juin 2025

Ended
Riccardo BARBERIS

Director · since 20 décembre 2021 · until 01 février 2023

Ended
Riccardo BARBERIS

Director · since 20 décembre 2021 · until 31 décembre 2026

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • Mandates08/10/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates08/10/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Registered office03/06/2025
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Mandates19/09/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates19/09/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates12/02/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates12/02/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates10/03/2023
    ONTSLAGEN - BENOEMINGEN
    PDF

Similar companies

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

See the Business plan

Timeline

  1. 2025
    Annual accounts 2025-8,3 M €↓
  2. 06/10/2025
    nominationLoca SRL — administrateur
  3. 06/10/2025
    nominationLoca BV — bestuurder
  4. 2024
    Annual accounts 2024-3,9 M €↑
  5. 01/01/2024
    nominationAlexandra Lammens — bestuurder
  6. 01/01/2024
    nominationAlexandra Lammens — administrateur
  7. 2023
    Annual accounts 2023-7,7 M €↓
  8. 2022
    Annual accounts 20224,1 M €↑
  9. 30/06/2022
    reconductionJos Milissen — bestuurder
  10. 30/06/2022
    reconductionJos Millssen — administrateur
  11. 2021
    Annual accounts 20213,4 M €↑
  12. 2020
    Annual accounts 2020-3,6 M €↓
  13. 2019
    Annual accounts 20196,5 M €↑
  14. 2018
    Annual accounts 20182,5 M €↑
  15. 2016
    Annual accounts 20162,1 M €↑
  16. 2015
    Annual accounts 2015710,6 k €↑
  17. 2014
    Annual accounts 2014-350,1 k €↓
  18. 2013
    Annual accounts 20132,3 M €↑
  19. 2012
    Annual accounts 201252,8 k €↓
  20. 2011
    Annual accounts 2011558,4 k €↓
  21. 2010
    Annual accounts 20101,8 M €↑
  22. 2009
    Annual accounts 2009536,7 k €↓
  23. 2008
    Annual accounts 20084,3 M €↑
  24. 2007
    Annual accounts 20074 M €↑
  25. 2006
    Annual accounts 2006876,1 k €
  26. 24/10/1972
    IncorporationPublic limited company