Annual figures 2023

The consolidated financial statements of SD Worx NV for the year ended 31 December 2023 have been prepared in accordance with the International Financial Reporting Standards as endorsed by the EU (“IFRS”). These consolidated financial statements have been audited by Deloitte who issued an unqualified opinion over them.

At SD Worx, we are structured around our two main business segments:

  1. SD Worx People Solutions includes a full range of solutions in the areas of payroll and HR Managed services, workforce management as well as HR consulting services. Within this segment, solutions offered to customers include Payroll & Reward / Core HR, Workforce management, and Talent & Careers.

  2. SD Worx Staffing & Career Solutions is active in the areas of flexible work, temporary work, secondment, recruitment & selection, career guidance, outplacement, specific payroll for temporary workers and consultancy.

Normalized EBITDA

In € mio

Subject 2023 2022
SD Worx People Solutions 177.0 132.4
Payroll & Reward / Core HR 166.3 122.8
Workforce management 11.9 9.9
Talent management -0.4 -0.3
Corporate -0.8 -0.1
SD Worx S&CS 4.5 4.6
Intersegment elimination 0.0 -0.2
NEBITDA 181.6 136.7


In € mio

Subject 2023 2022
SD Worx People Solutions 834.1 721.7
Payroll & Reward / Core HR 778.6 674.6
Workforce management 54.6 46.5
Talent management 0.8 0.6
SD Worx S&CS 228.4 245.4
Intersegment elimination -4.5 -4.9
REVENUE 1,058.0 962.1

SD Worx continued its European growth strategy in 2023, once again achieving double-digit figures, especially through organic growth. Particularly at SD Worx People Solutions, revenues rose significantly. On the other hand, however, costs also rose sharply. Like others, SD Worx felt the impact of rather high indexations on salary costs in 2023.

SD Worx Staffing & Career Solutions operates in a sector where economic conditions remain difficult. The decline in revenue is mainly situated within the temporary employment business, and is a general trend observed throughout the temporary employment market within both Belgium and the Netherlands. Nevertheless, it adapted well to the difficult conditions and managed to keep the costs under control towards the end of the year which resulted in stable normalised EBITDA.

Consolidated net result

In € mio





The net result stands at million €70.1. The prior year’s result was impacted by significant one-off effects, including the divestment of the real estate portfolio. Key factors contributing to this robust result include sustained and solid growth in operational performance, a positive impact from commission income and our strategic buy-and-build policy.

Net Financial Debt Position (excluding lease liabilities)

In € mio





Our the Revolving Credit Facility provides us with additional funding in surplus of the subordinated bond loan of million €80.0, which is listed on the Euronext Growth Brussels market. At 31 December 2023, we used million €70.0 of the available million €400.0 Revolving Credit Facility. With a leverage ratio of 0.6x, we remain at a conservative level.

Overview definitions

SD Worx NV presents its results in accordance with with the International Financial Reporting Standards as endorsed by the EU (“IFRS”).

Alternative performance measures (“APMs”) present useful information which supplements the group’s consolidated financial statements and which allow the reader of the consolidated financial statements to better understand the financial state of the group and the wider group. These measures are not defined under IFRS and may not be directly comparable with APMs for other companies. The APMs represent important measures for how management monitors the company and its business activity. The APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance. Some of the financial information presented in our annual reports contains APMs. These include EBITDA and Normalised EBITDA. Below we define these APMs and reconcile them with IFRS measures.

“Normalizations” means the revenues and expenses of which, in case of a change of control, an acquirer has the choice or option (mid- or long-term) to not realise those revenues or incur those expenses. In other words, expenses or revenues which are not part of the recurring business operations of the SD Worx group. These normalizations mainly relate to:

  • Restructuring and integration costs
  • Acquisition and transaction costs
  • Non-committed stock based compensations

SD Worx considers its stock based compensations plans as non-committed in the sense that currently no active plan or commitment exists to reissue a new plan in the upcoming year.

“EBITDA” means Earnings before net finance costs, Taxes, Depreciation and Amortisation.

“Normalized EBITDA” is determined as EBITDA before Normalizations.

EBITDA provides an analysis of the operating results, excluding depreciation and amortisation, as they are non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. Additionally, it is an APM which is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors. Normalised EBITDA is used to provide insight in the recurring level of operational profitability.

For more details with regards to the APMs, we refer to Note 31. “Alternative performance measures” of the consolidated financial statements.