Annual figures 2024
The consolidated financial statements of SD Worx NV for the year ended 31 December 2024 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:
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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 / HCM and Workforce management.
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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.
Adjusted EBITDA
In € mio
| Subject | 2024 | 2023 |
|---|---|---|
| SD Worx People Solutions | 231.1 | 177.0 |
| SD Worx S&CS | 1.6 | 4.5 |
| AEBITDA | 232.7 | 181.6 |
Revenue
In € mio
| Subject | 2024 | 2023 |
|---|---|---|
| SD Worx People Solutions | 962.4 | 834.1 |
| Payroll & Reward / HCM | 894.8 | 779.4 |
| Workforce management | 67.6 | 54.6 |
| SD Worx S&CS | 220.4 | 228.4 |
| Intersegment elimination | -2.5 | -4.5 |
| REVENUE | 1,180.3 | 1,058.0 |
SD Worx People Solutions showed strong results, supported by a solid organic growth which amounts to million €74.3, an increase compared to last year of 9.1% (excluding growth in commission income obtained under the customer fund cooperation agreement). Within the Belgian market, the group realized additional one-off revenues relating to the support it provides to its customers on the organisation of the social elections. New acquisitions in 2024, such as F2A (Italy) and Romanian Software (Romania), contributed an additional million €23.2 in revenue.
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, the results of the segment showed initial signs of improvement during the second half of the year with a moderate increase in revenue of 1.5% compared to the second half of 2023.
Consolidated net result
In € mio
The net result stands at million €94.9. 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
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 2024, we used million €283.0 of the available million €400.0 Revolving Credit Facility. With a leverage ratio of 1.4x, 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 Adjusted EBITDA. Below we define these APMs and reconcile them with IFRS measures.
“Adjustments” 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 adjustments 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.
“Adjusted EBITDA” is determined as EBITDA before Adjustments.
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. Adjusted 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.
