Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Busy address KBO
16 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
Manpower (Belgium) from Machelen (Brab.), company number BE0412695309, closed financial year 2025 with a result of € -8.3 million after tax. For that financial year Manpower (Belgium) recorded revenue of € 231.6 million and equity of € 7.9 million. Compared with financial year 2024, the result moved from € -3.9 million to € -8.3 million. The company made a loss. The buffer shrank hard: equity is 51 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 15, 2026.
€ 7.9 million
▼ 51% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -8.3 million
▼ 112 % more loss than in 2024
Profit after tax over the fiscal year.
€ 17,081
▼ 89% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -5.9 million.
People and assets in 2025
4,474.8
▲ 103.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 228.6 million
▲ 7% vs 2024
€ 51,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 425,690
▼ 13% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 18.4 million
▲ 79% vs 2024
Loans from banks and other lenders, long and short.
€ 2.8 million
▲ 1% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 72 days on average.
€ 29.5 million
▲ 13% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 209,917,146 | € 218,245,520 | € 214,759,339 | € 231,617,493 | ▲ 8% |
| Profit after taxes | € 4,059,688 | € -7,654,999 | € -3,911,717 | € -8,303,577 | ▼ € 4.4 million |
| Equity | € 27,793,255 | € 20,138,256 | € 16,226,539 | € 7,922,962 | ▼ 51% |
| Total debts | € 26,229,911 | € 34,358,626 | € 39,271,750 | € 50,689,403 | ▲ 29% |
| Cash | € 3,613,972 | € 31,000 | € 160,750 | € 17,081 | ▼ 89% |
| Retained profit | € 13,974,279 | € 6,319,280 | € 2,407,563 | € -5,896,014 | ▼ € 8.3 million |
| Bank debt | € 335 | € 3,111,518 | € 10,275,744 | € 18,371,442 | ▲ 79% |
| Balance sheet total | € 54,950,953 | € 56,147,663 | € 57,649,624 | € 60,854,762 | ▲ 6% |
| Employees (FTE) | 4,791.8 | 4,550.2 | 4,371.6 | 4,474.8 | ▲ 103.2 |
Key figures of Manpower (Belgium), fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Manpower (Belgium)?
What happened at Manpower (Belgium) in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Alexandra Lammens stepped down as director. NBB
- Loca BV stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 8.3 million. Source: NBB ↗
- Sébastien Delfosse stepped down as director. NBB
- Loca BV became a director. NBB
- Alexandra Lammens became a director. NBB
- New establishment in Tubize. KBO
- New establishment in Seraing. KBO
In short
From € 4.1 million profit in 2022 to € 8.3 million loss in 2025.
Paid € 2.2 million in corporate taxes since 2022.
Best year ever: 2022, with € 4.1 million profit.
Pays suppliers within 72 days on average.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Experis A/S. (100%). It owns 100% of MANPOWER LUXEMBOURG, 100% of ELAN IT RESOURCES SARL, 100% of MANPOWER BUSINESS SOLUTIONS LUXEMBOURG SA, 100% of STEGMANN BELGIUM, 99.8% of MANPOWER PERSONAL SERVICES and 29% of EXPERIS BELGIUM SA itself.
Directors
According to the 2025 annual accounts
Alexandra Lammens
Director
Also active at: ManpowerGroup Solutions Belgium, RIGHT MANAGEMENT BELGIUM, EXPERIS BELGIUM, Manpower Personal Services, STEGMANN BELGIUM
since 2024 · until 2027
Sébastien Delfosse
Managing director
Also active at: BECI-BRUSSELS CHAMBER OF COMMERCE, ManpowerGroup Solutions Belgium, EXPERIS BELGIUM, Manpower Personal Services, STEGMANN BELGIUM
since 2021 · until 2025
Managing director · represented by Ronny Lommelen
Also active at: ManpowerGroup Solutions Belgium, EXPERIS BELGIUM, Manpower Personal Services, STEGMANN BELGIUM
since 2025 · until 2027
Shareholders
Experis A/S.
100%
Participations
MANPOWER LUXEMBOURG
100%
ELAN IT RESOURCES SARL
100%
MANPOWER BUSINESS SOLUTIONS LUXEMBOURG SA
100%
100%
Establishments
Establishment units
Physical locations of this company
De Kleetlaan 3
1831 Machelen (Brab.)
Luchthavenlaan 27
1800 Vilvoorde
Active since 31 May 2000
Noorderplaats 9
2000 Antwerpen
Active since 1 March 1979
Rue des Faubourgs 8
6700 Arlon
Active since 28 February 2000
Graaf van Vlaanderenplein 20
9000 Gent
Active since 13 September 1989
Markt 90
9800 Deinze
Active since 31 March 2000
Martelarenlaan 34
3500 Hasselt
Active since 3 February 1997
Graanmarkt(Kor) 1A
8500 Kortrijk
Active since 2 July 1991
Boulevard de la Sauvenière 112
4000 Liège
Active since 2 April 1991
Eggestraat 1
2800 Mechelen
Active since 29 February 2000
Place des Grands Prés 1
7000 Mons
Active since 31 March 1998
Rue de la Tour 21
5000 Namur
Active since 24 April 1997
Avenue Léon Jourez 31
1420 Braine-l'Alleud
Active since 1 April 1987
Gentse Baan 66 box 106
9100 Sint-Niklaas
Active since 1 March 1995
Gerard Van Gervenstraat(BEV) 3
9120 Beveren-Kruibeke-Zwijndrecht
Active since 27 February 2001
Centrumlaan 8
3600 Genk
Active since 11 February 1998
Eeuwfeestwal 30 box 1
3700 Tongeren-Borgloon
Active since 11 February 1998
Nieuwe Kaai 23
2300 Turnhout
Active since 27 September 1996
Zuiderlaan 25 box 21
8790 Waregem
Active since 1 February 2004
Baron Ruzettelaan 5
8310 Brugge
Active since 19 June 2006
Beverestraat 22
9700 Oudenaarde
Active since 19 June 2006
Birminghamstraat 131
1070 Anderlecht
Active since 19 June 2006
Leuvenselaan 172
3300 Tienen
Active since 19 June 2006
Korte Keppestraat 9
9320 Aalst
Active since 19 June 2006
Hofkwartier(HRT) 26
2200 Herentals
Active since 20 June 2006
Bondgenotenlaan 137
3000 Leuven
Active since 23 July 2007
Avenue de Finlande 2
1420 Braine-l'Alleud
Active since 29 July 2008
Avenue Jean Mermoz(H) 32
6220 Fleurus
Active since 1 March 2011
Marche, Rue du Manoir 3
6900 Marche-en-Famenne
Active since 15 October 2012
Antwerpsesteenweg 261
2800 Mechelen
Active since 17 March 2014
Kortrijksesteenweg 1093/1097 box C
9051 Gent
Active since 15 January 2015
De Kleetlaan 3 box 0
1831 Machelen (Brab.)
Active since 1 January 2014
Lennikse Baan 549
1070 Anderlecht
Active since 1 January 2014
Sint Lendriksborre 10
1120 Brussel
Active since 1 January 2014
Hamelendreef 80
3300 Tienen
Active since 1 January 2016
Rue du Cygne(TOU) 5-7
7500 Tournai
Active since 11 December 2015
Nijverheidsstraat 26
3740 Bilzen-Hoeselt
Active since 25 January 2018
Voetbalstraat 10
1930 Zaventem
Active since 1 January 2018
Avenue DELI XL 1
6530 Thuin
Active since 1 September 2018
Marche, Chemin Saint-Antoine 5
6900 Marche-en-Famenne
Active since 7 February 2022
Chaussée de Wavre(Lgp) 259 box A
4520 Wanze
Active since 7 February 2022
Ruiterijschool 2
2930 Brasschaat
Active since 1 June 2022
Nederwijk-Oost 287
9400 Ninove
Active since 3 October 2022
Z. 4 Broekooi 40
1730 Asse
Active since 3 October 2022
Kernielerweg 59
3840 Tongeren-Borgloon
Active since 7 November 2022
Rue de l'Environnement 18B
4100 Seraing
Active since 1 June 2023
Mai Zetterlingstraat 10
9042 Gent
Active since 1 April 2023
Brits Tweede Legerlaan 591 box CC
1190 Vorst
Active since 1 April 2023
Aarschotsesteenweg 20
3012 Leuven
Active since 1 April 2023
Rue François Englert 15
1480 Tubize
Active since 1 December 2023
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 16 companies are registered at this address.
All companies at this address →MENARINI BENELUX
€ 78.3 million revenue · 2025
TENVA BELGIUM
ManpowerGroup Solutions Belgium same network
€ 16.8 million revenue · 2025
FARNELL (BELGIUM)
€ 12.9 million revenue · 2025
RIGHT MANAGEMENT BELGIUM same network
€ 5.4 million revenue · 2025
+11 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0412.695.309
- VAT number
- BE 0412.695.309
- Registered office
- De Kleetlaan 3, 1831 Machelen (Brab.)
- Names & denominations
- Manpower (Belgium)
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 24 October 1972
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Activiteiten van uitzendbureaus en andere diensten in verband met personeelsvoorziening
Interimkantoren en tijdelijke tewerkstelling