Work Today
Annual accounts 2025
abbreviated format, filed on 08-06-2026, 53 days before the deadlineGross margin
€27.6m
▲ 185%
Operating result
€671,434
▲ 685%
EBITDA
€675,029
▲ 657%
Cash flow
€580,580
▲ 12×
Solvency
8.0%
▼ 2.9 percentage points
Current ratio
1.09
▼ 0.03
Money flows
no detail for 2025Balance sheet
balance sheet total €3.8m on 31-12-2025What the company ownsHow it is paid for
Change in equityin euro
Change in cashin €m
Position in the sector
Solvency8.0%
Higher than 29% of 377 companies in 2025.
Current ratio1.09
Higher than 35% of 367 companies in 2025.
Return on assets15.1%
Higher than 71% of 371 companies in 2025.
Work Today
Middle half of the sector
80% of the sector
Abbreviated accounts in employment activities (NACE 78)
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter
Staff
Staff cost per FTE€36,246
Staff costs divided by the average number of full-time equivalents.
Joined and left+405
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
Total assets20/58 |
3.8m | 2.6m | 374,416 | 455,999 | 335,461 | 173,352 | |
Fixed assets21/28 |
3,958 | 7,553 | 11,148 | 87,899 | 79,671 | 77,396 | |
Tangible fixed assets22/27 |
3,958 | 7,553 | 11,148 | 12,899 | 4,671 | 406 | |
Plant, machinery and equipment23 |
- | - | - | - | 156 | 406 | |
Furniture and vehicles24 |
3,958 | - | - | - | - | - | |
Other tangible fixed assets26 |
- | 7,553 | 11,148 | 12,899 | 4,515 | - | |
Financial fixed assets28 |
- | - | - | 75,000 | 75,000 | 76,990 | |
Current assets29/58 |
3.8m | 2.6m | 363,268 | 368,100 | 255,790 | 95,956 | |
Amounts receivable within one year40/41 |
1.3m | 1.2m | 116,360 | 127,083 | 75,038 | 39,694 | |
Trade receivables40 |
1.2m | 926,867 | 116,360 | 127,083 | 75,038 | 39,101 | |
Other amounts receivable41 |
72,285 | 278,617 | - | - | - | 593 | |
Cash at bank and in hand54/58 |
2.5m | 1.3m | 246,735 | 240,855 | 179,503 | 50,992 | |
Deferred charges and accrued income490/1 |
6,061 | 1,450 | 173 | 162 | 1,249 | 5,270 | |
| Balance sheet: equity and liabilities | |||||||
Total equity and liabilities10/49 |
3.8m | 2.6m | 374,416 | 455,999 | 335,461 | 173,352 | |
Equity10/15 |
306,119 | 279,133 | 129,473 | 110,742 | -11,376 | 24,257 | |
Contributions10/11 |
111,486 | 111,486 | 100,000 | 100,000 | 100,000 | 100,000 | |
Capital10 |
111,486 | 111,486 | - | - | - | - | |
Issued capital100 |
111,486 | 111,486 | - | - | - | - | |
Reserves13 |
13,950 | 13,950 | 10,000 | 4,750 | 4,750 | 4,750 | |
Non-distributable reserves130/1 |
11,149 | 11,149 | 10,000 | 4,750 | 4,750 | 4,750 | |
Legal reserve130 |
11,149 | 11,149 | - | - | - | - | |
Reserves not available under the articles1311 |
- | - | 10,000 | 4,750 | 4,750 | 4,750 | |
Distributable reserves133 |
2,801 | 2,801 | - | - | - | - | |
Profit (loss) carried forward14 |
180,683 | 153,697 | 19,473 | 5,992 | -116,126 | -80,493 | |
Amounts payable17/49 |
3.5m | 2.3m | 244,943 | 345,257 | 346,837 | 149,095 | |
Amounts payable after more than one year17 |
- | - | - | 150,000 | 203,414 | - | |
Other amounts payable178/9 |
- | - | - | 150,000 | 203,414 | - | |
Amounts payable within one year42/48 |
3.5m | 2.3m | 241,343 | 187,398 | 143,423 | 149,095 | |
Trade debts44 |
1.5m | 544,815 | 75,317 | 81,377 | 55,106 | 14,723 | |
Suppliers440/4 |
1.5m | 544,815 | 75,317 | 81,377 | 55,106 | 14,723 | |
Taxes, remuneration and social security45 |
1.4m | 1.7m | 106,026 | 106,021 | 88,317 | 30,958 | |
Taxes450/3 |
418,236 | 1.2m | 73,619 | 69,871 | 52,465 | 25,913 | |
Remuneration and social security454/9 |
993,797 | 492,880 | 32,407 | 36,150 | 35,852 | 5,045 | |
Other amounts payable47/48 |
550,000 | - | 60,000 | - | - | 103,414 | |
Accrued charges and deferred income492/3 |
22,500 | 9,000 | 3,600 | 7,859 | - | - | |
| Income statement | |||||||
Turnover70 |
- | - | - | - | 825,373 | 642,077 | |
Non-recurring operating income76A |
1,382 | - | - | - | 1,059 | - | |
Gross operating margin9900 |
27.6m | 9.7m | 958,236 | 1.1m | 610,623 | 491,991 | |
Goods, raw materials, services and sundry goods60/61 |
- | - | - | - | 254,109 | 187,509 | |
Remuneration, social security and pensions62 |
26.8m | 9.6m | 858,884 | 952,814 | 636,857 | 571,685 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
3,595 | 3,595 | 3,384 | 3,077 | 772 | 250 | |
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 |
70,924 | 14,818 | - | - | - | 1,279 | |
Other operating charges640/8 |
3,011 | 841 | 601 | 579 | 919 | 1,137 | |
Non-recurring operating charges66A |
1,780 | - | - | - | - | - | |
Operating profit (loss)9901 |
671,434 | 85,553 | 95,367 | 158,454 | -27,925 | -82,360 | |
Financial income75/76B |
27,116 | - | - | 131 | - | 3,289 | |
Recurring financial income75 |
27,116 | - | - | 131 | - | 3,289 | |
Financial charges65/66B |
41,213 | 4,276 | 3,323 | 9,253 | 7,253 | 3,404 | |
Recurring financial charges65 |
41,213 | 4,276 | 3,323 | 9,253 | 7,253 | 3,404 | |
Profit (loss) for the period before taxes9903 |
657,337 | 81,277 | 92,044 | 149,332 | -35,178 | -82,475 | |
Income taxes67/77 |
80,352 | 35,203 | 13,313 | 27,214 | 455 | 3,673 | |
Profit (loss) for the period9904 |
576,985 | 46,074 | 78,731 | 122,118 | -35,633 | -86,148 | |
Profit (loss) for the period to be appropriated9905 |
576,985 | 46,074 | 78,731 | 122,118 | -35,633 | -86,148 | |
| Appropriation of the result | |||||||
Profit (loss) to be appropriated9906 |
730,683 | 153,697 | 84,723 | 5,992 | -116,126 | -80,493 | |
Profit (loss) brought forward from the previous period14P |
153,698 | 107,623 | 5,992 | -116,126 | -80,493 | - | |
Transfer to equity691/2 |
- | - | 5,250 | - | - | - | |
To other reserves6921 |
- | - | 5,250 | - | - | - | |
Profit to be distributed694/7 |
550,000 | - | 60,000 | - | - | - | |
Directors or managers695 |
550,000 | - | 60,000 | - | - | - | |
| Social balance sheet | |||||||
Average staff (FTE)9087 |
740 | 253.3 | 11.6 | 14.4 | 10.3 | 9.2 | |
Hours worked1013 |
1,456,040 | 313,377 | 26,794 | 31,925 | 22,695 | 21,764 | |
| Document | |||||||
The accounts for financial year 2019 were filed as a document without figures as data, a scan for example.
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 08-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00143903 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00281716 | |
| 31-12-2023 | abbreviated format | 04-06-2024 | 2024-00108900 | |
| 31-12-2022 | abbreviated format | 20-06-2023 | 2023-00140169 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20190221 | |
| 31-12-2020 | abbreviated format | 12-07-2021 | 2021-34100038 | |
| 31-12-2019 | abbreviated format | 15-06-2020 | 2020-17300475 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| EBITDA | 675,029 | 89,148 | 98,751 | 161,531 | -27,153 | -82,110 | |
| Cash flow | 580,580 | 49,669 | 82,115 | 125,195 | -34,861 | -85,898 | |
| Investment in fixed assets (approximation) | 0 | 0 | 1,633 | 11,305 | 5,037 | - | |
| Change in cash | 1.2m | 1.1m | 5,880 | 61,352 | 128,511 | - | |
| Working capital | 324,661 | 280,580 | 121,925 | 180,702 | 112,367 | -53,139 | |
| EBIT margin | - | - | - | - | -3.4% | -12.8% | |
| Solvency | 8.0% | 10.9% | 34.6% | 24.3% | -3.4% | 14.0% | |
| Current ratio | 1.09 | 1.12 | 1.51 | 1.96 | 1.78 | 0.64 | |
| Debt to equity | 11.46 | 8.18 | 1.89 | 3.12 | - | 6.15 | |
| ROE | 188.5% | 16.5% | 60.8% | 110.3% | - | -355.1% | |
| ROA | 15.1% | 1.8% | 21.0% | 26.8% | -10.6% | -49.7% | |
| Interest coverage | 16.38 | 20.85 | 29.72 | 17.46 | -3.74 | - | |
| Customer credit | - | - | - | - | 33 days | 22 days | |
| Supplier credit | - | - | - | - | 79 days | 29 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 406 | 664 | 4 | 13 | 15 |
| full-time | 406 | 663 | 4 | 13 | 13 |
| part-time | - | 1 | - | - | 2 |
| in full-time equivalents | 406 | 663.2 | 4 | 13 | 14.4 |
| Average over the year, in full-time equivalents | 740 | 235.3 | 11.6 | 14.4 | 10.3 |
| On a permanent contract | 21 | 14 | 1 | 3 | 2 |
| Joined | 119,989 | 57,057 | 1,491 | 2,375 | 1,309 |
| Left | 119,584 | 56,394 | 1,493 | 2,387 | 1,299 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,633 | €11,305 | €5,037 |
| Depreciation and write-downs of the year | €3,595 | €3,595 | €3,384 | €3,077 | €772 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on Work Today
The operating result for 2025 is over 7.8 times that of 2024 and the highest since 2020. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 89.1% to 92.0%. Equity and debt are higher.
Large changes and their cause
- 2025 Net result +1,152% on 2024. Partial demerger to Digital Payroll Services, Official Gazette 18-12-2024, in the previous financial year. That operation now counts for a full year for the first time.
- 2024 Equity +116% on 2023. Partial demerger to Digital Payroll Services, Official Gazette 18-12-2024.