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Randstad N.V. is a public limited liability company incorporated and domiciled in the Netherlands
and listed on Euronext Amsterdam. The registered office of the company is in Amsterdam . The
address of the company is Diemermere 25, 1112 TC Diemen, The Netherlands.
The consolidated financial statements of Randstad N.V. include the company and its subsidiaries
(together called the 'Group'). See note 28 for IFRS consolidation policies and an overview of
selected subsidiaries.
1.1. activities
Randstad specializes in solutions in the field of work and human resources services. Our services
comprise temporary and permanent placements of talent. In addition, we offer recruitment process
outsourcing services (RPO), managed services programs (MSP), payroll services and outplacement
services.
1.2. date of authorization of issue
The financial statements were signed and authorized for issue by the Executive Board and
Supervisory Board on February 10, 2026. The adoption of the financial statements and the adoption
of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders
(AGM) on March 27, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "Randstad N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "Amsterdam The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "Diemermere 25, 1112 TC Diemen", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "1.1. activitiesRandstad specializes in solutions in the field of work and human resources services. Our services comprise temporary and permanent placements of talent. In addition, we offer recruitment process outsourcing services (RPO), managed services programs (MSP), payroll services and outplacement services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
1.2. date of authorization of issue
The financial statements were signed and authorized for issue by the Executive Board and
Supervisory Board on February 10, 2026. The adoption of the financial statements and the adoption
of the dividend are reserved for the shareholders in the Annual General Meeting of Shareholders
(AGM) on March 27, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
2. summary of material accounting policies
The material accounting policies applied in the preparation of these consolidated financial
statements are set out separately below or explained in the respective notes to these financial
statements. These policies have been consistently applied to the periods presented.
accounting policy
The allowance for expected credit losses (ECL) of trade receivables is based on individual
assessments of expected non-recoverable receivables as well as on expected credit losses
estimated using a provision matrix by reference to past default experiences on the portfolio of
trade receivables of subsidiaries in relation to revenue streams, and various other (external)
sources of actual and forecast economic information.
In our estimation, we have taken into account the impact due to changes in macroeconomic
circumstances like the status of geopolitical conflicts, supply chain disruptions and inflationary
environment on the expected credit risk in our portfolio.
Significant financial difficulties of the debtor, the probability that the debtor will enter into
bankruptcy or financial reorganization, serious default or delinquency in payments, and significant
overdues in payment are considered indicators that the trade receivable is in default and a credit
loss is expected to occur. The amount of the allowance is equal to the difference between the
carrying amount of the receivable and the present value of estimated future cash flows.
accounting policy
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and
are subsequently remeasured to their fair value at each reporting date through other
comprehensive income. The resulting gain or loss is recognized in profit or loss immediately once
the underlying is completed. A derivative with a positive fair value is recognized within financial
assets whereas a derivative with a negative fair value is recognized within other liabilities.
At the inception of a hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not dominate the value changes that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is
adjusted for the fair value change attributable to the hedged risk with a corresponding entry in
profit or loss. The fair value change on qualifying hedging instruments is recognized in profit or loss
in the same line as the hedged item. These fair value changes are recorded to the line Other
finance income (expenses).
The Group has various lease arrangements for buildings (such as local head offices and branches),
cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and
subject to domestic rules and regulations. This results in a wide range of different terms and
conditions. At the inception of a lease contract, the Group assesses whether the contract conveys
the right to control the use of an identified asset for a certain period in exchange for a
consideration, in which case it is identified as a lease. The Group then recognizes a right-of-use
asset and a lease liability at the lease commencement date. Lease-related assets and liabilities are
measured on a present value basis. Renewal options that are reasonably certain to occur are added
to the lease term period (extending it). Meanwhile, early termination options that are reasonably
certain to take place are deducted from the lease term period (shortening it). If an extension option
or termination option is included in the lease, judgment is required to determine whether the
extension option will be exercised or the termination option will not be exercised.
Lease-related assets and liabilities are subject to remeasurement when terms are modified or when
lease assumptions have changed. Such an event results in the lease liability being remeasured to
reflect the measurement of the present value of the remaining lease payments, discounted using
the discount rate at the moment of the change. The related right-of-use assets are adjusted to
reflect the change in the remeasured liabilities.
We have chosen not to apply any of the practical expedients as mentioned in IFRS 16 'Leases' (such
as portfolio approach, exemption for low-value leases, and exemption for short-term leases). See
note 21.1.4 for net investment in subleases.
accounting policy
The Group uses the acquisition method to account for the acquisition of subsidiaries.
Goodwill at acquisition date is measured as:
\u2022 The fair value of the consideration transferred, being the fair value of the assets given and
liabilities incurred or assumed; plus
\u2022 The recognized amount of any non-controlling interests in the acquiree; plus
\u2022 The fair value of any previous equity interests in the acquiree (if the business combination is
achieved in stages); less
\u2022 The fair value of the identifiable assets acquired and liabilities assumed (including contingent
liabilities).
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly
in total operating expenses. All considerations transferred to acquire a business are recorded at fair
value as at the acquisition date; subsequent changes to the fair value of the contingent
considerations classified as debt are recognized as expenses or income.
The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest's proportionate share of the recognized
amounts of the acquiree's identifiable net assets.
All acquisition-related costs are expensed and included in other general and administrative
expenses.
accounting policy
Upon disposal of a subsidiary, the gain or loss upon disposal is included in other general and
administrative expenses. See note 5 for further information.
accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures that are directly attributable to the
acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or
recognized as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably.
Land is not depreciated. Depreciation on other property, plant and equipment is charged to
operating expenses and/or cost of services on a straight-line basis over their estimated useful lives,
from the date they are available for use.
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Gains and losses arising on disposal are included in the income statement under other general and
administrative expenses.
accounting policy
Acquired software (licenses) and developed software are stated at cost less accumulated
amortization and impairment losses.
Expenditures in relation to the development of on-premise, identifiable and unique software (or
significant enhancements to existing on-premise software) used by the Group, of which the
intellectual property is owned by the Group, for which these will probably generate economic
benefits exceeding costs beyond one year, are recognized as developed software and amortized
over their estimated useful lives. Capitalized costs include employee costs of software
development and third-party expenses.
Configuration and customization costs relating to cloud computing arrangements are expensed as
incurred.
Expenditures associated with small enhancements or maintenance of software are recognized as
an expense when incurred.
Amortization of software applications is charged to operating expenses and/or cost of services on
a straight-line basis over the estimated useful lives, from the date they are available for use.
In 2025, we had \u20ac 2 million software impairment (2024: \u20ac 1 million).
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Internally developed software and purchased software are amortized on a straight-line basis over
the useful lives of three to five years or, in the case of licenses, if the license period is shorter than
three years, over this shorter period.
Impairments, if any, are mainly caused by the discontinuation of software applications. The net
book value of software is impaired to its recoverable amount, which tends to be zero, based on
each individual case.
accounting policy
Acquisition-related intangible assets (client relationships (including franchise agreements), brand
names, talent profiles and developed technology) that are acquired by the Group are stated at cost
less accumulated amortization and impairment losses.
When an intangible asset is acquired in a business combination, it is recognized at fair value at the
date of its acquisition. This fair value is determined on a basis that reflects an amount that the entity
would have paid for the asset in an arm's length transaction between knowledgeable and willing
parties, based on the best information available. If the fair value cannot be measured reliably, the
asset is not recognized as a separate intangible asset but is included in goodwill.
Amortization of acquisition-related intangible assets is charged to total operating expenses on a
straight-line basis over their estimated useful lives, from the date they are available for use. The
residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
The estimated useful life of client relationships is four to five years, of brand names two to five
years, of talent profiles two to three years, and of technology five to six years. Technology relates
to the software platforms acquired in acquisitions and in use as an integral part of our business
activities.
Impairments, if any, can be the result of the asset no longer being able to generate future
economic benefits or the annual impairment test of the cash-generating unit to which the
acquisition-related intangible assets are related.
accounting policy
The Group subleases some of its right-of-use assets. In these instances, the Group is an
intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases
under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and
rewards incidental to the underlying right-of-use assets arising from the head lease have been
transferred. Sublease contracts with the classification of financial leases are recognized as a net
investment in sublease, which is presented as a financial asset. The carrying amount of the
underlying right-of-use asset is derecognized. The net investments in subleases are measured at
the present value of the (future) lease receipts, discounted using our incremental borrowing rate at
commencement date of the sublease. Sublease contracts with the classification of operating leases
result in sublease income being recognized periodically during the sub-rental period. Operating
subleases have no impact on the right-of-use asset measurement.
The maturity of net investments in subleases is set out in the table below, showing the
undiscounted lease amounts to be received after the balance sheet date.
The nominal value of the net investments in subleases amounts to \u20ac 3 million (2024: \u20ac 1 million),
which best represents the maximum exposure to credit risk. As at December 31, 2025 and 2024,
the carrying amount equaled the fair value
accounting policy
Associates are companies over which the Group has significant influence, but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method and are initially recognized at
cost. The Group's investment in associates includes goodwill on acquisition, net of any
accumulated impairment losses.
The Group's share of the post-acquisition profits and losses of the associates is recognized as share
in results of associates, and its share of post-acquisition movements in other comprehensive
income of the associates is recognized in other comprehensive income, with a corresponding
effect on the carrying amount of the associate.
Downstream transactions with associates are recognized in profit or loss up the unrelated
investors' percentage ownership in the associate. The remainder gain or loss of the downstream
transaction is deferred.
accounting policy
On the issue of new shares, or on the extension of the term of preference shares outstanding, the
proceeds less directly attributable costs are recognized in shareholders' equity within issued
capital and, if applicable, within share premium.
On the purchase of ordinary shares included in shareholders' equity, the consideration paid,
including directly attributable costs, is recorded as a change in shareholders' equity. Purchased
ordinary shares are classified as treasury shares and presented as a deduction from shareholders'
equity under reserves.
On the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are
recognized under treasury shares for the original consideration paid; the remainder is recognized
as a change in retained earnings.
As at December 31, 2025, the company held 744,529 treasury shares (December 31, 2024:
5,725,965). In 2024, these treasury shares related to the last third tranche of the share buyback
program that started in 2024 and share repurchases related to the performance share plans.
accounting policy
Non-controlling interests represent the net assets not held by the Group and are presented within
total equity in the consolidated balance sheet as a separate category. Profit or loss and each
component of other comprehensive income are attributed to the equity holders and to the non-
controlling interests.
The Group treats transactions with non-controlling interests as transactions with equity owners of
the Group. For acquisitions of non-controlling interests, the difference between any consideration
paid and the relevant share acquired of the carrying value of the net assets is recorded in equity.
Gains or losses on disposals of non-controlling interests are also recorded in equity as long as
control of the subsidiary is maintained.
Additional information about non-controlling interests is included in the consolidated statement of
changes in equity.
accounting policy
Other liabilities comprise deferred payments and financial commitments.
Financial commitments relate to future payments that the Group has committed to making for
which there are no economic benefits that are expected to flow to the Group. These commitments
are recognized at the moment that the Group determines that no economic benefits will arise and
the related expense is recorded to net finance costs.
Deferred payments (including earn-out arrangements) relate to business combinations. The initial
amount of the earn-out liability is calculated based on the provisional purchase price allocation at
the moment of acquisition. Any changes in the earn-out liability are included as adjustments to
goodwill at the moment of the final purchase price allocation, performed at one year after
acquisition. Should earn-out arrangements have a longer term than one year after the acquisition
date, differences upon settlement between the actual cash outflow and the expected cash outflow,
are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
2.1. basis of preparation
The consolidated financial statements have been prepared in accordance with the IFRS Accounting
Standards as adopted by the European Union (\u2018EU\u2019) and with Part 9 of Book 2 of the Dutch Civil
Code.
The financial statements are prepared under the historical cost convention (unless otherwise
indicated) and on a going concern basis. To determine the appropriateness of the going concern
assumption, management has assessed the ability of the Group to continue as a going concern for
at least 12 months from the date of preparation of this report (the going concern period) based on
an evaluation of, among others, the financial position, expected future cash flows and market
developments. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and
geopolitical uncertainty) for further disclosures.
For both current assets and liabilities (expected to be recovered or settled within one year) and
non-current assets and liabilities (expected to be recovered or settled/extinguished after one year),
the corresponding presentation is used on the face of the balance sheet.
The Group operates in countries with different currencies. All subsidiaries have as their functional
currency the local currency of the country in which they operate. The Group and its parent
company use the euro as their functional and presentation currency.
All amounts in tables are presented in millions of euros, unless explicitly stated otherwise.
New standards, amendments and/or interpretations to existing IFRS standards became effective in
2025. These new standards, amendments and interpretations, as far as they are relevant to the
Group, have no impact on the valuation and classification of assets and liabilities of the Group, nor
on its income statement or cash flows.
new standards, amendments and/or interpretations
New standards, amendments and/or interpretations to existing IFRS standards have been
published that only need to be applied to accounting periods beginning on or after January 1, 2026.
Considerations relating to IFRS 18 Presentation and Disclosure in Financial Statements are set out
below. As far as any other standards, amendments and interpretations are applicable to the Group,
these are expected to have no effect on the valuation and classification of assets and liabilities
upon adoption. The Group has decided not to opt for early adoption.
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements.
IFRS 18 introduces new requirements for presentation within the statement of profit or loss,
including specified totals and subtotals. Furthermore, entities are required to classify all income
and expenses within the statement of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the first three are new.
The standard requires disclosure of management-defined performance measures, subtotals of
income and expenses, and it also includes new requirements for aggregation and disaggregation
of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and
the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which
removed the optionality around classification of cash flows from dividends and interest. In addition,
there are consequential amendments to several other standards.
IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning
on or after January 1, 2027. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will have on the primary
financial statements and notes to the financial statements. The Group anticipates a limited impact
on its financial statements, initially expected to be as follows:
\u2022 Foreign exchange difference will be classified in the category where the related income and
expense form the item giving rise to the foreign exchange difference.
\u2022 New disclosure will be added: (a) management-defined performance measures; (b) specified
expense by nature if expenses are presented by function in the operating category of the
statement of profit or loss; and (c) a reconciliation for each line item in the statement of profit or
loss between the restated amounts presented applying IFRS 18 and the amounts previously
presented applying IAS 1.
\u2022 Interest received and interest paid will be classified in the investing activities and financing
activities, respectively, on the statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
The consolidated financial statements have been prepared in accordance with the IFRS Accounting
Standards as adopted by the European Union (\u2018EU\u2019) and with Part 9 of Book 2 of the Dutch Civil
Code.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
The financial statements are prepared under the historical cost convention (unless otherwise
indicated) and on a going concern basis. To determine the appropriateness of the going concern
assumption, management has assessed the ability of the Group to continue as a going concern for
at least 12 months from the date of preparation of this report (the going concern period) based on
an evaluation of, among others, the financial position, expected future cash flows and market
developments. See note 3.2.2 (liquidity risk) and note 3.3 (impact of global macroeconomic and
geopolitical uncertainty) for further disclosures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
The Group operates in countries with different currencies. All subsidiaries have as their functional
currency the local currency of the country in which they operate. The Group and its parent
company use the euro as their functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
2.2. fair value estimation
Fair value estimations are mainly used with respect to financial assets and financial liabilities.
The fair value of most financial assets and liabilities is estimated by discounting the future
contractual cash flows at current market interest rates that are available to the Group for similar
financial assets and liabilities. The use of market data that is observable either directly or indirectly
reflects level 2 inputs in the fair value hierarchy.
In addition, the Group held a loan that was carried at fair value. The Group determines the fair value
of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the
Group used inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy).
Refer to note 21.1.1 for details. This loan was held until October 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
2.2. fair value estimation
Fair value estimations are mainly used with respect to financial assets and financial liabilities.
The fair value of most financial assets and liabilities is estimated by discounting the future
contractual cash flows at current market interest rates that are available to the Group for similar
financial assets and liabilities. The use of market data that is observable either directly or indirectly
reflects level 2 inputs in the fair value hierarchy.
In addition, the Group held a loan that was carried at fair value. The Group determines the fair value
of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the
Group used inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy).
Refer to note 21.1.1 for details. This loan was held until October 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
In addition, the Group held a loan that was carried at fair value. The Group determines the fair value
of this loan by using a discounted cash flow valuation method. For the valuation of this asset, the
Group used inputs that are not observable, either directly or indirectly (level 3 fair value hierarchy).
Refer to note 21.1.1 for details. This loan was held until October 2025.
21.1.4. net investments in subleases
2025
2024
Balance as at January 1
1
11
Additions at fair value
3
1
Redemptions
(1)
(5)
Translation differences
\u2014
(6)
Balance as at December 31
3
1
Non-current part
2
\u2014
Current part
1
1
Balance as at December 31
3
1
accounting policy
The Group subleases some of its right-of-use assets. In these instances, the Group is an
intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases
under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and
rewards incidental to the underlying right-of-use assets arising from the head lease have been
transferred. Sublease contracts with the classification of financial leases are recognized as a net
investment in sublease, which is presented as a financial asset. The carrying amount of the
underlying right-of-use asset is derecognized. The net investments in subleases are measured at
the present value of the (future) lease receipts, discounted using our incremental borrowing rate at
commencement date of the sublease. Sublease contracts with the classification of operating leases
result in sublease income being recognized periodically during the sub-rental period. Operating
subleases have no impact on the right-of-use asset measurement.
The maturity of net investments in subleases is set out in the table below, showing the
undiscounted lease amounts to be received after the balance sheet date.
The nominal value of the net investments in subleases amounts to \u20ac 3 million (2024: \u20ac 1 million),
which best represents the maximum exposure to credit risk. As at December 31, 2025 and 2024,
the carrying amount equaled the fair value
maturity of net investments in subleases
2025
2024
year 1
1
1
year 2-5
2
\u2014
Undiscounted lease amounts to be received
3
1
Unearned finance income
\u2014
\u2014
Present value of lease amounts to be received
3
1
Balance as at December 31
3
1
21.2. equity investments
equity investments
2025
2024
Balance as at January 1
30
36
Fair value adjustments
3
(6)
Additions
\u2014
2
Disposals
(8)
(2)
Balance as at December 31
25
30
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
The fair value of the investments has increased by \u20ac 3 million (2024: decreased by \u20ac 6 million). This
was based on share transactions and other market information. During the year 2025, the Group
divested some of its minority participations. These divestments had a carrying amount of \u20ac 8
million (2024: \u20ac 2 million).
24.2. pensions
defined benefit pension plan schemes
2025
2024
Defined benefit plan, corporate employees in Belgium
23
29
Defined benefit plan, corporate employees in France
44
52
Defined benefit plan, corporate employees in Germany
5
5
Defined benefit plan, corporate employees in Switzerland
5
6
Defined benefit plans, corporate employees in other countries
2
3
Total
79
95
The Group has various pension schemes, in accordance with local conditions and practices in the
countries in which it operates. In some countries, such pension schemes are operated through a
company pension fund. Most of the pension schemes are defined contribution plans, which are
funded through payments to independent entities. For these schemes, the Group's obligation is
limited to the payment of these annual contributions. The contributions constitute net periodic
costs for the year in which they are due and are included in personnel expenses and/or cost of
services.
A few pension schemes are defined benefit plans. The liability recognized in the balance sheet is
the present value of the defined benefit obligation less the fair value of plan assets. Independent
actuaries calculate the defined benefit obligations based on factors such as age, years of service
and compensation (based upon the projected unit credit method).
The present value of the defined benefit obligation is determined by discounting the estimated
future cash outflows using interest rates of high-quality corporate bonds denominated in the
currency in which the benefits will be paid, and with terms to maturity that approximate the term
when the related pension liability is due.
Current service costs are recognized in personnel expenses and/or cost of services and reflect the
increase in the defined benefit obligation resulting from employee service in the current year. Past
service costs are recognized immediately in personnel expenses and/or cost of services.
Withdrawals/benefits paid also include the net transfer of participants' vested benefits.
Remeasurement gains and losses of the net defined benefit obligation arising from experience
adjustments and changes in actuarial assumptions are recognized in other comprehensive income.
The net interest expense on the net defined benefit liability is determined by applying the discount
rate used to measure the defined benefit obligation at the beginning of the year to the then net
defined benefit liability. Net interest expense is recognized in net finance costs.
In the Netherlands and Belgium, two pension schemes are operated through separate and
independent company pension funds.
For the Netherlands, this is 'Stichting Pensioenfonds Flexsecurity' for staffing employees employed
by Dutch Group companies; the fund operates a defined contribution pension plan. In 2025, the
transactions with 'Stichting Pensioenfonds Flexsecurity' amounted to \u20ac 78 million (2024: \u20ac 81
million); the balance as at December 31, 2025 amounted to \u20ac 8 million payable (December 31,
2024: \u20ac 8 million).
For Belgium, in 2024 the pension fund was 'Pensioenfonds Belgische werkmaatschappijen van
Randstad OFP' for corporate employees employed by Belgian Group companies. The plan was
organized through a fund that was legally separated from the company. The Board of this pension
fund was required to act in the interest of the fund and of all relevant stakeholders in the scheme;
the investment policy with regard to the assets of the fund was also the responsibility of the Board.
In 2024, transactions with this fund amounted to \u20ac 6 million and there was no outstanding balance.
In 2025, the pension fund was closed and the balances were transferred to 'OFP KBC Pension Fund
Services - Afzonderlijk Vermogen Randstad'. The fund operates a defined benefit pension plan and
a hybrid pension plan. The defined benefit plan is a final-salary pension plan, providing benefits to
(former) employees in the form of a guaranteed level of pension payable for life upon retirement.
As of January 1, 2024, the defined benefit plan was closed to new plan participants. All plan
participants that were enrolled in the defined benefit plan prior to this date opted to remain in this
plan. New plan participants from January 1, 2024 joined the hybrid plan. In the hybrid plan, the
portion related to salaries that are below the Belgian statutory pension ceiling is treated as a
defined benefit plan, while the portion related to salaries above this pension ceiling functions as a
defined contribution plan where the Group is required to guarantee a minimum return on the
contributions paid, in line with Belgian pension legislation. Both pension plans are accounted for as
defined benefit plans. The pension entitlement of corporate employees is based on the average
pensionable salary in the last three years before retirement.
In the Netherlands, a second pension scheme is in origin a defined benefit pension plan. This
pension plan is a closed plan (operated through an insurance company) and the net asset/liability is
basically the difference between the expected future surplus interest sharing that will flow to the
Group and a yearly guarantee payment based on the pension obligation towards employees. The
net pension asset is fully recoverable and has been presented under (current) assets in the
statement of financial position.
In France, the defined benefit pension plan is a final-salary pension plan, which provides benefits to
(former) employees in the form of a guaranteed level of pension payable as a lump sum upon
retirement. The plan is in addition to state plans. The company is legally required to pay lump sums
to employees upon retirement. The amounts are based on the number of years of service in the
company and on the base salary according to the collective bargaining agreement in force. The
scheme covers all corporate employees employed by French Group companies.
breakdown of obligations for defined benefit pension plans
2025
2024
Present value of funded obligations
352
363
Present value of unfunded obligations
\u2014
\u2014
Total present value of obligations
352
363
Fair value of plan assets
(273)
(268)
Liability in the balance sheet
79
95
major categories of plan assets
as a % of fair value of total plan assets
2025
2024
Cash
1%
1%
Bonds
27%
26%
Equity instruments
44%
46%
Real estate
10%
10%
Other
18%
17%
100%
100%
The actual return on plan assets was \u20ac 6 million negative (2024: \u20ac 33 million positive), as a result of
negative developments in the value of equity investments.
principal actuarial assumptions used for defined benefit pension plans
2025
2024
Discount rate
1.3% - 4.15%
1.0% - 3.6%
Expected salary increases
0.0% - 4.0%
0.0% - 4.0%\u00a0
Expected pension increases
0.1% - 2.0%
0.1% - 2.0%
average life expectancy1
in years
2025
2024
Male
21.1 - 22.5
20.9 - 22.5
Female
22.5 - 27.1
23.9 - 27.1
1Average life expectancy of an individual retiring at the age of 65 on the balance sheet date.
The assumptions regarding future mortality are based on published statistics and mortality tables in
each territory.
The Group expects the 2026 contributions to be paid for defined benefit plans to be approximately
\u20ac 23 million, excluding the impact of acquisitions and disposals.
risks
The most significant risks related to defined benefit plans are related to:
\u2022 Asset volatility: if the plan assets underperform, the yield on (high-quality) corporate bonds,
which is the base for setting the discount rate in calculating the plan liabilities, will create a
deficit;
\u2022 Interest/yield volatility: a decrease will result in an increase in the net plan liabilities;
\u2022 Salary volatility: future (expected) salaries are being used in the calculation of the plan liabilities;
higher than expected salary increases will result in higher liabilities; and
\u2022 Life expectancy: in the calculation of the plan liabilities, mortality tables are being used,
indicating the life expectancy of the participants. If life expectancy increases, the plan liabilities
will also increase.
sensitivity
With respect to the provision for pensions, a change in the interest rate of 1%-point, with all other
variables held constant, would result in a deviation in the range of \u20ac 6 \u2013 \u20ac 7 million
(2024: \u20ac 3 \u2013 \u20ac 5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
3. capital and financial risk management
3.1. capital management
Randstad N.V.'s policy is to maintain a sound financial position through a leverage ratio (excluding
IFRS 16) of below 2. We believe this is important to maintain the confidence of clients, talent,
creditors and investors, and to sustain the future development of our business.
Our financing policy aims to secure financing that matches the Group's mid- to long-term financing
requirements.
3.1.1. dividend policy
Randstad's dividend policy is part of our capital allocation policy, and consists of two elements.
Firstly, we pay out an ordinary cash dividend. We aim for a flexible payout ratio of 40% - 50% of net
profit adjusted for amortization and impairment of acquisition-related intangible assets and
goodwill, integration costs and one-offs. In addition, we have set a conditional ordinary cash floor
dividend of \u20ac 1.62 per share. This baseline dividend level will be maintained even when the 40% -
50% payout ratio is temporarily exceeded, barring (i) seriously adverse economic conditions, (ii)
material strategic changes to the sector, and (iii) a material deterioration in our solvency and
liquidity ratios.
Secondly, we have set discretionary additional returns to shareholders in the event of a leverage
ratio below 1.0 (excluding IFRS 16 'Leases') through either (i) a special cash dividend or (ii) share
buybacks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
3.1.1. dividend policy
Randstad's dividend policy is part of our capital allocation policy, and consists of two elements.
Firstly, we pay out an ordinary cash dividend. We aim for a flexible payout ratio of 40% - 50% of net
profit adjusted for amortization and impairment of acquisition-related intangible assets and
goodwill, integration costs and one-offs. In addition, we have set a conditional ordinary cash floor
dividend of \u20ac 1.62 per share. This baseline dividend level will be maintained even when the 40% -
50% payout ratio is temporarily exceeded, barring (i) seriously adverse economic conditions, (ii)
material strategic changes to the sector, and (iii) a material deterioration in our solvency and
liquidity ratios.
Secondly, we have set discretionary additional returns to shareholders in the event of a leverage
ratio below 1.0 (excluding IFRS 16 'Leases') through either (i) a special cash dividend or (ii) share
buybacks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
3.2. financial risk management
The Group is exposed to a variety of financial risks, including credit risk, liquidity risk, foreign
currency exchange risk, and interest rate risk. One of the objectives of the Group's Risk & Control
framework is to minimize potential adverse effects on the financial performance of the Group.
Our Risk & Control framework is in place to ensure that risks are detected, measured and reported
properly. Risk management procedures are carried out under policies that have been approved by
the Executive Board.
3.2.1. credit risk
Credit risk within the Group arises from the possibility that clients and other counterparties may not
be able to settle their obligations towards the Group.
Credit control policies are included in a blueprint, which is a global document including prescribed
work procedures and guidelines. To manage credit risk, credit checks are performed upfront for
new customers. For high-risk clients, credit limits are put in place based on internal and/or external
ratings. Credit risk is monitored by the credit control departments of our operating companies on a
daily basis.
The Group has no significant concentrations of credit risk, as the Group has many clients in a large
number of industries and countries.
trade and other receivables
2025
2024
Trade receivables
4,234
4,379
Less: allowance for expected credit losses
36
39
Trade receivables, net of allowance for expected credit losses
4,198
4,340
Other receivables
787
824
Prepayments
279
313
Net plan assets defined benefit pension plan
2
2
Loans
7
7
Net investments in subleases
1
1
Total trade and other receivables
5,274
5,487
The balance included within other receivables consists mostly of revenue to be invoiced.
The carrying amount of these receivables reflects the fair value.
The Group does not hold any collateral as security.
Trade and other receivables are initially stated at fair value. Subsequent measurement is at
amortized cost, using the effective interest method less allowance for expected credit losses.
Trade and other receivables are hold-to-collect contractual cash flows.
For net plan assets relating to the defined benefit pension plan, see note 24.2.
accounting policy
The allowance for expected credit losses (ECL) of trade receivables is based on individual
assessments of expected non-recoverable receivables as well as on expected credit losses
estimated using a provision matrix by reference to past default experiences on the portfolio of
trade receivables of subsidiaries in relation to revenue streams, and various other (external)
sources of actual and forecast economic information.
In our estimation, we have taken into account the impact due to changes in macroeconomic
circumstances like the status of geopolitical conflicts, supply chain disruptions and inflationary
environment on the expected credit risk in our portfolio.
Significant financial difficulties of the debtor, the probability that the debtor will enter into
bankruptcy or financial reorganization, serious default or delinquency in payments, and significant
overdues in payment are considered indicators that the trade receivable is in default and a credit
loss is expected to occur. The amount of the allowance is equal to the difference between the
carrying amount of the receivable and the present value of estimated future cash flows.
movements in the allowance for expected credit losses of trade receivables
2025
2024
Balance as at January 1
39
38
Acquisition/(disposal) of subsidiaries
\u2014
(2)
(Release)/charged to selling expenses
9
9
Receivables written off as uncollectable
(11)
(6)
Translation differences
(1)
\u2014
Balance as at December 31
36
39
In the allowance for expected credit losses of trade receivables, an allowance is included for
individually impaired trade receivables of \u20ac 18 million (2024: \u20ac 21 million). The remainder is related
to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on
the approach described above.
The allowance for expected credit losses of trade receivables excludes recoverable value-added
taxes.
Net amounts charged to this allowance are generally written off when there is no expectation of
recovering additional cash.
The table 'expected credit losses' below shows the rate of expected credit losses for various
appropriate past-due categories.
expected credit losses
trade receivables - days past due
not past due
0-4 weeks
5-16 weeks
17 weeks
and over
doubtful
debts
total
December 31, 2025
ECL rate
0.1%
0.6%
1.76% -
10.32%
24.85% -
50%
100.0%
Estimated total gross carrying amount
at default
3,283
273
126
25
18
3,725
Lifetime ECL
2
1
4
11
18
36
December 31, 2024
ECL rate
0.1%
0.4%
1.48% -
8.85%
23.54% -
50%
100.0%
Estimated total gross carrying amount
at default
3,335
325
134
27
21
3,842
Lifetime ECL
2
1
3
12
21
39
aging of trade receivables, based on invoice date
2025
2024
amount
%
amount
%
0-4 weeks
2,149
50.8
2,278
52.0
5-16 weeks
1,967
46.4
1,980
45.2
17-26 weeks
77
1.8
77
1.8
Not impaired
4,193
99.0
4,335
99.0
Impaired
41
1.0
44
1.0
Total trade receivables
4,234
4,379
The information with regard to aging categories is based on the invoice date, as the risk of non-
payment starts from this date.
For other financial assets, which for the main part comprise receivables on governmental or semi-
governmental bodies and loans to our associate, see note 21.
Excess cash positions are invested with preferred financial partners, which are mostly considered
to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds.
Policies are in place that limit the amount of credit exposure to any one financial institution.
3.2.2. liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's
approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds
available to meet its liabilities when due, under both normal and stressed conditions. This risk is
managed by having sufficient availability of cash, as well as committed and uncommitted credit
lines, both at Group and subsidiary level.
credit facilities
As at December 31, 2025, the Group had a \u20ac 1,750 million ( 2024: \u20ac 1,750 million) committed multi-
currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2024: May
2029). As at December 31, 2025, the group had \u20ac 620 million (2024: \u20ac 950 million) outstanding
under the multi-currency syndicated revolving credit facility. The facility agreement contains a
covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on
material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based
on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a
leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30
and December 31 each year. The Group was in compliance with the covenant during the year. This
credit facility has an interest rate that is based each time on the term of the drawing, increased by a
margin above the applicable interbank or risk-free rate. The margin is variable and depends on
Randstad's credit rating.
The facility agreement stipulates that the calculation of this ratio is based on the accounting
policies as included in the annual report 2021, but excluding any liability under any lease (including
a future lease), which would have been classified as an operating lease prior to January 1, 2019.
In 2025, the Group had two committed bilateral term loans of a total of \u20ac 120 million (2024: \u20ac 120
million), maturing January 2028 and a Eurobond of \u20ac 500 million (2024: \u20ac 500 million), maturing
March 2029. The term loans have an interest rate that is each time based on the term of the
drawing, increased by a fixed margin. The Eurobond has a fixed interest rate, which was swapped
to a floating rate with a fixed margin. For details refer to note 3.2.4.
The actual leverage ratio (excluding IFRS 16) as at December 31, 2025 is 1.30 (December 31, 2024:
1.60), which is well below the limit.
borrowings
2025
2024
Balance as at January 1
1,576
426
Drawings on non-current borrowings
935
2,111
Repayments of non-current borrowings
(1,265)
(975)
Fair value adjustments
(3)
10
Amortization of transaction costs
1
1
Translation and currency differences
(1)
3
Non-current borrowings before reclassification
1,243
1,576
Borrowings are initially recognized at fair value less attributable transaction costs. Subsequent to
initial recognition, borrowings are stated at amortized cost.
Any difference between the proceeds and the amount to be repaid is recognized in net finance
costs during the term of the borrowings, using the effective interest method.
total borrowings
2025
2024
Non-current borrowings
1,243
1,576
Current borrowings
169
71
Short-term part of non-current borrowings
\u2014
\u2014
Borrowings, under current liabilities
169
71
Total borrowings
1,412
1,647
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the
market, the effective interest rates are considered equal to the actual rates.
Negative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu'
clauses apply.
movements in non-current borrowings
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was
designated as a hedge of the net investment in subsidiaries in the US (prior to repayment). These
net investment hedges were all considered effective.
current borrowings
2025
2024
Balance as at January 1
71
141
Acquisition of subsidiary companies
\u2014
40
Drawings/(repayments)
101
(109)
Net increase/(decrease) cash flow statement
101
(69)
Translation and currency differences
(3)
(1)
Balance as at December 31
169
71
Bank overdrafts and current borrowings
169
71
Balance as at December 31
169
71
The Group rolled over \u20ac 150 million current borrowings during the year. This transaction is
excluded from the statement of cash flows as no cash was exchanged.
Bank overdrafts are denominated in various currencies. As at December 31, 2025, the major bank
overdraft denominated in foreign currencies is for an amount of nil (2024: \u20ac 4 million in Indian
Rupee). Maturities of financial liabilities are expected to be:
expected maturities of financial liabilities
including interest payments
carrying
amount
0 - 90 days
91 - 365
days
2 - 5 years
more than 5
years
December 31, 2025
Non-current borrowings 1
1,243
21
2
1,298
\u2014
Lease liabilities (non-current and current) 2
498
46
123
312
68
Borrowings under current liabilities 3
169
169
\u2014
\u2014
\u2014
Trade and other payables4
4,160
3,689
471
\u2014
\u2014
Other liabilities (non-current and current) 5
\u2014
\u2014
\u2014
\u2014
\u2014
6,070
3,925
596
1,610
68
December 31, 2024
Non-current borrowings 1
1,576
\u2014
\u2014
1,576
\u2014
Lease liabilities (non-current and current) 2
571
50
133
363
89
Borrowings under current liabilities 3
71
71
\u2014
\u2014
\u2014
Trade and other payables4
4,211
3,744
467
\u2014
\u2014
Other liabilities (non-current and current) 5
23
\u2014
1
1
\u2014
6,452
3,865
601
1,940
89
1Non-current borrowings: carrying amount is undiscounted.
2Lease liabilities: carrying amount is discounted, whereas lease repayments in the maturity buckets are undiscounted.
3Bank overdrafts include no interest, as these are repayable upon demand; other drawings include interest. All amounts in the
maturity buckets are undiscounted.
4Excluding deferred income. All amounts are undiscounted.
5Other liabilities are based on the expected contractual dates. Carrying amount is discounted, whereas amounts in the maturity
buckets are undiscounted. In 2024, other liabilities includes a \u20ac 21 million balance of non-financial liabilities which is not included
in the maturity buckets.
cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other
short-term highly liquid investments with original maturities of three months or less.
Cash and cash equivalents
2025
2024
Time deposits
58
36
Cash on hand and at bank
341
321
Total cash and cash equivalents
399
357
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at
December 31, 2025 is 5.9% (December 31, 2024: 4.7%).
As at December 31, 2025, an amount of \u20ac 350 million out of \u20ac 399 million (December 31, 2024: \u20ac
305 million out of \u20ac 357 million) is available upon demand while the remaining \u20ac 49 million (2024:
\u20ac 52 million) is classified as restricted cash.
net debt
The net debt includes the balance of cash, cash equivalents, borrowings (both current and non-
current), derivative instruments, as well as lease liabilities (current and non-current).
net debt
2025
2024
Non-current borrowings
(1,243)
(1,576)
Current borrowings
(169)
(71)
Total borrowings
(1,412)
(1,647)
Derivative instruments
7
10
Cash and cash equivalents
399
357
Net cash/(net debt), excluding lease liabilities
(1,006)
(1,280)
Lease liabilities
(498)
(571)
Net debt
(1,504)
(1,851)
3.2.3. foreign currency exchange risk
transactions and balances in currencies other than
the\u00a0functional currency
Transactions in currencies other than the functional currency of the related subsidiary are
converted at the foreign exchange rate on the date of the transaction. Monetary balance sheet
items (such as cash and borrowings) in currencies other than the functional currency of the related
subsidiary are converted at year-end exchange rates.
Exchange differences resulting from the settlement of transactions on cash, cash equivalents and
borrowings, as well as from the conversion of these monetary balance sheet items, are included in
net finance costs. Exchange differences resulting from the settlement of other transactions and
conversion of other monetary balance sheet items are included in operating expenses. Non-
monetary balance sheet items (such as property, plant and equipment) that are measured in terms
of historical cost in currencies other than the functional currency of the related company are
converted at the foreign exchange rates on the date of transaction.
exposures to foreign currency exchange risk
The Group uses the euro as its reporting currency. Currencies other than the euro that are of
primary importance to the Group are the Australian dollar, the Japanese yen, and the US dollar.
main exchange rates to the euro
averages on annual basis
2025
2024
average
at year-end
average
at year-end
Australian dollar
0.57
0.57
0.61
0.60
Japanese yen
0.0059
0.0054
0.0061
0.0061
US dollar
0.88
0.85
0.92
0.97
The foreign currency exchange risk of the Group with respect to transactions is limited, because
subsidiaries usually generate both revenues and expenses in the same local currency.
All other foreign exchange transactions, which mostly consist of intercompany financing (equity
increases, dividends, intercompany loans and interests), are accounted for, in principle, at the
exchange rate at the transaction date. The Group has a policy to match, within certain preset
boundaries, the currencies in the net debt positions with the currencies in the cash flow
generation. The currency mix of the debt can easily be adjusted, as the \u20ac 1,750 million syndicated
revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore
unnecessary. At year-ends 2025 and 2024, the Group had no outstanding currency derivatives.
Currency fluctuations can, however, affect the consolidated results, due to the translation of local
results into the Group's reporting currency.
Translation effects from consolidation may also impact shareholders' equity. The Group has a
number of net investments in foreign subsidiaries whose assets and liabilities are exposed to
currency translation risk that is accounted for, through total other comprehensive income, in
equity. Currency exposures arising from the net assets of the Group's foreign operations are
monitored and, when considered necessary, hedged against borrowings in the relevant currencies
through a net investment hedge; translation differences on borrowings classified as such are
included, through comprehensive income, in equity.
In the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS
29 'Financial reporting in hyperinflationary economies'. The application of this standard has no
material effect on the consolidated financial statements. The general price indices published for
Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina
and Turkey as at December 31, 2025 were 9,844 and 3,483 (December 31, 2024: 7,491 and 2,657)
respectively. The effect of the adjustment on the results of the Group designated as the result on
net monetary position totaled \u20ac 1 million during the current year (2024: \u20ac 2 million) and is
presented under net finance costs (see note 15).
sensitivity
If the euro had weakened or strengthened 15% on average during 2025 against the currencies
mentioned in the table 'main exchange rates to the euro', with all other variables held constant,
EBITA for the year 2025 would have been higher or lower respectively in the range of \u20ac 4 million to
\u20ac 22 million per currency (2024: range of \u20ac 5 million to \u20ac 16 million per currency). If the euro had
weakened or strengthened 10% on average against these currencies, EBITA for the year 2025 would
have been higher or lower respectively in the range of \u20ac 3 million to \u20ac 15 million per currency
(2024: range of \u20ac 3 million to \u20ac 11 million per currency). The effect on shareholders' equity would
have been the same (before tax effects).
foreign currency sensitivity against euro
2025
2024
15% change
10% change
15% change
10% change
Australian dollar
4
3
5
3
Japanese yen
8
6
9
6
US dollar
22
15
16
11
foreign currency sensitivity on financial instruments
The foreign exchange risk exposure on the consolidated financial assets is limited and not material.
The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore
foreign exchange risk is limited.
3.2.4. interest rate risk
The Group's interest rate risk primarily arises from its consolidated net debt, which may be subject
to changes in interest rates. The general policy is to maintain floating interest rates on net debt as
much as possible. We believe that the staffing industry naturally hedges against interest rate
changes, as EBITDA levels tend to fluctuate in line with interest rates.
As a cash-generating business, the Group aims to issue debt with floating interest rates where
possible. When this is not feasible, hedging instruments, such as interest rate swaps, may be used
to achieve floating interest rate exposures. The use of such instruments can influence the amount
and variability of the future interest payments, making them sensitive to changes in market interest
rates.
accounting policy
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and
are subsequently remeasured to their fair value at each reporting date through other
comprehensive income. The resulting gain or loss is recognized in profit or loss immediately once
the underlying is completed. A derivative with a positive fair value is recognized within financial
assets whereas a derivative with a negative fair value is recognized within other liabilities.
At the inception of a hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not dominate the value changes that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is
adjusted for the fair value change attributable to the hedged risk with a corresponding entry in
profit or loss. The fair value change on qualifying hedging instruments is recognized in profit or loss
in the same line as the hedged item. These fair value changes are recorded to the line Other
finance income (expenses).
fair value hedges
On March 12, 2024, the Group issued a fixed-rate \u20ac 500 million Eurobond. On the same date, it
entered into an interest rate swap contract in order to hedge the interest rate risk associated with
the Eurobond. Under the swap, the fixed leg pays interest to the Group at a rate matching the fixed
interest rate paid on the Eurobond. Meanwhile, the Group pays interest on the floating leg based on
the three-month Euribor plus a fixed margin. The interest rate swap was designated as the hedging
instrument in a fair value hedge relationship with the Eurobond's interest rate risk as the hedged
item. The Group estimates that the majority of the Eurobond's fair value changes result from
fluctuations in the market interest rate.
main terms of hedging instrument
2025
2024
Notional amount
500
500
Maturity date
March 2029
March 2029
Hedge ratio
1:1
1:1
Average hedged rate for the year
3.61%
3.61%
The interest rate swap enables the Group to mitigate the risk of changing interest rates on the fair
value of issued fixed rate debt held. The fair value of the interest rate swap and the Eurobond at the
reporting date are determined by discounting the future cash flows using the relevant interest rate
curves at the reporting date.
The Group determined that there is an economic relationship between the hedging instrument and
the hedged item because both have similar critical terms such as reference rate, maturities and
notional amount. Hedge effectiveness was determined at the inception of the hedge relationship,
and through periodic prospective effectiveness assessments, to ensure that an economic
relationship exists between the hedged item and hedging instrument. Hedge ineffectiveness may
occur due to the differences in the timing of the floating leg cash flows and the credit spread on
the floating leg. No other sources of ineffectiveness have emerged from this hedging relationship.
Hedge ineffectiveness in relation to the interest rate swap included in net finance costs was \u20ac 1
million in 2025 (2024: \u2014).
fair value hedges
As at December 31, 2025, the full carrying amount of the hedging instrument is presented in the
line Financial assets, while the full carrying amount of the hedged item is presented in the line
Borrowings.
2025
2024
Carrying amount of hedging instrument
7
10
Carrying amount of hedged item
(504)
(508)
Accumulated fair value hedge adjustments on hedged item
6
10
Change in value of hedging instrument used to determine hedge effectiveness
7
10
Change in value of hedged item used to determine hedge effectiveness
6
10
sensitivity
If the interest rates had been two percentage points higher on average during 2025, with all other
variables held constant, net interest expenses for the year would have increased by \u20ac 31 million
(2024: \u20ac 18 million higher).
If the interest rate had been one percentage point higher on average during the year, with all other
variables held constant, net interest expenses for the year would have increased by \u20ac 15 million
(2024: \u20ac 9 million higher).
3.3. impact of global macroeconomic
and\u00a0geopolitical\u00a0uncertainty
In 2025, we experienced a number of dynamic market circumstances, such as geopolitical
conflicts, imposition of new or increasing existing tariffs, significant changes in exchange rates and
an inflationary environment.
Although we remain cautious as visibility remains limited, Randstad is well positioned to respond
quickly and effectively amidst a challenging macro environment, thanks to our diverse portfolio,
our scale and data insights, and high operational adaptability and flexibility.
3.3.1. geopolitical conflicts
We closely follow the developments of global geopolitical conflicts that may have a direct or
indirect impact on our business. Where relevant, and to the extent possible, the estimated impact
of these factors and the resulting uncertainties have been taken into account while determining
estimates and judgments such as changing interest rates, tariffs and inflation impacted cash flow
forecasts and discount rates used for impairment testing. Areas with specific attention considered
are impairment testing and recoverability of deferred tax assets. The direct impact of geopolitical
conflicts on our business remained limited. We are continuously monitoring developments, with
the aim of responding as quickly and effectively as possible to changing circumstances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
3.2.1. credit risk
Credit risk within the Group arises from the possibility that clients and other counterparties may not
be able to settle their obligations towards the Group.
Credit control policies are included in a blueprint, which is a global document including prescribed
work procedures and guidelines. To manage credit risk, credit checks are performed upfront for
new customers. For high-risk clients, credit limits are put in place based on internal and/or external
ratings. Credit risk is monitored by the credit control departments of our operating companies on a
daily basis.
The Group has no significant concentrations of credit risk, as the Group has many clients in a large
number of industries and countries.
trade and other receivables
2025
2024
Trade receivables
4,234
4,379
Less: allowance for expected credit losses
36
39
Trade receivables, net of allowance for expected credit losses
4,198
4,340
Other receivables
787
824
Prepayments
279
313
Net plan assets defined benefit pension plan
2
2
Loans
7
7
Net investments in subleases
1
1
Total trade and other receivables
5,274
5,487
The balance included within other receivables consists mostly of revenue to be invoiced.
The carrying amount of these receivables reflects the fair value.
The Group does not hold any collateral as security.
Trade and other receivables are initially stated at fair value. Subsequent measurement is at
amortized cost, using the effective interest method less allowance for expected credit losses.
Trade and other receivables are hold-to-collect contractual cash flows.
For net plan assets relating to the defined benefit pension plan, see note 24.2.
accounting policy
The allowance for expected credit losses (ECL) of trade receivables is based on individual
assessments of expected non-recoverable receivables as well as on expected credit losses
estimated using a provision matrix by reference to past default experiences on the portfolio of
trade receivables of subsidiaries in relation to revenue streams, and various other (external)
sources of actual and forecast economic information.
In our estimation, we have taken into account the impact due to changes in macroeconomic
circumstances like the status of geopolitical conflicts, supply chain disruptions and inflationary
environment on the expected credit risk in our portfolio.
Significant financial difficulties of the debtor, the probability that the debtor will enter into
bankruptcy or financial reorganization, serious default or delinquency in payments, and significant
overdues in payment are considered indicators that the trade receivable is in default and a credit
loss is expected to occur. The amount of the allowance is equal to the difference between the
carrying amount of the receivable and the present value of estimated future cash flows.
movements in the allowance for expected credit losses of trade receivables
2025
2024
Balance as at January 1
39
38
Acquisition/(disposal) of subsidiaries
\u2014
(2)
(Release)/charged to selling expenses
9
9
Receivables written off as uncollectable
(11)
(6)
Translation differences
(1)
\u2014
Balance as at December 31
36
39
In the allowance for expected credit losses of trade receivables, an allowance is included for
individually impaired trade receivables of \u20ac 18 million (2024: \u20ac 21 million). The remainder is related
to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on
the approach described above.
The allowance for expected credit losses of trade receivables excludes recoverable value-added
taxes.
Net amounts charged to this allowance are generally written off when there is no expectation of
recovering additional cash.
The table 'expected credit losses' below shows the rate of expected credit losses for various
appropriate past-due categories.
expected credit losses
trade receivables - days past due
not past due
0-4 weeks
5-16 weeks
17 weeks
and over
doubtful
debts
total
December 31, 2025
ECL rate
0.1%
0.6%
1.76% -
10.32%
24.85% -
50%
100.0%
Estimated total gross carrying amount
at default
3,283
273
126
25
18
3,725
Lifetime ECL
2
1
4
11
18
36
December 31, 2024
ECL rate
0.1%
0.4%
1.48% -
8.85%
23.54% -
50%
100.0%
Estimated total gross carrying amount
at default
3,335
325
134
27
21
3,842
Lifetime ECL
2
1
3
12
21
39
aging of trade receivables, based on invoice date
2025
2024
amount
%
amount
%
0-4 weeks
2,149
50.8
2,278
52.0
5-16 weeks
1,967
46.4
1,980
45.2
17-26 weeks
77
1.8
77
1.8
Not impaired
4,193
99.0
4,335
99.0
Impaired
41
1.0
44
1.0
Total trade receivables
4,234
4,379
The information with regard to aging categories is based on the invoice date, as the risk of non-
payment starts from this date.
For other financial assets, which for the main part comprise receivables on governmental or semi-
governmental bodies and loans to our associate, see note 21.
Excess cash positions are invested with preferred financial partners, which are mostly considered
to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds.
Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "value": "
3.2.1. credit risk
Credit risk within the Group arises from the possibility that clients and other counterparties may not
be able to settle their obligations towards the Group.
Credit control policies are included in a blueprint, which is a global document including prescribed
work procedures and guidelines. To manage credit risk, credit checks are performed upfront for
new customers. For high-risk clients, credit limits are put in place based on internal and/or external
ratings. Credit risk is monitored by the credit control departments of our operating companies on a
daily basis.
The Group has no significant concentrations of credit risk, as the Group has many clients in a large
number of industries and countries.
trade and other receivables
2025
2024
Trade receivables
4,234
4,379
Less: allowance for expected credit losses
36
39
Trade receivables, net of allowance for expected credit losses
4,198
4,340
Other receivables
787
824
Prepayments
279
313
Net plan assets defined benefit pension plan
2
2
Loans
7
7
Net investments in subleases
1
1
Total trade and other receivables
5,274
5,487
The balance included within other receivables consists mostly of revenue to be invoiced.
The carrying amount of these receivables reflects the fair value.
The Group does not hold any collateral as security.
Trade and other receivables are initially stated at fair value. Subsequent measurement is at
amortized cost, using the effective interest method less allowance for expected credit losses.
Trade and other receivables are hold-to-collect contractual cash flows.
For net plan assets relating to the defined benefit pension plan, see note 24.2.
accounting policy
The allowance for expected credit losses (ECL) of trade receivables is based on individual
assessments of expected non-recoverable receivables as well as on expected credit losses
estimated using a provision matrix by reference to past default experiences on the portfolio of
trade receivables of subsidiaries in relation to revenue streams, and various other (external)
sources of actual and forecast economic information.
In our estimation, we have taken into account the impact due to changes in macroeconomic
circumstances like the status of geopolitical conflicts, supply chain disruptions and inflationary
environment on the expected credit risk in our portfolio.
Significant financial difficulties of the debtor, the probability that the debtor will enter into
bankruptcy or financial reorganization, serious default or delinquency in payments, and significant
overdues in payment are considered indicators that the trade receivable is in default and a credit
loss is expected to occur. The amount of the allowance is equal to the difference between the
carrying amount of the receivable and the present value of estimated future cash flows.
movements in the allowance for expected credit losses of trade receivables
2025
2024
Balance as at January 1
39
38
Acquisition/(disposal) of subsidiaries
\u2014
(2)
(Release)/charged to selling expenses
9
9
Receivables written off as uncollectable
(11)
(6)
Translation differences
(1)
\u2014
Balance as at December 31
36
39
In the allowance for expected credit losses of trade receivables, an allowance is included for
individually impaired trade receivables of \u20ac 18 million (2024: \u20ac 21 million). The remainder is related
to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on
the approach described above.
The allowance for expected credit losses of trade receivables excludes recoverable value-added
taxes.
Net amounts charged to this allowance are generally written off when there is no expectation of
recovering additional cash.
The table 'expected credit losses' below shows the rate of expected credit losses for various
appropriate past-due categories.
expected credit losses
trade receivables - days past due
not past due
0-4 weeks
5-16 weeks
17 weeks
and over
doubtful
debts
total
December 31, 2025
ECL rate
0.1%
0.6%
1.76% -
10.32%
24.85% -
50%
100.0%
Estimated total gross carrying amount
at default
3,283
273
126
25
18
3,725
Lifetime ECL
2
1
4
11
18
36
December 31, 2024
ECL rate
0.1%
0.4%
1.48% -
8.85%
23.54% -
50%
100.0%
Estimated total gross carrying amount
at default
3,335
325
134
27
21
3,842
Lifetime ECL
2
1
3
12
21
39
aging of trade receivables, based on invoice date
2025
2024
amount
%
amount
%
0-4 weeks
2,149
50.8
2,278
52.0
5-16 weeks
1,967
46.4
1,980
45.2
17-26 weeks
77
1.8
77
1.8
Not impaired
4,193
99.0
4,335
99.0
Impaired
41
1.0
44
1.0
Total trade receivables
4,234
4,379
The information with regard to aging categories is based on the invoice date, as the risk of non-
payment starts from this date.
For other financial assets, which for the main part comprise receivables on governmental or semi-
governmental bodies and loans to our associate, see note 21.
Excess cash positions are invested with preferred financial partners, which are mostly considered
to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds.
Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "value": "
3.2.1. credit risk
Credit risk within the Group arises from the possibility that clients and other counterparties may not
be able to settle their obligations towards the Group.
Credit control policies are included in a blueprint, which is a global document including prescribed
work procedures and guidelines. To manage credit risk, credit checks are performed upfront for
new customers. For high-risk clients, credit limits are put in place based on internal and/or external
ratings. Credit risk is monitored by the credit control departments of our operating companies on a
daily basis.
The Group has no significant concentrations of credit risk, as the Group has many clients in a large
number of industries and countries.
trade and other receivables
2025
2024
Trade receivables
4,234
4,379
Less: allowance for expected credit losses
36
39
Trade receivables, net of allowance for expected credit losses
4,198
4,340
Other receivables
787
824
Prepayments
279
313
Net plan assets defined benefit pension plan
2
2
Loans
7
7
Net investments in subleases
1
1
Total trade and other receivables
5,274
5,487
The balance included within other receivables consists mostly of revenue to be invoiced.
The carrying amount of these receivables reflects the fair value.
The Group does not hold any collateral as security.
Trade and other receivables are initially stated at fair value. Subsequent measurement is at
amortized cost, using the effective interest method less allowance for expected credit losses.
Trade and other receivables are hold-to-collect contractual cash flows.
For net plan assets relating to the defined benefit pension plan, see note 24.2.
accounting policy
The allowance for expected credit losses (ECL) of trade receivables is based on individual
assessments of expected non-recoverable receivables as well as on expected credit losses
estimated using a provision matrix by reference to past default experiences on the portfolio of
trade receivables of subsidiaries in relation to revenue streams, and various other (external)
sources of actual and forecast economic information.
In our estimation, we have taken into account the impact due to changes in macroeconomic
circumstances like the status of geopolitical conflicts, supply chain disruptions and inflationary
environment on the expected credit risk in our portfolio.
Significant financial difficulties of the debtor, the probability that the debtor will enter into
bankruptcy or financial reorganization, serious default or delinquency in payments, and significant
overdues in payment are considered indicators that the trade receivable is in default and a credit
loss is expected to occur. The amount of the allowance is equal to the difference between the
carrying amount of the receivable and the present value of estimated future cash flows.
movements in the allowance for expected credit losses of trade receivables
2025
2024
Balance as at January 1
39
38
Acquisition/(disposal) of subsidiaries
\u2014
(2)
(Release)/charged to selling expenses
9
9
Receivables written off as uncollectable
(11)
(6)
Translation differences
(1)
\u2014
Balance as at December 31
36
39
In the allowance for expected credit losses of trade receivables, an allowance is included for
individually impaired trade receivables of \u20ac 18 million (2024: \u20ac 21 million). The remainder is related
to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on
the approach described above.
The allowance for expected credit losses of trade receivables excludes recoverable value-added
taxes.
Net amounts charged to this allowance are generally written off when there is no expectation of
recovering additional cash.
The table 'expected credit losses' below shows the rate of expected credit losses for various
appropriate past-due categories.
expected credit losses
trade receivables - days past due
not past due
0-4 weeks
5-16 weeks
17 weeks
and over
doubtful
debts
total
December 31, 2025
ECL rate
0.1%
0.6%
1.76% -
10.32%
24.85% -
50%
100.0%
Estimated total gross carrying amount
at default
3,283
273
126
25
18
3,725
Lifetime ECL
2
1
4
11
18
36
December 31, 2024
ECL rate
0.1%
0.4%
1.48% -
8.85%
23.54% -
50%
100.0%
Estimated total gross carrying amount
at default
3,335
325
134
27
21
3,842
Lifetime ECL
2
1
3
12
21
39
aging of trade receivables, based on invoice date
2025
2024
amount
%
amount
%
0-4 weeks
2,149
50.8
2,278
52.0
5-16 weeks
1,967
46.4
1,980
45.2
17-26 weeks
77
1.8
77
1.8
Not impaired
4,193
99.0
4,335
99.0
Impaired
41
1.0
44
1.0
Total trade receivables
4,234
4,379
The information with regard to aging categories is based on the invoice date, as the risk of non-
payment starts from this date.
For other financial assets, which for the main part comprise receivables on governmental or semi-
governmental bodies and loans to our associate, see note 21.
Excess cash positions are invested with preferred financial partners, which are mostly considered
to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds.
Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
3.2.1. credit risk
Credit risk within the Group arises from the possibility that clients and other counterparties may not
be able to settle their obligations towards the Group.
Credit control policies are included in a blueprint, which is a global document including prescribed
work procedures and guidelines. To manage credit risk, credit checks are performed upfront for
new customers. For high-risk clients, credit limits are put in place based on internal and/or external
ratings. Credit risk is monitored by the credit control departments of our operating companies on a
daily basis.
The Group has no significant concentrations of credit risk, as the Group has many clients in a large
number of industries and countries.
trade and other receivables
2025
2024
Trade receivables
4,234
4,379
Less: allowance for expected credit losses
36
39
Trade receivables, net of allowance for expected credit losses
4,198
4,340
Other receivables
787
824
Prepayments
279
313
Net plan assets defined benefit pension plan
2
2
Loans
7
7
Net investments in subleases
1
1
Total trade and other receivables
5,274
5,487
The balance included within other receivables consists mostly of revenue to be invoiced.
The carrying amount of these receivables reflects the fair value.
The Group does not hold any collateral as security.
Trade and other receivables are initially stated at fair value. Subsequent measurement is at
amortized cost, using the effective interest method less allowance for expected credit losses.
Trade and other receivables are hold-to-collect contractual cash flows.
For net plan assets relating to the defined benefit pension plan, see note 24.2.
accounting policy
The allowance for expected credit losses (ECL) of trade receivables is based on individual
assessments of expected non-recoverable receivables as well as on expected credit losses
estimated using a provision matrix by reference to past default experiences on the portfolio of
trade receivables of subsidiaries in relation to revenue streams, and various other (external)
sources of actual and forecast economic information.
In our estimation, we have taken into account the impact due to changes in macroeconomic
circumstances like the status of geopolitical conflicts, supply chain disruptions and inflationary
environment on the expected credit risk in our portfolio.
Significant financial difficulties of the debtor, the probability that the debtor will enter into
bankruptcy or financial reorganization, serious default or delinquency in payments, and significant
overdues in payment are considered indicators that the trade receivable is in default and a credit
loss is expected to occur. The amount of the allowance is equal to the difference between the
carrying amount of the receivable and the present value of estimated future cash flows.
movements in the allowance for expected credit losses of trade receivables
2025
2024
Balance as at January 1
39
38
Acquisition/(disposal) of subsidiaries
\u2014
(2)
(Release)/charged to selling expenses
9
9
Receivables written off as uncollectable
(11)
(6)
Translation differences
(1)
\u2014
Balance as at December 31
36
39
In the allowance for expected credit losses of trade receivables, an allowance is included for
individually impaired trade receivables of \u20ac 18 million (2024: \u20ac 21 million). The remainder is related
to other expected credit losses, which are measured at an amount equal to lifetime ECL, based on
the approach described above.
The allowance for expected credit losses of trade receivables excludes recoverable value-added
taxes.
Net amounts charged to this allowance are generally written off when there is no expectation of
recovering additional cash.
The table 'expected credit losses' below shows the rate of expected credit losses for various
appropriate past-due categories.
expected credit losses
trade receivables - days past due
not past due
0-4 weeks
5-16 weeks
17 weeks
and over
doubtful
debts
total
December 31, 2025
ECL rate
0.1%
0.6%
1.76% -
10.32%
24.85% -
50%
100.0%
Estimated total gross carrying amount
at default
3,283
273
126
25
18
3,725
Lifetime ECL
2
1
4
11
18
36
December 31, 2024
ECL rate
0.1%
0.4%
1.48% -
8.85%
23.54% -
50%
100.0%
Estimated total gross carrying amount
at default
3,335
325
134
27
21
3,842
Lifetime ECL
2
1
3
12
21
39
aging of trade receivables, based on invoice date
2025
2024
amount
%
amount
%
0-4 weeks
2,149
50.8
2,278
52.0
5-16 weeks
1,967
46.4
1,980
45.2
17-26 weeks
77
1.8
77
1.8
Not impaired
4,193
99.0
4,335
99.0
Impaired
41
1.0
44
1.0
Total trade receivables
4,234
4,379
The information with regard to aging categories is based on the invoice date, as the risk of non-
payment starts from this date.
For other financial assets, which for the main part comprise receivables on governmental or semi-
governmental bodies and loans to our associate, see note 21.
Excess cash positions are invested with preferred financial partners, which are mostly considered
to be high-quality financial institutions with sound credit ratings, or in highly rated liquidity funds.
Policies are in place that limit the amount of credit exposure to any one financial institution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
Trade and other receivables are initially stated at fair value. Subsequent measurement is at
amortized cost, using the effective interest method less allowance for expected credit losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
3.2.2. liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's
approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds
available to meet its liabilities when due, under both normal and stressed conditions. This risk is
managed by having sufficient availability of cash, as well as committed and uncommitted credit
lines, both at Group and subsidiary level.
credit facilities
As at December 31, 2025, the Group had a \u20ac 1,750 million ( 2024: \u20ac 1,750 million) committed multi-
currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2024: May
2029). As at December 31, 2025, the group had \u20ac 620 million (2024: \u20ac 950 million) outstanding
under the multi-currency syndicated revolving credit facility. The facility agreement contains a
covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on
material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based
on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a
leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30
and December 31 each year. The Group was in compliance with the covenant during the year. This
credit facility has an interest rate that is based each time on the term of the drawing, increased by a
margin above the applicable interbank or risk-free rate. The margin is variable and depends on
Randstad's credit rating.
The facility agreement stipulates that the calculation of this ratio is based on the accounting
policies as included in the annual report 2021, but excluding any liability under any lease (including
a future lease), which would have been classified as an operating lease prior to January 1, 2019.
In 2025, the Group had two committed bilateral term loans of a total of \u20ac 120 million (2024: \u20ac 120
million), maturing January 2028 and a Eurobond of \u20ac 500 million (2024: \u20ac 500 million), maturing
March 2029. The term loans have an interest rate that is each time based on the term of the
drawing, increased by a fixed margin. The Eurobond has a fixed interest rate, which was swapped
to a floating rate with a fixed margin. For details refer to note 3.2.4.
The actual leverage ratio (excluding IFRS 16) as at December 31, 2025 is 1.30 (December 31, 2024:
1.60), which is well below the limit.
borrowings
2025
2024
Balance as at January 1
1,576
426
Drawings on non-current borrowings
935
2,111
Repayments of non-current borrowings
(1,265)
(975)
Fair value adjustments
(3)
10
Amortization of transaction costs
1
1
Translation and currency differences
(1)
3
Non-current borrowings before reclassification
1,243
1,576
Borrowings are initially recognized at fair value less attributable transaction costs. Subsequent to
initial recognition, borrowings are stated at amortized cost.
Any difference between the proceeds and the amount to be repaid is recognized in net finance
costs during the term of the borrowings, using the effective interest method.
total borrowings
2025
2024
Non-current borrowings
1,243
1,576
Current borrowings
169
71
Short-term part of non-current borrowings
\u2014
\u2014
Borrowings, under current liabilities
169
71
Total borrowings
1,412
1,647
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the
market, the effective interest rates are considered equal to the actual rates.
Negative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu'
clauses apply.
movements in non-current borrowings
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was
designated as a hedge of the net investment in subsidiaries in the US (prior to repayment). These
net investment hedges were all considered effective.
current borrowings
2025
2024
Balance as at January 1
71
141
Acquisition of subsidiary companies
\u2014
40
Drawings/(repayments)
101
(109)
Net increase/(decrease) cash flow statement
101
(69)
Translation and currency differences
(3)
(1)
Balance as at December 31
169
71
Bank overdrafts and current borrowings
169
71
Balance as at December 31
169
71
The Group rolled over \u20ac 150 million current borrowings during the year. This transaction is
excluded from the statement of cash flows as no cash was exchanged.
Bank overdrafts are denominated in various currencies. As at December 31, 2025, the major bank
overdraft denominated in foreign currencies is for an amount of nil (2024: \u20ac 4 million in Indian
Rupee). Maturities of financial liabilities are expected to be:
expected maturities of financial liabilities
including interest payments
carrying
amount
0 - 90 days
91 - 365
days
2 - 5 years
more than 5
years
December 31, 2025
Non-current borrowings 1
1,243
21
2
1,298
\u2014
Lease liabilities (non-current and current) 2
498
46
123
312
68
Borrowings under current liabilities 3
169
169
\u2014
\u2014
\u2014
Trade and other payables4
4,160
3,689
471
\u2014
\u2014
Other liabilities (non-current and current) 5
\u2014
\u2014
\u2014
\u2014
\u2014
6,070
3,925
596
1,610
68
December 31, 2024
Non-current borrowings 1
1,576
\u2014
\u2014
1,576
\u2014
Lease liabilities (non-current and current) 2
571
50
133
363
89
Borrowings under current liabilities 3
71
71
\u2014
\u2014
\u2014
Trade and other payables4
4,211
3,744
467
\u2014
\u2014
Other liabilities (non-current and current) 5
23
\u2014
1
1
\u2014
6,452
3,865
601
1,940
89
1Non-current borrowings: carrying amount is undiscounted.
2Lease liabilities: carrying amount is discounted, whereas lease repayments in the maturity buckets are undiscounted.
3Bank overdrafts include no interest, as these are repayable upon demand; other drawings include interest. All amounts in the
maturity buckets are undiscounted.
4Excluding deferred income. All amounts are undiscounted.
5Other liabilities are based on the expected contractual dates. Carrying amount is discounted, whereas amounts in the maturity
buckets are undiscounted. In 2024, other liabilities includes a \u20ac 21 million balance of non-financial liabilities which is not included
in the maturity buckets.
cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other
short-term highly liquid investments with original maturities of three months or less.
Cash and cash equivalents
2025
2024
Time deposits
58
36
Cash on hand and at bank
341
321
Total cash and cash equivalents
399
357
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at
December 31, 2025 is 5.9% (December 31, 2024: 4.7%).
As at December 31, 2025, an amount of \u20ac 350 million out of \u20ac 399 million (December 31, 2024: \u20ac
305 million out of \u20ac 357 million) is available upon demand while the remaining \u20ac 49 million (2024:
\u20ac 52 million) is classified as restricted cash.
net debt
The net debt includes the balance of cash, cash equivalents, borrowings (both current and non-
current), derivative instruments, as well as lease liabilities (current and non-current).
net debt
2025
2024
Non-current borrowings
(1,243)
(1,576)
Current borrowings
(169)
(71)
Total borrowings
(1,412)
(1,647)
Derivative instruments
7
10
Cash and cash equivalents
399
357
Net cash/(net debt), excluding lease liabilities
(1,006)
(1,280)
Lease liabilities
(498)
(571)
Net debt
(1,504)
(1,851)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
3.2.2. liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations. The Group's
approach to liquidity risk is to ensure, as far as possible, that it will always have sufficient funds
available to meet its liabilities when due, under both normal and stressed conditions. This risk is
managed by having sufficient availability of cash, as well as committed and uncommitted credit
lines, both at Group and subsidiary level.
credit facilities
As at December 31, 2025, the Group had a \u20ac 1,750 million ( 2024: \u20ac 1,750 million) committed multi-
currency syndicated revolving credit facility at its disposal, which matures in May 2029 (2024: May
2029). As at December 31, 2025, the group had \u20ac 620 million (2024: \u20ac 950 million) outstanding
under the multi-currency syndicated revolving credit facility. The facility agreement contains a
covenant with respect to the net debt to EBITDA ratio (leverage ratio), as well as a paragraph on
material adverse changes. The net debt to EBITDA ratio has a limit of 3.5x and is calculated based
on the results of the Group on a 12-month basis. In certain cases, Randstad is allowed to report a
leverage ratio of 4.25x EBITDA for a limited period of time. The covenant is assessed on June 30
and December 31 each year. The Group was in compliance with the covenant during the year. This
credit facility has an interest rate that is based each time on the term of the drawing, increased by a
margin above the applicable interbank or risk-free rate. The margin is variable and depends on
Randstad's credit rating.
The facility agreement stipulates that the calculation of this ratio is based on the accounting
policies as included in the annual report 2021, but excluding any liability under any lease (including
a future lease), which would have been classified as an operating lease prior to January 1, 2019.
In 2025, the Group had two committed bilateral term loans of a total of \u20ac 120 million (2024: \u20ac 120
million), maturing January 2028 and a Eurobond of \u20ac 500 million (2024: \u20ac 500 million), maturing
March 2029. The term loans have an interest rate that is each time based on the term of the
drawing, increased by a fixed margin. The Eurobond has a fixed interest rate, which was swapped
to a floating rate with a fixed margin. For details refer to note 3.2.4.
The actual leverage ratio (excluding IFRS 16) as at December 31, 2025 is 1.30 (December 31, 2024:
1.60), which is well below the limit.
borrowings
2025
2024
Balance as at January 1
1,576
426
Drawings on non-current borrowings
935
2,111
Repayments of non-current borrowings
(1,265)
(975)
Fair value adjustments
(3)
10
Amortization of transaction costs
1
1
Translation and currency differences
(1)
3
Non-current borrowings before reclassification
1,243
1,576
Borrowings are initially recognized at fair value less attributable transaction costs. Subsequent to
initial recognition, borrowings are stated at amortized cost.
Any difference between the proceeds and the amount to be repaid is recognized in net finance
costs during the term of the borrowings, using the effective interest method.
total borrowings
2025
2024
Non-current borrowings
1,243
1,576
Current borrowings
169
71
Short-term part of non-current borrowings
\u2014
\u2014
Borrowings, under current liabilities
169
71
Total borrowings
1,412
1,647
Since the interest rates on the current borrowings and non-current borrowings fluctuate with the
market, the effective interest rates are considered equal to the actual rates.
Negative pledges have been issued for purposes of bank overdraft facilities, and 'pari passu'
clauses apply.
movements in non-current borrowings
A committed bilateral loan denominated in US dollars was fully repaid in 2024. This loan was
designated as a hedge of the net investment in subsidiaries in the US (prior to repayment). These
net investment hedges were all considered effective.
current borrowings
2025
2024
Balance as at January 1
71
141
Acquisition of subsidiary companies
\u2014
40
Drawings/(repayments)
101
(109)
Net increase/(decrease) cash flow statement
101
(69)
Translation and currency differences
(3)
(1)
Balance as at December 31
169
71
Bank overdrafts and current borrowings
169
71
Balance as at December 31
169
71
The Group rolled over \u20ac 150 million current borrowings during the year. This transaction is
excluded from the statement of cash flows as no cash was exchanged.
Bank overdrafts are denominated in various currencies. As at December 31, 2025, the major bank
overdraft denominated in foreign currencies is for an amount of nil (2024: \u20ac 4 million in Indian
Rupee). Maturities of financial liabilities are expected to be:
expected maturities of financial liabilities
including interest payments
carrying
amount
0 - 90 days
91 - 365
days
2 - 5 years
more than 5
years
December 31, 2025
Non-current borrowings 1
1,243
21
2
1,298
\u2014
Lease liabilities (non-current and current) 2
498
46
123
312
68
Borrowings under current liabilities 3
169
169
\u2014
\u2014
\u2014
Trade and other payables4
4,160
3,689
471
\u2014
\u2014
Other liabilities (non-current and current) 5
\u2014
\u2014
\u2014
\u2014
\u2014
6,070
3,925
596
1,610
68
December 31, 2024
Non-current borrowings 1
1,576
\u2014
\u2014
1,576
\u2014
Lease liabilities (non-current and current) 2
571
50
133
363
89
Borrowings under current liabilities 3
71
71
\u2014
\u2014
\u2014
Trade and other payables4
4,211
3,744
467
\u2014
\u2014
Other liabilities (non-current and current) 5
23
\u2014
1
1
\u2014
6,452
3,865
601
1,940
89
1Non-current borrowings: carrying amount is undiscounted.
2Lease liabilities: carrying amount is discounted, whereas lease repayments in the maturity buckets are undiscounted.
3Bank overdrafts include no interest, as these are repayable upon demand; other drawings include interest. All amounts in the
maturity buckets are undiscounted.
4Excluding deferred income. All amounts are undiscounted.
5Other liabilities are based on the expected contractual dates. Carrying amount is discounted, whereas amounts in the maturity
buckets are undiscounted. In 2024, other liabilities includes a \u20ac 21 million balance of non-financial liabilities which is not included
in the maturity buckets.
net debt
The net debt includes the balance of cash, cash equivalents, borrowings (both current and non-
current), derivative instruments, as well as lease liabilities (current and non-current).
net debt
2025
2024
Non-current borrowings
(1,243)
(1,576)
Current borrowings
(169)
(71)
Total borrowings
(1,412)
(1,647)
Derivative instruments
7
10
Cash and cash equivalents
399
357
Net cash/(net debt), excluding lease liabilities
(1,006)
(1,280)
Lease liabilities
(498)
(571)
Net debt
(1,504)
(1,851)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
In 2025, the Group had two committed bilateral term loans of a total of \u20ac 120 million (2024: \u20ac 120
million), maturing January 2028 and a Eurobond of \u20ac 500 million (2024: \u20ac 500 million), maturing
March 2029. The term loans have an interest rate that is each time based on the term of the
drawing, increased by a fixed margin. The Eurobond has a fixed interest rate, which was swapped
to a floating rate with a fixed margin. For details refer to note 3.2.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
Borrowings are initially recognized at fair value less attributable transaction costs. Subsequent to
initial recognition, borrowings are stated at amortized cost.
Any difference between the proceeds and the amount to be repaid is recognized in net finance
costs during the term of the borrowings, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other
short-term highly liquid investments with original maturities of three months or less.
Cash and cash equivalents
2025
2024
Time deposits
58
36
Cash on hand and at bank
341
321
Total cash and cash equivalents
399
357
Time deposits fall due, on average, within a month. The average interest rate for time deposits as at
December 31, 2025 is 5.9% (December 31, 2024: 4.7%).
As at December 31, 2025, an amount of \u20ac 350 million out of \u20ac 399 million (December 31, 2024: \u20ac
305 million out of \u20ac 357 million) is available upon demand while the remaining \u20ac 49 million (2024:
\u20ac 52 million) is classified as restricted cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
Cash and cash equivalents comprise cash on hand and at bank, as well as time deposits and other
short-term highly liquid investments with original maturities of three months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
3.2.3. foreign currency exchange risk
transactions and balances in currencies other than
the\u00a0functional currency
Transactions in currencies other than the functional currency of the related subsidiary are
converted at the foreign exchange rate on the date of the transaction. Monetary balance sheet
items (such as cash and borrowings) in currencies other than the functional currency of the related
subsidiary are converted at year-end exchange rates.
Exchange differences resulting from the settlement of transactions on cash, cash equivalents and
borrowings, as well as from the conversion of these monetary balance sheet items, are included in
net finance costs. Exchange differences resulting from the settlement of other transactions and
conversion of other monetary balance sheet items are included in operating expenses. Non-
monetary balance sheet items (such as property, plant and equipment) that are measured in terms
of historical cost in currencies other than the functional currency of the related company are
converted at the foreign exchange rates on the date of transaction.
exposures to foreign currency exchange risk
The Group uses the euro as its reporting currency. Currencies other than the euro that are of
primary importance to the Group are the Australian dollar, the Japanese yen, and the US dollar.
main exchange rates to the euro
averages on annual basis
2025
2024
average
at year-end
average
at year-end
Australian dollar
0.57
0.57
0.61
0.60
Japanese yen
0.0059
0.0054
0.0061
0.0061
US dollar
0.88
0.85
0.92
0.97
The foreign currency exchange risk of the Group with respect to transactions is limited, because
subsidiaries usually generate both revenues and expenses in the same local currency.
All other foreign exchange transactions, which mostly consist of intercompany financing (equity
increases, dividends, intercompany loans and interests), are accounted for, in principle, at the
exchange rate at the transaction date. The Group has a policy to match, within certain preset
boundaries, the currencies in the net debt positions with the currencies in the cash flow
generation. The currency mix of the debt can easily be adjusted, as the \u20ac 1,750 million syndicated
revolving credit facility is a multi-currency facility. In principle, the use of derivatives is therefore
unnecessary. At year-ends 2025 and 2024, the Group had no outstanding currency derivatives.
Currency fluctuations can, however, affect the consolidated results, due to the translation of local
results into the Group's reporting currency.
Translation effects from consolidation may also impact shareholders' equity. The Group has a
number of net investments in foreign subsidiaries whose assets and liabilities are exposed to
currency translation risk that is accounted for, through total other comprehensive income, in
equity. Currency exposures arising from the net assets of the Group's foreign operations are
monitored and, when considered necessary, hedged against borrowings in the relevant currencies
through a net investment hedge; translation differences on borrowings classified as such are
included, through comprehensive income, in equity.
In the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS
29 'Financial reporting in hyperinflationary economies'. The application of this standard has no
material effect on the consolidated financial statements. The general price indices published for
Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina
and Turkey as at December 31, 2025 were 9,844 and 3,483 (December 31, 2024: 7,491 and 2,657)
respectively. The effect of the adjustment on the results of the Group designated as the result on
net monetary position totaled \u20ac 1 million during the current year (2024: \u20ac 2 million) and is
presented under net finance costs (see note 15).
sensitivity
If the euro had weakened or strengthened 15% on average during 2025 against the currencies
mentioned in the table 'main exchange rates to the euro', with all other variables held constant,
EBITA for the year 2025 would have been higher or lower respectively in the range of \u20ac 4 million to
\u20ac 22 million per currency (2024: range of \u20ac 5 million to \u20ac 16 million per currency). If the euro had
weakened or strengthened 10% on average against these currencies, EBITA for the year 2025 would
have been higher or lower respectively in the range of \u20ac 3 million to \u20ac 15 million per currency
(2024: range of \u20ac 3 million to \u20ac 11 million per currency). The effect on shareholders' equity would
have been the same (before tax effects).
foreign currency sensitivity against euro
2025
2024
15% change
10% change
15% change
10% change
Australian dollar
4
3
5
3
Japanese yen
8
6
9
6
US dollar
22
15
16
11
foreign currency sensitivity on financial instruments
The foreign exchange risk exposure on the consolidated financial assets is limited and not material.
The foreign exchange risk exposure on the consolidated financial liabilities is hedged and therefore
foreign exchange risk is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
In the Group, subsidiaries based in Argentina and Turkey are accounted for in accordance with IAS
29 'Financial reporting in hyperinflationary economies'. The application of this standard has no
material effect on the consolidated financial statements. The general price indices published for
Argentina and Turkey are used in restating the results of these subsidiaries. The CPIs for Argentina
and Turkey as at December 31, 2025 were 9,844 and 3,483 (December 31, 2024: 7,491 and 2,657)
respectively. The effect of the adjustment on the results of the Group designated as the result on
net monetary position totaled \u20ac 1 million during the current year (2024: \u20ac 2 million) and is
presented under net finance costs (see note 15).
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and
are subsequently remeasured to their fair value at each reporting date through other
comprehensive income. The resulting gain or loss is recognized in profit or loss immediately once
the underlying is completed. A derivative with a positive fair value is recognized within financial
assets whereas a derivative with a negative fair value is recognized within other liabilities.
At the inception of a hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not dominate the value changes that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is
adjusted for the fair value change attributable to the hedged risk with a corresponding entry in
profit or loss. The fair value change on qualifying hedging instruments is recognized in profit or loss
in the same line as the hedged item. These fair value changes are recorded to the line Other
finance income (expenses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and
are subsequently remeasured to their fair value at each reporting date through other
comprehensive income. The resulting gain or loss is recognized in profit or loss immediately once
the underlying is completed. A derivative with a positive fair value is recognized within financial
assets whereas a derivative with a negative fair value is recognized within other liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
At the inception of a hedge relationship, the Group documents the relationship between the
hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge
and on an ongoing basis, the Group documents whether the hedging instrument is effective in
offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk,
which is when the hedging relationships meet all of the following hedge effectiveness
requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not dominate the value changes that result from that economic
relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
For fair value hedges, the carrying amount of a hedged item not already measured at fair value is
adjusted for the fair value change attributable to the hedged risk with a corresponding entry in
profit or loss. The fair value change on qualifying hedging instruments is recognized in profit or loss
in the same line as the hedged item. These fair value changes are recorded to the line Other
finance income (expenses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
fair value hedges
On March 12, 2024, the Group issued a fixed-rate \u20ac 500 million Eurobond. On the same date, it
entered into an interest rate swap contract in order to hedge the interest rate risk associated with
the Eurobond. Under the swap, the fixed leg pays interest to the Group at a rate matching the fixed
interest rate paid on the Eurobond. Meanwhile, the Group pays interest on the floating leg based on
the three-month Euribor plus a fixed margin. The interest rate swap was designated as the hedging
instrument in a fair value hedge relationship with the Eurobond's interest rate risk as the hedged
item. The Group estimates that the majority of the Eurobond's fair value changes result from
fluctuations in the market interest rate.
main terms of hedging instrument
2025
2024
Notional amount
500
500
Maturity date
March 2029
March 2029
Hedge ratio
1:1
1:1
Average hedged rate for the year
3.61%
3.61%
The interest rate swap enables the Group to mitigate the risk of changing interest rates on the fair
value of issued fixed rate debt held. The fair value of the interest rate swap and the Eurobond at the
reporting date are determined by discounting the future cash flows using the relevant interest rate
curves at the reporting date.
The Group determined that there is an economic relationship between the hedging instrument and
the hedged item because both have similar critical terms such as reference rate, maturities and
notional amount. Hedge effectiveness was determined at the inception of the hedge relationship,
and through periodic prospective effectiveness assessments, to ensure that an economic
relationship exists between the hedged item and hedging instrument. Hedge ineffectiveness may
occur due to the differences in the timing of the floating leg cash flows and the credit spread on
the floating leg. No other sources of ineffectiveness have emerged from this hedging relationship.
Hedge ineffectiveness in relation to the interest rate swap included in net finance costs was \u20ac 1
million in 2025 (2024: \u2014).
fair value hedges
As at December 31, 2025, the full carrying amount of the hedging instrument is presented in the
line Financial assets, while the full carrying amount of the hedged item is presented in the line
Borrowings.
2025
2024
Carrying amount of hedging instrument
7
10
Carrying amount of hedged item
(504)
(508)
Accumulated fair value hedge adjustments on hedged item
6
10
Change in value of hedging instrument used to determine hedge effectiveness
7
10
Change in value of hedged item used to determine hedge effectiveness
6
10
21. financial assets
Investments in financial assets are divided into various categories. Classification of these
investments depends on the purposes for which the investments have been acquired. Management
determines the classification at the time of the purchase and re-evaluates such designation at each
subsequent balance sheet date.
Purchase and sale of financial assets are recognized on the settlement date, which is the date an
asset is delivered to or by the Group. The cost of financial assets includes transaction costs. The
maximum exposure to credit risk at the end of the reporting period is the carrying amount (unless
otherwise specified) of each class of financial assets mentioned below:
financial assets
2025
2024
Loans and receivables
139
166
Equity investments
25
30
Derivative instruments
7
10
Financial assets
171
206
for details on derivative instruments, refer to note 3.2.4.
21.1. loans and receivables
2025
2024
Loan at fair value through profit or loss
\u2014
31
Housing loans
137
133
Other loans at amortized cost
\u2014
2
Net investments in subleases
2
\u2014
Loans and receivables
139
166
Net investments in subleases comprise receivables originating from sublease contracts in respect
of right-of-use buildings in which the Group is an intermediate lessor. These sublease contracts
qualify as finance lease under IFRS 16.
The Group does not hold any collateral as security, except on the loan receivable carried at fair
value.
21.1.1. loan at fair value through profit or loss
Loan at fair value through profit or loss originated as consideration for the disposal of Monster as a
consolidated subsidiary and is receivable on the resulting associate. The amount and timing of
repayment of this loan are dependent on the proceeds amount and timing of the sale of certain
business units of the associate. This loan is denominated in USD and is secured by certain assets of
the associate. It accrues interest at an annual rate of 10%, with interest payable at maturity.
This loan is mandatorily measured at fair value through profit or loss. Any changes in fair value at
the end of the reporting period are recorded to net finance costs.
The Group determines the fair value of this loan by using a discounted cash flow valuation method.
For the valuation of the asset, the Group uses inputs that are not observable, either directly or
indirectly (level 3 fair value hierarchy).
Management exercised judgment when estimating the timing and amount of the repayment of the
loan.
As at December 31, 2025, the fair value of this loan was nil\u00a0 (2024: 31) after a fair value adjustment
of \u20ac 29 million (2024: 86). The fair value adjustment of the loan was the result of the bankruptcy in
June 2025 and subsequent dissolution of the associate CareerBuilder + Monster in October 2025.
loan at fair value
2025
2024
Balance as at January 1
31
\u2014
Additions at fair value
\u2014
113
Redemptions
\u2014
\u2014
Changes in fair value
(29)
(86)
Accrued interest
\u2014
Translation differences
(2)
4
Balance as at December 31
\u2014
31
Non-current part
\u2014
31
Current part
\u2014
\u2014
Balance as at December 31
\u2014
31
21.1.2. other loans at amortized cost
In 2024, two loans were issued to CareerBuilder + Monster, an associate of the Group. The balance
included a loan receivable of $ 19 million issued as part of the consideration for the disposal of
Monster as a consolidated subsidiary, as well as an additional cash loan of $ 20 million provided to
the associate following the disposal. These loans are denominated in USD, have a five-year term,
and are repayable in full by September 16, 2029. Partial early repayments are mandatory based on
the free cash flows of the associate. The loans accrue interest at an annual rate of 10%, with interest
payable at maturity. These loans are secured by certain assets of the associate.
As at December 31, 2025 the book value of these loans was nil (2024: 2). In 2025, the allowance for
credit losses was partially reversed on account of the partial recovery of the loan at the moment of
dissolution of the associate CareerBuilder + Monster in October 2025. This allowance was initially
recognized as at December 31, 2024, in the amount of \u20ac 35 million, resulting from our evaluation of
the recoverability of these loans in light of the associate's financial performance and outlook.
other loans at amortized cost
2025
2024
Balance as at January 1
2
\u2014
Additions at fair value
\u2014
35
Repayments
(18)
\u2014
Reversal/ (allowance) for expected credit losses
16
(35)
Accrued interest
\u2014
1
Translation differences
\u2014
1
Balance as at December 31
\u2014
2
Non-current part
\u2014
2
Current part
\u2014
\u2014
Balance as at December 31
\u2014
2
These loans are initially recognized at fair value and subsequently measured at amortized cost,
using the effective interest method less allowance for expected credit losses.
21.1.3.housing loans
Housing loans represent loans that are granted by the Group's subsidiaries in France each year to
French public housing agencies in relation to legal arrangements for payment of certain social
security charges. These annual loans are interest-free and have a repayment term of 20 years each.
These investments have an average remaining term of 11 years (2024: 11 years) and an effective
interest rate of 2.2% (2024: 2.5%). The nominal value of these loans amounts to \u20ac 181 million (2024:
\u20ac 179 million) and best represents the maximum exposure to credit risk. As at December 31, 2025,
the fair value was approximately \u20ac 9 million higher than the carrying amount (2024: \u20ac 5 million
higher).
housing loans
2025
2024
Balance as at January 1
140
142
Additions at fair value
4
5
Redemptions
(7)
(7)
Interest due to passage of time
4
4
Reversal/ (allowance) for expected credit losses
3
(4)
Balance as at December 31
144
140
Non-current part
137
133
Current part
7
7
Balance as at December 31
144
140
The difference between additions at nominal value of \u20ac 10 million (2024: \u20ac 10 million) and at fair
value is recognized in cost of services, and amounts to \u20ac 6 million (2024: \u20ac 5 million).
These loans are initially recognized at fair value and subsequently measured at amortized cost,
using the effective interest method less allowance for expected credit losses.
The allowance for expected credit losses (ECL) is based on spread between the yield curve for
government bonds and the interbank interest rates for all years from year 1 to year 20 (the length of
the original yearly housing loans up to maturity). As a result of our assessment, the expected credit
loss has been reversed for an amount of \u20ac 3 million.
21.1.4. net investments in subleases
2025
2024
Balance as at January 1
1
11
Additions at fair value
3
1
Redemptions
(1)
(5)
Translation differences
\u2014
(6)
Balance as at December 31
3
1
Non-current part
2
\u2014
Current part
1
1
Balance as at December 31
3
1
accounting policy
The Group subleases some of its right-of-use assets. In these instances, the Group is an
intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases
under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and
rewards incidental to the underlying right-of-use assets arising from the head lease have been
transferred. Sublease contracts with the classification of financial leases are recognized as a net
investment in sublease, which is presented as a financial asset. The carrying amount of the
underlying right-of-use asset is derecognized. The net investments in subleases are measured at
the present value of the (future) lease receipts, discounted using our incremental borrowing rate at
commencement date of the sublease. Sublease contracts with the classification of operating leases
result in sublease income being recognized periodically during the sub-rental period. Operating
subleases have no impact on the right-of-use asset measurement.
The maturity of net investments in subleases is set out in the table below, showing the
undiscounted lease amounts to be received after the balance sheet date.
The nominal value of the net investments in subleases amounts to \u20ac 3 million (2024: \u20ac 1 million),
which best represents the maximum exposure to credit risk. As at December 31, 2025 and 2024,
the carrying amount equaled the fair value
maturity of net investments in subleases
2025
2024
year 1
1
1
year 2-5
2
\u2014
Undiscounted lease amounts to be received
3
1
Unearned finance income
\u2014
\u2014
Present value of lease amounts to be received
3
1
Balance as at December 31
3
1
21.1.5. impairment of financial assets
The carrying amounts of loans and receivables are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount is impaired. If objective evidence
exists that a financial asset or group of financial assets is impaired, the amount of the impairment
loss is calculated as the difference between the carrying amount of the financial asset and the
present value of estimated future cash flows, discounted at the original effective interest rate (i.e.,
the effective interest rate computed at initial recognition of these financial assets).
The resulting impairment loss is immediately recognized in net finance costs.
An impairment loss on financial assets is reversed if, in a subsequent period, the amount of the
impairment loss decreases and this decrease can be related objectively to an event occurring after
the impairment loss was recognized. Such reversal is immediately recognized in net finance costs
21.2. equity investments
equity investments
2025
2024
Balance as at January 1
30
36
Fair value adjustments
3
(6)
Additions
\u2014
2
Disposals
(8)
(2)
Balance as at December 31
25
30
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
The fair value of the investments has increased by \u20ac 3 million (2024: decreased by \u20ac 6 million). This
was based on share transactions and other market information. During the year 2025, the Group
divested some of its minority participations. These divestments had a carrying amount of \u20ac 8
million (2024: \u20ac 2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
3.3. impact of global macroeconomic
and\u00a0geopolitical\u00a0uncertainty
In 2025, we experienced a number of dynamic market circumstances, such as geopolitical
conflicts, imposition of new or increasing existing tariffs, significant changes in exchange rates and
an inflationary environment.
Although we remain cautious as visibility remains limited, Randstad is well positioned to respond
quickly and effectively amidst a challenging macro environment, thanks to our diverse portfolio,
our scale and data insights, and high operational adaptability and flexibility.
3.3.1. geopolitical conflicts
We closely follow the developments of global geopolitical conflicts that may have a direct or
indirect impact on our business. Where relevant, and to the extent possible, the estimated impact
of these factors and the resulting uncertainties have been taken into account while determining
estimates and judgments such as changing interest rates, tariffs and inflation impacted cash flow
forecasts and discount rates used for impairment testing. Areas with specific attention considered
are impairment testing and recoverability of deferred tax assets. The direct impact of geopolitical
conflicts on our business remained limited. We are continuously monitoring developments, with
the aim of responding as quickly and effectively as possible to changing circumstances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
4. critical accounting policies, judgments,
estimates and assumptions
In preparing the financial statements, management has to make certain judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, revenue and expenses. The actual outcome may differ from these judgments, estimates,
and assumptions, and therefore could have a material effect on the carrying amount of the asset or
liability involved. The timing of the outflow of resources to settle provisions is subject to the same
uncertain factors. Judgments, estimates, and assumptions are reviewed on an ongoing basis, and
are based on historical experience and various other factors, including expectations about future
events that are believed to be reasonable under the circumstances and for the item involved.
Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.
The Group considers the following accounting policies, judgments, estimates, and assumptions as
critical, which are described in the notes as indicated:
\u2022 Impairment of non-financial assets in general and impairment of goodwill specifically (estimates
and assumptions in respect of recoverable amounts) (note 5);
\u2022 Provisions (estimates for the likelihood as well as timing of (possible) cash outflows) (note 6);
\u2022 Corporate taxes (estimates and judgments in determination of worldwide deferred tax assets
and the determination of uncertain tax positions) (note 7);
\u2022 Leases (assumptions for options (such as renewal, early termination and incremental borrowing
rate) in lease contracts) (note 8 ); and
\u2022 Revenue recognition (judgments in determination of the timing of satisfaction of performance
obligation and of acting as principal versus agent) (note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
5. impairments
5.1. impairment of non-financial assets
The carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets
and the plan assets in relation to defined benefit pension plans, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. For goodwill, testing for impairment is performed at least annually.
If there are such indications, the recoverable amount of the asset is estimated. If this is not
possible, the recoverable amount of the cash-generating unit to which the asset belongs is
estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units).
If the recoverable amount of an asset or a cash-generating unit is estimated to be lower than its
carrying amount, the related carrying amount is reduced to its recoverable amount.
The resulting impairment loss is immediately recognized in total operating expenses.
The recoverable amount is the higher of an asset's fair value less costs to dispose and its value in
use. The value in use is determined by using the present value of estimated cash flow projections.
The discount rates are based on interest rates that align with the terms of the projections and the
specific risks of the asset or business respectively.
In determining the fair value less costs to dispose, information such as recent market transactions
is taken into account; if no such transactions (or comparable transactions) can be identified, an
appropriate valuation model is used. This valuation model is supplemented by valuation multiples,
quoted share prices, or other available fair-value indicators.
Impairment losses relating to a cash-generating unit are first allocated to reduce the carrying
amount of the goodwill of the related cash-generating unit and then to reduce the carrying amount
of the other assets of that cash-generating unit on a pro rata basis.
An impairment loss with respect to goodwill is not reversed. With respect to other assets, an
impairment loss recognized in a prior period is assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount.
For the impairment testing method of property, plant and equipment, software, and acquisition-
related intangible assets, see notes 18, 19 and 20, respectively.
5.2. goodwill and impairment of goodwill
5.2.1. goodwill
2025
2024
Cost
4,389
4,109
Accumulated impairment
1,149
1,009
Balance as at January 1
3,240
3,100
Acquisition of subsidiaries
7
226
Impairment
(9)
(121)
Translation differences
(109)
35
Balance as at December 31
3,129
3,240
Cost
4,148
4,389
Accumulated impairment
1,019
1,149
Balance as at December 31
3,129
3,240
For acquisition of subsidiaries, see note 11.1 for further information.
accounting policies
Goodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of
associates is included in investments in associates. For the measurement of goodwill at initial
recognition, see note 11.1.
Goodwill on acquisitions represents payments made by the Group in anticipation of future
economic benefits from assets that cannot be identified individually and cannot be recognized
separately. These relate, for example, to synergies expected from integrating the acquired
companies and the workforces of the acquired companies.
Goodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill
has been allocated to a cash-generating unit and part of the operation within that cash-generating
unit is disposed of, the goodwill related to that part is included in the carrying amount of the
disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated
based on the relative value of the disposed operation of the total value of the cash-generating unit
to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part
in the loss is presented in the statement of comprehensive income as an impairment of goodwill,
up to a maximum amount of the loss on disposal.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation
is made to those cash-generating units that are expected to benefit from the business combination
in which the goodwill arose.
impairment testing
In the case of triggering events and at least annually, the Group tests whether intangible assets,
being goodwill and acquisition-related intangible assets, have suffered any impairment. The
recoverable amounts of cash-generating units have been determined using, among other
instruments, value-in-use calculations. These calculations require the use of estimates. Based on
these impairment tests, impairment losses, if any, are identified.
determination of recoverable amount
The recoverable amount for all cash-generating units is based on the higher of the value in use and
the fair value less cost to dispose. The value in use is determined by means of cash flow projections
based on the actual operating results adjusted for non-cash items (mainly depreciation and
amortization) and the expected future performance, which in turn is based on historical
performance, management's estimates and assumptions of revenue growth, and on developments
of operating margins, assessed using external data, covering a period of, in principle, 9 years
(2024: 9 years). Cash flow projections after this period are extrapolated by means of a growth
percentage of 1.5% (2024: 0.5%) throughout the Group. The use of a nine-year projection period is
justified by the highly cyclical nature of the industry and its strong correlation with GDP growth, as
it captures a full macroeconomic cycle to provide a reliable 'through-the-cycle' view of value in use.
5.2.2. annual impairment test
We performed our annual goodwill impairment test as of October 1, 2025.
Key assumptions in the cash flow projections are noted below. Annual revenue growth of the
Group: on average between 3.1% to 3.7% (2024: 1.5% to 3.8%) for the first three years and between
3.0% to 3.1.% (2024: 3.1% to 3.3%) for the following six years:
\u2022 Netherlands \u2013 operational talent solution (OTS)/professional talent solution (PTS): 1.5% to 3.1%
and 1.5% respectively (2024: 1.5% to 4.4% and 1.5% respectively);
\u2022 USA \u2013 OTS/PTS: (2.5% to 6.5% and 2.5% respectively (2024: (0.2)% to 2.5% and 2.5%
respectively);
\u2022 France \u2013 OTS/PTS: 2.0% to 2.5% and 2.5% respectively (2024: 2.4% to 2.5% and 2.5%
respectively).
EBITA of the Group in the range of 3.6% to 4.0% (2024: 3.9% to 4.3%) of revenue:
\u2022 Netherlands \u2013 OTS/PTS: 3.7% to 3.9% (2024: 4.5% to 4.7%);
\u2022 USA \u2013 OTS/PTS: 2.7% to 3.7% (2024: 3.3% to 3.7%);
\u2022 France \u2013 OTS/PTS: 3.6% to 3.8% (2024: 3.9% to 4.1%).
Growth rates in revenue and EBITA percentages vary between cash-generating units in relatively
limited terms and are dependent on the mix in revenue.
The cash flow projections are prepared in local currencies, and discounted with pre-tax discount
rates for each currency involved. The pre-tax discount rates vary from 7.6% to 28.9% (2024: 7.8% to
25.0%). The weighted average is 12.7% (2024: average 12.5%);
\u2022 Netherlands \u2013 OTS/PTS: 11.7% (2024: 11.3%);
\u2022 USA \u2013 OTS/PTS: 13.2% (2024: 13.5%);
\u2022 France \u2013 OTS/PTS: 14.2% (2024: 13.5%).
The assumptions are based on historical experience and on the current best estimate of future
macroeconomic developments, which is mainly reflected in the pre-tax discount rates. These
assumptions contain inherent judgment due to the continued high degree of uncertainty and
therefore might change following global macroeconomic and geopolitical developments.
results of annual impairment test
The annual goodwill impairment test carried out by the Group in 2025 resulted in an impairment for
the cash-generating unit Belgium & Luxembourg \u2013 Digital for a total amount of \u20ac 9 million recorded
in goodwill due to continuing weak market conditions in a competitive environment and our
continuing low (expected) profitability. (2024: United Kingdom \u2013 Enterprise for an amount of \u20ac 20
million and Sweden for an amount of \u20ac 101 million).
sensitivity relating to annual impairment test
For 2025, the cash-generating units Netherlands \u2013 OTS/PTS, Germany \u2013 OTS/PTS, Australia \u2013 OTS/
PTS, Germany \u2013 Digital and Austria are most sensitive to variations in assumptions (2024: Germany
\u2013 OTS/ PTS, Australia \u2013 OTS/PTS, Germany \u2013 Digital, Belgium & Luxembourg \u2013 Digital, Netherlands \u2013
Digital, Canada \u2013 Enterprise and Czech Republic). The outcome of impairment testing is sensitive to
variations in estimates and assumptions. Variations in estimates and assumptions have the
following effect on the impairment test calculations.
For 2025, the carrying amount of goodwill and the amount by which the recoverable amount of the
sensitive cash-generating units exceeds the carrying value are detailed as follows:
\u2022 Netherlands \u2013 OTS/PTS: \u20ac 1,054 million and \u20ac 80 million respectively;
\u2022 Germany \u2013 OTS/PTS: \u20ac 260 million and \u20ac 41 million respectively;
\u2022 Australia \u2013 OTS/PTS: \u20ac 43 million and \u20ac 6 million respectively;
\u2022 Germany \u2013 Digital: \u20ac 23 million and \u20ac 1 million respectively.
For 2024, the carrying amount of goodwill and the amount by which the recoverable amount
of\u00a0the\u00a0sensitive cash-generating units exceeds the carrying value are detailed as follows:
\u2022 Australia \u2013 OTS/PTS: \u20ac 48 million and \u20ac 34 million respectively;
\u2022 Czech Republic: \u20ac 1 million and \u20ac 5 million respectively;
\u2022 Germany \u2013 OTS/PTS: \u20ac 261 million and \u20ac 49 million respectively;
\u2022 Netherlands \u2013 Digital: \u20ac 22 million and \u20ac 3 million respectively;
\u2022 Belgium & Luxembourg \u2013 Digital: \u20ac 9 million and \u20ac 2 million respectively;
\u2022 Germany Digital: \u20ac 23 million and \u20ac 1 million respectively;
\u2022 Canada Enterprise: \u20ac 10 million and \u20ac 2 million respectively.
The remaining cash-generating units have substantial headroom available. Consequently, no
reasonably possible change in the key assumptions would cause the recoverable amount to fall
below the carrying amount. The carrying amount of goodwill and the amount by which the
recoverable amount of the other material cash-generating units exceeds the carrying value are:
\u2022 USA \u2013 OTS/PTS: \u20ac 311 million and \u20ac 209 million respectively (2024: \u20ac 327 million and
\u20ac\u00a0228\u00a0million respectively);
\u2022 France \u2013 OTS/PTS:\u20ac 498 million and \u20ac 508 million respectively (2024: \u20ac 498 million and
\u20ac\u00a0601\u00a0million respectively);
\u2022 United States \u2013 Digital: \u20ac 219 million and \u20ac 242 million respectively (2024: \u20ac 230 million
and\u00a0\u20ac\u00a0242 million respectively);
\u2022 Iberia: \u20ac 40 million and \u20ac 818 million respectively (2024: \u20ac 40 million and \u20ac\u00a0741\u00a0million
respectively).
For the carrying amount of goodwill by reporting segment, see note 10.2.
sensitivity relating to annual impairment test
revenue decrease 1
EBITA margin decrease 2
discount rate increase
(3.0)%
(2.0)%
(0.3)%
(0.5)%
(1.0)%
(1.5)%
1.0%
1.5%
2025 - cash-generating
unit
Netherlands - OTS/PTS
166
90
\u2014
\u2014
65
137
59
117
Germany - OTS/PTS
29
8
\u2014
\u2014
27
60
10
31
Australia - OTS/PTS
13
7
\u2014
7
20
34
11
18
Germany \u2013 Digital
4
2
\u2014
1
3
5
5
7
Total
212
107
\u2014
8
115
236
85
173
2024 - cash-generating
unit
Australia - OTS/PTS
\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
\u2014
Czech Republic
\u2014
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
Germany - OTS/PTS
22
\u2014
\u2014
\u2014
30
69
9
32
Netherlands - Digital
2
1
\u2014
\u2014
\u2014
1
1
2
Belgium & Luxembourg-
Digital
3
1
\u2014
\u2014
2
4
2
4
Germany - Digital
5
3
\u2014
1
3
5
5
7
Canada - Enterprise
\u2014
\u2014
1
3
1
2
Total
32
5
\u2014
1
37
96
18
47
1Sensitivity on revenue growth applies to the explicit forecast years, the long-term growth rate in the terminal year is kept constant.
2Sensitivity on EBITA margin applies to both the explicit forecast years and the terminal year.
13.4. depreciation, amortization and impairment of
property, plant, equipment, software and right-of-use
assets
2025
2024
Depreciation of buildings
\u2014
\u2014
Depreciation of computer hardware
11
15
Depreciation of leasehold improvements and furniture and fixtures
32
40
Impairment of leasehold improvements
\u2014
\u2014
Depreciation and impairment of property, plant and equipment
43
55
Amortization of software
31
41
Impairment of software
2
1
Amortization and impairment of software
33
42
Depreciation and impairment of property, plant, equipment and software
76
97
Depreciation of right-of-use buildings
105
119
Depreciation of right-of-use cars
58
58
Depreciation of right-of-use IT and other equipment
6
6
Impairment of right-of-use buildings
8
25
Depreciation and impairment of right-of-use assets
177
208
Depreciation and impairment of property, plant, equipment, software and right-of-
use assets
253
305
depreciation and impairment of property, plant, equipment, and software
2025
2024
Included in:
Cost of services
1
2
Selling expenses
20
22
General and administrative expenses
55
73
Depreciation and impairment of property, plant, equipment, and software
76
97
depreciation and impairment of right-of-use assets
2025
2024
Included in:
Cost of services
26
28
Selling expenses
120
146
General and administrative expenses
31
34
Depreciation and impairment of right-of-use assets
177
208
depreciation and impairment of property, plant, equipment, software and right-of-use assets
2025
2024
Included in:
Cost of services
27
30
Selling expenses
140
168
General and administrative expenses
86
107
Depreciation and impairment of property, plant, equipment, software and right-of-
use assets
253
305
13.5. amortization and impairment of acquisition-related
intangible assets and goodwill
amortization and impairment of acquisition-related intangible assets and goodwill
2025
2024
Amortization of acquisition-related intangible assets
74
46
Impairment of goodwill and acquisition-related intangible assets
9
121
Amortization and impairment of acquisition-related intangible assets and goodwill
83
167
For impairment of goodwill, see note 5.
18. property, plant and equipment
buildings and
land
computer
hardware
leasehold improvements,
furniture and fixtures
total
Balance as at January 1, 2025
10
20
88
118
Movements in 2025
Additions
\u2013
10
25
35
Disposals
\u2013
\u2013
(1)
(1)
Depreciation/impairment
\u2013
(11)
(32)
(43)
Translation differences
\u2013
(2)
(5)
(7)
Balance as at December 31, 2025
10
17
75
102
Cost
37
132
407
576
Accumulated depreciation and
impairment
27
115
332
474
Balance as at December 31, 2025
10
17
75
102
Balance as at January 1, 2024
Cost
38
163
439
640
Accumulated depreciation and
impairment
27
135
342
504
11
28
97
136
Movements in 2024
Additions
\u2013
8
34
42
Disposals
(1)
(1)
(3)
(5)
Depreciation/impairment
\u2013
(15)
(40)
(55)
Translation differences
\u2013
\u2013
\u2013
\u2013
Balance as at December 31, 2024
10
20
88
118
Cost
37
137
431
605
Accumulated depreciation and
impairment
27
117
343
487
Balance as at December 31, 2024
10
20
88
118
Based on appraisals made by independent and expert appraisers performed in 2025, the estimated
fair value of buildings and land is approximately \u20ac 29 million higher than the carrying amount in
2025 (2024: \u20ac 23 million). The fair value represents the market value, taking into account that the
property is in a rented status.
accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures that are directly attributable to the
acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or
recognized as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably.
Land is not depreciated. Depreciation on other property, plant and equipment is charged to
operating expenses and/or cost of services on a straight-line basis over their estimated useful lives,
from the date they are available for use.
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Gains and losses arising on disposal are included in the income statement under other general and
administrative expenses.
estimated useful lives of property, plant and equipment
on average
term
Buildings
33 years
Computer hardware
4 years
Leasehold improvements
5 years
Furniture and fixtures
4-5 years
Leasehold improvements are depreciated over the term of the initial lease, in the event that this
term is shorter than five years.
Impairments, if any, are mainly caused by the discontinuation of outlets. The net book value of
leasehold improvements and other furniture and fixtures is impaired to the recoverable amount,
based on each individual case. The recoverable amount tends to be zero.
19. software
software
2025
2024
Cost
433
578
Accumulated amortization and impairment
375
461
Balance as at January 1
58
117
Additions
39
47
Disposals
\u2014
(64)
Amortization and impairment
(33)
(42)
Translation differences
(2)
\u2014
Balance as at December 31
62
58
Cost
452
433
Accumulated amortization and impairment
390
375
Balance as at December 31
62
58
accounting policy
Acquired software (licenses) and developed software are stated at cost less accumulated
amortization and impairment losses.
Expenditures in relation to the development of on-premise, identifiable and unique software (or
significant enhancements to existing on-premise software) used by the Group, of which the
intellectual property is owned by the Group, for which these will probably generate economic
benefits exceeding costs beyond one year, are recognized as developed software and amortized
over their estimated useful lives. Capitalized costs include employee costs of software
development and third-party expenses.
Configuration and customization costs relating to cloud computing arrangements are expensed as
incurred.
Expenditures associated with small enhancements or maintenance of software are recognized as
an expense when incurred.
Amortization of software applications is charged to operating expenses and/or cost of services on
a straight-line basis over the estimated useful lives, from the date they are available for use.
In 2025, we had \u20ac 2 million software impairment (2024: \u20ac 1 million).
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Internally developed software and purchased software are amortized on a straight-line basis over
the useful lives of three to five years or, in the case of licenses, if the license period is shorter than
three years, over this shorter period.
Impairments, if any, are mainly caused by the discontinuation of software applications. The net
book value of software is impaired to its recoverable amount, which tends to be zero, based on
each individual case.
20. acquisition-related intangible assets
acquisition-related intangible assets
client
relationships
brand names
talent
profiles
technology
total
Balance as at January 1, 2025
133
53
\u2014
88
274
Movements in 2025
Acquisition of subsidiaries
(31)
1
5
16
(9)
Amortization and impairment
(32)
(16)
(3)
(23)
(74)
Translation differences
(2)
1
1
(3)
(3)
Balance as at December 31, 2025
68
39
3
78
188
Cost
164
87
7
115
373
Accumulated amortization and impairment
96
48
4
37
185
Balance as at December 31, 2025
68
39
3
78
188
Balance as at January 1, 2024
Cost
131
59
2
11
203
Accumulated amortization and impairment
47
23
1
7
78
Movements in 2024
84
36
1
4
125
Acquisition of subsidiaries
77
30
\u2014
91
198
Amortization and impairment
(27)
(11)
(1)
(7)
(46)
Translation differences
(1)
(2)
\u2014
\u2014
(3)
Balance as at December 31, 2024
133
53
\u2014
88
274
Cost
201
88
\u2014
103
392
Accumulated amortization and impairment
68
35
\u2014
15
118
Balance as at December 31, 2024
133
53
\u2014
88
274
For acquisition of subsidiaries, see note 11.1 for further information.
accounting policy
Acquisition-related intangible assets (client relationships (including franchise agreements), brand
names, talent profiles and developed technology) that are acquired by the Group are stated at cost
less accumulated amortization and impairment losses.
When an intangible asset is acquired in a business combination, it is recognized at fair value at the
date of its acquisition. This fair value is determined on a basis that reflects an amount that the entity
would have paid for the asset in an arm's length transaction between knowledgeable and willing
parties, based on the best information available. If the fair value cannot be measured reliably, the
asset is not recognized as a separate intangible asset but is included in goodwill.
Amortization of acquisition-related intangible assets is charged to total operating expenses on a
straight-line basis over their estimated useful lives, from the date they are available for use. The
residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
The estimated useful life of client relationships is four to five years, of brand names two to five
years, of talent profiles two to three years, and of technology five to six years. Technology relates
to the software platforms acquired in acquisitions and in use as an integral part of our business
activities.
Impairments, if any, can be the result of the asset no longer being able to generate future
economic benefits or the annual impairment test of the cash-generating unit to which the
acquisition-related intangible assets are related.
21.1.5. impairment of financial assets
The carrying amounts of loans and receivables are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount is impaired. If objective evidence
exists that a financial asset or group of financial assets is impaired, the amount of the impairment
loss is calculated as the difference between the carrying amount of the financial asset and the
present value of estimated future cash flows, discounted at the original effective interest rate (i.e.,
the effective interest rate computed at initial recognition of these financial assets).
The resulting impairment loss is immediately recognized in net finance costs.
An impairment loss on financial assets is reversed if, in a subsequent period, the amount of the
impairment loss decreases and this decrease can be related objectively to an event occurring after
the impairment loss was recognized. Such reversal is immediately recognized in net finance costs
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
5. impairments
5.1. impairment of non-financial assets
The carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets
and the plan assets in relation to defined benefit pension plans, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. For goodwill, testing for impairment is performed at least annually.
If there are such indications, the recoverable amount of the asset is estimated. If this is not
possible, the recoverable amount of the cash-generating unit to which the asset belongs is
estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units).
If the recoverable amount of an asset or a cash-generating unit is estimated to be lower than its
carrying amount, the related carrying amount is reduced to its recoverable amount.
The resulting impairment loss is immediately recognized in total operating expenses.
The recoverable amount is the higher of an asset's fair value less costs to dispose and its value in
use. The value in use is determined by using the present value of estimated cash flow projections.
The discount rates are based on interest rates that align with the terms of the projections and the
specific risks of the asset or business respectively.
In determining the fair value less costs to dispose, information such as recent market transactions
is taken into account; if no such transactions (or comparable transactions) can be identified, an
appropriate valuation model is used. This valuation model is supplemented by valuation multiples,
quoted share prices, or other available fair-value indicators.
Impairment losses relating to a cash-generating unit are first allocated to reduce the carrying
amount of the goodwill of the related cash-generating unit and then to reduce the carrying amount
of the other assets of that cash-generating unit on a pro rata basis.
An impairment loss with respect to goodwill is not reversed. With respect to other assets, an
impairment loss recognized in a prior period is assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount.
For the impairment testing method of property, plant and equipment, software, and acquisition-
related intangible assets, see notes 18, 19 and 20, respectively.
Impairments, if any, are mainly caused by the discontinuation of outlets. The net book value of
leasehold improvements and other furniture and fixtures is impaired to the recoverable amount,
based on each individual case. The recoverable amount tends to be zero.
Impairments, if any, are mainly caused by the discontinuation of software applications. The net
book value of software is impaired to its recoverable amount, which tends to be zero, based on
each individual case.
Impairments, if any, can be the result of the asset no longer being able to generate future
economic benefits or the annual impairment test of the cash-generating unit to which the
acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
5. impairments
5.1. impairment of non-financial assets
The carrying amounts of the Group's non-financial assets, with the exception of deferred tax assets
and the plan assets in relation to defined benefit pension plans, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. For goodwill, testing for impairment is performed at least annually.
If there are such indications, the recoverable amount of the asset is estimated. If this is not
possible, the recoverable amount of the cash-generating unit to which the asset belongs is
estimated. For purposes of impairment testing, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units).
If the recoverable amount of an asset or a cash-generating unit is estimated to be lower than its
carrying amount, the related carrying amount is reduced to its recoverable amount.
The resulting impairment loss is immediately recognized in total operating expenses.
The recoverable amount is the higher of an asset's fair value less costs to dispose and its value in
use. The value in use is determined by using the present value of estimated cash flow projections.
The discount rates are based on interest rates that align with the terms of the projections and the
specific risks of the asset or business respectively.
In determining the fair value less costs to dispose, information such as recent market transactions
is taken into account; if no such transactions (or comparable transactions) can be identified, an
appropriate valuation model is used. This valuation model is supplemented by valuation multiples,
quoted share prices, or other available fair-value indicators.
Impairment losses relating to a cash-generating unit are first allocated to reduce the carrying
amount of the goodwill of the related cash-generating unit and then to reduce the carrying amount
of the other assets of that cash-generating unit on a pro rata basis.
An impairment loss with respect to goodwill is not reversed. With respect to other assets, an
impairment loss recognized in a prior period is assessed at each reporting date for any indications
that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount.
For the impairment testing method of property, plant and equipment, software, and acquisition-
related intangible assets, see notes 18, 19 and 20, respectively.
Impairments, if any, are mainly caused by the discontinuation of outlets. The net book value of
leasehold improvements and other furniture and fixtures is impaired to the recoverable amount,
based on each individual case. The recoverable amount tends to be zero.
Impairments, if any, are mainly caused by the discontinuation of software applications. The net
book value of software is impaired to its recoverable amount, which tends to be zero, based on
each individual case.
Impairments, if any, can be the result of the asset no longer being able to generate future
economic benefits or the annual impairment test of the cash-generating unit to which the
acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
accounting policies
Goodwill on acquisitions of subsidiaries is included in intangible assets; goodwill on acquisitions of
associates is included in investments in associates. For the measurement of goodwill at initial
recognition, see note 11.1.
Goodwill on acquisitions represents payments made by the Group in anticipation of future
economic benefits from assets that cannot be identified individually and cannot be recognized
separately. These relate, for example, to synergies expected from integrating the acquired
companies and the workforces of the acquired companies.
Goodwill is stated at cost less accumulated impairment losses. Gains and losses on the disposal of
an entity include the carrying amount of goodwill relating to the entity that is sold. Where goodwill
has been allocated to a cash-generating unit and part of the operation within that cash-generating
unit is disposed of, the goodwill related to that part is included in the carrying amount of the
disposed operation when determining the gain or loss on disposal. Goodwill disposed is calculated
based on the relative value of the disposed operation of the total value of the cash-generating unit
to which the disposed operation belongs. If disposal of an entity results in a loss, the goodwill part
in the loss is presented in the statement of comprehensive income as an impairment of goodwill,
up to a maximum amount of the loss on disposal.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation
is made to those cash-generating units that are expected to benefit from the business combination
in which the goodwill arose.
accounting policy
The Group uses the acquisition method to account for the acquisition of subsidiaries.
Goodwill at acquisition date is measured as:
\u2022 The fair value of the consideration transferred, being the fair value of the assets given and
liabilities incurred or assumed; plus
\u2022 The recognized amount of any non-controlling interests in the acquiree; plus
\u2022 The fair value of any previous equity interests in the acquiree (if the business combination is
achieved in stages); less
\u2022 The fair value of the identifiable assets acquired and liabilities assumed (including contingent
liabilities).
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly
in total operating expenses. All considerations transferred to acquire a business are recorded at fair
value as at the acquisition date; subsequent changes to the fair value of the contingent
considerations classified as debt are recognized as expenses or income.
The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest's proportionate share of the recognized
amounts of the acquiree's identifiable net assets.
All acquisition-related costs are expensed and included in other general and administrative
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
6. provisions
restructuring
workers'
compensation
other
total
Balance as at January 1, 2025
56
44
102
202
Movements in 2025
Charged to income statement
96
27
44
167
Released to income statement
(1)
\u2014
(14)
(15)
Withdrawals
(104)
(30)
(31)
(165)
Total amount in statement of cash flows
(9)
(3)
(1)
(13)
Additions from right-of-use assets
\u2014
\u2014
1
1
Interest due to passage of time
\u2014
1
1
2
Translation differences
\u2014
(5)
(3)
(8)
Balance as at December 31, 2025
47
37
100
184
Non-current
4
23
35
62
Current
43
14
65
122
Balance as at December 31, 2025
47
37
100
184
Balance as at January 1, 2024
Non-current
2
26
37
65
Current
46
17
58
121
48
43
95
186
Movements in 2024
\u2014
Disposal of subsidiaries
(7)
\u2014
\u2014
(7)
Charged to income statement
119
25
55
199
Released to income statement
(4)
\u2014
(25)
(29)
Withdrawals
(101)
(28)
(25)
(154)
Total amount in statement of cash flows
14
(3)
5
16
Interest due to passage of time
\u2014
1
1
2
Translation differences
1
3
1
5
Balance as at December 31, 2024
56
44
102
202
Non-current
7
27
35
69
Current
49
17
67
133
Balance as at December 31, 2024
56
44
102
202
Provisions are recognized for legally enforceable or constructive obligations as a result of a past
event for which the settlement is likely to require an outflow of resources and to the extent that
these can be reliably estimated. If the effect is material, provisions are determined by discounting
the expected future cash flows at an interest rate that reflects the current market assessments of
the time value of money and, where appropriate, the risks specific to the obligation.
Provisions for restructuring are recognized when a detailed and formal restructuring plan has been
approved, and the restructuring has either commenced or has been announced publicly. These
restructuring provisions mainly comprise severance payments for personnel.
Provisions for workers' compensation are based on claims for compensation and medical expenses
(of both employees and talent working) in relation to accidents during working hours for which the
Group is liable under applicable local laws. These provisions mainly relate to our activities in the
United States, where we are responsible for payment of workers' compensation claims up to a
maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate
the amount of the provision.
The effective interest rate used in the calculation of the provision for workers' compensation is 3%
(2024: 3%).
Other provisions mainly relate to:
\u2022 Claims from third parties. In the ordinary course of business, the company is involved in various
legal proceedings in which claims are asserted by clients, talent placed and vendors, as well as
in investigations by local tax and regulatory authorities that have led to or might lead to claims.
These claims are provided for at the lowest amount at which the Group expects the claim to be
reasonably settled. Due to the highly uncertain timing of the expected future cash outflow,
amounts provided for claims from third parties are categorized to be settled within one year of
the balance sheet date, unless these are explicitly expected to be settled later; and
\u2022 Onerous contracts, where the expected benefits to be derived by the Group from a contract are
lower than the unavoidable cost of meeting its obligations under the contract.
The majority of the non-current part of these provisions is expected to be settled within three years
of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
6. provisions
restructuring
workers'
compensation
other
total
Balance as at January 1, 2025
56
44
102
202
Movements in 2025
Charged to income statement
96
27
44
167
Released to income statement
(1)
\u2014
(14)
(15)
Withdrawals
(104)
(30)
(31)
(165)
Total amount in statement of cash flows
(9)
(3)
(1)
(13)
Additions from right-of-use assets
\u2014
\u2014
1
1
Interest due to passage of time
\u2014
1
1
2
Translation differences
\u2014
(5)
(3)
(8)
Balance as at December 31, 2025
47
37
100
184
Non-current
4
23
35
62
Current
43
14
65
122
Balance as at December 31, 2025
47
37
100
184
Balance as at January 1, 2024
Non-current
2
26
37
65
Current
46
17
58
121
48
43
95
186
Movements in 2024
\u2014
Disposal of subsidiaries
(7)
\u2014
\u2014
(7)
Charged to income statement
119
25
55
199
Released to income statement
(4)
\u2014
(25)
(29)
Withdrawals
(101)
(28)
(25)
(154)
Total amount in statement of cash flows
14
(3)
5
16
Interest due to passage of time
\u2014
1
1
2
Translation differences
1
3
1
5
Balance as at December 31, 2024
56
44
102
202
Non-current
7
27
35
69
Current
49
17
67
133
Balance as at December 31, 2024
56
44
102
202
Provisions are recognized for legally enforceable or constructive obligations as a result of a past
event for which the settlement is likely to require an outflow of resources and to the extent that
these can be reliably estimated. If the effect is material, provisions are determined by discounting
the expected future cash flows at an interest rate that reflects the current market assessments of
the time value of money and, where appropriate, the risks specific to the obligation.
Provisions for restructuring are recognized when a detailed and formal restructuring plan has been
approved, and the restructuring has either commenced or has been announced publicly. These
restructuring provisions mainly comprise severance payments for personnel.
Provisions for workers' compensation are based on claims for compensation and medical expenses
(of both employees and talent working) in relation to accidents during working hours for which the
Group is liable under applicable local laws. These provisions mainly relate to our activities in the
United States, where we are responsible for payment of workers' compensation claims up to a
maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate
the amount of the provision.
The effective interest rate used in the calculation of the provision for workers' compensation is 3%
(2024: 3%).
Other provisions mainly relate to:
\u2022 Claims from third parties. In the ordinary course of business, the company is involved in various
legal proceedings in which claims are asserted by clients, talent placed and vendors, as well as
in investigations by local tax and regulatory authorities that have led to or might lead to claims.
These claims are provided for at the lowest amount at which the Group expects the claim to be
reasonably settled. Due to the highly uncertain timing of the expected future cash outflow,
amounts provided for claims from third parties are categorized to be settled within one year of
the balance sheet date, unless these are explicitly expected to be settled later; and
\u2022 Onerous contracts, where the expected benefits to be derived by the Group from a contract are
lower than the unavoidable cost of meeting its obligations under the contract.
The majority of the non-current part of these provisions is expected to be settled within three years
of the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
Provisions are recognized for legally enforceable or constructive obligations as a result of a past
event for which the settlement is likely to require an outflow of resources and to the extent that
these can be reliably estimated. If the effect is material, provisions are determined by discounting
the expected future cash flows at an interest rate that reflects the current market assessments of
the time value of money and, where appropriate, the risks specific to the obligation.
Provisions for restructuring are recognized when a detailed and formal restructuring plan has been
approved, and the restructuring has either commenced or has been announced publicly. These
restructuring provisions mainly comprise severance payments for personnel.
Provisions for workers' compensation are based on claims for compensation and medical expenses
(of both employees and talent working) in relation to accidents during working hours for which the
Group is liable under applicable local laws. These provisions mainly relate to our activities in the
United States, where we are responsible for payment of workers' compensation claims up to a
maximum amount per claim, beyond which the costs are insured. Independent actuaries calculate
the amount of the provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
7. corpor ate taxes
The Group is subject to corporate income taxes in numerous jurisdictions. Significant judgment is
required in determining the worldwide deferred tax assets on, among other items, tax losses
carried forward. There are many uncertain factors that affect the recognition of deferred tax assets
with respect to the amount of tax losses carried forward. The Group recognizes deferred tax assets
on tax losses carried forward based on its best estimates. The recoverability of deferred income tax
assets is reviewed and assessed frequently, using forecasts that are based on actual and future
(taxable) results. External data are used for reference if considered necessary. When the actual
(taxable) results are different from the amounts that were initially estimated, such differences will
impact the income tax in the income statement (effective tax rate), as well as the deferred tax
assets and/or deferred tax liabilities in the period in which these deviations occur.
The Group has also identified a number of uncertain tax positions. The Group determines whether
to consider each uncertain tax position separately or together with one or more other uncertain tax
positions, and applies the approach considered most suitable to predict the resolution of the
uncertainty. The Group applies significant judgment in identifying uncertainties over income tax
treatments. As the Group operates in a complex multinational environment, it takes any potential
uncertain tax position into consideration, mostly relating to transfer pricing policies. The tax
returns of the companies in the Group are filed in different tax jurisdictions and include deductions
related to transfer pricing (mainly holding, royalty and interest charges passed on by the
Company). Tax authorities may challenge those deductions for tax purposes. Based on the Group's
tax compliance, transfer pricing studies, and assessments based on the judgments of tax
professionals within the Group, supplemented by external tax advice from case to case, the Group
determines the probable outcome of the uncertainties. Provisions are recognized for those matters
for which the tax determination is uncertain, but for which it is considered probable that the tax
authorities will not accept the uncertain treatment. The provisions are based on either the most
likely amounts or the expected value of the payable amount.
The Group is currently facing claims from certain tax authorities concerning its transfer pricing
arrangements. The claims are assessed to be individually not material. Based on our assessment,
supported by external advisors opinion, we strongly believe that the likelihood of a permanent
financial outflow resulting from a court ruling or settlement is considered to be not probable and
remote, and as such, no provision has been recorded. Our assessment of the likelihood is
reinforced by consistent court rulings or settlements in our favor regarding similar claims.
7.1. deferred and current income taxes
Using the balance sheet liability method, deferred tax assets and liabilities are recognized to
provide for temporary differences between the value of the assets and liabilities for financial
reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against current tax liabilities, and when the
deferred income taxes relate to the same tax jurisdiction.
Deferred tax assets, including those resulting from tax losses carried forward, are recognized to the
extent that it is probable that future taxable profits will be available as a consequence of which the
temporary differences, including tax losses carried forward and tax credits, can be realized.
Deferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-
end and which are expected to apply in the coming years when the assets and liabilities are
expected to be realized or settled.
Deferred tax is recorded with respect to temporary differences arising from investments in
subsidiaries and associates, except for deferred income tax liabilities arising from undistributed
profits from investments where the entity is able to control the timing of the distribution and it is
probable that such distribution will not occur in the foreseeable future.
movements in total position of corporate taxes
2025
2024
Assets/(liabilities)
Deferred income tax assets
740
669
Current income tax receivables
210
153
Deferred income tax liabilities
(52)
(18)
Current income tax liabilities
(62)
(63)
Balance as at January 1
836
741
Movements during the year
Charged to income statement
(134)
(67)
Net payments
96
219
Acquisition of subsidiaries' current taxes
\u2014
(2)
Acquisition of subsidiaries' deferred taxes
2
(45)
Disposal of subsidiaries' current taxes
\u2014
1
Disposal of subsidiaries' deferred taxes
\u2014
(22)
Recognized in other comprehensive income
28
(13)
2025
2024
Recognized in equity on share-based compensations
(2)
\u2014
Translation differences
(54)
24
Total movements
(64)
95
Assets/(liabilities)
Deferred income tax assets
750
740
Current income tax receivables
174
210
Deferred income tax liabilities
(50)
(52)
Current income tax liabilities
(102)
(62)
Balance as at December 31
772
836
deferred income tax assets
composition of deferred income tax assets
2025
2024
Tax losses carry-forward
430
452
Unused tax credits
208
224
Temporary differences:
Property, plant, equipment, intangible assets, and lease liabilities
171
231
Other receivables/other payables
155
142
Provisions
76
74
Deferred income tax assets (before netting)
1,040
1,123
Amount netted with deferred income tax liabilities
(290)
(383)
Deferred income tax assets (after netting)
750
740
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac 84
million (2024: \u20ac 40 million), originating from subsidiaries that generated tax losses in the current or
preceding year. Of this total, \u20ac 19 million relates to a number of subsidiaries in various countries
that generated taxable profits either in 2025 or in 2024 and are expected to continue making
taxable profits in the near future. The increase in the total balance is primarily attributable to North
America (\u20ac 65 million). Although the US operations have incurred losses in the current and
preceding years, the related deferred tax assets have been recognized because these losses are
related to disposed entities and non-recurring transactions, rather than continuing operations.
Certain deferred income tax assets, whose recoverability is considered not probable, are valued at
nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac 196 million
(December 31, 2024: \u20ac 122 million), as well as deferred tax assets relating to other temporary
differences of \u20ac 121 million (December 31, 2024: \u20ac 130 million). Such carried forward tax losses
mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden.
These carried forward losses have expiry dates in the range of five years to indefinitely.
Unused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax
credits is 20 years. Of these unused tax credits, an amount of \u20ac \u2014 million is not valued as at
December 31, 2025 (December 31, 2024: \u20ac 6 million).
The part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac 11
million (2024: \u20ac 55 million).
sensitivity
Deferred tax assets are only recognized to the extent that it is considered probable that future
taxable profits are available, as a consequence of which these deferred tax assets can be realized.
The scenarios used are in agreement with the estimates and assumptions used in the goodwill
impairment testing (see note 5).
deferred income tax liabilities
composition of deferred income tax liabilities
2025
2024
Acquisition-related intangible assets
48
69
Temporary differences relating to subsidiaries
95
137
Temporary differences relating right-of-use assets
77
125
Other temporary differences
120
104
Deferred income tax liabilities (before netting)
340
435
Amount netted with deferred income tax assets
(290)
(383)
Deferred income tax liabilities (after netting)
50
52
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac 95
million (December 31, 2024: \u20ac 137 million) relates to recapture obligations in our Luxembourg
entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
The part of deferred income tax liabilities that is expected to be settled within one year is estimated
at \u20ac 16 million (December 31, 2024: \u20ac 20 million).
movements in deferred income taxes
In the table below, the balances of deferred income tax assets and deferred income tax liabilities
have been included gross at the beginning and end of the year. The netting of deferred income tax
assets and liabilities is shown in the tables above.
movements in deferred income taxes
tax losses
carry
forward
unused tax
credits
temporary
differences
total
2025
total
2024
Deferred income tax assets
452
224
322
998
895
Deferred income tax liabilities
\u2014
\u2014
(310)
(310)
(244)
Balance as at January 1
452
224
12
688
651
Movements during the year
Acquisition of subsidiaries
\u2014
\u2014
2
2
(45)
Disposal of subsidiaries
\u2014
\u2014
\u2014
\u2014
(22)
Income statement
(95)
11
51
(33)
24
Other movements
80
\u2014
13
93
59
Translation differences
(7)
(27)
(16)
(50)
21
Total movements
(22)
(16)
50
12
37
Deferred income tax assets
430
208
402
1,040
998
Deferred income tax liabilities
\u2014
\u2014
(340)
(340)
(310)
Balance as at December 31
430
208
62
700
688
7.2. corporate taxes on income
Corporate taxes on income for the year comprise current taxes and deferred taxes. Income taxes
are recognized in the income statement, except for taxes that relate to items recognized in other
comprehensive income; these taxes are consequently also recognized in other comprehensive
income.
Current taxes on income are the sum of taxes recorded on the results before taxes in the countries
where those results were generated, based on local tax regulations and against tax rates of the
applicable year. Income that is tax-exempt and expenses that are not tax-deductible are taken into
account in calculating current taxes on income.
details of corporate taxes on income
2025
2024
Current tax expense
101
91
Deferred tax expense (income)
33
(24)
Tax expense
134
67
In 2025, the effective tax rate on income before taxes was 30.9% (2024: 35.2%). The reconciliation
between the applicable income tax rate of the company's country of domicile and the effective tax
rate is as follows:
reconciliation from applicable to effective tax rate
2025
2024
Income tax rate of the company's country of domicile
25.8%
25.8%
Effect of income tax rates in other (non-domestic) jurisdictions
(2.2%)
(8.3%)
Weighted average applicable tax rate
23.6%
17.5%
Tax-exempt income/non-tax-deductible items
8.1%
16.8%
Changes in statutory applicable tax rates and effect of prior years
1.9%
0.9%
Change in valuation of deferred tax assets and other
(5.4%)
(5.0%)
Pillar Two top-up tax
2.7%
5.0%
Effective tax rate
30.9%
35.2%
The year-on-year increase on the weighted average applicable (2.2%- decreasing effect; 2024:
8.3%- decreasing effect) is explained by lower losses in the jurisdictions with high tax rate and a
shift in relative income in the jurisdictions with low tax rates compared to last year.
Tax-exempt income/non-tax deductible items had an effect of 8.1%-points (2024: 16.8%). This is
mainly caused by non-tax-deductible expenses and tax-exempt income that had an increasing
effect of 7.6%-points (2024: 3.3%-points decreasing effect), and by the non-tax-deductible goodwill
impairment in 2025 having an increasing effect of 0.5%-points (2024: 13.5%-points increasing
effect).
Changes in statutory applicable tax rates and effects of prior years had an effect of 1.9%-points
(2024: (0.9%)-points) on the effective tax rate.
Change in valuation of deferred tax assets and other had an effect of (5.4)%-points in 2025,
compared to (5.0)%-points in 2024, and is mainly the result of the re-assessment of the future
recoverability of carried forward losses and deferred tax assets in various countries. The impact in
2025 included an increase of the valuation of the net operating losses in Luxembourg as a
consequence of a mixed effect of higher expected future taxable profits due to expected increased
net interest income following higher interest rates on outstanding intercompany loans and
repayment of intercompany loans from other group companies (0.5%-points decreasing effect on
the effective tax rate; 2024: decreasing effect of 14.7%-points). The impact of 2025 further included
a decrease in the valuation allowances recorded on the future recoverability of deferred tax assets
related to temporarily denied interest expense in the Netherlands and Germany (4.1%-points
decreasing effect on the effective tax rate; 2024: 22.9%-points increasing effect), increase in the
valuation allowance on the future recoverability of carried forward losses in Singapore and
Sweden, (1.6% increasing effect on the effective tax rate; 2024: 7.3%-points) and other countries
(2.4%-points decreasing effect; 2024: 3.7%-points increasing effect). In 2024 the impact included a
decreasing effect as result of tax assets related to Monster that were recognized in Randstad North
America at the date of Monster disposal that occurred in 2024 (24.8%-points decreasing effect on
the effective tax rate).
The Group's current tax expense related to Pillar Two income taxes has an effect of 2.7%-points.
OECD global anti-base erosion rules
In December 2023, the government of the Netherlands, where the parent company is incorporated,
enacted the Pillar Two income taxes legislation effective to the Group from January 1, 2024. Under
the legislation, the Group may, briefly stated, be required to pay top-up tax on profits that are taxed
at an effective tax rate of less than 15 per cent. In the 2025 financial statements, Randstad applied
the temporary exemption for recognizing and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
The Group's current tax expense related to Pillar Two income taxes has an effect of 2.7%-points on
the reported effective tax rate under IFRS of 35.2% and amounted to \u20ac 12 million (2024: \u20ac 9
million). The additional Pillar Two income taxes relate to Singapore and Switzerland.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
7. corpor ate taxes
The Group is subject to corporate income taxes in numerous jurisdictions. Significant judgment is
required in determining the worldwide deferred tax assets on, among other items, tax losses
carried forward. There are many uncertain factors that affect the recognition of deferred tax assets
with respect to the amount of tax losses carried forward. The Group recognizes deferred tax assets
on tax losses carried forward based on its best estimates. The recoverability of deferred income tax
assets is reviewed and assessed frequently, using forecasts that are based on actual and future
(taxable) results. External data are used for reference if considered necessary. When the actual
(taxable) results are different from the amounts that were initially estimated, such differences will
impact the income tax in the income statement (effective tax rate), as well as the deferred tax
assets and/or deferred tax liabilities in the period in which these deviations occur.
The Group has also identified a number of uncertain tax positions. The Group determines whether
to consider each uncertain tax position separately or together with one or more other uncertain tax
positions, and applies the approach considered most suitable to predict the resolution of the
uncertainty. The Group applies significant judgment in identifying uncertainties over income tax
treatments. As the Group operates in a complex multinational environment, it takes any potential
uncertain tax position into consideration, mostly relating to transfer pricing policies. The tax
returns of the companies in the Group are filed in different tax jurisdictions and include deductions
related to transfer pricing (mainly holding, royalty and interest charges passed on by the
Company). Tax authorities may challenge those deductions for tax purposes. Based on the Group's
tax compliance, transfer pricing studies, and assessments based on the judgments of tax
professionals within the Group, supplemented by external tax advice from case to case, the Group
determines the probable outcome of the uncertainties. Provisions are recognized for those matters
for which the tax determination is uncertain, but for which it is considered probable that the tax
authorities will not accept the uncertain treatment. The provisions are based on either the most
likely amounts or the expected value of the payable amount.
The Group is currently facing claims from certain tax authorities concerning its transfer pricing
arrangements. The claims are assessed to be individually not material. Based on our assessment,
supported by external advisors opinion, we strongly believe that the likelihood of a permanent
financial outflow resulting from a court ruling or settlement is considered to be not probable and
remote, and as such, no provision has been recorded. Our assessment of the likelihood is
reinforced by consistent court rulings or settlements in our favor regarding similar claims.
7.1. deferred and current income taxes
Using the balance sheet liability method, deferred tax assets and liabilities are recognized to
provide for temporary differences between the value of the assets and liabilities for financial
reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against current tax liabilities, and when the
deferred income taxes relate to the same tax jurisdiction.
Deferred tax assets, including those resulting from tax losses carried forward, are recognized to the
extent that it is probable that future taxable profits will be available as a consequence of which the
temporary differences, including tax losses carried forward and tax credits, can be realized.
Deferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-
end and which are expected to apply in the coming years when the assets and liabilities are
expected to be realized or settled.
Deferred tax is recorded with respect to temporary differences arising from investments in
subsidiaries and associates, except for deferred income tax liabilities arising from undistributed
profits from investments where the entity is able to control the timing of the distribution and it is
probable that such distribution will not occur in the foreseeable future.
movements in total position of corporate taxes
2025
2024
Assets/(liabilities)
Deferred income tax assets
740
669
Current income tax receivables
210
153
Deferred income tax liabilities
(52)
(18)
Current income tax liabilities
(62)
(63)
Balance as at January 1
836
741
Movements during the year
Charged to income statement
(134)
(67)
Net payments
96
219
Acquisition of subsidiaries' current taxes
\u2014
(2)
Acquisition of subsidiaries' deferred taxes
2
(45)
Disposal of subsidiaries' current taxes
\u2014
1
Disposal of subsidiaries' deferred taxes
\u2014
(22)
Recognized in other comprehensive income
28
(13)
2025
2024
Recognized in equity on share-based compensations
(2)
\u2014
Translation differences
(54)
24
Total movements
(64)
95
Assets/(liabilities)
Deferred income tax assets
750
740
Current income tax receivables
174
210
Deferred income tax liabilities
(50)
(52)
Current income tax liabilities
(102)
(62)
Balance as at December 31
772
836
deferred income tax assets
composition of deferred income tax assets
2025
2024
Tax losses carry-forward
430
452
Unused tax credits
208
224
Temporary differences:
Property, plant, equipment, intangible assets, and lease liabilities
171
231
Other receivables/other payables
155
142
Provisions
76
74
Deferred income tax assets (before netting)
1,040
1,123
Amount netted with deferred income tax liabilities
(290)
(383)
Deferred income tax assets (after netting)
750
740
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac 84
million (2024: \u20ac 40 million), originating from subsidiaries that generated tax losses in the current or
preceding year. Of this total, \u20ac 19 million relates to a number of subsidiaries in various countries
that generated taxable profits either in 2025 or in 2024 and are expected to continue making
taxable profits in the near future. The increase in the total balance is primarily attributable to North
America (\u20ac 65 million). Although the US operations have incurred losses in the current and
preceding years, the related deferred tax assets have been recognized because these losses are
related to disposed entities and non-recurring transactions, rather than continuing operations.
Certain deferred income tax assets, whose recoverability is considered not probable, are valued at
nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac 196 million
(December 31, 2024: \u20ac 122 million), as well as deferred tax assets relating to other temporary
differences of \u20ac 121 million (December 31, 2024: \u20ac 130 million). Such carried forward tax losses
mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden.
These carried forward losses have expiry dates in the range of five years to indefinitely.
Unused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax
credits is 20 years. Of these unused tax credits, an amount of \u20ac \u2014 million is not valued as at
December 31, 2025 (December 31, 2024: \u20ac 6 million).
The part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac 11
million (2024: \u20ac 55 million).
sensitivity
Deferred tax assets are only recognized to the extent that it is considered probable that future
taxable profits are available, as a consequence of which these deferred tax assets can be realized.
The scenarios used are in agreement with the estimates and assumptions used in the goodwill
impairment testing (see note 5).
deferred income tax liabilities
composition of deferred income tax liabilities
2025
2024
Acquisition-related intangible assets
48
69
Temporary differences relating to subsidiaries
95
137
Temporary differences relating right-of-use assets
77
125
Other temporary differences
120
104
Deferred income tax liabilities (before netting)
340
435
Amount netted with deferred income tax assets
(290)
(383)
Deferred income tax liabilities (after netting)
50
52
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac 95
million (December 31, 2024: \u20ac 137 million) relates to recapture obligations in our Luxembourg
entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
The part of deferred income tax liabilities that is expected to be settled within one year is estimated
at \u20ac 16 million (December 31, 2024: \u20ac 20 million).
movements in deferred income taxes
In the table below, the balances of deferred income tax assets and deferred income tax liabilities
have been included gross at the beginning and end of the year. The netting of deferred income tax
assets and liabilities is shown in the tables above.
movements in deferred income taxes
tax losses
carry
forward
unused tax
credits
temporary
differences
total
2025
total
2024
Deferred income tax assets
452
224
322
998
895
Deferred income tax liabilities
\u2014
\u2014
(310)
(310)
(244)
Balance as at January 1
452
224
12
688
651
Movements during the year
Acquisition of subsidiaries
\u2014
\u2014
2
2
(45)
Disposal of subsidiaries
\u2014
\u2014
\u2014
\u2014
(22)
Income statement
(95)
11
51
(33)
24
Other movements
80
\u2014
13
93
59
Translation differences
(7)
(27)
(16)
(50)
21
Total movements
(22)
(16)
50
12
37
Deferred income tax assets
430
208
402
1,040
998
Deferred income tax liabilities
\u2014
\u2014
(340)
(340)
(310)
Balance as at December 31
430
208
62
700
688
7.2. corporate taxes on income
Corporate taxes on income for the year comprise current taxes and deferred taxes. Income taxes
are recognized in the income statement, except for taxes that relate to items recognized in other
comprehensive income; these taxes are consequently also recognized in other comprehensive
income.
Current taxes on income are the sum of taxes recorded on the results before taxes in the countries
where those results were generated, based on local tax regulations and against tax rates of the
applicable year. Income that is tax-exempt and expenses that are not tax-deductible are taken into
account in calculating current taxes on income.
details of corporate taxes on income
2025
2024
Current tax expense
101
91
Deferred tax expense (income)
33
(24)
Tax expense
134
67
In 2025, the effective tax rate on income before taxes was 30.9% (2024: 35.2%). The reconciliation
between the applicable income tax rate of the company's country of domicile and the effective tax
rate is as follows:
reconciliation from applicable to effective tax rate
2025
2024
Income tax rate of the company's country of domicile
25.8%
25.8%
Effect of income tax rates in other (non-domestic) jurisdictions
(2.2%)
(8.3%)
Weighted average applicable tax rate
23.6%
17.5%
Tax-exempt income/non-tax-deductible items
8.1%
16.8%
Changes in statutory applicable tax rates and effect of prior years
1.9%
0.9%
Change in valuation of deferred tax assets and other
(5.4%)
(5.0%)
Pillar Two top-up tax
2.7%
5.0%
Effective tax rate
30.9%
35.2%
The year-on-year increase on the weighted average applicable (2.2%- decreasing effect; 2024:
8.3%- decreasing effect) is explained by lower losses in the jurisdictions with high tax rate and a
shift in relative income in the jurisdictions with low tax rates compared to last year.
Tax-exempt income/non-tax deductible items had an effect of 8.1%-points (2024: 16.8%). This is
mainly caused by non-tax-deductible expenses and tax-exempt income that had an increasing
effect of 7.6%-points (2024: 3.3%-points decreasing effect), and by the non-tax-deductible goodwill
impairment in 2025 having an increasing effect of 0.5%-points (2024: 13.5%-points increasing
effect).
Changes in statutory applicable tax rates and effects of prior years had an effect of 1.9%-points
(2024: (0.9%)-points) on the effective tax rate.
Change in valuation of deferred tax assets and other had an effect of (5.4)%-points in 2025,
compared to (5.0)%-points in 2024, and is mainly the result of the re-assessment of the future
recoverability of carried forward losses and deferred tax assets in various countries. The impact in
2025 included an increase of the valuation of the net operating losses in Luxembourg as a
consequence of a mixed effect of higher expected future taxable profits due to expected increased
net interest income following higher interest rates on outstanding intercompany loans and
repayment of intercompany loans from other group companies (0.5%-points decreasing effect on
the effective tax rate; 2024: decreasing effect of 14.7%-points). The impact of 2025 further included
a decrease in the valuation allowances recorded on the future recoverability of deferred tax assets
related to temporarily denied interest expense in the Netherlands and Germany (4.1%-points
decreasing effect on the effective tax rate; 2024: 22.9%-points increasing effect), increase in the
valuation allowance on the future recoverability of carried forward losses in Singapore and
Sweden, (1.6% increasing effect on the effective tax rate; 2024: 7.3%-points) and other countries
(2.4%-points decreasing effect; 2024: 3.7%-points increasing effect). In 2024 the impact included a
decreasing effect as result of tax assets related to Monster that were recognized in Randstad North
America at the date of Monster disposal that occurred in 2024 (24.8%-points decreasing effect on
the effective tax rate).
The Group's current tax expense related to Pillar Two income taxes has an effect of 2.7%-points.
OECD global anti-base erosion rules
In December 2023, the government of the Netherlands, where the parent company is incorporated,
enacted the Pillar Two income taxes legislation effective to the Group from January 1, 2024. Under
the legislation, the Group may, briefly stated, be required to pay top-up tax on profits that are taxed
at an effective tax rate of less than 15 per cent. In the 2025 financial statements, Randstad applied
the temporary exemption for recognizing and disclosing information about deferred tax assets and
liabilities related to Pillar Two income taxes.
The Group's current tax expense related to Pillar Two income taxes has an effect of 2.7%-points on
the reported effective tax rate under IFRS of 35.2% and amounted to \u20ac 12 million (2024: \u20ac 9
million). The additional Pillar Two income taxes relate to Singapore and Switzerland.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
7.1. deferred and current income taxes
Using the balance sheet liability method, deferred tax assets and liabilities are recognized to
provide for temporary differences between the value of the assets and liabilities for financial
reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against current tax liabilities, and when the
deferred income taxes relate to the same tax jurisdiction.
Deferred tax assets, including those resulting from tax losses carried forward, are recognized to the
extent that it is probable that future taxable profits will be available as a consequence of which the
temporary differences, including tax losses carried forward and tax credits, can be realized.
Deferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-
end and which are expected to apply in the coming years when the assets and liabilities are
expected to be realized or settled.
Deferred tax is recorded with respect to temporary differences arising from investments in
subsidiaries and associates, except for deferred income tax liabilities arising from undistributed
profits from investments where the entity is able to control the timing of the distribution and it is
probable that such distribution will not occur in the foreseeable future.
movements in total position of corporate taxes
2025
2024
Assets/(liabilities)
Deferred income tax assets
740
669
Current income tax receivables
210
153
Deferred income tax liabilities
(52)
(18)
Current income tax liabilities
(62)
(63)
Balance as at January 1
836
741
Movements during the year
Charged to income statement
(134)
(67)
Net payments
96
219
Acquisition of subsidiaries' current taxes
\u2014
(2)
Acquisition of subsidiaries' deferred taxes
2
(45)
Disposal of subsidiaries' current taxes
\u2014
1
Disposal of subsidiaries' deferred taxes
\u2014
(22)
Recognized in other comprehensive income
28
(13)
2025
2024
Recognized in equity on share-based compensations
(2)
\u2014
Translation differences
(54)
24
Total movements
(64)
95
Assets/(liabilities)
Deferred income tax assets
750
740
Current income tax receivables
174
210
Deferred income tax liabilities
(50)
(52)
Current income tax liabilities
(102)
(62)
Balance as at December 31
772
836
deferred income tax assets
composition of deferred income tax assets
2025
2024
Tax losses carry-forward
430
452
Unused tax credits
208
224
Temporary differences:
Property, plant, equipment, intangible assets, and lease liabilities
171
231
Other receivables/other payables
155
142
Provisions
76
74
Deferred income tax assets (before netting)
1,040
1,123
Amount netted with deferred income tax liabilities
(290)
(383)
Deferred income tax assets (after netting)
750
740
Deferred income tax assets in relation to tax losses carried forward comprise an amount of \u20ac 84
million (2024: \u20ac 40 million), originating from subsidiaries that generated tax losses in the current or
preceding year. Of this total, \u20ac 19 million relates to a number of subsidiaries in various countries
that generated taxable profits either in 2025 or in 2024 and are expected to continue making
taxable profits in the near future. The increase in the total balance is primarily attributable to North
America (\u20ac 65 million). Although the US operations have incurred losses in the current and
preceding years, the related deferred tax assets have been recognized because these losses are
related to disposed entities and non-recurring transactions, rather than continuing operations.
Certain deferred income tax assets, whose recoverability is considered not probable, are valued at
nil. These concern deferred tax assets in relation to tax losses carried forward of \u20ac 196 million
(December 31, 2024: \u20ac 122 million), as well as deferred tax assets relating to other temporary
differences of \u20ac 121 million (December 31, 2024: \u20ac 130 million). Such carried forward tax losses
mainly relate to our subsidiaries in Luxembourg, Germany, United Kingdom, China and Sweden.
These carried forward losses have expiry dates in the range of five years to indefinitely.
Unused tax credits mainly relate to tax credits in the US. The expiry term of these US unused tax
credits is 20 years. Of these unused tax credits, an amount of \u20ac \u2014 million is not valued as at
December 31, 2025 (December 31, 2024: \u20ac 6 million).
The part of deferred tax assets that is expected to be realized within one year is estimated at \u20ac 11
million (2024: \u20ac 55 million).
sensitivity
Deferred tax assets are only recognized to the extent that it is considered probable that future
taxable profits are available, as a consequence of which these deferred tax assets can be realized.
The scenarios used are in agreement with the estimates and assumptions used in the goodwill
impairment testing (see note 5).
deferred income tax liabilities
composition of deferred income tax liabilities
2025
2024
Acquisition-related intangible assets
48
69
Temporary differences relating to subsidiaries
95
137
Temporary differences relating right-of-use assets
77
125
Other temporary differences
120
104
Deferred income tax liabilities (before netting)
340
435
Amount netted with deferred income tax assets
(290)
(383)
Deferred income tax liabilities (after netting)
50
52
The deferred tax liability for 'Temporary differences relating to subsidiaries' to the amount of \u20ac 95
million (December 31, 2024: \u20ac 137 million) relates to recapture obligations in our Luxembourg
entities arising from the valuation for fiscal purposes of subsidiaries held by these entities.
The part of deferred income tax liabilities that is expected to be settled within one year is estimated
at \u20ac 16 million (December 31, 2024: \u20ac 20 million).
movements in deferred income taxes
In the table below, the balances of deferred income tax assets and deferred income tax liabilities
have been included gross at the beginning and end of the year. The netting of deferred income tax
assets and liabilities is shown in the tables above.
movements in deferred income taxes
tax losses
carry
forward
unused tax
credits
temporary
differences
total
2025
total
2024
Deferred income tax assets
452
224
322
998
895
Deferred income tax liabilities
\u2014
\u2014
(310)
(310)
(244)
Balance as at January 1
452
224
12
688
651
Movements during the year
Acquisition of subsidiaries
\u2014
\u2014
2
2
(45)
Disposal of subsidiaries
\u2014
\u2014
\u2014
\u2014
(22)
Income statement
(95)
11
51
(33)
24
Other movements
80
\u2014
13
93
59
Translation differences
(7)
(27)
(16)
(50)
21
Total movements
(22)
(16)
50
12
37
Deferred income tax assets
430
208
402
1,040
998
Deferred income tax liabilities
\u2014
\u2014
(340)
(340)
(310)
Balance as at December 31
430
208
62
700
688
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
Using the balance sheet liability method, deferred tax assets and liabilities are recognized to
provide for temporary differences between the value of the assets and liabilities for financial
reporting purposes and for tax purposes. Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets against current tax liabilities, and when the
deferred income taxes relate to the same tax jurisdiction.
Deferred tax assets, including those resulting from tax losses carried forward, are recognized to the
extent that it is probable that future taxable profits will be available as a consequence of which the
temporary differences, including tax losses carried forward and tax credits, can be realized.
Deferred tax assets and liabilities are valued at tax rates enacted or substantively enacted at year-
end and which are expected to apply in the coming years when the assets and liabilities are
expected to be realized or settled.
Deferred tax is recorded with respect to temporary differences arising from investments in
subsidiaries and associates, except for deferred income tax liabilities arising from undistributed
profits from investments where the entity is able to control the timing of the distribution and it is
probable that such distribution will not occur in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
8. leases
8.1. right-of-use assets
and\u00a0lease\u00a0liabilities
right-of-use
buildings
right-of-use cars
right-of-use IT and
other equipment
right-of-use assets
Lease liabilities
Balance as at January 1, 2025
362
124
11
497
571
Movements in 2025
\u2014
Acquisition of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
61
45
3
109
109
Remeasurements
13
(2)
\u2014
11
6
Depreciation/impairment
(112)
(58)
(6)
(176)
\u2014
Interest due to passage of time
\u2014
\u2014
\u2014
\u2014
23
Repayments
\u2014
(199)
Translation differences
(8)
1
\u2014
(7)
(12)
Balance as at December 31, 2025
316
110
8
434
498
Cost
967
234
12
1,213
Accumulated depreciation and impairment
651
124
4
779
Non-current part
\u2014
330
Current part
\u2014
168
Balance as at December 31, 2025
316
110
8
434
498
Balance as at December 31, 2024
362
124
11
497
571
Cost
1,108
230
19
1,357
Accumulated depreciation and impairment
694
112
8
814
Non-current part
\u2014
414
Current part
\u2014
203
Balance as at January 1, 2024
414
118
11
543
617
Movements in 2024
\u2014
Acquisition of subsidiaries
1
\u2014
\u2014
1
1
Disposals of subsidiaries
(3)
\u2014
\u2014
(3)
(13)
Additions
48
62
10
120
120
Remeasurements
47
5
(4)
48
43
Depreciation/impairment
(144)
(58)
(6)
(208)
\u2014
Interest due to passage of time
\u2014
\u2014
\u2014
\u2014
25
Repayments
\u2014
(225)
Translation differences
(1)
(3)
(4)
3
Balance as at December 31, 2024
362
124
11
497
571
Cost
1,040
239
23
1,302
Accumulated depreciation and impairment
678
115
12
805
Non-current part
\u2014
391
Current part
\u2014
180
Balance as at December 31, 2024
362
124
11
497
571
Lease liabilities are payable as follows and are set out in the table below, showing the undiscounted
lease payments to be paid after the balance sheet date.
maturity of lease liabilities
2025
2024
Year 1
169
183
Year 2-5
313
363
More than 5 years
68
89
Undiscounted lease amounts to be paid
550
635
Interest
(53)
(64)
Total lease liabilities
497
571
accounting policy for leases
The Group has various lease arrangements for buildings (such as local head offices and branches),
cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and
subject to domestic rules and regulations. This results in a wide range of different terms and
conditions. At the inception of a lease contract, the Group assesses whether the contract conveys
the right to control the use of an identified asset for a certain period in exchange for a
consideration, in which case it is identified as a lease. The Group then recognizes a right-of-use
asset and a lease liability at the lease commencement date. Lease-related assets and liabilities are
measured on a present value basis. Renewal options that are reasonably certain to occur are added
to the lease term period (extending it). Meanwhile, early termination options that are reasonably
certain to take place are deducted from the lease term period (shortening it). If an extension option
or termination option is included in the lease, judgment is required to determine whether the
extension option will be exercised or the termination option will not be exercised.
Lease-related assets and liabilities are subject to remeasurement when terms are modified or when
lease assumptions have changed. Such an event results in the lease liability being remeasured to
reflect the measurement of the present value of the remaining lease payments, discounted using
the discount rate at the moment of the change. The related right-of-use assets are adjusted to
reflect the change in the remeasured liabilities.
We have chosen not to apply any of the practical expedients as mentioned in IFRS 16 'Leases' (such
as portfolio approach, exemption for low-value leases, and exemption for short-term leases). See
note 21.1.4 for net investment in subleases.
right-of-use assets
Right-of-use assets are measured at cost and at the inception of the lease may include the
following components:
\u2022 The initial measurement of the lease liability;
\u2022 Lease payments made before the commencement date of the lease less any lease incentives
received;
\u2022 Initial direct costs; and
\u2022 Costs to restore.
The right-of-use assets are depreciated on a straight-line basis over the duration of the contract.
Depreciation of right-of-use assets is charged to operating expenses and/or cost of services. At the
end of a lease contract when the asset is fully depreciated, the value at cost is reversed against
accumulated depreciation. In the event of lease abandonment, the carrying amount of the related
right-of-use asset is impaired to the recoverable amounts.
lease liabilities
Lease liabilities include the net present value of the following components:
\u2022 Fixed payments excluding lease incentive received;
\u2022 Future contractually agreed fixed increases; and
\u2022 Payments related to renewals or early termination, in case options to renew or for early
termination are reasonably certain to be exercised.
The lease payments are discounted using the interest rate implicit in the lease. If this rate cannot be
determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions. The discount rate that is used to calculate the
present value reflects the interest rate applicable to the lease at inception of the contract. Lease
contracts entered into in a currency different than the local functional currency are subject to
periodically foreign currency revaluations, which are recognized in the income statement in net
finance costs.
The lease liabilities are subsequently increased by the interest costs on the lease liabilities and
decreased by lease payments made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
accounting policy for leases
The Group has various lease arrangements for buildings (such as local head offices and branches),
cars, and IT and other equipment. Lease terms are negotiated on an individual basis locally and
subject to domestic rules and regulations. This results in a wide range of different terms and
conditions. At the inception of a lease contract, the Group assesses whether the contract conveys
the right to control the use of an identified asset for a certain period in exchange for a
consideration, in which case it is identified as a lease. The Group then recognizes a right-of-use
asset and a lease liability at the lease commencement date. Lease-related assets and liabilities are
measured on a present value basis. Renewal options that are reasonably certain to occur are added
to the lease term period (extending it). Meanwhile, early termination options that are reasonably
certain to take place are deducted from the lease term period (shortening it). If an extension option
or termination option is included in the lease, judgment is required to determine whether the
extension option will be exercised or the termination option will not be exercised.
Lease-related assets and liabilities are subject to remeasurement when terms are modified or when
lease assumptions have changed. Such an event results in the lease liability being remeasured to
reflect the measurement of the present value of the remaining lease payments, discounted using
the discount rate at the moment of the change. The related right-of-use assets are adjusted to
reflect the change in the remeasured liabilities.
We have chosen not to apply any of the practical expedients as mentioned in IFRS 16 'Leases' (such
as portfolio approach, exemption for low-value leases, and exemption for short-term leases). See
note 21.1.4 for net investment in subleases.
right-of-use assets
Right-of-use assets are measured at cost and at the inception of the lease may include the
following components:
\u2022 The initial measurement of the lease liability;
\u2022 Lease payments made before the commencement date of the lease less any lease incentives
received;
\u2022 Initial direct costs; and
\u2022 Costs to restore.
The right-of-use assets are depreciated on a straight-line basis over the duration of the contract.
Depreciation of right-of-use assets is charged to operating expenses and/or cost of services. At the
end of a lease contract when the asset is fully depreciated, the value at cost is reversed against
accumulated depreciation. In the event of lease abandonment, the carrying amount of the related
right-of-use asset is impaired to the recoverable amounts.
lease liabilities
Lease liabilities include the net present value of the following components:
\u2022 Fixed payments excluding lease incentive received;
\u2022 Future contractually agreed fixed increases; and
\u2022 Payments related to renewals or early termination, in case options to renew or for early
termination are reasonably certain to be exercised.
The lease payments are discounted using the interest rate implicit in the lease. If this rate cannot be
determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions. The discount rate that is used to calculate the
present value reflects the interest rate applicable to the lease at inception of the contract. Lease
contracts entered into in a currency different than the local functional currency are subject to
periodically foreign currency revaluations, which are recognized in the income statement in net
finance costs.
The lease liabilities are subsequently increased by the interest costs on the lease liabilities and
decreased by lease payments made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
9. revenue recognition
Revenue comprises the expected consideration for services rendered during the year to third
parties and is recognized when control of the promised service is transferred to the third party
(e.g., the client). A performance obligation is a promise in a contract to transfer a distinct service to
the client. When the outcome of the contract cannot be measured reliably, revenue is recognized
only to the extent that expenses incurred are eligible to be recovered. No revenue is recognized if it
does not satisfy the \"highly probable criteria\".
Revenue from temporary placements is recognized over time and includes the amounts received or
receivable for the services delivered by talent, including their salary and salary-related employment
costs (gross basis). These revenues are generally based on the number of hours worked by these
talent. The salary and salary-related employment costs of talent are reported under cost of
services. Revenue from services rendered is recognized in the income statement in proportion to
the progress in execution of the contract as of the balance sheet date. Progress in execution of the
contract is measured on the basis of costs (mainly hours) incurred to date as a percentage of total
estimated costs for each contract.
Revenue from permanent placements includes the fee received or receivable for the services
provided. This fee is generally a percentage of the remuneration package of the talent placed (net
basis). The revenue of these permanent placements is recognized at a point in time on completion
of the service when the performance obligations are fulfilled, being, in principle, the start date of
the talent placed. For 'retained assignments', judgment is required in determining the timing of
satisfaction of the performance obligation. This judgment requires the consideration of the specific
terms of each revenue contract and whether the fee is refundable before the completion of the
contract. The related revenue may be recognized upon the completion of certain pre-agreed
stages of the service included in the contract. Allowances are established to estimate losses due to
talent who do not remain employed during the agreed guarantee period.
For outplacement services, revenue is recognized over time as we provide the outplacement
service, and revenue is generally based on the progress in execution of the contract measured in
terms of hours of service.
For our activities as managed services provider, revenue is recognized over time and mainly based
on the underlying volume of the contingent workforce.
For our recruitment process outsourcing services, revenue is recognized either at a point in time if
we have agreed a fee per placement or over time if we have agreed a fee for managing the
recruitment process during a certain period.
In situations where the Group is the principal in a transaction and thus controls a promised service
before transferring that service to the client, the transaction is recorded gross in the statement of
comprehensive income (such as in the case of temporary placements). When the Group acts as an
agent and thus only arranges for another party to provide a service to the client, revenue is
reported on a net basis (such as in cases where the Group acts as a managed services provider).
When it is initially not fully clear whether or not Randstad controls the service, we use the following
indicators to determine whether we control the service:
\u2022 Randstad has the primary responsibility for the service meeting client expectations;
\u2022 Randstad is directly involved in the selection of talent to perform the services to a client;
\u2022 Randstad is the employer and bears the associated risk (such as idle time, sickness, disability);
\u2022 Randstad has procurement risk; and
\u2022 Randstad has pricing latitude, meaning Randstad has the discretion to establish the price for a
service.
For the majority of our clients, payment is generally due within 30 to 60 days from the invoice date.
9.1. revenue disaggregation
Our specializations are grouped into revenue categories, being 'Operational' and
'Professional' (conducted under the responsibility of a country manager on a country-by-country
basis) and 'Digital' and 'Enterprise' (conducted on a worldwide basis with separate global
leadership). Within all Randstad's revenue categories and in all parts of the world, both temporary
and permanent placements are in principle undertaken and executed by the same team of
employees. For a more detailed description of Randstad's services, see the section 'our strong
foundation' (see page 13).
On September 16, 2024, the Group disposed of Monster. Revenue related to Monster in 2024 is
only included up to this date in the statement of profit and loss and in the segmentation table
below. Refer to note 11.2 for further information about the disposal.
The disaggregation of revenues (excluding inter-segment revenue) for the specializations above is
shown in the table below.
Revenue of permanent placements, which is recognized at a point in time, amounted to \u20ac 411
million (2024: \u20ac 483 million). Revenue of recruitment process outsourcing amounted to \u20ac 320
million (2024: \u20ac 320 million) of which \u20ac 265 million (2024: \u20ac 266 million) is recognized at a point in
time. All remaining revenue is recognized over time as the services are rendered.
disaggregation of revenues by category
randstad operational
randstad professional
randstad digital
randstad enterprise
monster
total
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
North America
1,995
2,049
555
661
1,303
1,375
549
591
\u2014
90
4,402
4,766
Netherlands
2,310
2,467
545
436
42
55
48
46
\u2014
4
2,945
3,008
Germany
1,169
1,296
72
74
229
245
23
24
\u2014
9
1,493
1,648
Belgium & Luxembourg
1,130
1,206
230
186
59
81
78
69
\u2014
1
1,497
1,543
Other North European countries
978
989
290
269
75
85
78
62
\u2014
1
1,421
1,406
Northern Europe
5,587
5,958
1,137
965
405
466
227
201
\u2014
15
7,356
7,605
France
2,368
2,472
716
838
246
265
26
20
\u2014
2
3,356
3,597
Italy
1,833
1,775
355
375
30
36
23
30
\u2014
1
2,241
2,217
Iberia
1,822
1,745
80
78
31
28
29
26
\u2014
\u2013
1,962
1,877
Other South European countries, UK & Latin America
871
997
224
242
42
34
346
404
\u2014
1
1,483
1,678
Southern Europe, UK & Latin America
6,894
6,989
1,375
1,533
349
363
424
480
\u2014
4
9,042
9,369
Asia Pacific
858
864
749
795
558
621
112
102
\u2014
2,277
2,382
Third-party revenue
15,334
15,860
3,816
3,954
2,615
2,825
1,312
1,374
\u2014
109
23,077
24,122
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
Revenue comprises the expected consideration for services rendered during the year to third
parties and is recognized when control of the promised service is transferred to the third party
(e.g., the client). A performance obligation is a promise in a contract to transfer a distinct service to
the client. When the outcome of the contract cannot be measured reliably, revenue is recognized
only to the extent that expenses incurred are eligible to be recovered. No revenue is recognized if it
does not satisfy the \"highly probable criteria\".
Revenue from temporary placements is recognized over time and includes the amounts received or
receivable for the services delivered by talent, including their salary and salary-related employment
costs (gross basis). These revenues are generally based on the number of hours worked by these
talent. The salary and salary-related employment costs of talent are reported under cost of
services. Revenue from services rendered is recognized in the income statement in proportion to
the progress in execution of the contract as of the balance sheet date. Progress in execution of the
contract is measured on the basis of costs (mainly hours) incurred to date as a percentage of total
estimated costs for each contract.
Revenue from permanent placements includes the fee received or receivable for the services
provided. This fee is generally a percentage of the remuneration package of the talent placed (net
basis). The revenue of these permanent placements is recognized at a point in time on completion
of the service when the performance obligations are fulfilled, being, in principle, the start date of
the talent placed. For 'retained assignments', judgment is required in determining the timing of
satisfaction of the performance obligation. This judgment requires the consideration of the specific
terms of each revenue contract and whether the fee is refundable before the completion of the
contract. The related revenue may be recognized upon the completion of certain pre-agreed
stages of the service included in the contract. Allowances are established to estimate losses due to
talent who do not remain employed during the agreed guarantee period.
For outplacement services, revenue is recognized over time as we provide the outplacement
service, and revenue is generally based on the progress in execution of the contract measured in
terms of hours of service.
For our activities as managed services provider, revenue is recognized over time and mainly based
on the underlying volume of the contingent workforce.
For our recruitment process outsourcing services, revenue is recognized either at a point in time if
we have agreed a fee per placement or over time if we have agreed a fee for managing the
recruitment process during a certain period.
In situations where the Group is the principal in a transaction and thus controls a promised service
before transferring that service to the client, the transaction is recorded gross in the statement of
comprehensive income (such as in the case of temporary placements). When the Group acts as an
agent and thus only arranges for another party to provide a service to the client, revenue is
reported on a net basis (such as in cases where the Group acts as a managed services provider).
When it is initially not fully clear whether or not Randstad controls the service, we use the following
indicators to determine whether we control the service:
\u2022 Randstad has the primary responsibility for the service meeting client expectations;
\u2022 Randstad is directly involved in the selection of talent to perform the services to a client;
\u2022 Randstad is the employer and bears the associated risk (such as idle time, sickness, disability);
\u2022 Randstad has procurement risk; and
\u2022 Randstad has pricing latitude, meaning Randstad has the discretion to establish the price for a
service.
For the majority of our clients, payment is generally due within 30 to 60 days from the invoice date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
10. segment reporting
Segments are reported in a manner that aligns with the internal management reporting provided to
the Executive Board (the Group\u2019s Chief Operating Decision Maker). The reportable segments
remain unchanged from the prior year.
The Group\u2019s reportable segments (as identified in the table) comprise of a qualitative and
quantitative aggregation of the Group\u2019s operating segments. Operating segments are qualitative
aggregated on the basis that they have similar economic characteristics, including providing
similar services and having similar customers and distribution methods. After such aggregation,
reportable segments are identified based on relevant quantitative thresholds provided in IFRS 8.
Goodwill is tested for impairment at the operating segment level (before aggregation), which is at a
lower level than the reportable segments shown in this note.
Additionally, the Group provides the information on reportable segments as four main
geographical areas: North America, Northern Europe, Southern Europe, UK & Latin America and
Asia Pacific.
'Corporate' is also included in the disclosures on segments, and represents the unallocated part of
assets and liabilities of holding activities, as well as the income and expenses of holding activities;
the latter net after management and other charges to other segments.
On September 16, 2024, the Group disposed of Monster. Activities related to Monster are included
across all reportable segments, particularly in North America. Refer to note 11.2 for further
information about the disposal.
10.1. income statement
segmentation income statement
revenue 2025
revenue 2024
gross profit
operating profit
total
intersegment
third party
total
intersegment
third party
2025
2024
2025
2024
North America
4,403
(1)
4,402
4,768
(2)
4,766
1,065
1,263
146
108
Netherlands
2,956
(11)
2,945
3,015
(7)
3,008
537
566
87
114
Germany
1,494
(1)
1,493
1,650
(2)
1,648
255
293
(25)
(24)
Belgium & Luxembourg
1,498
(1)
1,497
1,544
(1)
1,543
313
328
53
52
Other North European countries
1,428
(7)
1,421
1,416
(10)
1,406
248
244
28
(85)
Northern Europe
7,376
(20)
7,356
7,625
(20)
7,605
1,353
1,431
143
57
France
3,357
(1)
3,356
3,600
(3)
3,597
579
634
112
115
Italy
2,241
\u2013
2,241
2,217
2,217
364
375
127
140
Iberia
1,968
(6)
1,962
1,884
(7)
1,877
306
287
105
99
Other South European countries, UK & Latin America
1,487
(4)
1,483
1,681
(3)
1,678
239
262
25
3
Southern Europe, UK & Latin America
9,053
(11)
9,042
9,382
(13)
9,369
1,488
1,558
369
357
Asia Pacific
2,299
(22)
2,277
2,417
(35)
2,382
403
450
73
78
Corporate
\u2014
\u2014
\u2014
\u2014
(219)
(195)
Eliminations
(54)
54
\u2014
(70)
70
\u2014
(1)
\u2014
\u2014
Total
23,077
\u2014
23,077
24,122
\u2014
24,122
4,309
4,701
512
405
segmentation income statement
amortization and impairment of
acquisition-related intangibles and
goodwill
EBITA1
depreciation/amortization and
impairment of property, plant,
equipment, and software
depreciation and impairment of right-of-
use assets
EBITDA2
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
North America
13
12
159
120
16
31
14
24
189
175
Netherlands
33
3
120
117
7
8
25
31
152
156
Germany
\u2014
\u2014
(25)
(24)
5
5
18
18
(2)
(1)
Belgium & Luxembourg
13
4
66
56
3
3
21
24
90
83
Other North European countries
\u2014
101
28
16
3
6
13
13
44
35
Northern Europe
46
108
189
165
18
22
77
86
284
273
France
3
5
115
120
9
11
33
39
157
170
Italy
\u2014
\u2014
127
140
4
5
13
12
144
157
Iberia
6
6
111
105
2
4
17
18
130
127
Other South European countries, UK & Latin
America
\u2014
20
25
23
2
2
7
9
34
34
Southern Europe, UK & Latin America
9
31
378
388
17
22
70
78
465
488
Asia Pacific
15
16
88
94
8
6
15
19
111
119
Corporate
\u2014
\u2014
(219)
(195)
17
16
1
1
(201)
(178)
Total
83
167
595
572
76
97
177
208
848
877
1Operating profit before amortization and impairment of acquisition-related intangible assets and goodwill. For more details, see \"use of performance measures\".
2Operating profit before depreciation and impairment of property, plant, equipment and right-of-use assets, amortization and impairment of software and acquisition-related intangibles, and impairment of goodwill. For more details, see \"use of performance measures\".
segmentation income statement
EBITA - actuals1
integration expenses and
one-offs 2
EBITA - underlying 3
2025
2024
2025
2024
2025
2024
North America
159
120
11
32
170
152
Netherlands
120
117
13
28
133
145
Germany
(25)
(24)
42
26
17
2
Belgium & Luxembourg
66
56
6
14
72
70
Other North European countries
28
16
7
13
35
29
Northern Europe
189
165
68
81
257
246
France
115
120
30
30
145
150
Italy
127
140
1
1
128
141
Iberia
111
105
4
6
115
111
Other South European countries, UK &
Latin America
25
23
5
12
30
35
Southern Europe, UK & Latin America
378
388
40
49
418
437
Asia Pacific
88
94
5
7
93
101
Corporate
(219)
(195)
1
13
(218)
(182)
Total
595
572
125
182
720
754
1Operating profit before amortization and impairment of acquisition-related intangible assets and goodwill. For more details, see
\"use of performance measures\".
2Integration expenses and one-offs include adjustments made for restructuring, integration expenses and M&A expenses for
acquired group companies. For further details, see note 13.3 .
3EBITA adjusted for integration costs and one-offs. For more details, see \"use of performance measures\".
10.2. statement of financial position
10.2.1. total assets
Assets by segment include total assets excluding deferred income tax assets, current income tax
receivables, associates, equity investments, interest receivable, interest rate swap, plan assets
defined benefit pension plan and cash and cash equivalents. Assets by segment decreased by \u20ac 511
million in the year (2024: \u20ac 275 million increase).
total asset
2025
2024
Total assets
10,686
11,190
Less:
Deferred income tax assets
750
740
Associates
3
3
Equity investments
25
30
Interest rate swap
7
10
Interest receivable
5
6
Plan assets defined benefit pension plan
2
2
Current income tax receivables
174
210
Cash and cash equivalents
399
357
Assets by segment
9,321
9,832
10.2.2. financial position
segmentation statement of financial position
property, plant, equipment
and software
right-of-use assets
goodwill
acquisition-related
intangible assets
loans and receivables
Operating working capital
assets
total assets
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
North America
27
34
27
34
745
843
25
43
2
33
1,206
1,311
2,032
2,298
Netherlands
26
30
55
53
1,036
1,051
122
162
\u2014
\u2014
611
603
1,850
1,899
Germany
11
13
38
46
286
286
\u2014
\u2014
\u2014
\u2014
306
370
641
715
Belgium & Luxembourg
10
7
63
76
159
168
\u2014
4
1
\u2014
342
341
575
596
Other North European countries
7
8
30
25
71
70
\u2014
\u2014
\u2014
\u2014
422
397
530
500
Northern Europe
54
58
186
200
1,552
1,575
122
166
1
\u2014
1,681
1,711
3,596
3,710
France
17
21
91
118
549
549
1
4
144
140
677
695
1,479
1,527
Italy
11
15
50
53
59
59
\u2014
\u2014
\u2014
\u2014
532
510
652
637
Iberia
7
3
34
35
39
39
17
23
\u2014
\u2014
433
417
530
517
Other South European countries, UK & Latin America
4
5
8
11
2
2
\u2014
\u2014
\u2014
\u2014
354
361
368
379
Southern Europe, UK & Latin America
39
44
183
217
649
649
18
27
144
140
1,996
1,983
3,029
3,060
Asia Pacific
13
14
34
43
160
173
23
38
\u2014
\u2014
332
402
562
670
Corporate
31
26
4
3
23
\u2014
\u2014
\u2014
\u2014
\u2014
146
136
204
165
Eliminations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(102)
(71)
(102)
(71)
Total
164
176
434
497
3,129
3,240
188
274
147
173
5,259
5,472
9,321
9,832
10.3. segmentation of additions
segmentation of additions
property, plant, equipment
software
right-of-use assets
acquisition-related intangible assets
and goodwill
sum of additions
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
North America
7
8
6
17
5
7
\u2014
61
18
93
Netherlands
2
3
2
4
25
9
(2)
361
27
377
Germany
2
4
\u2014
\u2014
9
14
\u2014
\u2014
11
18
Belgium & Luxembourg
4
3
1
2
11
22
\u2014
\u2014
16
27
Other North European countries
2
3
1
5
13
10
\u2014
\u2014
16
18
Northern Europe
10
13
4
11
58
55
(2)
361
70
440
France
2
5
3
2
12
20
\u2014
\u2014
17
27
Italy
1
7
\u2014
\u2014
9
15
\u2014
\u2014
10
22
Iberia
4
2
1
1
7
9
\u2014
2
12
14
Other South European countries, UK & Latin America
3
3
\u2014
1
4
10
\u2014
\u2014
7
14
Southern Europe, UK & Latin America
10
17
4
4
32
54
\u2014
2
46
77
Asia Pacific
4
3
6
2
10
4
\u2014
\u2014
20
9
Corporate
4
1
19
13
4
\u2014
\u2014
\u2014
27
14
Total
35
42
39
47
109
120
(2)
424
181
633
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
Segments are reported in a manner that aligns with the internal management reporting provided to
the Executive Board (the Group\u2019s Chief Operating Decision Maker). The reportable segments
remain unchanged from the prior year.
The Group\u2019s reportable segments (as identified in the table) comprise of a qualitative and
quantitative aggregation of the Group\u2019s operating segments. Operating segments are qualitative
aggregated on the basis that they have similar economic characteristics, including providing
similar services and having similar customers and distribution methods. After such aggregation,
reportable segments are identified based on relevant quantitative thresholds provided in IFRS 8.
Goodwill is tested for impairment at the operating segment level (before aggregation), which is at a
lower level than the reportable segments shown in this note.
Additionally, the Group provides the information on reportable segments as four main
geographical areas: North America, Northern Europe, Southern Europe, UK & Latin America and
Asia Pacific.
'Corporate' is also included in the disclosures on segments, and represents the unallocated part of
assets and liabilities of holding activities, as well as the income and expenses of holding activities;
the latter net after management and other charges to other segments.
On September 16, 2024, the Group disposed of Monster. Activities related to Monster are included
across all reportable segments, particularly in North America. Refer to note 11.2 for further
information about the disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
11. business combinations
11.1. information about acquisitions
In 2025, the Group did not make any acquisitions. In 2024, the Group acquired 100% of the shares
of the following companies:
business combinations
company
acquisition date
2024
Torc LLC (US)
May 10, 2024
Zorgwerk (Netherlands)
December 5, 2024
In 2024, the Group acquired 100% of the shares of Torc LLC in the United States. Torc is a next-
generation AI-powered talent marketplace platform with more than 25,000 digital talent enrolled
worldwide, with a specific current emphasis on LATAM, the US and India. The Group completed the
acquisition on May 10, 2024. The provisional purchase price allocation resulted in \u20ac 29 million of
goodwill and \u20ac 32 million acquisition-related intangibles.
In 2024, the Group acquired 100% of the shares of Zorgwerk in the Netherlands. Zorgwerk is a
healthcare and care talent provider recognized for its innovative approach to serving the talent
needs of clients in the healthcare, social assistance and childcare sectors. The Group completed
the acquisition on December 5, 2024. The provisional purchase price allocation resulted in \u20ac 195
million of goodwill and \u20ac 166 million acquisition-related intangibles.
The acquisitions made in 2024 are in line with Randstad's mid- to long-term strategy to grow in
digital platforms and strengthen our market position in certain markets and/or countries.
For both acquisitions the purchase price allocation were finalized resulting in an adjustment to the
fair value of the assets and liabilities of \u20ac 7 million which resulted in an increase in goodwill by \u20ac 7
million.
summary of assets and liabilities from acquisitions
and\u00a0the reconciliation of cash flow from acquisitions
Zorgwerk
other
total
2025
total
2024
Property, plant, equipment and software
\u2014
\u2014
\u2014
\u2014
Right-of-use assets
\u2014
\u2014
\u2014
1
Acquisition-related intangible assets
(9)
\u2014
(9)
198
Deferred tax assets
\u2014
\u2014
\u2014
\u2014
Total non-current assets
(9)
\u2014
(9)
199
Working capital
\u2014
\u2014
\u2014
(15)
Lease liabilities
\u2014
\u2014
\u2014
1
Provisions and employee benefit obligations
\u2014
\u2014
\u2014
2
Deferred income tax liabilities
(2)
\u2014
(2)
45
Total non-current liabilities
(2)
\u2014
(2)
48
Net assets acquired
(7)
\u2014
(7)
136
Goodwill
7
\u2014
7
226
Total consideration
\u2014
\u2014
\u2014
362
Net debt/ (cash) acquired included in working capital
\u2014
\u2014
\u2014
13
Net debt/ (cash) acquired
\u2014
\u2014
\u2014
13
Consideration, adjusted for net debt/ (cash) acquired
\u2014
\u2014
\u2014
375
Deferred compensation on acquisitions
\u2014
\u2014
\u2014
(1)
Consideration paid in respect of acquisitions in preceding years
\u2014
2
2
7
Consideration paid
\u2014
2
2
381
Acquisition of subsidiaries, statement of cash flows
\u2014
2
2
381
In 2024, the Group finalized the purchased price allocation of the acquisition of Grupo CTC (Spain).
The adjustment to the provisional purchase price allocation performed in 2023 resulted in an
increase of \u20ac 2 million to the goodwill.
See note 5 for further information.
accounting policy
The Group uses the acquisition method to account for the acquisition of subsidiaries.
Goodwill at acquisition date is measured as:
\u2022 The fair value of the consideration transferred, being the fair value of the assets given and
liabilities incurred or assumed; plus
\u2022 The recognized amount of any non-controlling interests in the acquiree; plus
\u2022 The fair value of any previous equity interests in the acquiree (if the business combination is
achieved in stages); less
\u2022 The fair value of the identifiable assets acquired and liabilities assumed (including contingent
liabilities).
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly
in total operating expenses. All considerations transferred to acquire a business are recorded at fair
value as at the acquisition date; subsequent changes to the fair value of the contingent
considerations classified as debt are recognized as expenses or income.
The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest's proportionate share of the recognized
amounts of the acquiree's identifiable net assets.
All acquisition-related costs are expensed and included in other general and administrative
expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
accounting policy
The Group uses the acquisition method to account for the acquisition of subsidiaries.
Goodwill at acquisition date is measured as:
\u2022 The fair value of the consideration transferred, being the fair value of the assets given and
liabilities incurred or assumed; plus
\u2022 The recognized amount of any non-controlling interests in the acquiree; plus
\u2022 The fair value of any previous equity interests in the acquiree (if the business combination is
achieved in stages); less
\u2022 The fair value of the identifiable assets acquired and liabilities assumed (including contingent
liabilities).
When this difference is negative ('negative goodwill' or badwill), this amount is recognized directly
in total operating expenses. All considerations transferred to acquire a business are recorded at fair
value as at the acquisition date; subsequent changes to the fair value of the contingent
considerations classified as debt are recognized as expenses or income.
The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition
basis, either at fair value or at the non-controlling interest's proportionate share of the recognized
amounts of the acquiree's identifiable net assets.
All acquisition-related costs are expensed and included in other general and administrative
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
11.2. information about disposals
On March 31, 2025, the Group disposed of the subsidiary Optedis in France.
On September 16, 2024, the Group completed the formation of an associate combining its job
board business, Monster, with CareerBuilder, a portfolio company of funds managed by affiliates of
Apollo. The Group obtained a non-controlling minority stake (49%) in the newly-formed associate,
as well as loans receivable from the associate (see note 21.1).
The Group's policy is to apply IAS 28 to account for contributions in associates and transactions
with associates. This means that the Group realizes a gain/loss on disposal up to Apollo's equity
share in the associate. The remaining portion of the gain is applied against the investment in
associates and any remainder is deferred. On June 24, 2025 the associate CareerBuilder+ Monster
was dissolved after declaring bankruptcy. This resulted in a repayment of our loans of \u20ac 18 million.
See note 21.1.2 for further information.
reconciliation of cash flow from disposals
2025
2024
Property, plant and equipment, right-of-use assets and software
\u2014
68
Deferred income tax assets
\u2014
42
Financial assets
\u2014
5
Total non-current assets
\u2014
115
Working capital
1
30
Lease liabilities
\u2014
(13)
Deferred income tax liabilities
\u2014
(20)
Provisions
\u2014
(9)
Assets and liabilities in disposed subsidiaries/activities
1
103
Cash and cash equivalents
\u2014
\u2014
Interest in associate
\u2014
23
Financial assets (note 21)
\u2014
130
Total consideration received
\u2014
153
Difference in net assets disposed and consideration received
(1)
50
Proportion of associate not owned
100%
51%
Gain/(loss) on disposal
(1)
26
Translation (losses) reclassified to income statement
\u2014
(5)
Disposal costs
\u2014
(20)
Gain/(loss) on disposal in profit & loss
(1)
1
Cash and cash equivalents received
\u2014
\u2014
Net cash of disposed subsidiaries/activities, included in working capital
\u2014
(32)
Disposal of subsidiaries, statement of cash flows
\u2014
(32)
In 2024, the deferred gain was applied against the investment in associate resulting in additions to
associates of nil. As a result of the transaction in 2024, the assets and liabilities related to Monster
have been disposed of, resulting in a gain on disposal of \u20ac 1 million. The disposal of the subsidiary/
investment in the associate led to a net cash outflow of \u20ac 32 million in 2024.
accounting policy
Upon disposal of a subsidiary, the gain or loss upon disposal is included in other general and
administrative expenses. See note 5 for further information.
28. subsidiaries
28.1. subsidiaries
Subsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed
to or has rights to variable returns from its involvement with subsidiary companies and can
influence those returns through its power over the subsidiary, generally accompanying a
shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date
that such control commences until the date that it ceases.
Intragroup balances and intragroup transactions are eliminated, as well as any unrealized gains
from these transactions. Unrealized losses from intragroup transactions are also eliminated unless
there is evidence of impairment of the assets transferred. Intragroup transactions take place on an
arm's length basis.
28.2. financial statements of group companies
Upon translation of foreign activities, the assets and liabilities of operations in currencies other than
the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into
euros at the foreign exchange rates at the balance sheet date. The income statements of these
operations in currencies other than the euro are translated into euros at average exchange rates.
Upon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items
are translated into euros at the foreign exchange rates at the acquisition date.
28.3. net investment in subsidiaries that have
a\u00a0currency\u00a0other than the euro
The net investment in subsidiaries that have a currency other than the euro includes the
participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries,
settlement of which is neither planned nor expected to occur in the foreseeable future.
Translation differences that occur upon consolidation, relating to the translation of the net
investment in subsidiaries that have a currency other than the euro, are recognized in other
comprehensive income and presented in the (foreign currency) translation reserve, a separate
component within equity, as are translation differences of financial liabilities designated as hedges
of such investments (net investment hedge), to the extent that the hedge is effective. The gain or
loss relating to the ineffective part is recognized immediately in net finance costs.
If the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the
translation differences is allocated to the non-controlling interests.
Whenever a foreign operation is disposed of, these translation differences are released or charged
to the statement of comprehensive income as part of the gain or loss on disposal.
28.4. overview of selected
subsidiaries,
as\u00a0at\u00a0 December 31, 2025
north america
\u2022 Randstad North America Inc., United States
\u2022 Randstad Professionals US LLC, United States
\u2022 RiseSmart Inc., United States
\u2022 Celerity IT LLC, United States
\u2022 Randstad Int\u00e9rim Inc., Canada
\u2022 Randstad Mexico S. de R.L. de CV, Mexico
the netherlands
\u2022 Randstad Nederland B.V.
\u2022 Tempo-Team Group B.V.
\u2022 Yacht Group Nederland B.V.
\u2022 Randstad Talent Advisory Group B.V.
\u2022 Randstad Sourceright EMEA B.V.
\u2022 Zorgwerk B.V.
germany
\u2022 Randstad Deutschland GmbH & Co. KG1
\u2022 Randstad Automotive Solutions GmbH & Co. KG1
\u2022 Randstad Sourceright GmbH
\u2022 Randstad Professional GmbH
\u2022 Randstad Professional Solutions GmbH & Co. KG1
\u2022 Randstad Digital Germany AG
\u2022 Randstad Logistic GmbH & Co. KG1
belgium & luxembourg
\u2022 Randstad Belgium N.V., Belgium
\u2022 Randstad Sourceright N.V., Belgium
\u2022 Tempo-Team N.V., Belgium
\u2022 Randstad HR Solutions N.V., Belgium
\u2022 Randstad Digital Belgium N.V., Belgium
\u2022 Randstad Interim S.A., Luxembourg
\u2022 Randstad Digital Luxembourg PSF S.A., Luxembourg
other northern european countries
\u2022 Randstad Austria GmbH, Austria
\u2022 Randstad HR Solutions s.r.o., Czech Republic
\u2022 Randstad A/S, Denmark
\u2022 Randstad Hungary Kft, Hungary
\u2022 Randstad Norway AS, Norway
\u2022 Randstad Polska Sp. z.o.o., Poland
\u2022 Randstad Romania Srl, Romania
\u2022 Randstad AB, Sweden
\u2022 Randstad Schweiz AG, Switzerland
france
\u2022 Randstad SAS
\u2022 Randstad Sourceright SASU
\u2022 Randstad Digital France SAS
\u2022 Atoll SASU
italy
\u2022 Randstad Italia SPA Societ\u00e0 di fornitura di lavoro temporaneo
\u2022 Randstad HR Solutions srl societ\u00e0 con unico socio
iberia
\u2022 Randstad Empleo, Empresa De Trabajo Temporal S.A.
Sociedad Unipersonal, Spain
\u2022 Stock Uno Grupo de Servicios, S.L., Spain
\u2022 Randstad Recursos Humanos, Empresa de Trabalho
Temporario S.A., Portugal
other southern european countries,
uk,ireland\u00a0and\u00a0latin\u00a0america
\u2022 Randstad AE, Greece
\u2022 Randstad Work Solutions Istihdam ve \u0130nsan Kaynaklary Ltd.
\u015eti., Turkey
\u2022 Randstad CPE Limited, United Kingdom
\u2022 Randstad Sourceright Limited, United Kingdom
\u2022 Randstad Ireland Operations Limited, Ireland
\u2022 Randstad Argentina S.A., Argentina
\u2022 Randstad Brasil Recursos Humanos Ltda, Brazil
\u2022 Randstad Chile S.A., Chile
\u2022 Randstad Uruguay S.A., Uruguay
asia pacific
\u2022 Randstad Pty Ltd., Australia
\u2022 Aurec Pty Ltd, Australia
\u2022 Randstad Digital Pty Ltd, Australia
\u2022 Randstad Shanghai Talent Service Co., Ltd., China
\u2022 Randstad Hong Kong Limited, Hong Kong SAR2
\u2022 Randstad India Private Ltd., India
\u2022 Randstad Digital Private Ltd., India
\u2022 Randstad KK, Japan
\u2022 Randstad Sourceright Sdn. Bhd., Malaysia
\u2022 Randstad Limited, New Zealand
\u2022 Randstad (PTE) Limited, Singapore
other subsidiaries
\u2022 Randstad Holding Nederland B.V., the Netherlands
\u2022 Randstad Holding Luxembourg Sarl, Luxembourg
\u2022 Randstad Finance GmbH, Switzerland
\u2022 Randstad FTC Pte Limited, Singapore
1The fully consolidated German subsidiaries mentioned above exercise simplification
options in accordance with Article 264.b of the German Commercial Code ('HGB').
2Region in the case of Hong Kong SAR (Special Administrative Region).
A list of all subsidiaries has been filed at the Chamber of
Commerce in Amsterdam ('Kamer van Koophandel',
Amsterdam; Chamber of Commerce number 33216172; Legal
Entity Identification number 7245009EAAUUQJ0U4T57).
Randstad N.V. has, directly or indirectly, a 100% interest in all
subsidiaries, unless stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
12. earnings per ordinary share
earnings per ordinary share
2025
2024
Net income
299
123
Net income attributable to holders of ordinary shares
291
115
Numbers of ordinary shares (in millions)
Weighted average number of ordinary shares outstanding
175.2
176.1
Dilutive effect of share-based compensation arrangements
0.3
1.0
Weighted average number of diluted ordinary shares outstanding
175.5
177.1
Earnings per ordinary share (in \u20ac)
Basic earnings per ordinary share
1.66
0.65
Diluted earnings per ordinary share
1.66
0.65
Basic earnings per ordinary share are calculated by dividing net income attributable to the holders
of ordinary shares by the weighted average number of ordinary shares outstanding during the year.
The issued number of ordinary shares is adjusted for ordinary shares purchased by Randstad N.V.,
which are held as treasury shares.
Diluted earnings per ordinary share are calculated by adjusting the weighted average number of
ordinary shares outstanding, assuming conversion of all dilutive potential ordinary shares. The
dilutive potential ordinary shares arise from various share-based compensation arrangements
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
Basic earnings per ordinary share are calculated by dividing net income attributable to the holders
of ordinary shares by the weighted average number of ordinary shares outstanding during the year.
The issued number of ordinary shares is adjusted for ordinary shares purchased by Randstad N.V.,
which are held as treasury shares.
Diluted earnings per ordinary share are calculated by adjusting the weighted average number of
ordinary shares outstanding, assuming conversion of all dilutive potential ordinary shares. The
dilutive potential ordinary shares arise from various share-based compensation arrangements
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "value": "
13. cost of services and total operating
expenses
13.1. cost of services
Cost of services comprises expenses directly attributable to revenue. These costs mainly include
expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
cost of services
2025
2024
Wages and salaries
14,788
15,390
Social security charges
2,987
2,989
Pension charges - defined contribution plans
196
200
Pension charges - defined benefit plans
10
12
Other post-employment benefit plans charges
17
15
Other long-term employee benefits
8
4
Wages, salaries, social security and pension charges
18,006
18,610
Depreciation of property, plant and equipment
1
2
Depreciation of right-of-use assets
26
28
Other cost of services
735
781
Total cost of services
18,768
19,421
Included in the wages and salaries are restructuring-related expenses of \u20ac 14 million (2024: \u20ac 17
million). Other costs of services include travel-related costs of \u20ac 298 million (2024: \u20ac 309 million),
other personnel costs of \u20ac 204 million (2024: \u20ac 201 million), and training-related costs of \u20ac 166
million (2024: \u20ac 162 million).
13.2. operating expenses
Operating expenses are classified based on the functional model and are recognized in the year
to\u00a0which they relate.
13.2.1. selling expenses
Selling expenses comprise personnel and accommodation expenses in relation to operational
activities at the outlets, advertising and marketing, and other selling expenses.
Selling expenses include an amount of \u20ac 7 million (expense) (2024: \u20ac 7 million (expense)) related
to\u00a0impairment losses on trade receivables, as well as debt collection costs.
13.2.2. general and administrative expenses
General and administrative expenses comprise personnel and accommodation expenses of head
offices, IT expenses, other general and administrative expenses, as well as the amortization and
impairment of acquisition-related intangible assets and goodwill.
Other general and administrative expenses include:
\u2022 Foreign exchange gain of \u20ac 2 million (2024: \u20ac 1 million);
\u2022 Acquisition-related expenses for acquired companies/activities of \u20ac 0 million
(2024:\u00a0\u20ac\u00a03\u00a0million);
\u2022 An impairment of \u20ac 2 million on software ( 2024: \u20ac 1 million); and
\u2022 A gain on an investment of \u20ac 4 million (2024: \u20ac 0 million).
13.2.3. total operating expenses by nature
total operating expenses by nature
2025
2024
Wages and salaries
2,136
2,301
Social security charges
398
422
Pension charges - defined contribution plans
48
48
Pension charges - defined benefit plans
7
10
Other post-employment benefit plans charges
1
1
Other long-term employee benefits
6
4
Share-based compensations
40
60
Wages, salaries, social security and pension charges
2,636
2,846
Other personnel expenses
153
202
Personnel expenses
2,789
3,048
Depreciation and impairment of property, plant and equipment
42
53
Amortization and impairment of software
33
42
Depreciation and impairment of right-of-use assets
151
180
Advertising and marketing
119
175
Accommodation
55
71
IT-related costs
362
368
Other
163
193
Other income
\u2014
(1)
Operating expenses
3,714
4,129
Amortization and impairment of acquisition-related intangible assets and goodwill
83
167
Total operating expenses
3,797
4,296
Included in wages and salaries are restructuring-related expenses for \u20ac 92 million (2024: \u20ac 116
million). Included in accommodation are restructuring-related expenses for \u20ac 1 million (2024: \u20ac 8
million). Included in other are consultancy-related costs of \u20ac 42 million (2024: \u20ac 59 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "value": "
13. cost of services and total operating
expenses
13.1. cost of services
Cost of services comprises expenses directly attributable to revenue. These costs mainly include
expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
cost of services
2025
2024
Wages and salaries
14,788
15,390
Social security charges
2,987
2,989
Pension charges - defined contribution plans
196
200
Pension charges - defined benefit plans
10
12
Other post-employment benefit plans charges
17
15
Other long-term employee benefits
8
4
Wages, salaries, social security and pension charges
18,006
18,610
Depreciation of property, plant and equipment
1
2
Depreciation of right-of-use assets
26
28
Other cost of services
735
781
Total cost of services
18,768
19,421
Included in the wages and salaries are restructuring-related expenses of \u20ac 14 million (2024: \u20ac 17
million). Other costs of services include travel-related costs of \u20ac 298 million (2024: \u20ac 309 million),
other personnel costs of \u20ac 204 million (2024: \u20ac 201 million), and training-related costs of \u20ac 166
million (2024: \u20ac 162 million).
13.2. operating expenses
Operating expenses are classified based on the functional model and are recognized in the year
to\u00a0which they relate.
13.2.1. selling expenses
Selling expenses comprise personnel and accommodation expenses in relation to operational
activities at the outlets, advertising and marketing, and other selling expenses.
Selling expenses include an amount of \u20ac 7 million (expense) (2024: \u20ac 7 million (expense)) related
to\u00a0impairment losses on trade receivables, as well as debt collection costs.
13.2.2. general and administrative expenses
General and administrative expenses comprise personnel and accommodation expenses of head
offices, IT expenses, other general and administrative expenses, as well as the amortization and
impairment of acquisition-related intangible assets and goodwill.
Other general and administrative expenses include:
\u2022 Foreign exchange gain of \u20ac 2 million (2024: \u20ac 1 million);
\u2022 Acquisition-related expenses for acquired companies/activities of \u20ac 0 million
(2024:\u00a0\u20ac\u00a03\u00a0million);
\u2022 An impairment of \u20ac 2 million on software ( 2024: \u20ac 1 million); and
\u2022 A gain on an investment of \u20ac 4 million (2024: \u20ac 0 million).
13.2.3. total operating expenses by nature
total operating expenses by nature
2025
2024
Wages and salaries
2,136
2,301
Social security charges
398
422
Pension charges - defined contribution plans
48
48
Pension charges - defined benefit plans
7
10
Other post-employment benefit plans charges
1
1
Other long-term employee benefits
6
4
Share-based compensations
40
60
Wages, salaries, social security and pension charges
2,636
2,846
Other personnel expenses
153
202
Personnel expenses
2,789
3,048
Depreciation and impairment of property, plant and equipment
42
53
Amortization and impairment of software
33
42
Depreciation and impairment of right-of-use assets
151
180
Advertising and marketing
119
175
Accommodation
55
71
IT-related costs
362
368
Other
163
193
Other income
\u2014
(1)
Operating expenses
3,714
4,129
Amortization and impairment of acquisition-related intangible assets and goodwill
83
167
Total operating expenses
3,797
4,296
Included in wages and salaries are restructuring-related expenses for \u20ac 92 million (2024: \u20ac 116
million). Included in accommodation are restructuring-related expenses for \u20ac 1 million (2024: \u20ac 8
million). Included in other are consultancy-related costs of \u20ac 42 million (2024: \u20ac 59 million).
13.3. restructuring, integration expenses, M&A and other
restructuring
integration and M&A 1
other
total
2025
2024
2025
2024
2025
2024
2025
2024
North America
9
38
3
3
(1)
(9)
11
32
Netherlands
11
27
2
1
\u2014
\u2014
13
28
Germany
40
26
\u2014
\u2014
2
\u2014
42
26
Belgium & Luxembourg
6
14
\u2014
\u2014
\u2014
\u2014
6
14
Other North European
countries
7
13
\u2014
\u2014
\u2014
\u2014
7
13
Northern Europe
64
80
2
1
2
\u2014
68
81
France
29
30
\u2014
\u2014
1
\u2014
30
30
Italy
1
1
\u2014
\u2014
\u2014
\u2014
1
1
Iberia
4
1
\u2014
5
\u2014
\u2014
4
6
Other South European
countries, UK &
Latin America
5
12
\u2014
\u2014
\u2014
\u2014
5
12
Southern Europe, UK &
Latin America
39
44
\u2014
5
1
\u2014
40
49
Asia Pacific
5
5
\u2014
2
\u2014
\u2014
5
7
Corporate
\u2014
5
\u2014
\u2014
1
8
1
13
Total
117
172
5
11
3
(1)
125
182
1Includes expenses incurred to integrate acquired group companies with the existing group companies (and viceversa), and merger
and acquisition expenses for acquired group companies.
reconciliation with restructuring costs
2025
2024
Restructuring costs (see note 6)
95
115
Impairment of right-of-use assets
8
24
Impaired property, plant and equipment
2
7
Impaired software
\u2014
\u2014
Other severance costs
12
26
Total restructuring costs
117
172
breakdown of other
2025
2024
Legal restructuring related costs
3
\u2014
Onerous contract provisions
\u2014
\u2014
Gain on disposal Group company
\u2014
(1)
Total other
3
(1)
13.4. depreciation, amortization and impairment of
property, plant, equipment, software and right-of-use
assets
2025
2024
Depreciation of buildings
\u2014
\u2014
Depreciation of computer hardware
11
15
Depreciation of leasehold improvements and furniture and fixtures
32
40
Impairment of leasehold improvements
\u2014
\u2014
Depreciation and impairment of property, plant and equipment
43
55
Amortization of software
31
41
Impairment of software
2
1
Amortization and impairment of software
33
42
Depreciation and impairment of property, plant, equipment and software
76
97
Depreciation of right-of-use buildings
105
119
Depreciation of right-of-use cars
58
58
Depreciation of right-of-use IT and other equipment
6
6
Impairment of right-of-use buildings
8
25
Depreciation and impairment of right-of-use assets
177
208
Depreciation and impairment of property, plant, equipment, software and right-of-
use assets
253
305
depreciation and impairment of property, plant, equipment, and software
2025
2024
Included in:
Cost of services
1
2
Selling expenses
20
22
General and administrative expenses
55
73
Depreciation and impairment of property, plant, equipment, and software
76
97
depreciation and impairment of right-of-use assets
2025
2024
Included in:
Cost of services
26
28
Selling expenses
120
146
General and administrative expenses
31
34
Depreciation and impairment of right-of-use assets
177
208
depreciation and impairment of property, plant, equipment, software and right-of-use assets
2025
2024
Included in:
Cost of services
27
30
Selling expenses
140
168
General and administrative expenses
86
107
Depreciation and impairment of property, plant, equipment, software and right-of-
use assets
253
305
13.5. amortization and impairment of acquisition-related
intangible assets and goodwill
amortization and impairment of acquisition-related intangible assets and goodwill
2025
2024
Amortization of acquisition-related intangible assets
74
46
Impairment of goodwill and acquisition-related intangible assets
9
121
Amortization and impairment of acquisition-related intangible assets and goodwill
83
167
For impairment of goodwill, see note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
13. cost of services and total operating
expenses
13.1. cost of services
Cost of services comprises expenses directly attributable to revenue. These costs mainly include
expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
cost of services
2025
2024
Wages and salaries
14,788
15,390
Social security charges
2,987
2,989
Pension charges - defined contribution plans
196
200
Pension charges - defined benefit plans
10
12
Other post-employment benefit plans charges
17
15
Other long-term employee benefits
8
4
Wages, salaries, social security and pension charges
18,006
18,610
Depreciation of property, plant and equipment
1
2
Depreciation of right-of-use assets
26
28
Other cost of services
735
781
Total cost of services
18,768
19,421
Included in the wages and salaries are restructuring-related expenses of \u20ac 14 million (2024: \u20ac 17
million). Other costs of services include travel-related costs of \u20ac 298 million (2024: \u20ac 309 million),
other personnel costs of \u20ac 204 million (2024: \u20ac 201 million), and training-related costs of \u20ac 166
million (2024: \u20ac 162 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "value": "
Cost of services comprises expenses directly attributable to revenue. These costs mainly include
expenses related to talent placed by Randstad, such as wages, salaries, and social charges.
Operating expenses are classified based on the functional model and are recognized in the year
to\u00a0which they relate.
Selling expenses comprise personnel and accommodation expenses in relation to operational
activities at the outlets, advertising and marketing, and other selling expenses.
General and administrative expenses comprise personnel and accommodation expenses of head
offices, IT expenses, other general and administrative expenses, as well as the amortization and
impairment of acquisition-related intangible assets and goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "value": "
13.2.2. general and administrative expenses
General and administrative expenses comprise personnel and accommodation expenses of head
offices, IT expenses, other general and administrative expenses, as well as the amortization and
impairment of acquisition-related intangible assets and goodwill.
Other general and administrative expenses include:
\u2022 Foreign exchange gain of \u20ac 2 million (2024: \u20ac 1 million);
\u2022 Acquisition-related expenses for acquired companies/activities of \u20ac 0 million
(2024:\u00a0\u20ac\u00a03\u00a0million);
\u2022 An impairment of \u20ac 2 million on software ( 2024: \u20ac 1 million); and
\u2022 A gain on an investment of \u20ac 4 million (2024: \u20ac 0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "value": "
13.2.3. total operating expenses by nature
total operating expenses by nature
2025
2024
Wages and salaries
2,136
2,301
Social security charges
398
422
Pension charges - defined contribution plans
48
48
Pension charges - defined benefit plans
7
10
Other post-employment benefit plans charges
1
1
Other long-term employee benefits
6
4
Share-based compensations
40
60
Wages, salaries, social security and pension charges
2,636
2,846
Other personnel expenses
153
202
Personnel expenses
2,789
3,048
Depreciation and impairment of property, plant and equipment
42
53
Amortization and impairment of software
33
42
Depreciation and impairment of right-of-use assets
151
180
Advertising and marketing
119
175
Accommodation
55
71
IT-related costs
362
368
Other
163
193
Other income
\u2014
(1)
Operating expenses
3,714
4,129
Amortization and impairment of acquisition-related intangible assets and goodwill
83
167
Total operating expenses
3,797
4,296
Included in wages and salaries are restructuring-related expenses for \u20ac 92 million (2024: \u20ac 116
million). Included in accommodation are restructuring-related expenses for \u20ac 1 million (2024: \u20ac 8
million). Included in other are consultancy-related costs of \u20ac 42 million (2024: \u20ac 59 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "value": "
13.4. depreciation, amortization and impairment of
property, plant, equipment, software and right-of-use
assets
2025
2024
Depreciation of buildings
\u2014
\u2014
Depreciation of computer hardware
11
15
Depreciation of leasehold improvements and furniture and fixtures
32
40
Impairment of leasehold improvements
\u2014
\u2014
Depreciation and impairment of property, plant and equipment
43
55
Amortization of software
31
41
Impairment of software
2
1
Amortization and impairment of software
33
42
Depreciation and impairment of property, plant, equipment and software
76
97
Depreciation of right-of-use buildings
105
119
Depreciation of right-of-use cars
58
58
Depreciation of right-of-use IT and other equipment
6
6
Impairment of right-of-use buildings
8
25
Depreciation and impairment of right-of-use assets
177
208
Depreciation and impairment of property, plant, equipment, software and right-of-
use assets
253
305
depreciation and impairment of property, plant, equipment, and software
2025
2024
Included in:
Cost of services
1
2
Selling expenses
20
22
General and administrative expenses
55
73
Depreciation and impairment of property, plant, equipment, and software
76
97
depreciation and impairment of right-of-use assets
2025
2024
Included in:
Cost of services
26
28
Selling expenses
120
146
General and administrative expenses
31
34
Depreciation and impairment of right-of-use assets
177
208
depreciation and impairment of property, plant, equipment, software and right-of-use assets
2025
2024
Included in:
Cost of services
27
30
Selling expenses
140
168
General and administrative expenses
86
107
Depreciation and impairment of property, plant, equipment, software and right-of-
use assets
253
305
13.5. amortization and impairment of acquisition-related
intangible assets and goodwill
amortization and impairment of acquisition-related intangible assets and goodwill
2025
2024
Amortization of acquisition-related intangible assets
74
46
Impairment of goodwill and acquisition-related intangible assets
9
121
Amortization and impairment of acquisition-related intangible assets and goodwill
83
167
For impairment of goodwill, see note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "value": "
13.6. grants and government support
Grants are recognized when there is reasonable assurance they will be received and the Group will
comply with the conditions attached to them.
Grants that compensate for expenses incurred are credited to operating expenses and/or cost of
services on a systematic basis in the same period in which the expenses are incurred.
Grants included in operating profit amount to \u20ac 20 million (2024: \u20ac 30 million). These grants mainly
relate to the compensation (in whole or in part) of talent training costs and costs related to
employing selected talent categories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "
Grants are recognized when there is reasonable assurance they will be received and the Group will
comply with the conditions attached to them.
Grants that compensate for expenses incurred are credited to operating expenses and/or cost of
services on a systematic basis in the same period in which the expenses are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "
14. total wages and salaries, social security,
pension charges and other
Wages, salaries, social security charges, pension charges and other are included in cost of services
when they relate to talent placed, and in personnel expenses when they relate to corporate
employees.
total amounts of wages and salaries, social security, pension charges and other
2025
2024
Wages and salaries
16,924
17,691
Social security charges
3,385
3,411
Pension charges - defined contribution plans
244
248
Pension charges - defined benefit plans
17
22
Other post-employment benefit plans charges
18
16
Other long-term employee benefits
14
8
Share-based compensations
40
60
20,642
21,456
24. employee benefit obligations
Employee benefit obligations comprise obligations from defined benefit pension plans, other post-employment benefits, and other long-term employee benefits.
defined benefit pension plans
other post
employment
benefits
other long-
term\u00a0
employee
benefits
obligation
plan assets
net
total
Balance as at January 1, 2025
466
(373)
93
22
110
225
Movements in 2025
Current service costs, total
29
1
30
16
4
50
Past service costs, total
\u2014
\u2014
\u2014
2
10
12
Contributions, employees
\u2014
(13)
(13)
\u2014
\u2014
(13)
Contributions, employers
\u2014
(20)
(20)
\u2014
\u2014
(20)
Withdrawals/benefits paid
(35)
34
(1)
(15)
(6)
(22)
Total amount in statement of cash
flows
(6)
2
(4)
3
8
7
Remeasurement results
(29)
15
(14)
\u2014
\u2014
(14)
Interest due to passage of time, net
12
(9)
3
\u2014
2
5
Translation differences
1
(2)
(1)
\u2014
(3)
(4)
Balance as at December 31, 2025
444
(367)
77
25
117
219
Reclassification of net pension plan
assets
(92)
94
2
\u2014
\u2014
2
Balance as at December 31, 2025, after
reclass
352
(273)
79
25
117
221
Non-current
351
(273)
78
20
60
158
Current
1
\u2014
1
5
57
63
Balance as at December 31, 2025
352
(273)
79
25
117
221
defined benefit pension plans
other post
employment
benefits
other long-
term\u00a0
employee
benefits
obligation
plan assets
net
total
Balance as at January 1, 2024
450
(343)
107
20
110
237
Non-current
450
(343)
107
13
67
187
Current
\u2014
\u2014
\u2014
7
43
50
Movements in 2024
Current service costs, total
32
\u2014
32
14
4
50
Past service costs, total
\u2014
\u2014
\u2014
2
4
6
Contributions, employees
\u2014
(10)
(10)
\u2014
\u2014
(10)
Contributions, employers
\u2014
(18)
(18)
\u2014
\u2014
(18)
Withdrawals/benefits paid
(32)
30
(2)
(15)
(12)
(29)
Total amount in statement of cash
flows
\u2014
2
2
1
(4)
(1)
Acquisition of subsidiaries
\u2014
\u2014
\u2014
\u2014
2
2
Remeasurement results
4
(24)
(20)
1
\u2014
(19)
Interest due to passage of time, net
13
(9)
4
\u2014
1
5
Translation differences
(1)
1
\u2014
\u2014
1
1
Balance as at December 31, 2024
466
(373)
93
22
110
225
Reclassification of net pension plan
assets
(103)
105
2
\u2014
\u2014
2
Balance as at December 31, 2024, after
reclass
363
(268)
95
22
110
227
Non-current
351
(258)
93
15
63
171
Current
12
(10)
2
7
47
56
Balance as at December 31, 2024
363
(268)
95
22
110
227
24.1. employee benefit obligations
employee benefit obligations charged to comprehensive income
2025
2024
Current service cost, total
50
50
Past service cost, total
12
6
Contributions, employees
(13)
(10)
Current service cost net, charged to operating profit
49
46
Interest expense due to passage of time
14
14
Interest income due to passage of time
(9)
(9)
Charged to net finance costs
5
5
Net remeasurement gains/losses charged to other comprehensive income
(14)
(19)
Charged to comprehensive income
40
32
The discount rates used to calculate employee benefit obligations are in the following ranges:
discount rates (employee benefit obligations)
2025
2024
Defined benefit pension plans
1.3% - 4.15%
1.0% - 3.6%
Other post-employment benefits
3.4% - 6.6%
3.1% - 6.6%
Other long-term employee benefits
2.0% - 2.1%
2.1% - 2.3%
The obligations regarding other post-employment benefits and other long-term employee benefits
are unfunded.
24.2. pensions
defined benefit pension plan schemes
2025
2024
Defined benefit plan, corporate employees in Belgium
23
29
Defined benefit plan, corporate employees in France
44
52
Defined benefit plan, corporate employees in Germany
5
5
Defined benefit plan, corporate employees in Switzerland
5
6
Defined benefit plans, corporate employees in other countries
2
3
Total
79
95
The Group has various pension schemes, in accordance with local conditions and practices in the
countries in which it operates. In some countries, such pension schemes are operated through a
company pension fund. Most of the pension schemes are defined contribution plans, which are
funded through payments to independent entities. For these schemes, the Group's obligation is
limited to the payment of these annual contributions. The contributions constitute net periodic
costs for the year in which they are due and are included in personnel expenses and/or cost of
services.
A few pension schemes are defined benefit plans. The liability recognized in the balance sheet is
the present value of the defined benefit obligation less the fair value of plan assets. Independent
actuaries calculate the defined benefit obligations based on factors such as age, years of service
and compensation (based upon the projected unit credit method).
The present value of the defined benefit obligation is determined by discounting the estimated
future cash outflows using interest rates of high-quality corporate bonds denominated in the
currency in which the benefits will be paid, and with terms to maturity that approximate the term
when the related pension liability is due.
Current service costs are recognized in personnel expenses and/or cost of services and reflect the
increase in the defined benefit obligation resulting from employee service in the current year. Past
service costs are recognized immediately in personnel expenses and/or cost of services.
Withdrawals/benefits paid also include the net transfer of participants' vested benefits.
Remeasurement gains and losses of the net defined benefit obligation arising from experience
adjustments and changes in actuarial assumptions are recognized in other comprehensive income.
The net interest expense on the net defined benefit liability is determined by applying the discount
rate used to measure the defined benefit obligation at the beginning of the year to the then net
defined benefit liability. Net interest expense is recognized in net finance costs.
In the Netherlands and Belgium, two pension schemes are operated through separate and
independent company pension funds.
For the Netherlands, this is 'Stichting Pensioenfonds Flexsecurity' for staffing employees employed
by Dutch Group companies; the fund operates a defined contribution pension plan. In 2025, the
transactions with 'Stichting Pensioenfonds Flexsecurity' amounted to \u20ac 78 million (2024: \u20ac 81
million); the balance as at December 31, 2025 amounted to \u20ac 8 million payable (December 31,
2024: \u20ac 8 million).
For Belgium, in 2024 the pension fund was 'Pensioenfonds Belgische werkmaatschappijen van
Randstad OFP' for corporate employees employed by Belgian Group companies. The plan was
organized through a fund that was legally separated from the company. The Board of this pension
fund was required to act in the interest of the fund and of all relevant stakeholders in the scheme;
the investment policy with regard to the assets of the fund was also the responsibility of the Board.
In 2024, transactions with this fund amounted to \u20ac 6 million and there was no outstanding balance.
In 2025, the pension fund was closed and the balances were transferred to 'OFP KBC Pension Fund
Services - Afzonderlijk Vermogen Randstad'. The fund operates a defined benefit pension plan and
a hybrid pension plan. The defined benefit plan is a final-salary pension plan, providing benefits to
(former) employees in the form of a guaranteed level of pension payable for life upon retirement.
As of January 1, 2024, the defined benefit plan was closed to new plan participants. All plan
participants that were enrolled in the defined benefit plan prior to this date opted to remain in this
plan. New plan participants from January 1, 2024 joined the hybrid plan. In the hybrid plan, the
portion related to salaries that are below the Belgian statutory pension ceiling is treated as a
defined benefit plan, while the portion related to salaries above this pension ceiling functions as a
defined contribution plan where the Group is required to guarantee a minimum return on the
contributions paid, in line with Belgian pension legislation. Both pension plans are accounted for as
defined benefit plans. The pension entitlement of corporate employees is based on the average
pensionable salary in the last three years before retirement.
In the Netherlands, a second pension scheme is in origin a defined benefit pension plan. This
pension plan is a closed plan (operated through an insurance company) and the net asset/liability is
basically the difference between the expected future surplus interest sharing that will flow to the
Group and a yearly guarantee payment based on the pension obligation towards employees. The
net pension asset is fully recoverable and has been presented under (current) assets in the
statement of financial position.
In France, the defined benefit pension plan is a final-salary pension plan, which provides benefits to
(former) employees in the form of a guaranteed level of pension payable as a lump sum upon
retirement. The plan is in addition to state plans. The company is legally required to pay lump sums
to employees upon retirement. The amounts are based on the number of years of service in the
company and on the base salary according to the collective bargaining agreement in force. The
scheme covers all corporate employees employed by French Group companies.
breakdown of obligations for defined benefit pension plans
2025
2024
Present value of funded obligations
352
363
Present value of unfunded obligations
\u2014
\u2014
Total present value of obligations
352
363
Fair value of plan assets
(273)
(268)
Liability in the balance sheet
79
95
major categories of plan assets
as a % of fair value of total plan assets
2025
2024
Cash
1%
1%
Bonds
27%
26%
Equity instruments
44%
46%
Real estate
10%
10%
Other
18%
17%
100%
100%
The actual return on plan assets was \u20ac 6 million negative (2024: \u20ac 33 million positive), as a result of
negative developments in the value of equity investments.
principal actuarial assumptions used for defined benefit pension plans
2025
2024
Discount rate
1.3% - 4.15%
1.0% - 3.6%
Expected salary increases
0.0% - 4.0%
0.0% - 4.0%\u00a0
Expected pension increases
0.1% - 2.0%
0.1% - 2.0%
average life expectancy1
in years
2025
2024
Male
21.1 - 22.5
20.9 - 22.5
Female
22.5 - 27.1
23.9 - 27.1
1Average life expectancy of an individual retiring at the age of 65 on the balance sheet date.
The assumptions regarding future mortality are based on published statistics and mortality tables in
each territory.
The Group expects the 2026 contributions to be paid for defined benefit plans to be approximately
\u20ac 23 million, excluding the impact of acquisitions and disposals.
risks
The most significant risks related to defined benefit plans are related to:
\u2022 Asset volatility: if the plan assets underperform, the yield on (high-quality) corporate bonds,
which is the base for setting the discount rate in calculating the plan liabilities, will create a
deficit;
\u2022 Interest/yield volatility: a decrease will result in an increase in the net plan liabilities;
\u2022 Salary volatility: future (expected) salaries are being used in the calculation of the plan liabilities;
higher than expected salary increases will result in higher liabilities; and
\u2022 Life expectancy: in the calculation of the plan liabilities, mortality tables are being used,
indicating the life expectancy of the participants. If life expectancy increases, the plan liabilities
will also increase.
sensitivity
With respect to the provision for pensions, a change in the interest rate of 1%-point, with all other
variables held constant, would result in a deviation in the range of \u20ac 6 \u2013 \u20ac 7 million
(2024: \u20ac 3 \u2013 \u20ac 5 million).
With respect to the provision for pensions for Belgium and France, a change in the expected salary
increase rate of 1%-point with all other variables held constant, would result in a deviation in the
range of \u20ac 6 \u2013 \u20ac 7 million (2024: \u20ac 7 \u2013 \u20ac 8 million).
The average duration in years of the defined benefit obligation of the defined benefit plans
is\u00a012\u00a0(2024: 13).
24.3. other post- employment benefits
Other post-employment benefit plans are defined benefit plans and follow the same accounting
treatment as defined benefit pension plans. Independent actuaries calculate the defined benefit
obligations based on factors such as age, years of service, and compensation (based upon the
projected unit credit method). These plans mainly consist of state-driven plans in Italy and India,
post-employment health benefits in the US, and transition fee payments related to temporary
workers in the Netherlands, based on the Dutch 'Wet Arbeidsmarkt in Balans' (WAB).
Remeasurements of the obligation \u2013 comprising gains and losses arising from experience
adjustments and changes in actuarial assumptions \u2013 are recognized in other comprehensive
income.
24.4. other long-term employee benefits
In accordance with applicable legal requirements, the Group recognizes liabilities for several other
long-term employee benefit plans, such as schemes related to sickness and long-term disability
and long-service leave plans mainly in the Netherlands. These liabilities are based on calculations
made by independent actuaries based on factors such as age, years of service, expected sickness
duration and compensation (based on the 'projected unit credit method'). Additionally, liability is
recognized for long-term incentive plan in the US.
Remeasurement gains and losses related to these plans are recognized in personnel expenses and/
or cost of services in the year in which they occur.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "
15. net finance costs
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
net finance costs
2025
2024
Finance income
Interest and similar income
15
18
Interest due to passage of time for financial assets at amortized costs
4
5
Interest due to passage of time for financial assets at fair value
1
\u2013
20
23
Finance expenses
Interest and similar expenses
18
17
Interest and commitment fees on non-current borrowings
47
42
Amortization of transaction cost non-current borrowings
1
1
Expected credit losses on financial assets 1
(19)
39
Interest due to passage of time1
7
7
Interest due to passage of time for lease liabilities
23
25
77
131
Other finance income (expense)
Foreign exchange gains (losses), net 1
8
(1)
Result on net monetary position
(1)
(2)
Changes in fair value of financial assets 1
(29)
(86)
Changes in value of other liabilities1
\u2013
(18)
(22)
(107)
Net finance costs
79
215
1 Items considered non-cash.
net finance costs, statement of cash flows
2025
2024
Finance income
20
23
Deduct: non-cash items
5
5
Cash items
15
18
Change in interest receivable
\u2014
\u2014
Finance income, cash
15
18
Finance expenses
77
131
Deduct: non-cash items
12
72
Cash items
65
59
Change in interest payable
1
4
Finance expenses, cash
66
63
Net finance costs paid, statement of cash flows
51
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "
15. net finance costs
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
net finance costs
2025
2024
Finance income
Interest and similar income
15
18
Interest due to passage of time for financial assets at amortized costs
4
5
Interest due to passage of time for financial assets at fair value
1
\u2013
20
23
Finance expenses
Interest and similar expenses
18
17
Interest and commitment fees on non-current borrowings
47
42
Amortization of transaction cost non-current borrowings
1
1
Expected credit losses on financial assets 1
(19)
39
Interest due to passage of time1
7
7
Interest due to passage of time for lease liabilities
23
25
77
131
Other finance income (expense)
Foreign exchange gains (losses), net 1
8
(1)
Result on net monetary position
(1)
(2)
Changes in fair value of financial assets 1
(29)
(86)
Changes in value of other liabilities1
\u2013
(18)
(22)
(107)
Net finance costs
79
215
1 Items considered non-cash.
net finance costs, statement of cash flows
2025
2024
Finance income
20
23
Deduct: non-cash items
5
5
Cash items
15
18
Change in interest receivable
\u2014
\u2014
Finance income, cash
15
18
Finance expenses
77
131
Deduct: non-cash items
12
72
Cash items
65
59
Change in interest payable
1
4
Finance expenses, cash
66
63
Net finance costs paid, statement of cash flows
51
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "
15. net finance costs
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
net finance costs
2025
2024
Finance income
Interest and similar income
15
18
Interest due to passage of time for financial assets at amortized costs
4
5
Interest due to passage of time for financial assets at fair value
1
\u2013
20
23
Finance expenses
Interest and similar expenses
18
17
Interest and commitment fees on non-current borrowings
47
42
Amortization of transaction cost non-current borrowings
1
1
Expected credit losses on financial assets 1
(19)
39
Interest due to passage of time1
7
7
Interest due to passage of time for lease liabilities
23
25
77
131
Other finance income (expense)
Foreign exchange gains (losses), net 1
8
(1)
Result on net monetary position
(1)
(2)
Changes in fair value of financial assets 1
(29)
(86)
Changes in value of other liabilities1
\u2013
(18)
(22)
(107)
Net finance costs
79
215
1 Items considered non-cash.
net finance costs, statement of cash flows
2025
2024
Finance income
20
23
Deduct: non-cash items
5
5
Cash items
15
18
Change in interest receivable
\u2014
\u2014
Finance income, cash
15
18
Finance expenses
77
131
Deduct: non-cash items
12
72
Cash items
65
59
Change in interest payable
1
4
Finance expenses, cash
66
63
Net finance costs paid, statement of cash flows
51
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "
15. net finance costs
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
net finance costs
2025
2024
Finance income
Interest and similar income
15
18
Interest due to passage of time for financial assets at amortized costs
4
5
Interest due to passage of time for financial assets at fair value
1
\u2013
20
23
Finance expenses
Interest and similar expenses
18
17
Interest and commitment fees on non-current borrowings
47
42
Amortization of transaction cost non-current borrowings
1
1
Expected credit losses on financial assets 1
(19)
39
Interest due to passage of time1
7
7
Interest due to passage of time for lease liabilities
23
25
77
131
Other finance income (expense)
Foreign exchange gains (losses), net 1
8
(1)
Result on net monetary position
(1)
(2)
Changes in fair value of financial assets 1
(29)
(86)
Changes in value of other liabilities1
\u2013
(18)
(22)
(107)
Net finance costs
79
215
1 Items considered non-cash.
net finance costs, statement of cash flows
2025
2024
Finance income
20
23
Deduct: non-cash items
5
5
Cash items
15
18
Change in interest receivable
\u2014
\u2014
Finance income, cash
15
18
Finance expenses
77
131
Deduct: non-cash items
12
72
Cash items
65
59
Change in interest payable
1
4
Finance expenses, cash
66
63
Net finance costs paid, statement of cash flows
51
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "value": "
15. net finance costs
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
net finance costs
2025
2024
Finance income
Interest and similar income
15
18
Interest due to passage of time for financial assets at amortized costs
4
5
Interest due to passage of time for financial assets at fair value
1
\u2013
20
23
Finance expenses
Interest and similar expenses
18
17
Interest and commitment fees on non-current borrowings
47
42
Amortization of transaction cost non-current borrowings
1
1
Expected credit losses on financial assets 1
(19)
39
Interest due to passage of time1
7
7
Interest due to passage of time for lease liabilities
23
25
77
131
Other finance income (expense)
Foreign exchange gains (losses), net 1
8
(1)
Result on net monetary position
(1)
(2)
Changes in fair value of financial assets 1
(29)
(86)
Changes in value of other liabilities1
\u2013
(18)
(22)
(107)
Net finance costs
79
215
1 Items considered non-cash.
net finance costs, statement of cash flows
2025
2024
Finance income
20
23
Deduct: non-cash items
5
5
Cash items
15
18
Change in interest receivable
\u2014
\u2014
Finance income, cash
15
18
Finance expenses
77
131
Deduct: non-cash items
12
72
Cash items
65
59
Change in interest payable
1
4
Finance expenses, cash
66
63
Net finance costs paid, statement of cash flows
51
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "
15. net finance costs
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
net finance costs
2025
2024
Finance income
Interest and similar income
15
18
Interest due to passage of time for financial assets at amortized costs
4
5
Interest due to passage of time for financial assets at fair value
1
\u2013
20
23
Finance expenses
Interest and similar expenses
18
17
Interest and commitment fees on non-current borrowings
47
42
Amortization of transaction cost non-current borrowings
1
1
Expected credit losses on financial assets 1
(19)
39
Interest due to passage of time1
7
7
Interest due to passage of time for lease liabilities
23
25
77
131
Other finance income (expense)
Foreign exchange gains (losses), net 1
8
(1)
Result on net monetary position
(1)
(2)
Changes in fair value of financial assets 1
(29)
(86)
Changes in value of other liabilities1
\u2013
(18)
(22)
(107)
Net finance costs
79
215
1 Items considered non-cash.
net finance costs, statement of cash flows
2025
2024
Finance income
20
23
Deduct: non-cash items
5
5
Cash items
15
18
Change in interest receivable
\u2014
\u2014
Finance income, cash
15
18
Finance expenses
77
131
Deduct: non-cash items
12
72
Cash items
65
59
Change in interest payable
1
4
Finance expenses, cash
66
63
Net finance costs paid, statement of cash flows
51
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "
Net finance costs comprise interest income, interest expenses, items similar to interest, exchange
differences on net debt, interest due to the passage of time of loans and receivables, deferred
considerations, lease liabilities, result on net monetary position (as a result of hyperinflation
accounting), changes in the value of other liabilities (mainly deferred considerations and financial
commitments), changes in fair value of financial assets measured at fair value, and expected credit
losses on financial assets. Lastly, hedge ineffectiveness on fair value hedges (if any) is also
recorded in net finance costs. Interest expenses and income are recognized in the income
statement on a time-proportion basis, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
16. net income
Net income includes foreign exchange gains of \u20ac 10 million (2024: \u20ac \u2014 million loss).
For\u00a0other\u00a0items included in net income, se e note 13.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
18. property, plant and equipment
buildings and
land
computer
hardware
leasehold improvements,
furniture and fixtures
total
Balance as at January 1, 2025
10
20
88
118
Movements in 2025
Additions
\u2013
10
25
35
Disposals
\u2013
\u2013
(1)
(1)
Depreciation/impairment
\u2013
(11)
(32)
(43)
Translation differences
\u2013
(2)
(5)
(7)
Balance as at December 31, 2025
10
17
75
102
Cost
37
132
407
576
Accumulated depreciation and
impairment
27
115
332
474
Balance as at December 31, 2025
10
17
75
102
Balance as at January 1, 2024
Cost
38
163
439
640
Accumulated depreciation and
impairment
27
135
342
504
11
28
97
136
Movements in 2024
Additions
\u2013
8
34
42
Disposals
(1)
(1)
(3)
(5)
Depreciation/impairment
\u2013
(15)
(40)
(55)
Translation differences
\u2013
\u2013
\u2013
\u2013
Balance as at December 31, 2024
10
20
88
118
Cost
37
137
431
605
Accumulated depreciation and
impairment
27
117
343
487
Balance as at December 31, 2024
10
20
88
118
Based on appraisals made by independent and expert appraisers performed in 2025, the estimated
fair value of buildings and land is approximately \u20ac 29 million higher than the carrying amount in
2025 (2024: \u20ac 23 million). The fair value represents the market value, taking into account that the
property is in a rented status.
accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures that are directly attributable to the
acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or
recognized as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably.
Land is not depreciated. Depreciation on other property, plant and equipment is charged to
operating expenses and/or cost of services on a straight-line basis over their estimated useful lives,
from the date they are available for use.
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Gains and losses arising on disposal are included in the income statement under other general and
administrative expenses.
estimated useful lives of property, plant and equipment
on average
term
Buildings
33 years
Computer hardware
4 years
Leasehold improvements
5 years
Furniture and fixtures
4-5 years
Leasehold improvements are depreciated over the term of the initial lease, in the event that this
term is shorter than five years.
Impairments, if any, are mainly caused by the discontinuation of outlets. The net book value of
leasehold improvements and other furniture and fixtures is impaired to the recoverable amount,
based on each individual case. The recoverable amount tends to be zero.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "
accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures that are directly attributable to the
acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or
recognized as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably.
Land is not depreciated. Depreciation on other property, plant and equipment is charged to
operating expenses and/or cost of services on a straight-line basis over their estimated useful lives,
from the date they are available for use.
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Gains and losses arising on disposal are included in the income statement under other general and
administrative expenses.
estimated useful lives of property, plant and equipment
on average
term
Buildings
33 years
Computer hardware
4 years
Leasehold improvements
5 years
Furniture and fixtures
4-5 years
Leasehold improvements are depreciated over the term of the initial lease, in the event that this
term is shorter than five years.
Impairments, if any, are mainly caused by the discontinuation of outlets. The net book value of
leasehold improvements and other furniture and fixtures is impaired to the recoverable amount,
based on each individual case. The recoverable amount tends to be zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
accounting policy
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditures that are directly attributable to the
acquisition of the assets. Subsequent costs are included in the asset\u2019s carrying amount or
recognized as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably.
Land is not depreciated. Depreciation on other property, plant and equipment is charged to
operating expenses and/or cost of services on a straight-line basis over their estimated useful lives,
from the date they are available for use.
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Gains and losses arising on disposal are included in the income statement under other general and
administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
19. software
software
2025
2024
Cost
433
578
Accumulated amortization and impairment
375
461
Balance as at January 1
58
117
Additions
39
47
Disposals
\u2014
(64)
Amortization and impairment
(33)
(42)
Translation differences
(2)
\u2014
Balance as at December 31
62
58
Cost
452
433
Accumulated amortization and impairment
390
375
Balance as at December 31
62
58
accounting policy
Acquired software (licenses) and developed software are stated at cost less accumulated
amortization and impairment losses.
Expenditures in relation to the development of on-premise, identifiable and unique software (or
significant enhancements to existing on-premise software) used by the Group, of which the
intellectual property is owned by the Group, for which these will probably generate economic
benefits exceeding costs beyond one year, are recognized as developed software and amortized
over their estimated useful lives. Capitalized costs include employee costs of software
development and third-party expenses.
Configuration and customization costs relating to cloud computing arrangements are expensed as
incurred.
Expenditures associated with small enhancements or maintenance of software are recognized as
an expense when incurred.
Amortization of software applications is charged to operating expenses and/or cost of services on
a straight-line basis over the estimated useful lives, from the date they are available for use.
In 2025, we had \u20ac 2 million software impairment (2024: \u20ac 1 million).
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Internally developed software and purchased software are amortized on a straight-line basis over
the useful lives of three to five years or, in the case of licenses, if the license period is shorter than
three years, over this shorter period.
Impairments, if any, are mainly caused by the discontinuation of software applications. The net
book value of software is impaired to its recoverable amount, which tends to be zero, based on
each individual case.
net additions to property, plant and equipment, and software, statement of cash flows
2025
2024
Additions
Property, plant and equipment
(35)
(41)
Software
(39)
(47)
(74)
(88)
Disposals
Proceeds property, plant and equipment and software
1
4
1
4
Statement of cash flows
(73)
(84)
20. acquisition-related intangible assets
acquisition-related intangible assets
client
relationships
brand names
talent
profiles
technology
total
Balance as at January 1, 2025
133
53
\u2014
88
274
Movements in 2025
Acquisition of subsidiaries
(31)
1
5
16
(9)
Amortization and impairment
(32)
(16)
(3)
(23)
(74)
Translation differences
(2)
1
1
(3)
(3)
Balance as at December 31, 2025
68
39
3
78
188
Cost
164
87
7
115
373
Accumulated amortization and impairment
96
48
4
37
185
Balance as at December 31, 2025
68
39
3
78
188
Balance as at January 1, 2024
Cost
131
59
2
11
203
Accumulated amortization and impairment
47
23
1
7
78
Movements in 2024
84
36
1
4
125
Acquisition of subsidiaries
77
30
\u2014
91
198
Amortization and impairment
(27)
(11)
(1)
(7)
(46)
Translation differences
(1)
(2)
\u2014
\u2014
(3)
Balance as at December 31, 2024
133
53
\u2014
88
274
Cost
201
88
\u2014
103
392
Accumulated amortization and impairment
68
35
\u2014
15
118
Balance as at December 31, 2024
133
53
\u2014
88
274
For acquisition of subsidiaries, see note 11.1 for further information.
accounting policy
Acquisition-related intangible assets (client relationships (including franchise agreements), brand
names, talent profiles and developed technology) that are acquired by the Group are stated at cost
less accumulated amortization and impairment losses.
When an intangible asset is acquired in a business combination, it is recognized at fair value at the
date of its acquisition. This fair value is determined on a basis that reflects an amount that the entity
would have paid for the asset in an arm's length transaction between knowledgeable and willing
parties, based on the best information available. If the fair value cannot be measured reliably, the
asset is not recognized as a separate intangible asset but is included in goodwill.
Amortization of acquisition-related intangible assets is charged to total operating expenses on a
straight-line basis over their estimated useful lives, from the date they are available for use. The
residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
The estimated useful life of client relationships is four to five years, of brand names two to five
years, of talent profiles two to three years, and of technology five to six years. Technology relates
to the software platforms acquired in acquisitions and in use as an integral part of our business
activities.
Impairments, if any, can be the result of the asset no longer being able to generate future
economic benefits or the annual impairment test of the cash-generating unit to which the
acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
accounting policy
Acquired software (licenses) and developed software are stated at cost less accumulated
amortization and impairment losses.
Expenditures in relation to the development of on-premise, identifiable and unique software (or
significant enhancements to existing on-premise software) used by the Group, of which the
intellectual property is owned by the Group, for which these will probably generate economic
benefits exceeding costs beyond one year, are recognized as developed software and amortized
over their estimated useful lives. Capitalized costs include employee costs of software
development and third-party expenses.
Configuration and customization costs relating to cloud computing arrangements are expensed as
incurred.
Expenditures associated with small enhancements or maintenance of software are recognized as
an expense when incurred.
Amortization of software applications is charged to operating expenses and/or cost of services on
a straight-line basis over the estimated useful lives, from the date they are available for use.
In 2025, we had \u20ac 2 million software impairment (2024: \u20ac 1 million).
The residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
Internally developed software and purchased software are amortized on a straight-line basis over
the useful lives of three to five years or, in the case of licenses, if the license period is shorter than
three years, over this shorter period.
Impairments, if any, are mainly caused by the discontinuation of software applications. The net
book value of software is impaired to its recoverable amount, which tends to be zero, based on
each individual case.
accounting policy
Acquisition-related intangible assets (client relationships (including franchise agreements), brand
names, talent profiles and developed technology) that are acquired by the Group are stated at cost
less accumulated amortization and impairment losses.
When an intangible asset is acquired in a business combination, it is recognized at fair value at the
date of its acquisition. This fair value is determined on a basis that reflects an amount that the entity
would have paid for the asset in an arm's length transaction between knowledgeable and willing
parties, based on the best information available. If the fair value cannot be measured reliably, the
asset is not recognized as a separate intangible asset but is included in goodwill.
Amortization of acquisition-related intangible assets is charged to total operating expenses on a
straight-line basis over their estimated useful lives, from the date they are available for use. The
residual values and useful lives are reviewed as at each balance sheet date and adjusted, if
appropriate.
The estimated useful life of client relationships is four to five years, of brand names two to five
years, of talent profiles two to three years, and of technology five to six years. Technology relates
to the software platforms acquired in acquisitions and in use as an integral part of our business
activities.
Impairments, if any, can be the result of the asset no longer being able to generate future
economic benefits or the annual impairment test of the cash-generating unit to which the
acquisition-related intangible assets are related.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
accounting policy
The Group subleases some of its right-of-use assets. In these instances, the Group is an
intermediate lessor. Most of the Group's sublease arrangements are classified as finance leases
under IFRS 16. The classification of finance sublease is satisfied when substantially all the risk and
rewards incidental to the underlying right-of-use assets arising from the head lease have been
transferred. Sublease contracts with the classification of financial leases are recognized as a net
investment in sublease, which is presented as a financial asset. The carrying amount of the
underlying right-of-use asset is derecognized. The net investments in subleases are measured at
the present value of the (future) lease receipts, discounted using our incremental borrowing rate at
commencement date of the sublease. Sublease contracts with the classification of operating leases
result in sublease income being recognized periodically during the sub-rental period. Operating
subleases have no impact on the right-of-use asset measurement.
The maturity of net investments in subleases is set out in the table below, showing the
undiscounted lease amounts to be received after the balance sheet date.
The nominal value of the net investments in subleases amounts to \u20ac 3 million (2024: \u20ac 1 million),
which best represents the maximum exposure to credit risk. As at December 31, 2025 and 2024,
the carrying amount equaled the fair value", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
21.1.5. impairment of financial assets
The carrying amounts of loans and receivables are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount is impaired. If objective evidence
exists that a financial asset or group of financial assets is impaired, the amount of the impairment
loss is calculated as the difference between the carrying amount of the financial asset and the
present value of estimated future cash flows, discounted at the original effective interest rate (i.e.,
the effective interest rate computed at initial recognition of these financial assets).
The resulting impairment loss is immediately recognized in net finance costs.
An impairment loss on financial assets is reversed if, in a subsequent period, the amount of the
impairment loss decreases and this decrease can be related objectively to an event occurring after
the impairment loss was recognized. Such reversal is immediately recognized in net finance costs
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
21.2. equity investments
equity investments
2025
2024
Balance as at January 1
30
36
Fair value adjustments
3
(6)
Additions
\u2014
2
Disposals
(8)
(2)
Balance as at December 31
25
30
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
The fair value of the investments has increased by \u20ac 3 million (2024: decreased by \u20ac 6 million). This
was based on share transactions and other market information. During the year 2025, the Group
divested some of its minority participations. These divestments had a carrying amount of \u20ac 8
million (2024: \u20ac 2 million).
22. associates
As at December 31, 2025, the Group had investments in associates of \u20ac 3 million (2024: \u20ac 3
million).
The total assets and liabilities of associates amounted to approximately \u20ac 9 million and \u20ac 2 million,
respectively, as at December 31, 2025 (2024: \u20ac 297 million and \u20ac 296 million respectively). Total
revenue in 2025 amounted to \u20ac 120 million (2024: \u20ac 93 million). The associate relationship with
CareerBuilder + Monster officially concluded in October 2025 upon the entities' dissolution,
following a bankruptcy declaration on June 24, 2025.
Our share in profit was nil in 2025 (2024:\u00a0 nil).
associates
2025
2024
Balance as at January 1
3
3
Share in profit
\u2014
\u2014
Dividend
\u2014
\u2014
Translation differences
\u2014
\u2014
Balance as at December 31
3
3
accounting policy
Associates are companies over which the Group has significant influence, but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method and are initially recognized at
cost. The Group's investment in associates includes goodwill on acquisition, net of any
accumulated impairment losses.
The Group's share of the post-acquisition profits and losses of the associates is recognized as share
in results of associates, and its share of post-acquisition movements in other comprehensive
income of the associates is recognized in other comprehensive income, with a corresponding
effect on the carrying amount of the associate.
Downstream transactions with associates are recognized in profit or loss up the unrelated
investors' percentage ownership in the associate. The remainder gain or loss of the downstream
transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
21.2. equity investments
equity investments
2025
2024
Balance as at January 1
30
36
Fair value adjustments
3
(6)
Additions
\u2014
2
Disposals
(8)
(2)
Balance as at December 31
25
30
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
The fair value of the investments has increased by \u20ac 3 million (2024: decreased by \u20ac 6 million). This
was based on share transactions and other market information. During the year 2025, the Group
divested some of its minority participations. These divestments had a carrying amount of \u20ac 8
million (2024: \u20ac 2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
21.2. equity investments
equity investments
2025
2024
Balance as at January 1
30
36
Fair value adjustments
3
(6)
Additions
\u2014
2
Disposals
(8)
(2)
Balance as at December 31
25
30
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
The fair value of the investments has increased by \u20ac 3 million (2024: decreased by \u20ac 6 million). This
was based on share transactions and other market information. During the year 2025, the Group
divested some of its minority participations. These divestments had a carrying amount of \u20ac 8
million (2024: \u20ac 2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
Equity investments are minority participations in early-stage to expansion-stage companies that are
considered strategically relevant to Randstad. The typical investment amounts range between \u20ac 2
million and \u20ac 5 million. The Group has no significant influence over these investments. These
investments are qualified as \"fair-value through other comprehensive income\" investments, and if
no reliable fair-value measurements are available, valued at cost. All investments are in principle
considered non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
22. associates
As at December 31, 2025, the Group had investments in associates of \u20ac 3 million (2024: \u20ac 3
million).
The total assets and liabilities of associates amounted to approximately \u20ac 9 million and \u20ac 2 million,
respectively, as at December 31, 2025 (2024: \u20ac 297 million and \u20ac 296 million respectively). Total
revenue in 2025 amounted to \u20ac 120 million (2024: \u20ac 93 million). The associate relationship with
CareerBuilder + Monster officially concluded in October 2025 upon the entities' dissolution,
following a bankruptcy declaration on June 24, 2025.
Our share in profit was nil in 2025 (2024:\u00a0 nil).
associates
2025
2024
Balance as at January 1
3
3
Share in profit
\u2014
\u2014
Dividend
\u2014
\u2014
Translation differences
\u2014
\u2014
Balance as at December 31
3
3
accounting policy
Associates are companies over which the Group has significant influence, but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method and are initially recognized at
cost. The Group's investment in associates includes goodwill on acquisition, net of any
accumulated impairment losses.
The Group's share of the post-acquisition profits and losses of the associates is recognized as share
in results of associates, and its share of post-acquisition movements in other comprehensive
income of the associates is recognized in other comprehensive income, with a corresponding
effect on the carrying amount of the associate.
Downstream transactions with associates are recognized in profit or loss up the unrelated
investors' percentage ownership in the associate. The remainder gain or loss of the downstream
transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "
22. associates
As at December 31, 2025, the Group had investments in associates of \u20ac 3 million (2024: \u20ac 3
million).
The total assets and liabilities of associates amounted to approximately \u20ac 9 million and \u20ac 2 million,
respectively, as at December 31, 2025 (2024: \u20ac 297 million and \u20ac 296 million respectively). Total
revenue in 2025 amounted to \u20ac 120 million (2024: \u20ac 93 million). The associate relationship with
CareerBuilder + Monster officially concluded in October 2025 upon the entities' dissolution,
following a bankruptcy declaration on June 24, 2025.
Our share in profit was nil in 2025 (2024:\u00a0 nil).
associates
2025
2024
Balance as at January 1
3
3
Share in profit
\u2014
\u2014
Dividend
\u2014
\u2014
Translation differences
\u2014
\u2014
Balance as at December 31
3
3
accounting policy
Associates are companies over which the Group has significant influence, but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method and are initially recognized at
cost. The Group's investment in associates includes goodwill on acquisition, net of any
accumulated impairment losses.
The Group's share of the post-acquisition profits and losses of the associates is recognized as share
in results of associates, and its share of post-acquisition movements in other comprehensive
income of the associates is recognized in other comprehensive income, with a corresponding
effect on the carrying amount of the associate.
Downstream transactions with associates are recognized in profit or loss up the unrelated
investors' percentage ownership in the associate. The remainder gain or loss of the downstream
transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
accounting policy
Associates are companies over which the Group has significant influence, but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method and are initially recognized at
cost. The Group's investment in associates includes goodwill on acquisition, net of any
accumulated impairment losses.
The Group's share of the post-acquisition profits and losses of the associates is recognized as share
in results of associates, and its share of post-acquisition movements in other comprehensive
income of the associates is recognized in other comprehensive income, with a corresponding
effect on the carrying amount of the associate.
Downstream transactions with associates are recognized in profit or loss up the unrelated
investors' percentage ownership in the associate. The remainder gain or loss of the downstream
transaction is deferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "
23.1.1. authorized and issued capital
Authorized capital is \u20ac 106 million (2024: \u20ac 106 million) and consists of 350,000,000 ( 2024:
350,000,000) ordinary shares with a nominal value of \u20ac 0.10, a further 106,000 (2024: 106,000)
type-A preference shares with a nominal value of \u20ac 500, 30,000,000 (2024: 30,000,000) type-B
preference shares with a nominal value of \u20ac 0.10, and 150,000,000 (2024: 150,000,000) type-C
preference shares with a nominal value of \u20ac 0.10.
At year-end, issued share capital consists of 175,977,424 ordinary shares (2024: 180,869,312),
25,200,000 type-B preference shares (2024: 25,200,000), and 50,130,352 (2024: 50,130,352)
type-C preference shares. All the ordinary shares, type-B preference shares and type-C preference
shares are fully paid up.
For information regarding the rights, preferences and restrictions on each type of share, see 'voting
rights' under corporate governance (see page 131).
The current conditions of the preference shares are such that the holders of these shares receive a
dividend at the company's discretion, which dividend is preferred and cumulative, and that the
voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac 25 capital
payment for type-C preference shares, resulting in 0.1117 vote per share on average.
The dividend on preference shares type-B and type-C is reviewed every seven years. In November
2019, the dividend on type B and type C was reset. The dividend for preference shares type B was
set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of
the capital contribution. The next review of the dividend will take place in November 2026. Only
the Executive Board can propose to the Annual General Meeting of Shareholders
number of issued ordinary and preference shares
2025
2024
(x 1,000)
Ordinary shares
preference shares
Ordinary shares
preference shares
January 1
180,869
75,330
180,869
75,330
Cancellation ordinary shares
(4,892)
\u2014
\u2014
\u2014
December 31
175,977
75,330
180,869
75,330
Ordinary and preference shares are classified as equity. The distribution of the dividend on
ordinary and preference shares is recognized as a liability in the period in which these dividends
are adopted by the company's shareholders. In 2025 we had a cancellation of 4,891,888 shares
(2024: \u2014) related to the purchase of ordinary shares under the share buyback program.
accounting policy
On the issue of new shares, or on the extension of the term of preference shares outstanding, the
proceeds less directly attributable costs are recognized in shareholders' equity within issued
capital and, if applicable, within share premium.
On the purchase of ordinary shares included in shareholders' equity, the consideration paid,
including directly attributable costs, is recorded as a change in shareholders' equity. Purchased
ordinary shares are classified as treasury shares and presented as a deduction from shareholders'
equity under reserves.
On the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are
recognized under treasury shares for the original consideration paid; the remainder is recognized
as a change in retained earnings.
As at December 31, 2025, the company held 744,529 treasury shares (December 31, 2024:
5,725,965). In 2024, these treasury shares related to the last third tranche of the share buyback
program that started in 2024 and share repurchases related to the performance share plans.
23.1.2. share premium
At year-end, share premium consists of \u20ac 2,093 million share premium on ordinary shares (2024:
\u20ac\u00a0 2,087 million) and \u20ac 298 million share premium on preference shares (2024: \u20ac 298 million).
Stichting Randstad Optiefonds, in its capacity of shareholder of the company, has delivered
167,769 Randstad shares to the company by way of share contribution amounting to \u20ac 6 million
(2024: \u20ac 27 million). These shares were subsequently delivered to the employees of the company
as part of the share purchase plan (see note 29.2).
23.1.3. translation reserve
The translation reserve comprises all translation differences arising from the translation of the net
investment in activities in currencies other than the euro, as well as translation differences of
financial liabilities designated as hedges of such investments, to the extent that the hedge is
effective. Such translation differences are recognized initially in other comprehensive income and
presented in this separate component of shareholders' equity. If the net investment is disposed of,
these translation differences are recognized in the statement of comprehensive income. The
translation reserve also includes the tax effect on translation differences.
23.1.4. share-based compensations reserve
The share-based compensations reserve comprises the value of vested rights in respect of share-
based compensation arrangements as far as stock options have not been exercised or
performance shares have not been allocated.
The company has various share-based compensation arrangements. Additional information about
these arrangements is given in note 29. The income statement includes an amount of \u20ac 39 million
(2024: \u20ac 60 million) for share-based compensations.
At year-end 2025, 2.3 million performance shares (2024: 1.7 million performance shares) are
outstanding. Upon exercise of stock options or allocation of performance shares, this will lead to
the issuance of the same number of new ordinary shares or the re-issue of treasury shares.
23.1.5. employee benefits reserve
The employee benefits reserve comprises the cumulative remeasurements of post-employment
benefit obligations. The amounts are net of corporate taxes.
23.1.6. other information
See note 9.2 to the company financial statements for the restrictions on the distribution of
dividends and the repayment of capital.
Additional information about shareholders' equity is included in the consolidated statement of
changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
23.1.1. authorized and issued capital
Authorized capital is \u20ac 106 million (2024: \u20ac 106 million) and consists of 350,000,000 ( 2024:
350,000,000) ordinary shares with a nominal value of \u20ac 0.10, a further 106,000 (2024: 106,000)
type-A preference shares with a nominal value of \u20ac 500, 30,000,000 (2024: 30,000,000) type-B
preference shares with a nominal value of \u20ac 0.10, and 150,000,000 (2024: 150,000,000) type-C
preference shares with a nominal value of \u20ac 0.10.
At year-end, issued share capital consists of 175,977,424 ordinary shares (2024: 180,869,312),
25,200,000 type-B preference shares (2024: 25,200,000), and 50,130,352 (2024: 50,130,352)
type-C preference shares. All the ordinary shares, type-B preference shares and type-C preference
shares are fully paid up.
For information regarding the rights, preferences and restrictions on each type of share, see 'voting
rights' under corporate governance (see page 131).
The current conditions of the preference shares are such that the holders of these shares receive a
dividend at the company's discretion, which dividend is preferred and cumulative, and that the
voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac 25 capital
payment for type-C preference shares, resulting in 0.1117 vote per share on average.
The dividend on preference shares type-B and type-C is reviewed every seven years. In November
2019, the dividend on type B and type C was reset. The dividend for preference shares type B was
set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of
the capital contribution. The next review of the dividend will take place in November 2026. Only
the Executive Board can propose to the Annual General Meeting of Shareholders
number of issued ordinary and preference shares
2025
2024
(x 1,000)
Ordinary shares
preference shares
Ordinary shares
preference shares
January 1
180,869
75,330
180,869
75,330
Cancellation ordinary shares
(4,892)
\u2014
\u2014
\u2014
December 31
175,977
75,330
180,869
75,330
Ordinary and preference shares are classified as equity. The distribution of the dividend on
ordinary and preference shares is recognized as a liability in the period in which these dividends
are adopted by the company's shareholders. In 2025 we had a cancellation of 4,891,888 shares
(2024: \u2014) related to the purchase of ordinary shares under the share buyback program.
accounting policy
On the issue of new shares, or on the extension of the term of preference shares outstanding, the
proceeds less directly attributable costs are recognized in shareholders' equity within issued
capital and, if applicable, within share premium.
On the purchase of ordinary shares included in shareholders' equity, the consideration paid,
including directly attributable costs, is recorded as a change in shareholders' equity. Purchased
ordinary shares are classified as treasury shares and presented as a deduction from shareholders'
equity under reserves.
On the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are
recognized under treasury shares for the original consideration paid; the remainder is recognized
as a change in retained earnings.
As at December 31, 2025, the company held 744,529 treasury shares (December 31, 2024:
5,725,965). In 2024, these treasury shares related to the last third tranche of the share buyback
program that started in 2024 and share repurchases related to the performance share plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
23.1.1. authorized and issued capital
Authorized capital is \u20ac 106 million (2024: \u20ac 106 million) and consists of 350,000,000 ( 2024:
350,000,000) ordinary shares with a nominal value of \u20ac 0.10, a further 106,000 (2024: 106,000)
type-A preference shares with a nominal value of \u20ac 500, 30,000,000 (2024: 30,000,000) type-B
preference shares with a nominal value of \u20ac 0.10, and 150,000,000 (2024: 150,000,000) type-C
preference shares with a nominal value of \u20ac 0.10.
At year-end, issued share capital consists of 175,977,424 ordinary shares (2024: 180,869,312),
25,200,000 type-B preference shares (2024: 25,200,000), and 50,130,352 (2024: 50,130,352)
type-C preference shares. All the ordinary shares, type-B preference shares and type-C preference
shares are fully paid up.
For information regarding the rights, preferences and restrictions on each type of share, see 'voting
rights' under corporate governance (see page 131).
The current conditions of the preference shares are such that the holders of these shares receive a
dividend at the company's discretion, which dividend is preferred and cumulative, and that the
voting rights are one vote per 7 type-B preference shares, and one vote for each \u20ac 25 capital
payment for type-C preference shares, resulting in 0.1117 vote per share on average.
The dividend on preference shares type-B and type-C is reviewed every seven years. In November
2019, the dividend on type B and type C was reset. The dividend for preference shares type B was
set at 2% of the capital contribution. The dividend on type-C preference shares was set at 3.5% of
the capital contribution. The next review of the dividend will take place in November 2026. Only
the Executive Board can propose to the Annual General Meeting of Shareholders
number of issued ordinary and preference shares
2025
2024
(x 1,000)
Ordinary shares
preference shares
Ordinary shares
preference shares
January 1
180,869
75,330
180,869
75,330
Cancellation ordinary shares
(4,892)
\u2014
\u2014
\u2014
December 31
175,977
75,330
180,869
75,330
Ordinary and preference shares are classified as equity. The distribution of the dividend on
ordinary and preference shares is recognized as a liability in the period in which these dividends
are adopted by the company's shareholders. In 2025 we had a cancellation of 4,891,888 shares
(2024: \u2014) related to the purchase of ordinary shares under the share buyback program.
accounting policy
On the issue of new shares, or on the extension of the term of preference shares outstanding, the
proceeds less directly attributable costs are recognized in shareholders' equity within issued
capital and, if applicable, within share premium.
On the purchase of ordinary shares included in shareholders' equity, the consideration paid,
including directly attributable costs, is recorded as a change in shareholders' equity. Purchased
ordinary shares are classified as treasury shares and presented as a deduction from shareholders'
equity under reserves.
On the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are
recognized under treasury shares for the original consideration paid; the remainder is recognized
as a change in retained earnings.
As at December 31, 2025, the company held 744,529 treasury shares (December 31, 2024:
5,725,965). In 2024, these treasury shares related to the last third tranche of the share buyback
program that started in 2024 and share repurchases related to the performance share plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "
accounting policy
On the issue of new shares, or on the extension of the term of preference shares outstanding, the
proceeds less directly attributable costs are recognized in shareholders' equity within issued
capital and, if applicable, within share premium.
On the purchase of ordinary shares included in shareholders' equity, the consideration paid,
including directly attributable costs, is recorded as a change in shareholders' equity. Purchased
ordinary shares are classified as treasury shares and presented as a deduction from shareholders'
equity under reserves.
On the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are
recognized under treasury shares for the original consideration paid; the remainder is recognized
as a change in retained earnings.
As at December 31, 2025, the company held 744,529 treasury shares (December 31, 2024:
5,725,965). In 2024, these treasury shares related to the last third tranche of the share buyback
program that started in 2024 and share repurchases related to the performance share plans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "
accounting policy
On the issue of new shares, or on the extension of the term of preference shares outstanding, the
proceeds less directly attributable costs are recognized in shareholders' equity within issued
capital and, if applicable, within share premium.
On the purchase of ordinary shares included in shareholders' equity, the consideration paid,
including directly attributable costs, is recorded as a change in shareholders' equity. Purchased
ordinary shares are classified as treasury shares and presented as a deduction from shareholders'
equity under reserves.
On the sale (or re-issue) of treasury shares, the proceeds less directly attributable costs are
recognized under treasury shares for the original consideration paid; the remainder is recognized
as a change in retained earnings.
As at December 31, 2025, the company held 744,529 treasury shares (December 31, 2024:
5,725,965)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "
23.1.3. translation reserve
The translation reserve comprises all translation differences arising from the translation of the net
investment in activities in currencies other than the euro, as well as translation differences of
financial liabilities designated as hedges of such investments, to the extent that the hedge is
effective. Such translation differences are recognized initially in other comprehensive income and
presented in this separate component of shareholders' equity. If the net investment is disposed of,
these translation differences are recognized in the statement of comprehensive income. The
translation reserve also includes the tax effect on translation differences.
23.1.4. share-based compensations reserve
The share-based compensations reserve comprises the value of vested rights in respect of share-
based compensation arrangements as far as stock options have not been exercised or
performance shares have not been allocated.
The company has various share-based compensation arrangements. Additional information about
these arrangements is given in note 29. The income statement includes an amount of \u20ac 39 million
(2024: \u20ac 60 million) for share-based compensations.
At year-end 2025, 2.3 million performance shares (2024: 1.7 million performance shares) are
outstanding. Upon exercise of stock options or allocation of performance shares, this will lead to
the issuance of the same number of new ordinary shares or the re-issue of treasury shares.
23.1.5. employee benefits reserve
The employee benefits reserve comprises the cumulative remeasurements of post-employment
benefit obligations. The amounts are net of corporate taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "
23.2. dividends on ordinary and preference shares
dividends on ordinary and preference shares
dividend related to
2025
2024
2023
Ordinary shares
Dividend paid during 2024
627
Dividend paid during 2025
284
Dividend 2025 proposed
284
Preference shares
Dividend paid during 2024
8
Dividend paid during 2025
8
Dividend 2025 proposed
8
Statement of cash flows
292
292
635
23.2.1. proposed profit appropriation
At the Annual General Meeting of Shareholders, to be held on March 27, 2026, the Executive Board,
with the approval of the Supervisory Board, will propose, in line with our dividend policy, that a
cash dividend of \u20ac1.62 per ordinary share be paid for the year 2025 (2024: \u20ac 1.62). The dividend of
\u20ac 1.62 per ordinary share consist of a regular floor dividend. This equates to 70% of basic
underlying adjusted net profit and is line with our current policy when the floor of \u20ac 1.62
temporarily exceeds the 40% - 50% payout-ratio. For preference shares B and C, it will be proposed
by the Executive Board, with the approval of the Supervisory Board, that a dividend of \u20ac\u00a03.3 million
and \u20ac 4.9 million be paid, respectively. The difference of \u20ac 7 million between the dividend
proposed (\u20ac 292 million) and net income for the year (\u20ac 299 million) will be added to retained
earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "1.62", "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-644": { "value": "1.62", "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-645": { "value": "292000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-646": { "value": "
23.3. non-controlling interests
In 2025 and 2024, no transactions took place with non-controlling interests without a change of
control.
accounting policy
Non-controlling interests represent the net assets not held by the Group and are presented within
total equity in the consolidated balance sheet as a separate category. Profit or loss and each
component of other comprehensive income are attributed to the equity holders and to the non-
controlling interests.
The Group treats transactions with non-controlling interests as transactions with equity owners of
the Group. For acquisitions of non-controlling interests, the difference between any consideration
paid and the relevant share acquired of the carrying value of the net assets is recorded in equity.
Gains or losses on disposals of non-controlling interests are also recorded in equity as long as
control of the subsidiary is maintained.
Additional information about non-controlling interests is included in the consolidated statement of
changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
accounting policy
Non-controlling interests represent the net assets not held by the Group and are presented within
total equity in the consolidated balance sheet as a separate category. Profit or loss and each
component of other comprehensive income are attributed to the equity holders and to the non-
controlling interests.
The Group treats transactions with non-controlling interests as transactions with equity owners of
the Group. For acquisitions of non-controlling interests, the difference between any consideration
paid and the relevant share acquired of the carrying value of the net assets is recorded in equity.
Gains or losses on disposals of non-controlling interests are also recorded in equity as long as
control of the subsidiary is maintained.
Additional information about non-controlling interests is included in the consolidated statement of
changes in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
25. other liabilities
2025
2024
Balance as at January 1
23
7
Changes in value
\u2014
18
Deferred compensations from acquired subsidiaries/activities
\u2014
1
Deferred gains on disposal
\u2014
2
Considerations paid in respect of acquisitions in preceding years
(2)
(7)
Payment of financial commitments
(19)
\u2014
Interest due to passage of time
\u2014
\u2014
Translation differences
(2)
2
Balance as at December 31
\u2014
23
Non-current part
\u2014
3
Current part
\u2014
20
Balance as at December 31
\u2014
23
accounting policy
Other liabilities comprise deferred payments and financial commitments.
Financial commitments relate to future payments that the Group has committed to making for
which there are no economic benefits that are expected to flow to the Group. These commitments
are recognized at the moment that the Group determines that no economic benefits will arise and
the related expense is recorded to net finance costs.
Deferred payments (including earn-out arrangements) relate to business combinations. The initial
amount of the earn-out liability is calculated based on the provisional purchase price allocation at
the moment of acquisition. Any changes in the earn-out liability are included as adjustments to
goodwill at the moment of the final purchase price allocation, performed at one year after
acquisition. Should earn-out arrangements have a longer term than one year after the acquisition
date, differences upon settlement between the actual cash outflow and the expected cash outflow,
are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
25. other liabilities
2025
2024
Balance as at January 1
23
7
Changes in value
\u2014
18
Deferred compensations from acquired subsidiaries/activities
\u2014
1
Deferred gains on disposal
\u2014
2
Considerations paid in respect of acquisitions in preceding years
(2)
(7)
Payment of financial commitments
(19)
\u2014
Interest due to passage of time
\u2014
\u2014
Translation differences
(2)
2
Balance as at December 31
\u2014
23
Non-current part
\u2014
3
Current part
\u2014
20
Balance as at December 31
\u2014
23
accounting policy
Other liabilities comprise deferred payments and financial commitments.
Financial commitments relate to future payments that the Group has committed to making for
which there are no economic benefits that are expected to flow to the Group. These commitments
are recognized at the moment that the Group determines that no economic benefits will arise and
the related expense is recorded to net finance costs.
Deferred payments (including earn-out arrangements) relate to business combinations. The initial
amount of the earn-out liability is calculated based on the provisional purchase price allocation at
the moment of acquisition. Any changes in the earn-out liability are included as adjustments to
goodwill at the moment of the final purchase price allocation, performed at one year after
acquisition. Should earn-out arrangements have a longer term than one year after the acquisition
date, differences upon settlement between the actual cash outflow and the expected cash outflow,
are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
25. other liabilities
2025
2024
Balance as at January 1
23
7
Changes in value
\u2014
18
Deferred compensations from acquired subsidiaries/activities
\u2014
1
Deferred gains on disposal
\u2014
2
Considerations paid in respect of acquisitions in preceding years
(2)
(7)
Payment of financial commitments
(19)
\u2014
Interest due to passage of time
\u2014
\u2014
Translation differences
(2)
2
Balance as at December 31
\u2014
23
Non-current part
\u2014
3
Current part
\u2014
20
Balance as at December 31
\u2014
23
accounting policy
Other liabilities comprise deferred payments and financial commitments.
Financial commitments relate to future payments that the Group has committed to making for
which there are no economic benefits that are expected to flow to the Group. These commitments
are recognized at the moment that the Group determines that no economic benefits will arise and
the related expense is recorded to net finance costs.
Deferred payments (including earn-out arrangements) relate to business combinations. The initial
amount of the earn-out liability is calculated based on the provisional purchase price allocation at
the moment of acquisition. Any changes in the earn-out liability are included as adjustments to
goodwill at the moment of the final purchase price allocation, performed at one year after
acquisition. Should earn-out arrangements have a longer term than one year after the acquisition
date, differences upon settlement between the actual cash outflow and the expected cash outflow,
are accounted for in net finance costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
26. trade and other payables
Trade and other payables are initially stated at fair value. Subsequent measurement is at amortized
cost, using the effective interest method.
trade and other payables
2025
2024
Trade payables
939
935
Other taxes and social insurance charges
1,025
1,051
Pension contributions
29
30
Wages, salaries and other personnel costs
1,561
1,574
Other accruals
606
621
Deferred income
57
62
4,217
4,273
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
26. trade and other payables
Trade and other payables are initially stated at fair value. Subsequent measurement is at amortized
cost, using the effective interest method.
trade and other payables
2025
2024
Trade payables
939
935
Other taxes and social insurance charges
1,025
1,051
Pension contributions
29
30
Wages, salaries and other personnel costs
1,561
1,574
Other accruals
606
621
Deferred income
57
62
4,217
4,273
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
Trade and other payables are initially stated at fair value. Subsequent measurement is at amortized
cost, using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
27. statement of cash flows
The statement of cash flows has been prepared applying the indirect method.
Cash flows in foreign currencies have been translated, in principle, at average exchange rates;
certain material (mainly financing) transactions are translated at the exchange rate at the day of
translation. Exchange differences concerning cash items are shown separately in the statement of
cash flows. Income taxes paid/received are included in the cash flow from operating activities.
Finance income received, finance expenses paid and dividends paid are included in the cash flow
from financing activities.
The purchase price of acquisitions paid, as well as the selling price of disposed subsidiaries
received, is included in cash flow from investing activities. This purchase price paid, as well as the
selling price received, are included in the statement of cash flows net of debt and cash acquired or
disposed of. Changes in assets and liabilities resulting from the acquisition and disposal of
subsidiaries are taken into account in the calculation of the consolidated cash flows.
The majority of the items in the consolidated statement of cash flows are individually cross-
referenced to the relevant notes to the consolidated statement of comprehensive income and the
consolidated statement of financial position. For the remainder of the material items, the
reconciliation between amounts as included in the consolidated statement of cash flows and
related amounts in the consolidated statement of comprehensive income and the consolidated
statement of financial position is shown in this note.
27.1. operating working capital
operating working capital includes current assets, excluding cash and cash equivalents, current
income tax receivables, current part of loans and receivables, current part of net investments in
subleases and the net plan assets defined benefit pension plan; minus current liabilities, excluding
current borrowings, current income tax liabilities and the current part of provisions, of employee
benefit obligations, of other liabilities and of lease liabilities. Interest receivable and payable are
also excluded in order to align the presentation of the movements in these items, which are
presented under net cash flow from financing activities.
operating working capital
2025
2024
Current assets
5,847
6,054
Current liabilities
(4,841)
(4,795)
Working capital
1,006
1,259
Current assets
5,847
6,054
Adjusted for:
Cash and cash equivalents
(399)
(357)
Current income tax receivables
(174)
(210)
Trade and other receivables
5,274
5,487
Adjusted for:
Current part of loans and receivables
(7)
(7)
Current part of net investments in sublease
(1)
(1)
Interest receivable
(5)
(5)
Net plan assets defined benefit pension plan
(2)
(2)
Operating working capital assets
5,259
5,472
Current liabilities
(4,841)
(4,795)
Adjusted for:
Current borrowings
169
71
Current part of lease liabilities
168
180
Current income tax liabilities
102
62
Current part of provisions
122
133
Current part of employee benefit obligations
63
56
Current other liabilities
\u2014
20
Trade and other payables
(4,217)
(4,273)
2025
2024
Adjusted for:
Dividend payable
\u2013
\u2013
Interest payable
7
8
Operating working capital liabilities
(4,210)
(4,265)
Operating working capital assets
5,259
5,472
Operating working capital liabilities
(4,210)
(4,265)
Operating working capital
1,049
1,207
27.2. operating working capital assets
operating working capital assets
2025
2024
Trade and other receivables as at January 1
5,487
5,404
Adjusted for:
Current part of loans and receivables, and net plan assets
(9)
(16)
Interest receivable
(5)
(5)
Operating working capital assets as at January 1
5,473
5,383
Acquisition of subsidiaries
\u2014
18
Disposal of subsidiaries
(1)
(49)
Translation gains/(losses)
(211)
50
Statement of cash flows
(2)
70
Operating working capital assets as at December 31
5,259
5,472
27.3. operating working capital liabilities
operating working capital liabilities
2025
2024
Trade and other payables as at January 1
4,273
4,289
Adjusted for:
Interest payable
(8)
(11)
Operating working capital liabilities as at January 1
4,265
4,278
Acquisition of subsidiaries
\u2014
19
Disposal of subsidiaries
\u2014
(81)
Translation losses/(gains)
(143)
68
Statement of cash flows
88
(19)
Operating working capital liabilities as at December 31
4,210
4,265
27.4. other items
other items (movements)
2025
2024
Loans
4
5
Net result of net investments in subleases
(3)
(1)
Net result of remeasurements of right-of-use assets and lease liabilities
(6)
(5)
Non-cash
(5)
(1)
Collections of net investments in subleases
1
6
Cash
1
6
Statement of cash flows
(4)
5
27.5.corporate income taxes paid
corporate income taxes paid
in millions of \u20ac
2025
2024
North America
(1)
3
Netherlands
(22)
40
Germany
(24)
2
Belgium & Luxembourg 1
17
29
Other NE countries
3
23
Northern Europe
(26)
94
France
25
28
Italy
26
37
Iberia
20
17
Other SE countries, UK & Latin America
5
2
Southern Europe, UK & Latin America
76
84
Asia Pacific
47
38
Total
96
219
1In 2024, this relates to prepaid tax
Corporate income taxes paid in the Netherlands were negative in 2025 due to tax refunds received
in 2025 related 2024 which resulted in cash in position for the year. Germany's 2025 figures also
include refunds related to prior years. The decrease in other NE countries is explained mainly by
refunds received in Switzerland in 2025 related to the prior year. In France the payments related to
2025 were in line with prior year related payments. In Italy, the decrease is mainly explained by
payments made in 2024 related to the prior year.
27.6. free cash flow
Free cash flow comprises net cash from operating and investing activities, excluding the cash flows
from the acquisition and disposal of subsidiaries/activities, of equity investments, and of
associates, as well as the dividends from associates. Repayment of lease liabilities is also deducted
in order to arrive at free cash flow.
free cash flow
2025
2024
Net cash flow from operating activities
872
649
Net cash flow from investing activities
(69)
(518)
803
131
Acquisition of subsidiaries, equity investments and associates
2
381
Disposal of subsidiaries, equity investments and associates
(8)
32
Loans and receivables 1
\u2014
18
797
562
Repayment of lease liabilities
(199)
(225)
Free cash flow
598
337
1\u00a0 Restated 2024 for the loan to associate for an amount of \u20ac 18 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
28. subsidiaries
28.1. subsidiaries
Subsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed
to or has rights to variable returns from its involvement with subsidiary companies and can
influence those returns through its power over the subsidiary, generally accompanying a
shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date
that such control commences until the date that it ceases.
Intragroup balances and intragroup transactions are eliminated, as well as any unrealized gains
from these transactions. Unrealized losses from intragroup transactions are also eliminated unless
there is evidence of impairment of the assets transferred. Intragroup transactions take place on an
arm's length basis.
28.2. financial statements of group companies
Upon translation of foreign activities, the assets and liabilities of operations in currencies other than
the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into
euros at the foreign exchange rates at the balance sheet date. The income statements of these
operations in currencies other than the euro are translated into euros at average exchange rates.
Upon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items
are translated into euros at the foreign exchange rates at the acquisition date.
28.3. net investment in subsidiaries that have
a\u00a0currency\u00a0other than the euro
The net investment in subsidiaries that have a currency other than the euro includes the
participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries,
settlement of which is neither planned nor expected to occur in the foreseeable future.
Translation differences that occur upon consolidation, relating to the translation of the net
investment in subsidiaries that have a currency other than the euro, are recognized in other
comprehensive income and presented in the (foreign currency) translation reserve, a separate
component within equity, as are translation differences of financial liabilities designated as hedges
of such investments (net investment hedge), to the extent that the hedge is effective. The gain or
loss relating to the ineffective part is recognized immediately in net finance costs.
If the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the
translation differences is allocated to the non-controlling interests.
Whenever a foreign operation is disposed of, these translation differences are released or charged
to the statement of comprehensive income as part of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "
28. subsidiaries
28.1. subsidiaries
Subsidiaries are companies controlled by Randstad N.V. Control exists when Randstad is exposed
to or has rights to variable returns from its involvement with subsidiary companies and can
influence those returns through its power over the subsidiary, generally accompanying a
shareholding of more than 50% of the voting rights. Subsidiaries are consolidated from the date
that such control commences until the date that it ceases.
Intragroup balances and intragroup transactions are eliminated, as well as any unrealized gains
from these transactions. Unrealized losses from intragroup transactions are also eliminated unless
there is evidence of impairment of the assets transferred. Intragroup transactions take place on an
arm's length basis.
28.2. financial statements of group companies
Upon translation of foreign activities, the assets and liabilities of operations in currencies other than
the euro, including goodwill and fair-value adjustments arising on consolidation, are translated into
euros at the foreign exchange rates at the balance sheet date. The income statements of these
operations in currencies other than the euro are translated into euros at average exchange rates.
Upon the acquisition of a subsidiary that has a currency other than the euro, balance sheet items
are translated into euros at the foreign exchange rates at the acquisition date.
28.3. net investment in subsidiaries that have
a\u00a0currency\u00a0other than the euro
The net investment in subsidiaries that have a currency other than the euro includes the
participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries,
settlement of which is neither planned nor expected to occur in the foreseeable future.
Translation differences that occur upon consolidation, relating to the translation of the net
investment in subsidiaries that have a currency other than the euro, are recognized in other
comprehensive income and presented in the (foreign currency) translation reserve, a separate
component within equity, as are translation differences of financial liabilities designated as hedges
of such investments (net investment hedge), to the extent that the hedge is effective. The gain or
loss relating to the ineffective part is recognized immediately in net finance costs.
If the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the
translation differences is allocated to the non-controlling interests.
Whenever a foreign operation is disposed of, these translation differences are released or charged
to the statement of comprehensive income as part of the gain or loss on disposal.
28.4. overview of selected
subsidiaries,
as\u00a0at\u00a0 December 31, 2025
north america
\u2022 Randstad North America Inc., United States
\u2022 Randstad Professionals US LLC, United States
\u2022 RiseSmart Inc., United States
\u2022 Celerity IT LLC, United States
\u2022 Randstad Int\u00e9rim Inc., Canada
\u2022 Randstad Mexico S. de R.L. de CV, Mexico
the netherlands
\u2022 Randstad Nederland B.V.
\u2022 Tempo-Team Group B.V.
\u2022 Yacht Group Nederland B.V.
\u2022 Randstad Talent Advisory Group B.V.
\u2022 Randstad Sourceright EMEA B.V.
\u2022 Zorgwerk B.V.
germany
\u2022 Randstad Deutschland GmbH & Co. KG1
\u2022 Randstad Automotive Solutions GmbH & Co. KG1
\u2022 Randstad Sourceright GmbH
\u2022 Randstad Professional GmbH
\u2022 Randstad Professional Solutions GmbH & Co. KG1
\u2022 Randstad Digital Germany AG
\u2022 Randstad Logistic GmbH & Co. KG1
belgium & luxembourg
\u2022 Randstad Belgium N.V., Belgium
\u2022 Randstad Sourceright N.V., Belgium
\u2022 Tempo-Team N.V., Belgium
\u2022 Randstad HR Solutions N.V., Belgium
\u2022 Randstad Digital Belgium N.V., Belgium
\u2022 Randstad Interim S.A., Luxembourg
\u2022 Randstad Digital Luxembourg PSF S.A., Luxembourg
other northern european countries
\u2022 Randstad Austria GmbH, Austria
\u2022 Randstad HR Solutions s.r.o., Czech Republic
\u2022 Randstad A/S, Denmark
\u2022 Randstad Hungary Kft, Hungary
\u2022 Randstad Norway AS, Norway
\u2022 Randstad Polska Sp. z.o.o., Poland
\u2022 Randstad Romania Srl, Romania
\u2022 Randstad AB, Sweden
\u2022 Randstad Schweiz AG, Switzerland
france
\u2022 Randstad SAS
\u2022 Randstad Sourceright SASU
\u2022 Randstad Digital France SAS
\u2022 Atoll SASU
italy
\u2022 Randstad Italia SPA Societ\u00e0 di fornitura di lavoro temporaneo
\u2022 Randstad HR Solutions srl societ\u00e0 con unico socio
iberia
\u2022 Randstad Empleo, Empresa De Trabajo Temporal S.A.
Sociedad Unipersonal, Spain
\u2022 Stock Uno Grupo de Servicios, S.L., Spain
\u2022 Randstad Recursos Humanos, Empresa de Trabalho
Temporario S.A., Portugal
other southern european countries,
uk,ireland\u00a0and\u00a0latin\u00a0america
\u2022 Randstad AE, Greece
\u2022 Randstad Work Solutions Istihdam ve \u0130nsan Kaynaklary Ltd.
\u015eti., Turkey
\u2022 Randstad CPE Limited, United Kingdom
\u2022 Randstad Sourceright Limited, United Kingdom
\u2022 Randstad Ireland Operations Limited, Ireland
\u2022 Randstad Argentina S.A., Argentina
\u2022 Randstad Brasil Recursos Humanos Ltda, Brazil
\u2022 Randstad Chile S.A., Chile
\u2022 Randstad Uruguay S.A., Uruguay
asia pacific
\u2022 Randstad Pty Ltd., Australia
\u2022 Aurec Pty Ltd, Australia
\u2022 Randstad Digital Pty Ltd, Australia
\u2022 Randstad Shanghai Talent Service Co., Ltd., China
\u2022 Randstad Hong Kong Limited, Hong Kong SAR2
\u2022 Randstad India Private Ltd., India
\u2022 Randstad Digital Private Ltd., India
\u2022 Randstad KK, Japan
\u2022 Randstad Sourceright Sdn. Bhd., Malaysia
\u2022 Randstad Limited, New Zealand
\u2022 Randstad (PTE) Limited, Singapore
other subsidiaries
\u2022 Randstad Holding Nederland B.V., the Netherlands
\u2022 Randstad Holding Luxembourg Sarl, Luxembourg
\u2022 Randstad Finance GmbH, Switzerland
\u2022 Randstad FTC Pte Limited, Singapore
1The fully consolidated German subsidiaries mentioned above exercise simplification
options in accordance with Article 264.b of the German Commercial Code ('HGB').
2Region in the case of Hong Kong SAR (Special Administrative Region).
A list of all subsidiaries has been filed at the Chamber of
Commerce in Amsterdam ('Kamer van Koophandel',
Amsterdam; Chamber of Commerce number 33216172; Legal
Entity Identification number 7245009EAAUUQJ0U4T57).
Randstad N.V. has, directly or indirectly, a 100% interest in all
subsidiaries, unless stated otherwise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
28.3. net investment in subsidiaries that have
a\u00a0currency\u00a0other than the euro
The net investment in subsidiaries that have a currency other than the euro includes the
participation in the net assets of these subsidiaries, and, if applicable, loans to these subsidiaries,
settlement of which is neither planned nor expected to occur in the foreseeable future.
Translation differences that occur upon consolidation, relating to the translation of the net
investment in subsidiaries that have a currency other than the euro, are recognized in other
comprehensive income and presented in the (foreign currency) translation reserve, a separate
component within equity, as are translation differences of financial liabilities designated as hedges
of such investments (net investment hedge), to the extent that the hedge is effective. The gain or
loss relating to the ineffective part is recognized immediately in net finance costs.
If the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the
translation differences is allocated to the non-controlling interests.
Whenever a foreign operation is disposed of, these translation differences are released or charged
to the statement of comprehensive income as part of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
29. share-based compensations
The company has various share-based compensation arrangements that are settled in ordinary
shares. The fair value of these share-based compensations, calculated on grant date, is based on
valuation models, taking into account relevant market conditions and non-vesting conditions. The
fair value is included in personnel expenses in the vesting period during which the expected
employee services are received. The same amount is credited to shareholders' equity.
At each balance sheet date, the company reassesses its estimates of the non-market vesting
conditions under these share-based compensation arrangements. The impact of the revision on
original estimates with respect to the past vesting period, if any, is recognized in personnel
expenses immediately, with a corresponding adjustment to shareholders' equity.
Within the Group, a number of share-based compensation arrangements are in effect: performance
share plans for Executive Board members and senior management, a share matching plan for
Executive Board members, and a share purchase plan for senior management employees.
The actual annual grant of performance shares will, in principle, not exceed 1% of the ordinary
issued capital. However, depending on the realization of related performance targets and the
company's actual share price, the number of shares to be issued in relation to vesting of the
performance shares might in a certain year exceed the 1% limit.
29.1. performance share plans
29.1.1. executive board and senior management performance share plan
Conditional performance shares have been granted annually to the members of the Executive
Board. The plan has a term of three years. The number of shares to vest depends on the company's
TSR performance compared to a peer group of 18 companies (2024: 18 peers) measured over a
three-year period starting on January 1 of the year of grant. The number of shares to vest also
depends on achieving certain non-financial performance targets.
All performance share plans are equity-settled. The fair value is determined as of the date of each
grant, based on a Monte Carlo simulation model.
The volatility of the shares of the peer companies, as well as the pair-wise correlation between all
peer shares, is estimated on the basis of historical daily prices over three years. Estimated
dividends of the peer companies are based on historical dividends.
The fair value is charged to the income statement during the vesting period, based on the on-target
awards of the TSR part of each plan and on the expected outcome of the non-financial
performance targets.
At each balance sheet date, the non-market conditions (attrition and non-financial performance)
are reassessed; any adjustment is charged to the income statement.
The shares yet to be vested of a Board member who resigns from the Group within the three-year
vesting period will, in principle, be forfeited.
parameters used for fair-value determination: Executive Board (EB) and Senior Management (SM)
2025 - EB
2025 - SM
2024 - EB&SM
2023 - EB&SM
Average share price at grant date
\u20ac35.00
\u20ac40.04
\u20ac51.60
\u20ac59.92
Expected volatility, based on historical
prices over the three-year period to the
valuation date
26.7%
25.6%
27.0%
32.0%
Expected dividends
4.1%
3.9%
6.7%
4.8%
Risk-free interest rate (yield on Dutch
government bonds)
2.2%
2.3%
2.6%
3.1%
The performance shares 2023 of the Executive Board and senior management vested on December
31, 2025, based on relative TSR performance and reaching certain non-financial targets of the
company, resulting in 340,409 shares to be allocated, compared to an on-target award of 496,969
shares.
The performance shares 2022 of the Executive Board and senior management vested on December
31, 2024, based on relative TSR performance and reaching certain non-financial targets of the
company, resulting in 114,628 shares being allocated in February 2025 (share price at allocation
date: \u20ac 40.04), compared to an on-target award of 442,808 shares.
The expenses charged to the 2025 income statement amount to \u20ac36.2 million (2024 \u20ac35.9 million).
29.1.2. other share plans
These share plans are implemented to reward certain individual participants for specific
contributions. The shares granted are conditional, and vesting depends on performance on non-
market-based conditions and/or the rendering of employee services during the vesting periods.
The vesting periods on the remaining shares to vest vary from one to three years.
The expenses charged to the 2025 income statement amount to \u20ac 0.2 million (2024: \u20ac 0.3 million).
In 2025, 9,722 shares were allocated at on-target awards (average share price at allocation dates
of\u00a0\u20ac 36.91).
29.2. share purchase plan for corporate employees
Until 1 November 2024, a share purchase plan (SPP) was in place for all corporate employees.
Under this SPP, participating corporate employees could purchase shares through Stichting
Randstad Optiefonds (SRO) twice a year. The last time, shares were purchased was on May 1, 2024.
The maximum amount to be spent within the plan was set annually at 5 % of the participant's
annual salary. Employees received a number of bonus shares equal to 50 % of the number of shares
purchased; these bonus shares vested over a period of six months, only if employees held those
shares for the same period of six months. Employees received an additional bonus of 50 % of
bonus shares if they held the purchased shares for 12 months. The last time bonus shares vested
under this plan was 30 April 2025. Vesting occurs only if the employees are employed by the
Group until the end of the vesting period.
As of November 1, 2024 a new cash savings plan has been put in place by SRO for corporate
employees. The new cash bonus savings plan has no impact on the income statement of the
company. The plan is provided by SRO, who is responsible for any obligations related to the plan.
The SRO top-up cash granted to corporate employees is 100 % of the savings amount and paid in
cash by Stichting Randstad Optiefonds. For a limited number of employees, i.e. senior
management who also participate in the Performance Share plan, the previous SPP remains in
place.
Under this SPP for senior management the purchases of shares from savings, twice a year, is
mandatory for participating senior management employees. The maximum amount to be spent
within the plan is set annually at 5% of the participant's annual salary. Senior management
employees receive a SRO top-up equal to 50% of the savings which is automatically converted into
bonus shares at the vesting date share price. The SRO top-up becomes available six months after
the savings have been deposited provided the employee is still employed by Randstad.
The bonus shares are expensed by the company over the vesting period (2025: \u20ac 2.8 million;
2024:\u00a0\u20ac 23.6 million).
In 2025, a total of 167,769 (2024: 590,901) bonus shares were allocated to employees.
29.3. executive board share matching plan
In line with the company's remuneration policy, 25% of the net annual bonus of the Executive Board
is paid out in Randstad shares. After three years, these shares will be matched 1:1 subject to a
sustainable performance of the Company and at the discretion of the Supervisory Board. Executive
Board members are allowed to voluntarily convert an additional 25% of the net annual bonus with
the same matching principles. The expenses recorded for the matching of shares amount to
\u20ac\u00a00.2\u00a0million in 2025 (2024: \u20ac 0.2 million).
As a result of the 2021 bonus, 6,812 shares were matched 1:1. These shares were allocated
in\u00a0February 2025 at a price of \u20ac40.04.
29.4. total share-based compensations
total share-based compensations
in millions of \u20ac
2025
2024
Performance share plans
36.2
35.9
Other share plans
0.2
0.3
Share purchase plan
2.8
23.6
Share matching plan
0.2
0.2
Total share-based compensations
39.4
60.0
details of performance and matching share plans
number of shares (x1,000) on target
year of grant
january 1,
2025
granted
forfeitures
allocated/
lapsed
december
31, 2025
average fair
value at
grant date
per share (in
\u20ac)
2022
451
(451)
\u2014
52.32
2023
554
(45)
(7)
502
51.27
2024
964
(128)
(2)
834
33.98
2025
1,116
(115)
\u2014
1,001
33.15
Total
1,969
1,116
(288)
(460)
2,337
number of performance and matching shares outstanding
january 1,
2025
New
shares on
target
2025
transfer
forfeitures
/Lapsed
shares
performance
adjustment
at allocation
2025
allocation
in february
2025
december
31, 2025
Total performance shares
outstanding of Executive Board
members
223,826
142,224
(26,335)
(22,933)
(8,370)
308,412
Total matching shares outstanding
of Executive Board members
15,875
3,328
(4,686)
\u2014
14,517
Total shares outstanding of
Executive Board members
239,701
145,552
(31,021)
\u2014
(22,933)
(8,370)
322,929
Total shares outstanding of former
Executive Board members
31,716
\u2014
46,723
(32,672)
(18,222)
27,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
The company has various share-based compensation arrangements that are settled in ordinary
shares. The fair value of these share-based compensations, calculated on grant date, is based on
valuation models, taking into account relevant market conditions and non-vesting conditions. The
fair value is included in personnel expenses in the vesting period during which the expected
employee services are received. The same amount is credited to shareholders' equity.
At each balance sheet date, the company reassesses its estimates of the non-market vesting
conditions under these share-based compensation arrangements. The impact of the revision on
original estimates with respect to the past vesting period, if any, is recognized in personnel
expenses immediately, with a corresponding adjustment to shareholders' equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "
30. related-party transactions
Related-party transactions are transfers of resources, services or obligations between the reporting
entity and a related party. Related-party transactions are conducted at arm's length.
30.1. key management
The members of the Executive Board and Supervisory Board are considered the key management
of the Group. Details of the remuneration of the members of the Executive Board and Supervisory
Board are included in the governance section of the annual report, under remuneration report (see
page 145).
30.2. remuneration of the members of the executive
board
The totals of the remuneration of the members of the Executive Board are included in the income
statement.
The expenses for performance shares refer to the fair value of share-based payments charged to
the income statement for the years 2025 and 2024, respectively.
In 2025 no costs were charged to the income statement on benefits pursuant to Article 32bb of the
Dutch wage tax act (in 2024, \u20ac \u2014 million is included in social charges and taxes).
executive board remuneration
(x 1,000)
2025
2024
Fixed compensation
Base salary
3,289
3,522
Compensation for departure
\u2014
2,011
Fringe benefits
19
51
3,308
5,584
Variable compensation
Short-term bonus
2,909
596
Share-based compensations
4,662
4,141
7,571
4,737
Pension expenses
839
951
Social charges and taxes
134
80
Total1
11,852
11,352
1Base salary, fringe benefits, short-term bonus and social charges and taxes comprise short-term employee benefits.
The remuneration of former executive board members amounted to \u20ac 171,750 of which \u20ac 86,000
relates to share-based compensation, \u20ac7,000 are taxes on social charges, \u20ac 12,750 relates to
consultancy to the supervisory board and \u20ac66,000 relates to services provide in connection to the
disposal of Monster and the establishment of the related associate. The Group has not issued any
loans, commitments to provide loans, or guarantees to executive board members. The total
remuneration of the executive board (including former executive board members) amounts to\u00a0 \u00a0 \u00a0 \u00a0
\u20ac 12,023,750.
The performance shares 2022 were allocated in February 2025. The allocation amounted to 24% of
the on-target award (share price at allocation date: \u20ac 40.04).
The performance shares 2023 vested on December 31, 2025, based on relative TSR performance of
the company and the achievement of certain non-financial targets over the period January 1, 2023
\u2212 December 31, 2025, resulting in an overall vesting of 68.5% of the on-target award of 52,427
shares.
Allocation after vesting of conditional shares awarded in 2023, 2024 and 2025 will take place in
February 2026, 2027 and 2028, respectively.
number of ordinary shares in randstad nv held by
executive board
as at december 31
2025
2024
Unrestricted ordinary shares
38,484
46,999
Locked-up ordinary shares
28,493
56,406
Total
66,977
103,405
For the conditions and criteria governing the granting and vesting of performance shares,
see\u00a0note\u00a029.1.
30.3. remuneration of the members of the supervisory
board
Remuneration of the members of the Supervisory Board is included in the income statement.
The\u00a0remuneration is fixed and includes gross expense allowances. In 2025, the total remuneration
amounted to \u20ac 885,000 (2024: \u20ac 729,550).
The Group has not issued any loans, commitments to provide loans, or guarantees to members
of\u00a0the Supervisory Board.
The total remuneration of Executive and Supervisory Boards amounts to \u20ac 12,737,000.
30.4. other related-party transactions
Randstad has signed a continuity agreement with Randstad Beheer, the private holding company
of\u00a0Randstad's founder Frits Goldschmeding. Based on the 'Wet financieel toezicht' (act on Financial
Supervion), Randstad Beheer is registered as a shareholder of Randstad N.V. in the 30% - 40%
category. As a result of Frits Goldschmeding's passing, Stichting Stad en Lant (a Dutch special
purpose entity that already supervised Randstad Beheer for years with Frits Goldschmeding)
acquired control over Randstad Beheer.
Stichting Randstad Optiefonds, in its capacity as shareholder of the company, delivered 167,769
Randstad shares in 2025 to the Group by way of share contribution amounting to \u20ac 5.9 million.
These shares were subsequently delivered to the employees of the company as part of the share
purchase plan (see note 29.2).
The rental expenses of the ship Clipper Stad Amsterdam for promotional activities were
\u20ac\u00a03.6\u00a0million (2024: \u20ac 3 million). The largest shareholder of the Group has significant influence
over\u00a0Clipper Stad Amsterdam; therefore it is a related party to the Group.
In 2025, the Group provided personnel and business support services to its CareerBuilder +
Monster associate in line with a transitional services agreement in the amount of \u20ac 2 million (2024:
\u20ac 3 million). As at December 31, 2025, the Group had \u20ac 0 million in accounts receivable from the
associate (2024: \u20ac 3 million); additionally, a number of loans receivable from the associate were
valued to nil (2024: \u20ac 31 million) as a result of the bankruptcy in June 2025 and subsequent
dissolution in October 2025. (see note 21.1).
For transactions with company pension funds through which certain pension schemes are
operated, see note 24.2 under 'Employee benefit obligations'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
30. related-party transactions
Related-party transactions are transfers of resources, services or obligations between the reporting
entity and a related party. Related-party transactions are conducted at arm's length.
30.1. key management
The members of the Executive Board and Supervisory Board are considered the key management
of the Group. Details of the remuneration of the members of the Executive Board and Supervisory
Board are included in the governance section of the annual report, under remuneration report (see
page 145).
30.2. remuneration of the members of the executive
board
The totals of the remuneration of the members of the Executive Board are included in the income
statement.
The expenses for performance shares refer to the fair value of share-based payments charged to
the income statement for the years 2025 and 2024, respectively.
In 2025 no costs were charged to the income statement on benefits pursuant to Article 32bb of the
Dutch wage tax act (in 2024, \u20ac \u2014 million is included in social charges and taxes).
executive board remuneration
(x 1,000)
2025
2024
Fixed compensation
Base salary
3,289
3,522
Compensation for departure
\u2014
2,011
Fringe benefits
19
51
3,308
5,584
Variable compensation
Short-term bonus
2,909
596
Share-based compensations
4,662
4,141
7,571
4,737
Pension expenses
839
951
Social charges and taxes
134
80
Total1
11,852
11,352
1Base salary, fringe benefits, short-term bonus and social charges and taxes comprise short-term employee benefits.
The remuneration of former executive board members amounted to \u20ac 171,750 of which \u20ac 86,000
relates to share-based compensation, \u20ac7,000 are taxes on social charges, \u20ac 12,750 relates to
consultancy to the supervisory board and \u20ac66,000 relates to services provide in connection to the
disposal of Monster and the establishment of the related associate. The Group has not issued any
loans, commitments to provide loans, or guarantees to executive board members. The total
remuneration of the executive board (including former executive board members) amounts to\u00a0 \u00a0 \u00a0 \u00a0
\u20ac 12,023,750.
The performance shares 2022 were allocated in February 2025. The allocation amounted to 24% of
the on-target award (share price at allocation date: \u20ac 40.04).
The performance shares 2023 vested on December 31, 2025, based on relative TSR performance of
the company and the achievement of certain non-financial targets over the period January 1, 2023
\u2212 December 31, 2025, resulting in an overall vesting of 68.5% of the on-target award of 52,427
shares.
Allocation after vesting of conditional shares awarded in 2023, 2024 and 2025 will take place in
February 2026, 2027 and 2028, respectively.
number of ordinary shares in randstad nv held by
executive board
as at december 31
2025
2024
Unrestricted ordinary shares
38,484
46,999
Locked-up ordinary shares
28,493
56,406
Total
66,977
103,405
For the conditions and criteria governing the granting and vesting of performance shares,
see\u00a0note\u00a029.1.
30.3. remuneration of the members of the supervisory
board
Remuneration of the members of the Supervisory Board is included in the income statement.
The\u00a0remuneration is fixed and includes gross expense allowances. In 2025, the total remuneration
amounted to \u20ac 885,000 (2024: \u20ac 729,550).
The Group has not issued any loans, commitments to provide loans, or guarantees to members
of\u00a0the Supervisory Board.
The total remuneration of Executive and Supervisory Boards amounts to \u20ac 12,737,000.
30.4. other related-party transactions
Randstad has signed a continuity agreement with Randstad Beheer, the private holding company
of\u00a0Randstad's founder Frits Goldschmeding. Based on the 'Wet financieel toezicht' (act on Financial
Supervion), Randstad Beheer is registered as a shareholder of Randstad N.V. in the 30% - 40%
category. As a result of Frits Goldschmeding's passing, Stichting Stad en Lant (a Dutch special
purpose entity that already supervised Randstad Beheer for years with Frits Goldschmeding)
acquired control over Randstad Beheer.
Stichting Randstad Optiefonds, in its capacity as shareholder of the company, delivered 167,769
Randstad shares in 2025 to the Group by way of share contribution amounting to \u20ac 5.9 million.
These shares were subsequently delivered to the employees of the company as part of the share
purchase plan (see note 29.2).
The rental expenses of the ship Clipper Stad Amsterdam for promotional activities were
\u20ac\u00a03.6\u00a0million (2024: \u20ac 3 million). The largest shareholder of the Group has significant influence
over\u00a0Clipper Stad Amsterdam; therefore it is a related party to the Group.
In 2025, the Group provided personnel and business support services to its CareerBuilder +
Monster associate in line with a transitional services agreement in the amount of \u20ac 2 million (2024:
\u20ac 3 million). As at December 31, 2025, the Group had \u20ac 0 million in accounts receivable from the
associate (2024: \u20ac 3 million); additionally, a number of loans receivable from the associate were
valued to nil (2024: \u20ac 31 million) as a result of the bankruptcy in June 2025 and subsequent
dissolution in October 2025. (see note 21.1).
For transactions with company pension funds through which certain pension schemes are
operated, see note 24.2 under 'Employee benefit obligations'.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
Related-party transactions are transfers of resources, services or obligations between the reporting
entity and a related party. Related-party transactions are conducted at arm's length.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
31. number of employees (average)
number of employees (average)
2025
2024
talent
560,900
570,300
Corporate employees
38,480
41,400
number of employees by segment
talent
Corporate employees
2025
2024
2025
2024
North America
67,900
69,300
7,010
7,300
Netherlands
45,800
49,300
3,910
3,920
Germany
22,900
25,700
1,980
2,390
Belgium & Luxembourg
35,600
36,900
2,020
2,170
Other NE countries
30,700
30,400
2,420
2,760
Northern Europe
135,000
142,300
10,330
11,240
France
68,100
74,700
4,210
4,760
Italy
55,100
55,500
3,300
3,380
Iberia
63,800
62,900
2,990
2,880
Other SE countries, UK & Latin America
48,300
49,700
3,090
3,200
Southern Europe, UK & Latin America
235,300
242,800
13,590
14,220
Asia Pacific
122,700
115,900
5,460
6,490
Corporate
\u2014
\u2014
2,090
2,150
Total
560,900
570,300
38,480
41,400
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "
32. commitments
2025
2024
Commitments less than 1 year
141
142
Commitments more than 1 year, less than 5 years
266
132
Commitments more than 5 years
\u2014
5
Total
407
279
Commitments relate mainly to service contracts. The increase in commitments as at December 31,
2025 compared to prior year is mainly due to the renewal of global IT contracts.
No guarantees have been issued other than those relating to commitments regarding rent and
leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
32. commitments
2025
2024
Commitments less than 1 year
141
142
Commitments more than 1 year, less than 5 years
266
132
Commitments more than 5 years
\u2014
5
Total
407
279
Commitments relate mainly to service contracts. The increase in commitments as at December 31,
2025 compared to prior year is mainly due to the renewal of global IT contracts.
No guarantees have been issued other than those relating to commitments regarding rent and
leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
32. commitments
2025
2024
Commitments less than 1 year
141
142
Commitments more than 1 year, less than 5 years
266
132
Commitments more than 5 years
\u2014
5
Total
407
279
Commitments relate mainly to service contracts. The increase in commitments as at December 31,
2025 compared to prior year is mainly due to the renewal of global IT contracts.
No guarantees have been issued other than those relating to commitments regarding rent and
leases, and those relating to liabilities included in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
33. external auditors' fees
The following external auditor\u00b4s fees were expensed in the income statement in the reporting
period
external auditors' fees
2025
2024
Audit of the financial statements1
5.4
5.7
Audit of the financial statements of subsidiaries by other audit firms
1.7
0.9
Subtotal for audit of the financial statements2
7.1
6.6
Other audit procedures 3
0.6
0.7
Tax advisory services
\u2014
\u2014
Other non-audit services
\u2014
\u2014
Total
7.7
7.3
1The fees listed above relate to the procedures applied to the company and its consolidated Group entities by
PricewaterhouseCoopers Accountants N.V. (PwC) (2024: Deloitte Accountants B.V.) as the external auditor referred to in Section 1
(1) of the Dutch Accounting Firms Oversight Act (Wta) as well as by the PwC network (2024: Deloitte network) (\u20ac 1.4 million and \u20ac
4.0 million respectively (2024: \u20ac 1.4 million and \u20ac 4.3 million)).
2Including the audit fees with respect to the local statutory financial statements.
3The fees listed above for 2025 and 2024 relate to the procedures applied to the company and its consolidated Group entities by
PricewaterhouseCoopers Accountants N.V. (PwC) (2024: Deloitte Accountants B.V.) as the external auditor referred to in Section
1(1) of the Dutch Accounting Firms Oversight Act (Wta) (\u20ac 0.4 million (2024: \u20ac 0.5 million)), as well as by the PwC network (2024:
Deloitte network).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "
34. events after balance sheet date
Subsequent to the date of the balance sheet, no events material to the Group
as\u00a0a\u00a0whole\u00a0occurred\u00a0that require disclosure in this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245009EAAUUQJ0U4T57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }