Financial review
HeadFirst Group is proud to report a gross invoice value of €2,642 million in 2024, up from €2,427 million in 2023. This growth reflects our continued expansion, driven by both new client relationships and the ongoing trust of our existing clients. These results would not have been possible without the dedication of our passionate employees, the loyalty of our clients, and the ongoing commitment of our professionals, partners, and suppliers.
A dynamic year with resilient results
In 2024, we experienced strong demand for our solutions in the first half of the year. In the second half, we observed more risk-averse behaviour from clients in response to anticipated legislative changes. Despite this, we succeeded in outperforming the market by maintaining a sharp focus on cost control and operational efficiency.
Nearly all business lines contributed positively to our revenue growth in 2024. Our permanent recruitment business saw a temporary decline. However, the resilience of our diversified business model — particularly our strong position in the niche segment of highly skilled professionals, including IT experts — ensured that net revenue growth accelerated compared to previous years.
Net revenue increased by €45.6 million year-on-year. Gross profit came in at €70.0 million, slightly above the €68.4 million of 2023, due to marginally lower cost of sales.
Goodwill and intangible assets arising from business combinations are capitalized in the balance sheet upon acquisition of companies and reflect the value that is allocated to assets, such as brand names and client relationships. The amortization and impairment charge in 2024 of €22.1 million (2023: €9.1 million) includes an impairment of goodwill of €8.0 million and €4.0 million for intangible and tangible assets.
As part of HeadFirst Group’s annual financial reporting and in accordance with IAS 36 "Impairment of Assets", management conducted the annual impairment testing on goodwill and asset balances as of 31 December 2024. During the review, indications of impairment were identified in unit Star Apple Holding B.V. (cash-generating unit B or CGU B), primarily due to the weak market conditions in a competitive environment for permanent staffing and relatively high management and staff turnover following the integration process. As a result, an impairment loss of €8.0 million was recognized against the goodwill and €4.0 million for intangible and tangible assets allocated to this CGU.
This impairment has caused a negative result for the year 2024, but has no impact on the Group’s cash flows and is a non-cash accounting adjustment. Management remains confident in the strategic positioning and long-term potential of the remaining operations within the Group. The Board continues to monitor the performance of all CGUs and will conduct further impairment testing should any indicators arise during the upcoming financial period.
Strategic investments to enable future growth
To support long-term growth, we made targeted investments in 2024 — notably in our Growth & Strategy department and through a strategic internal restructuring. These deliberate choices impacted our short-term results, with EBITDA decreasing by 13.3%, partly due to one-off positive effects in 2023. At the same time, we laid the foundation for double-digit growth in 2025, by enabling more scalable and efficient ways of working — all while preserving the personal touch that drives client and employee satisfaction.
A solid financial foundation
Our financial position remains strong, with equity of €133.6 million and a solvency ratio of 24.5% (up from 23.5% in 2023). This level of solvency is considered solid for a company in our sector, where high volumes of current assets and liabilities are part of the operating model.
