Summary
MARSH is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €56.6m and a net result of €4.8m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 21% of 604 sector peers (NACE 66, financial year 2025). The company has been active since 1950 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
In the rankings
#1 employer in the Brussels-Capital Region, Auxiliary financial services sector#1 oldest company in Oudergem, Finance and insurance sector#3 company by total assets in Oudergem, Finance and insurance sector
2025 annual accounts filed late (55 days) Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00528530.
Equity
€56.6m▼ 36.8%
2024 · €89.5m
Net result
€4.8m▼ 76.0%
2024 · €20.2m
Total assets
€460.5m▼ 26.8%
2024 · €629.1m
Solvency
12.3%▼ 1.9pp
2024 · 14.2%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 15% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€129.7m
2025
Operating result€6.5m
2025
Net result€4.8m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€460.5m
2025
Equity€56.6m
2025
Debt€403.6m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€34.8m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)1.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency12.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.09
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)266.2
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 66, Activities auxiliary to financial services and insurance activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€73.9m-€76.1m▲ 3.1%€91.0m▲ 19.5%€135.9m▲ 49.3%€160.8m▲ 18.4%€160.8m=€145.5m▼ 9.5%€129.7m▼ 10.9%
Operating result€7.2m-€7.2m▲ 0.8%-€5.7m€0.7m€12.6m▲ 19×€81.5m▲ 546%€7.6m▼ 90.6%€6.5m▼ 14.7%
Net result€4.7m-€3.1m▼ 33.0%-€7.2mbelow the sector's middle half-€2.1mbelow the sector's middle half▲ 71.2%€8.1mabove the sector's middle half€87.2mabove the sector's middle half▲ 982%€20.2mabove the sector's middle half▼ 76.8%€4.8mabove the sector's middle half▼ 76.0%
Equity€13.5m-€11.2m▼ 16.7%€158.4mabove the sector's middle half▲ 14×€156.4mabove the sector's middle half▼ 1.3%€164.4mabove the sector's middle half▲ 5.1%€146.2mabove the sector's middle half▼ 11.1%€89.5mabove the sector's middle half▼ 38.8%€56.6mabove the sector's middle half▼ 36.8%
Total assets€151.5m-€197.0m▲ 30.1%€342.8mabove the sector's middle half▲ 74.0%€566.0mabove the sector's middle half▲ 65.1%€747.5mabove the sector's middle half▲ 32.1%€764.2mabove the sector's middle half▲ 2.2%€629.1mabove the sector's middle half▼ 17.7%€460.5mabove the sector's middle half▼ 26.8%
Debt€136.3m-€183.2m▲ 34.5%€178.4m▼ 2.6%€407.5m▲ 128%€581.3m▲ 42.6%€615.1m▲ 5.8%€537.4m▼ 12.6%€403.6m▼ 24.9%
Working capital€9.0m-€11.0m▲ 22.2%€37.6mabove the sector's middle half▲ 241%€55.5mabove the sector's middle half▲ 47.7%€84.1mabove the sector's middle half▲ 51.5%€100.1mabove the sector's middle half▲ 19.0%€56.8mabove the sector's middle half▼ 43.2%€34.8mabove the sector's middle half▼ 38.8%
Solvency8.9%-5.7%▼ 3.2pp46.2%within the sector's middle half▲ 40.5pp27.6%within the sector's middle half▼ 18.6pp22.0%within the sector's middle half▼ 5.6pp19.1%within the sector's middle half▼ 2.9pp14.2%below the sector's middle half▼ 4.9pp12.3%below the sector's middle half▼ 1.9pp
Current ratio1.07-1.07=1.24within the sector's middle half▲ 0.171.14within the sector's middle half▼ 0.101.15within the sector's middle half▲ 0.011.16within the sector's middle half▲ 0.011.11within the sector's middle half▼ 0.061.09within the sector's middle half▼ 0.02
Return on assets (ROA)3.1%-1.6%▼ 1.5pp-2.1%below the sector's middle half▼ 3.7pp-0.4%below the sector's middle half▲ 1.7pp1.1%below the sector's middle half▲ 1.4pp11.4%within the sector's middle half▲ 10.3pp3.2%within the sector's middle half▼ 8.2pp1.1%within the sector's middle half▼ 2.2pp
Staff (FTE)333.4-334.4▲ 0.3%375.5above the sector's middle half▲ 12.3%357.4above the sector's middle half▼ 4.8%343.2above the sector's middle half▼ 4.0%320.6above the sector's middle half▼ 6.6%276.4above the sector's middle half▼ 13.8%266.2above the sector's middle half▼ 3.7%
above
within
below
the middle half of NACE 66, Activities auxiliary to financial services and insurance activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2021 Net result +71% on 2020. Merger absorbing Belgibo, Official Gazette 03-02-2020, in the previous financial year; now counts for a full year for the first time.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €460.5m
Fixed assets
€24.7m ▼ 35.1%
Current assets
€435.8m ▼ 26.3%
Equity and liabilities €460.5m
Equity
€56.6m ▼ 36.8%
Provisions
€339,666 ▼ 84.5%
Debt
€403.6m ▼ 24.9%
Debt's share of the balance-sheet total rises from 85.4% to 87.6%. Equity and debt are lower.
Key figures and ratios
ROE
8.6%▼
2024 · 22.6%
Debt ≤ 1 year
€401.0m▼
2024 · €534.3m
Income taxes
€3.9m▼
2024 · €3.9m
Staff costs
€38.5m▼
2024 · €39.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €146.7m | €167.5m | €278.8m | €155.4m | €136.2m | ▼ 12.4% |
| Turnover70 | €73.9m | €76.1m | €91.0m | €135.9m | €160.8m | €160.8m | €145.5m | €129.7m | ▼ 10.9% |
| Other operating income74 | - | - | - | €10.7m | €3.0m | €12.8m | €9.2m | €6.2m | ▼ 32.4% |
| Non-recurring operating income76A | - | - | - | €0.2m | €3.7m | €105.2m | €0.8m | €0.3m | ▼ 64.7% |
| Operating charges60/66A | - | - | - | €146.1m | €154.8m | €197.3m | €147.8m | €129.6m | ▼ 12.3% |
| Services and other goods61 | - | - | - | €79.4m | €85.9m | €92.4m | €85.9m | €74.3m | ▼ 13.5% |
| Remuneration, social security and pensions62 | - | - | - | €43.5m | €40.0m | €42.8m | €39.4m | €38.5m | ▼ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3.0m | €2.9m | €10.8m | €23.6m | €23.5m | €22.0m | €13.8m | €13.6m | ▼ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.09m | €0.2m | €0.4m | -€0.3m | -€0.5m | ▼ 43.2% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€3.9m | -€0.4m | €2.0m | -€0.7m | -€3.2m | ▼ 354% |
| Other operating charges640/8 | - | - | - | €3.2m | €5.3m | €7.9m | €9.5m | €7.0m | ▼ 26.5% |
| Non-recurring operating charges66A | - | - | - | €0.2m | €0.4m | €29.7m | €0.3m | €0.07m | ▼ 76.1% |
| Operating profit (loss)9901 | €7.2m | €7.2m | -€5.7m | €0.7m | €12.6m | €81.5m | €7.6m | €6.5m | ▼ 14.7% |
| Financial income75/76B | - | - | - | €1.6m | €5.3m | €11.2m | €19.1m | €8.5m | ▼ 55.6% |
| Recurring financial income75 | €1.9m | €2.4m | €4.7m | €1.6m | €5.3m | €11.2m | €19.1m | €8.5m | ▼ 55.6% |
| Income from financial fixed assets750 | - | - | - | €0.5m | €0.8m | - | - | - | - |
| Income from current assets751 | - | - | - | - | €0.2m | €10.7m | €16.0m | €8.5m | ▼ 47.1% |
| Other financial income752/9 | - | - | - | €1.1m | €4.3m | €0.5m | €3.1m | €0.002m | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €1.9m | €5.0m | €2.4m | €2.6m | €6.3m | ▲ 145% |
| Recurring financial charges65 | €1.1m | €1.7m | €4.1m | €1.9m | €5.0m | €2.4m | €2.6m | €6.3m | ▲ 145% |
| Debt charges650 | €0.2m | €0.5m | €0.8m | €1.0m | €1.1m | €0.9m | €0.9m | €0.4m | ▼ 58.6% |
| Other financial charges652/9 | - | - | - | €0.9m | €3.9m | €1.5m | €1.6m | €5.9m | ▲ 260% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.01m | - | - | - |
| Profit (loss) for the period before taxes9903 | €8.0m | €7.9m | -€5.1m | €0.3m | €12.9m | €90.3m | €24.1m | €8.7m | ▼ 63.9% |
| Income taxes67/77 | €3.3m | €4.7m | €2.0m | €2.4m | €4.9m | €3.2m | €3.9m | €3.9m | ▼ 1.3% |
| Taxes670/3 | - | - | - | €2.8m | €4.9m | €3.2m | €3.9m | €3.9m | ▼ 1.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.4m | - | - | - | - | - |
| Profit (loss) for the period9904 | €4.7m | €3.1m | -€7.2m | -€2.1m | €8.1m | €87.2m | €20.2m | €4.8m | ▼ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €4.7m | €3.1m | -€7.2m | -€2.1m | €8.1m | €87.2m | €20.2m | €4.8m | ▼ 76.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151.5m | €197.0m | €342.8m | €566.0m | €747.5m | €764.2m | €629.1m | €460.5m | ▼ 26.8% |
| Fixed assets21/28 | €13.4m | €27.6m | €149.5m | €126.4m | €102.9m | €52.0m | €38.0m | €24.7m | ▼ 35.1% |
| Intangible fixed assets21 | €6.4m | €5.2m | €144.7m | €122.6m | €99.1m | €48.4m | €35.3m | €22.2m | ▼ 37.1% |
| Tangible fixed assets22/27 | €6.7m | €6.4m | €4.5m | €3.5m | €3.6m | €3.4m | €2.6m | €2.4m | ▼ 9.1% |
| Furniture and vehicles24 | - | - | - | €2.4m | €1.7m | €1.1m | €0.6m | €0.4m | ▼ 30.1% |
| Other tangible fixed assets26 | - | - | - | €1.1m | €1.9m | €2.3m | €2.0m | €1.9m | ▼ 2.8% |
| Financial fixed assets28 | €0.3m | €16.1m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | = |
| Affiliated companies280/1 | - | - | - | €0.2m | - | - | - | - | - |
| Participating interests280 | - | - | - | €0.2m | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | = |
| Shares284 | - | - | - | - | - | €0.004m | €0.003m | €0.003m | ▼ 20.4% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 0.5% |
| Current assets29/58 | €138.0m | €169.4m | €193.3m | €439.6m | €644.6m | €712.1m | €591.1m | €435.8m | ▼ 26.3% |
| Amounts receivable within one year40/41 | €69.4m | €59.5m | €76.4m | €218.6m | €406.1m | €468.4m | €385.7m | €278.7m | ▼ 27.7% |
| Trade receivables40 | - | - | - | €210.4m | €334.4m | €369.9m | €294.0m | €249.9m | ▼ 15.0% |
| Other amounts receivable41 | - | - | - | €8.2m | €71.7m | €98.5m | €91.6m | €28.7m | ▼ 68.7% |
| Current investments50/53 | €11.4m | €10.8m | - | €19.0m | - | - | - | - | - |
| Other investments51/53 | - | - | - | €19.0m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €47.5m | €86.9m | €106.6m | €193.4m | €232.5m | €237.7m | €201.3m | €154.4m | ▼ 23.3% |
| Deferred charges and accrued income490/1 | - | - | - | €8.7m | €5.9m | €6.0m | €4.1m | €2.8m | ▼ 32.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151.5m | €197.0m | €342.8m | €566.0m | €747.5m | €764.2m | €629.1m | €460.5m | ▼ 26.8% |
| Equity10/15 | €13.5m | €11.2m | €158.4m | €156.4m | €164.4m | €146.2m | €89.5m | €56.6m | ▼ 36.8% |
| Contributions10/11 | €8.8m | €8.8m | €14.9m | €163.2m | €163.2m | €57.8m | €14.9m | €14.9m | = |
| Capital10 | - | - | - | €14.9m | €14.9m | €14.9m | €14.9m | €14.9m | = |
| Issued capital100 | - | - | - | €14.9m | €14.9m | €14.9m | €14.9m | €14.9m | = |
| Contributions outside capital11 | - | - | - | €148.3m | €148.3m | €42.9m | - | - | - |
| Share premium1100/10 | - | - | - | €148.3m | €148.3m | €42.9m | - | - | - |
| Reserves13 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €2.2m | €2.2m | €2.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.9m | €0.9m | €1.5m | €1.5m | €1.5m | = |
| Legal reserve130 | - | - | - | €0.9m | €0.9m | €1.5m | €1.5m | €1.5m | = |
| Tax-exempt reserves132 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €3.0m | €0.8m | -€6.4m | -€8.4m | -€0.4m | €86.2m | €72.4m | €39.5m | ▼ 45.5% |
| Provisions and deferred taxes16 | €1.7m | €2.5m | €6.0m | €2.1m | €1.8m | €2.9m | €2.2m | €0.3m | ▼ 84.5% |
| Provisions for liabilities and charges160/5 | - | - | - | €2.1m | €1.8m | €2.9m | €2.2m | €0.3m | ▼ 84.5% |
| Other liabilities and charges164/5 | - | - | - | €2.1m | €1.8m | €2.9m | €2.2m | €0.3m | ▼ 84.5% |
| Amounts payable17/49 | €136.3m | €183.2m | €178.4m | €407.5m | €581.3m | €615.1m | €537.4m | €403.6m | ▼ 24.9% |
| Amounts payable after more than one year17 | - | €15.8m | €15.8m | €15.8m | €15.8m | - | - | - | - |
| Financial debts170/4 | - | - | - | €15.8m | €15.8m | - | - | - | - |
| Other loans174 | - | - | - | €15.8m | €15.8m | - | - | - | - |
| Amounts payable within one year42/48 | €129.0m | €158.4m | €155.7m | €384.1m | €560.4m | €612.1m | €534.3m | €401.0m | ▼ 24.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €16.0m | €0 | - | - |
| Trade debts44 | €108.5m | €127.6m | €123.9m | €326.1m | €521.7m | €565.4m | €456.1m | €375.9m | ▼ 17.6% |
| Suppliers440/4 | - | - | - | €326.1m | €521.7m | €565.4m | €456.1m | €375.9m | ▼ 17.6% |
| Advances received on contracts in progress46 | - | - | - | €0.7m | €0.5m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €14.7m | €22.6m | €24.3m | €24.2m | €20.0m | ▼ 17.4% |
| Taxes450/3 | - | - | - | €4.9m | €12.6m | €15.1m | €16.2m | €11.5m | ▼ 28.6% |
| Remuneration and social security454/9 | - | - | - | €9.8m | €10.0m | €9.2m | €8.1m | €8.5m | ▲ 5.0% |
| Other amounts payable47/48 | - | - | - | €42.7m | €15.6m | €6.4m | €53.9m | €5.1m | ▼ 90.6% |
| Accrued charges and deferred income492/3 | - | - | - | €7.5m | €5.0m | €3.0m | €3.2m | €2.6m | ▼ 19.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.7m | €3.1m | -€7.2m | -€2.1m | €8.1m | €87.2m | €20.2m | €4.8m | ▼ 76.0% |
| + Depreciation and write-downs630 | €3.0m | €2.9m | €10.8m | €23.6m | €23.5m | €22.0m | €13.8m | €13.6m | ▼ 1.8% |
| Operating cash flow (approximation) | €7.6m | €6.0m | €3.7m | €21.6m | €31.5m | €109.1m | €34.0m | €18.4m | ▼ 45.9% |
| Investment in fixed assets (approximation) | - | -€17.1m | -€132.7m | -€0.5m | -€0.04m | €28.9m | €0.2m | -€0.2m | - |
| Change in cash | - | €39.4m | €19.7m | €86.8m | €39.2m | €5.2m | -€36.4m | -€46.9m | ▼ 28.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 24-09-2026 | 2026-00528530 |
| 31-12-2024 | full format | 02-07-2025 | 2025-00237759 |
| 31-12-2023 | full format | 05-07-2024 | 2024-00236622 |
| 31-12-2022 | full format | 03-08-2023 | 2023-00324098 |
| 31-12-2021 | full format | 27-06-2022 | 2022-20139597 |
| 31-12-2020 | full format | 04-01-2022 | 2022-00400469 |
| 31-12-2019 | full format | 15-10-2020 | 2020-62800145 |
| 31-12-2018 | full format | 04-11-2019 | 2019-73000279 |
| 31-12-2017 | full format | 10-09-2018 | 2018-62600363 |
| 31-12-2016 | full format | 27-07-2017 | 2017-38200569 |
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Aanstellen van een onafhankelijke verzekeringsmakelaar voor het beheer van de verzekeringsportefeuille (niet-leven), het beheer van de schadegevallen en het uitschrijven van een overheidsopdracht voor de verzekeringen: Helan 2025-015 - 1
Overheidsopdracht voor diensten met als onderwerp: 1) verzekeringsmakelaar – beheer verzekeringsportefeuille voor testfaciliteiten op zee (raamopdracht) en 2) verzekering vliegende drones UAS: 2025-16-KE-A-OPZVB - 2
Assurance couvrant les enfants fréquentant le Centre polyvalent de l'Enfance (LUX) géré par la Commission européenne: Assurance couvrant les enfants fréquentant le Centre polyvalent de l'enfance (LUX)
CFT-1735 Provision of Insurance Brokerage Services for the EIB Group: Provision of brokerage services for the acquisition of “Life” insurances
Police d’assurance pour assistance et vie/invalidité au profit des membres, délégués de la Commission consultative, suppléants et conseillers du Comité économique et social européen
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Interinstitutional Call for Tenders for Health Insurance of Trainees on Certain Institutions of the European Union
1.26.1.15. Extension du réseau de métro vers le Nord: assistance et conseil en assurances: Extension du réseau de métro vers le Nord: Assistance et conseil en assurances
Fire and related risks insurance for a part of the ‘European Convention Center Luxembourg’ (ECCL) building and related content
Insurance policy for assistance and life/disability for members, CCMI delegates, alternates and EESC experts
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.