MARSH: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
MARSH
NACE 66.220, Insurance agents and brokers
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.8m
2024 · €20.2m-€15.4m
Equity
€56.6m
2024 · €89.5m-€32.9m
Cash
€154.4m
2024 · €201.3m-€46.9m
Balance sheet total
€460.5m
2024 · €629.1m-€168.6m
Largest movements
Assets
- Receivables within one year -€107.0m
down €107.0m (-27.7%), from €385.7m to €278.7m
of which Other amounts receivable: -€62.9m
- Cash -€46.9m
down €46.9m (-23.3%), from €201.3m to €154.4m
mainly Trade debts (-€80.2m) and Other debts (-€48.8m)
- Intangible fixed assets -€13.1m
down €13.1m (-37.1%), from €35.3m to €22.2m
Equity and liabilities
- Trade debts -€80.2m
down €80.2m (-17.6%), from €456.1m to €375.9m
- Other debts -€48.8m
down €48.8m (-90.6%), from €53.9m to €5.1m
- Profit (loss) carried forward -€32.9m
down €32.9m (-45.5%), from €72.4m to €39.5m
Income statement
- Turnover -€15.8m
down €15.8m (-10.9%), from €145.5m to €129.7m
- Services and other goods -€11.6m
down €11.6m (-13.5%), from €85.9m to €74.3m
- Financial income -€10.6m
down €10.6m (-55.6%), from €19.1m to €8.5m
- Financial charges +€3.7m
up €3.7m (+144.6%), from €2.6m to €6.3m
- Other operating income -€3.0m
down €3.0m (-32.4%), from €9.2m to €6.2m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€20.2m
Turnover
-€15.8m
Other operating income
-€3.0m
Services and other goods
+€11.6m
Staff costs
+€991,954
Depreciation
+€246,405
Write-downs
+€148,565
Provisions
+€2.5m
Other operating charges
+€2.5m
Other operating items
-€276,967
Financial income
-€10.6m
Financial charges
-€3.7m
Taxes
+€49,071
Result 2025
€4.8m
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€9.0m
Investment
-€224,874
Financing
-€37.8m
Cash 2024
€201.3m
From operations (derived)
-€9.0m
Net result for the year
+€4.8m
Depreciation
+€13.6m
Receivables within one year
+€107.0m
Deferred charges and accrued income
+€1.3m
Provisions
-€1.9m
Trade debts
-€80.2m
Tax, wage and social debts
-€4.2m
Other debts
-€48.8m
Accrued charges and deferred income
-€616,924
Investment (derived)
-€224,874
Investment in fixed assets (net)
-€224,874
Financing
-€37.8m
Contributions, distributions and other
-€37.8m
Cash 2025
€154.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €629,076,237 | €460,465,092 | -€168.6m | -26.8% |
| Fixed assets | 21/28 | €38,017,042 | €24,676,195 | -€13.3m | -35.1% |
| Intangible fixed assets | 21 | €35,290,193 | €22,184,443 | -€13.1m | -37.1% |
| Tangible fixed assets | 22/27 | €2,596,104 | €2,361,007 | -€235,097 | -9.1% |
| Furniture and vehicles | 24 | €596,207 | €416,467 | -€179,740 | -30.1% |
| Other tangible fixed assets | 26 | €1,999,897 | €1,944,539 | -€55,358 | -2.8% |
| Financial fixed assets | 28 | €130,745 | €130,745 | -€0 | 0.0% |
| Other financial fixed assets | 284/8 | €130,745 | €130,745 | -€0 | 0.0% |
| Shares | 284 | €3,427 | €2,727 | -€700 | -20.4% |
| Amounts receivable and cash guarantees | 285/8 | €127,318 | €128,018 | +€700 | +0.5% |
| Current assets | 29/58 | €591,059,195 | €435,788,897 | -€155.3m | -26.3% |
| Amounts receivable within one year | 40/41 | €385,655,540 | €278,652,936 | -€107.0m | -27.7% |
| Trade receivables | 40 | €294,024,729 | €249,939,960 | -€44.1m | -15.0% |
| Other amounts receivable | 41 | €91,630,811 | €28,712,976 | -€62.9m | -68.7% |
| Cash at bank and in hand | 54/58 | €201,300,530 | €154,361,963 | -€46.9m | -23.3% |
| Deferred charges and accrued income | 490/1 | €4,103,125 | €2,773,997 | -€1.3m | -32.4% |
| Total equity and liabilities | 10/49 | €629,076,237 | €460,465,092 | -€168.6m | -26.8% |
| Equity | 10/15 | €89,453,017 | €56,550,024 | -€32.9m | -36.8% |
| Contributions | 10/11 | €14,867,834 | €14,867,834 | = | 0.0% |
| Capital | 10 | €14,867,834 | €14,867,834 | = | 0.0% |
| Issued capital | 100 | €14,867,834 | €14,867,834 | = | 0.0% |
| Reserves | 13 | €2,229,842 | €2,229,843 | +€1 | 0.0% |
| Non-distributable reserves | 130/1 | €1,486,783 | €1,486,784 | +€0 | 0.0% |
| Legal reserve | 130 | €1,486,783 | €1,486,784 | +€0 | 0.0% |
| Tax-exempt reserves | 132 | €518,440 | €518,440 | +€0 | 0.0% |
| Distributable reserves | 133 | €224,619 | €224,619 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €72,355,341 | €39,452,347 | -€32.9m | -45.5% |
| Provisions and deferred taxes | 16 | €2,191,571 | €339,666 | -€1.9m | -84.5% |
| Provisions for liabilities and charges | 160/5 | €2,191,571 | €339,666 | -€1.9m | -84.5% |
| Other liabilities and charges | 164/5 | €2,191,571 | €339,666 | -€1.9m | -84.5% |
| Amounts payable | 17/49 | €537,431,649 | €403,575,402 | -€133.9m | -24.9% |
| Amounts payable within one year | 42/48 | €534,251,989 | €401,012,666 | -€133.2m | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €456,122,452 | €375,905,885 | -€80.2m | -17.6% |
| Suppliers | 440/4 | €456,122,452 | €375,905,885 | -€80.2m | -17.6% |
| Taxes, remuneration and social security | 45 | €24,235,674 | €20,021,424 | -€4.2m | -17.4% |
| Taxes | 450/3 | €16,158,788 | €11,544,063 | -€4.6m | -28.6% |
| Remuneration and social security | 454/9 | €8,076,886 | €8,477,362 | +€400,476 | +5.0% |
| Other amounts payable | 47/48 | €53,893,863 | €5,085,356 | -€48.8m | -90.6% |
| Accrued charges and deferred income | 492/3 | €3,179,660 | €2,562,736 | -€616,924 | -19.4% |
| Operating income | 70/76A | €155,448,689 | €136,159,834 | -€19.3m | -12.4% |
| Turnover | 70 | €145,546,391 | €129,712,638 | -€15.8m | -10.9% |
| Other operating income | 74 | €9,150,235 | €6,181,610 | -€3.0m | -32.4% |
| Non-recurring operating income | 76A | €752,063 | €265,586 | -€486,477 | -64.7% |
| Operating charges | 60/66A | €147,818,020 | €129,647,524 | -€18.2m | -12.3% |
| Services and other goods | 61 | €85,873,338 | €74,315,484 | -€11.6m | -13.5% |
| Remuneration, social security and pensions | 62 | €39,443,730 | €38,451,776 | -€991,954 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,812,126 | €13,565,721 | -€246,405 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€343,511 | -€492,076 | -€148,565 | -43.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€708,127 | -€3,211,569 | -€2.5m | -353.5% |
| Other operating charges | 640/8 | €9,465,112 | €6,952,345 | -€2.5m | -26.5% |
| Non-recurring operating charges | 66A | €275,352 | €65,842 | -€209,510 | -76.1% |
| Operating profit (loss) | 9901 | €7,630,669 | €6,512,310 | -€1.1m | -14.7% |
| Financial income | 75/76B | €19,069,805 | €8,466,375 | -€10.6m | -55.6% |
| Recurring financial income | 75 | €19,069,805 | €8,466,375 | -€10.6m | -55.6% |
| Income from current assets | 751 | €15,999,517 | €8,464,722 | -€7.5m | -47.1% |
| Other financial income | 752/9 | €3,070,288 | €1,653 | -€3.1m | -99.9% |
| Financial charges | 65/66B | €2,558,620 | €6,257,335 | +€3.7m | +144.6% |
| Recurring financial charges | 65 | €2,558,620 | €6,257,335 | +€3.7m | +144.6% |
| Debt charges | 650 | €924,704 | €383,156 | -€541,548 | -58.6% |
| Other financial charges | 652/9 | €1,633,916 | €5,874,179 | +€4.2m | +259.5% |
| Profit (loss) for the period before taxes | 9903 | €24,141,854 | €8,721,351 | -€15.4m | -63.9% |
| Income taxes | 67/77 | €3,921,395 | €3,872,324 | -€49,071 | -1.3% |
| Taxes | 670/3 | €3,921,395 | €3,872,324 | -€49,071 | -1.3% |
| Profit (loss) for the period | 9904 | €20,220,459 | €4,849,026 | -€15.4m | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,220,459 | €4,849,026 | -€15.4m | -76.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.