Marsh Re (Belgium): what changed
What changed
Marsh Re (Belgium)
NACE 65.112, Insurance, reinsurance and pension funding, except compulsory social security
filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.2m+€565,983
Equity
€1.4m
2024 · €2.0m-€564,761
Cash
€7.1m
2024 · €16.2m-€9.1m
Balance sheet total
€27.2m
2024 · €38.9m-€11.8m
Largest movements
Assets
- Cash -€9.1m
down €9.1m (-56.1%), from €16.2m to €7.1m
mainly Trade debts (-€11.3m) and Contributions, distributions and other (-€2.3m)
- Receivables within one year -€2.6m
down €2.6m (-11.6%), from €22.6m to €20.0m
of which Trade receivables: -€4.2m
Equity and liabilities
- Trade debts -€11.3m
down €11.3m (-37.4%), from €30.2m to €18.9m
- Other debts +€1.1m
up €1.1m (+56.2%), from €2.0m to €3.1m
- Tax, wage and social debts -€772,347
down €772,347 (-17.1%), from €4.5m to €3.8m
of which Remuneration and social security: -€637,082
- Profit (loss) carried forward -€564,761
down €564,761 (-80.8%), from €698,779 to €134,018
Income statement
- Staff costs -€1.2m
down €1.2m (-13.7%), from €8.7m to €7.5m
- Gross operating margin -€405,132
down €405,132 (-4.0%), from €10.2m to €9.8m
- Taxes +€304,331
up €304,331 (+275%), from €110,563 to €414,893
- Other operating charges -€174,740
down €174,740 (-42.6%), from €409,984 to €235,244
- Write-downs +€106,265
up €106,265 (+87.4%), from €121,614 to €227,879
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.2m
Gross operating margin
-€405,132
Staff costs
+€1.2m
Depreciation
+€13,873
Write-downs
-€106,265
Provisions
+€27,443
Other operating charges
+€174,740
Financial income
-€48,696
Financial charges
+€15,612
Taxes
-€304,331
Result 2025
€1.8m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€6.8m
Investment
€0
Financing
-€2.3m
Cash 2024
€16.2m
From operations (derived)
-€6.8m
Net result for the year
+€1.8m
Depreciation
+€17,479
Receivables within one year
+€2.6m
Provisions
-€205,627
Trade debts
-€11.3m
Tax, wage and social debts
-€772,347
Other debts
+€1.1m
Accrued charges and deferred income
-€33,000
Financing
-€2.3m
Debts after one year
-€3,834
Contributions, distributions and other
-€2.3m
Cash 2025
€7.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,942,159 | €27,189,314 | -€11.8m | -30.2% |
| Fixed assets | 21/28 | €78,118 | €60,639 | -€17,479 | -22.4% |
| Intangible fixed assets | 21 | €9,983 | €5,546 | -€4,437 | -44.4% |
| Tangible fixed assets | 22/27 | €68,135 | €55,093 | -€13,042 | -19.1% |
| Furniture and vehicles | 24 | €36,262 | €34,859 | -€1,403 | -3.9% |
| Other tangible fixed assets | 26 | €31,873 | €20,234 | -€11,639 | -36.5% |
| Current assets | 29/58 | €38,864,041 | €27,128,675 | -€11.7m | -30.2% |
| Amounts receivable within one year | 40/41 | €22,624,420 | €20,003,857 | -€2.6m | -11.6% |
| Trade receivables | 40 | €16,209,667 | €11,989,467 | -€4.2m | -26.0% |
| Other amounts receivable | 41 | €6,414,754 | €8,014,390 | +€1.6m | +24.9% |
| Cash at bank and in hand | 54/58 | €16,239,621 | €7,124,818 | -€9.1m | -56.1% |
| Total equity and liabilities | 10/49 | €38,942,159 | €27,189,314 | -€11.8m | -30.2% |
| Equity | 10/15 | €1,999,228 | €1,434,467 | -€564,761 | -28.2% |
| Contributions | 10/11 | €1,224,000 | €1,224,000 | = | 0.0% |
| Capital | 10 | €724,000 | €724,000 | = | 0.0% |
| Issued capital | 100 | €724,000 | €724,000 | = | 0.0% |
| Contributions outside capital | 11 | €500,000 | €500,000 | = | 0.0% |
| Share premium | 1100/10 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €76,449 | €76,449 | = | 0.0% |
| Non-distributable reserves | 130/1 | €76,449 | €76,449 | = | 0.0% |
| Legal reserve | 130 | €72,400 | €72,400 | = | 0.0% |
| Other | 1319 | €4,049 | €4,049 | = | 0.0% |
| Profit (loss) carried forward | 14 | €698,779 | €134,018 | -€564,761 | -80.8% |
| Provisions and deferred taxes | 16 | €205,627 | - | -€205,627 | |
| Provisions for liabilities and charges | 160/5 | €205,627 | - | -€205,627 | |
| Other liabilities and charges | 164/5 | €205,627 | - | -€205,627 | |
| Amounts payable | 17/49 | €36,737,304 | €25,754,847 | -€11.0m | -29.9% |
| Amounts payable after more than one year | 17 | €3,834 | - | -€3,834 | |
| Trade debts | 175 | €3,834 | - | -€3,834 | |
| Amounts payable within one year | 42/48 | €36,700,470 | €25,754,847 | -€10.9m | -29.8% |
| Trade debts | 44 | €30,181,696 | €18,888,446 | -€11.3m | -37.4% |
| Suppliers | 440/4 | €30,181,696 | €18,888,446 | -€11.3m | -37.4% |
| Taxes, remuneration and social security | 45 | €4,524,495 | €3,752,148 | -€772,347 | -17.1% |
| Taxes | 450/3 | €991,633 | €856,369 | -€135,265 | -13.6% |
| Remuneration and social security | 454/9 | €3,532,862 | €2,895,780 | -€637,082 | -18.0% |
| Other amounts payable | 47/48 | €1,994,278 | €3,114,253 | +€1.1m | +56.2% |
| Accrued charges and deferred income | 492/3 | €33,000 | €0 | -€33,000 | -100% |
| Non-recurring operating income | 76A | €13,353 | €1,630 | -€11,723 | -87.8% |
| Remuneration, social security and pensions | 62 | €8,732,554 | €7,533,816 | -€1.2m | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,352 | €17,479 | -€13,873 | -44.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €121,614 | €227,879 | +€106,265 | +87.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€27,443 | -€27,443 | |
| Other operating charges | 640/8 | €409,984 | €235,244 | -€174,740 | -42.6% |
| Gross operating margin | 9900 | €10,199,236 | €9,794,104 | -€405,132 | -4.0% |
| Operating profit (loss) | 9901 | €903,731 | €1,807,129 | +€903,397 | +100.0% |
| Financial income | 75/76B | €480,328 | €431,631 | -€48,696 | -10.1% |
| Recurring financial income | 75 | €480,328 | €431,631 | -€48,696 | -10.1% |
| Financial charges | 65/66B | €76,287 | €60,675 | -€15,612 | -20.5% |
| Recurring financial charges | 65 | €76,287 | €60,675 | -€15,612 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €1,307,772 | €2,178,085 | +€870,314 | +66.5% |
| Income taxes | 67/77 | €110,563 | €414,893 | +€304,331 | +275% |
| Profit (loss) for the period | 9904 | €1,197,209 | €1,763,192 | +€565,983 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,197,209 | €1,763,192 | +€565,983 | +47.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.