ACTIVE

MARSH

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Financial year 2024 · closed on 31/12/2024

Net result

20,2 M €

-76.8% YoY

Revenue

145,5 M €

-9.5% YoY

Equity

89,5 M €

-38.8% YoY

Workforce

276,4 ETP

-13.8% YoY

What does MARSH do?

MARSH is a Public limited company incorporated in 1950. Its registered office is in Auderghem. It employs on average 276,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0403.276.906

Incorporation

05/01/1950

Legal form

Public limited company

Registered office

Avenue Herrmann-Debroux 2
1160 Auderghem · BruxellesSee on map

Contributed capital

14 867 834,00 €

Latest accounts

31/12/2024

Average workforce

276,4 ETP

Joint committees (1)

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	145,5 M €	-9.5%	160,8 M €	-0.0%	160,8 M €	+18.4%	135,9 M €	+49.3%	91 M €	+19.5%	76,1 M €	+3.1%	73,9 M €	-5.1%	77,9 M €	-0.1%	78 M €	-3.7%	80,9 M €	+14.5%	70,7 M €	-2.8%	72,7 M €	-3.8%	75,5 M €	+1.6%	74,3 M €	-4.1%	77,5 M €	+1.0%	76,7 M €	-5.2%	80,9 M €	+4.8%	77,2 M €	+2.5%	75,3 M €
EBITDA	20,4 M €	-80.7%	105,9 M €	+195%	35,9 M €	+75.0%	20,5 M €	+135%	8,7 M €	-14.0%	10,1 M €	+0.8%	10 M €	-49.2%	19,8 M €	-6.9%	21,2 M €	+11.8%	19 M €	+67.4%	11,3 M €	-1.6%	11,5 M €	-18.3%	14,1 M €	+38.4%	10,2 M €	-11.0%	11,5 M €	-8.5%	12,5 M €	+11.1%	11,3 M €	+3.9%	10,8 M €	-7.4%	11,7 M €
Operating result	7,6 M €	-90.6%	81,5 M €	+546%	12,6 M €	+1835%	652,2 k €	+111%	-5,7 M €	-180%	7,2 M €	+0.8%	7,2 M €	-58.1%	17,1 M €	-8.2%	18,6 M €	+14.4%	16,2 M €	+67.0%	9,7 M €	-2.8%	10 M €	-20.3%	12,6 M €	+41.5%	8,9 M €	-12.4%	10,1 M €	-9.3%	11,2 M €	+15.3%	9,7 M €	+5.6%	9,2 M €	-6.5%	9,8 M €
Net result	20,2 M €	-76.8%	87,2 M €	+982%	8,1 M €	+491%	-2,1 M €	+71.2%	-7,2 M €	-330%	3,1 M €	-33.0%	4,7 M €	-65.0%	13,3 M €	+12.6%	11,8 M €	+15.4%	10,2 M €	+64.5%	6,2 M €	-1.7%	6,3 M €	-22.4%	8,1 M €	+16.1%	7 M €	+1.9%	6,9 M €	-16.3%	8,2 M €	-7.4%	8,9 M €	+12.6%	7,9 M €	-4.1%	8,2 M €
Balance sheet
Equity	89,5 M €	-38.8%	146,2 M €	-11.1%	164,4 M €	+5.1%	156,4 M €	-1.3%	158,4 M €	+1310%	11,2 M €	-16.7%	13,5 M €	-23.4%	17,6 M €	-5.5%	18,6 M €	-49.2%	36,7 M €	-19.3%	45,5 M €	+15.8%	39,3 M €	+19.2%	32,9 M €	+17.2%	28,1 M €	-12.4%	32,1 M €	+27.3%	25,2 M €	+48.4%	17 M €	-32.4%	25,1 M €	+45.8%	17,2 M €
Total assets	629,1 M €	-17.7%	764,2 M €	+2.2%	747,5 M €	+32.1%	566 M €	+65.1%	342,8 M €	+74.0%	197 M €	+30.1%	151,5 M €	+20.1%	126,1 M €	-22.3%	162,3 M €	-4.2%	169,3 M €	-6.5%	181,1 M €	+20.8%	149,9 M €	-9.0%	164,7 M €	+5.8%	155,7 M €	-4.5%	163 M €	+2.4%	159,1 M €	-11.3%	179,5 M €	-1.4%	182,1 M €	-9.7%	201,6 M €
Cash	201,3 M €	-15.3%	237,7 M €	+2.2%	232,5 M €	+20.3%	193,4 M €	+81.4%	106,6 M €	+22.7%	86,9 M €	+83.0%	47,5 M €	+1.3%	46,9 M €	-3.5%	48,6 M €	+12.2%	43,3 M €	-24.9%	57,7 M €	+10.4%	52,3 M €	+14.8%	45,5 M €	+8.7%	41,9 M €	-13.1%	48,2 M €	-0.5%	48,5 M €	+5.6%	45,9 M €	-6.7%	49,2 M €	+28.5%	38,3 M €
Debts	534,3 M €	-12.7%	612,1 M €	+6.2%	576,3 M €	+44.1%	400 M €	+133%	171,6 M €	-1.5%	174,2 M €	+35.0%	129 M €	+26.0%	102,4 M €	-24.1%	134,9 M €	+6.9%	126,1 M €	-1.8%	128,4 M €	+19.4%	107,5 M €	-15.3%	126,9 M €	+4.2%	121,8 M €	-3.1%	125,7 M €	-2.4%	128,9 M €	-18.8%	158,7 M €	+3.5%	153,3 M €	-13.8%	177,7 M €
Other
Workforce	276,4 ETP	-13.8%	320,6 ETP	-6.6%	343,2 ETP	-4.0%	357,4 ETP	-4.8%	375,5 ETP	+12.3%	334,4 ETP	+0.3%	333,4 ETP	-4.1%	347,7 ETP	-2.5%	356,6 ETP	-0.2%	357,3 ETP	+1.5%	351,9 ETP	-2.4%	360,5 ETP	-6.0%	383,4 ETP	-4.8%	402,6 ETP	-3.4%	416,9 ETP	-0.6%	419,5 ETP	-2.7%	431,1 ETP	-2.1%	440,3 ETP	-0.2%	441,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 M€ and 1.000 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2024 · 6 active · 92 ended

Active mandates

Erik POEPLOW

Director · since 10 avril 2025 · until 19 juin 2031

Active

Kristof DE BREMME

Managing director · since 16 septembre 2024 · until 20 juin 2030

Active

ALPESH TOSAR

Director · since 18 mars 2024 · until 10 avril 2025

Active

Goedele VAN DER LINDEN

Director · since 26 novembre 2020 · until 18 juin 2026

Active

REBECCA TIELEMANS

Managing director · since 26 novembre 2020 · until 16 septembre 2024

Active

JEAN-FRANCOIS TONDREAU

Director · since 09 octobre 2020 · until 18 juin 2026

Active

Ended mandates

ALPESH TOSAR

Director · since 18 mars 2024 · until 20 juin 2030

Ended

Gilbert VAN DEN EYNDE

Chairman of the board of directors · since 26 novembre 2020 · until 18 juin 2026

Ended

GILBERT VAN DER EYNDE

Chairman of the board of directors · since 26 novembre 2020 · until 31 décembre 2022

Ended

PAUL KNOWLES

Director · since 26 novembre 2020 · until 31 décembre 2022

Ended

At this address

Other companies at this address

Company	CBE no.
Leexi● Active	0782.527.110
MARSH EUROPE● Active	0456.421.226
Marsh Re (Belgium)● Active	0421.850.327
MERCER (BELGIUM)● Active	0414.908.194
Oliver Wyman● Active	0645.633.285

Annual accounts

Full financial information

	2024	2023	2022	2021	2020	2019
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020	01/01/2019
Closing of the financial year	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020	31/12/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	02/07/2025	05/07/2024	16/08/2023	27/06/2022	28/06/2022	15/10/2020
General meeting	30/06/2025	25/06/2024	13/07/2023	27/06/2022	29/12/2021	09/10/2020
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

38 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2024	30/06/2025	02/07/2025	Dutch	PDF
Full model	31/12/2024	30/06/2025	01/07/2025	French	PDF
Full model	31/12/2023	25/06/2024	05/07/2024	Dutch	PDF
Full model	31/12/2023	25/06/2024	02/07/2024	French	PDF
Full model	31/12/2022	13/07/2023	16/08/2023	French	PDF
Full model	31/12/2022	13/07/2023	03/08/2023	Dutch	PDF
Full model	31/12/2021	27/06/2022	27/06/2022	French	PDF
Full model	31/12/2021	27/06/2022	27/06/2022	Dutch	PDF
Full model	31/12/2020	29/12/2021	28/06/2022	Dutch	PDF
Full model	31/12/2020	29/12/2021	04/01/2022	French	PDF
Full model	31/12/2019	09/10/2020	15/10/2020	Dutch	PDF
Full model	31/12/2019	09/10/2020	15/10/2020	French	PDF
Full model	31/12/2018	20/09/2019	04/11/2019	Dutch	PDF
Full model	31/12/2018	20/09/2019	04/11/2019	French	PDF
Full model	31/12/2017	31/08/2018	10/09/2018	Dutch	PDF
Full model	31/12/2017	31/08/2018	10/09/2018	French	PDF
Full model	31/12/2016	24/07/2017	27/07/2017	French	PDF
Full model	31/12/2016	24/07/2017	27/07/2017	Dutch	PDF
Full model	31/12/2015	28/06/2016	24/08/2016	Dutch	PDF
Full model	31/12/2015	28/06/2016	24/08/2016	French	PDF
Full model	31/12/2014	05/06/2015	15/07/2015	Dutch	PDF
Full model	31/12/2014	05/06/2015	15/07/2015	French	PDF
Full model	31/12/2013	05/06/2014	15/07/2014	Dutch	PDF
Full model	31/12/2013	05/06/2014	15/07/2014	French	PDF

View all 38 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 M€ and 1.000 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2024 · 6 active · 92 ended

Active mandates

Erik POEPLOW

Director · since 10 avril 2025 · until 19 juin 2031

Active

Kristof DE BREMME

Managing director · since 16 septembre 2024 · until 20 juin 2030

Active

ALPESH TOSAR

Director · since 18 mars 2024 · until 10 avril 2025

Active

Goedele VAN DER LINDEN

Director · since 26 novembre 2020 · until 18 juin 2026

Active

REBECCA TIELEMANS

Managing director · since 26 novembre 2020 · until 16 septembre 2024

Active

JEAN-FRANCOIS TONDREAU

Director · since 09 octobre 2020 · until 18 juin 2026

Active

Ended mandates

ALPESH TOSAR

Director · since 18 mars 2024 · until 20 juin 2030

Ended

Gilbert VAN DEN EYNDE

Chairman of the board of directors · since 26 novembre 2020 · until 18 juin 2026

Ended

GILBERT VAN DER EYNDE

Chairman of the board of directors · since 26 novembre 2020 · until 31 décembre 2022

Ended

PAUL KNOWLES

Director · since 26 novembre 2020 · until 31 décembre 2022

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other23/12/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other23/12/2025
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates13/05/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates17/01/2025
DEMISSIONS, NOMINATIONS
PDF
Capital / shares30/12/2024
KAPITAAL - AANDELEN
PDF
Capital / shares30/12/2024
CAPITAL, ACTIONS
PDF
Mandates22/10/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/10/2024
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

10/04/2025
nominationErik Pöplow — Administrateur
2024
Annual accounts 202420,2 M €↓
16/12/2024
reduction_capital
26/09/2024
nominationKristof De Bremme — délégué à la gestion journalière (CEO)
26/09/2024
nominationKristof De Bremme — CEO / persoon belast met het dagelijks bestuur
16/09/2024
nominationKristof De Bremme — administrateur
16/09/2024
nominationKristof De Bremme — bestuurder
18/03/2024
nominationAlpesh TOSAR — Administrateur et Responsable de la succursale britannique
2023
Annual accounts 202387,2 M €↑
22/12/2023
reduction_capital
13/07/2023
reconductionDeloitte Réviseurs d'Entreprise — commissaire-réviseur
2022
Annual accounts 20228,1 M €↑
02/05/2022
autre
01/01/2022
autre
2021
Annual accounts 2021-2,1 M €↑
01/01/2021
nominationBenjamin Henrion — vaste vertegenwoordiger van de Commissaris-revisor
01/01/2021
nominationBenjamin Henrion — représentant permanent du Commissaire-réviseur
2020
Annual accounts 2020-7,2 M €↓
2019
Annual accounts 20193,1 M €↓
2018
Annual accounts 20184,7 M €↓
2017
Annual accounts 201713,3 M €↑
2016
Annual accounts 201611,8 M €↑
2015
Annual accounts 201510,2 M €↑
2014
Annual accounts 20146,2 M €↓
2013
Annual accounts 20136,3 M €↓
2012
Annual accounts 20128,1 M €↑
2011
Annual accounts 20117 M €↑
2010
Annual accounts 20106,9 M €↓
2009
Annual accounts 20098,2 M €↓
2008
Annual accounts 20088,9 M €↑
2007
Annual accounts 20077,9 M €↓
2006
Annual accounts 20068,2 M €
05/01/1950
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

MARSH

Overview

What does MARSH do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline