Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review
Balima
On this page
Company details
- Legal name
- Société Immobilière Balima S.A.
- Listing
- BAL on the Bourse de Casablanca, active · ISIN MA0000011991 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
-
Revenue
Not reported in this filing
-
Operating profit / (loss)
MAD 19.9 million
19,917,023 MAD units · p45
Change not shown.
-
Profit / (loss) for the year
MAD 13.6 million
13,649,664 MAD units · p45
Change not shown.
-
Total assets
MAD 178 million
177,538,418 MAD units · p44
Change not shown.
-
Total equity
Not reported in this filing
-
Cash from operations
Not reported in this filing
Large amounts are rounded for reading (MAD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the two years come from different filings.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD units unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; reported for the year · source
- FY2023 — annual report, signed / final; comparative in the FY2024 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|---|
| Produits d'exploitation1 | 63,219,911 | 61,709,018 | 58,281,755 |
| Achats Consommés2 | (5,940,336) | (5,162,606) | (9,162,656) |
| Charges du personnel | (13,721,680) | (13,071,039) | (11,571,951) |
| Autres charges d'exploitation3 | (14,741,309) | (16,829,107) | (18,549,723) |
| Impôts et Taxes4 | (4,129,179) | (6,155,900) | (4,246,355) |
| Dotations d'exploitation5 | (4,770,384) | (3,404,430) | (4,834,702) |
| Résultat d'exploitation | 19,917,023 | 17,085,936 | 9,916,368 |
| Résultat financier6 | 111,281 | 725,522 | 3,886,598 |
| Résultat courant des entreprises intégrées7 | 20,028,304 | 17,811,458 | 13,802,966 |
| Résultat non courant8 | (599,229) | 2,966,293 | 1,018,104 |
| Impôts sur le résultat | (5,779,411) | (6,497,082) | (5,930,161) |
| Résultat net des entreprises intégrées | 13,649,664 | 14,280,669 | 8,890,909 |
Notes and alternative reported figures (8)
- “Produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating income (no turnover line is printed in the consolidated compte de produits et charges).
- “Achats Consommés” is an issuer-specific line, not mapped to a shared definition: Purchases consumed (printed positive; deducted).
- “Autres charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating charges (printed positive; deducted).
- “Impôts et Taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax (printed positive; deducted).
- “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provision charges (printed positive; deducted).
- “Résultat financier” is an issuer-specific line, not mapped to a shared definition: Net financial result (no detail printed).
- “Résultat courant des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
- “Résultat non courant” is an issuer-specific line, not mapped to a shared definition: Non-current result (sign as printed).
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|---|
| Ecart d'Acquisition1 | –2 | –2 | –2 |
| Immobilisations Incorporelles | 2,761,730 | 3,122,873 | 3,223,459 |
| Immobilisations Corporelles | 110,915,358 | 87,272,662 | 59,476,480 |
| Immobilisations Financières3 | 553,521 | 632,146 | 652,421 |
| Actif immobilisé | 114,230,609 | 91,027,681 | 63,352,359 |
| Stocks et en cours | 19,724,311 | 28,006,121 | 30,575,921 |
| Clients et comptes rattachés4 | 2,917,571 | 8,128,197 | 3,228,978 |
| Autres créances et comptes de régularisation5 | 11,365,449 | 11,228,227 | 13,519,559 |
| Titres et Valeurs de Placement6 | 6,936,131 | 4,673,371 | 39,297,181 |
| Actif circulant7 | 40,943,462 | 52,035,916 | 86,621,638 |
| Disponibilités | 22,364,347 | 12,337,020 | 2,691,116 |
| Total de l'actif | 177,538,418 | 155,400,617 | 152,665,113 |
| Capital (1) | 34,880,000 | 34,880,000 | 34,880,000 |
| Réserves et Résultats consolidés (2)8 | 98,070,333 | 94,012,669 | 89,323,999 |
| Capitaux propres (part du groupe) | 132,950,333 | 128,892,669 | 124,203,999 |
| Emprunts et dettes financières9 | 30,488,521 | 6,777,760 | 7,318,146 |
| Fournisseurs et Comptes Rattachés10 | 4,887,739 | 12,199,272 | 14,114,980 |
| Autres Dettes et comptes de régularisation11 | 9,211,825 | 7,530,916 | 7,027,988 |
| Dettes12 | 44,588,085 | 26,507,948 | 28,799,342 |
| Total du passif | 177,538,418 | 155,400,617 | 152,665,113 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (11)
- “Ecart d'Acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill (printed as dashes in both years).
- “Immobilisations Financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets.
- “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables; other receivables and accruals are printed separately.
- “Autres créances et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals.
- “Titres et Valeurs de Placement” is an issuer-specific line, not mapped to a shared definition: Marketable securities.
- “Actif circulant” is an issuer-specific line, not mapped to a shared definition: Current assets excluding cash: stocks, receivables, other receivables and marketable securities (disponibilités printed separately below).
- “Réserves et Résultats consolidés (2)” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves and the year's result.
- “Emprunts et dettes financières”: mapping to a shared definition is uncertain. Borrowings and financial debts; no current/non-current split is printed.
- “Fournisseurs et Comptes Rattachés”: mapping to a shared definition is uncertain. Trade payables; other payables and accruals are printed separately.
- “Autres Dettes et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other payables and accruals.
- “Dettes” is an issuer-specific line, not mapped to a shared definition: Total debts: borrowings, trade payables and other payables (no current/non-current split printed).
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportreported for the year | FY2023Annual reportcomparative in FY2024 filing |
|---|---|---|---|
| Capacité d'autofinancement1 | Not reported in this filing2 | 14,159,261.33 | Not reported in this filing3 |
| Variation du Besoin en Fonds de Roulement lié à l'activité (2)4 | Not reported in this filing5 | 39,947,916.24 | Not reported in this filing6 |
| Flux net de Trésorerie généré par l'activité | Not reported in this filing7 | 54,107,177.57 | Not reported in this filing8 |
| Acquisition des immobilisations9 | Not reported in this filing10 | (44,734,558.94) | Not reported in this filing11 |
| Cessions d'immobilisations, nettes d'impôt12 | Not reported in this filing13 | 2,655,000.00 | Not reported in this filing14 |
| Flux net de trésorerie liés aux opérations d'investissement | Not reported in this filing15 | (42,079,558.94) | Not reported in this filing8 |
| Dividendes versés aux actionnaires de la société mère | Not reported in this filing16 | (9,592,000.00) | Not reported in this filing17 |
| Augmentation de capital en numéraire18 | Not reported in this filing19 | 7,500,000.00 | Not reported in this filing20 |
| Remboursement d'emprunt | Not reported in this filing21 | (540,386.00) | Not reported in this filing22 |
| Flux net de trésorerie liés aux opérations de Financement | Not reported in this filing15 | (8,159,608.28) | Not reported in this filing8 |
| Variation de Trésorerie | Not reported in this filing15 | 9,645,903.40 | Not reported in this filing8 |
| Trésorerie d'ouverture | Not reported in this filing23 | 2,691,116.14 | Not reported in this filing24 |
| Trésorerie de clôture | Not reported in this filing25 | 12,337,019.54 | Not reported in this filing26 |
Notes and alternative reported figures (26)
- “Capacité d'autofinancement” is an issuer-specific line, not mapped to a shared definition: Consolidated tableau des flux de trésorerie, current year only.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Capacité d'autofinancement' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Capacité d'autofinancement' carries the FY2024 amount and there is no FY2023 column.
- “Variation du Besoin en Fonds de Roulement lié à l'activité (2)” is an issuer-specific line, not mapped to a shared definition: Printed unsigned (39 947 916,24) and added to the capacité d'autofinancement to give the operating flow.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Variation du Besoin en Fonds de Roulement lié à l'activité (2)' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Variation du Besoin en Fonds de Roulement lié à l'activité (2)' carries the FY2024 amount and there is no FY2023 column.
- Not reported in this filing: No consolidated cash-flow statement is printed in the report (the auditors' opinion p84 refers to one).
- Not reported in this filing: The consolidated tableau des flux de trésorerie prints the current year only (p38).
- “Acquisition des immobilisations”: mapping to a shared definition is uncertain. Acquisitions of fixed assets, tangible and intangible together.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Acquisition des immobilisations' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Acquisition des immobilisations' carries the FY2024 amount and there is no FY2023 column.
- “Cessions d'immobilisations, nettes d'impôt”: mapping to a shared definition is uncertain. Disposals of fixed assets net of tax.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Cessions d'immobilisations, nettes d'impôt' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Cessions d'immobilisations, nettes d'impôt' carries the FY2024 amount and there is no FY2023 column.
- Not reported in this filing: No consolidated cash-flow statement is printed in the report.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Dividendes versés aux actionnaires de la société mère' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Dividendes versés aux actionnaires de la société mère' carries the FY2024 amount and there is no FY2023 column.
- “Augmentation de capital en numéraire” is an issuer-specific line, not mapped to a shared definition: Financing line printed 7 500 000,00; not reflected in the tableau de variation des capitaux propres (capital unchanged).
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Augmentation de capital en numéraire' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Augmentation de capital en numéraire' carries the FY2024 amount and there is no FY2023 column.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Remboursement d'emprunt' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single column, FY2024 only; the line 'Remboursement d'emprunt' carries the FY2024 amount and there is no FY2023 column.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Trésorerie d'ouverture' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single FY2024 column. Its 'Trésorerie d'ouverture' 2 691 116,14 is the FY2024 opening balance (already stored); no FY2023 opening cash (balance at 31-12-2022) is printed.
- Not reported in this filing: Not printed: the FY2025 document's consolidated accounts (contents page p43, checked on the page image) comprise the consolidated balance sheet (p44), the consolidated income statement (p45) and the statement of changes in equity; no consolidated cash-flow statement is printed, so there is no FY2025 'Trésorerie de clôture' line. The financing tables on p14-15 belong to the parent company's individual (social) accounts and are not used.
- Not reported in this filing: Not printed for FY2023: the consolidated cash-flow statement (p38, checked on the page image) prints a single FY2024 column; there is no FY2023 'Trésorerie de clôture'. The balance at 31-12-2023 appears only as the FY2024 'Trésorerie d'ouverture' (2 691 116,14, p38), a different line, and is not copied here.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividendes versés aux actionnaires de la société mère |
(9,592,000) | MAD units | Annual report, p38 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
Balima — Rapport financier 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: FI.GEC and Audigroup (commissaires aux comptes), unmodified opinion · signed
Auditor's sign-off: FI.GEC (Karim Bennouna, expert-comptable); Audigroup (Miloud Stoti, expert-comptable)
Final status: The commissaires aux comptes' report on the consolidated accounts for the year from 1 January to 31 December 2025 is reproduced as scanned images (PDF pp83-86, no text layer): unmodified opinion (consolidated equity 132.950.333,23 MAD including consolidated net profit 13.649.664,63 MAD, matching p44-p45), dated 'Fait à Rabat, le 20 Avril 2026' and signed by hand with stamps for FI.GEC (Karim Bennouna) and Audigroup (Miloud Stoti) (page images p84, p86). The board arrêté the company and consolidated accounts on 27 March 2026 (press communication, PDF p4).
- Document date
- 20 Apr 2026
- Auditor's report
- 20 Apr 2026
- Board approval
- 27 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025
- Basis
- consolidated statements · MAD units (printed “dirhams (no unit caption on pp44-45; the auditors' report states equity in MAD to the centime, 132.950.333,23, matching 132 950 333)”)
- The press communication (p4) gives a consolidated 'chiffre d'affaires' of 70 119 KDH (2024: 63 153 KDH) and a 2025 non-current result of -566 KDH in the text and -599 KDH in its table, whereas the consolidated compte de produits et charges (p45) prints 'Produits d'exploitation' 63 219 911 (2024: 61 709 018) and 'Résultat non courant' -599 229. The audited statements are transcribed.
- No consolidated cash-flow statement is printed in the report, although the auditors' opinion (p84) lists 'le tableau consolidé des flux de trésorerie' among the consolidated statements audited. 'Actif circulant' excludes cash (disponibilités printed separately); liabilities are printed as one 'Dettes' total with no current/non-current split; no turnover, gross profit or profit-before-tax line is printed in the consolidated compte de produits et charges. Charges are printed positive and deducted.
- Annual financial report with the press communication (pp4-8), company statements (pp10-41), consolidated bilan and compte de produits et charges (pp44-45) and auditors' reports as scanned images (pp76-92). The consolidated set is transcribed.
Technical details
- File
- 97 pages, with a text layer
- SHA-256
b81d7f5f74da6f29c27e25f04b696c3cc7c7b52a9dae7f66a93291cfcdd7c8e6- Entity as printed
- Société Immobilière Balima S.A. and its subsidiaries JR Vanlec Sarl A.U. and Société Hôtelière Balima Rabat (100%, fully consolidated, p46)
- Regulator copy
- retrieved 2026-10-08T18:17:56Z
-
Balima — Rapport financier annuel 2024 (communication financière, comptes sociaux et consolidés de l'exercice 2024, rapports des commissaires aux comptes)
Year ended 31 December 2024 · Annual report · signed / final
Audit: FI.GEC and Eurodefi Audit (commissaires aux comptes), unmodified opinion · signed
Auditor's sign-off: FI.GEC (Karim Bennouna, expert-comptable); Eurodefi Audit (Abdelaziz Arji, expert-comptable)
Final status: The commissaires aux comptes' report on the consolidated accounts for the year from 1 January to 31 December 2024 (PDF pp83-86; headed 'Certification sans réserve et sans incertitude significative sur la continuité d'exploitation', p83): unmodified opinion (consolidated equity 128.892.669 MAD including consolidated net profit 14.280.669 MAD, matching p36-p37), dated 'Fait à Casablanca, le 23 Avril 2025' and signed by hand with stamps for FI.GEC (Karim Bennouna) and Eurodefi Audit (Abdelaziz Arji) (page image p86). The board arrêté the company and consolidated accounts on 28 March 2025 (press communication, PDF p4).
- Document date
- 23 Apr 2025
- Auditor's report
- 23 Apr 2025
- Board approval
- 28 Mar 2025
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2024, FY2023
- Basis
- consolidated statements · MAD units (printed “dirhams (no unit caption on pp36-38; the auditors' report states equity in MAD, 128.892.669, matching 128 892 669; p38 prints centimes)”)
- Bilan consolidé 2023 column (p36, checked on the render): the printed 'Dettes' total 28 799 342 exceeds the sum of its three printed lines (7 318 146 + 14 114 980 + 7 027 988 = 28 461 114) by 338 228, and equity 124 203 999 plus printed Dettes gives 153 003 341 against the printed 'Total du passif' 152 665 113 (which equals equity plus the three lines). The 2024 column agrees. Figures kept as printed.
- The consolidated tableau des flux de trésorerie (p38) does not add up as printed: the financing lines (dividends 9 592 000,00, capital increase 7 500 000,00, loan repayment 540 386,00) net to -2 632 386,00 against a printed financing total of -8 159 608,28; operating 54 107 177,57, investing -42 079 558,94 and financing -8 159 608,28 sum to 3 868 010,35 against a printed 'Variation de Trésorerie' of 9 645 903,40 (which equals closing 12 337 019,54 less opening 2 691 116,14); net result 14 280 669,26 adjusted by the two printed add-back lines does not give the printed capacité d'autofinancement 14 159 261,33. The 'Augmentation de capital en numéraire 7 500 000,00' line is not reflected in the tableau de variation des capitaux propres (capital unchanged at 34 880 000). Figures kept as printed.
- The press communication (p4) gives a consolidated 'chiffre d'affaires' of 63 153 KDH (2023: 51 615 KDH), whereas the consolidated compte de produits et charges (p37) prints 'Produits d'exploitation' 61 709 018 (2023: 58 281 755). The audited statements are transcribed.
- 'Actif circulant' excludes cash (disponibilités printed separately); liabilities are printed as one 'Dettes' total with no current/non-current split; no turnover, gross profit or profit-before-tax line is printed in the consolidated compte de produits et charges. Charges are printed positive and deducted. The consolidated tableau des flux de trésorerie (p38) prints the current year only, in dirhams and centimes, with outflows printed unsigned except the investing and financing totals.
- Annual financial report with the press communication (pp4-8), company statements, consolidated bilan, compte de produits et charges and tableau des flux de trésorerie (pp36-38) and auditors' reports (pp76-91). The consolidated set is transcribed.
Technical details
- File
- 96 pages, with a text layer
- SHA-256
eb4af25d079b72cb627492d9d1deddb4a23171e400a99d298d5b77ea68c79f4b- Entity as printed
- Société Immobilière Balima S.A. and its subsidiaries Balima Résidence, JR Vanlec Sarl A.U. and Société Hôtelière Balima Rabat (100%, fully consolidated, p39)
- Regulator copy
- retrieved 2026-10-08T18:52:56Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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