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Disway
On this page
Company details
- Legal name
- Disway S.A.
- Listing
- DWY on the Bourse de Casablanca, active · ISIN MA0000011637 (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
Read with these figures
- Auditor's emphasis of matter. Observations: the auditors draw attention to observations in the auditors' report of Disway Tunisie: (1) customs notified on 24-11-2025 and 03-12-2025 omissions of the taxe d'encouragement à la création on imports from 11-06-2020 to 23-09-2025; Disway Tunisie agreed to pay 184 430 TND per quarter over 20 instalments (3 688 597 TND), expensed over the payment calendar; (2) a tax audit notification of 30 July 2025 for 2020-2023 assessing 1 816 659 TND in principal and interest and reducing tax carry-forwards by 3 648 377 TND (total impact 5 465 036 TND), which the company contests; the final adjustment cannot be determined before the audit closes.
Full wording and sources
Auditor's emphasis of matter
Observations: the auditors draw attention to observations in the auditors' report of Disway Tunisie: (1) customs notified on 24-11-2025 and 03-12-2025 omissions of the taxe d'encouragement à la création on imports from 11-06-2020 to 23-09-2025; Disway Tunisie agreed to pay 184 430 TND per quarter over 20 instalments (3 688 597 TND), expensed over the payment calendar; (2) a tax audit notification of 30 July 2025 for 2020-2023 assessing 1 816 659 TND in principal and interest and reducing tax carry-forwards by 3 648 377 TND (total impact 5 465 036 TND), which the company contests; the final adjustment cannot be determined before the audit closes. 'Notre opinion n'est pas modifiée à l'égard de ces points.' (pp54-55)
Source: Disway — Rapport Financier Annuel 2025 (dated 2026-04-15)
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Revenue
MAD 2.08 billion
2,076,183,751.05 MAD units · p19
+9.0% vs 2024
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Operating profit / (loss)
MAD 108 million
107,526,425.61 MAD units · p19
+4.7% vs 2024
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Profit / (loss) for the year
MAD 85.5 million
85,457,931.76 MAD units · p19
+8.4% vs 2024
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Total assets
MAD 1.32 billion
1,316,480,301.52 MAD units · p18
+2.8% vs 2024
-
Total equity
MAD 686 million
685,851,758.64 MAD units · p18
+1.5% vs 2024
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Cash from operations
MAD 110 million
110,373,237 MAD units · p20
+8.9% vs 2024
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.
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; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Produits d'exploitation1 | 2,098,476,206.73 | 1,930,313,023.89 |
| * Chiffre d'affaires | 2,076,183,751.05 | 1,904,636,547.34 |
| * Autres produits | 22,292,455.68 | 25,676,476.55 |
| Charges d'exploitation2 | (1,990,949,781.12) | (1,827,660,198.27) |
| * Achats revendus & consommés3 | (1,859,148,884.98) | (1,707,996,823.72) |
| * Autres charges externes4 | (35,647,220.02) | (29,611,610.62) |
| * Impôts et taxes5 | (1,643,545.90) | (1,507,430.90) |
| * Charges de personnel | (60,012,661.61) | (56,319,352.86) |
| * Autres charges d'exploitation | (1,400,000.00) | (1,400,000.00) |
| * Dotations d'exploitation6 | (33,097,468.61) | (30,824,980.17) |
| Résultat d'exploitation | 107,526,425.61 | 102,652,825.62 |
| Charges et produits financiers7 | 9,912,360.87 | 6,502,199.48 |
| Résultat courant des entreprises intégrées8 | 117,438,786.48 | 109,155,025.10 |
| Charges et produits non courant9 | (7,296,473.46) | (4,144,415.92) |
| Impôts sur les bénéfices | (24,684,381.26) | (26,163,069.00) |
| Résultat net des entreprises intégrées10 | 85,457,931.76 | 78,847,540.18 |
| Résultat net de l'ensemble consolidé | 85,457,931.76 | 78,847,540.18 |
Notes and alternative reported figures (10)
- “Produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating income.
- “Charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating charges (printed positive; deducted).
- “* Achats revendus & consommés” is an issuer-specific line, not mapped to a shared definition: Goods resold and materials consumed (printed positive; deducted).
- “* Autres charges externes” is an issuer-specific line, not mapped to a shared definition: Other external 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).
- “Charges et produits financiers” is an issuer-specific line, not mapped to a shared definition: Net financial result (income less charges, as printed).
- “Résultat courant des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Operating result plus net financial result.
- “Charges et produits non courant” is an issuer-specific line, not mapped to a shared definition: Net non-current result (as printed).
- “Résultat net des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Net result of fully consolidated entities.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| ACTIF IMMOBILISE | 366,257,671.90 | 363,592,647.09 |
| * Immobilisations incorporelles | 172,748,923.65 | 172,659,359.12 |
| * Immobilisations corporelles | 192,144,702.41 | 189,585,905.13 |
| * Immobilisations financières1 | 1,364,045.84 | 1,347,382.84 |
| ACTIF CIRCULANT2 | 850,144,552.91 | 859,211,021.79 |
| * Stocks et en-cours | 234,501,235.03 | 238,700,339.36 |
| *Clients et comptes rattachés3 | 535,154,422.27 | 508,173,765.88 |
| * Autres créances et comptes de régularisation4 | 51,725,510.01 | 64,372,628.15 |
| * Titres et valeurs de placement | 28,763,385.60 | 47,964,288.40 |
| * Disponibilités | 100,078,076.70 | 58,106,908.50 |
| TOTAL ACTIF | 1,316,480,301.52 | 1,280,910,577.39 |
| CAPITAUX PROPRES DE L'ENSEMBLE | 685,851,758.64 | 675,926,208.81 |
| * Capitaux propres (part de groupe) | 685,851,758.64 | 675,926,208.81 |
| * Capital | 188,576,200.00 | 188,576,200.00 |
| * Prime d'émission, de fusion, d'apport | 224,782,325.40 | 224,782,325.37 |
| * Réserves consolidées5 | 224,814,157.55 | 211,794,648.58 |
| * Résultat net consolidé part du groupe6 | 85,457,931.76 | 78,847,540.18 |
| * Ecarts de conversion7 | (37,778,856.07) | (28,074,505.32) |
| Provision pour risques et charges8 | 3,419,078.00 | 661,841.10 |
| Dettes9 | 351,311,375.49 | 360,002,665.47 |
| * Emprunts et dettes financières | 61,523,985.94 | 69,280,305.20 |
| * Fournisseurs et comptes rattachés10 | 197,482,212.67 | 187,708,590.61 |
| * Autres dettes et comptes de régularisation11 | 92,305,176.88 | 103,013,769.66 |
| * Trésorerie-passif12 | 275,898,089.39 | 244,319,862.01 |
| TOTAL PASSIF | 1,316,480,301.52 | 1,280,910,577.39 |
Notes and alternative reported figures (12)
- “* Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Non-current financial assets.
- “ACTIF CIRCULANT” is an issuer-specific line, not mapped to a shared definition: Printed 'ACTIF CIRCULANT': stocks, trade receivables, other receivables and marketable securities; disponibilités (cash) are printed separately.
- “*Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables and related accounts; other receivables are printed separately.
- “* Autres créances et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals (current).
- “* Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves, group share.
- “* Résultat net consolidé part du groupe” is an issuer-specific line, not mapped to a shared definition: The year's group-share result within equity.
- “* Ecarts de conversion” is an issuer-specific line, not mapped to a shared definition: Translation differences on foreign subsidiaries, within equity.
- “Provision pour risques et charges” is an issuer-specific line, not mapped to a shared definition: Provisions for risks and charges.
- “Dettes” is an issuer-specific line, not mapped to a shared definition: Printed 'Dettes': financial debts, suppliers and other debts; trésorerie-passif is printed below it but outside the total.
- “* Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts; other debts are printed separately.
- “* Autres dettes et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other debts and accruals.
- “* Trésorerie-passif”: mapping to a shared definition is uncertain. Trésorerie-passif (bank credit balances), printed under 'Dettes' but outside its total; deducted from cash in the cash-flow statement.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Résultat net des sociétés intégrées1 | 85,457,932 | 78,847,540 |
| *Dotation d'exploitation durable nette de reprise2 | 13,804,592 | 8,120,751 |
| *Plue values ou moins value de cession d'immobilisations, nettes impôts3 | 221,977 | (2,457,554) |
| des sociétés Intégrées (I)4 | 99,484,502 | 84,510,737 |
| Variation du besoin de fonds de roulement lié à l'activité (II)5 | 10,888,735 | 16,830,639 |
| Stocks6 | 4,199,104 | (23,007,100) |
| Créances d'exploitation7 | 4,867,365 | (15,288,370) |
| Dettes d'exploitation8 | 1,822,266 | 55,126,109 |
| Flux net de trésorerie généré par l'activité (III= I+II) | 110,373,237 | 101,341,377 |
| Acquisition d'immobilisations nettes d'impôts9 | (16,753,432) | (11,009,160) |
| Cessions d'immobilisation corporelles et incorporelles, nette impôt10 | 78,500 | 1,684,373 |
| Variation immobilisations financières11 | (16,663) | (157,431) |
| Flux de trésorerie lié aux opérations d'investissement (IV) | (16,691,595) | (9,482,219) |
| Dividendes versés aux actionnaires de la société mère | (75,430,480) | (66,001,670) |
| Emissions d' Emprunts / dettes Fin | 0 | 0 |
| Remboursement des d'emprunts | (7,756,319) | (14,431,043) |
| Flux net de trésorerie lié aux opérations de financement (V) | (83,186,799) | (80,432,713) |
| Autres impacts (VI)12 | 9,602,449 | (4,197,956) |
| Variation de la trésorerie (III+IV+V+VI) | 20,097,292 | 7,228,489 |
| Trésorerie à l'ouverture | (186,212,954) | (192,224,706) |
| Incidence des variations des monnaies étrangéres | (9,704,351) | (1,216,737) |
| Trésorerie de clôture | (175,820,013) | (186,212,954) |
Notes and alternative reported figures (12)
- “Résultat net des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Net result at the head of the cash-flow statement (whole dirhams).
- “*Dotation d'exploitation durable nette de reprise” is an issuer-specific line, not mapped to a shared definition: Non-cash add-back.
- “*Plue values ou moins value de cession d'immobilisations, nettes impôts” is an issuer-specific line, not mapped to a shared definition: Elimination of disposal results (sign as printed; added).
- “des sociétés Intégrées (I)” is an issuer-specific line, not mapped to a shared definition: Printed subtotal (self-financing capacity; 'autofiancement' as printed).
- “Variation du besoin de fonds de roulement lié à l'activité (II)” is an issuer-specific line, not mapped to a shared definition: Change in working capital (sign as printed; added).
- “Stocks” is an issuer-specific line, not mapped to a shared definition: Working-capital component.
- “Créances d'exploitation” is an issuer-specific line, not mapped to a shared definition: Working-capital component.
- “Dettes d'exploitation” is an issuer-specific line, not mapped to a shared definition: Working-capital component.
- “Acquisition d'immobilisations nettes d'impôts”: mapping to a shared definition is uncertain. Acquisitions of fixed assets net of tax, tangible and intangible not distinguished.
- “Cessions d'immobilisation corporelles et incorporelles, nette impôt” is an issuer-specific line, not mapped to a shared definition: Investing: disposal proceeds.
- “Variation immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Investing.
- “Autres impacts (VI)” is an issuer-specific line, not mapped to a shared definition: Other impacts, included by the issuer in the printed change in cash; not explained in the statement.
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 2025 | Dividends paid (cash flow statement) | Dividendes versés aux actionnaires de la société mère |
(75,430,480) | MAD units | Annual report, p20 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividendes versés aux actionnaires de la société mère |
(66,001,670) | MAD units | Annual report, p20 |
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.
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Disway — Rapport Financier Annuel 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: Fidaroc Grant Thornton and BDO S.A. (commissaires aux comptes), unmodified opinion · signed
Auditor's sign-off: Fidaroc Grant Thornton (Faïçal Mekouar, associé); BDO S.A. (Mostafa Fraiha, associé)
Final status: The commissaires aux comptes' 'Rapport des commissaires aux comptes sur les états de synthèse consolidés, exercice du 1er janvier au 31 décembre 2025' is reproduced as a scanned image (PDF pp53-58, no text layer): unmodified opinion (consolidated equity KMAD 685.852 including consolidated net profit KMAD 85.458, matching pp18-19) with an 'Observations' section on Disway Tunisie (p54-55), key audit matters, dated 'Casablanca, le 15 avril 2026' and signed by hand over stamps for Fidaroc Grant Thornton (Faïçal Mekouar, associé) and BDO S.A. (Mostafa Fraiha, associé) (page image p58). No board approval date for the consolidated statements is printed; the company ETIC gives 'Date d'établissement des états de synthèse 04/03/2026' (p50).
- Document date
- 15 Apr 2026
- Auditor's report
- 15 Apr 2026
- Board approval
- date not found in this document
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · MAD units (printed “En Dirhams”)
- Moroccan layout: 'ACTIF CIRCULANT' excludes disponibilités and 'Dettes' excludes trésorerie-passif and provisions, so no current-assets, current-liabilities or total-liabilities line as defined is printed. Operating charges and income tax are printed positive and deducted. The cash-flow statement is in whole dirhams (balance sheet in dirhams with centimes): the capacité d'autofinancement 99 484 502 differs by 1 from its printed components (85 457 932 + 13 804 592 + 221 977 = 99 484 501), and closing cash -175 820 013 equals disponibilités less trésorerie-passif (100 078 076,70 - 275 898 089,39 = -175 820 012,69) after rounding. 'Autres impacts (VI)' (2025: 9 602 449; 2024: -4 197 956) is included in the change in cash without explanation in the statement; the exchange effect is printed after the opening balance.
- Annual financial report with consolidated statements under Moroccan rules (pp18-26) and the company CGNC statements (pp27-51); auditors' reports as scanned images (pp53 onward). The consolidated set is transcribed.
Technical details
- File
- 91 pages, with a text layer
- SHA-256
feb9d97611e4f893e308a79bc9137a300a5900d97e7f63c8212862fc741960ce- Entity as printed
- DISWAY S.A. et ses filiales (« le groupe »), 8, Lot La Colline II-Sidi Mâarouf, Casablanca (auditors' report p54)
- Exchange copy
- retrieved 2026-10-08T18:20:12Z
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) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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