Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (9 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
Fenie Brossette
On this page
Company details
- Legal name
- Fenie Brossette S.A.
- Listing
- FBR on the Bourse de Casablanca, active · ISIN MA0000011587 (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. Observation: following an appeal judgment in Côte d'Ivoire ordering FENIE BROSSETTE to pay 28 MMAD, a provision covering the whole risk was recorded in 2019; in 2021 the Ivorian Cour de cassation rejected the appeal and made the judgment enforceable, while exequatur proceedings in Morocco were rejected by the Moroccan courts; at the date of the report the matter is still in progress (PDF p97).
Full wording and sources
Auditor's emphasis of matter
Observation: following an appeal judgment in Côte d'Ivoire ordering FENIE BROSSETTE to pay 28 MMAD, a provision covering the whole risk was recorded in 2019; in 2021 the Ivorian Cour de cassation rejected the appeal and made the judgment enforceable, while exequatur proceedings in Morocco were rejected by the Moroccan courts; at the date of the report the matter is still in progress (PDF p97).
Source: Rapport Financier Annuel Fenie Brossette 2025 (dated 2026-04-28)
-
Revenue
MAD 757 million
756,514 MAD thousands · p105
+8.4% vs 2024
-
Operating profit / (loss)
MAD 32.0 million
32,031 MAD thousands · p105
+24.0% vs 2024
-
Profit / (loss) for the year
MAD 14.9 million
14,856 MAD thousands · p105
−10.5% vs 2024
-
Total assets
MAD 691 million
690,676 MAD thousands · p103
+7.2% vs 2024
-
Total equity
MAD 163 million
163,336 MAD thousands · p104
+10.0% vs 2024
-
Cash from operations
MAD 18.1 million
18,085 MAD thousands · p106
Change not shown.
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 prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MAD thousands 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 |
|---|---|---|
| Chiffre d'affaires 6.3.1 | 756,514 | 698,170 |
| Autres produits d'exploitation | 6,723 | 5,744 |
| Autres reprises d'exploitation 6.3.21 | 5,457 | 5,590 |
| Produits d'exploitation2 | 768,694 | 709,505 |
| Achats revendus de marchandises 6.3.33 | (503,310) | (474,612) |
| Achats consommés de matières et fournitures 6.3.34 | (91,341) | (71,456) |
| Autres charges externes 6.3.45 | (75,732) | (69,689) |
| Impôts et taxes 6.3.36 | (347) | (596) |
| Charges de personnel 6.3.6 | (42,455) | (42,490) |
| Autres charges d'exploitation | (581) | (516) |
| Dotations d'exploitation 6.3.77 | (22,847) | (24,254) |
| Autres dotations d'exploitation8 | (50) | (50) |
| Charges d'exploitation9 | (736,662) | (683,664) |
| Résultat d'exploitation | 32,031 | 25,841 |
| Produits financiers | 2,207 | 4,289 |
| Charges financières | (11,014) | (8,061) |
| Résultat financier 6.3.810 | (8,808) | (3,772) |
| Produits non courants11 | 727 | 1,737 |
| Charges non courantes12 | (2,939) | (1,800) |
| Résultat non courant 6.3.913 | (2,212) | (63) |
| Résultat avant impôt | 21,011 | 22,006 |
| Impôts sur les sociétés | (6,155) | (5,403) |
| Résultat net consolidé | 14,856 | 16,603 |
Notes and alternative reported figures (13)
- “Autres reprises d'exploitation 6.3.2” is an issuer-specific line, not mapped to a shared definition: Note 6.3.2: operating reversals of provisions.
- “Produits d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating income.
- “Achats revendus de marchandises 6.3.3” is an issuer-specific line, not mapped to a shared definition: Note 6.3.3.
- “Achats consommés de matières et fournitures 6.3.3” is an issuer-specific line, not mapped to a shared definition: Note 6.3.3.
- “Autres charges externes 6.3.4” is an issuer-specific line, not mapped to a shared definition: Note 6.3.4.
- “Impôts et taxes 6.3.3” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax.
- “Dotations d'exploitation 6.3.7” is an issuer-specific line, not mapped to a shared definition: Note 6.3.7: depreciation and provisions charged to operations.
- “Autres dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating allowances.
- “Charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Total operating charges.
- “Résultat financier 6.3.8” is an issuer-specific line, not mapped to a shared definition: Note 6.3.8: financial income less financial charges.
- “Produits non courants” is an issuer-specific line, not mapped to a shared definition: Non-current income.
- “Charges non courantes” is an issuer-specific line, not mapped to a shared definition: Non-current charges.
- “Résultat non courant 6.3.9” is an issuer-specific line, not mapped to a shared definition: Note 6.3.9.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Immobilisations incorporelles 6.1.1.4 & 6.2.1.1 | 858 | 967 |
| Immobilisations corporelles 6.1.1.5 & 6.2.1.2 | 56,943 | 56,137 |
| Immobilisations financières 6.1.1.6 & 6.2.1.31 | 670 | 670 |
| Actif immobilisé | 58,471 | 57,774 |
| Stocks 6.1.1.8 & 6.2.2 | 259,540 | 219,118 |
| Fournisseurs, avances et acomptes 6.2.32 | 26,311 | 22,831 |
| Clients et comptes rattachés 6.1.1.9 & 6.2.4 | 296,725 | 296,913 |
| Personnel3 | 699 | 575 |
| Etat débiteur4 | 37,388 | 36,492 |
| Autres débiteurs d'exploitation 6.2.55 | (1,844) | (1,476) |
| Comptes de régularisation - actif 6.2.66 | 11,615 | 10,792 |
| Actif circulant | 630,435 | 585,245 |
| Disponibilités | 1,771 | 1,448 |
| Total actif | 690,676 | 644,467 |
| Capital | 143,897 | 143,898 |
| Réserves consolidées7 | (61,519) | (78,076) |
| Primes d'émission, de fusion et d'apports | 66,102 | 66,102 |
| Résultat net de l'exercice (part du Groupe)8 | 14,856 | 16,603 |
| Intérêts des minoritaires | –9 | –9 |
| Capitaux propres de l'ensemble consolidé | 163,336 | 148,527 |
| Dettes financières 6.2.810 | 31 | 2,562 |
| Provisions durables pour risques et charges 6.1.1.1211 | 31,623 | 27,051 |
| Passif immobilisé | 31,654 | 29,613 |
| Fournisseurs et comptes rattachés 6.2.9 | 280,043 | 244,361 |
| Clients, avances et acomptes 6.2.1012 | 50,119 | 57,945 |
| Personnel et organismes sociaux13 | 9,536 | 8,836 |
| Etat créditeur 6.2.1114 | 58,032 | 59,395 |
| Compte de régularisation - passif 6.2.1215 | 28,854 | 22,737 |
| Autres provisions pour risques et charges 6.1.1.1216 | 5,695 | 4,307 |
| Autres créanciers 6.2.1317 | 2,311 | 2,119 |
| Passif circulant | 434,589 | 399,699 |
| Trésorerie - passif | 61,097 | 66,628 |
| Total passif | 690,676 | 644,467 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (16)
- “Immobilisations financières 6.1.1.6 & 6.2.1.3” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets.
- “Fournisseurs, avances et acomptes 6.2.3” is an issuer-specific line, not mapped to a shared definition: Advances paid to suppliers.
- “Personnel” is an issuer-specific line, not mapped to a shared definition: Staff receivables.
- “Etat débiteur” is an issuer-specific line, not mapped to a shared definition: Amounts due from the state (taxes).
- “Autres débiteurs d'exploitation 6.2.5” is an issuer-specific line, not mapped to a shared definition: Other operating debtors; printed negative at both dates.
- “Comptes de régularisation - actif 6.2.6” is an issuer-specific line, not mapped to a shared definition: Accruals and prepayments (assets).
- “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves (negative).
- “Résultat net de l'exercice (part du Groupe)” is an issuer-specific line, not mapped to a shared definition: The year's result within equity.
- “Dettes financières 6.2.8” is an issuer-specific line, not mapped to a shared definition: Note 6.2.8: financial debts, within 'Passif immobilisé'.
- “Provisions durables pour risques et charges 6.1.1.12” is an issuer-specific line, not mapped to a shared definition: Note 6.1.1.12: long-term provisions, within 'Passif immobilisé'.
- “Clients, avances et acomptes 6.2.10” is an issuer-specific line, not mapped to a shared definition: Note 6.2.10: advances received from customers.
- “Personnel et organismes sociaux” is an issuer-specific line, not mapped to a shared definition: Payables to staff and social bodies.
- “Etat créditeur 6.2.11” is an issuer-specific line, not mapped to a shared definition: Note 6.2.11: amounts due to the state (taxes).
- “Compte de régularisation - passif 6.2.12” is an issuer-specific line, not mapped to a shared definition: Note 6.2.12.
- “Autres provisions pour risques et charges 6.1.1.12” is an issuer-specific line, not mapped to a shared definition: Note 6.1.1.12: within 'Passif circulant'.
- “Autres créanciers 6.2.13” is an issuer-specific line, not mapped to a shared definition: Note 6.2.13.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Capacité d'autofinancement des sociétés intégrées1 | 29,760 | 18,487 |
| Variation du Besoin en Fonds de Roulement lié à l'activité2 | (11,674) | (25,449) |
| Flux nets de trésorerie générés par l'activité | 18,085 | (6,962) |
| Prix de cession des immobilisations cédées | 548 | 1,467 |
| Acquisition des immobilisations corporelles | (10,191) | (7,800) |
| Variation des immobilisations financières3 | 0 | (1) |
| Flux nets de trésorerie liés aux opérations d'investissement | (9,643) | (6,334) |
| Emissions / remboursements d'emprunts4 | (2,531) | (5,063) |
| Flux net de trésorerie liés aux opérations de financement | (2,531) | (5,063) |
| Réduction des Capitaux Propres5 | 0 | 47 |
| Variation de trésorerie nette | 5,911 | (18,311) |
| Trésorerie nette d'ouverture | (65,207) | (46,896) |
| Trésorerie nette de clôture | (59,296) | (65,207) |
Notes and alternative reported figures (5)
- “Capacité d'autofinancement des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: net result adjusted for non-cash items.
- “Variation du Besoin en Fonds de Roulement lié à l'activité” is an issuer-specific line, not mapped to a shared definition: Operating activities.
- “Variation des immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Investing.
- “Emissions / remboursements d'emprunts” is an issuer-specific line, not mapped to a shared definition: Financing: net borrowings.
- “Réduction des Capitaux Propres” is an issuer-specific line, not mapped to a shared definition: Printed after the financing total and included in the net change in cash.
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.
No dividend statement or amount collected.
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.
-
Rapport Financier Annuel Fenie Brossette 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: HDID & Associés and Fidaroc Grant Thornton (commissaires aux comptes), unmodified opinion · signed
Auditor's sign-off: HDID & Associés (Mohamed HDID, Associé gérant); Fidaroc Grant Thornton (Faïçal MEKOUAR, Associé)
Final status: The commissaires aux comptes' report on the consolidated financial statements for 2025 (HDID & Associés, Mohamed HDID, Associé gérant; Fidaroc Grant Thornton, Faïçal Mekouar, Associé) gives an unqualified opinion with an observation (PDF p97) and is dated 'Casablanca, le 28 Avril 2026' with handwritten signatures and firm stamps (PDF p101, page image). The consolidated statements it covers are printed on pp102-119 with both firms' 'pour identification' stamps (page images). The board approval date of the consolidated accounts is not printed in the RFA (the communiqué p4 reports the board meeting of 24 March 2026).
- Document date
- 28 Apr 2026
- Auditor's report
- 28 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 thousands (printed “En milliers de dirhams : K MAD”)
- One-unit rounding differences kept as printed (checked on the renders): current assets components 630 434 against 'Actif circulant' 630 435 (2024: 585 244 against 585 245) and total assets 690 677 against 690 676 (p103); current liabilities components 434 590 against 434 589 (p104); operating charges 736 663 against 736 662 (2024: 683 663 against 683 664), 2024 operating income 709 504 against 709 505, operating result 32 032 against 32 031, financial result -8 807 against -8 808 (p105); 2024 current liabilities 399 700 against 399 699 (p104); operating cash flow 18 086 against 18 085 and 2024 net change -18 312 against -18 311 (p106).
- Charges of the income statement are printed as positive amounts that its subtotals deduct (stored as deductions); income tax is printed positive. 'Réduction des Capitaux Propres' (0; 2024: 47) is printed after the financing total and is included in 'Variation de trésorerie nette' (p106). Net treasury (-59 296; 2024: -65 207) does not equal disponibilités less trésorerie-passif on the bilan (1 771 - 61 097 = -59 326; 2024: 1 448 - 66 628 = -65 180); the document does not define net treasury.
- Scanned audited statements, no text layer (pp103-106): values are read from OCR of the renders. The text-layer tables of pp47-48 are a condensed re-presentation (provisions regrouped, 'Autres débiteurs' and 'Autres créditeurs' combined) and print 2024 'Trésorerie - Passif' 66 627 against the audited 66 628 (p104); they are not used.
- No earnings per share is printed with the consolidated statements.
Technical details
- File
- 134 pages, with a text layer
- SHA-256
fa12431160f256e4723de0c52e88dfa8ed6c2ad80344ccf429ef7e8788356bfd- Entity as printed
- FENIE BROSSETTE S.A et ses filiales (le « groupe »)
- Regulator copy
- retrieved 2026-10-08T18:25:50Z
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 OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (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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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.