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) (16 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
M2M Group
On this page
Company details
- Legal name
- M2M Group S.A.
- Listing
- M2M on the Bourse de Casablanca, active · ISIN MA0000011678 (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 · published summary of audited statements, final status not established · source
Read with these figures
- Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY2025 figures come from it.
- Auditor's emphasis of matter. Autre point (report on the consolidated états de synthèse, p5): 'Sans remettre en cause la conclusion exprimée ci-dessus, nous vous informons que la convention de concession liant la société ASSIAQA CARD S.A, filiale à hauteur de 75,85% de la société M2M GROUP, avec le Ministère de l'Equipement et du Transport (MET) a pris fin le 31 décembre 2019.
Full wording and sources
Published summary of audited statements for 2025: final status not established
Results publication by M2M Group through the Casablanca exchange; the Conseil d'administration met on 25 March 2026 to 'arrêter les comptes au 31 décembre 2025' (p1). The consolidated statements are condensed; the full annual financial report is published separately (p6). The publication reprints the commissaires aux comptes' report on the full consolidated états de synthèse (Fidaroc Grant Thornton, Faïçal Mekouar, Associé; HDID & Associés, Mohamed Hdid, Associé gérant), unqualified with an 'Autre point', dated 'Casablanca, le 29 avril 2026' with handwritten signatures over stamps (PDF pp5-6, page images). No auditor's report on this publication itself is printed.
Source: Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025 (dated 2026-04-29)
2025, 2024: figures from a published summary
These columns come from a summary of the audited statements, not the full audited financial statements. The publication does not state the source of its consolidated statements; it states 'Le rapport Financier 2025 est accessible sur le site www.m2mgroup.com' (p6) and reprints the auditors' report on the full consolidated états de synthèse (pp5-6). No auditor's report on the publication itself is printed. It reprints the 'Rapport des commissaires aux comptes sur les états de synthèse consolidés du Groupe M2M, exercice du 1er janvier au 31 décembre 2025', unqualified: 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus, sont réguliers et sincères et donnent dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du Groupe M2M au 31 décembre 2025, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 232.359 KMAD including a consolidated net profit of 6.545 KMAD (p5), matching the printed statements (157 811 867 + 74 547 494; 6 545 127). Key audit matters: impairment of trade receivables; valuation of capitalised research and development (pp5-6). Signed Fidaroc Grant Thornton and HDID & Associés, Casablanca, 29 avril 2026 (p6). The general report on the company états de synthèse (pp3-4) is also unqualified with the same 'Autre point' and dated 29 avril 2026. Consolidated bilan (one line per heading: actif immobilisé, actif circulant, disponibilités; equity, minority interests, provisions, dettes) and compte de produits et charges (p4), tableau des flux de trésorerie, tableau de variation des capitaux propres, receivables and debts tables and accounting methods (p5); no notes to the accounts. Company (sociaux) CGNC statements pp1-3 (not transcribed).
Source: Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025 (dated 2026-04-29)
Auditor's emphasis of matter
Autre point (report on the consolidated états de synthèse, p5): 'Sans remettre en cause la conclusion exprimée ci-dessus, nous vous informons que la convention de concession liant la société ASSIAQA CARD S.A, filiale à hauteur de 75,85% de la société M2M GROUP, avec le Ministère de l'Equipement et du Transport (MET) a pris fin le 31 décembre 2019. Ce dernier étant le client unique de la société, cette situation peut entraîner une incertitude quant à la continuité d'exploitation de la société ASSIAQA CARD S.A.' (p5).
Source: Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025 (dated 2026-04-29)
-
Revenue
MAD 127 million
126,682,451 MAD units · p4
+23.4% vs 2024
-
Operating profit / (loss)
MAD 9.06 million
9,064,373 MAD units · p4
+72.8% vs 2024
-
Profit / (loss) for the year
MAD 6.55 million
6,545,127 MAD units · p4
−67.8% vs 2024
-
Total assets
MAD 343 million
343,005,753 MAD units · p4
+10.1% vs 2024
-
Total equity
Not reported in this filing
-
Cash from operations
MAD 24.0 million
23,976,145.93 MAD units · p5
−30.6% 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 — published summary of audited statements (summary), final status not established; reported for the year · source
- FY2024 — published summary of audited statements (summary), final status not established; comparative in the FY2025 filing · source
- 2025, 2024: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. The publication does not state the source of its consolidated statements; it states 'Le rapport Financier 2025 est accessible sur le site www.m2mgroup.com' (p6) and reprints the auditors' report on the full consolidated états de synthèse (pp5-6). No auditor's report on the publication itself is printed. It reprints the 'Rapport des commissaires aux comptes sur les états de synthèse consolidés du Groupe M2M, exercice du 1er janvier au 31 décembre 2025', unqualified: 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus, sont réguliers et sincères et donnent dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du Groupe M2M au 31 décembre 2025, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 232.359 KMAD including a consolidated net profit of 6.545 KMAD (p5), matching the printed statements (157 811 867 + 74 547 494; 6 545 127). Key audit matters: impairment of trade receivables; valuation of capitalised research and development (pp5-6). Signed Fidaroc Grant Thornton and HDID & Associés, Casablanca, 29 avril 2026 (p6). The general report on the company états de synthèse (pp3-4) is also unqualified with the same 'Autre point' and dated 29 avril 2026. Consolidated bilan (one line per heading: actif immobilisé, actif circulant, disponibilités; equity, minority interests, provisions, dettes) and compte de produits et charges (p4), tableau des flux de trésorerie, tableau de variation des capitaux propres, receivables and debts tables and accounting methods (p5); no notes to the accounts. Company (sociaux) CGNC statements pp1-3 (not transcribed).
Income statement
| Line (as printed) | FY2025Published summary of audited statements (summary)reported for the year | FY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations |
|---|---|---|
| Chiffre d'affaires | 126,682,451 | 102,625,951 |
| Autre produits d'exploitation | 5,368,731 | 7,032,174 |
| Achats consommés1 | (68,862,354) | (51,338,902) |
| Charges de personnel | (32,758,657) | (29,232,214) |
| Autre charges d'exploitation2 | (11,535,703) | (11,998,336) |
| Impôts et taxes3 | (338,893) | (583,142) |
| Dotations d'exploitation4 | (9,491,203) | (11,259,369) |
| Total des charges d'exploitation5 | (122,986,809) | (104,411,962) |
| Résultat d'exploitaion | 9,064,373 | 5,246,163 |
| Charges et produits financiers6 | 900,394 | 1,879,111 |
| Résultat courant des entreprises intégrées7 | 9,964,766 | 7,125,274 |
| Charges et produits non courants8 | 961,754 | 17,435,810 |
| Impôts sur les résultats | (4,381,394) | (4,231,274) |
| Résultats net des entreprises intégrées9 | 6,545,127 | 20,329,810 |
| Résultat net de l'ensemble consolidé | 6,545,127 | 20,329,810 |
| Intérêts minoritaires10 | 1,239,753 | 5,678,535 |
Notes and alternative reported figures (10)
- “Achats consommés” is an issuer-specific line, not mapped to a shared definition: Purchases consumed (printed positive; deducted).
- “Autre 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 and duties other than income tax (printed positive; deducted).
- “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provisions (printed positive; deducted).
- “Total des charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Printed total of operating charges (printed positive; deducted).
- “Charges et produits financiers” is an issuer-specific line, not mapped to a shared definition: Net financial income and charges (net income in both years).
- “Résultat courant des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating result plus financial result.
- “Charges et produits non courants” is an issuer-specific line, not mapped to a shared definition: Net non-current income and charges (2024 includes an exceptional income of about 17 MDH per the board's commentary, p1).
- “Résultats net des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: net result of the fully consolidated entities.
- “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority share of the consolidated result.
Balance sheet
| Line (as printed) | FY2025Published summary of audited statements (summary)reported for the year | FY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations |
|---|---|---|
| Actif immobilisé | 12,915,360 | 10,985,653 |
| Immobilisations incorporelles | 8,800,183 | 5,530,975 |
| Immobilisations corporelles | 2,402,993 | 3,402,494 |
| Immobilisations financières1 | 1,712,185 | 2,052,185 |
| Actif circulant2 | 297,169,831 | 271,110,301 |
| Stocks et en cours | 1,423,560 | 1,149,250 |
| Clients et comptes rattachés3 | 79,734,835 | 85,389,503 |
| Créances et compte de régularisation4 | 71,926,236 | 56,540,573 |
| Valeurs mobilières de placement | 144,085,200 | 128,030,975 |
| Disponibilités | 32,920,562 | 29,529,115 |
| Total de l'Actif | 343,005,753 | 311,625,069 |
| Capitaux propres (Part du groupe) | 157,811,867 | 144,832,311 |
| Capital | 64,777,700 | 64,777,700 |
| Réserves consolidées5 | 87,728,794 | 65,403,336 |
| Résultat consolidé6 | 5,305,374 | 14,651,275 |
| Capitaux propres part hors groupe | 74,547,494 | 67,165,021 |
| Intérêt minoritaires dans les réserves7 | 73,307,741 | 61,486,486 |
| Intérêt minoritaires dans les résultats8 | 1,239,753 | 5,678,535 |
| Provisions pour risques et charges | 44,009,876 | 31,776,707 |
| Dettes9 | 66,636,515 | 67,851,031 |
| Emprunts et dettes financières | 497,758 | 1,061,568 |
| Fournisseurs et comptes rattachés10 | 20,754,148 | 22,458,063 |
| Autres dettes et comptes de régularisation11 | 45,384,609 | 44,331,400 |
| Total du Passif | 343,005,753 | 311,625,069 |
Notes and alternative reported figures (11)
- “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets (consolidated).
- “Actif circulant” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of current assets excluding 'Disponibilités' (cash is printed after it and added in total assets).
- “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Fourth match on p4 (the first three are in the auditors' key audit matter text, matched without case). Trade receivables and related accounts; other receivables and accruals are printed on a separate line (p4).
- “Créances et compte de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals.
- “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Group share of consolidated reserves.
- “Résultat consolidé” is an issuer-specific line, not mapped to a shared definition: Group share of the year's result within equity.
- “Intérêt minoritaires dans les réserves” is an issuer-specific line, not mapped to a shared definition: Minority share of reserves.
- “Intérêt minoritaires dans les résultats” is an issuer-specific line, not mapped to a shared definition: Minority share of the year's result.
- “Dettes” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of financial debts, suppliers and other debts.
- “Fournisseurs et comptes rattachés”: mapping to a shared definition is uncertain. Suppliers and related accounts; other debts and accruals are printed on a separate line (p4).
- “Autres dettes et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other debts and accruals.
Cash flow
| Line (as printed) | FY2025Published summary of audited statements (summary)reported for the year | FY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations |
|---|---|---|
| Résultat d'exploitation des entreprises intégrées1 | 9,064,372.84 | 5,246,162.83 |
| Dotation d'exploitation (1)2 | 9,491,202.59 | 11,259,368.56 |
| Résultat d'exploitation3 | 18,555,575.43 | 16,505,531.39 |
| Variation du besoin en fonds de roulement d'exploitation (2)4 | 1,577,158.22 | 7,269,185.17 |
| Flux nets de trésorerie d'exploiation5 | 20,132,733.65 | 23,774,716.56 |
| - Produits financiers6 | 4,864,485.28 | 4,293,277.21 |
| - Dividendes reçus des sociétés mises en équivalence7 | 0.00 | 0.00 |
| Impots sur les sociétés, hors impot sur les plus values sur cession8 | (4,381,393.51) | (4,231,274.15) |
| - Charges et produits non courants9 | 961,753.91 | 17,435,809.90 |
| Sous total10 | 3,843,412.28 | 10,759,935.03 |
| Flux net de trésorerie généré par l'activité | 23,976,145.93 | 34,534,651.59 |
| Acquisition d'immobilisations11 | (4,107,914.97) | (5,983,614.21) |
| Cession d'immobilisation nettes d'impots12 | 141,250.81 | 0.00 |
| Flux de trésorerie liés aux opérations d'investissements | (3,966,664.16) | (5,983,614.21) |
| Dividendes versés aux minoritaires des sociétés intégrés13 | 0.00 | 0.00 |
| Remboursement d'emprunt | (563,810.27) | Not reported in this filing14 |
| Flux de trésorerie liés aux opérations de financement | (563,810.27) | 12,488,010.86 |
| Variation de trésorerie | 19,445,671.50 | 41,039,048.25 |
| Trésorerie d'ouverture | 157,560,090.16 | 116,521,041.91 |
| Trésorerie de clôture | 177,005,761.66 | 157,560,090.16 |
| Augmentation du capital en numéraire15 | Not reported in this filing16 | 12,000,000.00 |
| Emission d'emprunt | Not reported in this filing17 | 488,010.86 |
Notes and alternative reported figures (17)
- “Résultat d'exploitation des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Opening line of the cash-flow statement.
- “Dotation d'exploitation (1)” is an issuer-specific line, not mapped to a shared definition: Non-cash operating charges added back.
- “Résultat d'exploitation” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating result plus depreciation.
- “Variation du besoin en fonds de roulement d'exploitation (2)” is an issuer-specific line, not mapped to a shared definition: Printed negative in both years; the printed total deducts it.
- “Flux nets de trésorerie d'exploiation” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before other operating receipts and payments.
- “- Produits financiers” is an issuer-specific line, not mapped to a shared definition: Other operating receipts.
- “- Dividendes reçus des sociétés mises en équivalence” is an issuer-specific line, not mapped to a shared definition: Printed 0,00 in both years.
- “Impots sur les sociétés, hors impot sur les plus values sur cession” is an issuer-specific line, not mapped to a shared definition: Income tax paid (printed positive; deducted in the 'Sous total').
- “- Charges et produits non courants” is an issuer-specific line, not mapped to a shared definition: Other operating receipts and payments.
- “Sous total” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the other operating receipts and payments.
- “Acquisition d'immobilisations” is an issuer-specific line, not mapped to a shared definition: Acquisitions of fixed assets (printed positive; deducted).
- “Cession d'immobilisation nettes d'impots” is an issuer-specific line, not mapped to a shared definition: Disposals of fixed assets, net of tax.
- “Dividendes versés aux minoritaires des sociétés intégrés” is an issuer-specific line, not mapped to a shared definition: Printed 0,00 in both years.
- Not reported in this filing: Not printed for 2024: the line 'Remboursement d'emprunt' carries a 2025 amount (563 810,27) only; the 2024 column is left blank (p5, checked on the page image).
- “Augmentation du capital en numéraire” is an issuer-specific line, not mapped to a shared definition: Printed for 2024 only.
- Not reported in this filing: Not printed for 2025: the line 'Augmentation du capital en numéraire' carries a 2024 amount (12 000 000,00) only; the 2025 column is left blank (p5, checked on the page image).
- Not reported in this filing: Not printed for 2025: the line 'Emission d'emprunt' carries a 2024 amount (488 010,86) only; the 2025 column is left blank (p5, checked on the page image).
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.
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Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025
Year ended 31 December 2025 · Published summary of audited statements (summary) · final status not established
Audit: Fidaroc Grant Thornton; HDID & Associés (commissaires aux comptes) (named); no auditor's opinion on the full statements in this document
Final status: Results publication by M2M Group through the Casablanca exchange; the Conseil d'administration met on 25 March 2026 to 'arrêter les comptes au 31 décembre 2025' (p1). The consolidated statements are condensed; the full annual financial report is published separately (p6). The publication reprints the commissaires aux comptes' report on the full consolidated états de synthèse (Fidaroc Grant Thornton, Faïçal Mekouar, Associé; HDID & Associés, Mohamed Hdid, Associé gérant), unqualified with an 'Autre point', dated 'Casablanca, le 29 avril 2026' with handwritten signatures over stamps (PDF pp5-6, page images). No auditor's report on this publication itself is printed.
- Document date
- 29 Apr 2026
- Auditor's report
- date not recorded
- Board approval
- 25 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · MAD units (printed “Dirhams (no unit printed on p4; 'en dirhams' on p5 tables; the auditors' report states KMAD totals matching the printed dirham amounts)”)
- Directory name 'M2M Group'; the publication prints 'M2M GROUP S.A' (auditors' reports, pp3, 5) and 'M2MGROUP SA' (p1).
- The statement of changes in equity (p5) heads its closing row 'Situation au 30.06.2025' although it closes the year to 31 December 2025 (its totals 157 811 867,38 and 74 547 494,29 match the 31/12/2025 balance sheet). Not transcribed; noted.
- Charges are printed positive and deducted (operating charges, income tax, acquisitions of fixed assets, repayment of borrowings, the working-capital change and tax paid in the cash-flow statement); stored as deductions with the printed amounts kept. Total equity is not printed as one line: equity group share and minority interests are printed separately. 'Actif circulant' excludes 'Disponibilités'. The balance sheet and income statement are printed in whole dirhams; the cash-flow statement in dirhams and centimes.
- Validation differences explained (checked on the p4-p5 images): printed totals in whole dirhams differ by 1 from the sum of their lines (rounding). The cash-flow statement's closing 'Trésorerie' (177 005 761,66) equals 'Valeurs mobilières de placement' plus 'Disponibilités' (144 085 200 + 32 920 562), not the balance-sheet 'Disponibilités' alone. Kept as printed.
- No auditor's report on the publication itself is printed. It reprints the 'Rapport des commissaires aux comptes sur les états de synthèse consolidés du Groupe M2M, exercice du 1er janvier au 31 décembre 2025', unqualified: 'Nous certifions que les états de synthèse consolidés cités au premier paragraphe ci-dessus, sont réguliers et sincères et donnent dans tous leurs aspects significatifs, une image fidèle du patrimoine et de la situation financière du Groupe M2M au 31 décembre 2025, ainsi que du résultat de l'ensemble consolidé pour l'exercice clos à cette date, conformément au référentiel comptable en vigueur au Maroc.' The report states consolidated equity of 232.359 KMAD including a consolidated net profit of 6.545 KMAD (p5), matching the printed statements (157 811 867 + 74 547 494; 6 545 127). Key audit matters: impairment of trade receivables; valuation of capitalised research and development (pp5-6). Signed Fidaroc Grant Thornton and HDID & Associés, Casablanca, 29 avril 2026 (p6). The general report on the company états de synthèse (pp3-4) is also unqualified with the same 'Autre point' and dated 29 avril 2026.
- Consolidated bilan (one line per heading: actif immobilisé, actif circulant, disponibilités; equity, minority interests, provisions, dettes) and compte de produits et charges (p4), tableau des flux de trésorerie, tableau de variation des capitaux propres, receivables and debts tables and accounting methods (p5); no notes to the accounts. Company (sociaux) CGNC statements pp1-3 (not transcribed).
Technical details
- File
- 6 pages, with a text layer
- SHA-256
2265397fbeccfa1b7c4b5f07480df9bd6b5cf0e3e32c23c8ed161caa3c1a0f53- Entity as printed
- M2M GROUP S.A et ses filiales (Groupe M2M)
- Exchange copy
- retrieved 2026-10-08T18:21:07Z
Data notes
- Autre charges d'exploitation — OCR read '11998 336'; the page image shows '11 998 336'. OCR closed up the first thousands space of the 2024 'Autre charges d'exploitation' amount; the render prints 11 998 336 (page image p4). (Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025, p4)
- Impôts sur les résultats — OCR read '4 381 394|'; the page image shows '4 381 394'. OCR appended the cell border as a bar to the 2025 'Impôts sur les résultats' amount; the render prints 4 381 394 (page image p4). (Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025, p4)
- Acquisition d'immobilisations — OCR read '4 107 914,97|'; the page image shows '4 107 914,97'. OCR appended the cell border as a bar to the 2025 'Acquisition d'immobilisations' amount; the render prints 4 107 914,97 (page image p5). (Résultats Financiers 2025 — Comptes sociaux 2025 / Comptes consolidés 2025, p5)
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) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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