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M2M Group

M2M · Bourse de Casablanca · Consolidated statements

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

Income statement, MAD units. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published 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)
  1. “Achats consommés” is an issuer-specific line, not mapped to a shared definition: Purchases consumed (printed positive; deducted).
  2. “Autre charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating charges (printed positive; deducted).
  3. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes and duties other than income tax (printed positive; deducted).
  4. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provisions (printed positive; deducted).
  5. “Total des charges d'exploitation” is an issuer-specific line, not mapped to a shared definition: Printed total of operating charges (printed positive; deducted).
  6. “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).
  7. “Résultat courant des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating result plus financial result.
  8. “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).
  9. “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.
  10. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority share of the consolidated result.

Balance sheet

Balance sheet, MAD units. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published 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)
  1. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Financial fixed assets (consolidated).
  2. “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).
  3. “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).
  4. “Créances et compte de régularisation” is an issuer-specific line, not mapped to a shared definition: Other receivables and accruals.
  5. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Group share of consolidated reserves.
  6. “Résultat consolidé” is an issuer-specific line, not mapped to a shared definition: Group share of the year's result within equity.
  7. “Intérêt minoritaires dans les réserves” is an issuer-specific line, not mapped to a shared definition: Minority share of reserves.
  8. “Intérêt minoritaires dans les résultats” is an issuer-specific line, not mapped to a shared definition: Minority share of the year's result.
  9. “Dettes” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of financial debts, suppliers and other debts.
  10. “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).
  11. “Autres dettes et comptes de régularisation” is an issuer-specific line, not mapped to a shared definition: Other debts and accruals.

Cash flow

Cash flow, MAD units. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published 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)
  1. “Résultat d'exploitation des entreprises intégrées” is an issuer-specific line, not mapped to a shared definition: Opening line of the cash-flow statement.
  2. “Dotation d'exploitation (1)” is an issuer-specific line, not mapped to a shared definition: Non-cash operating charges added back.
  3. “Résultat d'exploitation” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: operating result plus depreciation.
  4. “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.
  5. “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.
  6. “- Produits financiers” is an issuer-specific line, not mapped to a shared definition: Other operating receipts.
  7. “- Dividendes reçus des sociétés mises en équivalence” is an issuer-specific line, not mapped to a shared definition: Printed 0,00 in both years.
  8. “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').
  9. “- Charges et produits non courants” is an issuer-specific line, not mapped to a shared definition: Other operating receipts and payments.
  10. “Sous total” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the other operating receipts and payments.
  11. “Acquisition d'immobilisations” is an issuer-specific line, not mapped to a shared definition: Acquisitions of fixed assets (printed positive; deducted).
  12. “Cession d'immobilisation nettes d'impots” is an issuer-specific line, not mapped to a shared definition: Disposals of fixed assets, net of tax.
  13. “Dividendes versés aux minoritaires des sociétés intégrés” is an issuer-specific line, not mapped to a shared definition: Printed 0,00 in both years.
  14. 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).
  15. “Augmentation du capital en numéraire” is an issuer-specific line, not mapped to a shared definition: Printed for 2024 only.
  16. 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).
  17. 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).

Per share and shares

Per share and shares. Columns: FY2025 — published summary of audited statements (final status not established), as reported for the year; FY2024 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2025.
Line (as printed) FY2025Published summary of audited statements (summary)reported for the yearFY2024Published summary of audited statements (summary)comparative in FY2025 filingsource limitations
Earnings / (loss) per share (per share)21 8.19 22.62
Profit / (loss) attributable to shareholders (MAD units)3 5,305,374 14,651,275
Notes and alternative reported figures (3)
  1. “Résultat par action”: mapping to a shared definition is uncertain. Printed 'Résultat par action' (8,19; 2024: 22,62) in dirhams; basic or diluted not stated (p4).
  2. Earnings / (loss) per share: printed as “Résultat par action”.
  3. Profit / (loss) attributable to shareholders: printed as “Résultat net (Part du groupe)”.

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.

  • 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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