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Maghreb Oxygène
On this page
Company details
- Legal name
- Maghreb Oxygène S.A.
- Listing
- MOX on the Bourse de Casablanca, active · ISIN MA0000010985 (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: without qualifying their opinion, the auditors draw attention to the rules and methods used for segment information, described in notes 1 (§3.9.21) and 23 (PDF p106).
Full wording and sources
Auditor's emphasis of matter
Observations: without qualifying their opinion, the auditors draw attention to the rules and methods used for segment information, described in notes 1 (§3.9.21) and 23 (PDF p106).
Source: Rapport annuel — Maghreb Oxygène, exercice clos le 31 décembre 2025 (dated 2026-02-02)
-
Revenue
MAD 330 million
330,365 MAD thousands · p111
+6.1% vs 2024
-
Operating profit / (loss)
MAD 12.5 million
12,518 MAD thousands · p111
+55.1% vs 2024
-
Profit / (loss) for the year
MAD 15.4 million
15,447 MAD thousands · p111
+24.3% vs 2024
-
Total assets
MAD 970 million
970,207 MAD thousands · p110
+78.0% vs 2024
-
Total equity
MAD 319 million
319,225 MAD thousands · p110
+4.0% vs 2024
-
Cash from operations
MAD 43.6 million
43,629 MAD thousands · p112
+416.1% 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 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 | 330,365 | 311,411 |
| Autres produits1 | 323 | 18,709 |
| Coût des biens et services vendus | (185,617) | (181,745) |
| Charges de personnel | (46,611) | (45,353) |
| Autres produits et charges opérationnels2 | (61,089) | (69,044) |
| Résultat opérationnel avant amortissements3 | 37,371 | 33,978 |
| Dotations aux amortissements4 | (24,853) | (25,907) |
| Résultat opérationnel | 12,518 | 8,071 |
| Produits de trésorerie ou d'équivalents de trésorerie | 14,995 | 35 |
| Coût de l'endettement financier brut5 | (21,680) | (4,458) |
| Coût de l'endettement financier net6 | (6,685) | (4,423) |
| Résultat avant impôt des sociétés intégrées7 | 5,833 | 3,648 |
| Quote part dans le résultat net des sociétés mises en équivalence | 12,158 | 11,598 |
| Impôts sur les résultats | (2,544) | (2,818) |
| Résultat net consolidé | 15,447 | 12,428 |
| Autres produits et charges | –8 | –8 |
| Résultat global de la période | 15,447 | 12,428 |
- Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (7)
- “Autres produits” is an issuer-specific line, not mapped to a shared definition: Note 4: other income.
- “Autres produits et charges opérationnels” is an issuer-specific line, not mapped to a shared definition: Note 7: other operating income and charges (net).
- “Résultat opérationnel avant amortissements” is an issuer-specific line, not mapped to a shared definition: Operating result before depreciation and amortisation.
- “Dotations aux amortissements” is an issuer-specific line, not mapped to a shared definition: Note 8: depreciation and amortisation charges.
- “Coût de l'endettement financier brut” is an issuer-specific line, not mapped to a shared definition: Gross cost of financial debt.
- “Coût de l'endettement financier net” is an issuer-specific line, not mapped to a shared definition: Note 9: net cost of financial debt.
- “Résultat avant impôt des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Result before tax of the fully consolidated companies; the share of equity-accounted results is added after it.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Immobilisations corporelles | 253,872 | 194,873 |
| Droit d'utilisation de l'actif | 12,552 | 11,964 |
| Titres mis en équivalence | 86,416 | 79,507 |
| Autres immobilisations financières1 | 1,388 | 1,388 |
| Titres de participation non consolidés2 | 70 | 70 |
| Impôts différés actifs | 3,523 | 2,995 |
| Autres actifs non courants3 | 3,919 | 6,301 |
| Actifs non courants | 361,739 | 297,098 |
| Stocks | 62,118 | 48,071 |
| Comptes clients4 | 193,845 | 164,277 |
| Autres créances d'exploitation5 | 23,150 | 18,133 |
| Actif d'impôt exigible | 1,764 | 86 |
| Titres de placement | 310,299 | –6 |
| Trésorerie et équivalents de trésorerie | 17,291 | 17,452 |
| Actifs courants | 608,467 | 248,019 |
| TOTAL ACTIF | 970,207 | 545,117 |
| Capital | 81,250 | 81,250 |
| Prime d'émission | 40,990 | 40,990 |
| Réserves consolidées7 | 181,538 | 172,360 |
| Résultat consolidé de l'exercice8 | 15,447 | 12,428 |
| Intérêts minoritaires | –9 | –9 |
| Capitaux propres | 319,225 | 307,028 |
| Emprunts et autres passifs financiers à long terme | 447,268 | 106,869 |
| Impôts différés passifs | 1,975 | 797 |
| Autres passifs non courants10 | 23,651 | 25,698 |
| Passifs non courants | 472,894 | 133,364 |
| Dettes fournisseurs | 77,984 | 48,476 |
| Autres passifs courants11 | 71,146 | 40,141 |
| Passif d'impôt exigible | 13 | 701 |
| Provisions pour risques et charges courants | –12 | –12 |
| Emprunts et autres passifs financiers à court terme | 28,945 | 15,407 |
| Passifs courants | 178,088 | 104,725 |
| TOTAL PASSIF | 970,207 | 545,117 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (9)
- “Autres immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Note 14.
- “Titres de participation non consolidés” is an issuer-specific line, not mapped to a shared definition: Note 14: participations not consolidated.
- “Autres actifs non courants” is an issuer-specific line, not mapped to a shared definition: Note 15.
- “Comptes clients”: mapping to a shared definition is uncertain. Trade receivables ('Comptes clients'); other operating receivables are printed separately.
- “Autres créances d'exploitation” is an issuer-specific line, not mapped to a shared definition: Note 17.
- “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
- “Résultat consolidé de l'exercice” is an issuer-specific line, not mapped to a shared definition: The year's consolidated result shown within equity.
- “Autres passifs non courants” is an issuer-specific line, not mapped to a shared definition: Note 20.
- “Autres passifs courants” is an issuer-specific line, not mapped to a shared definition: Note 21.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Resultat net consolide1 | 15,447 | 12,428 |
| Charges sans effets sur la trésorerie2 | 10,119 | 26,057 |
| Produits sans effets sur la trésorerie3 | 2,511 | (10,399) |
| Plus ou moins value de cession des immobilisations4 | –5 | (84) |
| Résultats nets des sociétés mises en équivalence, nets des dividendes reçus6 | (6,908) | (6,348) |
| Marge brute d'autofinancement7 | 21,169 | 21,654 |
| Variations des actifs et passifs d'exploitation8 | 22,460 | (13,200) |
| Flux lies à l'exploitation | 43,629 | 8,454 |
| Cessions d'immobilisations corporelles et incorporelles | –9 | 84 |
| Investissements en immobilisations10 | (77,616) | (15,677) |
| Flux liés aux investissements | (77,616) | (15,593) |
| aux actionnaires de Maghreb Oxygène | (3,250) | (3,250) |
| Remboursement des dettes de financement | (106,092) | (6,563) |
| Souscription d'emprunt | 440,100 | –11 |
| Variations des autres actifs et passifs financiers12 | 834 | 3,426 |
| Flux des operations financières | 331,592 | (6,387) |
| Augmentation (diminution) de la tresorerie | 297,605 | (13,526) |
| Tresorerie au debut de l'exercice | 7,322 | 20,848 |
| Trésorerie à la fin de l'exercice | 304,927 | 7,322 |
| Variation des stocks13 | (14,047) | (2,973) |
| Variation des autres actifs d'exploitation14 | (29,568) | (16,729) |
| Variation des passifs d'exploitation15 | 66,075 | 6,502 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_37mahhgy4jhs.self_financing_margin.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (12)
- “Resultat net consolide” is an issuer-specific line, not mapped to a shared definition: Starting line of the indirect-method cash-flow statement.
- “Charges sans effets sur la trésorerie” is an issuer-specific line, not mapped to a shared definition: Non-cash charges added back.
- “Produits sans effets sur la trésorerie” is an issuer-specific line, not mapped to a shared definition: Non-cash income (as printed: positive in 2025, negative in 2024).
- “Plus ou moins value de cession des immobilisations” is an issuer-specific line, not mapped to a shared definition: Gains or losses on disposal of fixed assets.
- “Résultats nets des sociétés mises en équivalence, nets des dividendes reçus” is an issuer-specific line, not mapped to a shared definition: Share of equity-accounted results less dividends received.
- “Marge brute d'autofinancement” is an issuer-specific line, not mapped to a shared definition: Cash flow before working-capital changes.
- “Variations des actifs et passifs d'exploitation” is an issuer-specific line, not mapped to a shared definition: Change in operating assets and liabilities (analysed below the statement).
- “Investissements en immobilisations”: mapping to a shared definition is uncertain. Investments in fixed assets (tangible and intangible not separated); the 2025 amount is read on the page image (OCR places it on the row above).
- “Variations des autres actifs et passifs financiers” is an issuer-specific line, not mapped to a shared definition: Financing activities.
- “Variation des stocks” is an issuer-specific line, not mapped to a shared definition: Analysis of the working-capital change.
- “Variation des autres actifs d'exploitation” is an issuer-specific line, not mapped to a shared definition: Analysis of the working-capital change.
- “Variation des passifs d'exploitation” is an issuer-specific line, not mapped to a shared definition: Analysis of the working-capital change.
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) | aux actionnaires de Maghreb Oxygène |
(3,250) | MAD thousands | Annual report, p112 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | aux actionnaires de Maghreb Oxygène |
(3,250) | MAD thousands | Annual report, p112 |
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 annuel — Maghreb Oxygène, exercice clos le 31 décembre 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: BDO S.A. (Mostafa FRAIHA) and EXCELLENTIA CONSULTING (Hassan MELOIGH), unmodified opinion · signed
Auditor's sign-off: Mostafa FRAIHA (BDO S.A.); Hassan MELOIGH (EXCELLENTIA CONSULTING)
Final status: The commissaires aux comptes' report on the consolidated financial statements (opinion PDF p106) is dated 'Casablanca, le 02 février 2026' and signed with handwritten signatures and firm stamps by Mostafa FRAIHA (BDO S.A.) and Hassan MELOIGH (EXCELLENTIA CONSULTING) (PDF p109, page image). The consolidated statements (pp110-112) are stamped 'FOR IDENTIFICATION PURPOSES ONLY BDO S.A.'. Note 1 states the statements were approved ('arrêtés') by the board on 29 January 2026 (PDF p114); no directors' signature is printed.
- Document date
- 2 Feb 2026
- Auditor's report
- 2 Feb 2026
- Board approval
- 29 Jan 2026
- 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”)
- Question clé de l'audit: test de dépréciation des titres mis en équivalence et des créances financières rattachées (86,4 and 3,9 million dirhams) (PDF p107).
- Etat de la situation financière (p110): the printed 2025 non-current assets add to 361 740 against the printed total 361 739 (a rounding difference); compared on the page render, kept as printed.
- OCR reads some space-grouped amounts without the space ('1388', '62118', '(69044)'); each was compared with the render and is the same figure ('1 388', '62 118', '(69 044)').
- The report also contains the company (social) accounts under the Moroccan CGNC (PDF pp73-104, scanned) with their own auditors' report (pp68-72); not transcribed.
Technical details
- File
- 171 pages, with a text layer
- SHA-256
1cbbe757c03d888b83acfc107579c08b3fb47a72a168ee19248c39ac1cac9838- Entity as printed
- Maghreb Oxygène S.A. et ses filiales (le « groupe »)
- Exchange copy
- retrieved 2026-10-08T18:21:33Z
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 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.
Download
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.