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Mutandis
On this page
Company details
- Legal name
- MUTANDIS S.C.A.
- Listing
- MUT on the Bourse de Casablanca, active · ISIN MA0000012395 (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. No emphasis-of-matter or going-concern paragraph in the report on the consolidated états de synthèse; key audit matter: goodwill valuation (495 497 KMAD, 15% of total assets) (p71).
Full wording and sources
Auditor's emphasis of matter
No emphasis-of-matter or going-concern paragraph in the report on the consolidated états de synthèse; key audit matter: goodwill valuation (495 497 KMAD, 15% of total assets) (p71).
Source: Mutandis — Rapport Financier Annuel 2025 (dated 2026-02-20)
-
Revenue
MAD 2.02 billion
2,021,823 MAD thousands · p54
−4.5% vs 2024
-
Operating profit / (loss)
MAD 182 million
181,834 MAD thousands · p54
−30.2% vs 2024
-
Profit / (loss) for the year
MAD 127 million
126,774 MAD thousands · p54
−20.1% vs 2024
-
Total assets
MAD 3.38 billion
3,382,884 MAD thousands · p54
−8.6% vs 2024
-
Total equity
MAD 1.55 billion
1,553,781 MAD thousands · p54
−0.9% vs 2024
-
Cash from operations
MAD 263 million
262,726 MAD thousands · p55
−4.8% 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 | 2,021,823 | 2,116,550 |
| Variation des stocks d’en-cours et produits finis1 | 19,886 | (3,675) |
| Achats consommés2 | (1,219,312) | (1,186,127) |
| Charges de personnel | (263,164) | (306,686) |
| Charges externes3 | (230,678) | (252,723) |
| Impôts et taxes4 | (13,197) | (16,263) |
| Autres produits de l’activité5 | 26 | 1 |
| Dotations aux amortissements6 | (105,357) | (116,046) |
| Dotations nettes de reprises aux provisions courantes7 | (503) | 7,105 |
| Autres produits et charges d’exploitation8 | (4,429) | (19,040) |
| Résultat opérationnel courant9 | 205,096 | 223,096 |
| Autres produits et charges opérationnels10 | (23,262) | 37,301 |
| Résultat opérationnel | 181,834 | 260,397 |
| Résultat financier consolidé opérationnel11 | (13,841) | (47,928) |
| Réévaluations d’actifs financiers non stratégiques12 | 12,030 | Not reported in this filing13 |
| Résultat financier consolidé14 | (1,811) | (47,928) |
| Résultat avant impôt | 180,023 | 212,469 |
| Impôts sur les bénéfices15 | (48,809) | (44,004) |
| Impôts différés sur retraitements IFRS16 | (2,035) | (3,005) |
| Autres Impôts différés17 | (2,406) | (6,812) |
| Total Impôts sur les bénéfices | (53,249) | (53,821) |
| Résultat après impôt18 | 126,774 | 158,648 |
| Résultat net total | 126,774 | 158,648 |
| Résultat net courant19 | 140,412 | 128,158 |
Notes and alternative reported figures (19)
- “Variation des stocks d’en-cours et produits finis” is an issuer-specific line, not mapped to a shared definition: Change in work in progress and finished goods.
- “Achats consommés” is an issuer-specific line, not mapped to a shared definition: Purchases consumed (printed negative).
- “Charges externes” is an issuer-specific line, not mapped to a shared definition: External charges (printed negative).
- “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes and duties other than income tax (printed negative).
- “Autres produits de l’activité” is an issuer-specific line, not mapped to a shared definition: Other income from activities.
- “Dotations aux amortissements” is an issuer-specific line, not mapped to a shared definition: Depreciation and amortisation (printed negative).
- “Dotations nettes de reprises aux provisions courantes” is an issuer-specific line, not mapped to a shared definition: Current provisions, net of reversals.
- “Autres produits et charges d’exploitation” is an issuer-specific line, not mapped to a shared definition: Other operating income and charges, net.
- “Résultat opérationnel courant” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: EBE less depreciation, provisions and other operating items.
- “Autres produits et charges opérationnels” is an issuer-specific line, not mapped to a shared definition: Non-current operating items, net.
- “Résultat financier consolidé opérationnel” is an issuer-specific line, not mapped to a shared definition: Financial result before the revaluation of non-strategic financial assets.
- “Réévaluations d’actifs financiers non stratégiques” is an issuer-specific line, not mapped to a shared definition: Printed for 2025 only (2024 cell blank).
- Not reported in this filing: Not printed for 2024: the line 'Réévaluations d’actifs financiers non stratégiques' carries a 2025 amount (12 030) only; the 2024 column is left blank (p54, checked on the page image).
- “Résultat financier consolidé” is an issuer-specific line, not mapped to a shared definition: Printed subtotal of the financial lines.
- “Impôts sur les bénéfices” is an issuer-specific line, not mapped to a shared definition: Current income tax (printed negative).
- “Impôts différés sur retraitements IFRS” is an issuer-specific line, not mapped to a shared definition: Deferred tax on IFRS restatements.
- “Autres Impôts différés” is an issuer-specific line, not mapped to a shared definition: Other deferred tax.
- “Résultat après impôt” is an issuer-specific line, not mapped to a shared definition: Printed subtotal: result before tax less total income tax.
- “Résultat net courant” is an issuer-specific line, not mapped to a shared definition: Recurring net result as printed by the issuer (non-IFRS measure; definition not printed in the statement).
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Goodwill1 | 495,497 | 495,497 |
| Immobilisations incorporelles | 501,489 | 528,519 |
| Immobilisations corporelles | 936,532 | 892,032 |
| Immeubles de placement | 135,460 | 123,430 |
| Autres actifs financiers2 | 386,460 | 344,920 |
| Impôts différés | 1,569 | 6,279 |
| Actifs non-courants | 2,457,058 | 2,390,728 |
| Stocks et en-cours | 288,812 | 378,794 |
| Clients et comptes rattachés3 | 257,538 | 284,650 |
| Comptes d’état4 | 90,771 | 141,791 |
| Autres débiteurs5 | 27,267 | 16,932 |
| Autres actifs courants6 | 1,710 | 2,057 |
| VMP et autres placements7 | 59,248 | 292,532 |
| Trésorerie et équivalents de trésorerie | 200,480 | 195,305 |
| Actifs courants | 925,826 | 1,312,062 |
| Total Actif | 3,382,884 | 3,702,790 |
| Capital | 924,674 | 924,674 |
| Réserves8 | 500,553 | 478,763 |
| Résultat de l’exercice9 | 126,161 | 159,408 |
| Total Capitaux propres, part du groupe | 1,551,387 | 1,562,845 |
| Total Intérêts minoritaires | 2,394 | 5,726 |
| Total des capitaux propres | 1,553,781 | 1,568,571 |
| Emprunts et dettes financières10 | 931,815 | 1,111,265 |
| Impôts différés | 72,373 | 80,711 |
| Autres passifs long terme11 | 0 | 0 |
| Total Passifs non courants | 1,004,188 | 1,191,975 |
| Emprunts et crédit à moins d’un an | 94,706 | 55,045 |
| Banques (soldes créditeurs) | 222,429 | 317,260 |
| Provisions (part à moins d’un an) | 24,761 | 22,480 |
| Dettes fournisseurs12 | 340,577 | 364,612 |
| Comptes d’État13 | 67,837 | 62,123 |
| Autres créditeurs14 | 74,606 | 120,724 |
| Total des passifs | 1,829,103 | 2,134,219 |
| Total Passif | 3,382,884 | 3,702,790 |
Notes and alternative reported figures (14)
- “Goodwill” is an issuer-specific line, not mapped to a shared definition: Goodwill (non-current).
- “Autres actifs financiers” is an issuer-specific line, not mapped to a shared definition: Non-current other financial assets, including equity instruments at fair value ('Dont' 382 087; 2024: 341 418) and other assets ('Autres actifs' 4 373; 2024: 3 501), sub-lines not transcribed.
- “Clients et comptes rattachés”: mapping to a shared definition is uncertain. Trade receivables; other debtors are printed separately.
- “Comptes d’état” is an issuer-specific line, not mapped to a shared definition: Amounts receivable from the State (current).
- “Autres débiteurs” is an issuer-specific line, not mapped to a shared definition: Other current debtors.
- “Autres actifs courants” is an issuer-specific line, not mapped to a shared definition: Other current assets.
- “VMP et autres placements” is an issuer-specific line, not mapped to a shared definition: Marketable securities and other short-term investments (current).
- “Réserves” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves (including share premium and revaluation reserves; see the statement of changes in equity, p56).
- “Résultat de l’exercice” is an issuer-specific line, not mapped to a shared definition: Group share of the year's result within equity.
- “Emprunts et dettes financières”: mapping to a shared definition is uncertain. Non-current borrowings and financial debt; the statement does not say whether lease liabilities are included.
- “Autres passifs long terme” is an issuer-specific line, not mapped to a shared definition: Other non-current liabilities (printed 0 in both years).
- “Dettes fournisseurs” is an issuer-specific line, not mapped to a shared definition: Trade payables only.
- “Comptes d’État” is an issuer-specific line, not mapped to a shared definition: Amounts payable to the State (current).
- “Autres créditeurs” is an issuer-specific line, not mapped to a shared definition: Other current creditors.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Capacité d’autofinancement1 | 233,352 | 295,297 |
| Incidence de la variation du BFR2 | 29,374 | (19,393) |
| Flux de trésorerie liés aux activités opérationnelles | 262,726 | 275,904 |
| Acquisitions/cessions de participation dans les filiales consolidées3 | 0 | 333,135 |
| Acquisition nette d’immobilisations incorporelles4 | (17,894) | (29,261) |
| Acquisition nette d’immobilisations corporelles5 | (91,822) | (229,060) |
| Acquisition nette des actifs financiers6 | 5,892 | 4,506 |
| Flux de trésorerie liés aux activités d’investissement | (103,823) | 79,320 |
| Augmentation/réduction de capital7 | (4,449) | 1,629 |
| Cession (acquisition) nette d’actions propres8 | 16,125 | (9,927) |
| Dividendes payés aux actionnaires du groupe et aux minoritaires9 | (98,071) | (97,383) |
| Variation de l’endettement10 | (195,681) | (31,642) |
| Flux de trésorerie liés aux activités de financement | (282,076) | (137,322) |
| Incidence de la variation des taux de change11 | (8,000) | 1,296 |
| Incidence des changements de principes comptables12 | 0 | 0 |
| Variation de la trésorerie | (131,174) | 219,198 |
| Trésorerie d’ouverture | 156,300 | (62,898) |
| Trésorerie de clôture | 25,126 | 156,300 |
Notes and alternative reported figures (12)
- “Capacité d’autofinancement” is an issuer-specific line, not mapped to a shared definition: Funds from operations (self-financing capacity).
- “Incidence de la variation du BFR” is an issuer-specific line, not mapped to a shared definition: Change in working capital.
- “Acquisitions/cessions de participation dans les filiales consolidées” is an issuer-specific line, not mapped to a shared definition: Investing.
- “Acquisition nette d’immobilisations incorporelles”: mapping to a shared definition is uncertain. Net acquisitions (net of disposals) of intangible assets.
- “Acquisition nette d’immobilisations corporelles”: mapping to a shared definition is uncertain. Net acquisitions (net of disposals) of property, plant and equipment.
- “Acquisition nette des actifs financiers” is an issuer-specific line, not mapped to a shared definition: Investing: financial assets, net.
- “Augmentation/réduction de capital” is an issuer-specific line, not mapped to a shared definition: Financing.
- “Cession (acquisition) nette d’actions propres” is an issuer-specific line, not mapped to a shared definition: Financing: treasury shares, net.
- “Dividendes payés aux actionnaires du groupe et aux minoritaires”: mapping to a shared definition is uncertain. Dividends paid to the group's shareholders and to minority interests, one line.
- “Variation de l’endettement” is an issuer-specific line, not mapped to a shared definition: Financing: net change in borrowings.
- “Incidence de la variation des taux de change” is an issuer-specific line, not mapped to a shared definition: Effect of exchange-rate changes, included within 'Variation de la trésorerie' (not added after it).
- “Incidence des changements de principes comptables” is an issuer-specific line, not mapped to a shared definition: Printed 0 in both years.
Reported measures outside the statements
| Measure (as printed) | FY2025 | FY2024 |
|---|---|---|
| EBE | 315,384 p54 | 351,077 p54 |
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 payés aux actionnaires du groupe et aux minoritaires |
(98,071) | MAD thousands | Annual report, p55 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividendes payés aux actionnaires du groupe et aux minoritaires |
(97,383) | MAD thousands | Annual report, p55 |
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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Mutandis — Rapport Financier Annuel 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: Hdid & Associés; Forvis Mazars (commissaires aux comptes), unmodified opinion · signed
Auditor's sign-off: Hdid & Associés (Mohamed Hdid, Associé); Forvis Mazars (Associé)
Final status: The report reproduces the commissaires aux comptes' report on the consolidated états de synthèse (pp71-72), unqualified, as a scanned page closing 'Casablanca, le 20 février 2026, Les Commissaires aux Comptes': Hdid & Associés (Mohamed Hdid, Associé) with a handwritten signature over its stamp, and Forvis Mazars (Associé; the partner's name is partly covered by the stamp) with its stamp (PDF p72, page image). No board (gérance or conseil de surveillance) approval date for the consolidated statements is printed with them.
- Document date
- 20 Feb 2026
- Auditor's report
- 20 Feb 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 KMAD”)
- Printed subtotals kept as printed where they differ from their lines (checked on the page render): non-current assets 2 457 058 (2024: 2 390 728) are 51 more than the sum of the printed lines in both years (p54); 'Autres actifs' (4 373; 2024: 3 501), printed in italics, is a sub-line of 'Autres actifs financiers' and not added. Rounding differences of 1 thousand elsewhere (equity part du groupe, résultat opérationnel courant, total income tax, total liabilities).
- No current-liabilities subtotal is printed; 'Total des passifs' includes the non-current subtotal. 'Réévaluations d'actifs financiers non stratégiques' is printed for 2025 only (2024 blank). No statement of comprehensive income and no earnings per share are printed with the consolidated statements (pp54-56).
Technical details
- File
- 77 pages, with a text layer
- SHA-256
3bf8f03a9f054642164ac8c2b1eead5ef4729411b6e3fd89dfa2bc963e46f342- Entity as printed
- MUTANDIS S.C.A. et ses filiales (le « groupe »), 22, Bd Abdelkrim Al Khattabi, Casablanca
- Regulator copy
- retrieved 2026-10-08T18:33:22Z
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) (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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