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Review pending. 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 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

SBM

SBM · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
Société des Boissons du Maroc
Listing
SBM on the Bourse de Casablanca, active · ISIN MA0000010365 (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

  • Revenue

    MAD 3.08 billion

    3,080,236 MAD thousands · p59

    +7.6% vs 2024

  • Operating profit / (loss)

    MAD 524 million

    523,745 MAD thousands · p59

    +26.5% vs 2024

  • Profit / (loss) for the year

    MAD 339 million

    339,114 MAD thousands · p59

    +56.8% vs 2024

  • Total assets

    MAD 2.46 billion

    2,460,508 MAD thousands · p59

    +2.9% vs 2024

  • Total equity

    MAD 1.60 billion

    1,597,040 MAD thousands · p59

    +3.6% vs 2024

  • Cash from operations

    MAD 300 million

    299,584 MAD thousands · p60

    +83.2% 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

Income statement, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
PRODUITS D'EXPLOITATION1 3,187,006 2,874,766
Ventes de marchandises2 294,913 231,642
Ventes de biens et services3 2,785,323 2,630,990
CHIFFRE D'AFFAIRES 3,080,236 2,862,632
Variation des stocks et autres produits4 106,770 12,134
CHARGES D'EXPLOITATION5 (2,663,261) (2,460,754)
Achats revendus et consommés6 (683,058) (663,733)
Impôts et taxes7 (1,362,769) (1,232,436)
Charges de personnel (189,962) (181,069)
Autres charges d'exploitation (304,026) (263,497)
Dotations d'exploitation8 (123,446) (120,019)
RÉSULTAT D'EXPLOITATION 523,745 414,012
RÉSULTAT FINANCIER9 359 8,066
RÉSULTAT COURANT10 524,104 422,078
RÉSULTAT NON COURANT11 17,813 (61,596)
RÉSULTAT AVANT IMPÔTS 541,917 360,482
Impôts sur les résultats (192,941) (134,370)
Dotations aux amortissements des écarts d'acquisition12 (9,862) (9,862)
RÉSULTAT NET CONSOLIDÉ 339,114 216,250
Intérêts minoritaires13 (4,243) 893
Notes and alternative reported figures (13)
  1. “PRODUITS D'EXPLOITATION” is an issuer-specific line, not mapped to a shared definition: Printed total of operating income lines.
  2. “Ventes de marchandises” is an issuer-specific line, not mapped to a shared definition: Sales of goods bought for resale (within chiffre d'affaires).
  3. “Ventes de biens et services” is an issuer-specific line, not mapped to a shared definition: Sales of goods produced and services (within chiffre d'affaires).
  4. “Variation des stocks et autres produits” is an issuer-specific line, not mapped to a shared definition: Change in inventories of products and other operating income.
  5. “CHARGES D'EXPLOITATION” is an issuer-specific line, not mapped to a shared definition: Printed total of operating charges (printed positive; deducted).
  6. “Achats revendus et consommés” is an issuer-specific line, not mapped to a shared definition: Purchases resold and consumed (printed positive; deducted).
  7. “Impôts et taxes” is an issuer-specific line, not mapped to a shared definition: Taxes other than income tax, including excise duties (printed positive; deducted).
  8. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation and provisions (printed positive; deducted).
  9. “RÉSULTAT FINANCIER” is an issuer-specific line, not mapped to a shared definition: Financial result (net).
  10. “RÉSULTAT COURANT” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
  11. “RÉSULTAT NON COURANT” is an issuer-specific line, not mapped to a shared definition: Non-current (exceptional) result.
  12. “Dotations aux amortissements des écarts d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill amortisation (printed positive; deducted).
  13. “Intérêts minoritaires” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the result.

Balance sheet

Balance sheet, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
ACTIF IMMOBILISÉ 814,791 861,926
Immobilisations incorporelles 11,445 24,103
Immobilisations corporelles 643,787 666,320
Immobilisations financières1 1,264 2,135
Écarts d'acquisition2 34,869 44,731
Impôts différés - Actif 123,426 124,637
ACTIF CIRCULANT3 1,541,600 1,434,084
Stocks et en cours 505,794 444,359
Créances d'exploitation4 318,256 353,550
Créances diverses5 142,642 68,792
Titres et valeurs de placements 574,908 567,383
TRÉSORERIE - ACTIF 104,117 94,736
TOTAL - ACTIF 2,460,508 2,390,746
FINANCEMENT PERMANENT6 1,784,057 1,718,243
CAPITAUX PROPRES 1,597,040 1,540,899
Capital 282,965 282,965
Réserves consolidées7 952,036 1,019,652
Résultat net de l'exercice8 343,357 215,357
Intérêts minoritaires 18,682 22,925
PROVISIONS POUR RISQUES ET CHARGES9 186,173 175,817
DETTES DE FINANCEMENT10 844 1,527
PASSIF CIRCULANT11 591,282 612,559
Dettes d'exploitation12 272,531 341,744
Dettes diverses13 290,289 238,743
Autres provisions14 28,462 32,072
TRÉSORERIE - PASSIF15 85,169 59,944
TOTAL - PASSIF 2,460,508 2,390,746
Notes and alternative reported figures (15)
  1. “Immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Non-current financial assets.
  2. “Écarts d'acquisition” is an issuer-specific line, not mapped to a shared definition: Goodwill (amortised under Moroccan consolidation rules).
  3. “ACTIF CIRCULANT” is an issuer-specific line, not mapped to a shared definition: Printed 'Actif circulant': stocks, operating and other receivables and marketable securities; cash (trésorerie-actif) is printed separately.
  4. “Créances d'exploitation”: mapping to a shared definition is uncertain. Operating receivables; other receivables ('Créances diverses') are printed separately.
  5. “Créances diverses” is an issuer-specific line, not mapped to a shared definition: Other receivables.
  6. “FINANCEMENT PERMANENT” is an issuer-specific line, not mapped to a shared definition: Printed subtotal 'Financement permanent': equity (with minority interests), provisions for risks and charges and financing debt.
  7. “Réserves consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves, group share.
  8. “Résultat net de l'exercice” is an issuer-specific line, not mapped to a shared definition: The year's group-share result within equity.
  9. “PROVISIONS POUR RISQUES ET CHARGES” is an issuer-specific line, not mapped to a shared definition: Long-term provisions for risks and charges, within 'Financement permanent'.
  10. “DETTES DE FINANCEMENT”: mapping to a shared definition is uncertain. 'Dettes de financement' (financing debt, within 'Financement permanent'); current maturities are not separated.
  11. “PASSIF CIRCULANT” is an issuer-specific line, not mapped to a shared definition: Printed 'Passif circulant': operating debts, other debts and other provisions; trésorerie-passif printed separately.
  12. “Dettes d'exploitation”: mapping to a shared definition is uncertain. Operating debts; other debts ('Dettes diverses') are printed separately.
  13. “Dettes diverses” is an issuer-specific line, not mapped to a shared definition: Other current debts.
  14. “Autres provisions” is an issuer-specific line, not mapped to a shared definition: Other (current) provisions.
  15. “TRÉSORERIE - PASSIF”: mapping to a shared definition is uncertain. Trésorerie-passif (bank credit balances); deducted from cash in the cash-flow statement by arithmetic.

Cash flow

Cash flow, MAD thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
RÉSULTAT NET DES SOCIÉTÉS INTÉGRÉES1 339,114 216,250
Dotations d'exploitation2 112,168 120,379
Variation des impôts différés3 1,798 (11,822)
Plus-values de cessions, nettes d'impôt4 (32,230) (39,905)
CAPACITÉ D'AUTOFINANCEMENT DES SOCIÉTÉS INTÉGRÉES5 420,851 284,902
VARIATION DU BESOIN EN FONDS DE ROULEMENT LIÉ À L'ACTIVITÉ6 (121,267) (121,383)
FLUX NET DE TRÉSORERIE GÉNÉRÉ PAR L'ACTIVITÉ (I) 299,584 163,519
Acquisition d'immobilisations7 (100,768) (109,845)
Cession d'immobilisations, nettes d'impôts8 75,529 56,907
FLUX NET DE TRÉSORERIE LIÉ AUX OPÉRATIONS D'INVESTISSEMENT (II) (25,240) (52,938)
Dividendes versés aux actionnaires de la société mère (282,965) (452,744)
Diminution des immobilisations financières9 987 451
Diminution des dettes de financement (685) (685)
FLUX NET DE TRÉSORERIE LIÉ AUX OPÉRATIONS DE FINANCEMENT (III) (282,663) (455,478)
VARIATION DE LA TRÉSORERIE (I+II+III) (8,319) (344,897)
TRÉSORERIE D'OUVERTURE 602,175 947,072
TRÉSORERIE DE CLÔTURE 593,856 602,175
Dividendes versés aux minoritaires des sociétés intégrées10 Not reported in this filing11 (2,500)
Notes and alternative reported figures (11)
  1. “RÉSULTAT NET DES SOCIÉTÉS INTÉGRÉES” is an issuer-specific line, not mapped to a shared definition: Net result at the head of the self-financing capacity.
  2. “Dotations d'exploitation” is an issuer-specific line, not mapped to a shared definition: Non-cash add-back.
  3. “Variation des impôts différés” is an issuer-specific line, not mapped to a shared definition: Non-cash item.
  4. “Plus-values de cessions, nettes d'impôt” is an issuer-specific line, not mapped to a shared definition: Disposal gains eliminated from the self-financing capacity (printed negative).
  5. “CAPACITÉ D'AUTOFINANCEMENT DES SOCIÉTÉS INTÉGRÉES” is an issuer-specific line, not mapped to a shared definition: Printed subtotal (self-financing capacity).
  6. “VARIATION DU BESOIN EN FONDS DE ROULEMENT LIÉ À L'ACTIVITÉ” is an issuer-specific line, not mapped to a shared definition: Change in working capital (printed negative: an increase in the requirement).
  7. “Acquisition d'immobilisations”: mapping to a shared definition is uncertain. Acquisitions of fixed assets, tangible and intangible not distinguished.
  8. “Cession d'immobilisations, nettes d'impôts” is an issuer-specific line, not mapped to a shared definition: Investing: proceeds of fixed-asset disposals, net of tax.
  9. “Diminution des immobilisations financières” is an issuer-specific line, not mapped to a shared definition: Presented by the issuer within financing flows.
  10. “Dividendes versés aux minoritaires des sociétés intégrées” is an issuer-specific line, not mapped to a shared definition: Financing (2024 only; 2025 cell blank).
  11. Not reported in this filing: Not printed for 2025: the line 'Dividendes versés aux minoritaires des sociétés intégrées' carries a 2024 amount ((2 500)) only; the 2025 column is left blank (p60, checked on the page image).

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Profit / (loss) attributable to shareholders (MAD thousands)1 343,357 215,357
Notes and alternative reported figures (1)
  1. 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.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (282,965) MAD thousands Annual report, p60
31 Dec 2024 Dividends paid (cash flow statement) Dividendes versés aux actionnaires de la société mère (452,744) MAD thousands Annual report, p60

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.

  • Société des Boissons du Maroc — Rapport Financier Annuel 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Fidaroc Grant Thornton and Forvis Mazars (commissaires aux comptes), unmodified opinion · signed

    Auditor's sign-off: Fidaroc Grant Thornton (Faïçal Mekouar, associé); Forvis Mazars (Abdou Souleye Diop, associé)

    Final status: The commissaires aux comptes' 'Rapport des commissaires aux comptes sur les états financiers consolidés, exercice du 1er janvier au 31 décembre 2025' (PDF pp64-66): unmodified opinion, dated 'Casablanca, le 23 avril 2026' and signed by hand with stamps for Fidaroc Grant Thornton (Faïçal Mekouar, associé) and Forvis Mazars (Abdou Souleye Diop, associé) (page image p66). No board approval date for the consolidated statements is printed.

    Document date
    23 Apr 2026
    Auditor's report
    23 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”)
    • Rounding differences as printed (page image p60): the self-financing capacity 420 851 against its printed components 339 114 + 112 168 + 1 798 - 32 230 = 420 850; the investing flow (25 240) against (100 768) + 75 529 = (25 239). The auditors' report states consolidated equity of 1.597.042 KMAD (p64), the bilan 1 597 040 (p59) and the statement of changes in equity 1 597 044 (reserves 952 041 against 952 036 in the bilan; minorities 18 681 against 18 682) (p60). Bilan figures are transcribed.
    • Moroccan layout: 'Actif circulant' excludes trésorerie-actif and 'Passif circulant' excludes trésorerie-passif (both printed separately); 'Financement permanent' includes equity, so no total-liabilities, current-assets or current-liabilities line as defined is printed. Operating charges, income tax and goodwill amortisation are printed positive and deducted. The 'Quote-part du résultat des sociétés mises en équivalence' lines (compte de produits et charges and cash-flow statement), 'Incidence des variations de périmètre' and 'Subvention d'investissements' print blank cells in both years (page images p59-60) and are not transcribed. Cash in the cash-flow statement equals trésorerie-actif plus titres et valeurs de placement less trésorerie-passif (2025: 104 117 + 574 908 - 85 169 = 593 856; 2024: 94 736 + 567 383 - 59 944 = 602 175).
    • Annual financial report with consolidated statements under Moroccan consolidation rules (pp59-63) and company CGNC statements (pp67-72); auditors' reports on each (pp64-66, pp73-75). The consolidated set is transcribed.
    Technical details
    File
    83 pages, with a text layer
    SHA-256
    9876fde500d31fa745c1cc9810950ac4f442df3e22ad8dca7ad3d6ece3803687
    Entity as printed
    Société des Boissons du Maroc (SBM) et ses filiales (Groupe SBM) (p64)
    Regulator copy
    retrieved 2026-10-08T18:35:47Z

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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