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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) (17 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

Vicenne

VCN · Bourse de Casablanca · Consolidated statements

On this page
Company details
Legal name
VICENNE S.A.
Listing
VCN on the Bourse de Casablanca, active · ISIN MA0000012759 (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. Questions clés de l'audit (not an emphasis of matter): provision for impairment of trade receivables (clients net KMAD 985.564) (pp59).
Full wording and sources

  • Auditor's emphasis of matter

    Questions clés de l'audit (not an emphasis of matter): provision for impairment of trade receivables (clients net KMAD 985.564) (pp59).

    Source: Vicenne — Rapport Financier Annuel 2025 (dated 2026-04-20)

  • Revenue

    MAD 1.08 billion

    1,083,655,282 MAD units · p58

    +29.5% vs 2024

  • Operating profit / (loss)

    MAD 226 million

    225,676,182 MAD units · p58

    +39.2% vs 2024

  • Profit / (loss) for the year

    MAD 144 million

    144,201,970 MAD units · p58

    +58.1% vs 2024

  • Total assets

    MAD 2.01 billion

    2,007,158,487 MAD units · p57

    +52.5% vs 2024

  • Total equity

    Not reported in this filing

  • Cash from operations

    MAD 59.4 million

    59,368,120 MAD units · p58

    Change not shown.

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.

Not shown: the prior-year figure is zero or negative.

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 — 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 units. 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
Chiffre D’affaires 1,083,655,282 836,622,794
Reprises D’exploit ; Transferts De Charges1 29,434,299 2,799,599
TOTAL I2 1,113,089,581 839,422,393
Achats Revendus De Marchandise3 622,743,362 495,935,759
Achats Consommes De Matières Et Fournitures4 72,205,111 59,501,137
Autres Charges Externes5 83,457,118 55,652,044
Impôts Et Taxes6 849,004 754,832
Charges De Personnel 63,817,447 52,442,633
Autres Charges D’exploitation 734,939 411,818
Dotation D’exploitation7 43,606,418 12,591,109
TOTAL II8 887,413,399 677,289,332
Résultat D’exploitation III (I-II) 225,676,182 162,133,061
Prod Titres Particip & Autres Prod Imm.9 (1) 0
Gains De Change10 9,402,963 3,319,583
Intérêts Et Autres Produits Financiers11 1,860,912 220,522
Reprise Financières Transferts De Charges12 1,364,049 1,900,925
TOTAL IV13 12,627,923 5,441,030
Charges D’intérêts 13,193,912 11,937,826
Pertes De Change14 6,643,657 4,739,978
Autres Charges Financières15 0 (592)
Dotations Financières16 671,374 1,364,049
TOTAL V17 20,508,943 18,041,261
Résultat Financier VI (IV - V)18 (7,881,020) (12,600,231)
Résultat Courant VII (V + VI)19 217,795,162 149,532,830
Produits De Cession D’immobilisation20 0 4,275
Autres Produits Non Courants21 2,203,221 1,216,025
TOTAL VIII22 2,203,221 1,220,300
Autres Charges Non Courantes23 3,556,265 1,705,368
TOTAL IX24 3,556,265 1,705,368
RÉSULTAT NON COURANT X (VIII - IX)25 (1,353,044) (485,068)
RÉSULTAT AVANT IMPÔTS XI (VII + X) 216,442,118 149,047,762
IMPÔTS SUR LES RÉSULTATS (62,151,027) (47,735,253)
DEA DES ÉCARTS D’ACQUISITION26 (10,089,121) (10,089,121)
RÉSULTAT NET CONSOLIDÉ 144,201,970 91,223,388
RÉSULTAT NET DES MINORITAIRES27 (82,156) 6,364
Notes and alternative reported figures (27)
  1. “Reprises D’exploit ; Transferts De Charges” is an issuer-specific line, not mapped to a shared definition: Operating reversals and charge transfers.
  2. “TOTAL I” is an issuer-specific line, not mapped to a shared definition: Total operating revenue.
  3. “Achats Revendus De Marchandise” is an issuer-specific line, not mapped to a shared definition: Purchases of goods for resale, adjusted for stock movement.
  4. “Achats Consommes De Matières Et Fournitures” is an issuer-specific line, not mapped to a shared definition: Materials and supplies consumed.
  5. “Autres Charges Externes” is an issuer-specific line, not mapped to a shared definition: Other external charges.
  6. “Impôts Et Taxes” is an issuer-specific line, not mapped to a shared definition: Taxes and duties other than income tax.
  7. “Dotation D’exploitation” is an issuer-specific line, not mapped to a shared definition: Operating depreciation, amortisation and provision charges.
  8. “TOTAL II” is an issuer-specific line, not mapped to a shared definition: Total operating charges.
  9. “Prod Titres Particip & Autres Prod Imm.” is an issuer-specific line, not mapped to a shared definition: Printed -1 (2024: 0).
  10. “Gains De Change” is an issuer-specific line, not mapped to a shared definition: Exchange gains.
  11. “Intérêts Et Autres Produits Financiers” is an issuer-specific line, not mapped to a shared definition: Interest and other financial income.
  12. “Reprise Financières Transferts De Charges” is an issuer-specific line, not mapped to a shared definition: Financial reversals.
  13. “TOTAL IV” is an issuer-specific line, not mapped to a shared definition: Total financial income.
  14. “Pertes De Change” is an issuer-specific line, not mapped to a shared definition: Exchange losses.
  15. “Autres Charges Financières” is an issuer-specific line, not mapped to a shared definition: Other financial charges.
  16. “Dotations Financières” is an issuer-specific line, not mapped to a shared definition: Financial provision charges.
  17. “TOTAL V” is an issuer-specific line, not mapped to a shared definition: Total financial charges.
  18. “Résultat Financier VI (IV - V)” is an issuer-specific line, not mapped to a shared definition: Financial income less financial charges.
  19. “Résultat Courant VII (V + VI)” is an issuer-specific line, not mapped to a shared definition: Operating result plus financial result.
  20. “Produits De Cession D’immobilisation” is an issuer-specific line, not mapped to a shared definition: Non-current income from disposals of fixed assets.
  21. “Autres Produits Non Courants” is an issuer-specific line, not mapped to a shared definition: Other non-current income.
  22. “TOTAL VIII” is an issuer-specific line, not mapped to a shared definition: Total non-current income.
  23. “Autres Charges Non Courantes” is an issuer-specific line, not mapped to a shared definition: Other non-current charges.
  24. “TOTAL IX” is an issuer-specific line, not mapped to a shared definition: Total non-current charges.
  25. “RÉSULTAT NON COURANT X (VIII - IX)” is an issuer-specific line, not mapped to a shared definition: Non-current result.
  26. “DEA DES ÉCARTS D’ACQUISITION” is an issuer-specific line, not mapped to a shared definition: Goodwill amortisation.
  27. “RÉSULTAT NET DES MINORITAIRES” is an issuer-specific line, not mapped to a shared definition: Minority interests' share of the result.

Balance sheet

Balance sheet, MAD units. 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
Ecart D’acquisition-[A]1 54,465,792 64,712,170
Immobilisations En Non-Valeur-[B]2 0 0
Immobilisations Incorporelles-[C] 6,029,799 6,525,377
Immobilisations Corporelles-[D] 9,464,025 8,341,184
Immobilisations Financières-[E]3 15,876,258 1,943,107
TOTAL I (A+B+C+D+E) 85,835,874 81,521,838
Stocks-[F] 133,818,939 160,622,787
Créances De L’actif Circulant-[G]4 1,196,864,580 1,037,949,636
Titres Et Valeurs De Placement-[H] 523,688,778 0
Ecarts De Conversion Actif-[I]5 671,374 1,364,049
Trésorerie - actif 66,278,942 34,597,097
TOTAL GENERAL I+II+III 2,007,158,487 1,316,055,406
Capital Social Ou Personnel 512,942,500 10,000,000
Prime D’émission, De Fusion, D’apport 374,400,840 177,030,427
Reserve Légale6 1,000,000 401,404
Réserves Consolidées7 212,280,886 171,802,573
Réserves De Conversion Groupe8 19,645 (60,021)
Résultat Net Consolide9 144,284,126 91,217,024
Total Des Capitaux Propres-[A] 1,244,927,997 450,391,407
Intérêts Minoritaires-[B] 4,660,276 4,899,582
Dettes De Financement-[C] 48,390,436 65,936,398
Provisions Durables Pour Risques Et Charges-[D]10 14,071,555 7,844,589
TOTAL I (A+B+C+D+E)11 62,461,991 73,780,987
Dettes Du Passif Circulant-[F]12 520,527,191 563,028,985
Ecarts - De Conversion Passif-[H]13 1,720,271 3,321,142
TOTAL II (F+G+H) 522,247,462 566,350,127
Trésorerie - Passif14 172,860,761 220,633,303
TOTAL GÉNÉRAL I+II+III 2,007,158,487 1,316,055,406
Notes and alternative reported figures (14)
  1. “Ecart D’acquisition-[A]” is an issuer-specific line, not mapped to a shared definition: Goodwill on consolidation, net (amortised).
  2. “Immobilisations En Non-Valeur-[B]” is an issuer-specific line, not mapped to a shared definition: Capitalised preliminary/deferred charges; printed 0.
  3. “Immobilisations Financières-[E]” is an issuer-specific line, not mapped to a shared definition: Non-current financial assets.
  4. “Créances De L’actif Circulant-[G]” is an issuer-specific line, not mapped to a shared definition: Current receivables (trade receivables 985 564 254 net, VAT, advances, other).
  5. “Ecarts De Conversion Actif-[I]” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange losses (current).
  6. “Reserve Légale” is an issuer-specific line, not mapped to a shared definition: Legal reserve.
  7. “Réserves Consolidées” is an issuer-specific line, not mapped to a shared definition: Consolidated reserves.
  8. “Réserves De Conversion Groupe” is an issuer-specific line, not mapped to a shared definition: Group translation reserve.
  9. “Résultat Net Consolide” is an issuer-specific line, not mapped to a shared definition: The year's consolidated result (group share) shown within equity.
  10. “Provisions Durables Pour Risques Et Charges-[D]” is an issuer-specific line, not mapped to a shared definition: Long-term provisions for risks and charges.
  11. “TOTAL I (A+B+C+D+E)”: mapping to a shared definition is uncertain. Printed 'TOTAL I (A+B+C+D+E)' on the passif, but its amounts (62 461 991; 73 780 987) equal only [C] + [D] (+[E] = 0): equity [A] and minorities [B] are left out. Mapped as non-current liabilities.
  12. “Dettes Du Passif Circulant-[F]” is an issuer-specific line, not mapped to a shared definition: Current operating liabilities (suppliers, customer advances, staff, social, State, other).
  13. “Ecarts - De Conversion Passif-[H]” is an issuer-specific line, not mapped to a shared definition: Unrealised exchange gains (current).
  14. “Trésorerie - Passif”: mapping to a shared definition is uncertain. Trésorerie-passif: crédits de trésorerie 147 946 384 and bank credit balances 24 914 377.

Cash flow

Cash flow, MAD units. 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 Total Consolidé1 144,201,970 91,223,388
Elim. Des Amortissements Et Provisions2 22,385,975 20,851,232
Elim. Des Résultats De Cession Et Des Pertes Et Profits De Dilution3 0 (4,275)
Elim. Des Produits De Dividendes4 1 0
Capacité D’autofinancement Après Coût De L’endettement Financier Net Et Impôt5 166,587,946 112,070,345
Elim. De La Charge (Produit) D’impôt6 62,151,027 47,735,253
Elim. Du Coût De L’endettement Financier Net7 13,193,912 11,937,826
Capacité D’autofinancement Avant Coût De L’endettement Financier Net Et Impôt8 241,932,885 171,743,425
Incidence De La Variation Des Stocks9 26,848,327 (36,388,865)
Incidence De La Variation Des Créances Clients10 (158,214,872) (253,899,525)
Incidence De La Variation Des Dettes Fournisseurs11 551,176 (29,407,518)
Impôts Payés (51,749,397) (51,193,213)
Flux De Trésorerie Liés Aux Activités Opérationnelles 59,368,120 (199,145,696)
Acquisition D’immobilisations Corporelles Et Incorporelles12 (26,209,438) (3,344,995)
Acquisition d’actifs financiers13 (3,883,571) Not reported in this filing14
Variation Des Prêts Et Avances Consentis15 (10,049,382) 737,121
Cession D’immobilisations Corporelles Et Incorporelles 0 4,275
Dividendes Reçus16 (1) 0
Autres Flux Liés Aux Opérations D’investissement17 (523,688,778) Not reported in this filing18
Flux De Trésorerie Liés Aux Activités D’investissement (563,831,169) (2,603,599)
Augmentation De Capital19 719,979,984 99,742,437
Remboursement D’emprunts (17,545,962) (15,145,031)
Intérêts Financiers Nets Versés20 (13,460,984) (11,513,638)
Dividendes Payés Aux Actionnaires Du Groupe (51,174,476) (8,488,073)
Dividendes Payés Aux Minoritaires21 (53,905,410) 53,748,263
Autres Flux Liés Aux Opérations De Financement22 (25,092,208) 74,543,105
Flux De Trésorerie Liés Aux Activités De Financement 558,800,944 223,289,273
Incidence De La Variation Des Taux De Change 24,285 (68,234)
Variation De La Trésorerie 54,362,180 21,471,744
Trésorerie D’ouverture (12,997,614) (34,469,358)
Trésorerie De Clôture 41,364,565 (12,997,614)
Emission D’emprunts Not reported in this filing23 30,402,210
Notes and alternative reported figures (23)
  1. “Résultat Net Total Consolidé” is an issuer-specific line, not mapped to a shared definition: Net result as the starting line of the cash-flow statement.
  2. “Elim. Des Amortissements Et Provisions” is an issuer-specific line, not mapped to a shared definition: Non-cash add-back.
  3. “Elim. Des Résultats De Cession Et Des Pertes Et Profits De Dilution” is an issuer-specific line, not mapped to a shared definition: Disposal results removed.
  4. “Elim. Des Produits De Dividendes” is an issuer-specific line, not mapped to a shared definition: Dividend income removed (printed 1).
  5. “Capacité D’autofinancement Après Coût De L’endettement Financier Net Et Impôt” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  6. “Elim. De La Charge (Produit) D’impôt” is an issuer-specific line, not mapped to a shared definition: Tax charge added back.
  7. “Elim. Du Coût De L’endettement Financier Net” is an issuer-specific line, not mapped to a shared definition: Net cost of debt added back.
  8. “Capacité D’autofinancement Avant Coût De L’endettement Financier Net Et Impôt” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  9. “Incidence De La Variation Des Stocks” is an issuer-specific line, not mapped to a shared definition: Working-capital movement.
  10. “Incidence De La Variation Des Créances Clients” is an issuer-specific line, not mapped to a shared definition: Working-capital movement.
  11. “Incidence De La Variation Des Dettes Fournisseurs” is an issuer-specific line, not mapped to a shared definition: Working-capital movement.
  12. “Acquisition D’immobilisations Corporelles Et Incorporelles”: mapping to a shared definition is uncertain. Tangible and intangible acquisitions on one line.
  13. “Acquisition d’actifs financiers” is an issuer-specific line, not mapped to a shared definition: Acquisition of financial assets.
  14. Not reported in this filing: The line 'Acquisition d'actifs financiers' (Tableau de Flux de Trésorerie, p58) carries a 2025 amount only (-3.883.571); the EXERCICE PRÉCÉDENT (2024) column is blank (p58). Blank not interpreted as nil. The 2024 investing total -2.603.599 equals the four printed 2024 lines. Checked on the page image (p58).
  15. “Variation Des Prêts Et Avances Consentis” is an issuer-specific line, not mapped to a shared definition: Net change in loans and advances granted.
  16. “Dividendes Reçus” is an issuer-specific line, not mapped to a shared definition: Dividends received (printed -1).
  17. “Autres Flux Liés Aux Opérations D’investissement” is an issuer-specific line, not mapped to a shared definition: Other investing flows (2025: placement securities).
  18. Not reported in this filing: The line 'Autres Flux Liés Aux Opérations D'investissement' (p58) carries a 2025 amount only (-523.688.778); the EXERCICE PRÉCÉDENT (2024) column is blank (p58). Blank not interpreted as nil. Checked on the page image (p58).
  19. “Augmentation De Capital” is an issuer-specific line, not mapped to a shared definition: Proceeds of capital increase (IPO).
  20. “Intérêts Financiers Nets Versés”: mapping to a shared definition is uncertain. Net financial interest paid.
  21. “Dividendes Payés Aux Minoritaires” is an issuer-specific line, not mapped to a shared definition: Dividends paid to minority shareholders.
  22. “Autres Flux Liés Aux Opérations De Financement” is an issuer-specific line, not mapped to a shared definition: Other financing flows.
  23. Not reported in this filing: The line 'Emission D'emprunts' (p58) carries a 2024 amount only (30.402.210); the EXERCICE (2025) column is blank (p58). Blank not interpreted as nil. The 2025 financing total 558.800.944 equals the six printed 2025 lines. Checked on the page image (p58).

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 units)1 144,284,126 91,217,024
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 Payés Aux Actionnaires Du Groupe (51,174,476) MAD units Annual report, p58
31 Dec 2024 Dividends paid (cash flow statement) Dividendes Payés Aux Actionnaires Du Groupe (8,488,073) MAD units Annual report, p58

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.

  • Vicenne — Rapport Financier Annuel 2025

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

    Audit: BDO S.A. (Abderrahim Grine); Finance IQ (Aziz Ghiyati), unmodified opinion · signed

    Auditor's sign-off: BDO S.A., Abderrahim Grine; Finance IQ, Aziz Ghiyati

    Final status: The commissaires aux comptes' report on the consolidated états de synthèse for 1 January to 31 December 2025 (PDF pp59-60, scanned inserts) is unqualified, dated 'Rabat, le 20 avril 2026' and signed: BDO S.A. (Abderrahim Grine, Associé; handwritten signature over the stamp) and Finance IQ (Aziz Ghiyati, Associé; firm stamp with a handwritten stroke) (render p60). No board approval date for the consolidated statements was located.

    Document date
    20 Apr 2026
    Auditor's report
    20 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 units (printed “Not printed on the consolidated statement pages; whole dirhams (auditors' report states MAD, p59)”)
    • Bilan actif (p57): 'TOTAL II (F+G+H+I)' prints 1.330.683.519 (2024: 1.198.572.423), which equals stocks [F] plus créances [G] only; titres et valeurs de placement [H] 523.688.778 and écarts de conversion actif [I] 671.374 (2024: 1.364.049) are left out, yet 'TOTAL GENERAL' 2.007.158.487 includes them. TOTAL II is therefore not transcribed and current assets are recorded as not reported; asset lines are checked against the printed TOTAL GENERAL.
    • Bilan passif (p57): 'TOTAL I (A+B+C+D+E)' prints 62.461.991 (2024: 73.780.987), which is [C] + [D] + [E] only, leaving out equity [A] and minority interests [B]; TOTAL GÉNÉRAL includes them. Mapped as non-current liabilities (ambiguous). The auditors state consolidated equity of 1.244.927.996 MAD (p59) against 1.244.927.997 on the bilan.
    • Amounts in whole dirhams; the consolidated statement pages print no unit (the auditors' report states the equity and result in MAD, p59).
    • Plug-like amounts are printed: 'Prod Titres Particip & Autres Prod Imm.' -1, 'Elim. Des Produits De Dividendes' 1, 'Dividendes Reçus' -1 (p58). 'Dividendes Payés Aux Minoritaires' prints -53.905.410 for 2025 and 53748263 (positive, ungrouped) for 2024. 'Prime D'émission' 2025 prints ungrouped 374400840. Kept as printed.
    • Tableau de flux (p58): 'Variation De La Trésorerie' includes the exchange-rate effect (54.362.180 = 59.368.120 - 563.831.169 + 558.800.944 + 24.285), so opening cash plus the change gives closing cash (41.364.565, within 1) and adding the exchange effect again does not. Cash in the statement is banks (actif) less bank credit balances (66.278.942 - 24.914.377); trésorerie-passif also holds crédits de trésorerie (147.946.384), so it differs from the bilan's net treasury.
    • Consolidated statements pp57-58 used; company (sociaux) statements pp40-55 are not transcribed. PDF pages are two-page spreads (printed folios 112-115 on pp57-58).
    Technical details
    File
    66 pages, with a text layer
    SHA-256
    6762d0d26c152460f4f21cc0d5b279228b4ffc45afbc59d73089343d4e6cf76c
    Entity as printed
    VICENNE S.A. et ses filiales (le « Groupe »), Km 3,5 Route des Zaers, Souissi, Rabat
    Regulator copy
    retrieved 2026-10-08T18:44:33Z

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 the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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