Maroc-Express: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Maroc-Express
Largest movements
- Receivables within one year -€119,185
down €119,185 (-35.3%), from €338,037 to €218,852
of which Trade receivables: -€117,000
- Profit (loss) carried forward -€128,966
down €128,966 (-45.2%), from €285,470 to €156,505
- Trade debts +€9,966
new in 2025: €9,966
- Tax, wage and social debts +€8,539
up €8,539 (+35.9%), from €23,799 to €32,337
of which Remuneration and social security: +€10,069
- Other debts -€8,322
down €8,322 (-28.0%), from €29,672 to €21,350
- Turnover -€309,400
no longer reported in 2025 (was €309,400)
- Gross operating margin -€137,522
down €137,522 (-58.6%), from €234,745 to €97,224
- Purchases and services -€74,655
no longer reported in 2025 (was €74,655)
- Financial charges +€32,889
up €32,889 (+23503.7%), from €140 to €33,029
of which Non-recurring financial charges: +€32,536
- Taxes +€6,813
up €6,813, from -€1,647 to €5,166
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €357,540 | €238,757 | -€118,783 | -33.2% |
| Fixed assets | 21/28 | €928 | - | -€928 | |
| Tangible fixed assets | 22/27 | €928 | - | -€928 | |
| Furniture and vehicles | 24 | €928 | - | -€928 | |
| Current assets | 29/58 | €356,613 | €238,757 | -€117,855 | -33.0% |
| Amounts receivable within one year | 40/41 | €338,037 | €218,852 | -€119,185 | -35.3% |
| Trade receivables | 40 | €324,391 | €207,391 | -€117,000 | -36.1% |
| Other amounts receivable | 41 | €13,646 | €11,461 | -€2,185 | -16.0% |
| Cash at bank and in hand | 54/58 | €18,576 | €19,905 | +€1,330 | +7.2% |
| Total equity and liabilities | 10/49 | €357,540 | €238,757 | -€118,783 | -33.2% |
| Equity | 10/15 | €304,070 | €175,105 | -€128,966 | -42.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €285,470 | €156,505 | -€128,966 | -45.2% |
| Amounts payable | 17/49 | €53,470 | €63,653 | +€10,183 | +19.0% |
| Amounts payable within one year | 42/48 | €53,470 | €63,653 | +€10,183 | +19.0% |
| Trade debts | 44 | - | €9,966 | +€9,966 | |
| Suppliers | 440/4 | - | €9,966 | +€9,966 | |
| Taxes, remuneration and social security | 45 | €23,799 | €32,337 | +€8,539 | +35.9% |
| Taxes | 450/3 | €20,954 | €19,424 | -€1,530 | -7.3% |
| Remuneration and social security | 454/9 | €2,844 | €12,913 | +€10,069 | +354.0% |
| Other amounts payable | 47/48 | €29,672 | €21,350 | -€8,322 | -28.0% |
| Turnover | 70 | €309,400 | - | -€309,400 | |
| Goods, raw materials, services and sundry goods | 60/61 | €74,655 | - | -€74,655 | |
| Remuneration, social security and pensions | 62 | €33,158 | €36,366 | +€3,209 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,546 | €928 | -€618 | -40.0% |
| Other operating charges | 640/8 | €6,245 | €3,839 | -€2,405 | -38.5% |
| Gross operating margin | 9900 | €234,745 | €97,224 | -€137,522 | -58.6% |
| Operating profit (loss) | 9901 | €193,797 | €56,090 | -€137,707 | -71.1% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €140 | €33,029 | +€32,889 | +23503.7% |
| Recurring financial charges | 65 | €140 | €492 | +€352 | +251.9% |
| Non-recurring financial charges | 66B | - | €32,536 | +€32,536 | |
| Profit (loss) for the period before taxes | 9903 | €193,657 | €23,079 | -€170,578 | -88.1% |
| Income taxes | 67/77 | -€1,647 | €5,166 | +€6,813 | |
| Profit (loss) for the period | 9904 | €195,304 | €17,913 | -€177,391 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €195,304 | €17,913 | -€177,391 | -90.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.