{"id":8043,"date":"2026-04-08T13:16:54","date_gmt":"2026-04-08T13:16:54","guid":{"rendered":"https:\/\/www.cmsa.ch\/?page_id=8043"},"modified":"2026-04-09T11:51:18","modified_gmt":"2026-04-09T11:51:18","slug":"rapport-financier","status":"publish","type":"page","link":"https:\/\/www.cmsa.ch\/fr\/rapport-annuel\/rapport-financier\/","title":{"rendered":"Rapport financier"},"content":{"rendered":"<style>.gsbp-a275a92{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.gsbp-a502769{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--big-section-spacing);padding-bottom:var(--big-section-spacing)}.gsbp-a502769 .intro-content{padding-left:0!important}.gsbp-0dacec5{max-width:100%!important;width:var(--wp--style--global--content-size,848px)!important}@media (max-width:1139.98px){.gsbp-0dacec5{padding-left:0!important}}body.gspb-bodyfront .gsbp-0dacec5 a.wp-element-button:not([href]){display:none}<\/style><style>.gsbp-a275a92{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.gsbp-a502769{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--big-section-spacing);padding-bottom:var(--big-section-spacing)}.gsbp-a502769 .intro-content{padding-left:0!important}.gsbp-0dacec5{max-width:100%!important;width:var(--wp--style--global--content-size,848px)!important}@media (max-width:1139.98px){.gsbp-0dacec5{padding-left:0!important}}body.gspb-bodyfront .gsbp-0dacec5 a.wp-element-button:not([href]){display:none}<\/style><style>.gsbp-a275a92{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0px;margin-bottom:0px;position:relative;}<\/style>\n<section class=\"gsbp-a275a92 alignfull\" data-type=\"section-component\"><style>.gsbp-a502769{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--big-section-spacing);padding-bottom:var(--big-section-spacing);}.gsbp-a502769 .intro-content{padding-left:0 !important;}<\/style>\n<div class=\"greybg-rad-br gsbp-a502769\" data-type=\"content-area-component\"><style>.gsbp-0dacec5{max-width:100% !important;width:var(--wp--style--global--content-size,848px) !important;}@media (max-width:1139.98px){.gsbp-0dacec5{padding-left:0rem !important;}}<\/style>\n<div class=\"intro-content gsbp-0dacec5\">\n<p class=\"intro-content__pre-head\">Financial Report<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro-content__heading\" id=\"mastering-complexityin-luxury-components\"><strong><strong>Transition vers la norme comptable et de rapport SWISS GAAP RPC<\/strong><\/strong><\/h2>\n\n\n\n<p class=\"intro-content__lede\">Dans une d\u00e9marche de renforcement de la gouvernance financi\u00e8re, CMSA a d\u00e9cid\u00e9 d\u2019introduire les Swiss GAAP RPC comme r\u00e9f\u00e9rentiel comptable. Ce standard suisse reconnu vise \u00e0 am\u00e9liorer la transparence, la comparabilit\u00e9 et la fiabilit\u00e9 de l\u2019information financi\u00e8re, offrant ainsi aux partenaires une base claire et coh\u00e9rente pour l\u2019\u00e9valuation de la performance et de la situation financi\u00e8re du groupe.<\/p>\n\n\n\n<div class=\"wp-block-buttons intro-buttons-wrapper is-layout-flex wp-block-buttons-is-layout-flex\" style=\"margin-top:2.5rem\">\n\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style>.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l)}.gsbp-4a605f8 td,.gsbp-4a605f8 th,.intro-section .intro__lede,.medium-container p{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-9da96e1{max-width:100%;width:65ch}.gsbp-4a605f8{border-collapse:collapse;table-layout:auto}.gsbp-4a605f8 td,.gsbp-4a605f8 th{padding:6px 12px;text-align:left;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);border-width:0 0 1px}.gsbp-4a605f8 th{line-height:142%;font-weight:400}.gsbp-4a605f8 td:nth-of-type(2){background-color:var(--wp--preset--color--lightbg,#f2f2f2);border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);text-align:right}.gsbp-4a605f8 td:nth-of-type(3){text-align:right}@media (max-width:575.98px){.gsbp-4a605f8{display:block;overflow-x:auto}}.gsbp-4a605f8{width:100%;margin-bottom:var(--spacing-l)}.gsbp-4a605f8 tr:last-child td{border-bottom:none}.gsbp-4a605f8 strong{font-family:EuclidCircularABold}.gsbp-4a605f8 td,.gsbp-4a605f8 th{min-width:10ch}table th.gsbp-f4c2e4b{background-color:var(--wp--preset--color--lightbg,#f2f2f2);border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);text-align:right}.medium-container{width:var(--meduim-width);max-width:100%}table th.gsbp-848ae79{text-align:right}.gsbp-66bf40d{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.gsbp-9807f52{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}<\/style><style>.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l)}.gsbp-4a605f8 td,.gsbp-4a605f8 th,.intro-section .intro__lede,.medium-container p{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-9da96e1{max-width:100%;width:65ch}.gsbp-4a605f8{border-collapse:collapse;table-layout:auto}.gsbp-4a605f8 td,.gsbp-4a605f8 th{padding:6px 12px;text-align:left;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);border-width:0 0 1px}.gsbp-4a605f8 th{line-height:142%;font-weight:400}.gsbp-4a605f8 td:nth-of-type(2){background-color:var(--wp--preset--color--lightbg,#f2f2f2);border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);text-align:right}.gsbp-4a605f8 td:nth-of-type(3){text-align:right}@media (max-width:575.98px){.gsbp-4a605f8{display:block;overflow-x:auto}}.gsbp-4a605f8{width:100%;margin-bottom:var(--spacing-l)}.gsbp-4a605f8 tr:last-child td{border-bottom:none}.gsbp-4a605f8 strong{font-family:EuclidCircularABold}.gsbp-4a605f8 td,.gsbp-4a605f8 th{min-width:10ch}table th.gsbp-f4c2e4b{background-color:var(--wp--preset--color--lightbg,#f2f2f2);border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);text-align:right}.medium-container{width:var(--meduim-width);max-width:100%}table th.gsbp-848ae79{text-align:right}.gsbp-66bf40d{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.gsbp-9807f52{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}<\/style>\n<section class=\"gsbp-66bf40d alignfull\" data-type=\"section-component\">\n<div class=\"gsbp-9807f52\" data-type=\"content-area-component\">\n<div class=\"intro-section gsbp-9da96e1\">\n<p class=\"intro__pre-head\">Rapport financier<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__heading\" id=\"consolidated-balance-sheet\" style=\"margin-bottom:2.5rem\"><strong>Compte de r\u00e9sultat consolid\u00e9<\/strong><\/h2>\n\n\n\n<table class=\"gsbp-4a605f8\">\n<tr>\n<th>kCHF <\/th>\n\n\n\n<th class=\"gsbp-f4c2e4b\"><strong>2025<\/strong><\/th>\n\n\n\n<th class=\"gsbp-848ae79\"><strong>2024<\/strong><\/th>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Chiffre d\u2019affaires net provenant des ventes de biens et de services<\/td>\n\n\n\n<td> 232 109 <\/td>\n\n\n\n<td> 224 885 <\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Marge brute<\/td>\n\n\n\n<td> 143 481 <\/td>\n\n\n\n<td> 119 137 <\/td>\n<\/tr>\n\n\n\n<tr>\n<td>En % du chiffre d\u2019affaires<\/td>\n\n\n\n<td>62%<\/td>\n\n\n\n<td>53%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>R\u00e9sultat avant int\u00e9r\u00eats, imp\u00f4ts et amortissements (EBITDA)<\/td>\n\n\n\n<td> 51 553 <\/td>\n\n\n\n<td> 22 265 <\/td>\n<\/tr>\n\n\n\n<tr>\n<td>En % du chiffre d\u2019affaires<\/td>\n\n\n\n<td>22%<\/td>\n\n\n\n<td>10%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>R\u00e9sultat avant int\u00e9r\u00eats et imp\u00f4ts (EBIT)<\/td>\n\n\n\n<td> 36 175 <\/td>\n\n\n\n<td> 6 491 <\/td>\n<\/tr>\n\n\n\n<tr>\n<td>En % du chiffre d\u2019affaires<\/td>\n\n\n\n<td>16%<\/td>\n\n\n\n<td>3%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>R\u00e9sultat ordinaire<\/td>\n\n\n\n<td> 31 664 <\/td>\n\n\n\n<td> 1 225 <\/td>\n<\/tr>\n\n\n\n<tr>\n<td>En % du chiffre d\u2019affaires<\/td>\n\n\n\n<td>14%<\/td>\n\n\n\n<td>1%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>R\u00e9sultat net<\/td>\n\n\n\n<td> 22 026 <\/td>\n\n\n\n<td> 809 <\/td>\n<\/tr>\n\n\n\n<tr class=\"total-row\">\n<td>En % du chiffre d\u2019affaires<\/td>\n\n\n\n<td>9%<\/td>\n\n\n\n<td>0%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n<div class=\"medium-container\">\n<h3 class=\"wp-block-heading\" id=\"current-assets\" style=\"margin-bottom:1.5rem\">Commentaires<\/h3>\n\n\n\n<p style=\"margin-bottom:2.5rem\">En 2025, le chiffre d\u2019affaires net provenant des ventes de biens et de services s\u2019est \u00e9lev\u00e9 \u00e0 232.1 mCHF, contre 224.9 mCHF l\u2019ann\u00e9e pr\u00e9c\u00e9dente. Cette hausse est principalement li\u00e9e \u00e0 l\u2019augmentation des transactions sur m\u00e9taux pr\u00e9cieux, tandis que les activit\u00e9s industrielles ont \u00e9t\u00e9 impact\u00e9es par le ralentissement du secteur horloger.<br><br>La marge brute a progress\u00e9 \u00e0 143.5 mCHF, soit 62 % du chiffre d\u2019affaires net, contre 119.1 mCHF ou 53 % l\u2019ann\u00e9e pr\u00e9c\u00e9dente. Cette \u00e9volution refl\u00e8te la contribution des activit\u00e9s li\u00e9es aux m\u00e9taux pr\u00e9cieux ainsi que le niveau de marge solide r\u00e9alis\u00e9 dans les activit\u00e9s industrielles.<br><br>Le r\u00e9sultat avant int\u00e9r\u00eats, imp\u00f4ts et amortissements (EBITDA) s\u2019est \u00e9tabli \u00e0 51.6 mCHF (22 % du chiffre d\u2019affaires net), contre 22.3 mCHF (10 %) l\u2019ann\u00e9e pr\u00e9c\u00e9dente. Le r\u00e9sultat avant int\u00e9r\u00eats et imp\u00f4ts (EBIT) a progress\u00e9 \u00e0 36.2 mCHF (16 % du chiffre d\u2019affaires net), contre 6.5 mCHF (3 %) l\u2019ann\u00e9e pr\u00e9c\u00e9dente. Tant l\u2019EBITDA que l\u2019EBIT ont \u00e9t\u00e9 positivement influenc\u00e9s par les activit\u00e9s li\u00e9es aux m\u00e9taux pr\u00e9cieux, mais \u00e9galement impact\u00e9s n\u00e9gativement par les effets exceptionnels li\u00e9s aux activit\u00e9s abandonn\u00e9es en France et en Espagne.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"fixed-assets\" style=\"margin-bottom:1.5rem\"><\/h3>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style>.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l)}.gsbp-4a605f9 td,.gsbp-4a605f9 th,.intro-section .intro__lede,.medium-container p{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-9da96e1{max-width:100%;width:65ch}.gsbp-4a605f9{border-collapse:collapse;table-layout:auto}.gsbp-4a605f9 td,.gsbp-4a605f9 th{padding:6px 12px;text-align:left;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);border-width:0 0 1px}.gsbp-4a605f9 th{line-height:142%;font-weight:400}.gsbp-4a605f9 td:nth-of-type(2){border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a)}.gsbp-4a605f9 td:nth-of-type(2),.gsbp-4a605f9 td:nth-of-type(3){text-align:right;background-color:var(--wp--preset--color--contrastcolor,#ffffff)}.gsbp-4a605f9 td:nth-of-type(4),.gsbp-4a605f9 td:nth-of-type(5){text-align:right}@media (max-width:575.98px){.gsbp-4a605f9{display:block;overflow-x:auto}}.gsbp-4a605f9{width:100%;margin-bottom:var(--spacing-l)}.gsbp-4a605f9 tr:last-child td{border-bottom:none}.gsbp-4a605f9 strong{font-family:EuclidCircularABold}.gsbp-4a605f9 td,.gsbp-4a605f9 th{min-width:10ch}table th.gsbp-f4c2e4c{border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a)}table th.gsbp-848ae79,table th.gsbp-f4c2e4c{text-align:right;background-color:var(--wp--preset--color--contrastcolor,#ffffff)}table th.gsbp-3fd2aa8,table th.gsbp-d6e5d9f{text-align:right}.medium-container{width:var(--meduim-width);max-width:100%}.medium-container :is(.wp-block-heading,p):empty{display:none}.gsbp-92a2bb7{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;background-color:var(--wp--preset--color--lightbg,#f2f2f2)}.gsbp-a182312{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}<\/style><style>.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l)}.gsbp-4a605f9 td,.gsbp-4a605f9 th,.intro-section .intro__lede,.medium-container p{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-9da96e1{max-width:100%;width:65ch}.gsbp-4a605f9{border-collapse:collapse;table-layout:auto}.gsbp-4a605f9 td,.gsbp-4a605f9 th{padding:6px 12px;text-align:left;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a);border-width:0 0 1px}.gsbp-4a605f9 th{line-height:142%;font-weight:400}.gsbp-4a605f9 td:nth-of-type(2){border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a)}.gsbp-4a605f9 td:nth-of-type(2),.gsbp-4a605f9 td:nth-of-type(3){text-align:right;background-color:var(--wp--preset--color--contrastcolor,#ffffff)}.gsbp-4a605f9 td:nth-of-type(4),.gsbp-4a605f9 td:nth-of-type(5){text-align:right}@media (max-width:575.98px){.gsbp-4a605f9{display:block;overflow-x:auto}}.gsbp-4a605f9{width:100%;margin-bottom:var(--spacing-l)}.gsbp-4a605f9 tr:last-child td{border-bottom:none}.gsbp-4a605f9 strong{font-family:EuclidCircularABold}.gsbp-4a605f9 td,.gsbp-4a605f9 th{min-width:10ch}table th.gsbp-f4c2e4c{border-bottom-width:1px;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--lightgrey,#85878a)}table th.gsbp-848ae79,table th.gsbp-f4c2e4c{text-align:right;background-color:var(--wp--preset--color--contrastcolor,#ffffff)}table th.gsbp-3fd2aa8,table th.gsbp-d6e5d9f{text-align:right}.medium-container{width:var(--meduim-width);max-width:100%}.medium-container :is(.wp-block-heading,p):empty{display:none}.gsbp-92a2bb7{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;background-color:var(--wp--preset--color--lightbg,#f2f2f2)}.gsbp-a182312{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}<\/style>\n<section class=\"gsbp-92a2bb7 alignfull\" data-type=\"section-component\">\n<div class=\"gsbp-a182312\" data-type=\"content-area-component\">\n<div class=\"intro-section gsbp-9da96e1\">\n<p class=\"intro__pre-head\">Rapport financier<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__heading\" id=\"consolidated-balance-sheet\" style=\"margin-bottom:2.5rem\"><strong>Bilan consolid\u00e9<\/strong><\/h2>\n\n\n\n<table class=\"gsbp-4a605f9\">\n<tr>\n<th>kCHF <\/th>\n\n\n\n<th class=\"gsbp-f4c2e4c\"><strong>31.12.2025<\/strong><\/th>\n\n\n\n<th class=\"gsbp-848ae79\"><strong>in % <\/strong><\/th>\n\n\n\n<th class=\"gsbp-d6e5d9f\"><strong>31.12.2024<\/strong><\/th>\n\n\n\n<th class=\"gsbp-3fd2aa8\"><strong>in % <\/strong><\/th>\n<\/tr>\n\n\n\n<tr>\n<td>Actif <\/td>\n\n\n\n<td><\/td>\n\n\n\n<td><\/td>\n\n\n\n<td><\/td>\n\n\n\n<td><\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Actifs circulants<\/td>\n\n\n\n<td> 238 713 <\/td>\n\n\n\n<td>68%<\/td>\n\n\n\n<td> 247 732 <\/td>\n\n\n\n<td>68%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Actifs immobilis\u00e9s<\/td>\n\n\n\n<td> 113 014 <\/td>\n\n\n\n<td>32%<\/td>\n\n\n\n<td> 117 695 <\/td>\n\n\n\n<td>32%<\/td>\n<\/tr>\n\n\n\n<tr class=\"strong-row\">\n<td>Total de l&#039;actif<\/td>\n\n\n\n<td> 351 727 <\/td>\n\n\n\n<td>100%<\/td>\n\n\n\n<td> 365 428 <\/td>\n\n\n\n<td>100%<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Passif et capitaux propres<\/td>\n\n\n\n<td><\/td>\n\n\n\n<td><\/td>\n\n\n\n<td><\/td>\n\n\n\n<td><\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Passifs \u00e0 court terme<\/td>\n\n\n\n<td> 68 641 <\/td>\n\n\n\n<td>20%<\/td>\n\n\n\n<td> 89 447 <\/td>\n\n\n\n<td>24%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Passifs \u00e0 long terme<\/td>\n\n\n\n<td> 46 065 <\/td>\n\n\n\n<td>13%<\/td>\n\n\n\n<td> 58 952 <\/td>\n\n\n\n<td>16%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Total des passifs<\/td>\n\n\n\n<td> 114 706 <\/td>\n\n\n\n<td>33%<\/td>\n\n\n\n<td> 148 399 <\/td>\n\n\n\n<td>41%<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Capitaux propres<\/td>\n\n\n\n<td> 237 021 <\/td>\n\n\n\n<td>67%<\/td>\n\n\n\n<td> 217 028 <\/td>\n\n\n\n<td>59%<\/td>\n<\/tr>\n\n\n\n<tr class=\"strong-row\">\n<td>Total du passif et des capitaux propres<\/td>\n\n\n\n<td> 351 727 <\/td>\n\n\n\n<td>100%<\/td>\n\n\n\n<td> 365 428 <\/td>\n\n\n\n<td>100%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n<div class=\"medium-container\">\n<h3 class=\"wp-block-heading\" id=\"current-assets\" style=\"margin-bottom:1.5rem\">Commentaires<\/h3>\n\n\n\n<p style=\"margin-bottom:2.5rem\">Au 31 d\u00e9cembre 2025, le total du bilan s\u2019\u00e9levait \u00e0 351.7 mCHF, contre 365.4 mCHF \u00e0 la fin de l\u2019exercice pr\u00e9c\u00e9dent. Cette diminution s\u2019explique principalement par une r\u00e9duction des stocks, refl\u00e9tant l\u2019augmentation des activit\u00e9s li\u00e9es aux m\u00e9taux pr\u00e9cieux. La structure globale des actifs est rest\u00e9e stable d\u2019une ann\u00e9e \u00e0 l\u2019autre, avec 68 % d\u2019actifs circulants et 32 % d\u2019actifs immobilis\u00e9s.<br><br>Le total des passifs a diminu\u00e9 de mani\u00e8re significative pour atteindre 114.7 mCHF au 31 d\u00e9cembre 2025, contre 148.4 mCHF l\u2019ann\u00e9e pr\u00e9c\u00e9dente. Cette \u00e9volution refl\u00e8te le renforcement cibl\u00e9 du bilan gr\u00e2ce au remboursement des dettes \u00e0 court et \u00e0 long terme. Les passifs \u00e0 court terme s\u2019\u00e9levaient \u00e0 68.6 mCHF, tandis que les passifs \u00e0 long terme ont \u00e9t\u00e9 r\u00e9duits \u00e0 46.1 mCHF.<br><br>Les capitaux propres ont atteint 237.0 mCHF \u00e0 la date de cl\u00f4ture, contre 217.0 mCHF \u00e0 la fin de l\u2019exercice pr\u00e9c\u00e9dent. En cons\u00e9quence, le ratio de fonds propres s\u2019est am\u00e9lior\u00e9, passant de 59 % \u00e0 67 %, t\u00e9moignant de la solidit\u00e9 de la capitalisation et de la structure financi\u00e8re de l\u2019entreprise.<br><br>Dans l\u2019ensemble, le bilan au 31 d\u00e9cembre 2025 refl\u00e8te une situation financi\u00e8re solide. La r\u00e9duction des stocks, combin\u00e9e \u00e0 une diminution des passifs et \u00e0 une augmentation des capitaux propres, renforce la stabilit\u00e9 financi\u00e8re de l\u2019entreprise et constitue une base robuste pour le d\u00e9veloppement durable de ses activit\u00e9s.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"fixed-assets\" style=\"margin-bottom:1.5rem\"><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"equity\" style=\"margin-top:2.5rem;margin-bottom:var(--wp--preset--spacing--50)\"><\/h3>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style><\/style><style><\/style><style>.gsbp-c1170f3{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0px;margin-bottom:0px;position:relative;}<\/style>\n<section class=\"gsbp-c1170f3 alignfull\" data-type=\"section-component\"><style>.gsbp-9aff13e{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);}<\/style>\n<div class=\"gsbp-9aff13e\" data-type=\"content-area-component\"><style>.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem;}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l);}.intro-section .intro__lede{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%;}.gsbp-9da96e1{max-width:100%;width:65ch;}<\/style>\n<div class=\"intro-section gsbp-9da96e1\">\n<p class=\"intro__pre-head\">Rapport financier<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__heading\" id=\"consolidated-balance-sheet\" style=\"margin-bottom:2.5rem\">Analyse des r\u00e9sultats du groupe CMSA<\/h2>\n\n\n<style>.gsbp-7941e4a{border-collapse:collapse;table-layout:auto;}.gsbp-7941e4a td{padding-top:6px;padding-bottom:6px;padding-right:12px;padding-left:12px;border-style:solid;border-width:1px;border-color:var(--wp--preset--color--border,#00000012);font-size:14px;}.gsbp-7941e4a th{background-color:var(--wp--preset--color--lightbg,#f2f2f2);padding-top:6px;padding-bottom:6px;padding-right:12px;padding-left:12px;font-size:var(--wp--preset--font-size--custom-1,16px);}.gsbp-7941e4a td:nth-of-type(2){text-align:right;}.gsbp-7941e4a td:nth-of-type(3){text-align:right;}.gsbp-7941e4a td:nth-of-type(4){text-align:right;}.gsbp-7941e4a td:nth-of-type(5){text-align:right;}.gsbp-7941e4a td:nth-of-type(6){text-align:right;}.gsbp-7941e4a td:nth-of-type(7){text-align:right;}.gsbp-7941e4a td:nth-of-type(8){text-align:right;}@media (max-width:575.98px){.gsbp-7941e4a{display:block;overflow-x:auto;}}.gsbp-7941e4a{width:100%;margin-bottom:var(--spacing-l);}<\/style>\n<table class=\"gsbp-7941e4a\"><style>.vertical-head{font-family:EuclidCircularARegular;}.vertical-head th:not(:first-child){max-height:25ch;text-align:left;}.vertical-head th:not(:first-child){writing-mode:sideways-lr;text-orientation:mixed;}.vertical-head th{font-family:EuclidCircularARegular;font-weight:400;}.gsbp-bc73917{border-bottom-color:var(--wp--preset--color--basecolor,#362e30);border-bottom-width:2px;border-bottom-style:solid;}<\/style>\n<tr class=\"vertical-head gsbp-bc73917\"><style>table th.gsbp-90a345f{text-align:left;}<\/style>\n<th class=\"gsbp-90a345f\">kCHF<\/th>\n\n\n\n<th>(A) Industriel<\/th>\n\n\n\n<th>(B) Activit\u00e9s abandonn\u00e9es<\/th>\n\n\n\n<th>(C=A+B) Industriel, y compris activit\u00e9s abandonn\u00e9es<\/th>\n\n\n\n<th>(D) Transactions sur m\u00e9taux pr\u00e9cieux<\/th>\n\n\n\n<th>(E=C+D) Op\u00e9rationnel<\/th>\n\n\n\n<th>(F) Stocks de m\u00e9taux pr\u00e9cieux<\/th>\n\n\n\n<th>(G=E+F) Total Groupe<\/th>\n<\/tr>\n\n\n<style>.bold-row{font-family:EuclidCircularABold;}<\/style>\n<tr class=\"bold-row\">\n<td>Chiffre d\u2019affaires net<\/td>\n\n\n\n<td>123 300<\/td>\n\n\n\n<td>2 573<\/td>\n\n\n\n<td>125 873<\/td>\n\n\n\n<td>106 236<\/td>\n\n\n\n<td>232 109<\/td>\n\n\n\n<td><\/td>\n\n\n\n<td>232 109<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>Marge brute<\/td>\n\n\n\n<td>99 857<\/td>\n\n\n\n<td>-423<\/td>\n\n\n\n<td>99 434<\/td>\n\n\n\n<td>14 175<\/td>\n\n\n\n<td>113\u00a0610<\/td>\n\n\n\n<td>29 871<\/td>\n\n\n\n<td>143 481<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td> % <\/td>\n\n\n\n<td>81%<\/td>\n\n\n\n<td>-16%<\/td>\n\n\n\n<td>79%<\/td>\n\n\n\n<td>13%<\/td>\n\n\n\n<td>49%<\/td>\n\n\n\n<td>k. A.<\/td>\n\n\n\n<td>62%<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Charges de personnel<\/td>\n\n\n\n<td>-65 983<\/td>\n\n\n\n<td>-1 770<\/td>\n\n\n\n<td>-67\u00a0753<\/td>\n\n\n\n<td><\/td>\n\n\n\n<td>-67\u00a0753<\/td>\n\n\n\n<td><\/td>\n\n\n\n<td>-67 753<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Autres charges d\u2019exploitation<\/td>\n\n\n\n<td>-23 086<\/td>\n\n\n\n<td>-1 088<\/td>\n\n\n\n<td>-24\u00a0174<\/td>\n\n\n\n<td><\/td>\n\n\n\n<td>-24\u00a0174<\/td>\n\n\n\n<td><\/td>\n\n\n\n<td>-24\u00a0174<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>EBITDA<\/td>\n\n\n\n<td>10 788<\/td>\n\n\n\n<td>-3 281<\/td>\n\n\n\n<td>7 507<\/td>\n\n\n\n<td>14 175<\/td>\n\n\n\n<td>21\u00a0682<\/td>\n\n\n\n<td>29 871<\/td>\n\n\n\n<td>51 553<\/td>\n<\/tr>\n\n\n\n<tr class=\"highlighted-row\">\n<td>%<\/td>\n\n\n\n<td>9%<\/td>\n\n\n\n<td>k. A.<\/td>\n\n\n\n<td>6%<\/td>\n\n\n\n<td>13%<\/td>\n\n\n\n<td>9%<\/td>\n\n\n\n<td>k. A.<\/td>\n\n\n\n<td>22%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n<style>.medium-container{width:var(--meduim-width);max-width:100%;}.medium-container p{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%;}.medium-container :is(.wp-block-heading,p):empty{display:none;}<\/style>\n<div class=\"medium-container\">\n<h3 class=\"wp-block-heading\" id=\"current-assets\" style=\"margin-bottom:1.5rem\">Commentaires<\/h3>\n\n\n\n<p style=\"margin-bottom:2.5rem\">La performance op\u00e9rationnelle du Groupe peut \u00eatre analys\u00e9e en distinguant les activit\u00e9s industrielles et celles li\u00e9es aux m\u00e9taux pr\u00e9cieux. Le chiffre d\u2019affaires industriel a souffert du ralentissement de l\u2019industrie horlog\u00e8re, tandis que les activit\u00e9s li\u00e9es aux m\u00e9taux pr\u00e9cieux ont b\u00e9n\u00e9fici\u00e9 de la hausse des prix. La pr\u00e9sentation des r\u00e9sultats industriels, hors effets des activit\u00e9s abandonn\u00e9es, permet de mieux refl\u00e9ter la performance op\u00e9rationnelle sous-jacente du Groupe. Les ajustements li\u00e9s aux activit\u00e9s abandonn\u00e9es concernent principalement la cessation progressive de nos activit\u00e9s non strat\u00e9giques en France et en Espagne.<br><br>En 2025, le chiffre d\u2019affaires industriel s\u2019est \u00e9lev\u00e9 \u00e0 123.3 mCHF, celui des activit\u00e9s abandonn\u00e9es \u00e0 2.6 mCHF, tandis que les transactions sur m\u00e9taux pr\u00e9cieux ont contribu\u00e9 \u00e0 hauteur de 106.2 mCHF. Le chiffre d\u2019affaires op\u00e9rationnel du Groupe atteint ainsi 232.1 mCHF.<br><br>L\u2019EBITDA industriel s\u2019\u00e9tablit \u00e0 10.8 mCHF (9 % du chiffre d\u2019affaires), avec un impact de \u20133.3 mCHF li\u00e9 aux activit\u00e9s abandonn\u00e9es. Les transactions sur m\u00e9taux pr\u00e9cieux ont contribu\u00e9 \u00e0 hauteur de 14.2 mCHF, refl\u00e9tant pleinement les gains r\u00e9alis\u00e9s entre la valeur comptable et la valeur de march\u00e9. En incluant ces \u00e9l\u00e9ments, l\u2019EBITDA op\u00e9rationnel du Groupe atteint 21.7 mCHF.<br><br>Apr\u00e8s prise en compte des variations et ajustements de prix des stocks de m\u00e9taux pr\u00e9cieux, \u00e0 hauteur de 29.9 mCHF, l\u2019EBITDA publi\u00e9 du Groupe s\u2019\u00e9l\u00e8ve \u00e0 51.6 mCHF.<br><br>Cette performance met en \u00e9vidence la robustesse du mod\u00e8le d\u2019affaires du Groupe ainsi que la compl\u00e9mentarit\u00e9 entre ses activit\u00e9s industrielles et celles li\u00e9es aux m\u00e9taux pr\u00e9cieux.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"fixed-assets\" style=\"margin-bottom:1.5rem\"><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"equity\" style=\"margin-top:2.5rem;margin-bottom:var(--wp--preset--spacing--50)\"><\/h3>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style>.gsbp-7661ea9{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:hidden}.gsbp-db07d87{overflow:hidden;width:var(--wp--style--global--wide-size,1440px);max-width:100%}.gsbp-99c977a{max-width:100%!important;width:var(--wp--style--global--wide-size,1440px)!important;padding-top:var(--small-section-spacing)!important;padding-left:var(--variable-small-section-spacing)!important;padding-right:var(--variable-small-section-spacing)!important;z-index:3!important;position:relative!important}.gsbp-b45dd4c{max-width:100%;width:65ch}.gsbp-3a80264{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-bottom:var(--small-section-spacing);display:flex;flex-direction:row;column-gap:var(--variable-small-section-spacing);row-gap:var(--variable-small-section-spacing);align-items:center;position:relative;z-index:3;flex-wrap:wrap}.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:calc(25% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:100%}}@media (max-width:575.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:100%}}.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:calc(75% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:100%}}@media (max-width:575.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:100%}}body .comments-wrapper{display:flex!important;flex-direction:column!important;column-gap:.5rem!important;row-gap:.5rem!important}.comments-wrapper .comments-wrapper__title{font-family:EuclidCircularAMedium!important;font-size:var(--wp--preset--font-size--custom-8,16px)!important;line-height:normal!important;color:var(--wp--preset--color--primary,#e3001a)!important}.comments-wrapper 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.comments-wrapper__text{font-size:var(--wp--preset--font-size--custom-2,16px)!important;line-height:142%!important}<\/style><style>.gsbp-7661ea9{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:hidden}.gsbp-db07d87{overflow:hidden;width:var(--wp--style--global--wide-size,1440px);max-width:100%}.gsbp-99c977a{max-width:100%!important;width:var(--wp--style--global--wide-size,1440px)!important;padding-top:var(--small-section-spacing)!important;padding-left:var(--variable-small-section-spacing)!important;padding-right:var(--variable-small-section-spacing)!important;z-index:3!important;position:relative!important}.gsbp-b45dd4c{max-width:100%;width:65ch}.gsbp-3a80264{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-bottom:var(--small-section-spacing);display:flex;flex-direction:row;column-gap:var(--variable-small-section-spacing);row-gap:var(--variable-small-section-spacing);align-items:center;position:relative;z-index:3;flex-wrap:wrap}.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:calc(25% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:100%}}@media (max-width:575.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:100%}}.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:calc(75% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:100%}}@media (max-width:575.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:100%}}body .comments-wrapper{display:flex!important;flex-direction:column!important;column-gap:.5rem!important;row-gap:.5rem!important}.comments-wrapper .comments-wrapper__title{font-family:EuclidCircularAMedium!important;font-size:var(--wp--preset--font-size--custom-8,16px)!important;line-height:normal!important;color:var(--wp--preset--color--primary,#e3001a)!important}.comments-wrapper .comments-wrapper__value{font-family:EuclidCircularABold!important;font-size:var(--wp--preset--font-size--custom-6,16px)!important;line-height:110%!important}.comments-wrapper .comments-wrapper__highlighted-text{font-size:var(--wp--preset--font-size--custom-3,16px)!important;line-height:142%!important}.comments-wrapper .comments-wrapper__text{font-size:var(--wp--preset--font-size--custom-2,16px)!important;line-height:142%!important}<\/style>\n<section class=\"gsbp-7661ea9 alignfull\" data-type=\"section-component\">\n<div class=\"greybg-rad-tr gsbp-db07d87\">\n<div class=\"intro-content gsbp-99c977a\">\n<div class=\"gsbp-b45dd4c\">\n<p class=\"intro-content__pre-head\">Rapport financier<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro-content__heading\" id=\"consolidated-balance-sheet\" style=\"margin-bottom:2.5rem\">Performance financi\u00e8re<\/h2>\n<\/div>\n<\/div>\n\n\n\n<div class=\"gsbp-3a80264\" data-type=\"content-area-component\">\n<div class=\"comments-wrapper\">\n<h3 class=\"comments-wrapper__title\">Hausse du chiffre d\u2019affaires (2025)<\/h3>\n\n\n\n<p class=\"comments-wrapper__value\">+3.2%<\/p>\n\n\n\n<p class=\"comments-wrapper__highlighted-text\">Chiffre d&#039;affaires vs 2024<\/p>\n\n\n\n<p class=\"comments-wrapper__text\">Croissance principalement port\u00e9e par la hausse des prix des m\u00e9taux pr\u00e9cieux<\/p>\n<\/div>\n\n\n\n<div>\n<figure class=\"wp-block-image size-full\" style=\"margin-top:0;margin-bottom:0\"><img loading=\"lazy\" decoding=\"async\" width=\"770\" height=\"434\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1.webp\" alt=\"\" class=\"wp-image-8279\" srcset=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1.webp 770w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1-300x169.webp 300w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1-768x433.webp 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style>.gsbp-f6a510a{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.bg-dark::before{background-color:var(--wp--preset--color--basecolor,#362e30);content:\"\"}.gsbp-3969596{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);background-color:var(--wp--preset--color--lightbg,#f2f2f2);overflow:hidden}.gsbp-ad87f67{background-color:var(--wp--preset--color--contrastcolor,#ffffff)!important;padding-top:var(--spacing-l)!important;padding-bottom:var(--spacing-l)!important;padding-left:var(--spacing-l)!important;padding-right:var(--spacing-l)!important;border-top-left-radius:var(--dafault-radius)!important;border-bottom-left-radius:var(--dafault-radius)!important;border-top-right-radius:var(--dafault-radius)!important;border-bottom-right-radius:var(--dafault-radius)!important;max-width:100%!important;width:var(--meduim-width)!important;position:relative!important;z-index:3!important}<\/style><style>.gsbp-f6a510a{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.bg-dark::before{background-color:var(--wp--preset--color--basecolor,#362e30);content:\"\"}.gsbp-3969596{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);background-color:var(--wp--preset--color--lightbg,#f2f2f2);overflow:hidden}.gsbp-ad87f67{background-color:var(--wp--preset--color--contrastcolor,#ffffff)!important;padding-top:var(--spacing-l)!important;padding-bottom:var(--spacing-l)!important;padding-left:var(--spacing-l)!important;padding-right:var(--spacing-l)!important;border-top-left-radius:var(--dafault-radius)!important;border-bottom-left-radius:var(--dafault-radius)!important;border-top-right-radius:var(--dafault-radius)!important;border-bottom-right-radius:var(--dafault-radius)!important;max-width:100%!important;width:var(--meduim-width)!important;position:relative!important;z-index:3!important}<\/style>\n<section class=\"gsbp-f6a510a alignfull\" data-type=\"section-component\">\n<div class=\"greybg-rad-tr bg-dark gsbp-3969596\" data-type=\"content-area-component\">\n<div class=\"intro-content gsbp-ad87f67\">\n<p class=\"intro-content__pre-head\">Rapport annuel 2025<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro-content__heading\" id=\"consolidated-balance-sheet\" style=\"margin-bottom:1.5rem\"><strong>Documents \u00e0 t\u00e9l\u00e9charger<\/strong><\/h2>\n\n\n\n<p class=\"intro-content__lede\" style=\"margin-bottom:1.5rem\">Acc\u00e9dez ici aux principaux documents relatifs \u00e0 l\u2019exercice 2025<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n\n\n\n\n\n\n<div class=\"wp-block-button\"><a rel=\"noopener\" target=\"\" href=\"https:\/\/cmsa.frontify.com\/share\/C46RhJ5C5MzycxqGg2sx\" class=\"wp-block-button__link wp-element-button\"><span class=\"btn-text\">Annual Report 2025<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":5809,"parent":8039,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"annual-report-page","meta":{"_acf_changed":false,"_gspb_post_css":".gsbp-fefed93{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-top:var(--wp--custom--spacing--top, 0px);padding-bottom:var(--wp--custom--spacing--bottom, 0px);margin-top:0;margin-bottom:0;position:relative;overflow-x:clip}.gsbp-14f5165{max-width:100%;width:var(--wp--style--global--wide-size, 1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:0;padding-bottom:0}body 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