ACTIVE

PHYSIOL

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Financial year 2025 · closed on 31/12/2025

Net result

13,6 M €

-25.3% YoY

Revenue

66,4 M €

+16.1% YoY

Equity

78,4 M €

+21.0% YoY

Workforce

159,1 ETP

-8.3% YoY

What does PHYSIOL do?

PHYSIOL is a Public limited company incorporated in 1986. Its registered office is in Liège. It employs on average 159,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0428.242.033

Incorporation

13/01/1986

Legal form

Public limited company

Registered office

Allée des Noisetiers 4
4031 Liège · WallonieSee on map

Contributed capital

850 000,00 €

Latest accounts

31/12/2025

Average workforce

159,1 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	66,4 M €	+16.1%	57,2 M €	-14.0%	66,5 M €	-18.6%	81,7 M €	+29.1%	63,2 M €	+14.2%	55,4 M €	-6.6%	59,3 M €	+5.7%	56,1 M €	+22.5%	45,8 M €	+28.8%	35,6 M €	+20.3%	29,6 M €	+19.1%	24,8 M €	+36.8%	18,1 M €	+33.0%	13,6 M €	+15.1%	11,8 M €	+12.6%	10,5 M €	+16.4%	9 M €	+38.3%	6,5 M €		–		–
EBITDA	25,2 M €	-17.9%	30,6 M €	+38.8%	22,1 M €	-24.8%	29,4 M €	+2.0%	28,8 M €	+4.2%	27,6 M €	-11.8%	31,3 M €	-3.0%	32,3 M €	+27.5%	25,3 M €	+34.1%	18,9 M €	+17.0%	16,1 M €	+13.3%	14,2 M €	+72.6%	8,3 M €	+61.8%	5,1 M €	+37.4%	3,7 M €	+6.0%	3,5 M €	+6.4%	3,3 M €	+65.5%	2 M €	+50.6%	1,3 M €	+118%	605,1 k €
Operating result	22,5 M €	-24.7%	29,8 M €	+42.1%	21 M €	-30.0%	30 M €	+26.4%	23,7 M €	-4.0%	24,7 M €	-12.0%	28,1 M €	-2.7%	28,9 M €	+27.0%	22,7 M €	+34.3%	16,9 M €	+16.4%	14,5 M €	+14.2%	12,7 M €	+76.3%	7,2 M €	+70.2%	4,2 M €	+41.2%	3 M €	+8.5%	2,8 M €	+7.2%	2,6 M €	+63.8%	1,6 M €	+55.5%	1 M €	+223%	314 k €
Net result	13,6 M €	-25.3%	18,3 M €	+101%	9,1 M €	-59.7%	22,5 M €	+32.7%	17 M €	-2.7%	17,4 M €	-25.4%	23,4 M €	-12.3%	26,7 M €	+26.4%	21,1 M €	+35.6%	15,5 M €	+3.5%	15 M €	+50.2%	10 M €	+72.5%	5,8 M €	+76.3%	3,3 M €	+0.4%	3,3 M €	+62.1%	2 M €	+13.8%	1,8 M €	+66.1%	1,1 M €	-4.6%	1,1 M €	+427%	212,4 k €
Balance sheet
Equity	78,4 M €	+21.0%	64,8 M €	-45.4%	118,7 M €	+8.2%	109,6 M €	+25.8%	87,2 M €	+24.0%	70,3 M €	+32.6%	53,1 M €	+77.2%	29,9 M €	-43.6%	53,1 M €	+41.5%	37,5 M €	+6.1%	35,3 M €	+58.2%	22,3 M €	+86.5%	12 M €	+43.5%	8,4 M €	+9.8%	7,6 M €	+40.8%	5,4 M €	+34.3%	4 M €	+54.0%	2,6 M €	+58.0%	1,7 M €	+98.1%	834,1 k €
Total assets	245,1 M €	-1.5%	248,8 M €	-21.6%	317,3 M €	+9.2%	290,7 M €	+15.3%	252,2 M €	+13.1%	222,9 M €	+13.4%	196,5 M €	+322%	46,5 M €	-36.2%	72,9 M €	+3.3%	70,5 M €	+32.8%	53,1 M €	+93.1%	27,5 M €	+46.7%	18,8 M €	+57.8%	11,9 M €	-6.0%	12,6 M €	+48.8%	8,5 M €	+24.2%	6,8 M €	+28.9%	5,3 M €	+36.6%	3,9 M €	+69.3%	2,3 M €
Cash	3,2 M €	-13.0%	3,7 M €	+289%	949,5 k €	-44.3%	1,7 M €	-63.6%	4,7 M €	-28.6%	6,6 M €	+168%	2,4 M €	-39.1%	4 M €	-72.5%	14,6 M €	-18.7%	18 M €	+220%	5,6 M €	-48.1%	10,8 M €	+116%	5 M €	+83.7%	2,7 M €	+76.3%	1,5 M €	-31.0%	2,2 M €	+102%	1,1 M €	+2224%	47,6 k €	-93.4%	719,4 k €	+1889%	36,2 k €
Debts	166,7 M €	-9.4%	184 M €	-7.2%	198,3 M €	+9.6%	181 M €	+21.0%	149,6 M €	+3.1%	145 M €	+3.7%	139,9 M €	+764%	16,2 M €	-14.9%	19 M €	-42.4%	33 M €	+88.2%	17,5 M €	+241%	5,1 M €	-23.9%	6,8 M €	+91.8%	3,5 M €	-29.9%	5 M €	+62.6%	3,1 M €	+9.9%	2,8 M €	+12.7%	2,5 M €	+19.2%	2,1 M €	+58.3%	1,3 M €
Other
Workforce	159,1 ETP	-8.3%	173,5 ETP	-6.5%	185,5 ETP	-3.0%	191,2 ETP	+8.8%	175,8 ETP	+1.9%	172,5 ETP	+12.1%	153,9 ETP	+23.1%	125,0 ETP	+17.8%	106,1 ETP	+18.9%	89,2 ETP	+15.5%	77,2 ETP	+13.2%	68,2 ETP	+13.1%	60,3 ETP	+11.3%	54,2 ETP	+18.6%	45,7 ETP	+14.5%	39,9 ETP	+9.0%	36,6 ETP	+10.2%	33,2 ETP	+22.5%	27,1 ETP	+28.4%	21,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 34 ended

Active mandates

Denis Hazée

Director · since 15 juillet 2021 · until 02 juin 2027

Active

Jean-Nicolas Fassin

Director · since 28 février 2019 · until 03 juin 2026

Active

PhysIOL Group

Director · since 28 février 2019 · until 03 juin 2026 · 0631.900.164

Represented by Shervin J. Korangy

Active

Ended mandates

David Murray

Director · since 26 février 2021 · until 26 septembre 2022

Ended

David Murray

Director · since 26 février 2021 · until 03 juin 2026

Ended

Dana G. Mead

Director · since 28 février 2019 · until 08 juillet 2019

Ended

Marc NOLET de BRAUWERE van STEELAND

Director · since 28 février 2019 · until 03 juin 2026

Ended

At this address

Other companies at this address

Company	CBE no.
PhysIOL Group● Active	0631.900.164
UNITE TVA PHYSIOL● Active	0634.894.692

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/06/2026	30/06/2025	11/07/2024	07/07/2023	23/06/2022	09/07/2021
General meeting	03/06/2026	25/06/2025	26/06/2024	07/06/2023	01/06/2022	16/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	03/06/2026	30/06/2026	French	PDF
Full model	31/12/2024	25/06/2025	30/06/2025	French	PDF
Full model	31/12/2023	26/06/2024	11/07/2024	French	PDF
Full model	31/12/2022	07/06/2023	07/07/2023	French	PDF
Full model	31/12/2021	01/06/2022	23/06/2022	French	PDF
Full model	31/12/2020	16/06/2021	09/07/2021	French	PDF
Full model	31/12/2019	03/06/2020	27/08/2020	French	PDF
Full model	31/12/2018	27/02/2019	24/07/2019	French	PDF
Full modelCorrection	31/12/2017	06/06/2018	11/07/2018	French	PDF
Full model	31/12/2017	06/06/2018	10/07/2018	French	PDF
Full model	31/12/2016	07/06/2017	06/07/2017	French	PDF
Full model	31/12/2015	01/06/2016	01/07/2016	French	PDF
Full model	31/12/2014	03/06/2015	27/07/2015	French	PDF
Full model	31/12/2013	04/06/2014	23/06/2014	French	PDF
Full model	31/12/2012	05/06/2013	07/06/2013	French	PDF
Full model	31/12/2011	22/06/2012	10/07/2012	French	PDF
Full model	31/12/2010	01/06/2011	11/06/2011	French	PDF
Full model	31/12/2009	02/06/2010	31/08/2010	French	PDF
Full model	31/12/2008	20/05/2009	01/09/2009	French	PDF
Abridged model	31/12/2007	30/04/2008	31/10/2008	French	PDF
Abridged model	31/12/2006	25/04/2007	14/09/2007	French	PDF
Abridged model	31/12/2005	26/04/2006	19/03/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 34 ended

Active mandates

Denis Hazée

Director · since 15 juillet 2021 · until 02 juin 2027

Active

Jean-Nicolas Fassin

Director · since 28 février 2019 · until 03 juin 2026

Active

PhysIOL Group

Director · since 28 février 2019 · until 03 juin 2026 · 0631.900.164

Represented by Shervin J. Korangy

Active

Ended mandates

David Murray

Director · since 26 février 2021 · until 26 septembre 2022

Ended

David Murray

Director · since 26 février 2021 · until 03 juin 2026

Ended

Dana G. Mead

Director · since 28 février 2019 · until 08 juillet 2019

Ended

Marc NOLET de BRAUWERE van STEELAND

Director · since 28 février 2019 · until 03 juin 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other19/08/2026
Renouvellement de mandats
PDF
Mandates21/05/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates11/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates04/12/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates23/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates21/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates01/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates11/03/2021
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202513,6 M €↓
2024
Annual accounts 202418,3 M €↑
2023
Annual accounts 20239,1 M €↓
12/06/2023
reconductionPWC Reviseurs d'Entreprises SRL — commissaire
2022
Annual accounts 202222,5 M €↑
2021
Annual accounts 202117 M €↓
2020
Annual accounts 202017,4 M €↓
2019
Annual accounts 201923,4 M €↓
2018
Annual accounts 201826,7 M €↑
2017
Annual accounts 201721,1 M €↑
2016
Annual accounts 201615,5 M €↑
2015
Annual accounts 201515 M €↑
2014
Annual accounts 201410 M €↑
2013
Annual accounts 20135,8 M €↑
2012
Annual accounts 20123,3 M €↑
2011
Annual accounts 20113,3 M €↑
2010
Annual accounts 20102 M €↑
2009
Annual accounts 20091,8 M €↑
2008
Annual accounts 20081,1 M €↓
2007
Annual accounts 20071,1 M €↑
2006
Annual accounts 2006212,4 k €
13/01/1986
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PHYSIOL

Overview

What does PHYSIOL do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline