ACTIVE

PHYSIOL

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Financial year 2025 · Closed on 31/12/2025

Net result13,6 M €-25,3 %over 1 year

Revenue66,4 M €+16,1 %over 1 year

Equity78,4 M €+21,0 %over 1 year

Workforce159,1 ETP-8,3 %over 1 year

Identity

Source · BCE/KBO

PHYSIOL is a Public limited company incorporated in 1986. Its main activity is: Manufacture of pharmaceutical preparations. 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

Activities (NACE)

21201Manufacture of pharmaceutical preparations· main 21201Manufacture of pharmaceutical preparations 24421Aluminium production 32500Manufacture of medical and dental instruments and supplies 32500Manufacture of medical and dental instruments and supplies 33103Repair of fabricated metal products, machinery and equipment

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 22 filings

Trend over 20 financial years

	2025		2024		2023		2022		2021
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 €
EBITDA	25,2 M €	-17.9%	30,6 M €	+38.8%	22,1 M €	-24.8%	29,4 M €	+2.0%	28,8 M €
Operating result	22,5 M €	-24.7%	29,8 M €	+42.1%	21 M €	-30.0%	30 M €	+26.4%	23,7 M €
Net result	13,6 M €	-25.3%	18,3 M €	+101%	9,1 M €	-59.7%	22,5 M €	+32.7%	17 M €
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 €
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 €
Cash	3,2 M €	-13.0%	3,7 M €	+289%	949,5 k €	-44.3%	1,7 M €	-63.6%	4,7 M €
Debts	166,7 M €	-9.4%	184 M €	-7.2%	198,3 M €	+9.6%	181 M €	+21.0%	149,6 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

Valuation

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 10 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Denis Hazée	Director15/07/2021 → 02/06/2027
Jean-Nicolas Fassin	Director28/02/2019 → 03/06/2026
PhysIOL Group0631.900.164Represented by Shervin J. Korangy	Director22/07/2015 → 03/06/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Murray	Director26/02/2021 → 2022 accounts
Dana G. Mead	Director28/02/2019 → 08/07/2019
Marc NOLET de BRAUWERE van STEELAND	Director28/02/2019 → 2020 accounts

Other companies at this address

Allée des Noisetiers 4 4031 Liège

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

Full financial information

Source · NBB

	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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 22 filings

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

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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 10 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Denis Hazée	Director15/07/2021 → 02/06/2027
Jean-Nicolas Fassin	Director28/02/2019 → 03/06/2026
PhysIOL Group0631.900.164Represented by Shervin J. Korangy	Director22/07/2015 → 03/06/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Murray	Director26/02/2021 → 2022 accounts
Dana G. Mead	Director28/02/2019 → 08/07/2019
Marc NOLET de BRAUWERE van STEELAND	Director28/02/2019 → 2020 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

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

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings20 filings

Mandates

Denis Hazée

PhysIOL Group

Jean-Nicolas Fassin

David Murray

Marc NOLET de BRAUWERE van STEELAND

Dana G. Mead

GAUDETO

IOL International

Christophe Pagnoulle

GALLOY CONSULTING AND ASSET MANAGEMENT SPRL, GALLOCAM SPRL

CARDEL

NOSHAQ

Show the other mandate

198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027

PHYSIOL

Allée des Noisetiers 4, 4031 Angleur

Director

DirectorManaging director

Director

DirectorManaging director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Allée des Noisetiers 4, 4031 AngleurCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00249048

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
PHYSIOLCurrent	accounts 2006 → 2025	Accounts 2025 · 2026-00249048

Events

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

PHYSIOL

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events