ACTIVE

PhysIOL Group

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Financial year 2025 · closed on 31/12/2025

Net result

3,9 M €

-94.6% YoY

Equity

212,9 M €

+1.9% YoY

What does PhysIOL Group do?

PhysIOL Group is a Public limited company incorporated in 2015. Its main activity is: Management consultancy activities. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0631.900.164

Incorporation

10/06/2015

Legal form

Public limited company

Registered office

Allée des Noisetiers 4
4031 Liège · WallonieSee on map

Contributed capital

80 003 230,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 11 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015
Income statement
Revenue	–		–		–		–		–		269,1 k €	+23.5%	217,8 k €	+65.2%	131,8 k €	-18.1%	160,9 k €	-33.4%	241,4 k €	+165%	91 k €
EBITDA	-1,7 k €	-103%	63 k €	+480%	-16,6 k €	+66.1%	-48,9 k €	+83.2%	-290,5 k €	-339%	-66,1 k €	+87.1%	-514,4 k €	+16.2%	-613,6 k €	-24.6%	-492,5 k €	-1588%	33,1 k €	-59.0%	80,7 k €
Operating result	-1,7 k €	-103%	63 k €	+480%	-16,6 k €	+66.1%	-48,9 k €	+83.2%	-290,5 k €	-65.9%	-175 k €	+76.1%	-732,2 k €	+21.5%	-932,3 k €	-14.9%	-811,2 k €	-184%	-285,5 k €	-263%	-78,6 k €
Net result	3,9 M €	-94.6%	72,3 M €	+25530%	282,2 k €	+24.3%	227,1 k €	+9.2%	207,9 k €	-45.5%	381,3 k €	+187%	-437,1 k €	-101%	48,1 M €	+1108%	4 M €	+304%	-1,9 M €	-293%	1 M €
Balance sheet
Equity	212,9 M €	+1.9%	209 M €	+52.9%	136,7 M €	+0.2%	136,4 M €	+0.2%	136,2 M €	+0.2%	136 M €	+0.3%	135,6 M €	+0.6%	134,8 M €	+55.9%	86,4 M €	+4.8%	82,5 M €	-1.8%	84 M €
Total assets	215,6 M €	+2.2%	211 M €	+4.3%	202,3 M €	+3.7%	195,2 M €	+8.1%	180,5 M €	+14.6%	157,5 M €	+5.1%	149,9 M €	+6.8%	140,3 M €	+4.0%	134,9 M €	-2.0%	137,7 M €	-0.8%	138,8 M €
Cash	65 k €	+273%	17,4 k €	-52.4%	36,6 k €	+32.7%	27,6 k €	-90.5%	291,2 k €	-40.4%	488,7 k €	+21.8%	401,2 k €	-76.4%	1,7 M €	-59.8%	4,2 M €	+222%	1,3 M €	-15.0%	1,5 M €
Debts	2,7 M €	+35.9%	2 M €	-97.0%	65,7 M €	+11.7%	58,8 M €	+39.9%	42 M €	+101%	20,9 M €	+46.7%	14,3 M €	+158%	5,5 M €	-88.4%	47,7 M €	-12.7%	54,7 M €	+1.2%	54 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 19 ended

Active mandates

James Richard Hollingshead

Director · since 19 janvier 2026 · until 04 juin 2031

Active

Denis Hazée

Director · since 15 juillet 2021 · until 02 juin 2027

Active

Jean-Nicolas Fassin

Director · since 26 février 2021 · until 03 juin 2026

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 Jr

Director · since 28 février 2019 · until 26 février 2021

Ended

Dana G. Mead Jr

Director · since 28 février 2019 · until 03 juin 2026

Ended

At this address

Other companies at this address

Company	CBE no.
PHYSIOL● Active	0428.242.033
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	m121-f-p
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	22/02/2022
General meeting	03/06/2026	25/06/2025	26/06/2024	07/06/2023	01/06/2022	01/01/9999
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	USD
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

18 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
m121-f-p	31/12/2023	—	14/07/2025	English	PDF
Full model	31/12/2022	07/06/2023	07/07/2023	French	PDF
m121-f-p	31/12/2022	—	14/07/2025	English	PDF
Full model	31/12/2021	01/06/2022	23/06/2022	French	PDF
m121-f-p	31/12/2021	—	14/07/2025	English	PDF
Full model	31/12/2020	16/06/2021	09/07/2021	French	PDF
m121-f-p	31/12/2020	01/01/9999	22/02/2022	English	PDF
Full model	31/12/2019	03/06/2020	27/08/2020	French	PDF
m121-f-p	31/12/2019	01/01/9999	30/07/2021	English	PDF
Full model	31/12/2018	28/02/2019	24/07/2019	French	PDF
m120-f-p	31/12/2018	28/02/2019	25/07/2019	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	29/06/2017	06/07/2017	French	PDF
Full model	31/12/2015	01/06/2016	01/07/2016	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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 · 19 ended

Active mandates

James Richard Hollingshead

Director · since 19 janvier 2026 · until 04 juin 2031

Active

Denis Hazée

Director · since 15 juillet 2021 · until 02 juin 2027

Active

Jean-Nicolas Fassin

Director · since 26 février 2021 · until 03 juin 2026

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 Jr

Director · since 28 février 2019 · until 26 février 2021

Ended

Dana G. Mead Jr

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
Mandates23/04/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates21/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates01/09/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates11/03/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates21/12/2020
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

19/01/2026
nominationJames Richard Hollingshead — administrateur
19/01/2026
nominationTodd Brooks Patriacca — administrateur
2025
Annual accounts 20253,9 M €↓
2024
Annual accounts 202472,3 M €↑
2023
Annual accounts 2023282,2 k €↑
12/06/2023
reconductionPWC Reviseurs d'Entreprises SRL — commissaire
2022
Annual accounts 2022227,1 k €↑
2021
Annual accounts 2021207,9 k €↓
2021
Name changePhysIOL Group (précédemment WILLOW FOREST INTERNATIONAL)
2020
Annual accounts 2020381,3 k €↑
2019
Annual accounts 2019-437,1 k €↓
2018
Annual accounts 201848,1 M €↑
2018
Name changePhysIOL Group
2017
Annual accounts 20174 M €↑
2016
Annual accounts 2016-1,9 M €↓
2015
Annual accounts 20151 M €
10/06/2015
IncorporationPublic limited company
2015
Name changeWILLOW FOREST INTERNATIONAL

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 Group

Overview

What does PhysIOL Group do?

Trend over 11 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