ACTIVE

PhysIOL Group

Financial year 2025 · Closed on 31/12/2025

Net result3,9 M €-94,6 %over 1 year

Equity212,9 M €+1,9 %over 1 year

Identity

Source · BCE/KBO

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

Financials

Source · NBB, 18 filings

Trend over 11 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	–		–		–		–		–
EBITDA	-1,7 k €	-103%	63 k €	+480%	-16,6 k €	+66.1%	-48,9 k €	+83.2%	-290,5 k €
Operating result	-1,7 k €	-103%	63 k €	+480%	-16,6 k €	+66.1%	-48,9 k €	+83.2%	-290,5 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 €
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 €
Total assets	215,6 M €	+2.2%	211 M €	+4.3%	202,3 M €	+3.7%	195,2 M €	+8.1%	180,5 M €
Cash	65 k €	+273%	17,4 k €	-52.4%	36,6 k €	+32.7%	27,6 k €	-90.5%	291,2 k €
Debts	2,7 M €	+35.9%	2 M €	-97.0%	65,7 M €	+11.7%	58,8 M €	+39.9%	42 M €

Valuation

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

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
James Richard Hollingshead	Director19/01/2026 → 04/06/2031
Denis Hazée	Director15/07/2021 → 02/06/2027
Jean-Nicolas Fassin	Director26/02/2021 → 03/06/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Murray	Director26/02/2021 → 2022 accounts
Dana G. Mead Jr	Director28/02/2019 → 2020 accounts

Other companies at this address

Allée des Noisetiers 4 4031 Liège

Company	CBE no.
PHYSIOL● Active	0428.242.033
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	Consolidated accounts
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 18 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
Consolidated accounts	31/12/2023	—	14/07/2025	English	PDF
Full model	31/12/2022	07/06/2023	07/07/2023	French	PDF
Consolidated accounts	31/12/2022	—	14/07/2025	English	PDF
Full model	31/12/2021	01/06/2022	23/06/2022	French	PDF
Consolidated accounts	31/12/2021	—	14/07/2025	English	PDF
Full model	31/12/2020	16/06/2021	09/07/2021	French	PDF
Consolidated accounts	31/12/2020	01/01/9999	22/02/2022	English	PDF
Full model	31/12/2019	03/06/2020	27/08/2020	French	PDF
Consolidated accounts	31/12/2019	01/01/9999	30/07/2021	English	PDF
Full model	31/12/2018	28/02/2019	24/07/2019	French	PDF
Consolidated accounts	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

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.

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
James Richard Hollingshead	Director19/01/2026 → 04/06/2031
Denis Hazée	Director15/07/2021 → 02/06/2027
Jean-Nicolas Fassin	Director26/02/2021 → 03/06/2026

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Murray	Director26/02/2021 → 2022 accounts
Dana G. Mead Jr	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
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

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

Filings11 filings

Mandates

James Richard Hollingshead

Denis Hazée

Jean-Nicolas Fassin

David Murray

Marc Nolet de Brauwère van Steeland

Shervin J. korangy

Dana G. Mead Jr

CHAGRAL INVEST

CARDEL

GAUDETO

Christophe PAGNOULLE

Chris PARKIN

Show the other mandate

20152016201720182019202020212022202320242025202620272028202920302031

PhysIOL GroupPhysIOL Group (précédemment WILLOW FOREST INTERNATIONAL)PhysIOL GroupWILLOW FOREST INTERNATIONAL

Allée des Noisetiers 4, 4031 Angleur

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 · 2026-00249496

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
PhysIOL GroupCurrent	accounts 2023 → 2025	Accounts 2025 · 2026-00249496
PhysIOL Group (précédemment WILLOW FOREST INTERNATIONAL)	accounts 2021 → 2022	Accounts 2022 · 2023-00217885
PhysIOL Group	accounts 2018 → 2020	Accounts 2020 · 2021-34900003
WILLOW FOREST INTERNATIONAL	accounts 2015 → 2017	Accounts 2017 · 2018-32800464

Events

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 €↑
2023
Name changePhysIOL Group
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

PhysIOL Group

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