PHYSIOL
ActiveSummary
PHYSIOL has been active since 1986 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €78.4m and a net result of €13.6m. Equity has been growing by about 20% per year since 2018. Its solvency ranks better than 30% of 94 sector peers (NACE 21, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 13-01-1986 Normal situation
- Activity
- Manufacture of basic pharmaceutical products and pharmaceutical preparations NACE 21201and 1 other
- Joint committee
- 207 Paritair Comité voor de bedienden uit de scheikundige nijverheid · annual accounts 2025
- Establishment units
- 2.028.605.639 4031 Liège, since 13-01-1986
- 2.392.819.259 4821 Dison, since 22-08-2026
- Financial year end
- 31 December
- Peppol
- Reachable since 14-07-2026
Board and ownership
Board
- Denis HazéeDirector · since 15-07-2021
- Todd Brooks PatriaccaDirector
- Jean-Nicolas FassinDirector
Shareholders
- PhysIOL Group99.9%· score 922025 annual accounts of PhysIOL Group
- BVI Group Limitedconsolidatesannual accounts 2025
- Holdings
- Shares in 5 companies including Alyko Medical AB and Beaver-Visitec International Sales Limited
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Turnover
- €66.4m
- ▲ 16.1%
- Profit
- €13.6m
- ▼ 25.3%
- Equity
- €78.4m
- ▲ 21.0%
- Total assets
- €245.1m
- ▼ 1.5%
- Employees on 31-12-2025
- 172
- ▲ 0.6%
Score breakdownraises riskLiquidity: current ratio 2.11, cash €3.2mlowers riskFounded in 1986Legal form: public limited companySize: turnover €66.4m, 159.1 FTE, total assets €245.1mShow the evidence
Checked score
Score 2025
94
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 53% of companies in pharmaceuticals (NACE 21)
Financial strength · tick: 2024
Average
Solvency
57+6
equity 32.0% of total assets
Liquidity
50=
short-term debt 12.5% · cash 1.3%
Profitability
66+4
return on assets 5.6%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026lowest value
08-2026: 0.1%● unchanged vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €6,600,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.11 (2.14 in 2024), above the usual 1.5. Short-term debt is 12.5% and cash 1.3% of total assets. However, 68% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 21). It does better than 22% of them on solvency, 73% on liquidity, 37% on profitability and 80% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 days early
2024
31 days early
2023
20 days early
2022
24 days early
2021
38 days early
2020
22 days early
2019
27 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 21), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 40 filings
Turnover
€66.4m▲ 16.1%
2024 · €57.2m
EBIT margin
33.8%▼ 18.3pp
2024 · 52.1%
Net result
€13.6m▼ 25.3%
2024 · €18.3m
Working capital
€33.9m▼ 11.3%
2024 · €38.3m
In the rankings
#1 company by total assets in Liège, Manufacturing sector#2 company by equity in Liège, Manufacturing sector#3 oldest company in the province of Liège, Pharmaceuticals sector
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 25% lower than in 2024.
Turnover€66.4m
2025
Operating result€22.5m
2025
Net result€13.6m
2025
Total assets€245.1m
2025
Equity€78.4m
2025
Debt€166.7m
2025
Working capital€33.9m
2025
EBIT margin33.8%
2025
Return on assets (ROA)5.6%
2025
Solvency32.0%
2025
Current ratio2.11
2025
Staff (FTE)159.1
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€56.1m-€59.3m▲ 5.7%€55.4m▼ 6.6%€63.2m▲ 14.2%€81.7m▲ 29.1%€66.5m▼ 18.6%€57.2m▼ 14.0%€66.4m▲ 16.1%
Operating result€28.9m-€28.1m▼ 2.7%€24.7m▼ 12.0%€23.7m▼ 4.0%€30.0m▲ 26.4%€21.0m▼ 30.0%€29.8m▲ 42.1%€22.5m▼ 24.7%
Net result€26.7m-€23.4m▼ 12.3%€17.4mabove the sector's middle half▼ 25.4%€17.0mabove the sector's middle half▼ 2.7%€22.5mabove the sector's middle half▲ 32.7%€9.1mabove the sector's middle half▼ 59.7%€18.3mabove the sector's middle half▲ 101%€13.6mabove the sector's middle half▼ 25.3%
EBIT margin51.4%-47.4%▼ 4.1pp44.6%▼ 2.7pp37.5%▼ 7.1pp36.7%▼ 0.8pp31.5%▼ 5.2pp52.1%▲ 20.6pp33.8%▼ 18.3pp
Equity€29.9m-€53.1m▲ 77.2%€70.3mabove the sector's middle half▲ 32.6%€87.2mabove the sector's middle half▲ 24.0%€109.6mabove the sector's middle half▲ 25.8%€118.7mabove the sector's middle half▲ 8.2%€64.8mabove the sector's middle half▼ 45.4%€78.4mabove the sector's middle half▲ 21.0%
Total assets€46.5m-€196.5m▲ 322%€222.9mabove the sector's middle half▲ 13.4%€252.2mabove the sector's middle half▲ 13.1%€290.7mabove the sector's middle half▲ 15.3%€317.3mabove the sector's middle half▲ 9.2%€248.8mabove the sector's middle half▼ 21.6%€245.1mabove the sector's middle half▼ 1.5%
Debt€16.2m-€143.4m▲ 786%€152.6m▲ 6.4%€165.0m▲ 8.1%€181.0m▲ 9.7%€198.4m▲ 9.6%€184.0m▼ 7.2%€166.7m▼ 9.4%
Working capital€10.0m-€22.3m▲ 123%€28.7mabove the sector's middle half▲ 28.5%€32.3mabove the sector's middle half▲ 12.9%€25.0mabove the sector's middle half▼ 22.6%€41.6mabove the sector's middle half▲ 66.0%€38.3mabove the sector's middle half▼ 7.9%€33.9mabove the sector's middle half▼ 11.3%
Solvency64.4%-27.0%▼ 37.4pp31.6%within the sector's middle half▲ 4.5pp34.6%within the sector's middle half▲ 3.0pp37.7%within the sector's middle half▲ 3.1pp37.4%within the sector's middle half▼ 0.3pp26.1%within the sector's middle half▼ 11.4pp32.0%within the sector's middle half▲ 5.9pp
Current ratio1.62-2.90▲ 1.283.13above the sector's middle half▲ 0.232.80within the sector's middle half▼ 0.331.51within the sector's middle half▼ 1.291.87within the sector's middle half▲ 0.362.14within the sector's middle half▲ 0.272.11within the sector's middle half▼ 0.03
Return on assets (ROA)57.3%-11.9%▼ 45.4pp7.8%above the sector's middle half▼ 4.1pp6.7%within the sector's middle half▼ 1.1pp7.7%above the sector's middle half▲ 1.0pp2.9%within the sector's middle half▼ 4.9pp7.3%within the sector's middle half▲ 4.5pp5.6%within the sector's middle half▼ 1.8pp
Staff (FTE)125-153.9▲ 23.1%172.5above the sector's middle half▲ 12.1%175.8above the sector's middle half▲ 1.9%191.2above the sector's middle half▲ 8.8%185.5above the sector's middle half▼ 3.0%173.5above the sector's middle half▼ 6.5%159.1above the sector's middle half▼ 8.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of basic pharmaceutical products and pharmaceutical preparations (NACE 21). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €245.1m
Fixed assets
€180.7m ▲ 2.1%
Current assets
€64.5m ▼ 10.2%
Equity and liabilities €245.1m
Equity
€78.4m ▲ 21.0%
Debt
€166.7m ▼ 9.4%
Debt's share of the balance-sheet total falls from 73.9% to 68.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25.7m▼
2024 · €32.0m
Cash flow
€16.8m▼
2024 · €20.4m
Quick ratio
1.61▼
2024 · 1.79
Debt to equity
2.13▼
2024 · 2.84
ROE
17.4%▼
2024 · 28.2%
Interest coverage
2.78▲
2024 · 1.74
Debt ≤ 1 year
€30.5m▼
2024 · €33.5m
Debt > 1 year
€136.2m▼
2024 · €150.5m
Income taxes
€1.0m▼
2024 · €3.2m
Customer credit
249 days▼
2024 · 344 days
Supplier credit
497 days▼
2024 · 3772 days
Staff costs
€13.2m▼
2024 · €13.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 190 | 199 | 191 | 171 | 172 |
| full-time | 160 | 166 | 163 | 145 | 146 |
| part-time | 30 | 33 | 28 | 26 | 26 |
| in full-time equivalents | 182.9 | 191.1 | 183.6 | 164.8 | 166.1 |
| Average over the year, in full-time equivalents | 175.8 | 191.2 | 185.5 | 173.5 | 159.5 |
| On a permanent contract | 189 | 194 | 190 | 171 | 166 |
| Joined | 32 | 37 | 21 | 10 | 20 |
| Left | 21 | 28 | 29 | 30 | 19 |
| Agency workers, average number | 13.2 | 25.3 | 16.2 | 9.7 | 41.7 |
| Training hours | 10,648 | 4,194 | 2,621 | 2,812 | 39,098 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €2.5m | €3.8m | €2.3m |
| Carrying value of the other pledged assets | €67.4m | €74.2m | €88.2m | €15.4m | €78.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.4m | €2.7m | €1.5m | €1.1m | €1.1m |
| Intangible fixed assets | €46,740 | €58,558 | €4,975 | €5.1m | €1.9m |
| Financial fixed assets | - | - | - | €250,000 | - |
| Depreciation and write-downs of the year | €1.9m | €1.5m | €870,693 | €2.1m | €3.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is PricewaterhouseCoopers Reviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €39,977 | €43,975 | €46,400 | €48,025 | €52,966 |
| Other work by the auditor | €144,423 | €106,169 | €111,000 | €120,385 | €123,885 |
| Work by persons linked to the auditor | €17,500 | - | €17,500 | €35,000 | €7,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
6 awards · 2024 to 2025
RAAMOVEREENKOMST VOOR DE AANKOOP VAN INTRA-OCULAIRE LENZEN, VERBONDEN VERBRUIKSGOEDEREN EN OFTALMOLOGISCH VISCO-ELASTISCH PRODUCT: HHM/2024/RE/AD-lenzen - 1
RAAMOVEREENKOMST VOOR DE AANKOOP VAN INTRA-OCULAIRE LENZEN, VERBONDEN VERBRUIKSGOEDEREN EN OFTALMOLOGISCH VISCO-ELASTISCH PRODUCT: HHM/2024/RE/AD-lenzen - 4
RAAMOVEREENKOMST VOOR HET LEVEREN VAN LENZEN, VISCO-ELASTISCH PRODUCT EN CUSTOMPACKS VOOR HET AZ JAN PALFIJN ZIEKENHUIS GENT.: APO-2023-14. - 1 intra oculaire lenzen (IOL) en visco-elastisch product
RAAMOVEREENKOMST VOOR HET LEVEREN VAN LENZEN, VISCO-ELASTISCH PRODUCT EN CUSTOMPACKS VOOR HET AZ JAN PALFIJN ZIEKENHUIS GENT.: APO-2023-14. - 3 custom packs oogheelkunde
Accord-cadre de fournitures ayant pour objet la fourniture de customs packs cataracte/vitrectomie, canules I/A et couteaux: Customs packs cataracte et vitrectomie
Show 1 more contract
Accord-cadre de fournitures ayant pour objet la fourniture de customs packs cataracte/vitrectomie, canules I/A et couteaux: Couteaux
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €64.2m | €84.1m | €67.1m | €62.8m | €73.0m | ▲ 16.2% |
| Turnover70 | €56.1m | €59.3m | €55.4m | €63.2m | €81.7m | €66.5m | €57.2m | €66.4m | ▲ 16.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€1.5m | -€0.3m | -€2.0m | -€2.4m | €2.4m | - |
| Own construction capitalised72 | - | - | - | - | - | - | €5.4m | €2.2m | ▼ 58.8% |
| Other operating income74 | - | - | - | €2.5m | €2.8m | €2.6m | €2.6m | €1.9m | ▼ 26.8% |
| Operating charges60/66A | - | - | - | €40.5m | €54.1m | €46.2m | €33.0m | €50.5m | ▲ 53.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.9m | €21.3m | €11.3m | €2.0m | €16.1m | ▲ 690% |
| Purchases600/8 | - | - | - | €11.1m | €21.5m | €12.7m | €0.6m | €17.1m | ▲ 29× |
| Change in stocks: decrease (increase)609 | - | - | - | -€3.3m | -€0.1m | -€1.4m | €1.4m | -€1.0m | - |
| Services and other goods61 | - | - | - | €15.6m | €18.2m | €18.3m | €16.5m | €18.4m | ▲ 11.8% |
| Remuneration, social security and pensions62 | - | - | - | €11.9m | €15.2m | €15.4m | €13.5m | €13.2m | ▼ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2.4m | €3.1m | €2.3m | €1.9m | €1.5m | €0.9m | €2.1m | €3.2m | ▲ 50.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3.2m | -€2.1m | -€0.03m | -€1.1m | -€0.5m | ▲ 52.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €0.3m | -€0.3m | - | - |
| Other operating charges640/8 | - | - | - | €0.08m | €0.08m | €0.1m | €0.1m | €0.2m | ▲ 38.8% |
| Operating profit (loss)9901 | €28.9m | €28.1m | €24.7m | €23.7m | €30.0m | €21.0m | €29.8m | €22.5m | ▼ 24.7% |
| Financial income75/76B | - | - | - | €2.8m | €4.0m | €9.1m | €10.3m | €1.9m | ▼ 81.4% |
| Recurring financial income75 | €0.7m | €0.7m | €1.7m | €2.8m | €4.0m | €9.1m | €10.3m | €1.9m | ▼ 81.4% |
| Income from financial fixed assets750 | - | - | - | €2.6m | €3.7m | €8.2m | €9.9m | €1.4m | ▼ 85.7% |
| Income from current assets751 | - | - | - | €70 | - | - | - | - | - |
| Other financial income752/9 | - | - | - | €0.1m | €0.4m | €0.9m | €0.4m | €0.5m | ▲ 29.2% |
| Financial charges65/66B | - | - | - | €8.2m | €8.3m | €18.2m | €18.6m | €9.7m | ▼ 47.9% |
| Recurring financial charges65 | €0.2m | €3.7m | €8.0m | €8.2m | €8.3m | €18.0m | €18.6m | €9.7m | ▼ 48.0% |
| Debt charges650 | €3 | €3.6m | €8.0m | €8.0m | €8.2m | €17.8m | €18.4m | €9.2m | ▼ 49.6% |
| Other financial charges652/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 56.0% |
| Non-recurring financial charges66B | - | - | - | - | €0.007m | €0.2m | €0.001m | €0.01m | ▲ 14× |
| Profit (loss) for the period before taxes9903 | €29.4m | €25.1m | €18.4m | €18.3m | €25.7m | €11.9m | €21.5m | €14.7m | ▼ 31.7% |
| Income taxes67/77 | €2.7m | €1.8m | €1.0m | €1.3m | €3.1m | €2.8m | €3.2m | €1.0m | ▼ 68.2% |
| Taxes670/3 | - | - | - | €1.3m | €3.1m | €2.8m | €3.2m | €1.0m | ▼ 68.2% |
| Profit (loss) for the period9904 | €26.7m | €23.4m | €17.4m | €17.0m | €22.5m | €9.1m | €18.3m | €13.6m | ▼ 25.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.7m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €26.7m | €23.4m | €18.2m | €17.7m | €22.5m | €9.1m | €18.3m | €13.6m | ▼ 25.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €46.5m | €196.5m | €222.9m | €252.2m | €290.7m | €317.3m | €248.8m | €245.1m | ▼ 1.5% |
| Fixed assets21/28 | €20.3m | €162.5m | €180.8m | €201.8m | €216.2m | €227.8m | €177.0m | €180.7m | ▲ 2.1% |
| Intangible fixed assets21 | €0.5m | €0.4m | €0.4m | €0.2m | €0.1m | €0.1m | €4.3m | €4.1m | ▼ 3.6% |
| Tangible fixed assets22/27 | €7.4m | €7.1m | €6.1m | €5.7m | €7.1m | €7.6m | €7.8m | €8.1m | ▲ 3.7% |
| Land and buildings22 | - | - | - | €2.4m | €2.1m | €4.6m | €4.2m | €3.9m | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €2.3m | €1.5m | €2.3m | €2.4m | €3.7m | ▲ 58.2% |
| Furniture and vehicles24 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 12.5% |
| Leasing and similar rights25 | - | - | - | €0.09m | €0.08m | €0.07m | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €0.4m | €2.9m | €0.1m | €0.8m | €0.05m | ▼ 93.6% |
| Financial fixed assets28 | €12.4m | €154.9m | €174.4m | €195.8m | €208.9m | €220.1m | €164.9m | €168.5m | ▲ 2.1% |
| Affiliated companies280/1 | - | - | - | €195.8m | €208.9m | €220.0m | €164.9m | €168.4m | ▲ 2.1% |
| Participating interests280 | - | - | - | €143.4m | €143.9m | €143.9m | €144.2m | €144.2m | = |
| Amounts receivable281 | - | - | - | €52.5m | €65.0m | €76.1m | €20.8m | €24.3m | ▲ 16.9% |
| Other financial fixed assets284/8 | - | - | - | €0.01m | €0.02m | €0.02m | €0.004m | €0.004m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.01m | €0.02m | €0.02m | €0.004m | €0.004m | = |
| Current assets29/58 | €26.2m | €34.0m | €42.1m | €50.3m | €74.5m | €89.5m | €71.8m | €64.5m | ▼ 10.2% |
| Stocks and contracts in progress3 | €6.2m | €8.5m | €14.3m | €12.8m | €14.7m | €14.8m | €11.6m | €15.2m | ▲ 30.3% |
| Stocks30/36 | - | - | - | €12.8m | €14.7m | €14.8m | €11.6m | €15.2m | ▲ 30.3% |
| Raw materials and consumables30/31 | - | - | - | €2.0m | €2.5m | €2.6m | €1.8m | €2.2m | ▲ 21.7% |
| Work in progress32 | - | - | - | €0.4m | €0.6m | €0.9m | €1.2m | €1.8m | ▲ 49.4% |
| Finished goods33 | - | - | - | €8.8m | €10.3m | €8.8m | €6.8m | €8.6m | ▲ 26.2% |
| Goods purchased for resale34 | - | - | - | €1.5m | €1.4m | €2.5m | €1.8m | €2.6m | ▲ 41.9% |
| Amounts receivable within one year40/41 | €15.9m | €22.6m | €19.4m | €28.4m | €58.0m | €73.7m | €56.3m | €46.0m | ▼ 18.3% |
| Trade receivables40 | - | - | - | €27.0m | €51.2m | €65.4m | €54.0m | €45.3m | ▼ 16.2% |
| Other amounts receivable41 | - | - | - | €1.4m | €6.8m | €8.2m | €2.3m | €0.7m | ▼ 68.9% |
| Cash at bank and in hand54/58 | €4.0m | €2.4m | €6.6m | €4.7m | €1.7m | €0.9m | €3.7m | €3.2m | ▼ 13.0% |
| Deferred charges and accrued income490/1 | - | - | - | €4.5m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 46.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €46.5m | €196.5m | €222.9m | €252.2m | €290.7m | €317.3m | €248.8m | €245.1m | ▼ 1.5% |
| Equity10/15 | €29.9m | €53.1m | €70.3m | €87.2m | €109.6m | €118.7m | €64.8m | €78.4m | ▲ 21.0% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Non-distributable reserves130/1 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Legal reserve130 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Distributable reserves133 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Profit (loss) carried forward14 | €26.8m | €50.2m | €67.6m | €84.6m | €107.1m | €116.1m | €62.3m | €75.9m | ▲ 21.9% |
| Investment grants15 | - | - | - | €0.2m | €0.1m | €0.1m | €0.09m | €0.07m | ▼ 21.1% |
| Provisions and deferred taxes16 | €0.4m | - | - | - | - | €0.3m | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €0.3m | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.3m | - | - | - |
| Amounts payable17/49 | €16.2m | €143.4m | €152.6m | €165.0m | €181.0m | €198.4m | €184.0m | €166.7m | ▼ 9.4% |
| Amounts payable after more than one year17 | - | €128.2m | €131.6m | €131.6m | €131.6m | €150.4m | €150.5m | €136.2m | ▼ 9.5% |
| Financial debts170/4 | - | - | - | €131.6m | €131.6m | €150.4m | €150.5m | €136.2m | ▼ 9.5% |
| Unsubordinated bonds171 | - | - | - | €128.2m | €128.2m | €146.5m | €145.5m | €130.9m | ▼ 10.1% |
| Other loans174 | - | - | - | €3.4m | €3.4m | €3.9m | €4.9m | €5.3m | ▲ 7.5% |
| Amounts payable within one year42/48 | €16.2m | €11.7m | €13.5m | €18.0m | €49.5m | €48.0m | €33.5m | €30.5m | ▼ 9.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | - | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €2.5m | €3.8m | €2.3m | ▼ 38.8% |
| Credit institutions430/8 | - | - | - | - | - | €2.5m | €3.8m | €2.3m | ▼ 38.8% |
| Trade debts44 | €8.4m | €9.4m | €10.8m | €15.3m | €25.9m | €28.5m | €21.0m | €21.9m | ▲ 4.1% |
| Suppliers440/4 | - | - | - | €15.3m | €25.9m | €28.5m | €21.0m | €21.9m | ▲ 4.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €1.1m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2.7m | €4.8m | €5.4m | €7.3m | €6.1m | ▼ 15.8% |
| Taxes450/3 | - | - | - | €0.3m | €1.6m | €3.0m | €5.3m | €4.7m | ▼ 12.1% |
| Remuneration and social security454/9 | - | - | - | €2.4m | €3.2m | €2.4m | €2.0m | €1.5m | ▼ 25.9% |
| Other amounts payable47/48 | - | - | - | €0.02m | €18.8m | €11.5m | €0.3m | €0.2m | ▼ 43.6% |
| Accrued charges and deferred income492/3 | - | - | - | €15.4m | €0.001m | €0.02m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26.7m | €23.4m | €17.4m | €17.0m | €22.5m | €9.1m | €18.3m | €13.6m | ▼ 25.3% |
| + Depreciation and write-downs630 | €2.4m | €3.1m | €2.3m | €1.9m | €1.5m | €0.9m | €2.1m | €3.2m | ▲ 50.5% |
| Operating cash flow (approximation) | €29.0m | €26.4m | €19.8m | €18.9m | €24.0m | €9.9m | €20.4m | €16.8m | ▼ 17.4% |
| Investment in fixed assets (approximation) | - | -€145.2m | -€20.7m | -€22.9m | -€15.8m | -€12.5m | €48.6m | -€6.9m | - |
| Change in cash | - | -€1.6m | €4.1m | -€1.9m | -€3.0m | -€0.8m | €2.7m | -€0.5m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00249048 | |
| 31-12-2024 | full format | 30-06-2025 | 2025-00204727 | |
| 31-12-2023 | full format | 11-07-2024 | 2024-00241372 | |
| 31-12-2022 | full format | 07-07-2023 | 2023-00217886 | |
| 31-12-2021 | full format | 23-06-2022 | 2022-20091754 | |
| 31-12-2020 | full format | 09-07-2021 | 2021-34900196 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-45700025 | |
| 31-12-2018 | full format | 24-07-2019 | 2019-37200020 | |
| 31-12-2017 | full format | 10-07-2018 | 2018-30400199 | |
| 31-12-2016 | full format | 06-07-2017 | 2017-27900513 |
Board & ownership
Directors
Directors
4 directors, last change in 2026
Board 4
Denis Hazée
Current
Director · since 15-07-2021 · 6-year term from 2026 · listed in the 2025 annual accounts, filed on 30-06-2026
Todd Brooks Patriacca
Current
Director · appointed in the act of 11-03-2026
Jean-Nicolas Fassin
Current
Director · in office according to the act of 19-08-2026 · 6-year term from 2026
PhysIOL Group SA
Current
Director · in office according to the act of 19-08-2026 · 6-year term from 2026 · Legal entity
Statutory auditor 1
PricewaterhouseCoopers Reviseurs d'Entreprises
Current
Statutory auditor · appointed in the act of 23-04-2024 · 3-year term from 2026 · permanent representative: Mélanie Adorante
Owners and capital
Shareholders
2 ownersChain of control
- BVI Group LimitedGB
- PhysIOL Group
- PHYSIOL
Owners 2
- PhysIOL GroupparentEquity €212.9m Profit of €3.9m in 2025 (profit of €72.3m in 2024) Checked score 9299.9%
- BVI Group LimitedGBconsolidating parentconsolidates
Mandate history
7 people, 5 in office
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Todd Brooks Patriacca |
|
| Denis Hazée |
|
| Jean-Nicolas Fassin |
|
| PhysIOL Group SA |
|
| PricewaterhouseCoopers Reviseurs d'Entreprises |
|
| Todd Patriacca |
|
| David Murray |
|
Network & group
Part of the group
PhysIOL Group
3 companies
Group, risk and exposure
Holdings and subsidiaries
5 holdingsHoldings 5
Source for every holding own accounts 2025
-
100%
- Beaver-Visitec International Sales LimitedGBsubsidiaryEquity GBP 58.7mResult GBP 6.1m100%
- DJ InstrumenterDKsubsidiaryEquity DKK 6.1mResult DKK 901,943100%
- Malosa LimitedGBsubsidiaryEquity GBP 4.7m100%
- PhysIOL FranceFREquity €70,785Result -€405,69229%
Companies at the same address
2 other companiesConnections & network
4 current directorsThe network starts from the directors of PHYSIOL. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
19-08
Gazette deed
Reappointments: PhysIOL Group SA, Jean-Nicolas Fassin and 2 others5 points ▸
Gazette deed
Reappointments: PhysIOL Group SA, Jean-Nicolas Fassin and 2 others
5 points ▸
- General meeting, 03-07-2026
- Director reappointment, PhysIOL Group SA (director)
- Director reappointment, Jean-Nicolas Fassin (director)
- Director reappointment, Denis Hazée (director)
- Auditor reappointment, PwC Réviseurs d'Entreprises SRL (statutory auditor)
30-06
full format · 31 days before the deadline
21-05
Gazette deed
Resignation: Todd Patriacca (director)2 points ▸
Gazette deed
Resignation: Todd Patriacca (director)
2 points ▸
- General meeting, 31-03-2026
- Director resignation, Todd Patriacca (director)
11-03
Gazette deed
Permanent representatives: James Richard Hollingshead and Shervin KorangyAppointment: Todd Brooks Patriacca (director)4 points ▸
Gazette deed
Permanent representatives: James Richard Hollingshead and Shervin Korangy
Appointment: Todd Brooks Patriacca (director)4 points ▸
- General meeting, 04-02-2026
- Permanent representative, James Richard Hollingshead
- Permanent representative, Shervin Korangy
- Director appointment, Todd Brooks Patriacca (director)
2025
04-12
Gazette deed
Power of attorney: Denis Hinaut2 points ▸
Gazette deed
Power of attorney: Denis Hinaut
2 points ▸
- Board meeting, 31-10-2025
- Power of attorney, Denis Hinaut
30-06
full format · 31 days before the deadline
2024
11-07
full format · 20 days before the deadline
23-04
Gazette deed
Reappointment: PWC Reviseurs d'Entreprises SRL (statutory auditor)2 points ▸
Gazette deed
Reappointment: PWC Reviseurs d'Entreprises SRL (statutory auditor)
2 points ▸
- General meeting, 12-06-2023
- Auditor reappointment, PWC Reviseurs d'Entreprises SRL (statutory auditor)
2023
31-12
Financial
Weakest financial yearnet €9.1m ▼59.7%
The net result drops to €9.1m, the lowest from 2018 to 2025. It recovers the following year.
07-07
full format · 24 days before the deadline
2022
31-12
Financial
Equity above €100mequity €109.6m ▲25.8%
With a profit in every financial year since 2018, equity grows to €109.6m.
21-10
Gazette deed
Resignation: David Murray (director)2 points ▸
Gazette deed
Resignation: David Murray (director)
2 points ▸
- General meeting, 26-09-2022
- Director resignation, David Murray (director)
Show earlier events
23-06
full format · 38 days before the deadline
2021
09-07
full format · 22 days before the deadline
2020
27-08
full format · 27 days late
2019
31-12
Financial
Equity above €50mequity €53.1m ▲77.2%
With a profit in every financial year since 2018, equity grows to €53.1m.
24-07
full format · 7 days before the deadline
2018
10-07
full format · 21 days before the deadline
2017
06-07
full format · 25 days before the deadline
1986
29-01
Gazette deed
Incorporation
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
PHYSIOL in French
Enterprise number
0428.242.033
LEI code
967600V2OIGE6HIO0T73
live in the LEI register
Legal form
Public limited company
Status
Active, normale toestand
Founded
13-01-1986
Entity type
Legal entity
Registered office and establishments
Registered office
Allée des Noisetiers 4, 4031 Liège, Belgium
Establishment units
BVI - BVI Liège - BVI Benelux - BVI International - Beaver-Visitec International, Allée des Noisetiers 4, 4031 Liège since 13-01-1986 · unit number 2.028.605.63932500 Manufacture of medical and dental instruments and supplies
PHYSIOL, Rue Zénobe Gramme 33 b, 4821 Dison since 22-08-2026 · unit number 2.392.819.25952100 Warehousing and storage
Activities
NACEBEL 2025VAT activities
21201
Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Social security (RSZ) activities
32500
Manufacture of medical and dental instruments and supplies main activity
Codes under NACEBEL 2008
VAT activities
21201
Manufacture of basic pharmaceutical products and pharmaceutical preparations main activity
Social security (RSZ) activities
32500
Manufacture of medical and dental instruments and supplies main activity
Codes under NACEBEL 2003
VAT activities
24421
main activity
Social security (RSZ) activities
33103
main activity
Joint committee
207 Paritair Comité voor de bedienden uit de scheikundige nijverheid annual accounts 2025
Invoicing and payment
VAT number
BE 0428.242.033
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the addresses
Ground area
2.6 ha
Building footprint
1,369 m²
Building volume
7,939 m³
Tallest building: 9.2 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63002A0099/00H000 | Wallonia | 2.1 ha | 1 · 176 m² | 7.9 m · 2 |
| 62002C0005/00S006 | Wallonia | 5,164 m² | 1 · 1,193 m² | 9.2 m · 2 |