PhysIOL Group
ActiveSummary
PhysIOL Group has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €212.9m and a net result of €3.9m. Equity remains stable across the filed fiscal years (±0.5% per year). Its solvency ranks better than 95% of 3221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability42▼-58
Solvency100=
Growth68▼-17
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 4.11 against 1.94 in 2024; short-term debt: 0.3% and cash: 0% of total assets), and 1.3% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
98.7%
Return on assets
1.8%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €212.9m
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 · 6 filingsDeviation from the deadline
2025
31 d early
2024
31 d early
2023
20 d early
2022
24 d early
2021
38 d early
2020
206 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 10 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema, statutory accounts
In the rankings
#1 company by equity in the province of Liège, Head offices and management consultancy sector#4 company by total assets in the province of Liège, Head offices and management consultancy sector
Turnover
€269,050▲ 23.5%
2019 · €217,800
EBIT margin
-65.1%▲ 271.1pp
2019 · -336.2%
Net result
€3.9m▼ 94.6%
2024 · €72.3m
Working capital
€2.3m▲ 25.5%
2024 · €1.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result-€290,456▼ 65.9%-€48,907▲ 83.2%-€16,563▲ 66.1%€62,981-€1,720
Net result€207,863above the sector's middle half▼ 45.5%€227,085above the sector's middle half▲ 9.2%€282,216above the sector's middle half▲ 24.3%€72.3mabove the sector's middle half▲ 25,530%€3.9mabove the sector's middle half▼ 94.6%
EBIT margin
Equity€136.2mabove the sector's middle half▲ 0.2%€136.4mabove the sector's middle half▲ 0.2%€136.7mabove the sector's middle half▲ 0.2%€209.0mabove the sector's middle half▲ 52.9%€212.9mabove the sector's middle half▲ 1.9%
Total assets€180.5mabove the sector's middle half▲ 14.6%€195.2mabove the sector's middle half▲ 8.1%€202.3mabove the sector's middle half▲ 3.7%€211.0mabove the sector's middle half▲ 4.3%€215.6mabove the sector's middle half▲ 2.2%
Debt€44.3m▲ 106%€58.8m▲ 32.6%€65.7m▲ 11.7%€2.0m▼ 97.0%€2.7m▲ 35.9%
Working capital€278,085-€111,776€1.3m€1.9m▲ 42.9%€2.3m▲ 25.5%
Solvency75.4%above the sector's middle half▼ 10.9pp69.9%within the sector's middle half▼ 5.6pp67.5%within the sector's middle half▼ 2.3pp99.1%above the sector's middle half▲ 31.5pp98.7%above the sector's middle half▼ 0.3pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €1,720 after €62,981 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €215.6m
Fixed assets
€212.5m ▲ 2.6%
Current assets
€3.1m ▼ 19.7%
Equity and liabilities €215.6m
Equity
€212.9m ▲ 1.9%
Debt
€2.7m ▲ 35.9%
Debt's share of the balance-sheet total rises from 0.9% to 1.3%. Equity and debt are higher.
Key figures and ratios
Current ratio
4.11▲
2024 · 1.94
Debt to equity
0.01▲
2024 · 0.01
ROE
1.8%▼
2024 · 34.6%
ROA
1.8%▼
2024 · 34.3%
Debt ≤ 1 year
€752,557▼
2024 · €2.0m
Debt > 1 year
€1.9m
Income taxes
€254,899
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €388,021 | €374,055 | €481,622 | €371,281 | ▼ 22.9% |
| Other operating income74 | - | €388,021 | €374,055 | €481,622 | €371,281 | ▼ 22.9% |
| Operating charges60/66A | €290,456 | €436,928 | €390,618 | €418,641 | €373,001 | ▼ 10.9% |
| Services and other goods61 | €287,930 | €435,028 | €390,398 | €416,733 | €366,444 | ▼ 12.1% |
| Other operating charges640/8 | €2,527 | €1,900 | €220 | €1,908 | €6,557 | ▲ 244% |
| Operating profit (loss)9901 | -€290,456 | -€48,907 | -€16,563 | €62,981 | -€1,720 | ▼ 103% |
| Financial income75/76B | €2.3m | €3.1m | €6.8m | €79.9m | €4.4m | ▼ 94.4% |
| Recurring financial income75 | €2.3m | €3.1m | €6.8m | €79.9m | €4.4m | ▼ 94.4% |
| Income from financial fixed assets750 | - | - | - | €79.9m | €4.4m | ▼ 94.4% |
| Income from current assets751 | €2.3m | €3.1m | €6.8m | - | - | - |
| Other financial income752/9 | - | - | - | €38,699 | - | - |
| Financial charges65/66B | €1.8m | €2.9m | €6.5m | €7.7m | €254,956 | ▼ 96.7% |
| Recurring financial charges65 | €1.8m | €2.9m | €6.5m | €7.7m | €254,956 | ▼ 96.7% |
| Debt charges650 | €1.8m | €2.9m | €6.4m | €7.7m | €107,093 | ▼ 98.6% |
| Other financial charges652/9 | €11,207 | €11,328 | €26,680 | €1,119 | €147,863 | ▲ 13,114% |
| Profit (loss) for the period before taxes9903 | €207,851 | €227,085 | €282,216 | €72.3m | €4.2m | ▼ 94.2% |
| Income taxes67/77 | -€12 | - | - | - | €254,899 | - |
| Taxes670/3 | - | - | - | - | €254,899 | - |
| Tax adjustments and reversals of tax provisions77 | €12 | - | - | - | - | - |
| Profit (loss) for the period9904 | €207,863 | €227,085 | €282,216 | €72.3m | €3.9m | ▼ 94.6% |
| Profit (loss) for the period to be appropriated9905 | €207,863 | €227,085 | €282,216 | €72.3m | €3.9m | ▼ 94.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €180.5m | €195.2m | €202.3m | €211.0m | €215.6m | ▲ 2.2% |
| Fixed assets21/28 | €175.8m | €187.3m | €194.3m | €207.1m | €212.5m | ▲ 2.6% |
| Tangible fixed assets22/27 | €24,652 | €24,652 | €24,652 | €24,652 | €24,652 | = |
| Other tangible fixed assets26 | €24,652 | €24,652 | €24,652 | €24,652 | €24,652 | = |
| Financial fixed assets28 | €175.8m | €187.2m | €194.3m | €207.1m | €212.5m | ▲ 2.6% |
| Affiliated companies280/1 | €175.8m | €187.2m | €194.3m | €207.1m | €212.5m | ▲ 2.6% |
| Participating interests280 | €128.4m | €134.7m | €134.7m | €134.7m | €139.7m | ▲ 3.7% |
| Amounts receivable281 | €47.4m | €52.6m | €59.7m | €72.5m | €72.9m | ▲ 0.6% |
| Current assets29/58 | €4.7m | €7.9m | €8.0m | €3.9m | €3.1m | ▼ 19.7% |
| Amounts receivable within one year40/41 | €445,762 | €7.9m | €8.0m | €3.8m | €3.0m | ▼ 20.9% |
| Trade receivables40 | €426,399 | €814,421 | €1.2m | €1.8m | €1.9m | ▲ 8.8% |
| Other amounts receivable41 | €19,363 | €7.1m | €6.8m | €2.1m | €1.1m | ▼ 46.3% |
| Cash at bank and in hand54/58 | €291,219 | €27,582 | €36,602 | €17,412 | €65,028 | ▲ 273% |
| Deferred charges and accrued income490/1 | €3.9m | - | €5,252 | €6,534 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €180.5m | €195.2m | €202.3m | €211.0m | €215.6m | ▲ 2.2% |
| Equity10/15 | €136.2m | €136.4m | €136.7m | €209.0m | €212.9m | ▲ 1.9% |
| Contributions10/11 | €80.0m | €80.0m | €80.0m | €80.0m | €80.0m | = |
| Capital10 | €80.0m | €80.0m | €80.0m | €80.0m | €80.0m | = |
| Issued capital100 | €80.0m | €80.0m | €80.0m | €80.0m | €80.0m | = |
| Outside capital11 | €3,230 | €3,230 | €3,230 | €3,230 | €3,230 | = |
| Share premium1100/10 | €3,230 | €3,230 | €3,230 | €3,230 | €3,230 | = |
| Reserves13 | €45.0m | €45.0m | €45.0m | €48.6m | €48.8m | ▲ 0.4% |
| Non-distributable reserves130/1 | €45.0m | €45.0m | €45.0m | €48.6m | €48.8m | ▲ 0.4% |
| Legal reserve130 | €2.6m | €2.6m | €2.7m | €6.3m | €6.5m | ▲ 3.1% |
| Other1319 | €42.4m | €42.4m | €42.4m | €42.4m | €42.4m | = |
| Profit (loss) carried forward14 | €11.2m | €11.4m | €11.7m | €80.4m | €84.1m | ▲ 4.6% |
| Amounts payable17/49 | €44.3m | €58.8m | €65.7m | €2.0m | €2.7m | ▲ 35.9% |
| Amounts payable after more than one year17 | €37.6m | €50.7m | €59.0m | - | €1.9m | - |
| Other amounts payable178/9 | €37.6m | €50.7m | €59.0m | - | €1.9m | - |
| Amounts payable within one year42/48 | €4.4m | €8.1m | €6.7m | €2.0m | €752,557 | ▼ 62.2% |
| Financial debts43 | €4.0m | €4.0m | - | - | - | - |
| Credit institutions430/8 | €4.0m | €4.0m | - | - | - | - |
| Trade debts44 | €393,982 | €455,115 | €455,349 | €466,819 | €468,179 | ▲ 0.3% |
| Suppliers440/4 | €393,982 | €455,115 | €455,349 | €466,819 | €468,179 | ▲ 0.3% |
| Taxes, remuneration and social security45 | - | - | - | - | €254,899 | - |
| Taxes450/3 | - | - | - | - | €254,899 | - |
| Other amounts payable47/48 | - | €3.6m | €6.2m | €1.5m | €29,479 | ▼ 98.1% |
| Accrued charges and deferred income492/3 | €2.3m | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €207,863 | €227,085 | €282,216 | €72.3m | €3.9m | ▼ 94.6% |
| Operating cash flow (approximation) | €207,863 | €227,085 | €282,216 | €72.3m | €3.9m | ▼ 94.6% |
| Investment in fixed assets (approximation) | - | -€11.4m | -€7.1m | -€12.8m | -€5.4m | ▲ 57.8% |
| Change in cash | - | -€263,637 | €9,020 | -€19,190 | €47,616 | ▲ 348% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
19-08
State Gazette act
Reappointments: Jean-Nicolas Fassin, Denis Hazée and PwC Réviseurs d'Entreprises SRL4 facts ▸
State Gazette act
Reappointments: Jean-Nicolas Fassin, Denis Hazée and PwC Réviseurs d'Entreprises SRL
4 facts ▸
- General meeting, 03-07-2026
- Director reappointment, Jean-Nicolas Fassin (director)
- Director reappointment, Denis Hazée (director)
- Auditor reappointment, PwC Réviseurs d'Entreprises SRL
17-08
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity doublescurrent ratio 4.11
Current ratio from 1.94 to 4.11; short-term debt falls from €2.0m to €752,557.
14-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
14-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €72.3m ▲25,530%
Operating result €62,981, net result €72.3m, both a record.
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
Show earlier events
22-02
NBB filing
Annual accounts filed
fiscal year 2020 · consolidated · 206 days late
2020
31-12
Financial
Back to profitnet €381,315
Net result €381,315 after one loss-making year.
2019
31-12
Financial
Weakest financial yearnet -€437,143
Net result drops to -€437,143, the lowest in the series; recovery starts the following year.
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 25 acts read
About the unread acts
Of the 25 Belgian State Gazette acts we know for this company, 1 has been read. The other 24 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
Board 2
Denis Hazée
CurrentDirector · since 03-07-2026
M. Jean-Nicolas Fassin
CurrentDirector · since 03-07-2026
Statutory auditor 1
PricewaterhouseCoopers Reviseurs d'Entreprises
CurrentAuditor · since 03-07-2026 · perm. rep.: Mélanie Adorante
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
24 of this company's 25 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2015
Ground area
5,164 m²
Building footprint
1,193 m²
Volume, LiDAR
7,039 m³
Parcel 62002C0005/00S006, Wallonia · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Allée des Noisetiers 4, 4031 Liège
since 20152.250.325.764
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62002C0005/00S006 | Wallonia | 5,164 m² | 1 · 1,193 m² | 9.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 3 in office
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Denis Hazée |
|
| M. Jean-Nicolas Fassin |
|
| PricewaterhouseCoopers Reviseurs d'Entreprises |
|
Structure & network
Heads the group
PhysIOL Group
3 companies
Group, risk and exposure
Owners and holdings
4 holdings · 7 subsidiaries in the treeOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 4
- Beaver-Visitec International Italy srlITsubsidiarySourceown accounts 2025Equity €629,587Result €186,853100%
-
100%
-
99.9%
-
30.5%
All subsidiaries, including indirect ones 7
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- Beaver-Visitec International Italy srlIT 100%
- OptikonIT 100%
PHYSIOL 99.9%4 subsidiaries
- Alyko Medical ABSE 100%
- Beaver-Visitec International Sales LimitedGB 100%
- DJ InstrumenterDK 100%
- Malosa LimitedGB 100%
According to the 2025 annual accounts of PhysIOL Group and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, scroll to zoom.
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Identification & contact
Identification
Legal formPublic limited company
Founded10-06-2015
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
9925:BE0631900164
Registered
05-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.