PhysioNext

Active Private limited companyfounded 2020active for 6 yearsPeerderbaan 131, 3910 PeltKBO/BCE: BE 0744.987.318

PhysioNext

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Overview

Lifetime

5 annual accounts with figures on one time axis

Compare with

Gross marginpeak €45,234 (2021)

€23,221▼ 42.9%

Resultlowest -€18,132 (2025)

-€18,132▼ €35,357

Equitypeak €62,663 (2024)

€44,531▼ 28.9%

Debts

€266,775▲ 113%

Board1 name since 2020

1 directorVangansewinkel Steffen

Documentsfilings and deeds

22-12-202540 days before the deadline

2025micro format

Gross margin from €40,655 to €23,221Loss of €18,132Registered office moved within Pelt 19-11Equity from €62,663 to €44,531Debts from €125,062 to €266,775Investments €151,709

Key points

from the 2025 annual accounts

Turnover

≈ €140,000 estimated

The micro format states no turnover.

Debts

€266,775 86% of the balance sheet

Financial debts 88%Suppliers 0%Taxes and wages 2%Other 10%

Of this, €32,215 falls due within a year.

Investments

€207,702 9.3 × depreciation

Green is investment, beige is depreciation.

Liquidity

1.63 was 2.32 in 2024

Short-term debts rose from €25,094 to €32,215.

Filings

5 annual accounts since 2021

The last five annual accounts were filed 40 to 62 days before the end of the period.

Position in the sector

-€18,132

Lower net result than 95% of companies in human health. Sector median €60,072 · 20,736 companies.

Checked score

Excellent

Financially stronger than 21% of micro companies in human health (NACE 86)

Probability in this band: under 0.55%

Bankruptcy probability within 12 months 0.4% Very low

0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: < 0.1% across 24,179 companies (NACE 86, micro).

About 4 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: < 0.1%● unchanged vs 06-2025lowest value 08-2025: < 0.1%● unchanged vs 07-2025lowest value 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%▲ +0.1 percentage points vs 11-2025 01-2026: 0.3%▲ +0.2 percentage points vs 12-2025 02-2026: 0.3%● unchanged vs 01-2026 03-2026: 0.3%● unchanged vs 02-2026 04-2026: 0.3%● unchanged vs 03-2026 05-2026: 0.3%● unchanged vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.3%● unchanged vs 07-2026 09-2026: 0.3%● unchanged vs 08-2026 10-2026: 0.4%▲ +0.1 percentage points vs 09-2026highest value 11-2026: 0.4%● unchanged vs 10-2026highest value

Financial strength

Weak

Solvency

39-19equity 14.3% of total assets

Liquidity

65-15short-term debt 10.3% · cash 12.5%

Profitability

25-55return on assets -5.8%

Score breakdown

raises risk

1 change of registered office in 24 months

Loss of €18,132 (financial year 2025)

Equity €44,531 (14.3% of total assets)

lowers risk

Sector: Human health activities (NACE 86)

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 86, micro). It does better than 17% of them on solvency, 45% on liquidity, 5% on profitability and 18% on growth.

The bankruptcy probability was computed on 05-11-2026 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.

The probability rests on the annual accounts with balance sheet date 30-06-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

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).

Comparable companies, two years later

In July 2024, 1,548 companies had the same profile as PhysioNext has now. Each dot stands for 4 companies, two years later.

91.3%

were still trading

3.9%

stopped another way

4.3%

went bankrupt

Micro
5 to 10 years old
solvency 10 to 30%
a small loss

Another 0.5% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of PhysioNext itself is lower: 0.4% within 12 months. It rests on far more data about PhysioNext than the profile alone.

Test of the method

The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.5%
3	0.5%	0.6%
4	0.7%	0.8%
5	0.9%	0.9%
6	1.3%	1.5%
7	1.6%	1.8%
8	1.8%	1.8%
9	3.0%	3.1%
10	5.6%	6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 1,548 companies, not a prediction for PhysioNext. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

Credit of up to €3,500 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 1.63 (2.32 in 2024), above the usual 1.5. Short-term debt is 10.3% and cash 12.5% of total assets. However, 85.7% of the assets are financed with debt and provisions.

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

Six signals.

lowers riskraises riskneutral

Sector: Human health activities (NACE 86)

KBO

1 change of registered office in 24 months

Belgian Official Gazette

Loss of €18,132 (financial year 2025)

NBB · annual accounts

Equity €44,531 (14.3% of total assets)

NBB · annual accounts

Weak solvency compared with the sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 20749 sector peers (2025).

NBB · sector comparison

Position among 20749 sector peers

Solvency

better than 17%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 22-12-2025, 40 days ahead of the deadline.

NBB · 5 filings

Deviation from the deadline

2025

40 days early

2024

53 days early

2023

62 days early

2022

46 days early

2021

41 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 5 accounts on average 48 days before the deadline. In the sector (NACE 86), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 16 December (5 of the last 5 accounts filed within 30 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

30-06-2026 year end06-11-2026 today31-01-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Board and ownership

Vangansewinkel Steffen

Director, since 11-03-2020

Board & ownership

Recent changes

19-11-2025

Registered office moved within Pelt New registered office: Peerderbaan 131, 3910 Pelt · Previous registered office: Kaulillerweg 30, 3910 Pelt · Board meeting of 27-10-2025 · Gazette deed

11-03-2020

Incorporation published on 13-03-2020 · Gazette deed

11-03-2020

First establishment Peerderbaan 131, Pelt

All 9 events

Comparable companies

same main activity, similar in size and age

Company	Total assets	Gross margin	Solvency	Staff
PhysioNext Pelt	€311,306	€23,221	14.3%	-
Paramedisch Centrum De Vlinder Sint-Truiden	€291,898	€23,197	6.7%	-
CVL REHAB Jabbeke	€327,528	€25,820	31.3%	-
HELYNGO Antwerp	€271,796	€24,362	12.3%	-
Physiomotion Mortsel	€251,920	€28,140	15.5%	-
KINEZI Asse	€275,539	€19,241	-20.2%	-
STEENWEG 44 Heers	€215,076	€25,450	36.1%	-

These companies have the same main activity as PhysioNext: physiotherapy (NACE 86951). They are comparable in size and age: total assets between €215,000 and €328,000, founded between 2018 and 2021.

Official details

Source: KBO

Status: Active since 11-03-2020Normal situation
Activity: PhysiotherapyNACE 86951
Establishment unit: 2.300.377.4673910 Pelt, since 11-03-2020
Financial year end: 30 June
Peppol: Reachable

Company details

Annual accounts to 30-06-2025

Gross margin: €23,221▼ 42.9%
Loss: €18,132
Equity: €44,531▼ 28.9%
Total assets: €311,306▲ 65.8%
Filing: Filed on 22-12-2025, 40 days before the end of the filing period

Financials

Insights on PhysioNext

PhysioNext files the micro format. That format states no turnover. The gross margin fell from €45,234 in 2021 to €23,221 in 2025.

The balance sheet grew most from 2023 to 2025 through fixed assets, financed with long-term debt.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 22-12-2025, 40 days before the deadline

Gross margin

€23,221

▼ 42.9%

Operating result

-€10,994

▼ €37,443

Loss

-€18,132

▼ €35,357

Working capital

€20,144

▼ 39.3%

Solvency

14.3%

▼ 19.1 percentage points

Current ratio

1.63

▼ 0.70

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €140,000. Estimated: probably between €94,000 and €240,000.

Balance sheet

balance sheet total €311,306 on 30-06-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency14.3%

Higher than 17% of 20,749 companies in 2025.

Current ratio1.63

Higher than 34% of 20,323 companies in 2025.

Return on assets-5.8%

Lower than 95% of 20,605 companies in 2025.

PhysioNext Middle half of the sector 80% of the sector Micro accounts in human health (NACE 86)

Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021
Balance sheet: assets
Total assets`20/58`	311,306	187,724	76,711	65,455	78,735
Fixed assets`21/28`	258,947	129,453	28,042	37,295	49,332
Tangible fixed assets`22/27`	258,947	129,453	28,042	37,295	49,332
Plant, machinery and equipment`23`	12,031	15,501	2,289	-	-
Furniture and vehicles`24`	62,026	57,952	25,258	37,295	49,332
Other tangible fixed assets`26`	184,890	56,000	495	-	-
Current assets`29/58`	52,359	58,271	48,669	28,160	29,403
Amounts receivable within one year`40/41`	4,783	-	-	-	-
Other amounts receivable`41`	4,783	-	-	-	-
Cash at bank and in hand`54/58`	38,833	48,066	30,791	13,085	13,895
Deferred charges and accrued income`490/1`	8,744	10,205	17,878	15,075	15,508
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	311,306	187,724	76,711	65,455	78,735
Equity`10/15`	44,531	62,663	45,437	30,827	30,127
Contributions`10/11`	5,000	5,000	5,000	5,000	5,000
Reserves`13`	57,663	57,663	40,437	25,827	25,127
Distributable reserves`133`	57,663	57,663	40,437	25,827	25,127
Profit (loss) carried forward`14`	-18,132	-	-	-	-
Amounts payable`17/49`	266,775	125,062	31,274	34,628	48,608
Amounts payable after more than one year`17`	234,559	99,848	11,557	20,440	29,737
Financial debts`170/4`	234,559	99,848	11,557	20,440	29,737
Amounts payable within one year`42/48`	32,215	25,094	19,717	14,188	18,871
Current portion of amounts payable after more than one year`42`	25,393	17,516	9,383	9,297	9,212
Trade debts`44`	1,263	72	3,113	3,792	-
Suppliers`440/4`	1,263	72	3,113	3,792	-
Taxes, remuneration and social security`45`	4,592	6,506	7,216	1,095	9,659
Taxes`450/3`	4,592	4,717	6,154	899	9,659
Remuneration and social security`454/9`	0	1,789	1,062	196	-
Other amounts payable`47/48`	968	1,000	4	4	-
Accrued charges and deferred income`492/3`	0	120	-	-	-
Income statement
Gross operating margin`9900`	23,221	40,655	34,820	14,371	45,234
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	22,215	13,710	12,668	12,037	10,108
Other operating charges`640/8`	12,000	496	237	321	-
Operating profit (loss)`9901`	-10,994	26,449	21,915	2,013	35,126
Financial income`75/76B`	0	89	-	-	-
Recurring financial income`75`	0	89	-	-	-
Financial charges`65/66B`	6,920	3,306	1,151	414	340
Recurring financial charges`65`	6,920	3,306	1,151	414	340
Profit (loss) for the period before taxes`9903`	-17,914	23,231	20,764	1,599	34,786
Income taxes`67/77`	217	6,006	6,154	899	9,659
Profit (loss) for the period`9904`	-18,132	17,225	14,610	700	25,127
Profit (loss) for the period to be appropriated`9905`	-18,132	17,225	14,610	700	25,127
Appropriation of the result
Profit (loss) to be appropriated`9906`	-18,132	17,225	14,610	700	25,127
Transfer to equity`691/2`	0	17,225	14,610	700	25,127
To other reserves`6921`	0	17,225	14,610	700	25,127
Document	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 22-12-2025.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
30-06-2025	micro format	22-12-2025	2025-00588305	PDF
30-06-2024	micro format	09-12-2024	2024-00612242	PDF
30-06-2023	micro format	30-11-2023	2023-00518851	PDF
30-06-2022	micro format	16-12-2022	2022-20538787	PDF
30-06-2021	micro format	21-12-2021	2021-81200160	PDF

Subsidies and aid

Flemish government 2022, 1 entry, €150 awarded, €150 paid

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)

€150

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021
EBITDA	11,221	40,159	34,583	14,050	45,234
Cash flow	4,083	30,935	27,278	12,737	35,235
Investment in fixed assets (approximation)	207,702	140,213	3,415	0	59,440
Change in cash	-9,234	17,275	17,706	-809	-
Working capital	20,144	33,178	28,952	13,972	10,532
Solvency	14.3%	33.4%	59.2%	47.1%	38.3%
Current ratio	1.63	2.32	2.47	1.98	1.56
Debt to equity	5.99	2.00	0.69	1.12	1.61
ROE	-40.7%	27.5%	32.2%	2.3%	83.4%
ROA	-5.8%	9.2%	19.0%	1.1%	31.9%
Interest coverage	1.62	12.15	30.05	33.96	-

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired

Item	30-06-2025	30-06-2024	30-06-2023	30-06-2022
Tangible fixed assets	€207,702	€140,213	€3,415	-
Depreciation and write-downs of the year	€22,215	€13,710	€12,668	€12,037

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on PhysioNext

The operating result for 2025 is a loss of €10,994, after a profit of €26,449 in 2024. It is the lowest result since 2021.

Debt's share of the balance-sheet total rises from 66.6% to 85.7%. Equity is lower and debt is higher.

Board & ownership

Board

1 director

Vangansewinkel Steffen

Director

since 11-03-2020

listed in the 2025 annual accounts, filed on 22-12-2025

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today

Vangansewinkel Steffen
Director

Board

Mandates as a list

Vangansewinkel Steffen
- Director, from 11-03-2020 to date

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Contribution: €5,000
Source: 2025 annual accounts

Network & group

No group

PhysioNext has no parent and no holdings in its annual accounts. Vangansewinkel Steffen is the only director. PhysioNext shares no director with another company.

Timeline

9 events since 2020

Filings

Financial

Establishments

Address

2020202220242026

Deadline for the 2026 accounts: 31-01-2027

2025

22-12-2025

Annual accounts 2025 filed PDFmicro format · 40 days before the deadline

19-11-2025

Registered office moved within PeltNew registered office: Peerderbaan 131, 3910 Pelt · Previous registered office: Kaulillerweg 30, 3910 Pelt · Board meeting of 27-10-20252 points ▸

Board meeting, 27-10-2025
Registered-office move, Peerderbaan 131, 3910 Pelt

Open the deed in the Belgian Official Gazette

30-06-2025

Weakest financial year net -€18,132 The net result drops to -€18,132, the lowest from 2021 to 2025.

2024

09-12-2024

Annual accounts 2024 filed PDFmicro format · 53 days before the deadline

2023

30-11-2023

Annual accounts 2023 filed PDFmicro format · 62 days before the deadline

2022

16-12-2022

Annual accounts 2022 filed PDFmicro format · 46 days before the deadline

2021

21-12-2021

Annual accounts 2021 filed PDFmicro format · 41 days before the deadline

2020

11-03-2020

Incorporation PDFpublished on 13-03-2020

11-03-2020

First establishment Peerderbaan 131, Pelt

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

History

PhysioNext was incorporated on 11 March 2020 as a private limited company.¹ The registered office was moved to Pelt in 2025.² Total assets rose from €78,735 in 2021 to €311,306 in 2025.³

Company details

Identity

Enterprise number: 0744.987.318
VAT number: BE 0744.987.318
Peppol ID: 0208:0744987318
Other Peppol ID: 9925:BE0744987318
Legal form: Private limited company
Status: Active, normal situation
Founded: 11-03-2020
Financial year: ends on 30 June
Peppol: Reachable via PeppolFollow this company and you will hear the next morning if it leaves the Peppol register.
Name: PhysioNext in Dutch
Entity type: Legal entity

Activities

NACEBEL 2025

86951 Physiotherapy main activity

Codes under NACEBEL 2008

86905 Human health activities main activity

Registered office and establishments

1 establishment

Establishment	Since	Unit number
Peerderbaan 131 registered office 3910 Pelt	11-03-2020	2.300.377.467

Buildings and parcels at the address

Ground area: 1,055 m²
Buildings: 188 m²

registered office establishment The establishment unit on the map

Parcels

Cadastral parcel	Area	Buildings	Height / floors
72033B0800/00B003	1,055 m²	1 · 188 m²	-

Overview

Lifetime

Key points

Turnover

Debts

Investments

Liquidity

Filings

Position in the sector

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts to 30-06-2025

Insights on PhysioNext

Financials

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency14.3%

Current ratio1.63

Return on assets-5.8%

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022, 1 entry, €150 awarded, €150 paid

Key figures and ratios

Investments

Insights on PhysioNext

Board & ownership

Board

Mandates through the years

Control

Capital

Network & group

No group

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Location

Parcels