Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 185.5 to 159.1.
Financials
Financial year 2025
PHYSIOL from Liège, company number BE0428242033, closed financial year 2025 with a result of € 13.6 million after tax. For that financial year PHYSIOL recorded revenue of € 66.4 million and equity of € 78.4 million. Compared with financial year 2024, the result moved from € 18.3 million to € 13.6 million. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 30, 2026.
€ 78.4 million
▲ 21% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 13.6 million
▼ 25% vs 2024
Profit after tax over the fiscal year.
€ 3.2 million
▼ 13% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 77.5 million.
People and assets in 2025
159.1
▼ 14.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 13.2 million
▼ 3% vs 2024
€ 82,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 387,555
▼ 13% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 138.5 million
▼ 10% vs 2024
Loans from banks and other lenders, long and short.
€ 21.9 million
▲ 4% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 231 days on average.
€ 6.1 million
▼ 16% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 81,666,703 | € 66,510,956 | € 57,219,448 | € 66,436,805 | ▲ 16% |
| Profit after taxes | € 22,503,453 | € 9,067,062 | € 18,250,361 | € 13,632,720 | ▼ 25% |
| Equity | € 109,641,078 | € 118,681,035 | € 64,826,743 | € 78,439,713 | ▲ 21% |
| Total debts | € 181,017,993 | € 198,353,037 | € 183,997,706 | € 166,709,678 | ▼ 9% |
| Cash | € 1,704,165 | € 949,519 | € 3,695,164 | € 3,216,126 | ▼ 13% |
| Land & buildings | € 2,087,325 | € 4,601,301 | € 4,235,589 | € 3,936,029 | ▼ 7% |
| Retained profit | € 108,643,749 | € 117,710,811 | € 63,882,973 | € 77,515,693 | ▲ 21% |
| Dividend | € 0 | € 0 | € 72,078,199 | € 0 | ▼ 100% |
| Bank debt | € 131,555,613 | € 152,883,758 | € 154,263,630 | € 138,510,165 | ▼ 10% |
| Balance sheet total | € 290,659,071 | € 317,289,072 | € 248,824,449 | € 245,149,391 | ▼ 1% |
| Employees (FTE) | 191.2 | 185.5 | 173.5 | 159.1 | ▼ 14.4 |
Key figures of PHYSIOL, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to PHYSIOL?
What happened at PHYSIOL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Denis Hazée stepped down as director. NBB
- New establishment in Dison. KBO
- New annual accounts for financial year 2025: profit of € 13.6 million (▼ 25% vs 2024). Source: NBB ↗
- Jean-Nicolas Fassin stepped down as director. NBB
- PhysIOL Group SA stepped down as director. NBB
- Denis Hazée became a director. NBB
- Jean-Nicolas Fassin became a director. NBB
- PhysIOL Group SA became a director. NBB
In short
From € 22.5 million profit in 2022 to € 13.6 million profit in 2025.
Paid € 10.2 million in corporate taxes since 2022.
Best year ever: 2022, with € 22.5 million profit.
Paid out € 72.1 million in dividends to the owners in total.
A new publication or filing at PHYSIOL? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of PhysIOL Group comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
PHYSIOLThe shares are held by PhysIOL Group (99.9%). It owns 100% of Malosa Limited, 100% of Beaver-Visitec International Sales Limited, 100% of Alyko Medical AB, 100% of DJ Instrumenter and 29% of PhysIOL France itself.
Directors
According to the 2025 annual accounts
since 2021 · until 2027
since 2019 · until 2026
Director · represented by James Richard Hollingshead
since 2019 · until 2026
Shareholders
99.9%
Participations
Malosa Limited
100%
Beaver-Visitec International Sales Limited
100%
Alyko Medical AB
100%
DJ Instrumenter
100%
PhysIOL France
29%
Establishments
Establishment units
Physical locations of this company
Allée des Noisetiers 4
4031 Liège
Rue Zénobe Gramme 33 b
4821 Dison
Active since 22 August 2026
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
CLOUDFLARESPECTRUM Cloudflare, Inc., US
Domain
Domain
bvimedical.com
Registered
2010-06-18
Registrar
Network Solutions, LLC
Expires
2026-06-18
Website info
Features
Security
Network
Details
- Company number
- 0428.242.033
- VAT number
- BE 0428.242.033
- Registered office
- Allée des Noisetiers 4, 4031 Liège
- Names & denominations
- PHYSIOL
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 13 January 1986
- Peppol
- Active · Active since 14 Jul 2026
- Contact
- bvimedical.com
- Activities · NACE
Vervaardiging van medische en tandheelkundige instrumenten en benodigdheden
Vervaardiging van orthopedische artikelen en prothesen
Vervaardiging van geneesmiddelen