Does this apply to me?
Short answer: if you hold shares in an unlisted Belgian company, yes.
Below: when a report changes something, and when it does not.
This applies to you if you hold shares in an unlisted Belgian BV/SRL or NV/SA and those shares could at some point be sold or transferred. The value as at 31 December 2025 is then the dividing line: only the increase after that date is taxable at 10%, with an exemption of 10,000 EUR per year per taxpayer.
Where the gap is widest
- Holding and real-estate companies
- Property and investments often sit at historical cost on the balance sheet and ebitda is low. The statutory formula then lands well below real value.
- Companies with low equity
- A business whose value sits in clients, contracts or know-how is poorly served by equity plus four times ebitda.
- Holdings
- All the value sits in the underlying companies, but that value is not in the holding's ebitda. The statutory formula does not see it.
- Growth companies
- Ebitda is often under pressure because of investment in growth. Profitability is not a good gauge of the company's value here.
- Transfer to the next generation
- Even without near-term sale plans, the value as at 31.12.2025 sets the starting point for later.
- Several shareholders
- Each shareholder has their own 10,000 EUR annual exemption. One report serves the whole shareholding.
The statutory fallback formula
Without a report, the tax authority applies a fixed formula: equity plus four times ebitda. That formula ignores your order book, your margins and your market. It calculates from the annual accounts.
For a healthy company, the outcome is often below the real value as at 31 December 2025. That difference is taxed when you sell later.
When a report changes little
If the real value sits around or below the statutory formula, a report brings you nothing. We say so in the first call, before you pay anything.
We never promise a value level and we do not aim for a higher value. The goal is a defensible value.
To assess your situation we need the general ledgers for 2023, 2024 and 2025, plus the business plan or budget.
Common questions
Does this also apply to holding or real-estate companies?
Yes, and that is precisely where the formula creates the widest gap. Property and investments often sit at historical cost on the balance sheet and ebitda is low, so the statutory formula lands well below the real value.
I have no plans to sell. Why act now?
The value as at 31.12.2025 is the starting point for any later sale or transfer, including a transfer to the next generation. You cannot predict when that moment comes; the date for fixing the value, you can.
We have several shareholders. How does that work?
Each shareholder has their own 10,000 EUR annual exemption. One report serves the whole shareholding.
What if my value sits around or below the formula?
Then a report brings you nothing. We say so in the first call, before you pay anything.
Have your situation reviewed
One hour is enough to know whether a report changes anything for you.
This information is general. It does not take your specific situation into account and is not tax advice.