What sets the value as at 31.12.2025, article by article.
Twenty pieces on the legal framework, the method and the figures.
Written to be re-read, not to persuade.
Since 1 January 2026 Belgium taxes realised capital gains on financial assets at 10%, with an annual exemption of 10,000 EUR per taxpayer. The value of the shares as at 31 December 2025 is the dividing line. These articles set out how that value is established, what the statutory fallback formula does, and which figures in the annual accounts matter.
What makes a valuation report defensible
The features that give an independent valuation report credibility if it is later reviewed, from documented assumptions to an independent signatory.
Family transfer and gifting of shares
How the 31.12.2025 reference value interacts with a later family transfer or gift of shares in a Belgian company, and why timing and documentation matter.
Valuation clauses in the shareholders agreement
How existing valuation mechanisms in a shareholders agreement relate to an independent valuation report prepared for the 31.12.2025 reference date.
Minority stakes and discounts
Why a minority shareholding in a Belgian company is often valued differently from a proportional share of the whole, and how discounts are reasoned.
Excess cash and the value of your shares
How surplus liquidity held on a company's balance sheet is treated in an independent valuation report, and why it is assessed separately.
Valuing real estate held in the company
How an independent valuation report treats property held on a company's balance sheet, and why book value often diverges from current market value.
Director remuneration and market terms
How director remuneration is reviewed in an independent valuation report, and why off-market pay can affect normalised earnings.
Normalising earnings
Why earnings shown in annual accounts are adjusted before being used in a valuation, and what kinds of items are typically added back or removed.
DCF and multiples: two methods that check each other
Why independent valuation reports often combine discounted cash flow analysis with market multiples, and how they cross-check results.
Retrieving annual accounts from the National Bank
Where a valuation report's source figures come from, how to retrieve filed annual accounts from the National Bank of Belgium, and what to check on arrival.
What counts as equity
Equity in the statutory formula is the balance sheet figure from the annual accounts. What it includes, and where it can diverge from real value.
Calculating EBITDA from the annual accounts
How EBITDA is derived from a Belgian company's filed annual accounts, and why this figure feeds directly into the statutory formula for unlisted shares.
Property company: why the formula falls short
Companies holding real estate as their main asset are poorly served by the equity plus four times EBITDA formula. What a proper valuation looks at instead.
Holding structures and the value at 31 December 2025
Why the statutory formula often fits holding companies poorly, and what an independent valuation adds when a shareholding sits above an operating business.
The annual exemption of 10,000 euro
Belgium's capital gains tax on financial assets includes a yearly exemption of 10,000 euro per taxpayer. How it works and why starting value matters.
Capital gains tax on shares in brief
An overview of Belgium's new tax on realised capital gains on financial assets from 2026, what it covers, and why unlisted shares need special attention.
Who may sign the valuation report
The independent valuation report cannot be prepared by the company's own accountant. Who is eligible to sign it, and why independence matters here.
The deadline of 31 December 2027
An independent valuation report referencing 31 December 2025 can be prepared until 31 December 2027. What this deadline means in practice for shareholders.
Why 31 December 2025 is the dividing line
Belgium's capital gains tax on financial assets applies from 1 January 2026 and only taxes growth from that date. Why the reference date matters.
The statutory formula: equity plus four times EBITDA
How the default statutory formula for Belgian unlisted shares works, what it uses from the annual accounts, and why it is a fallback, not a valuation.
Open a file
General ledgers 2023 to 2025, the business plan or budget, and a short half-hour call. Then four weeks to the draft report.
This information is general. It does not take your specific situation into account and is not tax advice.