Standard formula vs. professional valuation: which method to choose?
The standard formula (EBITDA × 4 + equity) versus a professional business valuation. When does each approach make sense? An analysis with concrete figures.
5 February 2026 · 9 min
Two options for the reference value
The new capital gains tax gives taxpayers two options: the standard formula (EBITDA × 4 + equity) or a professional valuation by an independent auditor or certified accountant.
The difference can amount to hundreds of thousands — or even millions — of euros, directly translating into more or less tax.
The standard formula in detail
The standard method uses the last annual accounts filed before January 1, 2026. EBITDA is multiplied by a fixed factor of 4, plus equity. No corrections, no normalizations, no sector-specific adjustments.
Example: an SME with EUR 400,000 EBITDA and EUR 600,000 equity gets a standard reference value of EUR 2,200,000. But if the actual market value is EUR 3,500,000? You lose EUR 1,300,000 in reference value.
What academic research tells us about multiples
Academic research on Belgian acquisitions shows clear sector differences. The average EV/EBITDA multiple is considerably higher than the standard factor of 4, with some sectors reaching double or more.
The standard factor of 4 systematically undervalues most sectors.
What a professional valuation involves
A professional valuation combines multiple internationally recognized methods and Belgian market data for a well-founded valuation.
The valuation must be performed by an independent expert — not the company's own auditor or regular accountant.
Which method to choose?
The standard formula suffices for companies in low-multiple sectors (around 4×). Professional valuation is recommended for growing companies in sectors with multiples above 4×.
You can always choose the most favorable value. It pays to calculate both and use the higher one as reference value.