The reference value on December 31, 2025: why a professional valuation pays off
The reference value determines how much capital gains tax you'll pay in the future. Standard formula or professional valuation? The choice has major tax implications.
8 January 2026 · 10 min
What is the reference value?
The reference value is the amount the government considers as the value of your financial assets on December 31, 2025 — the 'photo moment'. All gains accumulated before that date are exempt. Only value increases after December 31, 2025 are taxable.
For unlisted shares — such as shares in your own company — you have two options: the standard formula or a professional valuation.
The standard formula: (EBITDA × 4) + equity
The legislator provides a standard formula: the reference value is calculated as (EBITDA × 4) + equity, based on the last annual accounts filed before January 1, 2026.
The advantage is simplicity. The disadvantage is that a fixed 4× EBITDA factor may under- or overvalue your company, depending on your sector.
The problem with the standard factor 4
Academic research on Belgian acquisitions shows that actual EV/EBITDA multiples vary significantly by sector. The average is considerably higher than the standard factor of 4, with some sectors reaching double or more.
For companies in high-multiple sectors, the standard formula can undervalue the company by hundreds of thousands or even millions of euros. That difference translates directly into higher taxable gains on a future sale.
When does a professional valuation pay off?
A professional valuation almost always pays off when your company's actual market value exceeds the standard formula result. This is the case for most healthy, growing SMEs in sectors with multiples above 4×.
The taxpayer may choose the most favorable valuation. A professional valuation also provides stronger evidence against tax authorities.
The deadline: December 31, 2027
You have until December 31, 2027 to have a professional valuation performed. Don't wait too long: demand will be enormous.
How VARE accelerates this process
VARE — the Valuation Reporting Engine by PODAS — automates the entire valuation process. From uploading the trial balance to generating the professional report, using Belgian and international valuation methods.
Where a manual valuation can take weeks, VARE delivers a comprehensive report in a fraction of the time.