SME M&A Multiples Report: Benelux Edition

Executive summary

In 2026 Benelux SME transactions clear at a median EV/EBITDA of around 4.1x: a stabilisation after the 2024-2025 peak of 4.8x. The gap between sectors remains wider than the gap between countries: IT services and healthcare clear 5.2x-5.5x medians, while hospitality and personal services land at 2.4x-2.8x. The Netherlands runs 5-10% above Belgium in most sectors, driven by a deeper PE bidder pool and a larger SaaS cluster. Cross-border buyer interest (BE↔NL) grew from 22% in 2024 to 31% in 2026: the Benelux is converging into a single deal market.

Key findings

1. 01

   Benelux median EV/EBITDA: 4.1x in 2026

   Down from 4.8x in 2024-2025: a stabilisation in line with broader European mid-market. IT services and healthcare lead at 5.2x-5.5x; hospitality and personal services trail at 2.4x-2.8x.

2. 02

   NL multiples 5-10% above BE in most sectors

   A persistent gap driven by deeper PE bidder pools (Amsterdam, Eindhoven), a larger SaaS cluster, and longer history of cross-border transactions. Convergence is slow but observable: the BE/NL spread narrowed from 12% in 2022 to 7% in 2026.

3. 03

   Cross-border BE↔NL buyer share: 22% → 31%

   In 2024 22% of Belgian SME sales had a Dutch buyer (or vice versa). In 2026 it's 31%. The Benelux is convergent: corridor cities (Antwerp-Eindhoven, Bruges-Breda, Brussels-Maastricht) drive the bulk of cross-border deal flow.

4. 04

   Earn-out attach rate: 35-45% of deals

   Earn-outs feature in 35-45% of Benelux SME deals under €25m. Average earn-out is 18% of price, average duration 22 months. 30-40% end in dispute: most often over EBITDA erosion or scope changes.

5. 05

   Owner compensation: 70% of dossiers above market

   In 70% of Benelux SME dossiers analysed, owner compensation is meaningfully above the market-rate management benchmark. The median normalisation correction is -€42k, translating to ~€170k of EV impact at a 4x multiple. This is the single largest M&A normalisation post.

6. 06

   Silver tsunami: 12,400 transferable BE/NL SMEs by 2030

   Based on owner-age data from KBO + KVK, we project 12,400 Benelux SMEs with €1m+ revenue requiring transition by 2030 due to owner retirement. Only 35% currently have a clear succession plan: the rest are at risk of liquidation or under-priced sale.

Sample data: sector medians (€-weighted)

Headline EV/EBITDA medians for 12 sectors, Belgium and Netherlands separately. The full report covers 183 business types; the table below is the published lite snapshot.

Methodology

The Upswitch Multiples Index aggregates EV/EBITDA, EV/Revenue and P/E data from anonymised Benelux SME transactions across 183 business types. k-anonymisation (k=5) ensures no individual transaction is reconstructible. Sources include: Upswitch platform runs (seller-side + advisor-side), public registrations (KBO/KVK), trade-press and industry overviews, and partner data from Belgian and Dutch accountancy firms. Sector classification follows NACE (BE) / SBI (NL) at the 4-digit level. Data refreshes quarterly; this edition closes 31 March 2026.