Valuation method
Fiscal reference value
Book equity + 4× normalized EBITDA. Directly usable for Belgian capital gains tax and succession planning.
What it is
The fiscal reference value is a notional valuation method used as a benchmark for Belgian capital gains tax. The formula is book equity + 4× normalized EBITDA. This value serves as a benchmark for internal transfers, succession planning, and related-party transactions.
When to use it
Essential for Belgian entrepreneurs transferring to family, management, or a holding company. Used as a reference by tax authorities when assessing capital gains tax on shares. Indispensable for succession planning and internal restructuring. For advisors and tax professionals, it is often the first benchmark alongside market value, to compare with the transaction price and support the file with authorities.
How Upswitch applies this method
Upswitch calculates the fiscal reference value automatically based on the entered financial data. Book equity is derived from the balance sheet, EBITDA is normalized using the same methodology as the other methods. The result is directly usable in your tax file.
Data and benchmarks
Sector multiples and transaction benchmarks are calibrated against the Upswitch Index, our continuously updated European SME reference dataset (per-country filter).
Explore the Upswitch SME Index→Sectors where this method is the headline
Live Upswitch Index data per sector. Click through to the multiples band that applies to your case.
Family-owned manufacturing (BE)
BE patrimonial transfers anchor on the fiscal reference. The family pacte succession baseline.
See multiples on Index →
Real-estate holdings (BE)
Tax-anchored valuation prevails when the asset is held primarily through a family BVBA.
See multiples on Index →
Holding-structured services (BE)
Where multi-entity holdings exist, the fiscal reference frames the inter-entity value.
See multiples on Index →
Family wholesale (BE)
Generation-spanning patrimony with reinvested earnings often hits fiscal-reference floor first.
See multiples on Index →
In your professional report
Each method appears as a dedicated section in your branded PDF, with a full audit trail for every normalisation and adjustment.
| Section | Included |
|---|---|
| Fiscal reference | Value and method summary |
| Audit trail | Per adjustment, fully traceable |
How it compares
| Method | Best for | Data needed |
|---|---|---|
| EBITDA multiple | Market-based value | Normalized EBITDA + sector |
| Adjusted NAV | Intrinsic asset value | Balance sheet |
| Upswitch adaptive market approach | Holistic view | Full financials |
Related comparisons
Frequently asked questions
On the Free plan you can run up to three valuations per year using the methods enabled for your workspace. Starter unlocks all ten valuation methods, unlimited valuations, downloadable branded reports without watermark, and live European SME multiples from the Upswitch Index.
Apply Fiscal reference to your sector
Real-world examples of Fiscal reference in action. Sector-specific multiples, normalisations and worked examples on the Upswitch Index.
Accounting & Finance
Professional services and consulting
AI / Machine Learning
ICT, software and media
Amusement Services
Arts, entertainment and recreation
Appliance Repair
Personal and other services
Aquaculture / Fish Farm
Agriculture, forestry and fishing
Art Classes
Education and training
Auto Body Shop
Wholesale and retail trade
Bakery
Manufacturing and industrial production
Bar / Pub
Hospitality, food service and accommodation