Comparison
Fiscal reference value vs. EBITDA multiple
The fiscal reference alongside market value. Essential in Belgian transfer cases.
What are you trying to decide?
Fiscal reference value and EBITDA multiple do not answer the same question. The first supports Belgian tax files and internal transfers. The second helps you understand what the market may pay for earnings power. In many Belgian cases you need both: one for tax support, one for commercial negotiation.
Fiscal reference
Use fiscal reference value for succession planning, internal transfers, and cases where a Belgian fiscal reference matters.
Read about this method →EBITDA multiple
Use EBITDA multiple when you need a market-based indication for a sale, entry, or shareholder discussion.
Read about this method →The main differences
| Criterion | Fiscal reference | EBITDA multiple |
|---|---|---|
| Best fit | Belgian tax cases | Market transactions |
| Main purpose | Fiscal reference | Commercial market value |
| Typical use | Succession and internal transfer | Sale and negotiation |
How to make the choice
Upswitch shows fiscal reference and market value side by side, so you can explain the difference clearly in one report and one advisory conversation.
- Use fiscal reference value for Belgian tax support.
- Use EBITDA multiple for commercial market valuation.
- Use both when fiscal value and transaction price may diverge.
Frequently asked questions
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