Glossary

EBITDA

EBITDA is the result the business generates before depreciation, write-downs and provisions: an approximation of the cash the operations produce.

Formula

EBITDA = operating result (9901)

+ depreciation and write-downs on fixed assets (630)

+ write-downs on inventories and trade receivables (631/4)

+ provisions for liabilities and charges (635/8)

The codes are those of the National Bank of Belgium's annual-accounts formats; they are the ones Idonis uses for every company profile.

How to read it

It allows comparing companies that depreciate differently, and is the basis of borrowing capacity (net financial debt relative to EBITDA).

It ignores investments to be renewed, financial charges and tax: a positive EBITDA does not guarantee a positive net result.

For a holding company EBITDA says little: its income is mostly financial (dividends from subsidiaries).

Capital gains tax (2026): the reference value of unlisted shares at 31/12/2025 can be computed as equity + 4 × EBITDA — an EBITDA defined by law, not exactly this one. Calculate the value of your shares →

EBITDA: medians of the main Belgian sectors

Computed by Idonis

For financial year 2024, in the sectors with the most companies: a quarter of companies below the 1st quartile, half below the median, three quarters below the 3rd quartile.

Sector	1st quartile	Median	3rd quartile	Companies
Activities of head offices and management consultancy	13,840 €	51,717 €	113,946 €	46,797
Specialised construction activities	9,878 €	33,249 €	84,338 €	45,918
Real estate activities	3,872 €	37,930 €	121,020 €	45,747
Retail trade	3,970 €	31,559 €	106,612 €	40,928
Human health activities	37,919 €	92,954 €	190,067 €	39,682
Wholesale trade	3,034 €	41,448 €	167,269 €	32,735
Computer programming, consultancy and related activities	14,380 €	49,566 €	90,364 €	25,210
Food and beverage service activities	3,087 €	24,614 €	67,820 €	23,383
Legal and accounting activities	27,474 €	70,056 €	160,382 €	20,073
Financial service activities, except insurance and pension funding	10,362 €	57,051 €	148,627 €	19,045

Medians computed by Idonis from annual accounts filed with the National Bank, all sizes combined. The same panel is the sector benchmark on every company page. Belgian companies by sector →

Frequently asked questions

How do I calculate the EBITDA of a Belgian company?

Start from the operating result (code 9901) and add depreciation (630), write-downs on inventories and receivables (631/4) and provisions (635/8).

What is the difference between EBITDA and EBIT?

EBIT is the operating result (9901), after depreciation. EBITDA is the result before depreciation, write-downs and provisions.

Why is a small company's EBITDA sometimes unknown?

In the micro format some items are not detailed: if depreciation is not published while the company has fixed assets, Idonis does not make the amount up.