Capital gains tax · 2026

Value of your shares at 31/12/2025

For unlisted shares, the law allows a flat-rate value: equity + 4 × EBITDA of the last financial year closed before 2026. Idonis computes it from the company's filed accounts.

To be confirmed by your accountant — Indicative estimate, computed automatically from published accounts. This is neither tax advice nor a valuation within the meaning of the law: the value to use is the highest of several possible values and depends on your situation. Have it confirmed by your accountant or a company auditor. Idonis is not a tax adviser, accountant or auditor.

Frequently asked questions

What is the formula?

Equity plus four times EBITDA, both taken from the last financial year closed before 1 January 2026 (art. 102, § 4, ITC 92). The result is for 100% of the shares; your part is pro rata.

Is this the value I must use?

Not necessarily. The law uses the highest of three values: the price of a transaction or capital increase in 2025, the value under a formula in an option contract, and this formula. You can also have a valuation drawn up by a company auditor or certified accountant until 31 December 2027. Your accountant decides.

Which financial year counts?

The last financial year closed before 1 January 2026: 2025 for a 31 December year-end, the year ended 30 June 2025 for a 30 June year-end. What happened afterwards does not count.

Which EBITDA?

The one defined by law (art. 275⁹ ITC): profit before tax, plus depreciation, write-downs and financial charges, minus financial income, with some non-recurring items. It is not always the EBITDA found in reports.

What if my company makes a loss?

The formula may then give zero or less: it cannot be used and another value counts. For a sale until 31 December 2030, the historical acquisition value may also be used if it is higher.

Legal basis and limits

Act of 6 April 2026 introducing a tax on capital gains on financial assets (Belgian Official Gazette of 21/04/2026); art. 102, § 4, and 275⁹ ITC 92; circular 2026/C/74 of 22/07/2026. Actions for annulment are pending before the Constitutional Court and the administration may clarify its interpretation. The calculation uses annual accounts filed with the NBB, processed by Idonis; accounts in abridged or micro format only allow an approximate calculation. Text updated on 04 Oct 2026.