How to value your shares wisely before the new capital gains tax
September 2025 - From 1 January 2026, a new tax on the capital gains of financial assets will come into force in Belgium. For anyone who owns a company and wants to sell their shares in the long term, 31 December 2025 will be a crucial date.
The value assigned to your shares at that time will determine the basis on which taxes will be calculated later. Good preparation can therefore make a big difference.
Why 31 December 2025 is so important
At the end of 2025, the tax authorities will “freeze” the value of your company. This value will form the reference point for calculating future capital gains. The higher the valuation at that time, the lower the taxable capital gain when you sell later – and therefore the less tax you will pay.
The new tax will be 10% on capital gains from 2026 onwards. For shareholdings of at least 20%, there will be an exemption up to one million euros. Above that, the rate will increase gradually, up to a maximum of 10% from ten million euros. Historical capital gains will not be affected: only profits after 1 January 2026 will be taxed.
How is your company valued?
The law provides a standard method: EBITDA (operating cash flow) multiplied by four, supplemented by equity. This usually works well for traditional companies, but for specific sectors – such as real estate companies with low EBITDA but high latent capital gains – this can give a distorted picture.
Fortunately, you can also use other valuation methods, as long as they are justifiable. It is often worthwhile to compare several calculations and take the average or the highest result as a reference. This strengthens your position vis-à-vis the tax authorities.
Be careful with dividend payments
Your dividend policy has an impact on the valuation. A dividend that you pay out in 2026 but that still relates to the 2025 financial year reduces equity and therefore also the share value on 31 December 2025. If you want to avoid this, you can hold a special general meeting in 2026. In that case, the dividend will only be included in the 2026 financial statements, which means that the value at the end of 2025 will be retained.
Think ahead
It seems obvious to have the value of your company set as high as possible. However, that is not always the best strategy. In succession planning, where you donate or sell shares to children or where siblings have to buy each other out, a lower valuation can actually be advantageous.
Therefore, discuss with your accountant or financial advisor in good time which approach best suits your future plans. You have until the end of 2026 to have the valuation officially drawn up, so there is room to make a well-considered choice.
