The range, and how much of it to believe
What the business actually earns
The three methods, side by side
Flags your own figures raise
Nothing in these figures contradicts anything else in them. That is not the same as the answer being right.
What would change this answer
Ordered by how much of the report rests on each one. Argue with the top of this list first.
A hired manager doing the owner's job would cost €90,000 a year. This is the single most contested figure in most negotiations.
The answer weakens if this is wrong. It carries 80% of the report.
Maintenance capital expenditure is roughly equal to depreciation, so post-tax operating profit stands in for distributable cash. This understates a business that has just finished investing.
The answer weakens if this is wrong. It carries 40% of the report.
The multiple is treated as 3.5 plus or minus 1. No publisher of SME multiples reports a confidence interval, so this width is our choice and not a measurement.
The answer weakens if this is wrong. It carries 40% of the report.
The surveyed transactions are comparable to this business. They are Dutch and in the same earnings band; sector, growth and customer mix are not controlled for in the published data.
The answer weakens if this is wrong. It carries 40% of the report.
A company-specific risk premium of 0.0% to 8.0%. NACVA's own guidance states there is no easily identifiable data source for this figure and that it is a matter of professional judgment. It is shown as a range for that reason.
The answer weakens if this is wrong. It carries 40% of the report.
A size premium of 4.0%. Published size premia are derived from portfolios of listed companies and do not transfer cleanly to an owner-managed business.
The answer weakens if this is wrong. It carries 40% of the report.
The business continues trading as it does today, with the current owner replaced rather than removed.
The answer reverses if this is wrong. It carries 20% of the report.
Where every figure came from
| Figure | Source | Quality |
|---|---|---|
| Revenue for 2025. | jaarrekening-2025.xlsx · P&L · B4 | 100% |
| Reported EBITDA for 2025. | jaarrekening-2025.xlsx · P&L · B18 | 100% |
| Depreciation and amortisation for 2025. | jaarrekening-2025.xlsx · P&L · B19 | 100% |
| Salary and benefits taken by the current owner in 2025. | jaarrekening-2025.xlsx · P&L · B12 | 100% |
| Net assets on the balance sheet. | jaarrekening-2025.xlsx · Balance · B30 | 100% |
| Cash held at the balance sheet date. | jaarrekening-2025.xlsx · Balance · B8 | 100% |
| Interest-bearing debt at the balance sheet date. | jaarrekening-2025.xlsx · Balance · B24 | 100% |
| Costs identified as not recurring under a new owner. | jaarrekening-2025.xlsx · P&L · B22 | 100% |
| Adjusted EBITDA of €235,000: reported €240,000, plus owner remuneration of €60,000, less a market-rate salary of €90,000, plus one-off costs of €25,000. | Calculated from the figures above | 61% |
| Dutch businesses at under €500k of adjusted EBITDA transacted at an average of 3.5× EBITDA, per the Brookz Overname Barometer H1-2025, a survey of Dutch M&A advisors. | nl-ebitda-multiple · 2026-q3 | 84% |
| Discount rate of 11.4% to 19.4%: risk-free 2.8%, equity risk premium 4.6%, size premium 4.0%, company-specific 0.0% to 8.0%. | Calculated from the figures above | 61% |
How this report was produced
Recorded so the same figures can be reproduced years from now, with the data that was current on the day it was written rather than today's.
- Report
- example-business-valuation
- Generated
- 2026-07-28T09:00:00.000Z
- Method
- valuation 1.0.0
- Template
- business-valuation 1.0.0
- Market data
- valuation-knowledge · 2026-q3