ValuCalc — fiscal business valuation

€ 49 / calculation

v1.0.0 · vintage client-2026-07

1 · Valuation context

Indicative valuation — not a formal appraisal or Register Valuator opinion. Choose the purpose: it determines which fiscal overlay (BOR, Box 2, WHOA, divorce) is added to the DCF.

Company name

Legal form

Chamber of Commerce number

Optional.

Valuation date

Date the valuation refers to; align Rf and ERP to it.

Valuation purpose

Determines which fiscal overlay is added to the DCF valuation.

Sector

Sets the default multiples, growth, margin, D&A, capex and working-capital values when you leave those fields empty.

Company size

Sets the size premium in the cost of equity: micro 4.5%, small 3.0%, mid 1.5%, large 0.5%.

2 · Historical financials (3 years)

Enter reported figures and adjust them via normalisation items (+ = add, − = deduct). The weighted normalised EBITDA (20% / 30% / 50%) is computed automatically and drives the multiples cross-check.

Financial year T−2 — Revenue

€

Financial year T−2 — Reported EBITDA

€

Financial year T−2 — DGA salary correction

€

Positive when the DGA is underpaid (EBITDA ↓); negative when overpaid (EBITDA ↑).

Financial year T−2 — Non-recurring income

€

One-off gains — deducted.

Financial year T−2 — Non-recurring costs

€

One-off costs — added back.

Financial year T−2 — Rent correction

€

Arm’s length correction of related-party rent.

Financial year T−2 — Other corrections

€

Financial year T−1 — Revenue

€

Financial year T−1 — Reported EBITDA

€

Financial year T−1 — DGA salary correction

€

Positive when the DGA is underpaid (EBITDA ↓); negative when overpaid (EBITDA ↑).

Financial year T−1 — Non-recurring income

€

One-off gains — deducted.

Financial year T−1 — Non-recurring costs

€

One-off costs — added back.

Financial year T−1 — Rent correction

€

Arm’s length correction of related-party rent.

Financial year T−1 — Other corrections

€

Financial year T (latest) — Revenue

€

Financial year T (latest) — Reported EBITDA

€

Financial year T (latest) — DGA salary correction

€

Positive when the DGA is underpaid (EBITDA ↓); negative when overpaid (EBITDA ↑).

Financial year T (latest) — Non-recurring income

€

One-off gains — deducted.

Financial year T (latest) — Non-recurring costs

€

One-off costs — added back.

Financial year T (latest) — Rent correction

€

Arm’s length correction of related-party rent.

Financial year T (latest) — Other corrections

€

3 · Forecast, DCF & WACC

FCF = EBIT(1−t) + D&A − Capex − ΔWorking capital over five years, plus a Gordon terminal value. Ke = Rf + ERP + size premium + company-specific premium (beta ≈ 1.0); WACC = (1−D/V) × Ke + D/V × Kd × (1−t).

Forecast method

Automatic: FCF = EBIT(1−t) + D&A − Capex − ΔWorking capital from growth and margin parameters. Manual: enter five annual free cash flows yourself.

Revenue growth per year

Leave empty = sector default (see the sector card in step 1).

EBITDA margin

Leave empty = sector default (see the sector card in step 1).

D&A as % of revenue

Leave empty = sector default (see the sector card in step 1).

Capex as % of revenue

Leave empty = sector default (see the sector card in step 1).

ΔWorking capital as % of revenue growth

Share of the annual revenue increase absorbed by working capital. Leave empty = sector default.

Terminal growth rate (g)

BVT guideline: ≤ 2.0% (≤ long-term inflation). Values above 2.0% are flagged, not capped. Must be below the WACC.

Risk-free rate (Rf)

NL 10-year government bond ~3.10% (July 2026, investing.com) — adjust to the valuation date. 0 falls back to 3.10%.

Equity risk premium (ERP)

Damodaran January 2026 — NL (Aaa) 4.23% — adjust to the valuation date. 0 falls back to 4.23%.

Company-specific premium (CSP)

Company-specific risk: customer concentration, management, market (0–5%). Sector indication: tech/retail/other 2.0%, industry/services 1.5%, healthcare/real estate 1.0%.

Explanation

Ke = Rf + ERP + size premium + company-specific premium. Beta ≈ 1.0 (no relevering). WACC = (1 − D/V) × Ke + D/V × Kd × (1 − t).

Cost of debt (Kd, pre-tax)

Debt / total capital (D/V)

Corporate tax rate (t)

Art. 22 Wet Vpb: 19% on the first € 200,000 of profit, 25.8% above; “blended” approximates a profit of € 200–500k.

4 · Capital structure, tax & multiples

Equity value = enterprise value − net debt + surplus assets. The fiscal fields appear based on the chosen purpose. Multiples serve as a reference range — not a standalone valuation; DCF is primary under the BVT guideline.

Interest-bearing debt

€

Bank debt + bonds + leases.

Cash & equivalents

€

Excluding the minimum operating cash reserve.

Surplus / non-operating assets

€

Excess investments, loans to the DGA, non-operating real estate.

Business assets (% of equity value)

% of the equity value qualifying as business assets (art. 35c SW). Investment assets = 100% − this percentage.

BOR reference year

2026: 100% exemption up to € 1,543,500, 75% above · 2025: € 1,500,000 / 75% · 2024: € 1,325,253 / 83% · 2023: € 1,205,871 / 83%.

Inheritance/gift tax group

Child & partner: 10% up to € 158,669, 20% above · grandchild: 18% / 36% · other: 30% / 40%.

Personal exemption

€

Leave empty = 2026 default per group: child/grandchild € 26,230, partner € 828,035, other € 2,658 — verify the annual indexation.

EV/EBITDA sector — low

Leave empty = sector default (see the sector card in step 1).

EV/EBITDA sector — high

Leave empty = sector default (see the sector card in step 1).

EV/Revenue sector — low

Leave empty = sector default (see the sector card in step 1).

EV/Revenue sector — high

Leave empty = sector default. Sector averages incl. control premium — adjust to current deal data.

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