Reporting on Business Transfers and Acquisitions 2025 (Wallonie Entreprendre)

Summary

• Small and medium-sized enterprises dominate the market, with 41% of deals valued under €1 million and 79% under €5 million.p.4
• Business transfers helped safeguard at least 7,107 jobs across Wallonia in 2025, down slightly from 7,285 jobs in 2024.p.8
• The average overall EV/EBITDA valuation multiple remained stable at 5.6 in 2025, compared to 5.7 in 2024.p.14
• Seller financing was included in 25% of transactions (averaging 23% of the price), while earn-out clauses featured in 17% of deals (averaging 21% of the price).p.4
• Retirement remains the single most common reason for selling an enterprise, cited in 34% of cases.p.4

Key insights

1. The overall volume of business transfers in Wallonia remained steady with slight growth, driven by 106 participating certified experts.p.4
2. Transaction timelines remain rapid, with 86% of business transfers closing within 12 months and 38% concluding in under 6 months.p.9
3. Valuation multiples vary significantly by industry, peaking at 7.4 EV/EBITDA for Machinery & Equipment Manufacturing.p.17
4. Excluding 100% equity deals, the average equity effort provided by buyers rose to 27% in 2025 from 21% in 2024.p.23
5. Wallonie Entreprendre directly supported 410 transfer projects in 2025 through subordinated loans and bank loan guarantees.p.26
6. Earn-out clauses saw a strong increase among individual buyers, rising from 14% to 28% of their deals year-over-year.p.27
7. International buyers increased their market share significantly, making up 12% of all buyers compared to 8% in previous years.p.38
8. M&A advisors and transfer firms accounted for the largest share of expert respondents, representing 31% of transactions.p.45