Why holdings matter
Many Belgian entrepreneurs hold shares via a management company (ManCo) or holding structure, not personally.
Look-through rules
How the tax authority treats indirect holdings depends on the structure.
Documenting the structure
Both the holding AND the operating company may need a valuation snapshot.
Common scenarios
Founder + ManCo
You hold shares in your operating company via a management company.
Family Holding
Family holdings often have multiple participations.
Multi-entity Group
Groups with several subsidiaries and holding layers need a clear picture of value at each level.
Related: Substantial Participation · Normal Gains · Safe-Harbour · Succession · Full Calculator