“We actually expected a dip,” says Brookz director Peter Rikhof. “The geopolitical tensions and trade rate increases ensure a lot of economic uncertainty and that is not good for the takeover market.” Rikhof calls the small rise a small surprise. He does, however, emphasize that there has been a clear buyer market for about three years. As a result, the purchasing party can also provide favorable conditions in addition to a favorable price.
Risk with seller
“Instruments such as an earn-out and seller loan are of all times, but in recent years we have seen a clear increase,” said Rikhof. According to Dealsuite CEO Floyd Plettenberg, the increase in these conditions is a sign that buyers are currently able to deposit a larger part of the future risk with the seller.
“Selling entrepreneurs usually prefer to pay for everything in one go, but with the current uncertainties in the market, that is not realistic. So then choosing or sharing is: whether the deal conditions accept or settle for a lower selling price.”
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The uncertainty in the market also causes more strategic buyers, Rikhof sees. “Entrepreneurs who take over a competitor know the market well and therefore dare to take more risk. Private equity parties have become a bit more careful.”
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The takeover prices of SMEs were stable in the first half of 2025: buyers paid an average of 4.9 times the annual profit, just like the end of last year. However, underlying the differences between sectors have become greater. Software companies recorded an average of 7.4 times the profit, while retail companies with 2.3 times were left behind.
Price difference
The price difference between large and small companies is also rising. For a company with a profit of 200,000 euros, an average of 3.5 times the profit was paid at the end of 2024, compared to 6.7 times for companies with a 10 million profit. That difference grew by more than 10 percent in six months.
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The report calls the prospects for the second half of 2025 positive. Almost 80 percent of the takeover advice offices are optimistic over the next six months, in particular due to a greater availability of financing.