Key figures sheet: calculate your business’s key figures, EBITDA and SDE
Buyers and banks look at the figures first. Enter the income statement and balance sheet from the latest annual reports, and the sheet calculates the key figures a buyer will ask for — and the normalised earnings the price is typically negotiated from.
Enter amounts in whole Danish kroner (DKK). Enter costs as positive numbers. Your figures are only saved in your own browser.
Income statement
Normalisation (the owner)
Balance sheet (year-end)
Key figures
| Key figures | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue growth? | — | — | — |
| Gross profit? | — | — | — |
| Gross margin? | — | — | — |
| EBITDA? | — | — | — |
| EBITDA margin? | — | — | — |
| Operating profit (EBIT)? | — | — | — |
| Profit margin? | — | — | — |
| Profit before tax? | — | — | — |
| Profit for the year? | — | — | — |
| Normalised EBITDA? | — | — | — |
| Total assets? | — | — | — |
| Equity ratio? | — | — | — |
| Current ratio? | — | — | — |
| Return on assets? | — | — | — |
| Return on equity? | — | — | — |
Indicative value range
Multiple × normalised EBITDA for 2025. The multiple depends on sector, size, growth and risk — small Danish businesses often sell at low multiples. Use a valuation for a more thorough estimate.
Fill in the income statement for the latest year and both multiples to see a range.
Download the sheet
The calculator is free for everyone. Downloading as a spreadsheet or PDF requires a free account.
How to use the key figures
- Use figures from the approved annual reports — so the buyer can recognise them in the accounts.
- Normalisation is what buyers discuss most often: document the owner’s salary and every one-off item.
- A falling gross margin or equity ratio is not necessarily a problem, but prepare an explanation.
- Show the figures in the listing as a range, and share the sheet only once the buyer has signed a non-disclosure agreement.
Not advice. The calculations are indicative and based solely on the figures you enter. The value range is not a valuation. The template is a general starting point and not legal, tax or financial advice. It does not take account of the specific circumstances of your particular deal. Always adapt the document, and have a lawyer and an accountant review it before it is signed. Sitavo is not a party to the agreement and accepts no liability for the use of the template.
Why key figures matter so much in a sale
A buyer and his bank almost always start with the numbers. The price of a smaller business is usually negotiated as a multiple of what it earns, so as a seller you need to know exactly which profit figure the buyer is working from. The key figures sheet calculates the figures a buyer will ask for and shows them year by year, so the trend is clear.
Guides on the topic
Step-by-step knowledge that helps you make the right decision.
How the sheet calculates EBITDAGross profit = revenue minus cost of goods and direct costs.Guide
- Gross profit = revenue minus cost of goods and direct costs.
- EBITDA = gross profit minus other external costs and staff costs, i.e. earnings before interest, tax, depreciation and amortisation.
- EBIT (operating profit) = EBITDA minus depreciation, amortisation and impairment.
- Profit before tax = EBIT plus net financial items, and profit for the year = profit before tax minus tax.
EBITDA is used because it shows operating earnings without being affected by how the business is financed or how its assets are depreciated. Two businesses with the same operations can report very different profits for the year if one of them carries large loans.
Normalised EBITDA and SDEThe figures in the accounts do not always show what a new owner will earn, so they are normalised.Guide
The figures in the accounts do not always show what a new owner will earn, so they are normalised. The sheet adds back the owner’s salary already included in staff costs, deducts a market salary for the owner’s role, and adds back documented one-off costs, such as a relocation or a legal dispute that will not recur.
- Normalised EBITDA = EBITDA + owner’s salary − market salary for the owner’s role + one-off items. This is the figure a buyer who plans to hire a manager usually works from.
- SDE (Seller’s Discretionary Earnings) = profit plus the owner’s own salary plus one-off items, i.e. what the business yields for an owner who works in it. You get SDE in the sheet by setting the market salary to 0; the «Normalised EBITDA» row then shows SDE.
Which figure applies depends on the business. Sitavo’s valuation uses SDE as the base for smaller owner-managed businesses, such as online shops, apps, content sites, shops, restaurants, trades and salons, because the buyer typically takes over the owner’s work. For larger businesses with employees, such as manufacturing, wholesale, services and transport, it uses normalised EBITDA. SaaS is usually valued on annual recurring revenue (ARR).
The other key figuresGross margin, Profit margin, Equity ratioFinance
| Key figure | Calculation | What the buyer looks for |
|---|---|---|
| Gross margin | Gross profit ÷ revenue | Whether pricing and purchasing hold up. A falling margin needs an explanation. |
| Profit margin | EBIT ÷ revenue | How much of each krone is left after all operating costs. |
| Equity ratio | Equity ÷ total assets | How resilient the business is to losses. Most relevant in a share sale. |
| Current ratio | Current assets ÷ current liabilities | Whether the business can pay its bills. Below 1 can indicate tight liquidity. |
| Return on assets | EBIT ÷ total assets | How well the assets earn a return. |
| Revenue growth | Change in revenue from the previous year | The direction. Steady growth supports the price, a decline weighs on it. |
From key figures to a price rangeIf you enter a low and a high multiple, the sheet shows an indicative range: the multiple times the latest year’s nor…Finance
If you enter a low and a high multiple, the sheet shows an indicative range: the multiple times the latest year’s normalised EBITDA. As a reference point, Sitavo’s valuation uses broad market ranges, such as 2–4 times annual profit (SDE) for online shops, 1.5–3 times for shops and restaurants, 3–5 times for manufacturing businesses and 3–6 times ARR for SaaS. These ranges are general and not an assessment of your business. For a reasoned estimate, order a valuation or speak to an adviser.
Common mistakesNormalising too much.Safety
- Normalising too much. Every add-back must be documented, or it will be stripped out again in due diligence.
- Forgetting the owner’s work. A business where the owner works 50 hours a week without pay is worth less to a buyer who has to pay a manager.
- Mixing private and business costs. Private expenses run through the business can be added back, but only if they are clearly separated.
- Using figures other than the annual report. Use the approved accounts, so the buyer can recognise the numbers.
The key figures sheet is free for everyone with an account and downloads as a spreadsheet (CSV) or PDF. Share it only once the buyer has signed a non-disclosure agreement, and attach it to the sales presentation. The seller’s guide chapter on valuation goes into more depth, and the free valuation gives you a first estimate of the price.
Frequently asked questions
Didn’t find the answer?Contact our support team — we’re happy to help.EBITDA is earnings before interest, tax, depreciation and amortisation, as shown in the accounts. Normalised EBITDA is adjusted so the owner’s salary matches a market salary and documented one-off items are added back. Buyers usually work from the normalised figure.
SDE stands for Seller’s Discretionary Earnings: profit plus the owner’s own salary plus one-off items. It shows what the business yields for an owner who runs it, and is often used for smaller owner-managed businesses.
At least three years if you have them. The sheet holds up to five. More years show the trend and make fluctuations easier to explain.
No. The range is simply the multiple you enter times the latest year’s normalised EBITDA. A valuation also takes account of risk, owner dependence, customer concentration and the market.
No. The key figures sheet is free for everyone with an account. You can use the calculator on this page and download the result as a spreadsheet or PDF.