May 2026
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Largest B2B SaaS Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
EVS Broadcast Equipment, Materialise, FLOWSPARKS and Keyware.
 | EVS Broadcast Equipment SA is a video technology provider for broadcast and new media productions. EVS solutions are used by production teams across the world to deliver live sports images, entertainment shows, and news to viewers every day and in real-time. The company's products and solutions offering include a live production asset management suite, live production server, live replay and highlights system, network hub to connect to EVS servers, media storage systems, media workflow management solutions, and others. In addition, the company also provides technical assistance services, training and e-learning, and cybersecurity services to its clients in the media industry. Geographically, it generates maximum revenue from the Europe, Middle East and Africa (EMEA) region. | $36 | -12% | $484M | $416M | 1.7x | 6.2x | ||
| Materialise NV is a provider of 3D printing services. The products and services of the group are organized in three segments: Medical segment, which develops and delivers medical software solutions, medical devices, and other related products and services; Software segment, which develops and delivers additive manufacturing software solutions and related services; and Manufacturing segment, which delivers 3D printed products and related services. Its geographical segments are the United States, the Americas (excluding the USA), Belgium, Germany, France, Switzerland, the United Kingdom, Italy, the Netherlands, Other Europe, and the Asia Pacific. | $7 | +24% | $407M | $322M | 1.0x | 8.5x | ||
| FLOWSPARKS NV is engaged in providing online educational services. It provides an e-learning platform that enables organizations to create, manage, and deliver digital training based on their internal expertise. With built-in instructional design, multilingual capabilities, reporting features, and AI Co-Authoring, FLOWSPARKS helps companies scale training across teams, locations, and languages. In addition to the platform, it offers customized training content creation services for customers who require support. | $22 | +2% | $48M | $44M | 3.9x | 18.1x | ||
| Keyware Technologies NV is a network service provider. The company works in the area of electronic payment solutions. The company operates in various business segments that are Terminals, which comprise the rental, the sale, and the installation of payment terminals; Authorisation, which relates to the revenues in connection with payment transactions, and authorisation services transaction; Corporate, which is involved in finance and administration, expenses in connection with the listing on the stock market; and Software, which includes activities of Magellan. The Terminal segment generates maximum revenue for the company. It offers its services to Netherlands, Germany, and France. | $11 | +1100% | $25M | $16M | - | - | ||
| Median | $17 | +13% | $227M | $183M | 1.7x | 8.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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