Steven Pazen

Antwerp

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Ticking fees in M&A

Transactions

What is the impact of IFRS 16 on valuation? This article explains how lease accounting under IFRS 16 and BE GAAP results in different EBITDA, debt and valuation figures, and why standardisation is essential.

Steven Pazen
stijn dom tas
| 4 min read | 26 Jun 2026

Negative Working Capital: What Does It Really Mean for Your Company?

Transactions

Negative working capital need not be a cause for alarm. Find out when it is a sign of operational efficiency, when it indicates liquidity risk, and what impact it has on valuation and transactions.

Steven Pazen
stijn dom tas
| 5 min read | 18 Jun 2026

What Is “Trapped Cash” and What Role Does It Play in M&A Transactions?

Transactions

Find out what ticking fees are, how to calculate them, and why they are important in locked-box transactions for managing value shifts in the event of delays.

Steven Pazen
stijn dom tas
| 3 min read | 18 Jun 2026
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Steven Pazen

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