{"id":50742,"date":"2023-04-21T17:17:31","date_gmt":"2023-04-21T15:17:31","guid":{"rendered":"https:\/\/pro-pulse.be\/?p=50742"},"modified":"2023-04-21T17:17:31","modified_gmt":"2023-04-21T15:17:31","slug":"ebitda-definition-calcul-interpretation","status":"publish","type":"post","link":"https:\/\/pro-pulse.be\/index.php\/2023\/04\/21\/ebitda-definition-calcul-interpretation\/","title":{"rendered":"Qu&rsquo;est-ce que l&rsquo;EBITDA ? D\u00e9finition, calcul, interpr\u00e9tation"},"content":{"rendered":"<p>[et_pb_section fb_built=\u00a0\u00bb1&Prime; _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb custom_padding=\u00a0\u00bb0px||||false|false\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_row _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_column type=\u00a0\u00bb4_4&Prime; _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_text _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb text_font=\u00a0\u00bbRoboto Condensed||||||||\u00a0\u00bb text_font_size=\u00a0\u00bb18px\u00a0\u00bb text_line_height=\u00a0\u00bb1.2em\u00a0\u00bb header_2_font=\u00a0\u00bbRoboto||||||||\u00a0\u00bb header_2_font_size=\u00a0\u00bb40px\u00a0\u00bb header_2_line_height=\u00a0\u00bb1.2em\u00a0\u00bb header_3_font=\u00a0\u00bbRoboto||||||||\u00a0\u00bb header_3_font_size=\u00a0\u00bb30px\u00a0\u00bb header_3_line_height=\u00a0\u00bb1.2em\u00a0\u00bb hover_enabled=\u00a0\u00bb0&Prime; global_colors_info=\u00a0\u00bb{}\u00a0\u00bb sticky_enabled=\u00a0\u00bb0&Prime;]<\/p>\n<p>Hello, les entrepreneurs ! Aujourd&rsquo;hui, on va examiner un indicateur financier important dont on entend souvent parler\u00a0: <strong>l&rsquo;EBITDA<\/strong>, ou \u00ab\u00a0Earnings Before Interest, Taxes, Depreciation, and Amortization\u00a0\u00bb. Dans cet article, je vais tout vous expliquer de mani\u00e8re claire et simple, en utilisant des exemples concrets auxquels vous pourrez facilement vous raccrocher. C&rsquo;est parti !<\/p>\n<h2><strong>Qu\u2019est-ce que l\u2019EBITDA\u00a0?<\/strong><\/h2>\n<p>L\u2019EBITDA est l\u2019acronyme anglosaxon de <strong>\u00ab\u00a0Earnings Before Interest, Taxes, Depreciation, and Amortization\u00a0\u00bb<\/strong>. On le traduit litt\u00e9ralement par \u00ab\u00a0B\u00e9n\u00e9fice Avant Int\u00e9r\u00eats, Imp\u00f4ts, D\u00e9pr\u00e9ciation et Amortissement\u00a0\u00bb (ou <strong>BAIIDA<\/strong>, en fran\u00e7ais\u00a0; on ne va pas se le cacher, c\u2019est assez peu courant).<\/p>\n<p>Mais de quoi s\u2019agit-il exactement ? Bonne question, pas vrai ? Pour simplifier les choses, imaginez que votre entreprise est une voiture et que l&rsquo;EBITDA est le carburant qui la fait avancer. Tout comme une voiture a besoin de carburant pour se d\u00e9placer, votre entreprise a besoin de liquidit\u00e9s pour fonctionner et se d\u00e9velopper. Quand l\u2019indicateur est bon, tout roule !<\/p>\n<h2><strong>Comment se calcule l\u2019EBITDA\u00a0?<\/strong><\/h2>\n<p>L\u2019EBITDA <strong>se calcule sur une ann\u00e9e<\/strong> et peut se calculer de deux mani\u00e8res.<\/p>\n<p>\ud83d\udea8 Spoiler alert\u00a0: la deuxi\u00e8me m\u00e9thode est bien plus facile que la premi\u00e8re.<\/p>\n<h3><strong>1\u00e8re m\u00e9thode de calcul<\/strong><\/h3>\n<p>On part du <strong>b\u00e9n\u00e9fice net apr\u00e8s imp\u00f4ts<\/strong>, auquel on va <strong>additionner des montants<\/strong> comme suit, <strong>sans tenir compte de produits non r\u00e9currents<\/strong>.<\/p>\n<p>Prenez le b\u00e9n\u00e9fice net, mais sans tenir compte des int\u00e9r\u00eats (entrants ou sortants), des taxes, des changements de valeurs (moins-values et plus-values) et des amortissements.<\/p>\n<blockquote>\n<p><em><strong>EBITDA =<\/strong> B\u00e9n\u00e9fice (de l\u2019entreprise net apr\u00e8s imp\u00f4ts) + Int\u00e9r\u00eats (charges financi\u00e8res) &#8211; Produits financiers + Taxes (imp\u00f4ts) + D\u00e9pr\u00e9ciations (provisions pour d\u00e9pr\u00e9ciation d\u2019actif, autrement dit des moins-values) &#8211; Produits non r\u00e9currents + Amortissements<\/em><\/p>\n<\/blockquote>\n<p>De mani\u00e8re simplifi\u00e9e et rapide, en lisant la <strong>page \u00ab\u00a0Comptes de r\u00e9sultats\u00a0\u00bb d\u2019un bilan<\/strong> comme pr\u00e9sent\u00e9 \u00e0 la <a href=\"https:\/\/www.nbb.be\/fr\/centrale-des-bilans\">Banque Nationale de Belgique<\/a> (BNB), voil\u00e0 ce que cela donne\u00a0:<\/p>\n<table border=\"1\" style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><em>B\u00e9n\u00e9fice (Perte) d&rsquo;exploitation (9901)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; Produits d&rsquo;exploitation non r\u00e9currents (76A)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>+ R\u00e9ductions de valeur sur stocks, sur commandes en cours d&rsquo;ex\u00e9cution et sur cr\u00e9ances commerciales : dotations (reprises) (631)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>+ Provisions pour risques et charges: dotations (utilisations et reprises) (635)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>+ Charges d&rsquo;exploitation non r\u00e9currentes (66A)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>+ Amortissements et r\u00e9ductions de valeur sur frais d&rsquo;\u00e9tablissement, sur immobilisations incorporelles et corporelles (630)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><strong>= EBITDA<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><strong>2\u00e8me m\u00e9thode de calcul<\/strong><\/h3>\n<p>On part du <strong>chiffre d\u2019affaires<\/strong>, duquel on va soustraire les montants suivants\u00a0:<\/p>\n<blockquote>\n<p><em><strong>EBITDA =<\/strong> Chiffre d\u2019affaires et autres produits d\u2019exploitation &#8211; Achats et charges &#8211; Frais du personnel &#8211; Autres charges<\/em><\/p>\n<\/blockquote>\n<p>On vous avait pr\u00e9venus, cette formule est bien plus simple.<\/p>\n<p>Examinons-la de plus pr\u00e8s, en reprenant la page \u00ab\u00a0Compte de r\u00e9sultats\u00a0\u00bb de notre bilan de la BNB\u00a0:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pro-pulse.be\/wp-content\/uploads\/2023\/04\/exemple-calcul-ebitda-bilan-bnb-300x198.png\" width=\"523\" height=\"345\" alt=\"Exemple de calcul de l'EBITDA au d\u00e9part d'un bilan issu de la Banque Nationale de Belgique\" class=\"wp-image-50758 alignnone size-medium\" srcset=\"https:\/\/pro-pulse.be\/wp-content\/uploads\/2023\/04\/exemple-calcul-ebitda-bilan-bnb-300x198.png 523w, https:\/\/pro-pulse.be\/wp-content\/uploads\/2023\/04\/exemple-calcul-ebitda-bilan-bnb-480x316.png 480w\" sizes=\"auto, (min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 523px, 100vw\" \/><\/p>\n<table border=\"1\" style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><em>Chiffre d&rsquo;affaires (70)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>+ Autres produits d\u2019exploitation (74)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; Approvisionnements, marchandises (60)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; Services et biens divers (61)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; R\u00e9mun\u00e9rations, charges sociales et pensions (62)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; Autres charges d&rsquo;exploitation (640)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>= EBITDA (de 458.803 \u20ac selon l&rsquo;exemple)<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Comment calculer l\u2019EBITDA d\u2019un bilan publi\u00e9 sans le chiffre d\u2019affaires (la publication de la donn\u00e9e est optionnelle pour les petites structures)\u00a0?<\/p>\n<p>On utilise alors la <strong>marge brute<\/strong> qui, elle, est toujours indiqu\u00e9e.<\/p>\n<blockquote>\n<p><em><strong>Marge brute =<\/strong> Chiffre d&rsquo;affaires (70) &#8211; Approvisionnements, marchandises, services et biens divers (60\/61) + Produits d&rsquo;exploitation non r\u00e9currents (76)<\/em><\/p>\n<\/blockquote>\n<p>Dans ce cas, calculez-la comme suit\u00a0:<\/p>\n<table border=\"1\" style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 100%;\"><em>Marge brute (9900)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; Produits d&rsquo;exploitation non r\u00e9currents (76)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; R\u00e9mun\u00e9rations, charges sociales et pensions (62)<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 100%;\"><em>&#8211; Autres charges d&rsquo;exploitation (640)<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><strong>Comment interpr\u00e9ter l\u2019EBITDA\u00a0?<\/strong><\/h2>\n<p>L\u2019EBITDA est un indicateur de la <strong>sant\u00e9 op\u00e9rationnelle<\/strong> d\u2019une entreprise, de son exploitation. Il va indiquer si l\u2019on cr\u00e9e de la valeur, et combien on en cr\u00e9e. C\u2019est un indicateur souvent utilis\u00e9 par les banques et les investisseurs afin de rapidement distinguer si une soci\u00e9t\u00e9 a une <strong>valeur ajout\u00e9e<\/strong>.<\/p>\n<p>L\u2019EBITDA montre la <strong>rentabilit\u00e9 d\u2019une entreprise<\/strong> afin d\u2019aider la personne qui le calcule \u00e0 une prise de d\u00e9cision.<\/p>\n<p>Souvent, les banques suivent une r\u00e8gle avant d\u2019octroyer un cr\u00e9dit\u00a0: v\u00e9rifier que les remboursements annuels n\u2019exc\u00e8dent pas <strong>1\/3 de l\u2019EBITDA<\/strong>. Ce ratio implique que la soci\u00e9t\u00e9 est capable d\u2019honorer ses dettes.<\/p>\n<h3><strong>Un exemple pour la route<\/strong><\/h3>\n<p>Si l\u2019EBITDA est \u00e9gal \u00e0 <strong>90.000 \u20ac<\/strong>, les remboursements de cr\u00e9dits (capital et int\u00e9r\u00eats) ne doivent pas d\u00e9passer <strong>30.000 \u20ac par an<\/strong>, sauf d\u00e9rogation de la banque.<\/p>\n<p>Des investisseurs vont pouvoir regarder cet indicateur afin de valoriser le potentiel op\u00e9rationnel d\u2019une entreprise \u00e0 vendre ou \u00e0 acheter, tout en pond\u00e9rant cette valeur selon plusieurs points d\u2019attention.<\/p>\n<h2><strong>Quels sont les points d\u2019attention face \u00e0 l\u2019EBITDA\u00a0?<\/strong><\/h2>\n<p>L\u2019EBITDA ne refl\u00e8te pas l\u2019enti\u00e8ret\u00e9 de l\u2019entreprise. Il ne <strong>ne tient pas compte du taux d\u2019endettement ou de la tr\u00e9sorerie<\/strong> de la bo\u00eete. Attention\u00a0: ne vous fiez pas uniquement \u00e0 ce chiffre lorsque vous achetez les actions d\u2019une entreprise. R\u00e9alisez toujours une <strong>analyse pouss\u00e9e<\/strong> de l\u2019\u00e9tat des dettes, du stock, du fond de roulement, du business mod\u00e8le, de l\u2019\u00e9quipe, du <a href=\"https:\/\/pro-pulse.be\/index.php\/2023\/03\/27\/business-model-canvas-outil-pour-entreprendre-modele-a-telecharger\/\">business canvas<\/a> ou encore des menaces futures.<\/p>\n<h2><strong>Comment am\u00e9liorer l\u2019EBITDA\u00a0?<\/strong><\/h2>\n<p>La r\u00e9ponse est facile puisqu\u2019elle est le but de toute\u00a0entreprise : <strong>augmenter le chiffre d\u2019affaires<\/strong>, diminuer les charges et les frais de personnel.<\/p>\n<p>C\u2019est bien entendu la premi\u00e8re chose \u00e0 faire dans chaque business. En plus d\u2019am\u00e9liorer l\u2019EBITDA, cela <strong>augmente les b\u00e9n\u00e9fices<\/strong>, et c\u2019est bien cela que l\u2019on recherche.<\/p>\n<p>Si, dans votre cas, vous trouvez un int\u00e9r\u00eat \u00e0 am\u00e9liorer l\u2019EBITDA en particulier, une id\u00e9e serait de rechercher des <strong>frais r\u00e9currents dans lesquels vous pourriez investir<\/strong>. Cette man\u0153uvre les passera en <strong>amortissements<\/strong>.<\/p>\n<h3><strong>Exemple #1\u00a0: l\u2019abonnement \u00e0 un logiciel<\/strong><\/h3>\n<p>Vous payez un abonnement mensuel \u00e0 un logiciel pour 50 \u20ac \/ mois. Vous le trouvez dans votre comptabilit\u00e9 en <strong>classe 61, Services et biens divers<\/strong>, dont votre EBITDA tient compte.<\/p>\n<p>Vous avez la possibilit\u00e9 d\u2019acheter ce logiciel pour 1.800 \u20ac. L\u2019achat passera dans vos investissements, qui seront <strong>amortis en classe 63<\/strong>, dont votre EBITDA ne tient pas compte.<\/p>\n<p>Vous venez de gagner <strong>600 \u20ac d\u2019EBITDA !<\/strong>\u00a0\ud83e\udd73<\/p>\n<h3><strong>Exemple #2\u00a0: la location d\u2019une camionnette<\/strong><\/h3>\n<p>Vous avez un renting pour votre camionnette (<strong>Services et biens divers<\/strong>, pris en compte dans l\u2019EBITDA). Plut\u00f4t que de la louer, achetez-la\u00a0: vous pourrez l\u2019amortir (<strong>Amortissements<\/strong>, non pris en compte dans l\u2019EBITDA).<\/p>\n<h3><strong>Exemple #3\u00a0: la sous-traitance de votre production<\/strong><\/h3>\n<p>Vous faites appel \u00e0 un sous-traitant pour fabriquer une pi\u00e8ce de votre produit (vous n\u2019avez pas la machine en votre possession). L\u2019achat de la pi\u00e8ce appara\u00eet dans <strong>Marchandises, classe 60<\/strong>, pris en compte dans l\u2019EBITDA. Investissez plut\u00f4t dans cette m\u00eame machine pour produire la pi\u00e8ce vous-m\u00eame. Vous l\u2019amortirez en <strong>classe 63<\/strong>, non pris en compte par l\u2019EBITDA.<\/p>\n<h3><strong>Un conseil pour votre EBITDA<\/strong><\/h3>\n<p>Am\u00e9liorer son EBITDA, c\u2019est bien. Mais attention \u00e0 ne pas chercher \u00e0 am\u00e9liorer l\u2019EBITDA \u00e0 tout prix. <strong>Les optimisations doivent faire partie d\u2019une strat\u00e9gie globale.<\/strong><\/p>\n<p>Prenons l\u2019exemple d\u2019une start-up. Elle loue ou sous-traite beaucoup de choses. C\u2019est normal\u00a0: elle est en croissance. Ses besoins \u00e9voluent r\u00e9guli\u00e8rement, la tr\u00e9sorerie n\u2019est pas toujours suffisante ou il n\u2019est pas possible de financer de gros investissements. Bouleverser cette strat\u00e9gie de croissante pour augmenter l\u2019EBITDA peut avoir des cons\u00e9quences ind\u00e9sirables. R\u00e9fl\u00e9chissez-y toujours \u00e0 deux fois\u00a0!<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=\u00a0\u00bb2_5,3_5&Prime; _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb background_color=\u00a0\u00bb#000000&Prime; module_alignment=\u00a0\u00bbcenter\u00a0\u00bb custom_padding=\u00a0\u00bb20px|20px|20px|20px|false|false\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_column type=\u00a0\u00bb2_5&Prime; _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_image src=\u00a0\u00bbhttps:\/\/pro-pulse.be\/wp-content\/uploads\/2022\/07\/Benjamin-Cuvelier-profil.png\u00a0\u00bb title_text=\u00a0\u00bbBenjamin Cuvelier-profil\u00a0\u00bb _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb border_radii=\u00a0\u00bbon|40px|40px|40px|40px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][\/et_pb_column][et_pb_column type=\u00a0\u00bb3_5&Prime; _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_cta title=\u00a0\u00bbBesoin d&rsquo;aide pour cr\u00e9er ou booster votre entreprise ? \ud83d\ude80\u00a0\u00bb button_url=\u00a0\u00bbhttps:\/\/pro-pulse.be\/index.php\/reserver-entretien\/\u00a0\u00bb button_text=\u00a0\u00bbParler \u00e0 un expert\u00a0\u00bb _builder_version=\u00a0\u00bb4.17.4&Prime; _module_preset=\u00a0\u00bbdefault\u00a0\u00bb background_color=\u00a0\u00bb#000000&Prime; button_alignment=\u00a0\u00bbcenter\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n<p>Je suis Benjamin Cuvelier, fondateur de Pro-Pulse. Avec mon \u00e9quipe, on vous accompagne pour faire de votre projet entrepreneurial une r\u00e9ussite totale.<\/p>\n<p>R\u00e9servez votre appel d\u00e9couverte \ud83d\udc47<\/p>\n<p>[\/et_pb_cta][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hello, les entrepreneurs ! Aujourd&rsquo;hui, on va examiner un indicateur financier important dont on entend souvent parler\u00a0: l&rsquo;EBITDA, ou \u00ab\u00a0Earnings Before Interest, Taxes, Depreciation, and Amortization\u00a0\u00bb. Dans cet article, je vais tout vous expliquer de mani\u00e8re claire et simple, en utilisant des exemples concrets auxquels vous pourrez facilement vous raccrocher. C&rsquo;est parti ! Qu\u2019est-ce que [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50747,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-50742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Qu&#039;est-ce que l&#039;EBITDA ? D\u00e9finition, calcul, interpr\u00e9tation - Pro-Pulse<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez comment calculer l&#039;EBITDA, son interpr\u00e9tation et des exemples concrets pour mieux comprendre. 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