Sourcing roadmap
Per-country registry of named data providers for the Upswitch Index — filings, statistics offices, listed comps, and partner publications we use or are wiring in for each market.
Why this page exists
The Upswitch Index is calibrated for private-company SME valuations. For each market we name the national registries, statistics offices, listed-comp sets, gazette monitors, central-bank databases, and trade-body publications Upswitch uses or commits to ingest. Where a published row is borrowed, aggregate-derived, beta, or compatibility-stage until country-native evidence is sufficient, we disclose that basis and mark the row in the index table. Every URL here is public; every sourcing claim is verifiable. Programmatic access: `GET /api/benchmarks/v1/sources` and row-level `country_basis` on `GET /api/benchmarks/v1/index`.
63 named sources across 16 markets — plus 2 of 5 cross-EU calibration anchors active today.
Status legend
- Active
- Wired into Delphi today; row-level evidence flows into the published vintage. Always pinned to the country page's `country_basis = native` rows where statistically significant.
- In development
- Client exists or partial coverage in flight; sustained ingestion in active build. Honest interim disclosure: rows may still inherit the regional aggregate while we close gap.
- Partner data
- Trade-body or research-house annual / quarterly publication used as a citable cross-check or calibration anchor (e.g. Argos Mid-Market Index, AIFI annual report, FINANCE Magazin DACH multiples). Not a primary feed Upswitch owns.
- Planned
- Known credible source not yet ingested. Listed publicly so the gap and the path to closing it are both citable.
BE Belgium
4 active · 0 in development · 0 partner data · 0 planned · 4 total named sources
- National registry·Annual·Freemium·Triage layer 1
Mandatory annual filings for ~440k Belgian companies (full and abbreviated schedules). Primary source for Layer 1 country-native row-level evidence.
apps/delphi/src/data_sources/cbs_client.py
- National statistics office·Annual·Free·Triage layer 1
NACE-BEL Structural Business Statistics. Sector-level context for Layer 1 / Layer 5 size-banded ratios.
apps/delphi/src/data_sources/statbel_client.py
- Deal gazette·Daily·Free·Triage layer 5
M&A and corporate-action announcements. Powers AI deal extraction for proprietary observation evidence.
apps/delphi/src/data_sources/staatsbladmonitor_client.py
- Listed comparables·Real-time·Freemium·Triage layer 2
Local listed-SME comparable set. DLOM applies (Layer 2 listed-style anchor).
apps/delphi/src/data_sources/eu_smallcap_client.py
NL Netherlands
3 active · 0 in development · 0 partner data · 0 planned · 3 total named sources
- National registry·Annual·Paid·Triage layer 1
Mandatory XBRL filings for Dutch BV/NV via Standard Business Reporting. Aggregated by NACE / SBI for Layer 1 peer financials.
apps/delphi/src/data_sources/kvk_financials_client.py
- National statistics office·Annual·Free·Triage layer 1
Dutch SBS by SBI 2008. Sector context for Dutch SME bands.
apps/delphi/src/data_sources/cbs_client.py
- Listed comparables·Real-time·Freemium·Triage layer 2
Local listed-SME comparable set. DLOM applies (Layer 2).
apps/delphi/src/data_sources/eu_smallcap_client.py
LU Luxembourg
0 active · 0 in development · 0 partner data · 2 planned · 2 total named sources
- National registry·Annual·Paid·Triage layer 1
Mandatory filings for SARL/SA — paid per-document access; ingestion path scoped after BE/NL backfill.
- National statistics office·Annual·Free·Triage layer 1
Sector aggregates by NACE for Luxembourg's services-heavy mix.
GB United Kingdom
0 active · 1 in development · 2 partner data · 2 planned · 5 total named sources
- Companies House — UK statutory filings(Companies House)In developmentNational registry·Real-time·Free·Triage layer 1
Free public API + XBRL-tagged accounts (FRS 102/101/105) for ~5M UK companies. Mandatory full P&L for medium and large; abridged for small. The single best Layer-1 SME source in Europe — ingestion is the critical-path Delphi client for GB native coverage.
apps/delphi/src/data_sources/companies_house_client.py
- National statistics office·Annual·Free·Triage layer 1
UK SIC sector aggregates and SME profitability series.
- Listed comparables·Real-time·Freemium·Triage layer 2
AIM micro/small-cap listed comparables for Layer 2 coverage. DLOM applies.
- CMS European M&A Study(CMS Study)Partner dataTrade-body report·Annual·Free·Triage layer 6
Annual European M&A deal-term study covering UK, DE, FR, NL — citable corroboration on multiples bands.
- Argos Mid-Market Index(Argos Index)Partner dataTrade-body report·Quarterly·Free·Triage layer 6
Quarterly EV/EBITDA reading for Eurozone mid-market unlisted transactions (€15–500m). Published as a free PDF — used as a calibration cross-check.
FR France
0 active · 1 in development · 1 partner data · 3 planned · 5 total named sources
- National registry·Annual·Freemium·Triage layer 1
Statutory filings (bilan, compte de résultat) for SAS/SARL/SA. Per-document fee for full bilan; aggregates are free.
apps/delphi/src/data_sources/infogreffe_client.py
- Deal gazette·Daily·Free·Triage layer 5
French commercial-court announcements: M&A, share transfers, asset disposals.
- National statistics office·Annual·Free·Triage layer 1
French SBS by NAF (≈NACE Rev.2). Free API.
- National registry·Real-time·Freemium·Triage layer 1
Open-data layer over French commercial registry. Useful for cross-validation and entity resolution.
- Argos Mid-Market Index(Argos Index)Partner dataTrade-body report·Quarterly·Free·Triage layer 6
Eurozone mid-market multiples — France is the largest cohort in the index population.
DE Germany
0 active · 1 in development · 2 partner data · 2 planned · 5 total named sources
- Bundesanzeiger — German Federal Gazette(Bundesanzeiger)In developmentNational registry·Annual·Free·Triage layer 1
Mandatory annual filings for GmbH, AG, KGaA. Full P&L for medium and large; abbreviated for small.
apps/delphi/src/data_sources/bundesanzeiger_client.py
- National registry·Real-time·Freemium·Triage layer 1
Central German business register; cross-validates Bundesanzeiger filings and adds beneficial-owner data.
- National statistics office·Annual·Free·Triage layer 1
German SBS by WZ 2008 (≈NACE Rev.2). Already partially covered via Eurostat SBS (Layer 4); Destatis-direct unlocks finer size-band cuts.
- Trade-body report·Quarterly·Free·Triage layer 6
Quarterly DACH small-cap and mid-cap multiples by sector — citable industry reference.
- CMS European M&A Study(CMS Study)Partner dataTrade-body report·Annual·Free·Triage layer 6
Annual deal-term study; Germany is a top-3 cohort.
ES Spain
0 active · 0 in development · 0 partner data · 3 planned · 3 total named sources
- National registry·Daily·Freemium·Triage layer 1
Mandatory filings via the Mercantile Registry. BORME gazette announcements are free; full balance sheets are paid per-document via eInforma / Insight View.
- National statistics office·Annual·Free·Triage layer 1
Spanish SBS by CNAE-2009 (≈NACE Rev.2).
- Listed comparables·Real-time·Freemium·Triage layer 2
Spanish small-cap and BME Growth (formerly MAB) listed peers for Layer 2.
IT Italy
0 active · 0 in development · 2 partner data · 3 planned · 5 total named sources
- Cerved Group — Italian SME data(Cerved)Partner dataNational registry·Real-time·Paid·Triage layer 1
De-facto standard for Italian private-company financials. Used by every major Italian PE house and bank — under partnership evaluation.
- National registry·Annual·Paid·Triage layer 1
Mandatory bilancio filings via the Italian chambers of commerce. Per-document fee.
- National statistics office·Annual·Free·Triage layer 1
Italian SBS by ATECO 2007 (≈NACE Rev.2). Sector-level context.
- Listed comparables·Real-time·Freemium·Triage layer 2
Italian small-cap and STAR segment. Layer 2 listed comparables.
- AIFI — Italian PE association annual(AIFI)Partner dataTrade-body report·Annual·Free·Triage layer 6
Annual Italian PE/VC market report with deal multiples breakdown.
PT Portugal
0 active · 0 in development · 0 partner data · 3 planned · 3 total named sources
- National registry·Annual·Free·Triage layer 1
Mandatory simplified electronic filings for all Portuguese commercial companies.
- Central bank database·Annual·Free·Triage layer 1
BdP harmonized SME financials by CAE-Rev.3 (≈NACE Rev.2) — directly usable for Layer 1 size-banded ratios. Standard reference for Portuguese SME work.
- National statistics office·Annual·Free·Triage layer 1
Portuguese SBS. Sector-level supplement to BdP CBSD.
PL Poland
0 active · 0 in development · 0 partner data · 2 planned · 2 total named sources
- National registry·Real-time·Free·Triage layer 1
Polish National Court Register. Mandatory filings for sp. z o.o., S.A., and other Polish companies.
- GUS — Statistics Poland(GUS)PlannedNational statistics office·Annual·Free·Triage layer 1
Polish SBS by PKD 2007 (≈NACE Rev.2).
AT Austria
0 active · 0 in development · 1 partner data · 2 planned · 3 total named sources
- National registry·Real-time·Paid·Triage layer 1
Mandatory filings for GmbH and AG via Justiz-Online. Per-document fee.
- National statistics office·Annual·Free·Triage layer 1
Austrian SBS by ÖNACE 2008.
- Trade-body report·Quarterly·Free·Triage layer 6
Quarterly DACH multiples cover Austria alongside Germany and Switzerland.
CH Switzerland
0 active · 0 in development · 0 partner data · 4 planned · 4 total named sources
- Deal gazette·Daily·Free·Triage layer 5
Swiss Official Gazette of Commerce. M&A and corporate-action announcements.
- National registry·Real-time·Free·Triage layer 1
Swiss commercial register entry data. Note: many Swiss SMEs are not required to publish full financials, limiting Layer 1 row-level coverage.
- National statistics office·Annual·Free·Triage layer 1
Swiss SBS by NOGA 2008 (≈NACE Rev.2).
- Listed comparables·Real-time·Freemium·Triage layer 2
Swiss small-cap listed comparables for Layer 2.
SE Sweden
0 active · 0 in development · 2 partner data · 3 planned · 5 total named sources
- National registry·Annual·Paid·Triage layer 1
Mandatory annual reports for AB and HB. API access via paid subscription.
- SCB — Statistics Sweden(SCB)PlannedNational statistics office·Annual·Free·Triage layer 1
Swedish SBS by SNI 2007 (≈NACE Rev.2).
- Listed comparables·Real-time·Freemium·Triage layer 2
Swedish small-cap and First North growth-market listed peers for Layer 2.
- National registry·Real-time·Freemium·Triage layer 1
Widely used commercial wrapper over Bolagsverket data with sector tagging.
- SVCA — Swedish PE & VC association(SVCA)Partner dataTrade-body report·Annual·Free·Triage layer 6
Annual Swedish PE & VC report with deal multiples context.
FI Finland
0 active · 0 in development · 1 partner data · 2 planned · 3 total named sources
- National registry·Annual·Freemium·Triage layer 1
Mandatory annual reports for Oy / Oyj. Trade Register data available via API.
- National statistics office·Annual·Free·Triage layer 1
Finnish SBS by TOL 2008 (≈NACE Rev.2).
- FVCA — Finnish Venture Capital Association(FVCA)Partner dataTrade-body report·Annual·Free·Triage layer 6
Annual Finnish PE/VC market report with multiples context.
DK Denmark
0 active · 0 in development · 1 partner data · 2 planned · 3 total named sources
- National registry·Real-time·Free·Triage layer 1
Free public API; mandatory annual reports for ApS, A/S, and other Danish entities. One of the most open SME data registries in Europe.
- Danmarks Statistik(DST)PlannedNational statistics office·Annual·Free·Triage layer 1
Danish SBS by DB07 (≈NACE Rev.2).
- DVCA — Danish Venture Capital Association(DVCA)Partner dataTrade-body report·Annual·Free·Triage layer 6
Annual Danish PE/VC market report.
NO Norway
0 active · 0 in development · 1 partner data · 2 planned · 3 total named sources
- National registry·Real-time·Free·Triage layer 1
Free public API. Mandatory annual reports for AS and ASA.
- SSB — Statistics Norway(SSB)PlannedNational statistics office·Annual·Free·Triage layer 1
Norwegian SBS by SN 2007 (≈NACE Rev.2).
- Proff — Norwegian commercial wrapper(Proff)Partner dataNational registry·Real-time·Freemium·Triage layer 1
Commercial wrapper over Brreg with sector enrichment.
Cross-EU calibration anchors
These sources flow into the triage cascade for every country (Damodaran via Layer 6 macro anchor, Eurostat SBS via Layer 4 multi-country aggregates, OECD STAN as supplementary context, ECB BACH for harmonized SME ratios, Invest Europe for citable annual context). They are the calibration anchors for markets that don't yet have a country-native row at Layer 1.
- Academic / macro anchor·Annual·Free·Triage layer 6
Annual listed-market multiples by industry. Layer 6 macro anchor; DLOM applies before Damodaran multiples are used as a private-company comparable.
apps/delphi/src/data_sources/damodaran_scraper.py
- Academic / macro anchor·Annual·Free·Triage layer 4
Pan-EU sector aggregates by NACE Rev.2. Layer 4 multi-country anchor; not used as a listed-market comparable (DLOM does NOT apply).
- OECD STAN — Structural Analysis Database(OECD STAN)In developmentAcademic / macro anchor·Annual·Free·Triage layer 6
Industry-level value-added and capital-stock series across OECD countries. Provides macro context, not multiples; supplements Layer 6.
- Central bank database·Annual·Free·Triage layer 4
Cross-country harmonized SME and large-corporate financial ratios maintained by ECB / Banque de France. Standard reference for European SME work — adds size-banded EBIT / EBITDA series for BE, FR, DE, ES, IT, PT, AT.
- Trade-body report·Annual·Free·Triage layer 6
Annual European PE and VC activity report — citable cross-check on regional deal multiples.
Programmatic access
The same registry powers a public JSON endpoint — citable, machine-readable, IP-rate-limited, no PAT required. Use it to build dashboards, embed sourcing data in deal binders, or cross-check vintages against the named feeds.
GET /api/benchmarks/v1/sources →Upswitch.app
Full valuation workflow — Upswitch
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