Inclusio Sca (INCLU) - Net Assets
Based on the latest financial reports, Inclusio Sca (INCLU) has net assets worth €239.24 Million EUR (≈ $279.69 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€407.69 Million ≈ $476.63 Million USD) and total liabilities (€168.45 Million ≈ $196.94 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check INCLU tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €239.24 Million |
| % of Total Assets | 58.68% |
| Annual Growth Rate | 19.96% |
| 5-Year Change | 42.6% |
| 10-Year Change | N/A |
| Growth Volatility | 23.78 |
Inclusio Sca - Net Assets Trend (2017–2025)
This chart illustrates how Inclusio Sca's net assets have evolved over time, based on quarterly financial data. See Inclusio Sca liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Inclusio Sca (2017–2025)
The table below shows the annual net assets of Inclusio Sca from 2017 to 2025. For live valuation and market cap data, see market value of Inclusio Sca.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €239.24 Million ≈ $279.69 Million |
+5.34% |
| 2024-12-31 | €227.11 Million ≈ $265.52 Million |
+6.55% |
| 2023-12-31 | €213.15 Million ≈ $249.20 Million |
+14.45% |
| 2022-12-31 | €186.25 Million ≈ $217.74 Million |
+11.01% |
| 2021-12-31 | €167.77 Million ≈ $196.14 Million |
+13.38% |
| 2020-12-31 | €147.97 Million ≈ $172.99 Million |
+65.52% |
| 2019-12-31 | €89.39 Million ≈ $104.51 Million |
+59.41% |
| 2018-12-31 | €56.08 Million ≈ $65.56 Million |
+0.55% |
| 2017-12-31 | €55.77 Million ≈ $65.20 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Inclusio Sca's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1575126000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €15.42 Million | 6.45% |
| Common Stock | €145.74 Million | 60.92% |
| Other Components | €78.07 Million | 32.63% |
| Total Equity | €239.24 Million | 100.00% |
Inclusio Sca Competitors by Market Cap
The table below lists competitors of Inclusio Sca ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
CVC Brasil Operadora e Agencia
SA:CVCB3
|
$134.89 Million |
|
Amber International Holding Limited
NASDAQ:AMBR
|
$134.89 Million |
|
Informa PLC
LSE:INF
|
$134.90 Million |
|
Shree Pushkar Chemicals & Fertilisers Limited
NSE:SHREEPUSHK
|
$134.92 Million |
|
BYC Co. Ltd
KO:001460
|
$134.87 Million |
|
Maple Gold Mines Ltd
V:MGM
|
$134.83 Million |
|
Banco Alfa de Investimento S.A
SA:BRIV3
|
$134.78 Million |
|
Leadtrend Technology Corp
TW:3588
|
$134.77 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Inclusio Sca's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 227,110,555 to 239,236,464, a change of 12,125,909 (5.3%).
- Net income of 15,419,629 contributed positively to equity growth.
- Dividend payments of 3,264,125 reduced retained earnings.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €15.42 Million | +6.45% |
| Dividends Paid | €3.26 Million | -1.36% |
| Other Changes | €-29.59K | -0.01% |
| Total Change | €- | 5.34% |
Book Value vs Market Value Analysis
This analysis compares Inclusio Sca's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.53x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 2.14x to 0.53x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €7.76 | €16.60 | x |
| 2018-12-31 | €7.80 | €16.60 | x |
| 2019-12-31 | €12.44 | €16.60 | x |
| 2020-12-31 | €20.25 | €16.60 | x |
| 2021-12-31 | €22.59 | €16.60 | x |
| 2022-12-31 | €25.07 | €16.60 | x |
| 2023-12-31 | €28.72 | €16.60 | x |
| 2024-12-31 | €30.61 | €16.60 | x |
| 2025-12-31 | €31.40 | €16.60 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Inclusio Sca utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.45%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 91.28%
- • Asset Turnover: 0.04x
- • Equity Multiplier: 1.70x
- Recent ROE (6.45%) is above the historical average (5.70%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2017 | -0.59% | -43.32% | 0.01x | 1.02x | €-5.91 Million |
| 2018 | 0.55% | 24.82% | 0.02x | 1.03x | €-5.30 Million |
| 2019 | 0.58% | 5.88% | 0.08x | 1.18x | €-8.42 Million |
| 2020 | 0.02% | 0.70% | 0.03x | 1.10x | €-14.76 Million |
| 2021 | 8.73% | 195.48% | 0.03x | 1.32x | €-2.13 Million |
| 2022 | 11.94% | 200.78% | 0.04x | 1.56x | €3.61 Million |
| 2023 | 15.10% | 232.74% | 0.04x | 1.61x | €10.86 Million |
| 2024 | 8.57% | 125.01% | 0.04x | 1.71x | €-3.25 Million |
| 2025 | 6.45% | 91.28% | 0.04x | 1.70x | €-8.50 Million |
Industry Comparison
This section compares Inclusio Sca's net assets metrics with peer companies in the Real Estate Services industry.
Industry Context
- Industry: Real Estate Services
- Average net assets among peers: $390,668,576
- Average return on equity (ROE) among peers: 8.03%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Inclusio Sca (INCLU) | €239.24 Million | -0.59% | 0.70x | $134.88 Million |
| Accentis (ACCB) | $129.42 Million | -0.56% | 0.29x | $34.10 Million |
| Immo Mcc NV (MCC) | $62.00 | 0.00% | 393.81x | $15.68 Million |
| Softimat S.A. (SOFT) | $6.94 Million | 13.29% | 0.12x | $3.17 Million |
| Texaf SA (TEXF) | $32.01 Million | 5.59% | 0.50x | $161.33 Million |
| VGP NV (VGP) | $2.18 Billion | 29.88% | 0.78x | $2.56 Billion |
| Immo-Zenobe Gramme SA (ZEN) | $76.39K | 0.00% | 117.49x | $13.76 Million |
About Inclusio Sca
Inclusio SA operates as a real estate company in Belgium. It engages in the provision of affordable rental housing, housing for persons with disabilities, and social infrastructures. Inclusio SA was formerly known as Bon Pasteur, SA and changed its name to Inclusio SA in 2014. Inclusio SA was incorporated in 2011 and is based in Brussels, Belgium.