olivLaw · European equity research
Inclusio INCLU.BR
Belgium · Euronext Brussels · ISIN BE0974374069 · Vertical: Listed companies from Belgium
Inclusio is a Belgian real estate vehicle that invests in buildings leased for very long terms to professional social actors such as SVKs, specialised associations and local authorities. At year-end 2021 the real value of the operating portfolio stood at 214.2 million EUR, and the KB-GVV debt ratio was 24.30%.
At the close of 05 Nov 2026, Inclusio (INCLU.BR) stock was 15.20 EUR (+0.33% on the day), with beta 0.12, 52-week range 15.10–19.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.3
- weak (30–45)
- Bollinger (20, 2)
- 14.91 – 16.29
- in the lower half of the band · %B 0.21 · band width 8.9%
- SMA 50 / 200
- 16.08 / 17.08
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.24
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | +0.4% | −5.4 pp | — |
| 3 months | −13.1% | −3.3% | −9.9 pp | — |
| 6 months | −14.8% | +4.0% | −18.8 pp | — |
| Year to date | −14.8% | +8.1% | −22.9 pp | — |
| 1 year | −16.0% | +10.7% | −26.7 pp | +7.2% |
| 3 years | +16.9% | +50.1% | −33.2 pp | −5.5% |
| 5 years | −22.1% | +43.6% | −65.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 33.5 k | 14.7 m |
| Net income YoY | unavailable | +43,573.3% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | 3.9 m | 1.3 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 944.4 k EUR
- Financial debt
- 51.5 m EUR
- Net debt
- 50.5 m EUR
- Equity
- 167.8 m EUR
- Total assets
- 221.5 m EUR
- Debt / equity
- 0.31x
- Current ratio
- 0.73x
- ROE
- 9.3%
- ROA
- 7.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 11.1 m | 944.4 k | esef· 19 Apr 2022verified |
| Current assets | 11.8 m | 1.7 m | esef· 19 Apr 2022verified |
| Intangibles (excl. goodwill) | 83.3 k | 50.4 k | esef· 19 Apr 2022verified |
| Total assets | 163.2 m | 221.5 m | esef· 19 Apr 2022verified |
| Accounts payable | 4.8 m | 1.8 m | esef· 19 Apr 2022verified |
| Long-term debt | 10.0 m | 51.5 m | esef· 19 Apr 2022verified |
| Current liabilities | 5.0 m | 2.3 m | esef· 19 Apr 2022verified |
| Total liabilities | 15.2 m | 53.8 m | esef· 19 Apr 2022verified |
| Equity | 148.0 m | 167.8 m | esef· 19 Apr 2022verified |
Cash flow · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 3.9 m | 1.4 m | esef· 19 Apr 2022verified |
| Capex | 15.7 k | 43.2 k | esef· 19 Apr 2022verified |
| Free cash flow | 3.9 m ≈ | 1.3 m ≈ | esef· 19 Apr 2022derived |
| Investing cash flow | -50.2 m | -51.2 m | esef· 19 Apr 2022verified |
| Financing cash flow | 54.6 m | 39.7 m | esef· 19 Apr 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.5% | 36 (vs peers) | 38% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 8.9% | 0 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 45.7x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality22/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INCLUSIO (INCLU.BR). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: ROE 9.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 45.7x
What contradicts it
- FCF conversion: 8.9%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for INCLU.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Inclusio is a Belgian real estate vehicle that invests in buildings leased for very long terms to professional social actors such as SVKs, specialised associations and local authorities. At year-end 2021 the real value of the operating portfolio stood at 214.2 million EUR 1, and the KB-GVV debt ratio was 24.30% 1.
SWOT
Strengths
- Very long-term lease contracts with social actors, which provide income that is predictable over long periods.
- A simplified management model in which tenants are selected and administered by social partners.
- Remaining borrowing capacity, which allows the portfolio to be extended without exceeding the stated ceiling.
Weaknesses
- Dependence on a small number of SVK partners and authorities for all rental income.
- Exposure to appraisal values, which can vary with the market and affect net asset value per share.
- Reliance on bank credit, with part of the credit lines still undrawn or subject to variable rates.
Opportunities
- Portfolio growth through acquisitions and development or conversion of office buildings into housing.
- Rising demand for social housing could bring new partners and new projects in different regions.
- Projects nearing completion could add rental income in the years ahead.
Threats
- Changes to tax rules or regional facilities could affect profitability.
- Higher interest rates could raise the cost of financing and pressure net income.
- A reversal of the downward trend in yields could reduce appraisal values of the portfolio.
Risks
- Concentration on social partnershigh
Rental income depends on a few SVK partners and authorities; if they can no longer or no longer wish to take over the buildings, occupancy could be affected.
- Sensitivity of property valuationshigh
A significant part of the 2021 result came from the real change in property value, which could reverse if market yields rise.
- Debt and interest ratesmedium
Financing through bank credit exposes the company to higher costs if interest rates rise, although part of the credit lines is hedged with swaps.
- Regional tax rulesmedium
Property tax reductions and exemptions depend on the region and the tenant's status, and changes to them could reduce current advantages.
- Development and project executionlow
Projects under construction or renovation depend on permits and contractor offers, which can delay delivery.
Investment thesis
What would need to be true (bull case)
- If the long-term leasing model holds, rental income could remain stable over a long period, with a more predictable risk profile.
- Remaining borrowing capacity and ongoing projects could expand the income base in the coming years, if execution follows plan.
- The social impact stated for the portfolio could attract new partners and support from authorities, which could sustain demand for the company's buildings.
What would break the thesis
- A large part of the growth in 2021 results came from unrealised valuations, which could fall if the yield market shifts.
- Dependence on a small number of social partners could expose the company to losing important contracts.
- Higher financing costs or a change in regional tax treatment could reduce net margin and value per share.
What to watch
- Development of the KB-GVV debt ratio against the 50% ceilingnext 10-K
- Completion of ongoing projects such as Middelweg and Thomashuis2022
- Development of the average gross rental yield relative to real valuenext 10-K
- Changes to regional property tax rules2022
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2021 annual report 1, Inclusio follows a 'Buy and Hold' strategy with very long-term leases or management mandates, in one case up to 27 years for a building in Sint-Lambrechts-Woluwe. Buildings are mainly let on a 'B2B' basis, to SVKs, specialised associations such as the Red Cross or Samusocial, and public authorities, which take on tenant selection, rent setting and maintenance. Only a small part of the portfolio, 2.3% of the real value of the operating portfolio at 31/12/2021, is managed directly in a 'B2C' relationship 1.
Inclusio finances its growth with bank credit, aiming not to exceed a debt ratio of 50%, and has hedged a large part of its credit lines with interest rate swaps 1. The company was listed in December 2020, and in 2021 it extended its portfolio through acquisitions and its own development projects, which lifted net rental income to 7.06 million EUR 1.
Segments
B2B lettings to social actors
The main segment comprises buildings let or managed in bulk to SVKs, associations and public authorities, which take over the full social management of tenants. The company does not bear the administrative or commercial costs of individual housing, which makes this a simplified management model 1.
Commercial premises and offices (B2C)
A small directly managed segment includes a few commercial premises and an office on the ground floors of some buildings, for which Inclusio itself seeks tenants and manages contractual relations. This segment represents a very small share of the operating portfolio value at year-end 2021 1.
Market context
Inclusio operates in the market for social and affordable housing in Belgium, with buildings in Flanders, Wallonia and Brussels, where tax regimes and regional facilities differ. According to the annual report, the average gross rental yield relative to real value was 4.4% in 2021 1. This yield matters for a company whose value depends largely on the portfolio's appraisal values.
The report notes that part of the portfolio value growth also came from lower yields in the residential market, which makes valuations sensitive to property market conditions 1. In 2021 the company had roughly 115 million EUR of additional investment capacity before reaching its 50% debt ratio ceiling 1.
Trends
- Rising demand for affordable housingtailwind
The need for social and affordable housing in Belgium supports demand for buildings let to SVKs and authorities, which could support long-term occupancy of the portfolio.
- Residential yield trendmixed
Lower residential market yields contributed to the growth in portfolio value in 2021, but a reversal of this trend could reduce appraisal values.
- Cost of bank financingmixed
Interest rates could affect the cost of credit, although the company has hedged part of its borrowings with swaps, which limits its exposure to rate changes.
- Tax rules and regional facilitiesheadwind
Reductions and exemptions on property tax, which differ by region, matter for the profitability of buildings let to SVKs and could be changed.
Competitive position
The 2021 annual report 1 does not explicitly name competitors, so the list below is limited to what can be inferred from the source text. Inclusio competes with other investors and developers active in the social and affordable housing market in Belgium, as well as with social actors that build or let their own housing.
The competitive advantage stated in the source is the long-term B2B model, with leases of more than 20 years, which reduces the company's administrative costs. This model depends, however, on the availability of SVK partners or authorities willing to take over social management.
- Other Belgian real estate companies with social portfolios
Investors and developers active in the same affordable housing segment in Belgium; not explicitly named in the source.
- Social housing companies (SVKs)
Actors that could build or let their own housing, and are also Inclusio's clients in the B2B model.
- Real estate developers in partnership
Partners with whom Inclusio carries out projects, but which can compete for the same land and acquisitions.
- Residential real estate investors
Funds and investors seeking similar yields in the Belgian residential market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / Inclusio · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.