Sofina SAFigures

Sofina is a Belgian family investment company, listed on Euronext Brussels, founded in 1898 and controlled to the extent of 54.60% by the Boël family. Its net asset value stands at EUR 10,843m at 31 December 2025, that is EUR 305.77 a share on 35,461,125 shares, and the team numbers around seventy-five people. One point of method governs every reading of this house: it publishes two different denominators. Its net asset value is EUR 10,843m, but the base of every percentage it publishes is the portfolio in transparency, EUR 10,509m. The EUR 334m difference is net cash less a residual line. Taking one for the other produces a false figure, and it has happened before.

The structure has two pillars. Sofina Direct, EUR 5,616m, or 53.4% of the portfolio, recalculated, splits into two pockets: long-term minority investments, EUR 2,954m across 22 companies, and Sofina Growth, EUR 2,662m across 63 companies. Sofina Private Funds, EUR 4,893m, or 46.6%, recalculated, means 619 funds and more than eighty management firms, of which 55 funds are individually worth more than EUR 10m. In total, 85 companies held directly, and several hundred others reached indirectly through funds.

What that means in practice. Ninety-two per cent of the portfolio is unlisted, eight per cent listed, figures published by the company. Inside the funds pocket the split by style is published: venture capital EUR 3,592m, or 74%, growth capital EUR 1,094m, or 22%, buyout EUR 200m, or 4%. By region, North America EUR 3,294m, or 67%, Asia EUR 1,111m, or 23%, Europe EUR 489m, or 10%. A further EUR 1,329m of commitments remains outstanding, that is money promised to managers and not yet called. Each direct pocket has its own profile: consumer and retail then education dominate the long-term minority holdings, while digital transformation accounts for more than half of Sofina Growth.

The balance sheet makes that slowness possible. Net cash is positive at EUR 430m at 31 December 2025, with EUR 1,723m of gross cash against EUR 1,293m of financial liabilities, for a published loan-to-value ratio of -4.1%. A house holding more cash than debt can meet its managers' capital calls without selling anything. One limit must finally be stated, because it bounds what a reader can know: Sofina publishes no weight company by company. The granularity of this house stops at the pocket, and any per-line percentage read elsewhere will not have been published by the company.