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This paper shows that social capital can prove an interesting analytical tool in the field of the social economy and more specifically within the theoretical corpus developed by the European EMES Network on the social enterprise. Our analysis is based on three specific characteristics of social enterprises. First, the forms of social capital within these organizations consist mainly of networks and the social relations they develop in their environment. However, social enterprises also mobilize and generate important norms and values. Secondly, for social enterprises, the mobilization and generation of social capital can constitute a goal in itself. Lastly, social enterprises mobilize resources of very diverse natures (private or public, commercial or non-commercial, etc.), of which social capital is one (including volunteer work, worker participation, trust, etc.). On the basis of these hypotheses, we comment on the results obtained in Belgium concerning the social and economic performance of work integration in social enterprises.