Unless it has a massive endowment fund, a university's biggest asset is its reputation. If it loses its reputation and students stop coming and paying, a university has only got a bunch of buildings that often aren't well-suited for any alternative use.
That asset is not on the books.
Unless it has a massive debt, a university's biggest liability is the future salaries of its tenured professors. It's hard to just lay them off and stop paying profs if students stop coming and paying for them.
That liability is not on the books.
Even those assets and liabilities that do appear on the books aren't always recorded in a useful way. My university has the campus land valued at what we paid for it in 1947, IIRC.
So take a handful of salt with the balance sheets and income statements that university accountants present.