PVH: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PVH
Largest movements
- Tangible fixed assets +€40,266
up €40,266 (+5.1%), from €782,882 to €823,149
of which Land and buildings: +€45,522
- Receivables after one year -€30,900
down €30,900 (-5.8%), from €530,900 to €500,000
- Reserves +€48,452
up €48,452 (+11.2%), from €431,754 to €480,205
of which Distributable reserves: +€50,890
- Other debts -€38,851
down €38,851 (-19.1%), from €203,075 to €164,223
- Debts after one year +€34,945
up €34,945 (+16.3%), from €214,900 to €249,844
- Trade debts -€24,283
down €24,283 (-42.6%), from €57,040 to €32,756
- Gross operating margin +€22,741
up €22,741 (+17.8%), from €127,657 to €150,398
- Taxes +€6,658
up €6,658 (+31.3%), from €21,243 to €27,901
- Depreciation +€5,306
up €5,306 (+13.1%), from €40,639 to €45,945
- Other operating charges +€2,734
up €2,734 (+12.7%), from €21,515 to €24,249
- Financial charges -€1,818
down €1,818 (-16.6%), from €10,979 to €9,161
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,641,539 | €1,655,115 | +€13,576 | +0.8% |
| Fixed assets | 21/28 | €1,032,927 | €1,073,193 | +€40,266 | +3.9% |
| Tangible fixed assets | 22/27 | €782,882 | €823,149 | +€40,266 | +5.1% |
| Land and buildings | 22 | €764,164 | €809,686 | +€45,522 | +6.0% |
| Plant, machinery and equipment | 23 | €18,718 | €13,463 | -€5,255 | -28.1% |
| Financial fixed assets | 28 | €250,045 | €250,045 | = | 0.0% |
| Current assets | 29/58 | €608,612 | €581,922 | -€26,691 | -4.4% |
| Amounts receivable after more than one year | 29 | €530,900 | €500,000 | -€30,900 | -5.8% |
| Other amounts receivable | 291 | €530,900 | €500,000 | -€30,900 | -5.8% |
| Amounts receivable within one year | 40/41 | €53,051 | €50,459 | -€2,592 | -4.9% |
| Trade receivables | 40 | €3,000 | - | -€3,000 | |
| Other amounts receivable | 41 | €50,051 | €50,459 | +€408 | +0.8% |
| Cash at bank and in hand | 54/58 | €14,193 | €21,107 | +€6,914 | +48.7% |
| Deferred charges and accrued income | 490/1 | €10,468 | €10,355 | -€113 | -1.1% |
| Total equity and liabilities | 10/49 | €1,641,539 | €1,655,115 | +€13,576 | +0.8% |
| Equity | 10/15 | €987,653 | €1,036,105 | +€48,452 | +4.9% |
| Contributions | 10/11 | €530,462 | €530,462 | = | 0.0% |
| Capital | 10 | €528,013 | €528,013 | = | 0.0% |
| Issued capital | 100 | €528,013 | €528,013 | = | 0.0% |
| Outside capital | 11 | €2,449 | €2,449 | = | 0.0% |
| Share premium | 1100/10 | €2,449 | €2,449 | = | 0.0% |
| Reserves | 13 | €431,754 | €480,205 | +€48,452 | +11.2% |
| Non-distributable reserves | 130/1 | €1,339 | €1,339 | = | 0.0% |
| Legal reserve | 130 | €1,339 | €1,339 | = | 0.0% |
| Tax-exempt reserves | 132 | €287,633 | €285,195 | -€2,438 | -0.8% |
| Distributable reserves | 133 | €142,782 | €193,672 | +€50,890 | +35.6% |
| Profit (loss) carried forward | 14 | €25,437 | €25,437 | = | 0.0% |
| Provisions and deferred taxes | 16 | €95,878 | €95,065 | -€813 | -0.8% |
| Deferred taxes | 168 | €95,878 | €95,065 | -€813 | -0.8% |
| Amounts payable | 17/49 | €558,008 | €523,945 | -€34,063 | -6.1% |
| Amounts payable after more than one year | 17 | €214,900 | €249,844 | +€34,945 | +16.3% |
| Financial debts | 170/4 | €214,900 | €249,844 | +€34,945 | +16.3% |
| Amounts payable within one year | 42/48 | €341,903 | €273,073 | -€68,830 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €81,788 | €75,672 | -€6,117 | -7.5% |
| Trade debts | 44 | €57,040 | €32,756 | -€24,283 | -42.6% |
| Suppliers | 440/4 | €57,040 | €32,756 | -€24,283 | -42.6% |
| Taxes, remuneration and social security | 45 | - | €421 | +€421 | |
| Taxes | 450/3 | - | €421 | +€421 | |
| Other amounts payable | 47/48 | €203,075 | €164,223 | -€38,851 | -19.1% |
| Accrued charges and deferred income | 492/3 | €1,205 | €1,028 | -€177 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,639 | €45,945 | +€5,306 | +13.1% |
| Other operating charges | 640/8 | €21,515 | €24,249 | +€2,734 | +12.7% |
| Gross operating margin | 9900 | €127,657 | €150,398 | +€22,741 | +17.8% |
| Operating profit (loss) | 9901 | €65,504 | €80,204 | +€14,701 | +22.4% |
| Financial income | 75/76B | €4,947 | €4,497 | -€451 | -9.1% |
| Recurring financial income | 75 | €4,947 | €4,497 | -€451 | -9.1% |
| Financial charges | 65/66B | €10,979 | €9,161 | -€1,818 | -16.6% |
| Recurring financial charges | 65 | €10,979 | €9,161 | -€1,818 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €59,472 | €75,540 | +€16,068 | +27.0% |
| Transfer from deferred taxes | 780 | €813 | €813 | = | 0.0% |
| Income taxes | 67/77 | €21,243 | €27,901 | +€6,658 | +31.3% |
| Profit (loss) for the period | 9904 | €39,041 | €48,452 | +€9,410 | +24.1% |
| Transfer from tax-exempt reserves | 789 | €2,438 | €2,438 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,480 | €50,890 | +€9,410 | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.