PVH38: what changed
Two financial 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.
PVH38
Largest movements
- Tangible fixed assets -€37,372
down €37,372 (-5.0%), from €748,817 to €711,445
of which Land and buildings: -€23,605
- Receivables within one year +€9,869
up €9,869 (+7.8%), from €126,354 to €136,223
of which Trade receivables: +€7,414
- Debts after one year -€40,236
down €40,236 (-10.8%), from €372,094 to €331,858
- Reserves +€30,128
up €30,128 (+32.1%), from €93,873 to €124,001
- Current portion of long-term debt -€9,478
down €9,478 (-19.1%), from €49,713 to €40,236
- Taxes +€8,212
up €8,212 (+226%), from €3,635 to €11,847
- Depreciation -€1,798
down €1,798 (-4.5%), from €40,049 to €38,251
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.
Derived cash bridge
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 | €885,829 | €867,132 | -€18,697 | -2.1% |
| Fixed assets | 21/28 | €754,166 | €716,617 | -€37,549 | -5.0% |
| Intangible fixed assets | 21 | €349 | €172 | -€177 | -50.8% |
| Tangible fixed assets | 22/27 | €748,817 | €711,445 | -€37,372 | -5.0% |
| Land and buildings | 22 | €624,606 | €601,000 | -€23,605 | -3.8% |
| Plant, machinery and equipment | 23 | €122,545 | €109,578 | -€12,967 | -10.6% |
| Furniture and vehicles | 24 | €1,666 | €867 | -€799 | -48.0% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €131,663 | €150,515 | +€18,852 | +14.3% |
| Amounts receivable within one year | 40/41 | €126,354 | €136,223 | +€9,869 | +7.8% |
| Trade receivables | 40 | €126,354 | €133,769 | +€7,414 | +5.9% |
| Other amounts receivable | 41 | - | €2,454 | +€2,454 | |
| Cash at bank and in hand | 54/58 | €4,280 | €12,352 | +€8,073 | +189% |
| Deferred charges and accrued income | 490/1 | €1,029 | €1,939 | +€911 | +88.5% |
| Total equity and liabilities | 10/49 | €885,829 | €867,132 | -€18,697 | -2.1% |
| Equity | 10/15 | €193,873 | €224,001 | +€30,128 | +15.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €93,873 | €124,001 | +€30,128 | +32.1% |
| Distributable reserves | 133 | €93,873 | €124,001 | +€30,128 | +32.1% |
| Amounts payable | 17/49 | €691,956 | €643,131 | -€48,825 | -7.1% |
| Amounts payable after more than one year | 17 | €372,094 | €331,858 | -€40,236 | -10.8% |
| Financial debts | 170/4 | €372,094 | €331,858 | -€40,236 | -10.8% |
| Amounts payable within one year | 42/48 | €319,861 | €311,273 | -€8,589 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €49,713 | €40,236 | -€9,478 | -19.1% |
| Trade debts | 44 | €1,209 | €2,736 | +€1,527 | +126% |
| Suppliers | 440/4 | €1,209 | €2,736 | +€1,527 | +126% |
| Taxes, remuneration and social security | 45 | €3,881 | €12,093 | +€8,212 | +212% |
| Taxes | 450/3 | €3,881 | €12,093 | +€8,212 | +212% |
| Other amounts payable | 47/48 | €265,058 | €256,208 | -€8,850 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,049 | €38,251 | -€1,798 | -4.5% |
| Other operating charges | 640/8 | €6,064 | €6,294 | +€230 | +3.8% |
| Gross operating margin | 9900 | €90,770 | €91,522 | +€751 | +0.8% |
| Operating profit (loss) | 9901 | €44,658 | €46,977 | +€2,319 | +5.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €5,664 | €5,002 | -€661 | -11.7% |
| Recurring financial charges | 65 | €5,664 | €5,002 | -€661 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €38,994 | €41,975 | +€2,980 | +7.6% |
| Income taxes | 67/77 | €3,635 | €11,847 | +€8,212 | +226% |
| Profit (loss) for the period | 9904 | €35,359 | €30,128 | -€5,232 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,359 | €30,128 | -€5,232 | -14.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.