Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 79

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 3
Chunk 79
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 the current, prior or future taxable years. U.S. holders should consult their own tax advisors about the consequences to them of the proposed separation.
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Risks related to tax and other financial matters
If we are unable to use tax loss carryforwards to reduce future taxable income or benefit from favorable tax legislation, our business, results of operations and financial condition may be adversely affected.
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As of December 31, 2024, we had cumulative carry forward tax losses of € 842.9 million related to entities in Belgium, and €19.1 million related to the other entities of our group. These are available to carry forward and offset against possible future taxable income for an indefinite period in Belgium, but €1.1 million of these tax loss carryforwards in the United States will expire between 2028 and 2034. If we are unable to use tax loss carryforwards to reduce possible future taxable income or in case of changes in tax regulations affecting the use of tax loss carryforwards, our business, results of operations and financial condition may be adversely affected.
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As a company active in research and development in Belgium and France, we have benefited from certain research and development incentives including, for example, but not limited to, the Belgian research and development tax credit and the French research tax credit (crédit d’impôt recherche). These tax credits can be offset against Belgian and French corporate income tax due, respectively. The excess portion may be refunded as from the end of a four-year fiscal period for the Belgian research and development incentive (this period of four years is reduced from five years for tax credits carried forward as from the accounting year starting January 1, 2024), and at the end of a three-year fiscal period for the French research and development incentive. As from the accounting year starting January 1, 2024, it is optional for the company in Belgium to either apply the tax credit to any corporate income tax due or to carry-over the tax credit to a subsequent taxable period (up to the four-year refund period). The research and development incentives are both calculated based on the amount of eligible research and development expenditure. The Belgian tax credit represented €17.3 million for the year ended December 31, 2022, and €26.3 million for the year ended December 31, 2023, and €17.4 million for the year ended December 31, 2024. The French tax credit amounted to €11.4 million for the