Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 192

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 192
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.3 million, consisting of deferred tax 

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liabilities (€32.3 million) based upon the fair value of the acquired intangible assets less recognized deferred tax assets (€9.0 million). As a company active in research and development in Belgium, we also expect to benefit from the “innovation income deduction”, or IID in Belgium. The innovation income deduction regime allows net profits attributable to revenue from among others patented products (or products for which the patent application is pending) to be taxed at a lower effective tax rate than other revenues. The effective tax rate can thus be reduced up to 3.75%. 
Operating segments
We are currently operating as a single operating segment. 
Financial information related to our operational segment and geographic information is contained in “Note 6—Segment information” in our consolidated financial statements appended to this annual report.
Risks
For further information regarding governmental economic, fiscal, monetary or political policies or factors that have materially affected, or could materially affect, directly or indirectly, our operations, please see the section of this annual report titled “Item 3.D.—Risk Factors.”
Critical accounting judgments and key sources of estimation uncertainty
We refer to “Note 4-Critical accounting judgments and key sources of estimation uncertainty” in our consolidated financial statements appended to this annual report.
New standards and interpretations applicable for the annual period beginning on January 1, 2023 and for the annual period beginning on January 1, 2024
We refer to “Note 3-Material accounting policies” in our consolidated financial statements appended to this annual report.

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A.   Operating results
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Comparison of years ended December 31, 2024 and 2023
On January 31, 2024 we announced that we completed the transfer of the Jyseleca® business to Alfasigma. The transfer of our Jyseleca® business has been determined to meet the criteria to be classified as held for sale and discontinued operations in our financial statements for the years ended December 31, 2024 and 2023. We also presented all income statement items fully related to the Jyseleca® business transferred on a separate line “Net profit from discontinued operations, net of tax” in our consolidated income statement.
The abbreviation n.m. in the column ‘% change’ refers to ‘not meaningful’.
The impact of inflation was not material during the year ended December 31,2024.
The following table summarizes the results