Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 352

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 16I
Chunk 352
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 measured at amortized cost.
Cash and cash equivalents measured at amortized cost
Cash and cash equivalents measured at amortized cost mainly comprise of notice accounts and term deposits that are readily convertible to cash within three months or less, that are subject to an insignificant risk of changes in their value and that are held for the purpose of meeting short-term cash commitments.
Cash and cash equivalents exclude restricted cash, which is presented in the line other non-current assets in the statement of financial position.
Impairment
Theimpairmentlossofafinancialassetmeasuredatamortizedcostiscalculatedbased on the expected loss model.
For trade receivables, in the absence of a significant financing component, the loss allowanceismeasuredatanamountequaltolifetimeexpectedcreditlosses. Thoseare theexpectedcreditlossesthatresultfromallpossibledefaulteventsovertheexpected life of those trade receivables.
Impairmentlossesarerecognizedintheconsolidatedincome statement.
(ii) Financial liabilities
Financial liabilities are initially measured either at fair value or at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost or at fair value.
Financial liabilities measured at amortized cost mainly comprise trade and other liabilities.
Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expenses related to our research and development project costs.

F-22

Table of Contents

We derecognize a financial liability when its contractual obligations are discharged, cancelled or expire.
TAXATION
Income tax in the profit or loss accounts represents the sum of the current tax and deferred tax.
Current tax is the expected tax payable on the taxable profit of the year. The taxable profit of the year differs from the profit as reported in the financial statements as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Our liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred income tax is provided in full, using the liability-method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting