Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 310

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 11
Chunk 310
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 nature of our customers.
Aging balance of receivables that are due, but are still considered collectable:

        ​            ​   ​     ​    ​    ​     ​    ​    ​     ​ 
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​                    ​   December 31,                            
​                    2024           2023            2022         
​                    ​   (Euro, in thousands)                    
60 - 90 days         ​   €    552   ​    €      3   ​    €    424
90 - 120 days        ​   ​     24   ​    ​      3   ​    ​    208
more than 120 days   ​   €     19   ​    €    117   ​    €    473
​
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Our cash and cash equivalents are invested primarily in current, notice and term accounts. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted at the beginning of the term. Our financial investments are also kept within different financial institutions and include term deposits, money market funds and treasury bills with an AAA rating. The money market funds are invested in a well-diversified portfolio of highly rated assets.
Interest rate risk
The only variable interest-bearing financial instruments are cash and cash equivalents and financial investments.
Changes in interest rates may cause variations in interest income and expenses resulting from short term interest-bearing assets. 
Effect of interest rate fluctuation
A 100 basis point increase in interest rates at balance sheet date would have increased profit or loss, and equity, by approximately €33.2 million (2023: €36.8 million, 2022: €40.9 million); a 100 basis point decrease in interest rates 

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would have decreased profit or loss, and equity, by approximately €33.2 million (2023: €36.8 million, 2022: €40.9 million). 
Foreign exchange risk
We are exposed to foreign exchange risk arising from various currency exposures. Our principal functional currency is euro, but we receive payments from our business partners Gilead in U.S. dollars and acquire some consumables and materials in U.S. dollars, Swiss Francs, and GB Pounds.
To limit this risk, we attempt to align incoming and outgoing cash flows in currencies other than the euro. In addition, contracts closed by our different entities are mainly in the functional currencies of that entity, except for the collaboration agreements signed with G