Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 457

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 457
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93,888   ​    €     60,206
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The net currency unrealized exchange gain of €22.7 million in 2024 primarily related to €22.2 million of unrealized exchange gain on cash and cash equivalents and current financial investments at amortized cost held in U.S. dollars, as compared to an unrealized net exchange loss in 2023 of €20.4 million on cash and cash equivalents and current financial investments at amortized cost held in U.S. dollar (as compared to an unrealized net exchange gain in 2022 of € 41.3 million). We have cash, cash equivalents and current financial investments held in U.S. dollars, which could generate foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/U.S. dollar exchange rate as our functional currency is EUR. The fair value gain on the current financial investments in 2024 reflects the exchange differences on the money market funds, the interest on these money market funds and the effect of the re-measurement at fair value of our money market funds on December 31, 2024. These re-measurement gains were mainly the result of the positive returns on the EUR denominated money market funds.Interest income was related to interests on treasury bills, term deposits and notice accounts. Interest income increased due to increased interest rates. Other financial income for 2024 and 2023 (other financial expenses for 2022) also comprise the discounting effect of other non-current liabilities as milestones payables related to the acquisition of subsidiaries.Interest expenses were mainly related to interests on leases of buildings and cars and to interests related to defined benefit obligations. 
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F-39

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11. Income taxesThe following table summarizes the income taxes recognized in profit or loss for the years ended December 31, 2024, 2023 and 2022.​

     ​         ​   ​       ​      ​    ​       ​      ​    ​       ​   
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​              ​   Year ended December 31,                             
​              2024               2023                2022             
​              ​   (Euro, in thousands)                                
Current tax    ​   €    (1,301)   ​    €    (5,928)   ​    €    (1,738)
Deferred tax   ​   ​      3,104   ​    ​    (3,685)   ​    ​