Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 345

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 16I
Chunk 345
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 did not have a material impact on our consolidated financial statements.

STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2024

A number of new standards are effective for annual periods beginning on or after January 1, 2025 with earlier adoption permitted. However we have not early adopted new or amended standards in preparing our consolidated financial statements. We are currently still assessing the impact of these new accounting standards and amendments that are not yet effective but we expect no standard to have a material impact on our financial statements in the period of initial application, except for the effect of IFRS 18 as mentioned below.

F-15

Table of Contents

The following amendments are effective for the period beginning January 1, 2025:
●Amendments to IAS 21 The effect of changes in Foreign Exchange Rates: Lack of Exchangeability.
The following amendments are effective for the period beginning January 1, 2026:
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
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Annual Improvements: Volume 11
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
The following amendments are effective for the period beginning January 1, 2027:
IFRS 18: Presentation and Disclosure in Financial Statements
IFRS 19: Subsidiaries without Public Accountability: Disclosures
We are currently assessing the effect of these new accounting standards and amendments.
IFRS 18 Presentation and disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorization and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.
IFRS 19 doesn’t apply to Galapagos NV as it is a parent.
BUSINESS COMBINATIONS
Business combinations are