v3.25.1

Deferred tax | 12 Months Ended
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Dec. 31, 2024
Deferred tax |
Deferred tax | 24. Deferred tax The following table shows the movements in deferred tax assets and deferred tax liabilities: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | DEFERRED TAX ASSETS
​ |  | Retirement benefit liabilities |  | Tax loss carryforward |  | Property, plant and equipment |  | Other |  | Total deferred tax assets
​ | ​ | (Euro, in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On January 1, 2023 | ​ | € | 19 | ​ | ​ | 1,061 | ​ | € | — | ​ | ​ | 281 | ​ | ​ | 1,363
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credited/charged (-) to profit or loss | ​ | ​ | ​ | ​ | ​ | (1,061) | ​ | ​ | 298 | ​ | ​ | 692 | ​ | ​ | (72)
Reclassification to assets/liabilities held for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (292) | ​ | ​ | (292)
Charged to other comprehensive income | ​ | ​ | 132 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 132
Translation differences | ​ | ​ | 8 | ​ | ​ | ​ | ​ | ​ | (6) | ​ | ​ | (6) | ​ | ​ | (4)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On December 31, 2023 | ​ | ​ | 159 | ​ | ​ | — | ​ | € | 292 | ​ | ​ | 675 | ​ | ​ | 1,126
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credited/charged (-) to profit or loss | ​ | ​ | (82) | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | 190 | ​ | ​ | 126
Charged to other comprehensive income | ​ | ​ | 177 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 177
Translation differences | ​ | ​ | (1) | ​ | ​ | ​ | ​ | ​ | 19 | ​ | ​ | 27 | ​ | ​ | 45
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On December 31, 2024 | ​ | € | 253 | ​ | € | — | ​ | € | 329 | ​ | € | 892 | ​ | € | 1,474
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | DEFERRED TAX LIABILITIES | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Intangible assets other than goodwill |  | Other |  | Total deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (Euro, in thousands) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On January 1, 2023 | ​ | € | (20,148) | ​ | € | — | ​ | ​ | (20,148) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credited/charged (-) to profit or loss | ​ | ​ | (1,458) | ​ | ​ | (2,019) | ​ | ​ | (3,477) | ​ | ​ | ​ | ​ | ​ | ​
Translation differences | ​ | ​ | 18 | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On December 31, 2023 | ​ | ​ | (21,588) | ​ | € | (2,019) | ​ | ​ | (23,607) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credited/charged (-) to profit or loss | ​ | ​ | 2,306 | ​ | ​ | 671 | ​ | ​ | 2,977 | ​ | ​ | ​ | ​ | ​ | ​
Translation differences | ​ | ​ | (30) | ​ | ​ | ​ | ​ | ​ | (30) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
On December 31, 2024 | ​ | € | (19,312) | ​ | € | (1,348) | ​ | € | (20,660) | ​ | ​ | ​ | ​ | ​ | ​
​ The unrecognized deferred tax assets on December 31, 2024 amounted to €490.1 million as compared to €424.4 million on December 31, 2023; both included the unrecognized deferred tax asset related to innovation income reduction. The unrecognized deferred tax assets on December 31, 2023 excluding the unrecognized deferred tax asset related to innovation income reduction amounted to €326.8 million. The total amount of tax attributes and deductible temporary differences at December 31, 2024 amounted to €1,984.9 million (2023: €1,722.2 million, 2022: €1,882.5 million). This is composed of i) consolidated tax losses carried forward and deductible temporary differences at December 31, 2024 amounting to €1,418.5 million (2023: €1,312.2 million; 2022: €1,516.6 million), and (ii) innovation income deduction, dividend received deduction and investment deduction carried forward at December 31, 2024 amounting to €566.4 million (2023: €410.0 million; 2022: €365.9 million). The available tax losses carried forward that can be offset against possible future taxable profits amounted to €862.0 million on December 31, 2024 (€798.7 million on December 31, 2023) and can be carried forward for an indefinite period except for an amount of €1.1 million in the United States with expiry date between 2028 and 2034. On December 31, 2024, the available tax losses carried forward in Galapagos NV (Belgium) amounted to €822.4 million (2023: €757.9 million). In addition to the latter, Galapagos NV (Belgium) also benefits from the Belgian innovation income deduction regime which led to report, on December 31, 2024, a carried forward tax deduction of €534.4 million (2023: €390.3 million; 2022: €346.2 million) that can also be offset against possible future taxable results. In addition, Galapagos NV (Belgium) also has available investment deduction carried forward of €1 million (2023 and 2022: €1 million) and a dividend received deduction carryforward of €31.0 million (2023 and 2022: €18.7 million) that can be offset against possible future taxable profits. There is no limit in time for the innovation income deduction, the dividend received deduction carryforward and investment deduction carried forward. With the exception of 2019, 2023 and 2024, we have a history of losses. We forecast to continue incurring taxable losses in the foreseeable future as we continue to invest in clinical and preclinical development programs and discovery platforms. Consequently, no net deferred tax asset was recognized as at December 31, 2024, except for our subsidiaries operating on a cost plus basis for which deferred tax assets were recognized for €1.5 million (2023 and 2022: €1.1 million). ​ Net deferred tax liabilities were initially calculated based on the fair value of the intangible assets identified from the acquisition of CellPoint and AboundBio, adjusted by considering the related recognizable deferred tax assets. We refer to note 28 for more information on the purchase price allocation of the business combinations.

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