v3.25.1

Share based payments | 12 Months Ended
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Dec. 31, 2024
Share based payments |
Share based payments | 32. Share based payments SUBSCRIPTION RIGHT PLANS Presented below is a summary of subscription right activities for the reported periods. Various subscription right plans were approved by the Board of Directors for the benefit of our employees, and for members of the Executive Committee and of the Board of Directors and independent consultants. The subscription rights offered to members of the Board of Directors vest over a period of 36 months at a rate of 1/36th per month. Effective January 1, 2020, we no longer grant subscription rights to members of the Board of Directors (Non-Executive Directors), taking into account the stricter rules of the Belgian Companies Code and 2020 Corporate Governance Code. Within the framework of the authorized capital and for the benefit of the Executive Committee members and employees of the Galapagos group, the Board of Directors issued “Subscription Right Plan 2024 BE”, “Subscription Right Plan 2024 RMV” and “Subscription Right Plan 2024 ROW”, for a total of 1,340,000 subscription rights (after acceptance by the beneficiaries) on May 16, 2024, and for a total of 41,000 subscription rights (after acceptance by the beneficiaries) on October 1, 2024. Following table shows when a subscription right becomes exercisable, per issued plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subscription right exercisable as from: | ​ | Cliff vesting | ​ | Graded vesting
​ |  | ​ | ​ | First tranche of 25% | ​ | Second tranche of 25% | ​ | Third tranche of 50%
Subscription right plans before 2021 | ​ | First day after end of third calendar year following the grant | ​ | — | ​ | — | ​ | —
Subscription right plan 2021BE | ​ | First day after end of third calendar year following the grant | ​ | — | ​ | — | ​ | —
Subscription right plan 2021RMV and ROW | ​ | — | ​ | January 1, 2023 | ​ | January 1, 2024 | ​ | January 1, 2025
Subscription right plan 2022 (A) | ​ | — | ​ | January 1, 2023 | ​ | January 1, 2024 | ​ | January 1, 2025
Subscription right plan 2022 (B) | ​ | January 1, 2026 | ​ | — | ​ | — | ​ | —
Subscription right plan 2022BE | ​ | January 1, 2026 | ​ | — | ​ | — | ​ | —
Subscription right plan 2022RMV and ROW | ​ | — | ​ | January 1, 2024 | ​ | January 1, 2025 | ​ | January 1, 2026
Subscription right plan 2023BE | ​ | January 1, 2027 | ​ | — | ​ | — | ​ | —
Subscription right plan 2023RMV and ROW | ​ | - | ​ | January 1, 2025 | ​ | January 1, 2026 | ​ | January 1, 2027
Subscription right plan 2024BE | ​ | January 1, 2028 | ​ | — | ​ | — | ​ | —
Subscription right plan 2024RMV and ROW | ​ | — | ​ | January 1, 2026 | ​ | January 1, 2027 | ​ | January 1, 2028
​ In the event of a change of control over Galapagos NV, all outstanding subscription rights vest immediately (to the extent they had not all vested yet) and will become immediately exercisable in accordance with the relevant subscription right plan rules. The table below sets forth a summary of subscription rights outstanding and exercisable at December 31, 2024, per subscription right plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Outstanding |  | ​ |  | ​ |  | ​ |  | ​ |  | Outstanding |  | Exercisable
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | per | ​ | Granted and accepted | ​ | Exercised | ​ | Forfeited | ​ | Expired | ​ | per | ​ | per
​ | ​ | Allocation | ​ | Expiry | ​ | Exercise | ​ | January 1, | ​ | during | ​ | during | ​ | during | ​ | during | ​ | December 31, | ​ | December 31,
Subscription right plan | ​ | date | ​ | date | ​ | price (€) | ​ | 2024 | ​ | the year | ​ | the year | ​ | the year | ​ | the year | ​ | 2024 | ​ | 2024
2016 | ​ | 1/6/2016 | ​ | 05/31/2024 | ​ | 46.10 | ​ | 325,500 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (325,500) | ​ | — | ​ | —
2016 RMV | ​ | 1/6/2016 | ​ | 05/31/2024 | ​ | 46.10 | ​ | 69,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (69,000) | ​ | — | ​ | —
2016 (B) | ​ | 01/20/2017 | ​ | 01/19/2025 | ​ | 62.50 | ​ | 10,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 10,000 | ​ | 10,000
2017 | ​ | 05/17/2017 | ​ | 05/16/2025 | ​ | 80.57 | ​ | 585,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 585,000 | ​ | 585,000
2017 RMV | ​ | 05/17/2017 | ​ | 05/16/2025 | ​ | 80.57 | ​ | 122,500 | ​ | ​ | ​ | ​ | ​ | (17,500) | ​ | ​ | ​ | 105,000 | ​ | 105,000
2018 | ​ | 04/19/2018 | ​ | 04/18/2026 | ​ | 79.88 | ​ | 964,995 | ​ | ​ | ​ | ​ | ​ | (35,000) | ​ | ​ | ​ | 929,995 | ​ | 929,995
2018 RMV | ​ | 04/19/2018 | ​ | 04/18/2026 | ​ | 79.88 | ​ | 132,500 | ​ | ​ | ​ | ​ | ​ | (15,000) | ​ | ​ | ​ | 117,500 | ​ | 117,500
2019 | ​ | 10/4/2019 | ​ | 9/4/2027 | ​ | 95.11 | ​ | 1,208,240 | ​ | ​ | ​ | ​ | ​ | (63,250) | ​ | ​ | ​ | 1,144,990 | ​ | 1,144,990
2019 RMV | ​ | 10/4/2019 | ​ | 9/4/2027 | ​ | 95.11 | ​ | 177,250 | ​ | ​ | ​ | ​ | ​ | (23,750) | ​ | ​ | ​ | 153,500 | ​ | 153,500
2020 | ​ | 04/17/2020 | ​ | 04/16/2028 | ​ | 168.42 | ​ | 1,369,617 | ​ | ​ | ​ | ​ | ​ | (53,925) | ​ | ​ | ​ | 1,315,692 | ​ | 1,315,692
2020RMV | ​ | 04/17/2020 | ​ | 04/16/2028 | ​ | 168.42 | ​ | 193,300 | ​ | ​ | ​ | ​ | ​ | (14,125) | ​ | ​ | ​ | 179,175 | ​ | 179,175
2021BE | ​ | 04/30/2021 | ​ | 04/29/2029 | ​ | 64.76 | ​ | 1,032,606 | ​ | ​ | ​ | ​ | ​ | (17,573) | ​ | ​ | ​ | 1,015,033 | ​ | ​
2021RMV | ​ | 04/30/2021 | ​ | 04/29/2029 | ​ | 64.76 | ​ | 226,296 | ​ | ​ | ​ | ​ | ​ | (7,371) | ​ | ​ | ​ | 218,925 | ​ | 109,258
2021ROW | ​ | 04/30/2021 | ​ | 04/29/2029 | ​ | 64.76 | ​ | 667,496 | ​ | ​ | ​ | ​ | ​ | (76,046) | ​ | ​ | ​ | 591,450 | ​ | 295,498
2022 (A) | ​ | 01/13/2022 | ​ | 12/1/2030 | ​ | 46.18 | ​ | 30,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 30,000 | ​ | 15,000
2022 (B) | ​ | 01/26/2022 | ​ | 01/25/2030 | ​ | 50.00 | ​ | 1,000,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,000,000 | ​ | ​
2022BE | ​ | 6/5/2022 | ​ | 5/5/2030 | ​ | 57.46 | ​ | 817,828 | ​ | ​ | ​ | ​ | ​ | (13,596) | ​ | ​ | ​ | 804,232 | ​ | ​
2022BE | ​ | 5/8/2022 | ​ | 5/5/2030 | ​ | 51.58 | ​ | 78,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 78,000 | ​ | ​
2022RMV | ​ | 6/5/2022 | ​ | 5/5/2030 | ​ | 57.46 | ​ | 203,464 | ​ | ​ | ​ | ​ | ​ | (4,395) | ​ | ​ | ​ | 199,069 | ​ | 49,672
2022ROW | ​ | 6/5/2022 | ​ | 5/5/2030 | ​ | 57.46 | ​ | 705,500 | ​ | ​ | ​ | ​ | ​ | (74,400) | ​ | ​ | ​ | 631,100 | ​ | 157,661
2022ROW | ​ | 5/8/2022 | ​ | 4/8/2030 | ​ | 51.58 | ​ | 60,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 60,000 | ​ | 15,000
2023BE | ​ | 5/5/2023 | ​ | 4/5/2031 | ​ | 35.11 | ​ | 609,028 | ​ | ​ | ​ | ​ | ​ | (15,778) | ​ | ​ | ​ | 593,250 | ​ | ​
2023RMV | ​ | 5/5/2023 | ​ | 4/5/2031 | ​ | 35.11 | ​ | 102,500 | ​ | ​ | ​ | ​ | ​ | (2,500) | ​ | ​ | ​ | 100,000 | ​ | ​
2023ROW | ​ | 5/5/2023 | ​ | 4/5/2031 | ​ | 35.11 | ​ | 561,900 | ​ | ​ | ​ | ​ | ​ | (65,000) | ​ | ​ | ​ | 496,900 | ​ | ​
2023BE | ​ | 06/15/2023 | ​ | 06/14/2031 | ​ | 38.58 | ​ | 200,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 200,000 | ​ | ​
2023ROW | ​ | 11/17/2023 | ​ | 4/5/2031 | ​ | 32.99 | ​ | 20,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 20,000 | ​ | ​
2024BE | ​ | 05/16/2024 | ​ | 05/15/2032 | ​ | 26.90 | ​ | — | ​ | 679,000 | ​ | ​ | ​ | (11,202) | ​ | ​ | ​ | 667,798 | ​ | ​
2024RMV | ​ | 05/16/2024 | ​ | 05/15/2032 | ​ | 26.90 | ​ | — | ​ | 21,500 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 21,500 | ​ | ​
2024ROW | ​ | 05/16/2024 | ​ | 05/15/2032 | ​ | 26.90 | ​ | — | ​ | 639,500 | ​ | ​ | ​ | (37,500) | ​ | ​ | ​ | 602,000 | ​ | ​
2024BE | ​ | 1/10/2024 | ​ | 09/30/2032 | ​ | 25.88 | ​ | — | ​ | 3,500 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,500 | ​ | ​
2024ROW | ​ | 1/10/2024 | ​ | 09/30/2032 | ​ | 25.88 | ​ | — | ​ | 37,500 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 37,500 | ​ | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 11,472,520 | ​ | 1,381,000 | ​ | — | ​ | (547,911) | ​ | (394,500) | ​ | 11,911,109 | ​ | 5,182,941
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Weighted
​ | ​ | ​ | ​ | ​ | average
​ | ​ | ​ | ​ | ​ | exercise
​ | ​ | ​ | Subscription rights | ​ | price (Euro)
Outstanding on December 31, 2021 | ​ | ​ | 8,579,837 | ​ | € | 92.69
Exercisable on December 31, 2021 | ​ | ​ | 1,751,013 | ​ | ​ | 56.64
​ | ​ | ​ | ​ | ​ | ​ | ​
Granted and accepted during the period | ​ | ​ | 3,127,239 | ​ | ​ | 54.71
Forfeited during the year | ​ | ​ | (607,430) | ​ | ​ | 100.00
Exercised during the period | ​ | ​ | (282,790) | ​ | ​ | 23.68
Expired during the year | ​ | ​ | — | ​ | ​ | —
Outstanding on December 31, 2022 | ​ | ​ | 10,816,856 | ​ | € | 83.12
Exercisable on December 31, 2022 | ​ | ​ | 2,574,218 | ​ | ​ | 70.26
​ | ​ | ​ | ​ | ​ | ​ | ​
Granted and accepted during the period | ​ | ​ | 1,538,400 | ​ | ​ | 35.53
Forfeited during the year | ​ | ​ | (544,676) | ​ | ​ | 80.31
Exercised during the period | ​ | ​ | (61,560) | ​ | ​ | 28.75
Expired during the year | ​ | ​ | (276,500) | ​ | ​ | 49.00
Outstanding on December 31, 2023 | ​ | ​ | 11,472,520 | ​ | € | 77.93
Exercisable on December 31, 2023 | ​ | ​ | 5,836,538 | ​ | ​ | 101.93
​ | ​ | ​ | ​ | ​ | ​ | ​
Granted and accepted during the period | ​ | ​ | 1,381,000 | ​ | ​ | 26.87
Forfeited during the year | ​ | ​ | (547,911) | ​ | ​ | 72.66
Exercised during the period | ​ | ​ | — | ​ | ​ | —
Expired during the year | ​ | ​ | (394,500) | ​ | ​ | 46.10
Outstanding on December 31, 2024 | ​ | ​ | 11,911,109 | ​ | € | 73.19
Exercisable on December 31, 2024 | ​ | ​ | 5,182,941 | ​ | ​ | 107.03
​ The table below sets forth the inputs into the valuation of the subscription rights. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024BE/ROW | ​ | 2024BE |  | ​ | 2024RMV/ROW | ​ | 2023BE | ​ | 2023RMV/ROW
​ | ​ | October 1 |  | May 16 |  | ​ | May 16 |  | May 5 & June 15 |  | May 5 & November 17
Weighted average exercise price (€) | ​ | € | 25.88 | ​ | € | 26.90 | ​ | € | 26.90 | ​ | € | 35.97 | ​ | € | 35.05
Weighted average share price at acceptance date (€) | ​ | € | 26.00 | ​ | € | 23.80 | ​ | € | 23.80 | ​ | € | 38.53 | ​ | € | 38.63
Weighted average fair value at the acceptance date (€) | ​ | € | 10.57 | ​ | € | 9.78 | ​ | € | 9.11 | ​ | € | 16.61 | ​ | € | 15.96
Weighted average historical (2024)/estimated (before 2024) volatility (%) | ​ | ​ | 41.73 | ​ | ​ | 42.19 | ​ | ​ | 42.19 | ​ | ​ | 36.89 | ​ | ​ | 36.67
Weighted average expected life of the subscription rights (years) | ​ | ​ | 5.28 | ​ | ​ | 6.22 | ​ | ​ | 5.44 | ​ | ​ | 6.14 | ​ | ​ | 5.38
Weighted average risk free rate (%) | ​ | ​ | 2.17 | ​ | ​ | 2.56 | ​ | ​ | 2.58 | ​ | ​ | 2.77 | ​ | ​ | 2.74
Expected dividends | ​ | ​ | None | ​ | ​ | None | ​ | ​ | None | ​ | ​ | None | ​ | ​ | None
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 (A) | ​ | 2022 (B) | ​ | 2022BE | ​ | 2022 RMV/ROW | ​ | 2022BE/ROW
​ | ​ | January 13 |  | January 26 |  | May 6 |  | May 6 |  | August 6
Exercise Price (€) | ​ | € | 46.18 | ​ | € | 50.00 | ​ | € | 57.46 | ​ | € | 57.46 | ​ | € | 51.58
Weighted average share price at acceptance date (€) | ​ | € | 46.21 | ​ | € | 56.67 | ​ | € | 51.64 | ​ | € | 51.64 | ​ | € | 44.55
Weighted average fair value at the acceptance date (€) | ​ | € | 16.10 | ​ | € | 24.53 | ​ | € | 20.73 | ​ | € | 18.92 | ​ | € | 17.07
Weighted average historical (2024)/estimated (before 2024) volatility (%) | ​ | ​ | 41.80 | ​ | ​ | 40.80 | ​ | ​ | 42.59 | ​ | ​ | 42.65 | ​ | ​ | 41.75
Weighted average expected life of the subscription rights (years) | ​ | ​ | 4.72 | ​ | ​ | 5.95 | ​ | ​ | 6.37 | ​ | ​ | 5.36 | ​ | ​ | 5.68
Weighted average risk free rate (%) | ​ | ​ | (0.13) | ​ | ​ | 0.67 | ​ | ​ | 1.33 | ​ | ​ | 1.26 | ​ | ​ | 2.70
Expected dividends | ​ | ​ | None | ​ | ​ | None | ​ | ​ | None | ​ | ​ | None | ​ | ​ | None
​ The exercise price of the subscription rights is determined pursuant to the applicable provisions of the Belgian Law of March 26, 1999. The weighted average estimated volatility is calculated on the basis of the implied volatility of the share price over the weighted average expected life of the subscription rights. For the plans issued in 2024 we used the historical volatility. The weighted average expected life of the subscription right is calculated as the estimated duration until exercise, taking into account the specific features of the plans. For the plans issued in 2024 we assumed an exercise at mid-point. Our share based compensation expense in 2024 in relation to subscription right plans amounted to €19,886 thousand (2023: €56,718 thousand; 2022: €88,506 thousand), of which €17,685 thousand (2023: €36,628 thousand, 2022: €62,003 thousand) from continuing operations and €2,201 thousand (2023: €20,090 thousand, 2022: 26,503 thousand) from discontinued operations. The following table provides an overview of the outstanding subscription rights per category of subscription right holders at December 31, 2024, 2023 and 2022. Category ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in number of subscription rights)
Members of the Board of Directors | ​ | ​ | 7,500 | ​ | ​ | 7,500 | ​ | ​ | 75,000
Members of the Executive Committee | ​ | ​ | 1,616,500 | ​ | ​ | 1,670,500 | ​ | ​ | 1,864,000
Personnel | ​ | ​ | 10,287,109 | ​ | ​ | 9,794,520 | ​ | ​ | 8,877,856
Total subscription rights outstanding | ​ | ​ | 11,911,109 | ​ | ​ | 11,472,520 | ​ | ​ | 10,816,856
​ The outstanding subscription rights at the end of the accounting period have an weighted average exercise price of €73.19 (2023: €77.93; 2022: €83.10) and a weighted average remaining expected life of 1,560 days (2023: 1,728 days; 2022: 1,914 days). RESTRICTED STOCK UNITS RSUs Each RSU represents the right to receive, at our discretion, one Galapagos share or a payment in cash of an amount equivalent to the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the relevant vesting date, in accordance with the terms and conditions of the relevant RSU program. We currently have the following restricted stock unit (RSU) programs:
| ● | Plan 2020.I, Plan 2021.I and Plan 2022.I, Plan 2023.I and Plan 2024.I: these plans are intended to provide a long-term incentive to certain of our employees and members of the Executive Committee;
| ● | Plan 2020.II, Plan 2021.II, Plan 2021.IV, Plan 2022.II, Plan 2023.II and Plan 2024.II: these plans are designed with the aim to retain a specific group of our key employees and members of the Executive Committee whose retention is considered so important for our future performance that an additional incentive is desired. The beneficiaries are nominated by the Remuneration Committee and the Board of Directors approves the list of beneficiaries. The four-year vesting period is designed to be aligned with long-term shareholder interests;
| ● | Plan 2021.III and Plan 2022.III: these plans are intended to compensate employees who transferred from Gilead to us in the framework of the transfer of European commercialization rights for the long-term incentive plans within Gilead under which unvested RSU awards lapsed upon transfer out of the Gilead group. These employees received a one-time Restricted Stock Units grant from us.
The main characteristics of all these plans are as follows:
| ● | the RSUs are offered for no consideration;
| ● | generally four-year vesting period, with 25% vesting each year, except for some plans or some beneficiaries for which the RSUs will all vest at the same time three years after the offer date (bullet vesting); vest 50% after two years and 50% after three years or vest over three years with 34% vesting the first year and 33% in each of the remaining two years;
| ● | payout will be in cash or shares, at our discretion, it being understood that in respect of members of the Executive Committee, any vesting prior to the third anniversary of the offer date will always give rise to a payment in cash rather than a delivery of shares;
| ● | any unvested RSUs are forfeited upon termination of service before the vesting date.
The table below sets forth a summary of RSUs outstanding at December 31, 2024, per RSU plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Outstanding |  | ​ |  | ​ |  | ​ |  | Outstanding
​ | ​ | ​ | ​ | per | ​ | Granted | ​ | Forfeited | ​ | Paid in cash | ​ | per
​ | ​ | Offer | ​ | January 1, | ​ | during | ​ | during | ​ | during | ​ | December 31,
RSU plan | ​ | date | ​ | 2024 | ​ | year | ​ | year | ​ | year | ​ | 2024
Plan 2020.I. | ​ | 6/5/2020 | ​ | 5,191 | ​ | ​ | ​ | (2,490) | ​ | (2,701) | ​ | —
Plan 2020.II. | ​ | 7/5/2020 | ​ | 2,761 | ​ | ​ | ​ | (239) | ​ | (2,522) | ​ | —
Plan 2021.I. | ​ | 5/5/2021 | ​ | 42,829 | ​ | ​ | ​ | (22,968) | ​ | (11,413) | ​ | 8,448
Plan 2021.II. | ​ | 5/6/2021 | ​ | 9,478 | ​ | ​ | ​ | (4,739) | ​ | (2,708) | ​ | 2,031
Plan 2021.III. | ​ | 06/03/2021-08/06/2021 | ​ | 5,416 | ​ | ​ | ​ | (5,416) | ​ | ​ | ​ | —
Plan 2021.IV. | ​ | 09/24/2021 | ​ | 15,430 | ​ | ​ | ​ | (7,715) | ​ | (7,715) | ​ | —
Plan 2022.I. | ​ | 3/5/2022 | ​ | 103,308 | ​ | ​ | ​ | (64,066) | ​ | (15,410) | ​ | 23,832
Plan 2022.II. | ​ | 5/05/2022 - 8/05/2022 | ​ | 106,128 | ​ | ​ | ​ | (22,832) | ​ | (28,528) | ​ | 54,768
Plan 2022.III. | ​ | 7/6/2022 | ​ | 5,530 | ​ | ​ | ​ | (5,530) | ​ | ​ | ​ | —
Plan 2023.I. | ​ | 8/5/2023 | ​ | 366,582 | ​ | ​ | ​ | (191,532) | ​ | (45,087) | ​ | 129,963
Plan 2023.II. | ​ | 05/09/2023 - 06/15/2023 - 11/17/2023 | ​ | 512,800 | ​ | ​ | ​ | (108,471) | ​ | (116,704) | ​ | 287,625
Plan 2024.I. | ​ | 05/16/2024 | ​ | — | ​ | 588,216 | ​ | (21,760) | ​ | ​ | ​ | 566,456
Plan 2024.II. | ​ | 05/16/2024 - 09/17/2024 | ​ | — | ​ | 251,872 | ​ | (18,724) | ​ | ​ | ​ | 233,148
Total | ​ | ​ | ​ | 1,175,453 | ​ | 840,088 | ​ | (476,482) | ​ | (232,788) | ​ | 1,306,271
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2024 |  | 2023 | ​ | 2022
​ | ​ | ​ | (in number of RSUs)
Outstanding on January 1, | ​ | ​ | 1,175,453 | ​ | ​ | 736,095 | ​ | ​ | 657,803
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Granted during the year | ​ | ​ | 840,088 | ​ | ​ | 920,510 | ​ | ​ | 470,273
Forfeited during the year | ​ | ​ | (476,482) | ​ | ​ | (270,474) | ​ | ​ | (172,885)
Paid in cash during the year | ​ | ​ | (232,788) | ​ | ​ | (210,678) | ​ | ​ | (219,096)
Outstanding on December 31, | ​ | ​ | 1,306,271 | ​ | ​ | 1,175,453 | ​ | ​ | 736,095
​ The RSUs are measured based on the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the reporting period and they are re-measured at each reporting date. We recognize the corresponding expense and liability over the vesting period. The total liability relating to outstanding RSUs on December 31, 2024 amounted to €16.7 million (2023: €13.8 million, 2022: €12.9 million). The following table provides an overview of the outstanding RSUs per category of RSU holders on December 31, 2024, 2023 and 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in number of RSUs)
Members of the Executive Committee | ​ | ​ | 564,034 | ​ | ​ | 438,738 | ​ | ​ | 332,038
Personnel | ​ | ​ | 742,237 | ​ | ​ | 736,715 | ​ | ​ | 404,057
Total outstanding RSUs | ​ | ​ | 1,306,271 | ​ | ​ | 1,175,453 | ​ | ​ | 736,095
​

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