Exhibit 99.5

F-cap 1

ANNUAL ACCOUNTS AND OTHER DOCUMENTS TO BE FILED IN

ACCORDANCE WITH THE BELGIAN COMPANIES AND ASSOCIATIONS

CODE

IDENTIFICATION DETAILS (at the filing date)

NAME: Galapagos

Legal form 1: Public limited company
Address: Generaal De Wittelaan
Postal code: 2800	Town: Mechelen		N°. L11 , box A3
Country: Belgium
Register of legal persons - commercial court:  Antwerp, division Mechelen
Website 2:
E-mail address 2:
		Company registration number	0466.460.429

DATE 21-03-2023 of filing the most recent document mentioning the date of publication of the deed of incorporation and of the deed of amendment of the articles of association.

This filing concerns ³:

☒ the ANNUAL ACCOUNTS in EURO⁴ approved by the general meeting of 30-04-2024

☒ the OTHER DOCUMENTS

regarding

the financial year covering the period from 01-01-2023 to 31-12-2023

the preceding period of the annual accounts from 01-01-2022 to 31-12-2022

The amounts for the preceding period are / are not ⁵ identical to the ones previously published.

Total number of pages filed: 57 Numbers of the sections of the standard model form not filed because they serve no useful purpose: 6.1, 6.2.1, 6.2.4, 6.17, 7, 8, 9, 11, 12, 13, 14, 15

Signature (name and position) Stoffels IMC BV, represented by Dr. Paul Stoffels Chairman of the board of directors Signature (name and position) Jérôme Contamine Director

1 Where appropriate, “in liquidation” is stated after the legal form.

2 Optional mention.

3 Tick the appropriate box(es).

4 If necessary, change to currency in which the amounts are expressed.

5 Strike out what does not apply.

1/57

N°. 0466.460.429 F-cap 2.1

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS AND

DECLARATION REGARDING A COMPLIMENTARY REVIEW OR

CORRECTION ASSIGNMENT

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS

COMPLETE LIST with surname, first names, profession, place of residence (address, number, postal code and town) and position within the company

Stoffels IMC BV  0780.918.294

Generaal De Wittelaan L11, box A3, 2800 Mechelen, Belgium

Mandate: Chairman of the board of directors, start: 26 04-2022, end: 28-04-2026

Represented by:

1 Stoffels Paul

Parekh Raj

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 28-04-2021, end: 10-06-2023

Kerr Mary

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 28-04-2020, end: 18-09-2023

Guenter Peter

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 25-04-2023, end: 27-04-2027

O’Day Daniel

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 25-04-2023, end: 27-04-2027

Higgins Linda

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 25-04-2023, end: 27-04-2027

Svanberg Elisabeth

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 28-04-2020, end: 30-04-2024

Baker Dan

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 26-04-2022, end: 28-04-2026

Contamine Jérôme

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 26-04-2022, end: 28-04-2026

2/57

Nr. 0466.460.429 F-cap 2.1

LIST OF DIRECTORS, BUSINESS MANAGERS AND AUDITORS (continued from previous page)

Schaffert Susanne

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 12-06-2023, end: 30-04-2028

Sturge Simon

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 19-09-2023, end: 30-04-2028

BDO Bedrijfsrevisoren BV  0431.088.289

Elsinore Building - Da Vincilaan 9, box E6, 1930 Zaventem, Belgium

Membership number: B00023

Mandate: Auditor, start: 25 04-2023, end: 28-04-2026

Represented by:

1 Lombaerts Ellen

Elsinore Building, Da Vincilaan 9 , box E6 1930 Zaventem Belgium

Bedrijfsrevisor, Membership number : A02372

3/57

N°. 0466.460.429 F-cap 2.2

DECLARATION REGARDING A COMPLIMENTARY REVIEW OR CORRECTION ASSIGNMENT

The managing board declares that not a single audit or correction assignment has been given to a person not authorized to do so by law, pursuant to article 5 of the law of 17 March 2019 concerning the professions of accountant and tax advisor.

The annual accounts were / were not * audited or corrected by a certified accountant or by a company auditor who is not the statutory auditor.

If affirmative, should be mentioned hereafter: surname, first names, profession and address of each certified accountant or company auditor and their membership number at their Institute, as well as the nature of their assignment:

A. Bookkeeping of the company **,

B. Preparing the annual accounts **,

C. Auditing the annual accounts and/or

D. Correcting the annual accounts.

If the tasks mentioned under A or B are executed by accountants or fiscal accountants, the following information can be mentioned hereafter: surname, first names, profession and address of each accountant or fiscal accountant and their membership number at the Institute of Accountants and Tax advisors, as well as the nature of their assignment.

Surname, first names, profession and address   Membership number   Nature of the assignment   (A, B, C and/or D)  

* Strike out what does not apply.

** Optional mention.

4/57

N°. 0466.460.429 F-cap 3.1

ANNUAL ACCOUNTS

BALANCE SHEET AFTER APPROPRIATION

	Notes		Codes		Period		Preceding period
ASSETS
FORMATION EXPENSES		6.1		20
FIXED ASSETS				21/28		342.773.663		287.678.343
Intangible fixed assets		6.2		21		58.349.404		18.165.369
Tangible fixed assets		6.3		22/27		16.024.739		17.595.161
Land and buildings				22		871.570		1.795.864
Plant, machinery and equipment				23		11.668.614		13.524.237
Furniture and vehicles				24		1.231.151		1.761.885
Leasing and other similar rights				25		0		0
Other tangible fixed assets				26		0		0
Assets under construction and advance payments				27		2.253.405		513.176
Financial fixed assets		6.4 / 6.5.1		28		268.399.521		251.917.813
Affiliated Companies		6.15		280/1		249.427.250		247.851.399
Participating interests				280		204.127.249		154.642.558
Amounts receivable				281		45.300.001		93.208.841
Other companies linked by participating interests		6.15		282/3		1		1
Participating interests				282		1		1
Amounts receivable				283
Other financial fixed assets				284/8		18.972.270		4.066.414
Shares				284		13.965.180
Amounts receivable and cash guarantees				285/8		5.007.090		4.066.414

5/57

N°. 0466.460.429 F-cap 3.1

	Notes		Codes	Period		Preceding period
CURRENT ASSETS			29/58		3.958.487.436		4.406.769.756
Amounts receivable after more than one year			29		122.091.450		87.847.046
Trade debtors			290		0		0
Other amounts receivable			291		122.091.450		87.847.046
Stocks and contracts in progress			3		73.978.238		52.665.395
Stocks			30/36		73.978.238		52.665.395
Raw materials and consumables			30/31		55.263.353		39.071.496
Work in progress			32		12.598.378		5.790.624
Finished goods			33
Goods purchased for resale			34		6.116.507		7.803.275
Immovable property intended for sale			35
Advance payments			36
Contracts in progress			37
Amounts receivable within one year			40/41		91.065.773		154.703.979
Trade debtors			40		26.961.771		72.294.845
Other amounts receivable			41		64.104.002		82.409.134
Current investments		6.5.1 /6.6	50/53		3.576.430.159		3.635.944.614
Own shares			50
Other investments			51/53		3.576.430.159		3.635.944.614
Cash at bank and in hand			54/58		69.381.431		455.142.600
Accruals and deferred income		6.6	490/1		25.540.385		20.466.121
TOTAL ASSETS			20/58		4.301.261.099		4.694.448.099

6/57

N°. 0466.460.429 F-cap 3.2

		Notes		Codes		Period		Preceding period
EQUITY AND LIABILITIES
EQUITY					10/15		2.781.701.891		2.508.639.934
Contributions			6.7.1		10/11		3.017.626.375		3.015.856.525
Capital					10		356.444.939		356.111.899
Issued capital					100		356.444.939		356.111.899
Uncalled capital 6					101
Beyond capital					11		2.661.181.436		2.659.744.625
Share premium account					1100/10		2.661.181.436		2.659.744.625
Other					1109/19
Revaluation surpluses					12
Reserves					13
Reserves not available					130/1
Legal reserve					130
Reserves not available statutorily					1311
Purchase of own shares					1312
Financial support					1313
Other					1319
Untaxed reserves					132
Available reserves					133
Accumulated profits (losses)	(+)/(-)				14		-235.924.484		-507.216.591
Capital subsidies					15
Advance to shareholders on the distribution of net assets 7					19
PROVISIONS AND DEFERRED TAXES					16		13.972.066		9.751.647
Provisions for liabilities and charges					160/5		13.972.066		9.751.647
Pensions and similar obligations					160
Taxes					161
Major repairs and maintenance					162
Environmental obligations					163
Other liabilities and charges			6.8		164/5		13.972.066		9.751.647
Deferred taxes					168

6 Amount to be deducted from the issued capital.

7 Amount to be deducted from the other components of equity.

7/57

N°. 0466.460.429 F-cap 3.2

	Notes		Codes	Period		Preceding period
AMOUNTS PAYABLE			17/49		1.505.587.142		2.176.056.519
Amounts payable after more than one year		6.9	17
Financial debts			170/4
Subordinated loans			170
Unsubordinated debentures			171
Leasing and other similar obligations			172
Credit institutions			173
Other loans			174
Trade debts			175
Suppliers			1750
Bills of exchange payable			1751
Advance payments on contracts in progress			176
Other amounts payable			178/9
Amounts payable within one year		6.9	42/48		201.874.356		300.241.235
Current portion of amounts payable after more than one year falling due within one year			42
Financial debts			43
Credit institutions			430/8
Other loans			439
Trade debts			44		129.248.124		67.168.086
Suppliers			440/4		129.248.124		67.168.086
Bills of exchange payable			441
Advance payments on contracts in progress			46
Taxes, remuneration and social security		6.9	45		23.757.581		25.642.149
Taxes			450/3		2.310.567		2.045.672
Remuneration and social security			454/9		21.447.014		23.596.477
Other amounts payable			47/48		48.868.651		207.431.000
Accruals and deferred income		6.9	492/3		1.303.712.786		1.875.815.283
TOTAL LIABILITIES			10/49		4.301.261.099		4.694.448.099

6 Amount to be deducted from the issued capital.

7 Amount to be deducted from the other components of equity.

8/57

N°. 0466.460.429 F-cap 4

PROFIT AND LOSS ACCOUNT

		Notes	Codes	Period		Preceding period
Operating income			70/76A		1.004.937.475		785.283.037
Turnover		6.10	70		628.899.063		418.495.174
Stocks of finished goods and work and contracts in progress: increase (decrease)	(+)/(-)		71		6.807.754		4.414.416
Produced fixed assets			72		352.580.235		349.507.630
Other operating income		6.10	74		16.102.765		12.846.816
Non-recurring operating income		6.12	76A		547.659		19.000
Operating charges			60/66A		935.952.364		1.016.944.470
Goods for resale, raw materials and consumables			60		28.718.045		19.860.033
Purchases			600/8		43.223.135		47.750.441
Stocks: decrease (increase)	(+)/(-)		609		-14.505.090		-27.890.408
Services and other goods			61		397.123.712		420.835.395
Remuneration, social security and pensions	(+)/(-)	6.10	62		73.555.658		77.772.120
Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets			630		360.512.079		357.368.024
Amounts written down on stocks, contracts in progress and trade debtors: additions (write-backs)	(+)/(-)	6.10	631/4				1.239.142
Provisions for liabilities and charges: appropriations (uses and write-backs)	(+)/(-)	6.10	635/8		4.220.419		866.214
Other operating charges		6.10	640/8		70.785.043		102.149.120
Operating charges reported as assets under restructuring costs	(-)		649
Non-recurring operating charges		6.12	66A		1.037.409		36.854.421
Operating profit (loss)	(+)/(-)		9901		68.985.111		-231.661.433

9/57

N°. 0466.460.429 F-cap 4

		Notes		Codes	Period		Preceding period
Financial income				75/76B		213.501.352		135.553.985
Recurring financial income				75		213.501.352		135.553.985
Income from financial fixed assets				750		109.515.173		10.500.604
Income from current assets				751		101.978.360		22.459.253
Other financial income			6.11	752/9		2.007.818		102.594.128
Non-recurring financial income			6.12	76B				0
Financial charges			6.11	65/66B		37.486.367		60.963.868
Recurring financial charges				65		27.417.452		60.963.868
Debt charges				650		4.053.120		11.085.226
Amounts written down on current assets other than stocks, contracts in progress and trade debtors: additions (write-backs)	(+)/(-)			651		-9.102.765		0
Other financial charges				652/9		32.467.098		49.878.642
Non-recurring financial charges			6.12	66B		10.068.915		0
Profit (Loss) for the period before taxes	(+)/(-)			9903		245.000.095		-157.071.315
Transfer from deferred taxes				780
Transfer to deferred taxes				680
Income taxes on the result	(+)/(-)		6.13	67/77		-26.292.013		-19.091.591
Taxes				670/3		72.259		196.797
Adjustment of income taxes and write-back of tax provisions				77		26.364.272		19.288.388
Profit (Loss) of the period	(+)/(-)			9904		271.292.107		-137.979.724
Transfer from untaxed reserves				789
Transfer to untaxed reserves				689
Profit (Loss) of the period available for appropriation	(+)/(-)			9905		271.292.107		-137.979.724

10/57

N°. 0466.460.429 F-cap 5

APPROPRIATION ACCOUNT

		Codes	Period		Preceding period
Profit (Loss) to be appropriated	(+)/(-)	9906		-235.924.484		-507.216.591
Profit (Loss) of the period available for appropriation	(+)/(-)	(9905)		271.292.107		-137.979.724
Profit (Loss) of the preceding period brought forward	(+)/(-)	14P		-507.216.591		-369.236.867
Transfers from equity		791/2
from contributions		791
from reserves		792
Appropriations to equity		691/2
to contributions		691
to legal reserve		6920
to other reserves		6921
Profit (loss) to be carried forward	(+)/(-)	(14)		-235.924.484		-507.216.591
Shareholders’ contribution in respect of losses		794
Profit to be distributed		694/7
Compensation for contributions		694
Directors or managers		695
Employees		696
Other beneficiaries		697

11/57

N°. 0466.460.429 F-cap 6.2.2

				Codes		Period		Preceding period
RESEARCH COSTS MADE IN A PERIOD THAT STARTED BEFORE 1 JANUARY 2016
Acquisition value at the end of the period					8055P		xxxxxxxxxxxxxxx		392.970.251
Movements during the period
Acquisitions, including produced fixed assets					8025
Sales and disposals					8035
Transfers from one heading to another		(+	)/(-)		8045
Acquisition value at the end of the period					8055		392.970.251
Amortisations and amounts written down at the end of the period					8125P		xxxxxxxxxxxxxxx		392.970.251
Movements during the period
Recorded					8075
Written back					8085
Acquisitions from third parties					8095
Cancelled owing to sales and disposals					8105
Transferred from one heading to another		(+	)/(-)		8115
Amortisations and amounts written down at the end of the period					8125		392.970.251
NET BOOK VALUE AT THE END OF THE PERIOD					81312		0

	Codes		Period
RESEARCH COSTS MADE IN A PERIOD THAT STARTED AFTER 31 DECEMBER 2015
Acquisition value at the end of the period		8056		2.563.955.263
Amortisations and amounts written down at the end of the period		8126		2.563.955.263
NET BOOK VALUE AT THE END OF THE PERIOD		81313		0

12/57

N°. 0466.460.429 F-cap 6.2.3

				Codes		Period		Preceding period
CONCESSIONS, PATENTS LICENSES, KNOW-HOW, BRANDS AND SIMILAR RIGHTS
Acquisition value at the end of the period					8052P		xxxxxxxxxxxxxxx		1.253.307.639
Movements during the period
Acquisitions, including produced fixed assets					8022		397.647.633
Sales and disposals					8032		1.081.047
Transfers from one heading to another		(+	)/(-)		8042
Acquisition value at the end of the period					8052		1.649.874.224
Amortisations and amounts written down at the end of the period					8122P		xxxxxxxxxxxxxxx		1.235.142.270
Movements during the period
Recorded					8072		357.463.598
Written back					8082
Acquisitions from third parties					8092
Cancelled owing to sales and disposals					8102		1.081.047
Transfers from one heading to another		(+	)/(-)		8112
Amortisations and amounts written down at the end of the period					8122		1.591.524.821
NET BOOK VALUE AT THE END OF THE PERIOD					211		58.349.404

13/57

N°. 0466.460.429 F-cap 6.2.5

			Codes		Period		Preceding period
ADVANCE PAYMENTS
Acquisition value at the end of the period				8054P		xxxxxxxxxxxxxxx		0
Movements during the period
Acquisitions, including produced fixed assets				8024
Sales and disposals				8034
Transfers from one heading to another	(+	)/(-)		8044
Acquisition value at the end of the period				8054		0
Amortisations and amounts written down at the end of the period				8124P		xxxxxxxxxxxxxxx
Movements during the period
Recorded				8074
Written back				8084
Acquisitions from third parties				8094
Cancelled owing to sales and disposals				8104
Transferred from one heading to another	(+	)/(-)		8114
Amortisations and amounts written down at the end of the period				8124
NET BOOK VALUE AT THE END OF THE PERIOD				213		0

14/57

N°. 0466.460.429 F-cap 6.3.1

STATEMENT OF TANGIBLE FIXED ASSETS

		Codes			Period		Preceding period
LAND AND BUILDINGS
Acquisition value at the end of the period			8191	P		xxxxxxxxxxxxxxx		5.406.558
Movements during the period
Acquisitions, including produced fixed assets			8161			210.688
Sales and disposals			8171			166.476
Transfers from one heading to another	(+)/(-)		8181
Acquisition value at the end of the period			8191			5.450.770
Revaluation surpluses at the end of the period			8251	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8211
Acquisitions from third parties			8221
Cancelled			8231
Transferred from one heading to another	(+)/(-)		8241
Revaluation surpluses at the end of the period			8251
Amortisations and amounts written down at the end of the period			8321	P		xxxxxxxxxxxxxxx		3.610.694
Movements during the period
Recorded			8271			1.130.928
Written back			8281
Acquisitions from third parties			8291
Cancelled owing to sales and disposals			8301			162.422
Transferred from one heading to another	(+)/(-)		8311
Amortisations and amounts written down at the end of the period			8321			4.579.201
NET BOOK VALUE AT THE END OF THE PERIOD			(22	)		871.570

15/57

N°. 0466.460.429 F-cap 6.3.2

		Codes			Period		Preceding period
PLANT, MACHINERY AND EQUIPMENT
Acquisition value at the end of the period			8192	P		xxxxxxxxxxxxxxx		27.002.896
Movements during the period
Acquisitions, including produced fixed assets			8162			548.407
Sales and disposals			8172			747.916
Transfers from one heading to another	(+)/(-)		8182
Acquisition value at the end of the period			8192			26.803.387
Revaluation surpluses at the end of the period			8252	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8212
Acquisitions from third parties			8222
Cancelled			8232
Transferred from one heading to another	(+)/(-)		8242
Revaluation surpluses at the end of the period			8252
Amortisations and amounts written down at the end of the period			8322	P		xxxxxxxxxxxxxxx		13.478.660
Movements during the period
Recorded			8272			2.320.135
Written back			8282
Acquisitions from third parties			8292
Cancelled owing to sales and disposals			8302			664.022
Transferred from one heading to another	(+)/(-)		8312
Amortisations and amounts written down at the end of the period			8322			15.134.773
NET BOOK VALUE AT THE END OF THE PERIOD			(23	)		11.668.614

16/57

N°. 0466.460.429 F-cap 6.3.3

		Codes			Period		Preceding period
FURNITURE AND VEHICLES
Acquisition value at the end of the period			8193	P		xxxxxxxxxxxxxxx		3.457.445
Movements during the period
Acquisitions, including produced fixed assets			8163			21.610
Sales and disposals			8173			240.308
Transfers from one heading to another	(+)/(-)		8183
Acquisition value at the end of the period			8193			3.238.747
Revaluation surpluses at the end of the period			8253	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8213
Acquisitions from third parties			8223
Cancelled			8233
Transfers from one heading to another	(+)/(-)		8243
Revaluation surpluses at the end of the period			8253
Amortisations and amounts written down at the end of the period			8323	P		xxxxxxxxxxxxxxx		1.695.560
Movements during the period
Recorded			8273			530.079
Written back			8283
Acquisitions from third parties			8293
Cancelled owing to sales and disposals			8303			218.043
Transfers from one heading to another	(+)/(-)		8313
Amortisations and amounts written down at the end of the period			8323			2.007.596
NET BOOK VALUE AT THE END OF THE PERIOD			(24	)		1.231.151

17/57

N°. 0466.460.429 F-cap 6.3.4

		Codes			Period		Preceding period
LEASING AND OTHER SIMILAR RIGHTS
Acquisition value at the end of the period			8194	P		xxxxxxxxxxxxxxx		0
Movements during the period
Acquisitions, including produced fixed assets			8164
Sales and disposals			8174
Transfers from one heading to another	(+)/(-)		8184
Acquisition value at the end of the period			8194			0
Revaluation surpluses at the end of the period			8254	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8214
Acquisitions from third parties			8224
Cancelled			8234
Transfers from one heading to another	(+)/(-)		8244
Revaluation surpluses at the end of the period			8254
Amortisations and amounts written down at the end of the period			8324	P		xxxxxxxxxxxxxxx		0
Movements during the period
Recorded			8274
Written back			8284
Acquisitions from third parties			8294
Cancelled owing to sales and disposals			8304
Transferred from one heading to another	(+)/(-)		8314
Amortisations and amounts written down at the end of the period			8324			0
NET BOOK VALUE AT THE END OF THE PERIOD			(25	)		0
Of which
Land and buildings			250
Plant, machinery and equipment			251
Furniture and vehicles			252

18/57

N°. 0466.460.429 F-cap 6.3.5

		Codes			Period		Preceding period
OTHER TANGIBLE FIXED ASSETS
Acquisition value at the end of the period			8195	P		xxxxxxxxxxxxxxx
Movements during the period
Acquisitions, including produced fixed assets			8165
Sales and disposals			8175
Transfers from one heading to another	(+)/(-)		8185
Acquisition value at the end of the period			8195
Revaluation surpluses at the end of the period			8255	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8215
Acquisitions from third parties			8225
Cancelled			8235
Transferred from one heading to another	(+)/(-)		8245
Revaluation surpluses at the end of the period			8255
Amortisations and amounts written down at the end of the period			8325	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8275
Written back			8285
Acquisitions from third parties			8295
Cancelled owing to sales and disposals			8305
Transferred from one heading to another	(+)/(-)		8315
Amortisations and amounts written down at the end of the period			8325
NET BOOK VALUE AT THE END OF THE PERIOD			(26	)		0

19/57

N°. 0466.460.429 F-cap 6.3.6

		Codes			Period		Preceding period
ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS
Acquisition value at the end of the period			8196	P		xxxxxxxxxxxxxxx		513.176
Movements during the period
Acquisitions, including produced fixed assets			8166			1.740.229
Sales and disposals			8176
Transfers from one heading to another	(+)/(-)		8186
Acquisition value at the end of the period			8196			2.253.405
Revaluation surpluses at the end of the period			8256	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8216
Acquisitions from third parties			8226
Cancelled			8236
Transferred from one heading to another	(+)/(-)		8246
Revaluation surpluses at the end of the period			8256
Amortisations and amounts written down at the end of the period			8326	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8276
Written back			8286
Acquisitions from third parties			8296
Cancelled owing to sales and disposals			8306
Transferred from one heading to another	(+)/(-)		8316
Amortisations and amounts written down at the end of the period			8326
NET BOOK VALUE AT THE END OF THE PERIOD			(27	)		2.253.405

20/57

N°. 0466.460.429 F-cap 6.4.1

STATEMENT OF FINANCIAL FIXED ASSETS

		Codes			Period		Preceding period
AFFILIATED COMPANIES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period			8391	P		xxxxxxxxxxxxxxx		168.701.235
Movements during the period
Acquisitions			8361			50.125.013
Sales and disposals			8371
Transfers from one heading to another	(+)/(-)		8381
Acquisition value at the end of the period			8391			218.826.248
Revaluation surpluses at the end of the period			8451	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8411
Acquisitions from third parties			8421
Cancelled			8431
Transferred from one heading to another	(+)/(-)		8441
Revaluation surpluses at the end of the period			8451
Amounts written down at the end of the period			8521	P		xxxxxxxxxxxxxxx		14.058.677
Movements during the period
Recorded			8471			640.322
Written back			8481
Acquisitions from third parties			8491
Cancelled owing to sales and disposals			8501
Transferred from one heading to another	(+)/(-)		8511
Amounts written down at the end of the period			8521			14.698.999
Uncalled amounts at the end of the period			8551	P		xxxxxxxxxxxxxxx
Movements during the period	(+)/(-)		8541
Uncalled amounts at the end of the period			8551
NET BOOK VALUE AT THE END OF THE PERIOD			(280	)		204.127.249
AFFILIATED COMPANIES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD			281	P		xxxxxxxxxxxxxxx		93.208.841
Movements during the period
Appropriations			8581			1.774.695
Repayments			8591			40.254.942
Amounts written down			8601			9.428.593
Amounts written back			8611
Exchange differences	(+)/(-)		8621
Other movements	(+)/(-)		8631
NET BOOK VALUE AT THE END OF THE PERIOD			(281	)		45.300.001
ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD			8651			9.428.593

21/57

N°. 0466.460.429 F-cap 6.4.2

		Codes			Period		Preceding period
COMPANIES LINKED BY PARTICIPATING INTERESTS - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period			8392	P		xxxxxxxxxxxxxxx		1
Movements during the period
Acquisitions			8362
Sales and disposals			8372
Transfers from one heading to another	(+)/(-)		8382
Acquisition value at the end of the period			8392			1
Revaluation surpluses at the end of the period			8452	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8412
Acquisitions from third parties			8422
Cancelled			8432
Transferred from one heading to another	(+)/(-)		8442
Revaluation surpluses at the end of the period			8452
Amounts written down at the end of the period			8522	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8472
Written back			8482
Acquisitions from third parties			8492
Cancelled owing to sales and disposals			8502
Transferred from one heading to another	(+)/(-)		8512
Amounts written down at the end of the period			8522
Uncalled amounts at the end of the period			8552	P		xxxxxxxxxxxxxxx
Movements during the period	(+)/(-)		8542
Uncalled amounts at the end of the period			8552
NET BOOK VALUE AT THE END OF THE PERIOD			(282	)		1
COMPANIES LINKED BY PARTICIPATING INTERESTS - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD			283	P		xxxxxxxxxxxxxxx
Movements during the period
Appropriations			8582
Repayments			8592
Amounts written down			8602
Amounts written back			8612
Exchange differences	(+)/(-)		8622
Other movements	(+)/(-)		8632
NET BOOK VALUE AT THE END OF THE PERIOD			(283	)
ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD			8652

22/57

N°. 0466.460.429 F-cap 6.4.3

		Codes			Period		Preceding period
OTHER COMPANIES - PARTICIPATING INTERESTS AND SHARES
Acquisition value at the end of the period			8393	P		xxxxxxxxxxxxxxx		0
Movements during the period
Acquisitions			8363			13.965.180
Sales and disposals			8373
Transfers from one heading to another	(+)/(-)		8383
Acquisition value at the end of the period			8393			13.965.180
Revaluation surpluses at the end of the period			8453	P		xxxxxxxxxxxxxxx
Movements during the period
Recorded			8413
Acquisitions from third parties			8423
Cancelled			8433
Transferred from one heading to another	(+)/(-)		8443
Revaluation surpluses at the end of the period			8453
Amounts written down at the end of the period			8523	P		xxxxxxxxxxxxxxx		0
Movements during the period
Recorded			8473
Written back			8483
Acquisitions from third parties			8493
Cancelled owing to sales and disposals			8503
Transferred from one heading to another	(+)/(-)		8513
Amounts written down at the end of the period			8523			0
Uncalled amounts at the end of the period			8553	P		xxxxxxxxxxxxxxx
Movements during the period	(+)/(-)		8543
Uncalled amounts at the end of the period			8553
NET BOOK VALUE AT THE END OF THE PERIOD			(284	)		13.965.180
OTHER COMPANIES - AMOUNTS RECEIVABLE
NET BOOK VALUE AT THE END OF THE PERIOD			285/8	P		xxxxxxxxxxxxxxx		4.066.414
Movements during the period
Appropriations			8583			1.008.750
Repayments			8593			68.074
Amounts written down			8603
Amounts written back			8613
Exchange differences	(+)/(-)		8623
Other movements	(+)/(-)		8633
NET BOOK VALUE AT THE END OF THE PERIOD			(285/8	)		5.007.090
ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD			8653

23/57

N°. 0466.460.429 F-cap 6.5.1

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

	Rights held						Data extracted from the most recent annual accounts
NAME, full address of the REGISTERED OFFICE and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER		Directly			Subsidiaries		Annual accounts as per		Currency code		Equity		Net result
	Nature	Number	%		%						(+) or (-) (in units)
Galapagos BV								31-12-2023		EUR		3.211.184		-2.024.862
Foreign company
Willem Einthovenstraat 13
2342 BH Oegstgeest
Netherlands
807938397B01
	Registered shares	200		100,00		0,00
Galapagos Biotech Limited								31-12-2023		GBP		4.748.401		2.198.252
Foreign company
Salisbury House, Station
CB1 2LA Cambridgeshire
United Kingdom
203017668
	Registered shares	84.700.014		100,00		0,00
Galapagos SASU								31-12-2023		EUR		74.691.265		12.333.065
Foreign company
Avenue Gaston Roussel 102
93230 Romainville
France
27440348480
	Registered shares	51.199		100,00		0,00
Galapagos GmbH								31-12-2023		CHF		2.394.452		1.916.959
Foreign company
Aeschengraben 27
4051 Basel
Switzerland
CHE388581566
	Registered shares	200		100,00		0,00
Galapagos Real Estate Belgium								31-12-2023		EUR		-8.575.421		-8.765.899
Private limited company
Generaal De Wittelaan L11 , box A3
2800 Mechelen
Belgium
0714.965.620
	Registered shares	1.120		100,00		0,00
Galapagos Biopharma Belgium BV								31-12-2023		EUR		1.149.553		445.453
Private limited company
Generaal De Wittelaan L11 , box A3
2800 Mechelen
Belgium
0727.786.248
	Registered shares	500.000		100,00		0,00

24/57

N°. 0466.460.429 F-cap 6.5.1

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

Rights held

Data extracted from the most recent annual accounts

NAME, full address of the REGISTERED OFFICE and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER

Directly

Subsidiaries

Annual accounts as per

Currency code

Equity

Net result

Nature

Number

%

%

(+) or (-) (in units)

Galapagos Biopharma Netherlands BV

31-12-2023

EUR

932.382

271.695

Foreign company

Willem Einthovenstraat 13

2342 BH Oestgeest

Netherlands

NL860020368B

Registered shares

500.000

100,00

0,00

Galapagos Biopharma Spain S.L.U

31-12-2023

EUR

1.910.557

421.685

Foreign company

Cuatro Torres - Paseo de la Castellana

28046 Madrid

Spain

ESB67445429

Registered shares

3.000

100,00

0,00

Galapagos Biopharma Italy S.r.l.

31-12-2023

EUR

269.943

252.931

Foreign company

Via Ceresio 7

20154 Milano

Italy

1097290096

Registered shares

50.000

100,00

0,00

Galapagos Biopharma Germany GmbH

31-12-2023

EUR

3.117.463

1.415.625

Foreign company

Luise-Ulrich strasse 8

80636 Munchen

Germany

DE326847734

Registered shares

25.000

100,00

0,00

Galapagos Real Estate Netherlands B.V.

31-12-2023

EUR

31.217.607

-3.098.918

Foreign company

Willem Einthovenstraat 13

2342 BH Oestgeest

Netherlands

860584859B01

Registered shares

10.000.000

100,00

0,00

Galapagos Biopharma Denmark ApS

31-12-2023

DKK

3.275.222

1.391.584

Foreign company

Sundkrogsgade , Harbour House 21

2100 Copenhagen

Denmark

42447242

25/57

N°. 0466.460.429 F-cap 6.5.1

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

	Rights held						Data extracted from the most recent annual accounts
NAME, full address of the REGISTERED OFFICE and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER		Directly			Subsidiaries		Annual accounts as per		Currency code		Equity		Net result
	Nature	Number	%		%						(+) or (-) (in units)
	Registered shares	40.000		100,00		0,00
Galapagos Biopharma Sweden AB								31-12-2023		SEK		5.315.134		2.576.327
Foreign company
Vasagatan 7
10123 Stockholm
Sweden
559311454801
	Registered shares	25.000		100,00		0,00
Galapagos Biopharma Finland Oy								31-12-2023		EUR		115.740		24.118
Foreign company
Uudenmaankatu 1-5
00120 Helsinki
Finland
32201288
	Registered shares			100,00		0,00
Galapagos Biopharma Ireland Ltd								31-12-2023		EUR		67.994		39.460
Foreign company
Block 3 Harcourt Centre, Harcourt Road
D02A339 Dublin
Ireland
3791298BH
	Registered shares			100,00		0,00
Galapagos Biopharma Norway AS								31-12-2023		NOK		762.776		293.119
Foreign company
Wergelansveien 7
0167 Oslo
Norway
927480654
	Registered shares	30.000		100,00		0,00
Galapagos Biopharma Austria Gmbh								31-12-2023		EUR		754.438		319.094
Foreign company
Schottenring 25
1010 Vienna
Austria
U77339907
	Registered shares			100,00		0,00
Galapagos US Holding Inc								31-12-2023		USD		8.395.558		-295.935
Foreign company
North State Street 800 , box 304
19901 Dover, Delaware
United States

26/57

N°. 0466.460.429 F-cap 6.5.1

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES

The following list mentions the companies in which the company holds a participating interest (recorded in headings 280 and 282 of assets), as well as the companies in which the company holds rights (recorded in headings 284 and 51/53 of assets) for an amount of at least 10% of the capital, the equity or a class of shares of the company.

	Rights held						Data extracted from the most recent annual accounts
NAME, full address of the REGISTERED OFFICE and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER		Directly			Subsidiaries		Annual accounts as per	Currency code	Equity	Net result
	Nature	Number	%		%				(+) or (-) (in units)
	Aandelen op naam	100		100,00		0,00

27/57

N°. 0466.460.429 F-cap 6.5.2

LIST OF COMPANIES FOR WHICH THE COMPANY HAS UNLIMITED LIABILITY IN THE CAPACITY OF UNLIMITED LIABLE PARTNER OR MEMBER

The annual accounts of each company for which the company has unlimited liability, are being enclosed to and published with these annual accounts, unless the second column contains the reason why this is not the case; this mention is made by referring to the applicable code (A,B, C or D) defined below.

The annual accounts of the mentioned company:

A. are published by the company by filing them at the National Bank of Belgium;

B. are actually published by the company in a different member country of the European Union, pursuant to article 16 of directive (EU) 2017/1132;

C. are being inserted by complete or proportional consolidation into the consolidated annual accounts of the company, drawn up, verified and published in accordance with the stipulations of the Belgian Companies and Associations Code concerning the consolidated annual accounts;

D. concern a limited partnership (société simple/maatschap).

NAME, full address of the REGISTERED OFFICE, LEGAL FORM and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER	Potential code
Galapagos BV		C
Foreign company
Willem Einthovenstraat 13 2342 Oestgeest
Netherlands
Galapagos Biopharma Netherlands B.V.		C
Foreign company
Willem Einthovenstraat 13 2342 Oestgeest
Netherlands
Galapagos Real Estate Netherlands B.V.		C
Foreign company
Willem Einthovenstraat 13 2342 Oestgeest
Netherlands

28/57

N°. 0466.460.429 F-cap 6.6

CURRENT INVESTMENTS AND ACCRUALS AND DEFERRED INCOME

	Codes		Period		Preceding period
CURRENT INVESTMENTS - OTHER INVESTMENTS
Shares and investments other than fixed income investments		51
Shares – Book value increased with the uncalled amount		8681
Shares – Uncalled amount		8682
Precious metals and works of art		8683
Fixed-income securities		52
Fixed income securities issued by credit institutions		8684
Term accounts with credit institutions		53		1.540.936.652		1.593.596.194
With a remaining term or notice up to one month		8686		95.000.000		55.000.000
between one month and one year		8687		1.445.936.652		1.488.596.194
over one year		8688				50.000.000
Other investments not mentioned above		8689		2.035.493.507		2.042.348.421

	Period
ACCRUALS AND DEFERRED INCOME
Allocation of account 490/1 of assets if the amount is significant
Deferred charges		10.889.216
Accrued income		14.607.692
Accrued subsidies		43.477

29/57

N°. 0466.460.429 F-cap 6.7.1

STATEMENT OF CAPITAL AND SHAREHOLDERS’ STURCTURE

	Codes			Period		Preceding period
STATEMENT OF CAPITAL
Capital
Issued capital at the end of the period		100P			XXXXXXXXXXXXXX		356.111.899
Issued capital at the end of the period		(100	)		356.444.939
	Codes			Period		Number of shares
Modifications during the period
Uitoefening warranten 20/03/2023					333.040		61.560
Composition of the capital
Share types
Aandelen zonder nominale waarde					356.444.939		65.897.071
Registered shares		8702			XXXXXXXXXXXXXX		5.846
Shares dematerialized		8703			XXXXXXXXXXXXXX		65.891.225
	Codes			Uncalled amount		Called up amount, unpaid
Unpaid capital
Uncalled capital		(101	)				XXXXXXXXXXXXXX
Called up capital, unpaid		8712			XXXXXXXXXXXXXX
Shareholders that still need to pay up in full
				Codes		Period
Own shares
Held by the company itself
Amount of capital held					8721
Number of shares					8722
Held by a subsidiary
Amount of capital held					8731
Number of shares					8732
Commitments to issuing shares
Owing to the exercise of conversion rights
Amount of outstanding convertible loans					8740
Amount of capital to be subscribed					8741
Corresponding maximum number of shares to be issued					8742
Owing to the exercise of subscription rights
Number of outstanding subscription rights					8745		11.472.521
Amount of capital to be subscribed					8746		62.056.203
Corresponding maximum number of shares to be issued					8747		11.472.521
Authorised capital not issued					8751		16.566.540

30/57

N°. 0466.460.429 F-cap 6.7.1

	Codes		Period
Shares issued, non-representing capital
Distribution
Number of shares		8761
Number of voting rights attached thereto		8762
Allocation by shareholder
Number of shares held by the company itself		8771
Number of shares held by its subsidiaries		8781
			Period
ADDITIONAL NOTES REGARDING CONTRIBUTIONS (INCLUDING CONTRIBUTIONS IN THE FORM OF SERVICES OR KNOW-HOW)

31/57

N°. 0466.460.429 F-cap 6.7.2

SHAREHOLDERS’ STRUCTURE OF THE COMPANY AT YEAR-END CLOSING DATE

As reflected in the notifications received by the company pursuant to article 7:225 of the Belgian Companies and Associations Code, article 14 fourth paragraph of the law of 2 May 2007 on the publication of major holdings and article 5 of the Royal Decree of 21 August 2008 on further rules for certain multilateral trading facilities.

NAME of the person(s) who hold rights of the company, together with the ADDRESS (of the registered office, in the case of a legal person) and the COMPANY REGISTRATION NUMBER, in the case of a company governed by Belgian law	Rights held
			Number of voting rights
	Nature		Attached to securities		Not attached to securities		%
Gilead Therapeutics A1 Unlimited Company 70 Sir John Rogerson’s Quay, Dublin 2, Ireland		Dematerialized shares		16.707.477				25,35	%
Van Herk Investments B.V. Lichtenauerlaan 30, 3062 ME Rotterdam, NL		Dematerialized shares		4.635.672				7,03	%
EcoR1 Capital LLC 357 Tehema Street, Suite 3, San Francisco, CA 94103, United States of America		Dematerialized shares		6.505.890				9,87	%
FMR LLC The Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware, 19801		Dematerialized shares		3.903.804				5,92	%
						Total shares		65.897.071,00

32/57

N°. 0466.460.429 F-cap 6.8

PROVISIONS FOR OTHER LIABILITIES AND CHARGES

	Period
ALLOCATION OF ACCOUNT 164/5 OF LIABILITIES IF THE AMOUNT IS SIGNIFICANT
Provision Restricted Stock Units		10.594.912
Tax recovery mechanism		3.377.154

33/57

N°. 0466.460.429 F-cap 6.9

STATEMENT OF AMOUNTS PAYABLE AND ACCRUALS AND DEFERRED INCOME (LIABILITIES)

	Codes			Period
BREAKDOWN OF AMOUNTS PAYABLE WITH AN ORIGINAL TERM OF MORE THAN ONE YEAR, ACCORDING TO THEIR RESIDUAL MATURITY
Current portion of amounts payable after more than one year falling due within one year
Financial debts		8801
Subordinated loans		8811
Unsubordinated debentures		8821
Leasing and other similar obligations		8831
Credit institutions		8841
Other loans		8851
Trade debts		8861
Suppliers		8871
Bills of exchange payable		8881
Advance payments on contracts in progress		8891
Other amounts payable		8901
Total current portion of amounts payable after more than one year falling due within one year		(42	)
Amounts payable with a remaining term of more than one year, yet less than 5 years
Financial debts		8802
Subordinated loans		8812
Unsubordinated debentures		8822
Leasing and other similar obligations		8832
Credit institutions		8842
Other loans		8852
Trade debts		8862
Suppliers		8872
Bills of exchange payable		8882
Advance payments on contracts in progress		8892
Other amounts payable		8902
Total amounts payable with a remaining term of more than one year, yet less than 5 years		8912
Amounts payable with a remaining term of more than 5 years
Financial debts		8803
Subordinated loans		8813
Unsubordinated debentures		8823
Leasing and other similar obligations		8833
Credit institutions		8843
Other loans		8853
Trade debts		8863
Suppliers		8873
Bills of exchange payable		8883
Advance payments on contracts in progress		8893
Other amounts payable		8903
Amounts payable with a remaining term of more than 5 years		8913

34/57

N°. 0466.460.429 F-cap 6.9

	Codes		Period
AMOUNTS PAYABLE GUARANTEED (included in accounts 17 and 42/48 of liabilities)
Amounts payable guaranteed by the Belgian government agencies
Financial debts		8921
Subordinated loans		8931
Unsubordinated debentures		8941
Leasing and other similar obligations		8951
Credit institutions		8961
Other loans		8971
Trade debts		8981
Suppliers		8991
Bills of exchange payable		9001
Advance payments on contracts in progress		9011
Remuneration and social security		9021
Other amounts payable		9051
Total of the amounts payable guaranteed by the Belgian government agencies		9061
Amounts payable guaranteed by real securities given or irrevocably promised by the company on its own assets
Financial debts		8922
Subordinated loans		8932
Unsubordinated debentures		8942
Leasing and other similar obligations		8952
Credit institutions		8962
Other loans		8972
Trade debts		8982
Suppliers		8992
Bills of exchange payable		9002
Advance payments on contracts in progress		9012
Taxes, remuneration and social security		9022
Taxes		9032
Remuneration and social security		9042
Other amounts payable		9052
Total amounts payable guaranteed by real securities given or irrevocably promised by the company on its own assets		9062
	Codes		Period
TAXES, REMUNERATION AND SOCIAL SECURITY
Taxes (headings 450/3 and 178/9 of liabilities)
Outstanding tax debts		9072
Accruing taxes payable		9073		2.310.567
Estimated taxes payable		450
Remuneration and social security (headings 454/9 and 178/9 of liabilities)
Amounts due to the National Social Security Office		9076
Other amounts payable in respect of remuneration and social security		9077		21.447.014

35/57

N°. 0466.460.429 F-cap 6.9

	Period
ACCRUALS AND DEFERRED INCOME
Allocation of heading 492/3 of liabilities if the amount is significant
Accrued charges		537.523
Deferred income		1.297.596.976
Deferred subsidies		809.861
Deferred tax credit		4.768.426

36/57

N°. 0466.460.429 F-cap 6.10

OPERATING RESULTS

	Codes		Period		Preceding period
OPERATING INCOME
Net turnover
Allocation by categories of activity
Research & Development				581.275.559		418.495.174
Royalties				9.465.229
Sales of trading products				38.158.275
Allocation by geographical market
US - United States				493.768.671		355.933.790
FR - France				1.412.714		1.061.117
DE - Germany				23.703.679		0
LU - Luxemburg						0
BS - Bahama’s				88.171.352		32.218.166
BE - Belgium				2.850.918		17.377.287
NL - The Netherlands				1.427.094		497.512
ES - Spain				1.126.435		513.166
GB - United Kingdom				3.069.118		1.475.413
IE - Ireland				544.095		437.798
IT - Italy				1.806.386		1.246.643
AT - Austria				3.794.280		2.471.940
CH - Switserland						55.839
Fi - Finland				764.067		264.843
SE - Sweden				3.960.278		2.745.974
No - Norway				2.474.127		2.195.686
DK - Denmark				25.850
Other operating income
Operating subsidies and compensatory amounts received from public authorities		740		6.618.032		1.804.327
OPERATING CHARGES
Employees for whom the company submitted a DIMONA declaration or who are recorded in the general personnel register
Total number at the closing date		9086		367		442
Average number of employees calculated in full-time equivalents		9087		368,6		432,6
Number of actual hours worked		9088		622.373		720.120
Personnel costs
Remuneration and direct social benefits		620		55.931.319		59.050.615
Employers’ contribution for social security		621		12.942.717		12.402.668
Employers’ premiums for extra statutory insurance		622		2.724.157		2.558.186
Other personnel costs		623		1.957.465		3.760.652
Retirement and survivors’ pensions		624

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N°. 0466.460.429 F-cap 6.10

			Codes		Period		Preceding period
Provisions for pensions and similar obligations
Appropriations (uses and write-backs)	(+	)/(-)		635
Depreciations
On stock and contracts in progress
Recorded				9110				1.239.142
Written back				9111
On trade debtors
Recorded				9112
Written back				9113
Provisions for liabilities and charges
Appropriations				9115		4.220.419		866.214
Uses and write-backs				9116
Other operating charges
Taxes related to operation				640		3.731.217		4.041.673
Other				641/8		67.053.825		98.107.447
Hired temporary staff and personnel placed at the company’s disposal
Total number at the closing date				9096
Average number calculated in full-time equivalents				9097		0,7		6,5
Number of actual hours worked				9098		1.440		3.238
Costs to the company				617		34.068		84.787

38/57

N°. 0466.460.429 F-cap 6.11

FINANCIAL RESULTS

	Codes		Period		Preceding period
RECURRING FINANCIAL INCOME
Other financial income
Subsidies paid by public authorities, added to the profit and loss account
Capital subsidies		9125
Interest subsidies		9126
Allocation of other financial income
Exchange differences realized		754		1.620.821		13.265.513
Other
Other financial gains				22.666		31.623
Unrealized exchange gains				0		89.296.991
RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses		6501
Capitalised interests		6502		4.053.120		2.197.496
Depreciations on current assets
Recorded		6510
Written back		6511		9.102.765
Other financial charges
Amount of the discount borne by the company, as a result of negotiating amounts receivable		653				125
Provisions of a financial nature
Appropriations		6560
Uses and write-backs		6561
Allocation of other financial costs
Exchange differences realized		654		0		9.927.654
Results from the conversion of foreign currencies		655
Other
Unrealized exchange losses				30.873.435		37.714.315
Bank charges				714.971		615.692
Payment differences				3.497		1.703
Other financial charges				875.195		1.619.153

39/57

N°. 0466.460.429 F-cap 6.12

INCOME AND CHARGES OF EXCEPTIONAL SIZE OR FREQUENCY

			Codes			Period		Preceding period
NON-RECURRING INCOME				76			547.659		19.000
Non-recurring operating income				(76A	)		547.659		19.000
Write-back of depreciation and of amounts written off intangible and tangible fixed assets				760
Write-back of provisions for extraordinary operating liabilities and charges				7620
Capital profits on disposal of intangible and tangible fixed assets				7630			3.614		19.000
Other non-recurring operating income				764/8			544.045
Non-recurring financial income				(76B	)				0
Write-back of amounts written down financial fixed assets				761
Write-back of provisions for extraordinary financial liabilities and charges				7621
Capital profits on disposal of financial fixed assets				7631
Other non-recurring financial income				769
NON-RECURRING CHARGES				66			11.106.324		36.854.421
Non-recurring operating charges				(66A	)		1.037.409		36.854.421
Non-recurring depreciation of and amounts written off formation expenses, intangible and tangible fixed assets				660			932.662		35.566.302
Provisions for extraordinary operating liabilities and charges: appropriations (uses)	(+	)/(-)		6620
Capital losses on disposal of intangible and tangible fixed assets				6630			104.748		288.120
Other non-recurring operating charges				664/7					1.000.000
Non-recurring operating charges carried to assets as restructuring costs	(-	)		6690
Non-recurring financial charges				(66B	)		10.068.915		0
Amounts written off financial fixed assets				661			10.068.915
Provisions for extraordinary financial liabilities and charges -appropriations (uses)	(+	)/(-)		6621
Capital losses on disposal of financial fixed assets				6631
Other non-recurring financial charges				668
Non-recurring financial charges carried to assets as restructuring costs	(-	)		6691

40/57

N°. 0466.460.429 F-cap 6.13

TAXES

	Codes		Period
INCOME TAXES
Income taxes on the result of the period		9134		72.259
Income taxes paid and withholding taxes due or paid		9135		304.654
Excess of income tax prepayments and withholding taxes paid recorded under assets		9136		304.654
Estimated additional taxes		9137		72.259
Income taxes on the result of prior periods		9138
Additional income taxes due or paid		9139
Additional income taxes estimated or provided for		9140
Major reasons for the differences between pre-tax profit, as it results from the annual accounts, and estimated taxable profit
Non-deductible expenses				5.193.861
Tax credit				-26.711.807
Excess depreciations				-30.400.753
Exemption regional contributions				-538.407

	Period
Influence of non-recurring results on income taxes on the result of the period

	Codes		Period
Sources of deferred taxes
Deferred taxes representing assets		9141		1.701.941.806
Accumulated tax losses deductible from future taxable profits		9142		757.947.489
Other deferred taxes representing assets
Investment deduction				966.348
Deduction for innovation income				390.310.849
Excess depreciations				534.028.071
DBI				18.689.049
Deferred taxes representing liabilities		9144
Allocation of deferred taxes representing liabilities

	Codes		Period		Preceding period
VALUE-ADDED TAXES AND TAXES BORNE BY THIRD PARTIES
Value-added taxes charged
To the company (deductible)		9145		27.244.542		29.346.606
By the company		9146		12.736.222		11.975.602
Amounts withheld on behalf of third party by way of
Payroll withholding taxes		9147		23.134.701		29.561.849
Withholding taxes on investment income		9148

41/57

N°. 0466.460.429 F-cap 6.14

RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET

	Codes		Period
PERSONAL GUARANTEES PROVIDED OR IRREVOCABLY PROMISED BY THE COMPANY AS SECURITY FOR DEBTS AND COMMITMENTS OF THIRD PARTIES		9149		4.998.336
Of which
Bills of exchange in circulation endorsed by the company		9150
Bills of exchange in circulation drawn or guaranteed by the company		9151
Maximum amount for which other debts or commitments of third parties are guaranteed by the company		9153		4.998.336
REAL GUARANTEES
Real guarantees provided or irrevocably promised by the company on its own assets as security of debts and commitments of the company
Mortgages
Book value of the immovable properties mortgaged		91611
Amount of registration		91621
For irrevocable mortgage mandates, the amount for which the agent can take registration		91631
Pledging of goodwill
Maximum amount up to which the debt is secured and which is the subject of registration		91711
For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription		91721
Pledging of other assets or irrevocable mandates to pledge other assets
Book value of the immovable properties mortgaged		91811
Maximum amount up to which the debt is secured		91821
Guarantees provided or irrevocably promised on future assets
Amount of assets in question		91911
Maximum amount up to which the debt is secured		91921
Vendor’s privilege
Book value of sold goods		92011
Amount of the unpaid price		92021

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N°. 0466.460.429 F-cap 6.14

	Codes		Period
Real guarantees provided or irrevocably promised by the company on its own assets as security of debts and commitments of third parties
Mortgages
Book value of the immovable properties mortgaged		91612
Amount of registration		91622
For irrevocable mortgage mandates, the amount for which the agent can take registration		91632
Pledging of goodwill
Maximum amount up to which the debt is secured and which is the subject of registration		91712
For irrevocable mandates to pledge goodwill, the amount for which the agent can take the inscription		91722
Pledging of other assets or irrevocable mandates to pledge other assets
Book value of the immovable properties mortgaged		91812
Maximum amount up to which the debt is secured		91822
Guarantees provided or irrevocably promised on future assets
Amount of assets in question		91912
Maximum amount up to which the debt is secured		91922
Vendor’s privilege
Book value of sold goods		92012
Amount of the unpaid price		92022
	Codes		Period
GOODS AND VALUES, NOT REFLECTED IN THE BALANCE SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME BUT FOR THE BENEFIT AND AT THE RISK OF THE COMPANY
SUBSTANTIAL COMMITMENTS TO ACQUIRE FIXED ASSETS
Commitments to the purchase of tangible and intangible assets				684.785
SUBSTANTIAL COMMITMENTS TO DISPOSE OF FIXED ASSETS
FORWARD TRANSACTIONS
Goods purchased (to be received)		9213
Goods sold (to be delivered)		9214
Currencies purchased (to be received)		9215
Currencies sold (to be delivered)		9216
			Period
COMMITMENTS RELATING TO TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES
			Period
AMOUNT, NATURE AND FORM CONCERNING LITIGATION AND OTHER IMPORTANT COMMITMENTS

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N°. 0466.460.429 F-cap 6.14

SETTLEMENT REGARDING THE COMPLEMENTARY RETIREMENT OR SURVIVORS’ PENSION FOR PERSONNEL AND BOARD MEMBERS

Brief description

Galapagos NV has a group insurance and guaranteed income insurance in favor of their personnel and directors. Galapagos NV carries all costs related to these insurances. The amount of the premium contribution was 2.757K EUR in 2023.

Measures taken to cover the related charges

	Code		Period
PENSIONS FUNDED BY THE COMPANY ITSELF
Estimated amount of the commitments resulting from past services		9220
Methods of estimation
Galapagos NV has a group insurance and guaranteed income insurance in favor of their personnel and directors. Galapagos NV carries all costs related to these insurances. The amount of the premium contribution was 2.757K EUR in 2023.
			Period
NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE not reflected in the balance sheet or income statement
On January 3, 2024, a strategic collaboration and licensing agreement was signed with BridGene Biosciences. BridGene has received an upfront payment of USD 27 million.				24.434.389
On January 31, 2024, the transaction regarding the Jyseleca activities was successfully completed with Alfasigma. For this Alfasigma made an upfront payment of EUR 50 million, plus EUR 13.2 million for the cash position and net working capital.				63.200.000
On January 31, 2024, Galapagos NV participated in a Series C financing round of Frontier Medicines for an amount of USD 40 million.				36.199.095
			Period
COMMITMENTS TO PURCHASE OR SALE AVAILABLE TO THE COMPANY AS ISSUER OF OPTIONS FOR SALE OR PURCHASE
			Period
NATURE, COMMERCIAL OBJECTIVE AND FINANCIAL CONSEQUENCES OF TRANSACTIONS NOT REFLECTED IN THE BALANCE SHEET
If the risks and benefits resulting from such transactions are of any meaning and if publishing such risks and benefits is necessary to appreciate the financial situation of the company
			Period
OTHER RIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET (including those that cannot be calculated)

44/57

N°. 0466.460.429 F-cap 6.15

RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS

	Codes			Period		Preceding period
AFFILIATED COMPANIES
Financial fixed assets		(280/1	)		249.427.250		247.851.399
Participating interests		(280	)		204.127.249		154.642.558
Subordinated amounts receivable		9271			45.300.001		93.208.841
Other amounts receivable		9281
Amounts receivable		9291			43.820.046		64.503.786
Over one year		9301
Within one year		9311			43.820.046		64.503.786
Current investments		9321
Shares		9331
Amounts receivable		9341
Amounts payable		9351			48.868.651		230.595.113
Over one year		9361
Within one year		9371			48.868.651		230.595.113
Personal and real guarantees
Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies		9381			4.162.896		1.950.737
Provided or irrevocably promised by affiliated companies as security for debts or commitments of the company		9391
Other significant financial commitments		9401
Financial results
Income from financial fixed assets		9421			109.515.173		10.500.000
Income from current assets		9431			7.591.058
Other financial income		9441					3.591.036
Debt charges		9461			3.019.431
Other financial charges		9471
Disposal of fixed assets
Capital profits realised		9481
Capital losses realised		9491

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N°. 0466.460.429 F-cap 6.15

RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS

	Codes		Period		Preceding period
ASSOCIATED COMPANIES
Financial fixed assets		9253
Participating interests		9263
Subordinated amounts receivable		9273
Other amounts receivable		9283
Amounts receivable		9293
Over one year		9303
Within one year		9313
Amounts payable		9353
Over one year		9363
Within one year		9373
Personal and real guarantees
Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies		9383
Provided or irrevocably promised by affiliated companies as security for debts or commitments of the company		9393
Other significant financial commitments		9403
COMPANIES LINKED BY PARTICIPATING INTERESTS
Financial fixed assets		9252		1		1
Participating interests		9262		1		1
Subordinated amounts receivable		9272
Other amounts receivable		9282
Amounts receivable		9292
Over one year		9302
Within one year		9312
Amounts payable		9352
Over one year		9362
Within one year		9372

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N°. 0466.460.429 F-cap 6.15

RELATIONSHIPS WITH AFFILIATED COMPANIES, ASSOCIATED COMPANIES AND OTHER COMPANIES LINKED BY PARTICIPATING INTERESTS

	Period
TRANSACTIONS WITH AFFILIATED PARTIES BEYOND NORMAL MARKET CONDITIONS
Mention of these transactions if they are significant, including the amount of the transactions, the nature of the link, and all information about the transactions that should be necessary to get a better understanding of the financial situation of the company
Due to the absence of legal criteria that allow transactions with affiliated parties beyond normal market conditions to be enumerated, no transactions were included in F-cap 6.15.

47/57

N°. 0466.460.429 F-cap 6.16

FINANCIAL RELATIONSHIPS WITH

	Codes		Period
DIRECTORS AND MANAGERS, INDIVIDUALS OR LEGAL PERSONS WHO CONTROL THE COMPANY DIRECTLY OR INDIRECTLY WITHOUT BEING ASSOCIATED THEREWITH, OR OTHER COMPANIES CONTROLLED DIRECTLY OR INDIRECTLY BY THESE PERSONS
Amounts receivable from these persons		9500
Principal conditions regarding amounts receivable, rate of interest, duration, any amounts repaid, cancelled or written off
Guarantees provided in their favour		9501
Other significant commitments undertaken in their favour		9502
Amount of direct and indirect remunerations and pensions, reflected in the income statement, as long as this disclosure does not concern exclusively or mainly, the situation of a single identifiable person
To directors and managers		9503		748.993
To former directors and former managers		9504
	Codes		Period
THE AUDITOR(S) AND THE PERSONS WHOM HE (THEY) IS (ARE) COLLABORATING WITH
Auditors’ fees		9505		1.043.258
Fees for exceptional services or special assignments executed within the company by the auditor
Other audit assignments		95061		20.209
Tax consultancy assignments		95062
Other assignments beyond the audit		95063		6.605
Fees for exceptional services or special assignments executed within the company by people the auditor(s) is (are collaborating with
Other audit assignments		95081
Tax consultancy assignments		95082		67.964
Other assignments beyond the audit		95083

Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code

48/57

N°. 0466.460.429 F-cap 6.18.1

DECLARATION WITH REGARD TO THE CONSOLIDATED ANNUAL ACCOUNTS

INFORMATION TO DISCLOSE BY EACH COMPANY GOVERNED BY THE BELGIAN COMPANIES AND ASSOCIATIONS CODE ON THE CONSOLIDATED ANNUAL ACCOUNTS

The company has prepared and published consolidated annual accounts and a consolidated annual report*

The company has not prepared consolidated annual accounts and a consolidated annual report, because of an exemption for the following reason(s)*

The company and its subsidiaries exceed, on a consolidated basis, not more than one of the criteria mentioned in article 1:26 of the Belgian Companies and Associations Code*

The company only has subsidiaries that, considering the evaluation of the consolidated capital, the consolidated financial position or the consolidated result, individually or together, are of negligible interestError! Bookmark not defined. (article 3:23 of the Belgian Companies and Associations Code)

The company itself is a subsidiary of a parent company that prepares and publishes consolidated annual accounts, in which the annual accounts are integrated by consolidation*

Name, full address of the registered office and, if it concerns companies under Belgian law, the company registration number of the parent company(ies) and the indication if this (these) parent company(ies) prepares (prepare) and publishes (publish) consolidated annual accounts, in which the annual accounts are included by means of consolidation**:

If the parent company(ies) is (are) (a) company(ies) governed by foreign law, the location where the abovementioned annual accounts are available**:

* Strike out what does not apply.

** Where the annual accounts of the company are consolidated at different levels, the information should be given, on the one hand at the highest and on the other at the lowest level of companies of which the company is a subsidiary and for which consolidated accounts are prepared and published.

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N°. 0466.460.429 F-cap 6.18.2

FINANCIAL RELATIONSHIPS OF THE GROUP THE COMPANY IS IN CHARGE OF IN BELGIUM WITH THE AUDITOR(S) AND THE PERSONS WITH WHOM HE (THEY) IS (ARE) LINKED

	Codes		Period
Mentions related to article 3:65, § 4 and § 5 of the Belgian Companies and Associations Code
Fees to auditors according to the mandate at the group level led by the company publishing the information		9507		1.124.038
Fees for exceptional services or special missions executed by the auditor(s) at this group
Other audit assignments		95071		20.209
Tax consultancy assignments		95072
Other assignments beyond the audit		95073		6.605
Fees to people auditors are linked to according to the mandate at the group level led by the company publishing the information		9509
Fees for exceptional services or special assignments executed at this group by people the auditor(s) is (are) linked to
Other audit assignments		95091
Tax consultancy assignments		95092		67.964
Other assignments beyond the audit		95093

Mentions related to article 3:64, § 2 and § 4 of the Belgian Companies and Associations Code

50/57

N°. 0466.460.429 F-cap 6.19

VALUATION RULES

The valuation rules were prepared in accordance with the provisions of Chapter II of the Royal Decree of April 29, 2019 related to corporate financial statements and are valid for evaluating all assets, receivables, payables and obligations of the company.

Any changes will be submitted in advance to the Board of Directors for approval.

The current rules have been established and the evaluation rules are being carried in view of the continuation of the company. Summary of Valuation Rules:

1. Fixed assets

(a) Intangible assets

The company invests in research and development projects. Research and development expenses are, as of fiscal year 2010, recorded on the assets only to the extent that their cost does not exceed a prudent estimate of their value in use or their future return for the company and amortized over a 3-year period through fiscal year 2015. As from fiscal year 2016 research and development costs that do not qualify as part of a development phase are recorded on the assets and fully amortized in the same fiscal year (according to CBN Opinions 2016/16 and 2016/27).

Research and development in progress acquired through licensing agreements, business combinations, collaboration agreements or separate acquisitions are recognized as intangible assets if they are separately identifiable, controlled by us and can generate economic benefit. Since there is a consideration that for separately acquired research and development assets the probability criterion is met, upfront and success payments to third parties for products or drug candidates for which approval has not yet been received have been recognized as intangible assets. We consider these intangible fixed assets not yet available for use until the underlying asset is approved and commercially launched.

As from approval for commercialization of the underlying asset, depreciation is recorded and the asset will be depreciated over its useful life.

Licenses, patents and know-how are amortized on a straight-line basis over the useful life (usually between 5 and 20 years). Other intangible assets, including acquired intellectual property, are recorded at acquisition cost. These assets are depreciated on a straight-line basis over their estimated useful lives as soon as they are ready for their intended use. They are included in the assets to the extent that their net book value does not exceed a prudent estimate of their value in use or their future returns for the company.

(b) Tangible fixed assets

Property, plant and equipment are recorded at cost. Depreciation is on a straight-line basis, taking into account the economic life of the assets.

• Lab material: 5-10 years

• IT hardware and software: 3-5 years

• Furniture and rolling stock: 5-10 years

2. Trade receivables

Trade receivables are recorded at face value. Foreign currency receivables are translated at the exchange rate valid at the balance sheet date. Exchange differences are recognized in the income statement.

When collection becomes doubtful, a provision is made for doubtful debtors.

3. Stocks

Raw materials, auxiliary materials and trade goods are valued at acquisition cost.

Work in progress and finished goods are valued at cost.

Cost includes, in addition to direct production and material costs, a proportionate share of depreciation and amortization of assets that were used in the production process used.

Inventories are valued using the FIFO method. If the acquisition cost or cost exceeds the net realizable value, valuation at the lower net realizable value is applied. Net realizable value is equal to the estimated normal sales price, less estimated completion costs and estimated costs required to make the sale.

4. Cash investments and liquid assets

Deposits with financial institutions are valued at nominal value. Securities are valued at acquisition cost.

Additional costs are immediately charged to earnings. Write-downs are recorded if the realization value at the balance sheet date is less than the amount previously recorded.

Foreign currency balances are translated at the exchange rate valid at the balance sheet date. Exchange differences are recorded in the income statement.

5. Provisions for other risks and costs.

This included this year’s provisions for restricted stock units following the 2018/16 CBN opinion and this reasoning was upheld for the deferred management bonus.

6. Revenue

Revenue to date consists primarily of success payments, license fees, and prepayments obtained from collaboration agreements. The Company also generates revenues from various research and development incentives and grants.

Cooperation agreements with the Company’s commercial partners for activities related to research and development generally include non-refundable prepayments received; success payments, whose receipt depends on the achievement of certain clinical, regulatory or commercial milestones; license fees and royalties on selling.

In case of revenue recognition staggered over time, the unrecognized portion is recorded as revenue carried forward.

The revenue recognition policy can be summarized as follows:

(a) Prepayments received

Non-refundable prepayments received in connection with cooperative research agreements and development are spread and recognized over the relevant and desired period of the company’s performance commitment. Payments and company involvement are contractually defined by phase. At the outset, Management makes a estimate of the duration of the company’s involvement, as well as the costs related to the project. Prepayments are recognized over the expected period of engagement, either on a straight-line basis or based on costs incurred in the framework of the project if these costs can be reliably estimated. Periodically, the Company reviews the estimated time and cost for the project and adjusts the period over which revenue is spread.

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N°. 0466.460.429 F-cap 6.19

VALUATION RULES

(b) Success payments

A success payment is included in the transaction price only when there is a substantial likelihood that a material reversal of cumulative recognized revenue will not occur.

Success payments that are not irrevocable, substantial or proportionate, are recognized as revenue to be carried forward. Revenue from these activities can vary greatly from period to period due to the timing of the success payment.

(c) Licenses

Revenues arising from licenses limited in time are spread over the period covered by the license, which increases the obligation of the license reflects over that term, to update the content and ensure continuous updating.

Proceeds from perpetual licenses are recognized immediately upon sale to the extent that there are no further obligations.

(d) Royalty agreements

Royalty income is recognized when the Company can estimate the amount with reasonable certainty and a reasonable assurance of collectability exists. As a result, the company is generally going to recognize royalties in the period that the licensee reported the royalties to the company through royalty reports, i.e., the royalty income is normally recognized only retrospectively, after the period in which sales by the licensee have occurred. Under this accounting rule, revenues arising from royalties included in the reporting of the company are not based on an estimate by the company but are typically reported in the same period as the obtained payment from the licensee.

(e) Grants and R&D support measures.

Because the company participates extensively in research and development activities, the company also benefits from multiple subsidies and R&D support measures from certain government agencies. These subsidies and R&D support measures are generally used to partially reimburse approved research and development costs. They are therefore credited to the earnings, under other income (excluding tax credit for research and development costs), when the relevant expenditures have been made and reasonable certainty exists about the subsidies (to be) received and R&D support measures.

f) Proceeds recognition from collaboration with Gilead to develop filgotinib

This is included in the result due to the termination of activities for a value of EUR 348.728.994.

• Identification of the contract

Despite the recent addition to the collaboration agreement with Gilead for the development of filgotinib, management assessed that all activities remain beneficial for the development of filgotinib, of which Gilead still retains the rights outside Europe. All contract changes were analyzed as we believe that Gilead should still be a customer to be considered as. This is also supported by the fact that we concluded that there is only one results commitment remains related to filgotinib.

• Identification of the result obligation

The recent changes to the collaboration agreement with Gilead did not give rise to new results obligations. There was only an adjustment in the scope and price of the existing filgotinib result obligation, which was only partially fulfilled at the time of the change.

• Allocation of the total transaction price

We assessed that the contract change only affects the scope of the filgotinib performance commitment and that the change in both fixed and variable compensation reflects the adjusted stand-alone sales price of the remaining activities of this result obligation. If we had assessed that the higher reimbursement was not or only partially related to the filgotinib result obligation, then the compensation might have been allocated to other result obligations in the contract, leading to a change in the moment of revenue recognition.

The denominator used in the percentage of completion calculation reflects our best estimate of our total costs required to meet the filgotinib performance commitment. These costs were estimated taking into account management’s best estimate of the design and duration of ongoing and planned clinical studies and the timing of the closing of the transaction with Alfasigma.

As a result of this transaction, the agreement with Gilead regarding filgotinib will be transferred to Alfasigma and our performance obligation will be terminated. Reflect the remaining costs as of December 31, 2023 mainly the costs we expect to incur for the transfer to Alfasigma.

The increase in revenue is mainly the result of higher recognition of revenue from upfront payments. This increase is explained by a substantial decrease in our estimated remaining cost to complete the development of filgotinib as a result of the recent sale of all our Jyseleca^® activities to Alfasigma including the transfer of the remaining development performance obligation after the closing of the transaction. This led to a significant increase in the percentage of completion of our result commitment and a significant positive catch-up effect in our revenues.

7. Continuity

To date, we have incurred significant operating losses, which is reflected in the balance sheet. However, we believe that our existing short-term financial investments, cash and cash equivalents at December 31, 2023 will enable us to fund our operating costs and capital expenditures for at least the next 12 months. The Board of Directors is also of the opinion that additional funding—if needed—can be obtained. Taking this into account, as well as the potential developments in our drug discovery and development activities, the Board of Directors believes that they can present the financial statements on a going concern basis. Although our short-term financial investments, cash and cash equivalents are sufficiently high for at least the next 12 months, the Board of Directors points out that if R&D activities go well, we will seek additional funding to support the ongoing development of our products or to support other business opportunities.

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OTHER INFORMATION TO DISCLOSE

A comfort letter was provided to Galapagos Real Estate Belgium B.V.

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SOCIAL BALANCE SHEET

Numbers of the joint industrial committees competent for the company:  207

STATEMENT OF THE PERSONS EMPLOYED

EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER

During the period	Codes		Total		1. Men		2. Women
Average number of employees
Full-time		1001		316,9		136,8		180,1
Part-time		1002		63,0		11,5		51,5
Total in full-time equivalents (FTE)		1003		368,6		146,2		222,4
Number of actual hours worked
Full-time		1011		539.184		239.584		299.600
Part-time		1012		83.189		15.665		67.524
Total		1013		622.373		255.249		367.124
Personnel costs
Full-time		1021		63.890.106		31.198.026		32.692.080
Part-time		1022		9.665.552		2.190.556		7.474.996
Total		1023		73.555.658		33.388.582		40.167.076
Benefits in addition to wages		1033

During the preceding period	Codes		P. Total		1P. Men		2P. Women
Average number of employees in FTE		1003		432,6		176,6		256,0
Number of actual hours worked		1013		720.120		297.566		422.554
Personnel costs		1023		77.772.120		36.721.873		41.050.247
Benefits in addition to wages		1033		567.933		232.742		335.192

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EMPLOYEES FOR WHOM THE COMPANY SUBMITTED A DIMONA DECLARATION OR WHO ARE RECORDED IN THE GENERAL PERSONNEL REGISTER (continuation)

At the closing date of the period	Codes		1. Full-time		2. Part-time		3. Total in full-time equivalents
Number of employees		105		312		55		357,2
By nature of the employment contract
Contract for an indefinite period		110		312		55		357,2
Contract for a definite period		111
Contract for the execution of a specifically assigned work		112
Replacement contract		113
According to gender and study level
Men		120		137		7		142,7
primary education		1200		5				5,0
secondary education		1201		9				9,0
higher non-university education		1202		18		2		19,7
university education		1203		105		5		109,0
Women		121		175		48		214,5
primary education		1210		5				5,0
secondary education		1211		3		2		4,6
higher non-university education		1212		40		16		53,0
university education		1213		127		30		151,9
By professional category
Management staff		130
Salaried employees		134		312		55		357,2
Hourly employees		132
Other		133

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE DISPOSAL OF THE COMPANY

During the period	Codes		1. Hired temporary staff		2. Hired temporary staff and personnel placed at the company’s disposal
Average number of persons employed		150		0,7
Number of actual hours worked		151		1.440
Costs to the company		152		34.068

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LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD

ENTRIES	Codes		1. Full-time		2. Part-time	3. Total in full-time equivalents
Number of employees for whom the company submitted a DIMONA declaration or who have been recorded in the general personnel register during the period		205		58			58,0
By nature of the employment contract
Contract for an indefinite period		210		58			58,0
Contract for a definite period		211
Contract for the execution of a specifically assigned work		212
Replacement contract		213

DEPARTURES	Codes		1. Full-time		2. Part-time		3. Total in full-time equivalents
Number of employees whose contract-termination date has been included in the DIMONA declaration or in the general personnel register during the period		305		111		22		128,8
By nature of the employment contract
Contract for an indefinite period		310		111		22		128,8
Contract for a definite period		311
Contract for the execution of a specifically assigned work		312
Replacement contract		313
By reason of termination of contract
Retirement		340
Unemployment with extra allowance from enterprise		341
Dismissal		342		74		17		87,7
Other reason		343		37		5		41,1
Of which: the number of persons who continue to render services to the company at least half-time on a self-employment basis		350

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INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD

Total of initiatives of formal professional training at the expense of the employer	Codes		Men		Codes		Women
Number of employees involved		5801				5811
Number of actual training hours		5802				5812
Net costs for the company		5803				5813
of which gross costs directly linked to training		58031				58131
of which contributions paid and payments to collective funds		58032				58132
of which grants and other financial advantages received (to deduct)		58033				58133
Total of initiatives of less formal or informal professional training at the expense of the employer
Number of employees involved		5821		181		5831		277
Number of actual training hours		5822		3.522		5832		5.758
Net costs for the company		5823		960.504		5833		1.465.063
Total of initial initiatives of professional training at the expense of the employer
Number of employees involved		5841				5851
Number of actual training hours		5842				5852
Net costs for the company		5843				5853

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