EX-99.5

EX-99.5 6 d932288dex995.htm EX-99.5 EX-99.5

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 03-05-2024 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 29-04-2025

☒ the OTHER DOCUMENTS

regarding

the financial year covering the period from 01-01-2024 to 31-12-2024

the preceding period of the annual accounts from 01-01-2023 to 31-12-2023

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

Total number of pages filed: 63 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, 6.3.5, 6.17, 7, 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.

1/63


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

Guenter Peter

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: 30-04-2024, end: 25-04-2028

Contamine Jérôme

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

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

Schaffert Susanne

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 12-06-2023, end: 25-04-2028

Sturge Simon

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 19-09-2023, end: 25-04-2028

Nodelman Oleg

Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium

Mandate: Director, start: 07-10-2024, end: 28-04-2026

Dickinson Andrew

Generaal de Wittelaan L11 A3, 2800 Mechelen, Belgium

2/63


Nr.		0466.460.429				F-cap 2.1

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

Mandate: Director, start: 27-03-2024, 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:

Lombaerts Ellen

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

Bedrijfsrevisor, Membership number : A02372

3/63


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:

Bookkeeping of the company **,

Preparing the annual accounts **,

Auditing the annual accounts and/or

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.

4/63


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		423.146.604		342.773.663

Intangible fixed assets		6.2		21		109.134.253		58.349.404
Tangible fixed assets		6.3		22/27		16.519.206		16.024.739
Land and buildings				22		354.535		871.570
Plant, machinery and equipment				23		13.329.917		11.668.614
Furniture and vehicles				24		992.909		1.231.151
Leasing and other similar rights				25				0
Other tangible fixed assets				26				0
Assets under construction and advance payments				27		1.841.845		2.253.405
Financial fixed assets		6.4 /6.5.1		28		297.493.145		268.399.521
Affiliated Companies		6.15		280/1		245.176.457		249.427.250
Participating interests				280		198.346.774		204.127.249
Amounts receivable				281		46.829.683		45.300.001
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		52.316.687		18.972.270
Shares				284		50.845.135		13.965.180
Amounts receivable and cash guarantees				285/8		1.471.551		5.007.090

5/63


N°.		0466.460.429				F-cap 3.1


	Notes		Codes		Period		Preceding period
CURRENT ASSETS				29/58		3.620.997.441		3.958.487.436

Amounts receivable after more than one year				29		122.155.102		122.091.450
Trade debtors				290				0
Other amounts receivable				291		122.155.102		122.091.450
Stocks and contracts in progress				3		51.191.825		73.978.238
Stocks				30/36		51.191.825		73.978.238
Raw materials and consumables				30/31		51.191.825		55.263.353
Work in progress				32		0		12.598.378
Finished goods				33
Goods purchased for resale				34		0		6.116.507
Immovable property intended for sale				35
Advance payments				36
Contracts in progress				37
Amounts receivable within one year				40/41		108.323.176		91.065.773
Trade debtors				40		32.707.724		26.961.771
Other amounts receivable				41		75.615.452		64.104.002
Current investments		6.5.1 / 6.6		50/53		3.245.938.470		3.576.430.159
Own shares				50
Other investments				51/53		3.245.938.470		3.576.430.159
Cash at bank and in hand				54/58		60.140.851		69.381.431
Accruals and deferred income		6.6		490/1		33.248.017		25.540.385

TOTAL ASSETS				20/58		4.044.144.044		4.301.261.099

6/63


N°.		0466.460.429				F-cap 3.2


	Notes		Codes		Period		Preceding period
EQUITY AND LIABILITIES
EQUITY				10/15		2.829.483.799		2.781.701.891

Contributions		6.7.1		10/11		3.017.626.375		3.017.626.375
Capital				10		356.444.939		356.444.939
Issued capital				100		356.444.939		356.444.939
Uncalled capital ⁶				101
Beyond capital				11		2.661.181.436		2.661.181.436
Share premium account				1100/10		2.661.181.436		2.661.181.436
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		-188.142.575		-235.924.484
Capital subsidies				15
Advance to shareholders on the distribution of net assets ⁷				19
PROVISIONS AND DEFERRED TAXES				16		17.539.778		13.972.066

Provisions for liabilities and charges				160/5		17.539.778		13.972.066
Pensions and similar obligations				160
Taxes				161
Major repairs and maintenance				162
Environmental obligations				163
Other liabilities and charges		6.8		164/5		17.539.778		13.972.066
Deferred taxes				168

⁶	Amount to be deducted from the issued capital.

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

7/63


N°.		0466.460.429				F-cap 3.2


	Notes		Codes		Period		Preceding period
AMOUNTS PAYABLE				17/49		1.197.120.467		1.505.587.142

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		138.706.338		201.874.356
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		92.471.935		129.248.124
Suppliers				440/4		92.471.935		129.248.124
Bills of exchange payable				441
Advance payments on contracts in progress				46
Taxes, remuneration and social security		6.9		45		11.989.497		23.757.581
Taxes				450/3		663.637		2.310.567
Remuneration and social security				454/9		11.325.859		21.447.014
Other amounts payable				47/48		34.244.906		48.868.651
Accruals and deferred income		6.9		492/3		1.058.414.128		1.303.712.786

TOTAL LIABILITIES				10/49		4.044.144.044		4.301.261.099

⁶	Amount to be deducted from the issued capital.

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

8/63


N°.		0466.460.429				F-cap 4

PROFIT AND LOSS ACCOUNT


			Notes		Codes		Period		Preceding period
Operating income						70/76A		596.121.058		1.004.937.475
Turnover				6.10		70		303.425.198		628.899.063
Stocks of finished goods and work and contracts in progress: increase (decrease)	(+	)/(-)				71		-12.598.378		6.807.754
Produced fixed assets						72		265.376.073		352.580.235
Other operating income				6.10		74		39.918.164		16.102.765
Non-recurring operating income				6.12		76A		0		547.659
Operating charges						60/66A		803.865.509		935.952.364
Goods for resale, raw materials and consumables						60		46.407.800		28.718.045
Purchases						600/8		35.314.994		43.223.135
Stocks: decrease (increase)	(+	)/(-)				609		11.092.805		-14.505.090
Services and other goods						61		334.587.965		397.123.712
Remuneration, social security and pensions	(+	)/(-)		6.10		62		57.872.680		73.555.658
Amortisations of and other amounts written down on formation expenses, intangible and tangible fixed assets						630		283.475.486		360.512.079
Amounts written down on stocks, contracts in progress and trade debtors: additions (write-backs)	(+	)/(-)		6.10		631/4		10.600.456
Provisions for liabilities and charges: appropriations (uses and write-backs)	(+	)/(-)		6.10		635/8		3.567.713		4.220.419
Other operating charges				6.10		640/8		27.141.020		70.785.043
Operating charges reported as assets under restructuring costs	(-	)				649
Non-recurring operating charges				6.12		66A		40.212.388		1.037.409
Operating profit (loss)	(+	)/(-)				9901		-207.744.451		68.985.111

9/63


N°.		0466.460.429				F-cap 4


	Notes		Codes		Period		Preceding period
Financial income				75/76B		257.053.407		213.501.352
Recurring financial income				75		201.081.492		213.501.352
Income from financial fixed assets				750		12.333.065		109.515.173
Income from current assets				751		118.646.628		101.978.360
Other financial income		6.11		752/9		70.101.799		2.007.818
Non-recurring financial income		6.12		76B		55.971.915
Financial charges		6.11		65/66B		18.646.876		37.486.367
Recurring financial charges				65		18.646.876		27.417.452
Debt charges				650		1.453.430		4.053.120
Amounts written down on current assets other than stocks, contracts in progress and trade debtors: additions (write-backs)		(+)/(-)		651				-9.102.765
Other financial charges				652/9		17.193.446		32.467.098
Non-recurring financial charges		6.12		66B				10.068.915
Profit (Loss) for the period before taxes		(+)/(-)		9903		30.662.079		245.000.095
Transfer from deferred taxes				780
Transfer to deferred taxes				680
Income taxes on the result		(+)/(-) 6.13		67/77		-17.119.830		-26.292.013
Taxes				670/3		49.571		72.259
Adjustment of income taxes and write-back of tax provisions				77		17.169.400		26.364.272
Profit (Loss) of the period		(+)/(-)		9904		47.781.908		271.292.107
Transfer from untaxed reserves				789
Transfer to untaxed reserves				689
Profit (Loss) of the period available for appropriation		(+)/(-)		9905		47.781.908		271.292.107

10/63


N°.		0466.460.429				F-cap 5

APPROPRIATION ACCOUNT


			Codes			Period		Preceding period
Profit (Loss) to be appropriated	(+	)/(-)		9906			-188.142.575		-235.924.484
Profit (Loss) of the period available for appropriation	(+	)/(-)		(9905	)		47.781.908		271.292.107
Profit (Loss) of the preceding period brought forward	(+	)/(-)		14P			-235.924.484		-507.216.591
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	)		-188.142.575		-235.924.484
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

11/63


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


	Codes		Period
RESEARCH COSTS MADE IN A PERIOD THAT STARTED AFTER 31 DECEMBER 2015
Acquisition value at the end of the period		8056		2.829.331.336
Amortisations and amounts written down at the end of the period		8126		2.829.331.336
NET BOOK VALUE AT THE END OF THE PERIOD		81313		0

12/63


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		1.649.874.224
Movements during the period
Acquisitions, including produced fixed assets				8022		333.056.096
Sales and disposals				8032		21.988.721
Transfers from one heading to another	(+	)/(-)		8042
Acquisition value at the end of the period				8052		1.960.941.599
Amortisations and amounts written down at the end of the period				8122P		xxxxxxxxxxxxxxx		1.591.524.821
Movements during the period
Recorded				8072		279.981.660
Written back				8082
Acquisitions from third parties				8092
Cancelled owing to sales and disposals				8102		19.699.134
Transfers from one heading to another	(+	)/(-)		8112
Amortisations and amounts written down at the end of the period				8122		1.851.807.347
NET BOOK VALUE AT THE END OF THE PERIOD				211		109.134.253

13/63


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

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

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

14/63


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				8191P			xxxxxxxxxxxxxxx		5.450.770
Movements during the period
Acquisitions, including produced fixed assets				8161			284.897
Sales and disposals				8171			1.411.619
Transfers from one heading to another	(+	)/(-)		8181
Acquisition value at the end of the period				8191			4.324.048
Revaluation surpluses at the end of the period				8251P			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				8321P			xxxxxxxxxxxxxxx		4.579.201
Movements during the period
Recorded				8271			801.645
Written back				8281
Acquisitions from third parties				8291
Cancelled owing to sales and disposals				8301			1.411.334
Transferred from one heading to another	(+	)/(-)		8311
Amortisations and amounts written down at the end of the period				8321			3.969.512
NET BOOK VALUE AT THE END OF THE PERIOD				(22	)		354.535

15/63


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				8192P			xxxxxxxxxxxxxxx		26.803.387
Movements during the period
Acquisitions, including produced fixed assets				8162			4.246.015
Sales and disposals				8172			495.529
Transfers from one heading to another	(+	)/(-)		8182
Acquisition value at the end of the period				8192			30.553.873
Revaluation surpluses at the end of the period				8252P			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				8322P			xxxxxxxxxxxxxxx		15.134.773
Movements during the period
Recorded				8272			2.387.403
Written back				8282
Acquisitions from third parties				8292
Cancelled owing to sales and disposals				8302			298.220
Transferred from one heading to another	(+	)/(-)		8312
Amortisations and amounts written down at the end of the period				8322			17.223.955
NET BOOK VALUE AT THE END OF THE PERIOD				(23	)		13.329.917

16/63


N°.		0466.460.429				F-cap 6.3.3


			Codes			Period		Preceding period
FURNITURE AND VEHICLES
Acquisition value at the end of the period				8193P			xxxxxxxxxxxxxxx		3.238.747
Movements during the period
Acquisitions, including produced fixed assets				8163			81.331
Sales and disposals				8173			1.752.329
Transfers from one heading to another	(+	)/(-)		8183
Acquisition value at the end of the period				8193			1.567.748
Revaluation surpluses at the end of the period				8253P			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				8323P			xxxxxxxxxxxxxxx		2.007.596
Movements during the period
Recorded				8273			304.778
Written back				8283
Acquisitions from third parties				8293
Cancelled owing to sales and disposals				8303			1.737.535
Transfers from one heading to another	(+	)/(-)		8313
Amortisations and amounts written down at the end of the period				8323			574.839
NET BOOK VALUE AT THE END OF THE PERIOD				(24	)		992.909

17/63


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

8194P

xxxxxxxxxxxxxxx

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

Revaluation surpluses at the end of the period

8254P

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

8324P

xxxxxxxxxxxxxxx

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

NET BOOK VALUE AT THE END OF THE PERIOD

(25

)

Of which

Land and buildings

250

Plant, machinery and equipment

251

Furniture and vehicles

252

18/63


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

8196P

xxxxxxxxxxxxxxx

2.253.405

Movements during the period

Acquisitions, including produced fixed assets

8166

1.426.578

Sales and disposals

8176

1.838.138

Transfers from one heading to another

)/(-)

8186

Acquisition value at the end of the period

8196

1.841.845

Revaluation surpluses at the end of the period

8256P

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

8326P

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

)

1.841.845

19/63


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

8391P

xxxxxxxxxxxxxxx

218.826.248

Movements during the period

Acquisitions

8361

711

Sales and disposals

8371

10.180.185

Transfers from one heading to another

)/(-)

8381

Acquisition value at the end of the period

8391

208.646.773

Revaluation surpluses at the end of the period

8451P

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

8521P

xxxxxxxxxxxxxxx

14.698.999

Movements during the period

Recorded

8471

Written back

8481

Acquisitions from third parties

8491

Cancelled owing to sales and disposals

8501

4.399.000

Transferred from one heading to another

)/(-)

8511

Amounts written down at the end of the period

8521

10.299.999

Uncalled amounts at the end of the period

8551P

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

)

198.346.774

AFFILIATED COMPANIES-AMOUNTS RECEIVABLE

NET BOOK VALUE AT THE END OF THE PERIOD

281P

xxxxxxxxxxxxxxx

45.300.001

Movements during the period

Appropriations

8581

1.529.682

Repayments

8591

Amounts written down

8601

Amounts written back

8611

Exchange differences

)/(-)

8621

Other movements

)/(-)

8631

NET BOOK VALUE AT THE END OF THE PERIOD

(281

)

46.829.683

ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS RECEIVABLE AT END OF THE PERIOD

8651

1.529.683

20/63


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

8392P

xxxxxxxxxxxxxxx

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

Revaluation surpluses at the end of the period

8452P

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

8522P

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

8552P

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

)

COMPANIES LINKED BY PARTICIPATING INTERESTS-AMOUNTS RECEIVABLE

NET BOOK VALUE AT THE END OF THE PERIOD

283P

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

21/63


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

8393P

xxxxxxxxxxxxxxx

13.965.180

Movements during the period

Acquisitions

8363

36.879.955

Sales and disposals

8373

Transfers from one heading to another

)/(-)

8383

Acquisition value at the end of the period

8393

50.845.135

Revaluation surpluses at the end of the period

8453P

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

8523P

xxxxxxxxxxxxxxx

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

Uncalled amounts at the end of the period

8553P

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

)

50.845.135

OTHER COMPANIES-AMOUNTS RECEIVABLE

NET BOOK VALUE AT THE END OF THE PERIOD

285/8P

xxxxxxxxxxxxxxx

5.007.090

Movements during the period

Appropriations

8583

29.322

Repayments

8593

3.564.860

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

)

1.471.551

ACCUMULATED AMOUNTS WRITTEN DOWN ON AMOUNTS
RECEIVABLE AT END OF THE PERIOD

8653

22/63


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.


NAME, full address of the REGISTERED OFFICE and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER	Rights held							Data extracted from the most recent annual accounts
	Nature	Directly				Subs- idiaries		Annual accounts as per		Cur-		Equity		Net result

		Number		%		%				rency code		(+) or (-) (in units)
Galapagos BV Foreign company Willem Einthovenstraat 13 2342 BH Oegstgeest Netherlands 807938397B01	Registered shares		200		100,00		0,00		31-12-2024		EUR		6.905.161		3.693.977
Galapagos SASU Foreign company Avenue Gaston Roussel 102 93230 Romainville France 27440348480	Registered shares		51.199		100,00		0,00		31-12-2024		EUR		68.004.281		5.646.081
Galapagos GmbH Foreign company Aeschengraben 27 4051 Basel Switzerland CHE388581566	Registered shares		200		100,00		0,00		31-12-2024		CHF		2.988.556		594.104
Galapagos Real Estate Belgium Private limited company Generaal De Wittelaan L11 , box A3 2800 Mechelen Belgium 0714.965.620	Registered shares		1.120		100,00		0,00		31-12-2024		EUR		-10.159.167		-1.583.747
Galapagos Real Estate Netherlands B.V. Foreign company Willem Einthovenstraat 13 2342 BH Oestgeest Netherlands 860584859B01	Registered shares		10.000.000		100,00		0,00		31-12-2024		EUR		30.728.655		-488.952
Galapagos US Holding Inc Foreign company North State Street 800 , box 304 19901 Dover, Delaware United States	Registered shares		100		100,00		0,00		31-12-2024		USD		8.371.214		-24.344

23/63


N°.		0466.460.429				F-cap 6.5.1

PARTICIPATING INTERESTS INFORMATION

PARTICIPATING INTERESTS AND OTHER RIGHTS IN OTHER COMPANIES


NAME, full address of the REGISTERED OFFICE and, for an entity governed by Belgian law, the COMPANY REGISTRATION NUMBER	Rights held							Data extracted from the most recent annual accounts
	Nature	Directly				Subs- idiaries		Annual accounts as per		Cur-		Equity		Net result

		Number		%		%				rency code		(+) or (-) (in units)
Galapagos U.K. ltd Foreign company London End Beaconsfield B HP9 2JH Bucks United Kingdom 468175458	Registered shares		1		100,00		0,00		31-12-2024		GBP		303.626		52.175
Galapagos Holding Pte Ltd Foreign company One Marina Boulevard 28-00 01989 Singapore Singapore	Registered shares		100		100,00		0,00		31-12-2024		SGD		1.000		0

24/63


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:

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

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

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;

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 Foreign company Willem Einthovenstraat 13 2342 Oestgeest Netherlands		C
Galapagos Real Estate Netherlands B.V. Foreign company Willem Einthovenstraat 13 2342 Oestgeest Netherlands		C

25/63


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		1.549.530.651		1.540.936.652
With a remaining term or notice
up to one month		8686				95.000.000
between one month and one year		8687		1.349.530.651		1.445.936.652
over one year		8688		200.000.000
Other investments not mentioned above		8689		1.696.407.819		2.035.493.507

					Period
ACCRUALS AND DEFERRED INCOME
Allocation of account 490/1 of assets if the amount is significant
Deferred charges						25.314.031
Accrued income						7.933.987

26/63


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

356.444.939

Issued capital at the end of the period

(100

)

356.444.939

Codes

Period

Number of shares

Modifications during the period

Composition of the capital Share types

shares without nominal value

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

11.911.110

Amount of capital to be subscribed

8746

64.428.577

Corresponding maximum number of shares to be issued

8747

11.911.110

Authorised capital not issued

8751

27/63


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)

28/63


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
	Nature	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		[Illegible	]

EcoR1 Capital LLC 357 Tehema Street, Suite 3, San Francisco, CA 94103, United States of America	Dematerialized shares	7.094.049		30,77%

Total shares 65.897.071,00

29/63


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		12.675.530
Tax recovery mechanism		4.864.248

30/63


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

31/63


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		663.637
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		11.325.859

32/63


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
Deferred income drug discovery platform		1.050.969.305
Deferred income subsidies		1.079.046
Deferred income tax credit		6.365.777

33/63


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				247.205.388		581.275.559
Royalties				15.364.472		9.465.229
Sales of trading goods				40.855.338		38.158.275
Allocation by geographical market
US - United States				257.808.758		493.768.671
FR - France				2.103.302		1.412.714
DE - Germany				7.162.418		23.703.679
BS - Bahama’s						88.171.352
BE - Belgium				1.126.804		2.850.918
NL - The Netherlands				1.103.385		1.427.094
ES - Spain				1.721.170		1.126.435
GB - United Kingdom				3.223.519		3.069.118
IE - Ireland				641.592		544.095
IT - Italy				16.043.429		1.806.386
AT - Austria				3.461.258		3.794.280
Fi - Finland				812.820		764.067
SE - Sweden				4.835.055		3.960.278
No - Norway				3.021.981		2.474.127
DK - Denmark				359.709		25.850
Other operating income
Operating subsidies and compensatory amounts received from public authorities		740		2.034.875		6.618.032
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		278		367
Average number of employees calculated in full-time equivalents		9087		291,5		368,6
Number of actual hours worked		9088		491.991		622.373
Personnel costs
Remuneration and direct social benefits		620		40.665.852		55.931.319
Employers’ contribution for social security		621		11.108.390		12.942.717
Employers’ premiums for extra statutory insurance		622		2.241.211		2.724.157
Other personnel costs		623		3.857.227		1.957.465
Retirement and survivors’ pensions		624

34/63


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		957.678
Written back				9111
On trade debtors
Recorded				9112		9.642.778
Written back				9113
Provisions for liabilities and charges
Appropriations				9115		5.776.280		4.220.419
Uses and write-backs				9116		2.208.567
Other operating charges
Taxes related to operation				640		3.422.772		3.731.217
Other				641/8		23.718.249		67.053.825
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		0,5		0,7
Number of actual hours worked				9098		1.176		1.440
Costs to the company				617		26.425		34.068

35/63


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
Other
Other financial gains				34.324		22.666
Unrealized exchange gains				61.227.843		0
Realized gain on money market funds				8.839.633
RECURRING FINANCIAL CHARGES
Depreciation of loan issue expenses		6501
Capitalised interests		6502		1.453.430		4.053.120
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
Provisions of a financial nature
Appropriations		6560
Uses and write-backs		6561
Allocation of other financial costs
Exchange differences realized		654		16.407.529		0
Results from the conversion of foreign currencies		655
Other
Unrealized exchange losses				111.879		30.873.435
Bank charges				665.700		714.971
Payment differences				739		3.497
Other financial charges				7.600		875.195

36/63


N°.		0466.460.429				F-cap 6.12

INCOME AND CHARGES OF EXCEPTIONAL SIZE OR FREQUENCY


		Codes			Period		Preceding period
NON-RECURRING INCOME			76			55.971.915		547.659
Non-recurring operating income			(76A	)		0		547.659
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			0		3.614
Other non-recurring operating income			764/8					544.045
Non-recurring financial income			(76B	)		55.971.915
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			55.971.915
Other non-recurring financial income			769
NON-RECURRING CHARGES			66			40.212.388		11.106.324
Non-recurring operating charges			(66A	)		40.212.388		1.037.409
Non-recurring depreciation of and amounts written off formation expenses, intangible and tangible fixed assets			660					932.662
Provisions for extraordinary operating liabilities and charges: appropriations (uses)	(+)/(-)		6620
Capital losses on disposal of intangible and tangible fixed assets			6630			212.388		104.748
Other non-recurring operating charges			664/7			40.000.000
Non-recurring operating charges carried to assets as restructuring costs	(-)		6690
Non-recurring financial charges			(66B	)				10.068.915
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

37/63


N°.		0466.460.429				F-cap 6.13

TAXES


			Codes		Period
INCOME TAXES
Income taxes on the result of the period				9134		49.571
Income taxes paid and withholding taxes due or paid				9135		153.970
Excess of income tax prepayments and withholding taxes paid recorded under assets				9136		153.970
Estimated additional taxes				9137		49.571
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						5.061.159
Tax credit						-17.844.835
Excess depreciations						-70.878.751
Exemption regional contributions						-1.334.304
Taxable depreciation						11.172.461
Gain on shares						36.684.256

					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		1.835.223.916
Accumulated tax losses deductible from future taxable profits				9142		822.405.394
Other deferred taxes representing assets
Investment deduction						966.348
Deduction for innovation income						534.407.949
Excess depreciations						446.422.113
DBI						31.022.113
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		21.584.146		27.244.542
By the company		9146		1.957.981		12.736.222
Amounts withheld on behalf of third party by way of
Payroll withholding taxes		9147		19.940.397		23.134.701
Withholding taxes on investment income		9148

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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		1.471.551

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		1.471.551
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				1.249.407
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 2.460K EUR in 2024.

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 2.460K EUR in 2024.

			Period
NATURE AND FINANCIAL IMPACT OF SIGNIFICANT EVENTS AFTER THE CLOSING DATE not reflected in the balance sheet or income statement
On January 7, 2025, the board of directors decided that there would be a split of Galapagos as well as a restructuring. The total restructuring in Galapagos NV in 2025 is estimated at 37.8 million euros.				37.800.000

			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)
As of February 1, 2024, we will be entitled to earn-outs on net sales by Alfasiga of Jyseleca^® in Europe estimated at EUR 47 million over a period of 10 years.				47.000.000
The Galapagos group has a commitment to purchase Cocoons and cassettes.				16.400.000
In connection with the acquisition of CellPoint, we stipulate an additional payment from us to the previous owners of CellPoint. This amount is payable upon achievement of certain successive milestones.				100.000.000

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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
AFFILIATED COMPANIES
Financial fixed assets		(280/1	)		245.176.457		249.427.250
Participating interests		(280	)		198.346.774		204.127.249
Subordinated amounts receivable		9271			46.829.683		45.300.001
Other amounts receivable		9281
Amounts receivable		9291			53.455.169		54.537.198
Over one year		9301
Within one year		9311			53.455.169		54.537.198
Current investments		9321
Shares		9331
Amounts receivable		9341
Amounts payable		9351			69.429.394		102.118.396
Over one year		9361
Within one year		9371			69.429.394		102.118.396
Personal and real guarantees
Provided or irrevocably promised by the company as security for debts or commitments of affiliated companies		9381			2.974.155		4.162.896
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			12.333.065		109.515.173
Income from current assets		9431			5.449.829		7.591.058
Other financial income		9441
Debt charges		9461			1.130.204		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.

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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		7.105.696
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		971.964
Fees for exceptional services or special assignments executed within the company by the auditor
Other audit assignments		95061		129.547
Tax consultancy assignments		95062
Other assignments beyondthe audit		95063		20.550
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		49.547
Other assignments beyond the audit		95083

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

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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 interest. (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		1.012.182
Fees for exceptional services or special missions executed by the auditor(s) at this group
Other audit assignments		95071		137.337
Tax consultancy assignments		95072
Other assignments beyond the audit		95073		20.550
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		49.547
Other assignments beyond the audit		95093

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

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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 and tax recuperation mechanism 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

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N°.		0466.460.429				F-cap 6.19

VALUATION RULES

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.

(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.

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) Sale of trading goods:

After completing the sale of the Jyseleca^® activities, we began recognizing the sale of Jyseleca^® inventories to Alfasigma as revenue from deliveries, as part of the ongoing activities. This revenue from deliveries is recognized at the moment when control of the inventory products is transferred to Alfasigma.

(g) 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 20.962.443.

-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 determined that the contract modification only affects the scope of the filgotinib performance obligation and that the change in both fixed and variable compensation reflects the adjusted stand-alone selling price of the remaining activities of this performance obligation. If we had assessed that the higher compensation was not or only partially related to the filgotinib performance obligation, then the compensation might have been allocated to other performance obligations in the contract, leading to a change in the timing of revenue recognition. The denominator used in the calculation of the percentage of completion reflects our best estimate of our total costs needed to fulfill the filgotinib performance obligation.

The operating income of Galapagos NV decreased in 2024. This decrease was mainly caused by lower recognition of revenue from upfront payments. The sale of the Jyseleca^® activities to Alfasigma on January 31, 2024, led to the full recognition of revenue in 2024 from the remaining filgotinib revenues to be transferred. There was also a decrease in revenue from internally generated intangible assets-being capitalized R&D expenses. Other operating income increased due to recharges to Alfasigma during the transition period.

7. Change in valuation:

In note 6.15, there is a change compared to last year. The intercompany customers and suppliers are included in this note this year.

8. Going concern:

To date, we have incurred significant operational losses, which are reflected in the consolidated balance sheet with €134.3 million in accumulated losses as of December 31, 2024. We realized a consolidated net profit of €74.1 million for the year ended December 31, 2024. Financial investments and cash and cash equivalents amounted to €3,317.8 million as of December 31, 2024. We plan to split into two publicly traded companies and establish SpinCo with approximately €2.45 billion in current cash resources. Following this planned transaction, we expect our normalized annual cash burn to be between €175 million and €225 million, excluding restructuring costs. After the split, we expect to have approximately €500 million in cash to accelerate our pipeline and fund our operations through 2028. This will allow us to finance our operational costs and capital expenditures for at least the next 12 months. The Board of Directors also believes that additional financing can be obtained if necessary. Considering this, as well as the potential developments in the activities related to the

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N°.		0466.460.429				F-cap 6.19

VALUATION RULES

discovery and development of medicines, the Board of Directors believes that it can submit the financial statements on a going concern basis. Although the financial investments and cash and cash equivalents are sufficient for at least the next 12 months, the Board of Directors points out that if the R&D activities progress well, we may seek additional financing to support the continued development of our products or to pursue other business opportunities.

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N°.		0466.460.429				F-cap 6.20

OTHER INFORMATION TO DISCLOSE

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

51/63


N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTT: +3 (0) 2778 01 00 The Corporate Villagewww.bdo.be Da Vincilaan 9, Box E.6 Elsinore Building GALAPAGOS NVStatutory auditor’s reportto the general meetingfor the year ended 31 December 2024Free translation

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTThe Corporate VillageDa Vincilaan 9, Box E.6 Elsinore BuildingB-1930 ZaventemFree translationSTATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF GALAPAGOS NV FOR THE YEAR ENDED 31 DECEMBER 2024In the context of the statutory audit of the annual accounts of Galapagos NV the Company”), we hereby present our statutory auditor’s report. It includes our report of the annual accounts and the other legal and regulatory requirements.. This report is an integrated whole and is indivisible.We have been appointed as. statutory auditor by the general meeting of 25 April 2023, following the proposal formulated by the administrative body issued upon recommendation of the Audit Committee and upon presentation by the works council. Our statutory auditor’s mandate expires on the date of the general meeting deliberating, on the annual accounts, closed on 31 December 2024 . We have performed the statutory audit of the annual accounts of the Company for two consecutive years.REPORT ON THE ANNUAL ACCOUNTS Unqualified opinionWe have audited the annual accounts of the Company, which comprise the balance sheet as at 31 December 2024, the profit and loss account for the year then ended and the notes to the annual accounts, characterised by a balance sheet total of 4.044.144.044 EUR and a profit and loss account showing a profit for the year of 47.781.906 EUR.In our opinion, the annual accounts give a true and fair view of the Company’s net equity and financial position as at 31 December 2024, as well as of its results for the year then ended, in accordance with the financial reporting framework applicable in Belgium.Basis for unqualified opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Our responsibilities under those standards are further described in the ‘Statutory auditor’s responsibilities for the audit of the annual accounts section in this report. We have complied with all the ethical requirements that are relevant to the audit of annual accounts in Belgium, including those concerning independence.We have obtained from the administrative body and the officials of the Company the explanations and information necessary for performing our audit.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, .

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTIBDO Key audit mattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current year. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Disposal of the jyseleca business to AlfasigmaKey Audit Matter DescriptionAs described in note F-cap 6.19 of the annual accounts, on January 31, 2024, the Company completed the sale of the jyseleca business to Alfasigma and entered into a transition agreement with Alfasigma that specifies the responsibilities and services to be provided by both parties during a transition period following the completion of the sale, On that date, the Company recognized a gain on disposal of 56,0 mEUR, an upfront cash receipt of 50,0 mEUR and a liability related to a contribution for research and development costs payable to Alfasigma of 40,0 mEUR,The accounting for the disposal of the jyseleca business to Alfasigma was Identified as a key audit matter due to the judgement in identifying the different elements of the total consideration and accounting for the transition agreement, Critical components of this transaction included identifying the assets and Liabilities transferred, the recognition of the R&D costs payable to Alfasigma and determination of the gain on disposal of the Jyseleca® business.The audit of these components required significant auditor attention due to the transaction’s magnitude, complexity and significant financial impact.How the Key Audit Matter Was Addressed in the AuditThe primary procedures we performed to address this key audit matter included:• Evaluating management’s judgements over the identification of all assets and Liabilities belonging to the disposal of the JyseLecail’ business by reading relevant agreements and assessing the Company’s ongoing involvement during the transition period agreed with Alfasigma, Verifying the components included in the determination of the gain on disposal of the JyselecaS business, including the identification of disposed off assets and liabilities, the estimation of the enterprise value, the determination of the Consideration received and recognition of contribution for R&D costs payable by the Company to Alfasigma.• Ensuring the accurate removal of the sold entities along with their respective assets and Liabilities from the books.• Verifying the correct presentation of the gain on disposal of the Jyselecaffi business and the associated transition services in the annual accounts,Valuation of investments in subsidiaries, related intangibles assets and receivablesKey Audit Matter DescriptionAs described in notes F-cap 6.2,3, F-cap 6.4.1 and F-cap 6.15 of the annual accounts, Galapagos reports intangible assets totaling 109,i mEUR, Investments of 198,3 mEUR and intercompany receivables of 100,3 mEUR, The Company conducted an impairment test on its investments in subsidiaries, along with the related intangible assets and receivables at December 31, 2024.

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTIBDO The impairment test is conducted by analogy with the impairment test on the CAR-T/Cell therapy cash generating unit at consolidated level, using a discounted cash flow model to determine its fair value less cost of disposal.Auditing the Company’s impairment tests for its investments in subsidiaries, along, with the related intangible assets and receivables was complex and required a high degree of judgment, largely due to the significant estimations needed to determine the fair value less cost to sell, of the cash-generating unit CAR-T/Cell therapy. The fair value estimates are specifically based on assumptions tailored to CAR-T research and development activities and its product candidates. These assumptions critically impact the significant uncertainty involved in reaching clinical development milestones, Essential factors, such as the timing of anticipated future cash flows, long-term sales projections that include patient volumes, market share, pricing, and the discount rate, are pivotal to these estimates,The impairment of Investments in subsidiaries, their related intangibles assets and receivables, is identified as a key audit matter due to the valuation methodology necessitating the Company to apply significant estimates and assumption specific to the CAR-T/Cell therapy business. This process demands extensive audit efforts, including the engagement of professionals with specialised skills.How the Key Audit Matter Was Addressed in the AuditThe primary procedures we performed to address this key audit matter included; • Critically evaluating and challenging the design and operating effectiveness of the Company’s internal controls related to the impairment ofinvestments in subsidiaries, intangibles assets and receivables, Assessing the appropriateness of the valuation methodology used by the Company to estimate the fair value less cost of disposal of the CAR-T/Cell Therapy cash-generating unit which was used by analogy to verify for possible impairment.Scrutinizing the key assumptions and estimates used by the Company; such as projected cash flows, discount rates, and probability of success of achieving clinical development milestones. We compared these assumptions with industry reports to assess their reasonableness and consistency with external market conditions.Involving professionals with expertise in financial valuation to provide an independent evaluation of discount rate used. Examining the sensitivity analyses performed by the Company to understand the impact of changes in key assumptions on the impairment assessment and performing our own sensitivity checks.Verifying the appropriateness and completeness of the valuation disclosures in the annual accounts.Responsibilities of administrative body for the drafting of the annual accountsThe administrative body is responsible for the preparation of annual accounts that give a true and fair view in accordance with the financial reporting framework applicable in Belgium, and for such internal control as the administrative body determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTIBDO In preparing the annual accounts, the administrative body is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the administrative body either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so,Statutory auditor’s responsibilities for the audit of the annuaf AccountsOur objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor’s re“or: that inc.uce: 3-Lir opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or In Che aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts,As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, a.nd obtain audit evidence that is sufficient and appropriate to provide a basis for our â–¡pinion, The risk of not detecting a material misstatement resulting from fraud is higher than tor one resulting, from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;â– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an â–¡pinion on the effectiveness of the Company’s internal control;- Evaluate the appropriateness ofaccounting policies used and the reasonableness of accounting estimate? and related disclosures made by the administrative body; When executing our audit, we respect the legal, regulatory and normative framework applicable for the audit of annual accounts in Belgium, However, a statutory audit does not guarantee the future viability of the Company, neither the efficiency and effectiveness of the management of the Company by- the administrative body. our responsibilities with respect to the administrative body’s use of the going concern basis of accounting are described below.â– Conclude on the appropriateness of the administrative body’s use of the going.concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern, if we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor’s report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion.

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTIBDO Our conclusions are based on the audit evidence obtained jp to the date of our statutory auditor’s, report. However, future events or conditions may cause the Company to cease to continue as a going concern;â–Evaluate the overall presentation, structure and content of the annual accounts and whether the annual accounts represent the underlying transactions and events in a manner that a-chieves fair presentation.We communicate with the Audit Committee regarding;, among other matters, the planned scope and timing of the audit and significant audit findings, including an/ significant deficiencies in internal control that we identified during our audit.We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding, independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, re la led safeguards.From the matters communicated with the Audit Committee, we determine those matters that were ot most significance in the audit of the financial statements of the current year, and are therefore Che key audit matters. We describe these matters in our statutory auditor’s report, unless law or regulation precludes public disclosure about the matter.OTHER LEGAL AND REGULATORY REQUIREMENTSResponsibilities of the administrative bodyThe administrative body is responsible for the preparation and the content of the director’s report, including the sustains billty Information and of the other information included 1n the annual report, for the preparation and content of the documents to be deposited in accordance with the legal and regulatory requirements, as well as for the compliance with the legal and regulatory requirements regarding, bookkeeping, with The Code of companies and associations and with the Company’s by-laws.Responsibilities of the statutory auditorIn the context of our mission and in accordance with the Belgian standard (revised draft 2025) which is complementary to the International Standards on Auditing (ISAs) as applicable in Belgium, it is our responsibility to verify, in all material aspects, the director’s report and the other information included in the annual report, certain documents to he deposited in accordance with the legal and regulatory requirements, and compliance with certain provisions of the Code of companies and associations and of the Company’s by-laws, and to report on these elements. Aspects related to the director’s report and to the other information included in the annual report over the annual accountsThe director’s report contains the sustainability information subject of our separate report concerning the limited assurance on this sustainability information.

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTIBDOThis section does not concern the assurance on the sustainability information included in the director’s report. For this part of the director’s report, we refer to our separate report on this matter. In our opinion, after having performed specific procedures in relation to the director’s report, the director’s report is consistent with the annual accounts for the same financial year, and it is prepared in accordance with articles 3:5 and 3:6 of the Code of companies and associations. In the context of our audit of the annual accounts, we are also responsible for considering, in particular based on the knowledge we have obtained during the audit, whether the director’s report and the other information included in the annual report, contain a material misstatement, i.e. information which is inadequately disclosed or otherwise misleading. Based on the procedures we have performed, there are no material misstatements we have to report to you. Statement related ta the social balance The social balance sheet, to be deposited at the National Bank of Belgium in accordance with article 3:12. 51, 8” of the Code of companies and associations, includes, both in terms of form and content, the information required by tHe said Code, including that relating to information on wages and training and does, not present any material inconsistencies with the information that we have at. our disposition during the performance of our mission. Statement related to independence • Our audit firm and our network did not provide services which are incompatible with the statutory audit of annual accounts and our audit firm remained independent of the Company during the terms of our mandate. â– The fees related to additional services which are. compatible with the statutory audit of annual accounts as referred to in article 3:65 of the Code of companies and associations, were duly itemised and valued ir the notes to the annual accounts. Other statements â– Without prejudice to certain formal aspects of minor importance, the accounting records are maintained in accordance with the legal and regulatory requirements applicable in Belgium. â– The appropriation of results proposed to the general meeting complies with the legal provisions and the Company’s bylaws, â– We do not have to report to you any transactions undertaken or decisions taken in breach of the by-laws or the Code of companies and associations except for the fact that the annual account J and the consolidated annual accounts as at 31 December 2023 were not filed within the period stipulated in the Code of companies and associations. â–This report is in compliance with the contents of our additional report to the Audit Committee as referred to in article 11 of regulation (EU) No 537/2014. 58/63

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N°.		0466.460.429				F-cap 8

AUDITORS’ REPORT

LOGO

N°. 0466.460.429 F-cap 8AUDITORS’ REPORTIBDO We have assessed the pecuniary consequences tor the Company of the decisions related to the conflict of interests as described in the conclusions of the administrative body and having nothing to report to you.Zaventem 27 March 2025BDO Bedrijfsrevisoren BV Statutory auditor Represented by Ellen Lombaerts* Auditor’Acting for a company’

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N°.		0466.460.429				F-cap 10

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		262,7		121,7		141,0
Part-time		1002		34,8		2,3		32,5
Total in full-time equivalents (FTE)		1003		291,5		123,5		168,0
Number of actual hours worked
Full-time		1011		442.696		208.856		233.840
Part-time		1012		49.295		3.332		45.963
Total		1013		491.991		212.188		279.803
Personnel costs
Full-time		1021		53.228.416		27.813.548		25.414.868
Part-time		1022		4.644.264		921.451		3.722.814
Total		1023		57.872.680		28.734.999		29.137.681
Benefits in addition to wages		1033		451.285		193.155		258.130

During the preceding period	Codes		P. Total		1P. Men		2P. Women
Average number of employees in FTE		1003		368,6		146,2		222,4
Number of actual hours worked		1013		622.373		255.249		367.124
Personnel costs		1023		73.555.658		33.388.582		40.167.076
Benefits in addition to wages		1033

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N°.		0466.460.429				F-cap 10

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		244		34		272,2
By nature of the employment contract
Contract for an indefinite period		110		244		34		272,2
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		115		2		116,6
primary education		1200		11				11,0
secondary education		1201		6				6,0
higher non-university education		1202		16				16,0
university education		1203		82		2		83,6
Women		121		129		32		155,6
primary education		1210		11				11,0
secondary education		1211		2		1		2,8
higher non-university education		1212		26		14		37,5
university education		1213		90		17		104,3
By professional category
Management staff		130
Salaried employees		134		244		34		272,2
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		0,5
Number of actual hours worked		151		1.176
Costs to the company		152		26.425

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N°.		0466.460.429				F-cap 10

LIST OF PERSONNEL MOVEMENTS DURING THE PERIOD


	Codes		1. Full-time		2. Part-time		3. Total in full-time equivalents
ENTRIES
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		39				39,0
By nature of the employment contract
Contract for an indefinite period		210		39				39,0
Contract for a definite period		211
Contract for the execution of a specifically assigned work		212
Replacement contract		213

	Codes		1. Full-time		2. Part-time		3. Total in full-time equivalents
DEPARTURES
Number of employees whose contract-termination date has been included in the DIMONA declaration or in the general personnel register during the period		305		122		19		137,4
By nature of the employment contract
Contract for an indefinite period		310		122		19		137,4
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		100		19		115,4
Other reason		343		22				22,0
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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N°.		0466.460.429				F-cap 10

INFORMATION ON TRAINING PROVIDED TO EMPLOYEES DURING THE PERIOD


	Codes		Men		Codes		Women
Total of initiatives of formal professional training at the expense of the employer
Number of employees involved		5801		5		5811		3
Number of actual training hours		5802		230		5812		195
Net costs for the company		5803		16.248		5813		15.537
of which gross costs directly linked to training		58031		7.833		58131		6.781
of which contributions paid and payments to collective funds		58032		8.415		58132		8.757
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				5831
Number of actual training hours		5822				5832
Net costs for the company		5823				5833
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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