Lucide Ledger

A filing-first public record from Lucide House.

Issue 004 | U.S. Pilot | US

GLPG

GALAPAGOS NV

Screen state: Passing Source state: Verified 20-F | 2026-03-26 Filing currency: EUR
Open Filing Back to Register Report a correction
Internal NCAV Discount 43.2%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
3,079,457,000EUR
Total Liabilities
170,650,000EUR
NCAV
3,353,091,615EUR
Cash
87,868,000EUR
NCAV per share
needs review
Evidence
10 annual | 5 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection Negative OCF -257,456,000
Latest
-257,456,0002025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-035163

Supporting observation NCAV Growing 2,908,807,000
Latest
2,908,807,0002025-12-31
Comparison
2,100,670,0002024-12-31
Change
+38.5%

Basis: equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-035163; REPORTED_FILING 20-F 2024-12-31

Supporting observation No Material 1Y Share Increase 65,897,071
Latest
65,897,0712025-12-31
Comparison
65,897,0712024-12-31
Change
0.0%

Basis: 1Y share change > -2% and <= +1% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-035163; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 20.15
Latest
20.152025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001104659-26-035163

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 n/a n/a n/a Missing Source n/a
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 5 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
EUR
2024-12-31
20-F
EUR
2023-12-31
20-F
EUR
2022-12-31
20-F
EUR
2021-12-31
20-F
EUR
2020-12-31
20-F
EUR
2019-12-31
20-F
EUR
2018-12-31
20-F
EUR
2017-12-31
20-F
EUR
2016-12-31
20-F
EUR
Revenue n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Operating Income 295,039,000 -188,338,000 -88,263,000 -267,520,000 -165,596,000 -178,632,000 370,292,000 -44,807,000 -89,802,000 -11,491,000
Net Income 320,884,000 74,082,000 211,697,000 -217,991,000 -103,231,000 -305,436,000 149,845,000 -29,259,000 -115,704,000 54,012,000
Cash From Operations n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Capex n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Free Cash Flow n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Cash And Equivalents 87,868,000 64,239,000 166,803,000 508,117,000 2,233,368,000 2,135,187,000 1,861,616,000 1,290,796,000 1,151,211,000 973,241,000
Accounts Receivable n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Inventory n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Total Current Assets n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Total Assets 3,406,518,000 4,135,719,000 4,357,396,000 4,734,351,000 5,193,160,000 5,717,731,000 6,068,609,000 1,439,496,000 1,286,274,000 1,083,338,000
Total Current Liabilities n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Total Liabilities 170,650,000 1,238,780,000 1,561,830,000 2,208,325,000 2,549,798,000 3,047,375,000 3,192,951,000 225,247,000 274,291,000 324,637,000
Shareholders Equity n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Shares Outstanding 65,897,071 65,897,071 65,897,071 65,835,511 65,552,721 65,411,767 64,666,802 54,465,421 50,936,778 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Basic n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 5 quarterly periods available from Data Vault for this company.

Metric
2021-06-30
6-K
EUR
2020-12-31
6-K
EUR
2020-06-30
6-K
EUR
2019-12-31
6-K
EUR
2019-06-30
6-K
EUR
Revenue n/a n/a n/a n/a n/a
Operating Income -97,548,000 -178,632,000 -134,391,000 370,292,000 -97,610,000
Net Income -64,329,000 -305,436,000 -165,643,000 149,845,000 -95,905,000
Cash From Operations n/a n/a n/a n/a n/a
Capex n/a n/a n/a n/a n/a
Free Cash Flow n/a n/a n/a n/a n/a
Cash And Equivalents 2,642,639,000 2,135,187,000 2,384,220,000 1,861,616,000 1,147,923,000
Total Current Assets n/a n/a n/a n/a n/a
Total Liabilities 2,767,144,000 3,047,375,000 3,078,301,000 3,192,951,000 214,481,000
Shares Outstanding n/a 65,411,767 n/a 64,666,802 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Basic n/a n/a n/a n/a n/a
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets n/a derived 2021-06-30 n/a n/a
Total Liabilities 2,767,144,000EUR ifrs-full:Liabilities 2021-06-30 1.00 Data Vault | sec/companyfacts/cik=0001421876/companyfacts.json
Data Vault | sec/companyfacts/cik=0001421876/companyfacts.json
Cash 2,642,639,000EUR ifrs-full:CashAndCashEquivalents 2021-06-30 1.00 Data Vault | sec/companyfacts/cik=0001421876/companyfacts.json
Data Vault | sec/companyfacts/cik=0001421876/companyfacts.json
Shares Outstanding n/a n/a 2021-06-30 n/a n/a
NCAV n/a derived 2021-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share n/a derived 2021-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 43.2% derived 2021-06-30 n/a gnni_publication_pack | internal_discount

NCAV could not be calculated because one or more inputs are missing.

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001421876
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001421876/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001421876/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
11
Imported At
2026-08-15T12:52:04+00:00
Rendered At
2026-08-16T03:29:54+00:00

Run Audit

Mary Run
29510e1968ca4fb386d55ebe1e97a5de
Mary As Of
2026-08-01
Accession
0001104659-26-035163
CIK
0001421876
Mary Filing Date
2026-03-26
Filing Currency
EUR
Internal Discount
43.2%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-03-26; mary_accession=0001104659-26-035163; mary_cik=0001421876; gnni_supporting_filing_date=2026-03-26; internal_discount=0.432039; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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