17. Trade and other receivables and other current assets

17. Trade and other receivables and other current assets

 

31 December

(thousands of €)

2017

2016

Trade receivables

22,133

6,629

Prepayments

543

21

Other receivables

5,289

3,078

Trade and other receivables

27,966

9,728

Accrued income

2,584

3,617

Deferred charges

3,825

3,621

Other current assets

6,409

7,239

Total trade and other receivables & other current assets

34,375

16,966

Trade and other receivables increased by €18.3 million to €28.0 million as at 31 December 2017 compared to €9.7 million as at 31 December 2016. This was mainly due to two milestones achieved before year end 2017 in our CF collaboration with AbbVie which were accounted for $20 million (€ 17.0 million): respectively $10 million (€8.6 million) for the Phase 1 trial initiation with GLPG3221 and $10 million (€8.4 million) for the Phase 1 trial initiation with GLPG2851.

We consider that the carrying amount of trade and other receivables approximates their fair value. The other current assets mainly included accrued income from subsidy projects and deferred charges.

On 31 December 2017, we did not have any bad debt allowance.