24. Trade and other liabilities

Our trade and other liabilities, amounting to €72.1 million as of 31 December 2015, increased by €13.5 million compared to the €58.5 million reported as of 31 December 2014.

The trade and other payables amounting to €29.1 million as of 31 December 2015 remained stable compared to the €29.3 million as of 31 December 2014. Nevertheless, trade payables decreased by €2.7 million compared to the same period last year which fully compensated the increase in other payables by €2.5 million as a result of higher bonus provisions.

Deferred income amounted to €39.8 million at 31 December 2015 and increased by €12.8 million compared to 31 December 2014. On the one hand we had an increase of €39 million due to the booking of the financial asset upon signing of the share subscription agreement with Gilead (see note 8). On the other hand we had a substantial decrease of €26.4 million, which can mainly be explained by revenues from non-refundable upfront payments recognized in the income statement. For the year ended 31 December 2014, €15.0 million revenue was deferred for the filgotinib program for rheumatoid arthritis and Crohn’s disease with AbbVie, and €11.4 million was deferred for the CF program with AbbVie.

The outstanding deferred income balance at 31 December 2015 included €39.0 million deferred income related to the Gilead share subscription agreement, €0.8 million of discounting effects on non-current R&D incentives receivables and deferred revenues from grants.