24. Trade and other liabilities

Our trade and other liabilities, amounting to €320.0 million as of 31 December 2016, increased by €247.9 million compared to the €72.1 million reported as of 31 December 2015.

The trade and other payables, amounting to €31.2 million as of 31 December 2016, increased slightly compared to the €29.1 million reported as of 31 December 2015. This increase is mainly due to higher trade payables.

Deferred income (long term and short term) amounted to €285.6 million at 31 December 2016 and increased by €245.8 million compared to €39.8 million as at 31 December 2015. On the one hand we had per 31 December 2015 a deferred income of €39 million due to the recognition of a deferred income upon signing of the share subscription agreement with Gilead (see note 8). On the other hand we received in January 2016 an upfront payment from Gilead for an amount of $300 million (or €276 million). The global collaboration with Gilead foresees continuous involvement from us, since we will perform certain R&D activities in the development phase of the filgotinib program; therefore, management assessed that both items of deferred income should be spread in function of the costs incurred for this program, applying the percentage of completion method. For the year ended 31 December 2016, €29.2 million were recognized in revenue, of which €3.6 million were related to the deferred income from the share subscription agreement and €25.6 million were related to the upfront payment.

The outstanding deferred income balance at 31 December 2016 included €285.3 million deferred income related to filgotinib (€214.8 million classified as non-current deferred income) - of which €35.4 million deferred income related to the Gilead share subscription agreement, remaining €249.9 million deferred income related to the $300 million upfront payment - and €0.3 million deferred grant income.