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.