​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

​

(Euro, in thousands)

Fair value adjustments and net currency exchange differences:

​

​

​

​

​

​

​

​

​

Net unrealized currency exchange gain/loss (-)

​

€

(45,484)

​

€

22,727

​

€

(20,544)

Net realized currency exchange gain/loss (-)

​

​

474

​

​

(678)

​

​

(1,118)

Fair value re-measurement of warrants

​

​

—

​

​

4

​

​

18

Fair value gain/loss (-) on financial assets held at fair value

​

​

1,175

​

​

—

​

​

(390)

Gain from settlement of hedging instrument

​

​

22,745

​

​

—

​

​

—

Fair value gain/loss (-) on current financial investments

​

​

(18,266)

​

​

73,742

​

​

38,286

Total fair value adjustments and net currency exchange differences

​

​

(39,356)

​

​

95,795

​

​

16,252

​

​

​

​

​

​

​

​

​

​

Other financial income:

​

​

​

​

​

​

​

​

​

Interest income

​

​

46,339

​

​

89,378

​

​

79,290

Discounting effect of non-current R&D incentives receivables

​

​

1,648

​

​

1,132

​

​

617

Discounting effect of other non-current liabilities

​

​

—

​

​

395

​

​

318

Other finance income

​

​

64

​

​

223

​

​

24

Total other financial income

​

​

48,051

​

​

91,128

​

​

80,249

​

​

​

​

​

​

​

​

​

​

Other financial expenses:

​

​

​

​

​

​

​

​

​

Interest expenses

​

​

(1,034)

​

​

(911)

​

​

(1,770)

Discounting effect of other non-current liabilities

​

​

(1,183)

​

​

—

​

​

—

Other finance charges

​

​

(646)

​

​

(759)

​

​

(843)

Total other financial expense

​

​

(2,863)

​

​

(1,670)

​

​

(2,613)

​

​

​

​

​

​

​

​

​

​

Total net financial result

​

€

5,832

​

€

185,253

​

€

93,888