Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Nyxoah SA files with the SEC in its annual reports.
In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cost of revenue
0.03
0.3
1.15
1.66
1.55
3.69
Gross profit
0.04
0.55
1.93
2.69
2.97
6.33
Research and development
2.34
12.3
15.9
26.7
34.3
42.8
Selling, general and administrative
9.39
14.7
18.9
21.7
28.5
48.3
Operating income
-11.2
-26.2
-32.5
-45.1
-58.8
-83.5
Interest expense
0.99
2.07
4.32
3.73
5.07
11.5
Interest income
0.06
3.68
6.76
4.17
7.45
5.93
Pre-tax income
-12.2
-24.6
-30.1
-44.7
-56.4
-89.1
Income tax
0.09
2.98
1.17
-1.45
2.8
1.01
Net income
-12.2
-27.6
-31.2
-43.2
-59.2
-90.1
EPS, basic
-0.68
-1.16
-1.21
-1.55
-1.81
-2.36
EPS, diluted
-0.68
-1.16
-1.21
-1.55
-1.81
-2.36
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
92.3
136
17.9
21.6
34.2
30
Inventory
0.35
0.88
3.32
4.72
4.66
Total current assets
140
100
68.4
98.1
61.2
Property, plant and equipment
2.02
2.46
4.19
4.75
4.05
Lease right-of-use assets
3.22
3.16
3.79
3.5
1.29
Intangible assets
25.3
40
46.6
50.4
50.1
Total assets
171
146
124
158
118
Total current liabilities
11.6
14.9
14.4
21.5
49
Lease liabilities
2.74
2.59
3.12
2.56
0.64
Total liabilities
22.2
25.7
26.1
45.2
69.3
Paid-in capital
228
228
246
314
335
Retained earnings
-87.2
-118
-161
-218
-306
Shareholders' equity
149
120
98
113
49.1
Total equity
149
120
98
113
49.1
Total liabilities and equity
171
146
124
158
118
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-12.2
-27.6
-31.2
-43.2
-59.2
-90.1
Cash from operations
-6.86
-25.3
-28.8
-44.8
-49.2
-69
Capital expenditures
-0.56
-1.47
-0.89
-2.5
-1.17
-0.81
Cash from investing
-10.7
-11.8
-89.9
32
-16.3
28.3
Debt issued
1
0
0
10
Debt repaid
-0.06
-0.08
-0.08
-0.08
-0.06
Stock issued
104
77.7
0.26
18.3
69.7
20.9
Cash from financing
104
76.5
-0.98
16.9
77.4
38.1
Exchange rate effect
-0.02
3.89
2.06
-0.37
0.69
-1.65
Free cash flow
-7.43
-26.8
-29.6
-47.3
-50.4
-69.8
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-111.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-65.1%
Net income / average total assets.
Return on invested capital (ROIC)
-134.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Gross profit growth, 1y
113.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
48.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
176.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-56.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-25.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-25.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-6.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.25x
Current assets / current liabilities.
Quick ratio
0.61x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.61x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-€2.36
Net income per basic share, as reported (split-adjusted).
Was Nyxoah SA profitable in fiscal 2025?
No. It reported a net loss of €90.1M.
How much free cash flow did Nyxoah SA generate in fiscal 2025?
Cash from operations of €69.0M minus capital expenditures of €805.0K left free cash flow of -€69.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.