Nyxoah SA (NYXH) Cash Flow: Operating & Free Cash Flow

Nyxoah SA Cash Flow Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Nyxoah SA (NYXH) - Annual data in millions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Operating Activities
Net Income	-89.08	-56.43	-44.66	-30.06	-24.64	-12.25
Depreciation & Amortization	4.48	2.72	2.36	1.93	1.66	0.62
Stock Based Compensation	4.89	3.97	2.61	2.70	1.27	2.55
Change in Working Capital	5.37	2.96	-3.49	0.09	-1.14	1.42
Change in Accounts Receivable	-2.14	-0.75	-1.54	0.01	-2.52	0.37
Change in Inventory	0.06	-1.40	-2.43	-0.54	-0.29	-0.06
Change in Accounts Payable	7.46	5.11	0.48	0.62	1.67	1.11
Change in Other Working Capital	2.76	-0.95	0.22	-0.16	-2.20	-
Other Operating Activities	2.76	-0.95	-0.81	-0.16	1.01	0.79
Net Cash from Operating Activities	-68.98	-49.23	-44.78	-28.76	-0.70	-6.86
Investing Activities
Capital Expenditures	-3.77	-6.07	-2.50	-16.35	-1.47	-0.56
Purchases of Investments	-42.05	-97.83	-80.02	-102.62	-	-
Sales/Maturities of Investments	72.00	85.31	120.68	28.91	-10.35	-10.12
Other Investing Activities	2.15	2.26	2.31	0.11	-	-0.01
Net Cash from Investing Activities	28.33	-16.33	32.01	-89.95	-11.82	-10.69
Financing Activities
Debt Repayment	-1.31	-1.53	-0.08	-1.07	-0.08	-
Common Stock Issued	20.86	69.72	18.34	0.26	77.73	110.16
Other Financing Activities	-3.25	-0.26	-0.58	-0.04	-7.98	-6.73
Net Cash from Financing Activities	38.11	77.44	16.86	-0.98	76.47	104.03
Summary
Effect of Forex Changes on Cash	-1.65	0.69	-0.37	2.06	3.89	-
Net Change in Cash	-2.54	11.89	3.72	-119.69	43.21	86.45
Cash at Beginning of Period	34.19	21.61	17.89	135.51	92.30	-
Cash at End of Period	30.00	34.19	21.61	17.89	135.51	-
Free Cash Flow	-72.75	-55.30	-47.28	-45.11	-12.51	-7.43
Supplemental Disclosures
Interest Paid	-	0.50	0.19	0.13	0.39	0.15
Income Taxes Paid	-	0.54	0.79	0.41	0.27	0.10

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Nyxoah SA Cash Flow

What is Nyxoah SA's free cash flow?

Nyxoah SA had negative free cash flow of EUR 72.75M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −EUR 68.98M minus EUR 3.77M of capital expenditures.

How much does Nyxoah SA spend on capital expenditures?

Nyxoah SA spent EUR 3.77M on capital expenditures in fiscal 2025, compared with EUR 6.07M a year earlier.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition